NorthStar Realty Europe (NRE) 10-K 30 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 24, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	NorthStar Realty Europe Corp.
Entity Central Index Key	1,646,587
Entity Current Reporting Status	Yes
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		61,013,300
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 0

COMBINED CONSOLIDATED BALANCE S

COMBINED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 283,844	$ 2,100
Restricted cash	20,871	5,277
Operating real estate, net	2,085,157	54,896
Receivables, net of allowance of $115 and $0 as of December 31, 2015 and 2014, respectively	9,663	740
Unbilled rent receivable	5,869	264
Derivative assets, at fair value	23,792	1,080
Intangible assets, net	241,519	34,256
Assets of properties held for sale	6,094	0
Other assets, net	6,241	61,658
Total assets	2,683,050	160,271
Liabilities
Mortgage and other notes payable, net	1,424,610	75,910
Senior notes, net	333,798	0
Accounts payable and accrued expenses	39,964	1,698
Due to related party	3,995	0
Intangible liabilities, net	40,718	133
Other liabilities	42,654	2,456
Total liabilities	$ 1,885,739	$ 80,197
Commitments and contingencies
Redeemable non-controlling interest	$ 1,569	$ 0
Equity
Preferred stock, $0.01 par value, 200,000,000 shares authorized, no shares issued and outstanding as of December 31, 2015 and 2014	0	0
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 59,325,730 shares issued and outstanding as of December 31, 2015	593	0
Additional paid-in capital	968,662	116,982
Retained earnings (accumulated deficit)	(186,246)	(33,630)
Accumulated other comprehensive income (loss)	2,560	(4,336)
Total NorthStar Realty Europe Corp. stockholders’ equity	785,569	79,016
Non-controlling interests	10,173	1,058
Total equity	795,742	80,074
Total liabilities and equity	$ 2,683,050	$ 160,271

COMBINED CONSOLIDATED BALANCE 3

COMBINED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Receivables, allowance	$ 115	$ 0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	200,000,000	200,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (shares)	1,000,000,000
Common stock, shares issued (shares)	59,325,730
Common stock, shares outstanding (shares)	59,325,730

COMBINED CONSOLIDATED STATEMENT

COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		4 Months Ended		9 Months Ended	12 Months Ended
		Dec. 31, 2014		Sep. 15, 2014	Dec. 31, 2015	Dec. 31, 2013
Revenues
Rental and escalation income	[1]	$ 2,722			$ 119,845
Other revenue	[1]	39			694
Total revenues	[1]	2,761			120,539
Expenses
Real estate properties—operating expenses	[1]	1,181			26,559
Interest expense	[1]	165			36,129
Transaction costs	[1]	31,691			120,101
Management fee, related party	[1],[2]	0			2,333
Impairment of goodwill	[1]	0			1,710
Other expenses	[1]	0			10,535
General and administrative expenses	[1],[3]	1,207			4,352
Depreciation and amortization	[1]	1,088			56,283
Total expenses	[1]	35,332			258,002
Other income (loss)
Unrealized gain (loss) on investments and other	[1]	(1,335)			(8,731)
Realized gain (loss) on investments and other	[1]	0			1,376
Income (loss) before income tax benefit (expense)	[1]	(33,906)			(144,818)
Income tax benefit (expense)	[1]	0			675
Net income (loss)	[1]	(33,906)			(144,143)
Net (income) loss attributable to non-controlling interests	[1]	276			1,007
Net income (loss) attributable to NorthStar Realty Europe Corp.	[1]	$ (33,630)			$ (143,136)
Earnings (loss) per share:
Basic (in dollars per share)	[1]	$ (0.53)	[4]		$ (2.30)
Diluted (in dollars per share)	[1]	$ (0.53)	[4]		$ (2.30)
Weighted average number of shares:
Basic (shares)	[1]	62,987,863	[4]		62,183,638
Diluted (shares)	[1]	62,987,863	[4]		62,865,124
Amortization of equity-based compensation					$ 800
Prior Owner
Revenues
Rental and escalation income	[1]			$ 7,162		$ 9,869
Other revenue	[1]			1,290		1,129
Total revenues	[1]			8,452		10,998
Expenses
Real estate properties—operating expenses	[1]			3,113		4,002
Interest expense	[1]			3,486		4,666
Transaction costs	[1]			0		0
Management fee, related party	[1],[2]			0		0
Impairment of goodwill	[1]			0		0
Other expenses	[1]			0		0
General and administrative expenses	[1],[3]			4,676		340
Depreciation and amortization	[1]			2,294		3,155
Total expenses	[1]			13,569		12,163
Other income (loss)
Unrealized gain (loss) on investments and other	[1]			2,110		2,798
Realized gain (loss) on investments and other	[1]			0		0
Income (loss) before income tax benefit (expense)	[1]			(3,007)		1,633
Income tax benefit (expense)	[1]			0		0
Net income (loss)	[1]			(3,007)		1,633
Net (income) loss attributable to non-controlling interests	[1]			0		0
Net income (loss) attributable to NorthStar Realty Europe Corp.	[1]			$ (3,007)		$ 1,633
Earnings (loss) per share:
Basic (in dollars per share)	[1],[4]			$ (0.05)		$ 0.03
Diluted (in dollars per share)	[1],[4]			$ (0.05)		$ 0.03
Weighted average number of shares:
Basic (shares)	[1],[4]			62,987,863		62,987,863
Diluted (shares)	[1],[4]			62,987,863		62,987,863
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	The Company began paying fees on November 1, 2015, in connection with the management agreement with NSAM (refer to Note 5).
[3]	Includes $0.8 million of amortization of equity-based compensation (refer to Note 6).
[4]	Basic and diluted earnings per common share for the years ended December 31, 2014 and 2013 were calculated using the common stock distributed on November 1, 2015 in connection with the Spin-off (refer to Note 7).

COMBINED CONSOLIDATED STATEMEN5

COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		4 Months Ended	9 Months Ended	12 Months Ended
		Dec. 31, 2014	Sep. 15, 2014	Dec. 31, 2015	Dec. 31, 2013
Net income (loss)	[1]	$ (33,906)		$ (144,143)
Other comprehensive income (loss):
Foreign currency translation adjustment, net		(4,648)		6,971
Total other comprehensive income (loss)		(4,648)		6,971
Comprehensive income (loss)		(38,554)		(137,172)
Comprehensive (income) loss attributable to non-controlling interests		588		1,082
Comprehensive income (loss) attributable to NorthStar Realty Europe Corp.		$ (37,966)		$ (136,090)
Prior Owner
Net income (loss)	[1]		$ (3,007)		$ 1,633
Other comprehensive income (loss):
Foreign currency translation adjustment, net			(57)		(981)
Total other comprehensive income (loss)			(57)		(981)
Comprehensive income (loss)			(3,064)		652
Comprehensive (income) loss attributable to non-controlling interests			0		0
Comprehensive income (loss) attributable to NorthStar Realty Europe Corp.			$ (3,064)		$ 652
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

COMBINED CONSOLIDATED STATEMEN6

COMBINED CONSOLIDATED STATEMENTS OF EQUITY Statement - USD ($) $ in Thousands		Total		Total NorthStar Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Beginning Balance (shares) (Prior Owner) at Dec. 31, 2012					0
Beginning Balance (Prior Owner) at Dec. 31, 2012		$ 22,932		$ 22,932	$ 0	$ 0	$ 22,932	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss) | Prior Owner		(981)		(981)				(981)
Net income (loss) | Prior Owner		1,633	[1]	1,633			1,633
Ending Balance (shares) (Prior Owner) at Dec. 31, 2013					0
Ending Balance (Prior Owner) at Dec. 31, 2013		23,584		23,584	$ 0	0	24,565	(981)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss) | Prior Owner		(57)		(57)				(57)
Net income (loss) | Prior Owner		(3,007)	[1]	(3,007)			(3,007)
Ending Balance (shares) (Prior Owner) at Sep. 15, 2014					0
Ending Balance (Prior Owner) at Sep. 15, 2014		20,520		20,520	$ 0	0	21,558	(1,038)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)		(4,648)
Net income (loss)	[1]	(33,906)
Ending Balance (shares) at Dec. 31, 2014					0
Ending Balance at Dec. 31, 2014		80,074		79,016	$ 0	116,982	(33,630)	(4,336)	1,058
Beginning Balance (shares) at Sep. 16, 2014					0
Beginning Balance at Sep. 16, 2014		0		0	$ 0	0	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transactions with NorthStar Realty		116,982		116,982		116,982
Non-controlling interest - contributions		1,646							1,646
Other comprehensive income (loss)		(4,648)		(4,336)				(4,336)	(312)
Net income (loss)		(33,906)		(33,630)			(33,630)		(276)
Ending Balance (shares) at Dec. 31, 2014					0
Ending Balance at Dec. 31, 2014		80,074		79,016	$ 0	116,982	(33,630)	(4,336)	1,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)		6,971
Net transactions with NorthStar Realty		653,534		653,534		653,534
Capital contribution or NorthStar Realty (shares)					62,988,000
Capital contribution of NorthStar Realty		250,000		250,000	$ 630	249,370
Non-controlling interest - contributions		192							192
Formation of Operating Partnership		0		(8,749)		(8,749)			8,749
Reallocation of interest in Operating Partnership		0		(852)		(852)			852
Amortization of equity-based compensation		837		311		311			526
Issuance of common stock to directors (shares)					18,000
Issuance of common stock to directors		0
Tax withholding related to vesting of equity-based compensation		(547)		(547)		(547)
Retirement of shares of common stock (shares)					(3,680,000)
Retirement of shares of common stock		(41,424)		(41,424)	$ (37)	(41,387)
Other comprehensive income (loss)		6,971		6,896				6,896	75
Dividends on common stock and equity-based compensation		(9,584)		(9,480)			(9,480)		(104)
Net income (loss)	[1]	(144,143)
Net income (loss)	[2]	(144,311)		(143,136)			(143,136)		(1,175)
Ending Balance (shares) at Dec. 31, 2015					59,326,000
Ending Balance at Dec. 31, 2015		795,742		$ 785,569	$ 593	$ 968,662	$ (186,246)	$ 2,560	$ 10,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income allocated to redeemable non-controlling interest		$ 100
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	Excludes $0.1 million net income allocated to redeemable non-controlling interest.

COMBINED CONSOLIDATED STATEMEN7

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		4 Months Ended	9 Months Ended	12 Months Ended
		Dec. 31, 2014	Sep. 15, 2014	Dec. 31, 2015	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	[1]	$ (33,906)		$ (144,143)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]	1,088		56,283
Amortization of deferred financing costs		18		5,936
Amortization of equity-based compensation		0		837
Amortization of discount on borrowing		0		0
Allowance for uncollectible accounts		0		115
Unrealized (gain) loss on investments and other		1,335		8,669
Realized (gain) loss on investments and other		0		(1,376)
Impairment of goodwill	[1]	0		1,710
Foreign currency loss on deposits included in transaction costs		0		6,402
Amortization of capitalized above/below market leases		37		1,191
Straight line rental income		(270)		(5,695)
Deferred income taxes, net		0		(2,992)
Changes in assets and liabilities:
Restricted cash		(2,839)		(16,483)
Receivables		(57)		(7,844)
Other assets		(1,726)		(1,023)
Accounts payable and accrued expenses		549		28,551
Due to related party		0		3,447
Other liabilities		1,549		16,235
Net cash provided by (used in) operating activities		(34,222)		(50,180)
Cash flows from investing activities:
Acquisition of operating real estate		(89,484)		(1,921,511)
Improvements of operating real estate		(161)		(3,003)
Proceeds from sale of operating real estate		0		22,623
Changes in restricted cash		0	$ 0	1,359	$ 0
Investment deposits		(59,758)		0
Net cash provided by (used in) investing activities		(149,403)		(1,900,532)
Cash flows from financing activities:
Borrowings from mortgage and other notes payable		77,660		1,224,327
Repayment of mortgage and other notes payable		0		(127,280)
Proceeds from issuance of Senior Notes		0		340,000
Payment of deferred financing costs		(643)		(33,470)
Purchase of derivative instruments		(1,249)		(31,069)
Changes in restricted cash		(2,562)		0
Contribution from NorthStar Realty		0		250,000
Net transactions with NorthStar Realty		115,200		653,534
Repurchase of common stock		0		(38,082)
Dividends		0		(9,584)
Contributions from non-controlling interests		2		3,190
Net cash provided by (used in) financing activities		188,408		2,231,566
Effect of foreign currency translation on cash and cash equivalents		(2,683)		890
Net increase (decrease) in cash and cash equivalents		2,100		281,744
Cash and cash equivalents—beginning of period				2,100
Cash and cash equivalents—end of period		2,100		283,844
Supplemental disclosure of non-cash investing and financing activities:
Assumption of mortgage note payable upon acquisition		0		273,021
Reclassification of operating real estate to intangible assets/liabilities		0		170,694
Reclassification of other assets to operating real estate		0		52,245
Assumption of deferred tax liabilities and corresponding goodwill		0		24,491
Reclassification of operating real estate to assets of properties held for sale		0		5,318
Formation of Operating Partnership		0		8,749
Reclassification related to measurement period adjustments		0		5,291
Retirement of shares of common stock		0		3,342
Assumption of working capital items upon acquisition		0		2,569
Amounts payable relating to financing costs		0		1,808
Reclassification of intangible assets of operating real estate to assets of properties held for sale		0		776
Reallocation of interest in Operating Partnership		0		852
Amounts payable relating to improvements of operating real estate		0		692
Tax withholding related to vesting of equity-based compensation		0		548
Supplemental disclosure of cash flow information:
Cash paid during the period for interest		2,355		24,273
Cash paid during the year for income taxes		0		$ 1,298
Prior Owner
Cash flows from operating activities:
Net income (loss)	[1]		(3,007)		1,633
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]		2,294		3,155
Amortization of deferred financing costs			0		0
Amortization of equity-based compensation			0		0
Amortization of discount on borrowing			846		1,120
Allowance for uncollectible accounts			0		0
Unrealized (gain) loss on investments and other			(2,110)		(2,798)
Realized (gain) loss on investments and other			0		0
Impairment of goodwill	[1]		0		0
Foreign currency loss on deposits included in transaction costs			0		0
Amortization of capitalized above/below market leases			37		68
Straight line rental income			(352)		(958)
Deferred income taxes, net			0		0
Changes in assets and liabilities:
Restricted cash			1,170		(116)
Receivables			189		42
Other assets			0		0
Accounts payable and accrued expenses			(1,979)		4,879
Due to related party			0		0
Other liabilities			231		220
Net cash provided by (used in) operating activities			(2,681)		7,245
Cash flows from investing activities:
Acquisition of operating real estate			0		0
Improvements of operating real estate			(2,307)		(7,263)
Proceeds from sale of operating real estate			0		0
Investment deposits			0		0
Net cash provided by (used in) investing activities			(2,307)		(7,263)
Cash flows from financing activities:
Borrowings from mortgage and other notes payable			481		0
Repayment of mortgage and other notes payable			(527)		(656)
Proceeds from issuance of Senior Notes			0		0
Payment of deferred financing costs			0		0
Purchase of derivative instruments			0		0
Changes in restricted cash			0		0
Contribution from NorthStar Realty			0		0
Net transactions with NorthStar Realty			0		0
Repurchase of common stock			0		0
Dividends			0		0
Contributions from non-controlling interests			0		0
Net cash provided by (used in) financing activities			(46)		(656)
Effect of foreign currency translation on cash and cash equivalents			3,722		545
Net increase (decrease) in cash and cash equivalents			(1,312)		(129)
Cash and cash equivalents—beginning of period		$ 38	1,350		1,479
Cash and cash equivalents—end of period			38		1,350
Supplemental disclosure of non-cash investing and financing activities:
Assumption of mortgage note payable upon acquisition			0		0
Reclassification of operating real estate to intangible assets/liabilities			0		0
Reclassification of other assets to operating real estate			0		0
Assumption of deferred tax liabilities and corresponding goodwill			0		0
Reclassification of operating real estate to assets of properties held for sale			0		0
Formation of Operating Partnership			0		0
Reclassification related to measurement period adjustments			0		0
Retirement of shares of common stock			0		0
Assumption of working capital items upon acquisition			0		0
Amounts payable relating to financing costs			0		0
Reclassification of intangible assets of operating real estate to assets of properties held for sale			0		0
Reallocation of interest in Operating Partnership			0		0
Amounts payable relating to improvements of operating real estate			0		0
Tax withholding related to vesting of equity-based compensation			0		0
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			2,286		3,516
Cash paid during the year for income taxes			$ 0		$ 0
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Formation and Organization

Formation and Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Organization	Formation and Organization On October 31, 2015, NorthStar Realty Finance Corp. (“NorthStar Realty”) completed the spin-off of its European real estate business (excluding its European healthcare properties) (“Spin-off”) into a newly-formed publicly-traded real estate investment trust (“REIT”), NorthStar Realty Europe Corp. (“NorthStar Europe” or the “Company”), a Maryland corporation. The Company is a European focused commercial real estate company with predominantly prime office properties in key cities within Germany, the United Kingdom and France. The Company objective is to provide its stockholders with stable and recurring cash flow supplemented by capital growth over time. The European real estate business contributed by NorthStar Realty upon completion of the Spin-off is comprised of: (i) business activities related to the launch of the European real estate business and the acquisition of a multi-tenant office complex located in the United Kingdom (the “U.K. Complex”) on September 16, 2014 (“Acquisition Date”), referred to as the NorthStar Europe Predecessor; (ii) other European real estate acquisitions in 2015 primarily comprised of multi-tenant office properties (the “New European Investments”); and (iii) certain other assets and liabilities related to NorthStar Realty’s European real estate business, herein collectively referred to as the European Real Estate Business. All references herein to NorthStar Europe or the Company refer to the European Real Estate Business, unless the context otherwise requires. On November 2, 2015, the Company’s common stock began trading on the New York Stock Exchange (“NYSE”). The Company is externally managed and advised by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), which together with its affiliates is referred to as NSAM. Substantially all of the Company’s assets, directly or indirectly, are held by, and the Company conducts its operations, directly or indirectly, through NorthStar Realty Europe Limited Partnership, a Delaware limited partnership and the operating partnership of the Company (the “Operating Partnership”). The Company intends to conduct its operations so as to qualify as a REIT for U.S. federal income tax purposes.

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 Prior to the Spin-off, the accompanying combined consolidated financial statements and related notes of the Company are presented on a carve-out basis and have been prepared from the historical consolidated balance sheets, statements of operations, comprehensive income (loss) and cash flows of NorthStar Realty in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The contribution of the European Real Estate Business to the Company has been determined to be a combination of entities under common control that results in a change in the reporting entity which requires retrospective application to the Company’s financial statements under U.S. GAAP. Accordingly, the operations of the European Real Estate Business of NorthStar Realty transferred to the Company upon the Spin-off are presented as if the transferred business was the business of the Company for periods in which common control was present and at the carrying value of such assets and liabilities recorded in NorthStar Realty’s historical books and records. As a result, the combined consolidated balance sheet as of December 31, 2014 was updated to include items related to the New European Investments, such as cash of $0.5 million , certain deposits of $58.6 million , related foreign exchange loss of $1.1 million and transaction costs incurred of $27.5 million . The cash, deposits paid and transaction costs incurred are recorded as net transactions with NorthStar Realty through equity. Historically, financial statements of the Company have not been prepared as it has not operated separately from NorthStar Realty. These combined consolidated financial statements reflect the revenues and direct expenses of the Company and include material assets and liabilities of NorthStar Realty that are specifically identifiable to the European Real Estate Business and contributed to the Company upon completion of the Spin-off. The combined consolidated financial statements as of December 31, 2014 , the period ended January 1, 2015 to October 31, 2015 and the years ended December 31, 2014 and 2013 represent the Company prior to the Spin-off and include certain consolidated subsidiaries. Subsequent to the Spin-off, the financial statements are presented on a consolidated basis. In addition, the combined consolidated financial statements include activity related to the ownership period prior to the Acquisition Date of the U.K. Complex, herein referred to as the Prior Owner Period. The years ended December 31, 2014 and 2013 include activities of the U.K. Complex from January 1, 2013 to the Acquisition Date. Because the U.K. Complex was acquired from an unrelated third party on the Acquisition Date, a “blackline” presentation for the change in basis giving effect to purchase accounting pursuant to U.S. GAAP is presented. The combined consolidated financial statements for the period from the Acquisition Date (“NorthStar Europe Period”) and Prior Owner Period include an allocation of costs and expenses by NorthStar Realty related to the Company (primarily compensation and other general and administrative expense of $1.4 million ) based on an estimate of expenses as if the Company was managed as an independent entity. This allocation method is principally based on relative headcount and management’s knowledge of the operations of the Company. The amounts allocated in the accompanying combined consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had the Company been a separate independent entity. The Company believes the assumptions underlying its allocation of indirect expenses are reasonable. In addition, an estimate of management fees to NSAM of $0.1 million for the period from Acquisition Date through December 31, 2014 and $0.3 million for the period from January 1, 2015 through the Spin-off are recorded for the NorthStar Europe Period as if the Company was managed as an independent entity and is included in general and administrative expense in the combined consolidated statements of operations. The Company began paying management fees to NSAM on November 1, 2015 pursuant to the terms of the Company’s management agreement with NSAM (refer to Note 5). Principles of Consolidation The combined consolidated financial statements include the combined 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 in unconsolidated ventures 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 a preferred return and allocation formula, if any, as described in such governing documents. The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company records the change in fair value for its share of the projected future cash flow of any such investment from one period to another in equity in earnings (losses) from unconsolidated ventures in the combined consolidated statements of operations. Any change in fair value attributed to market related assumptions is considered unrealized gain (loss). The Company may account for an investment that does not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment. Non-controlling Interests A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the combined consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to controlling and non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents. Estimates The preparation of combined consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the combined 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 combined consolidated financial statements to conform to current period presentation. Comprehensive Income (Loss) The Company reports combined consolidated comprehensive income (loss) in separate statements following the combined consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include the foreign currency translation adjustment. Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity date of three months or less and deposits held with third parties that are readily convertible to cash to be cash equivalents. Cash, including amounts restricted at certain banks and financial institutions, may at times exceed insurable amounts. The Company mitigates credit risk by placing cash and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents. Restricted Cash Restricted cash primarily consists of amounts related to operating real estate such as escrows for taxes, insurance, capital expenditures, tenant security deposits and payments required under certain lease agreements. Operating Real Estate Operating real estate is carried at historical cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements which improve or extend the life of the asset are capitalized and depreciated over their useful life. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category: Term: Building 40 years Building improvements Lesser of the useful life or remaining life of the building Building leasehold interests Lesser of 40 years or remaining term of the lease Tenant improvements Lesser of the useful life or remaining term of the lease The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles, such as goodwill. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the combined consolidated statements of operations. Operating real estate which has met the criteria to be classified as held for sale is separately presented on the combined consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. The Company records a gain or loss on sale of real estate when title is conveyed to the buyer and the Company has no substantial economic involvement with the property. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain or loss recognition by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. Minimum rental amounts due under leases are generally subject to scheduled 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 (dollars in thousands): Years Ending December 31: (1) 2016 $ 115,652 2017 117,349 2018 117,678 2019 112,401 2020 83,455 Thereafter 321,021 Total $ 867,556 _________________________ (1) Translated to the U.S. dollar using the currency exchange rate as of December 31, 2015. Deferred Costs Deferred costs primarily include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the combined consolidated statements of operations. Intangible Assets and Intangible Liabilities The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, below-market ground leases, goodwill and other intangibles) and intangible liabilities (such as the value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Above/below-market leases are amortized into rental income, below-market ground leases are amortized into real estate properties - operating expense and in-place leases are amortized into depreciation and amortization expense in the combined consolidated statements of operations on a straight-line basis over the remaining lease 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 analyzes goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit, related to such goodwill, is less than its carrying amount as a basis to determine whether the two-step impairment test is necessary. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss, if any, by comparing the implied fair value of the reporting unit goodwill with the carrying amount of such goodwill. The implied fair value of goodwill is derived by performing a hypothetical purchase price allocation for the reporting unit as of the measurement date, allocating the reporting unit’s estimated fair value to its net assets and identifiable intangible assets. The residual amount represents the implied fair value of goodwill. To the extent this amount is below the carrying value of goodwill, an impairment loss is recorded in the combined consolidated statements of operations. Events or circumstances which could indicate a potential impairment include (but are not limited to) issues with laws and regulations; on-going or projected negative operating income or cash flow; and/or a significant change in the occupancy rate and/or rising interest rates. A market approach is performed based on income approach whereby the Company looks at comparable properties, current market conditions, forecasts and representative transactions to validate management’s expectations, where possible. The main assumptions used in measuring goodwill impairment, include the selection of guideline transactions, the derivation and selection of multiples and the financial metrics of the properties. The starting point for each of the reporting unit’s multiples is the detailed annual plan and rent roll. The detailed planning process takes into consideration many factors including revenue growth rate and capital spending requirements, among other items which impact the individual reporting unit projections. Fair value of the reporting unit is using significant unobservable inputs or Level 3 in the fair value hierarchy. These inputs are based on internal management estimates, forecasts and judgments. The annual impairment test for the Company’s seven reporting units was conducted as of December 31, 2015. Management generally used the optional qualitative screen to assess impairment of goodwill for 2015 given that the New European Investments were acquired during the year. In addition, the Company looked at other factors to assess whether it was more likely than not that the fair value of the reporting unit was higher than the carrying amount. In this assessment, the Company deemed it necessary to go to the next step of the assessment, Step 1, for purposes of one reporting unit. The result of the assessment performed resulted in a $1.7 million impairment loss of the goodwill associated with this reporting unit. The following tables presents identified intangibles as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 (1) December 31, 2014 Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Intangible assets: In-place lease value, net $ 121,004 $ (20,120 ) $ 100,884 $ — $ — $ — Above-market lease value, net 53,236 (5,806 ) 47,430 1,657 (54 ) 1,603 Below-market ground lease value, net 70,971 (618 ) 70,353 33,231 (578 ) 32,653 Goodwill (2) 22,852 NA 22,852 — NA — Total $ 268,063 $ (26,544 ) $ 241,519 $ 34,888 $ (632 ) $ 34,256 Intangible liabilities: Below-market lease value, net $ 40,213 $ (4,490 ) $ 35,723 $ 151 $ (18 ) $ 133 Above-market ground lease value, net 5,026 (31 ) 4,995 — NA — Total $ 45,239 $ (4,521 ) $ 40,718 $ 151 $ (18 ) $ 133 _______________________ (1) As of December 31, 2015, the weighted average amortization period for above-market leases, below-market leases and in-place leases is 6.8 years , 7.5 years and 5.3 years , respectively. (2) Represents goodwill associated with the certain share-deal acquisitions of the New European Investments. The goodwill and a corresponding deferred tax liability is recorded at acquisition based on tax basis differences. The following table presents a rollforward of goodwill for the years ended December 31, 2015 and 2014 (dollars in thousands): Balance as of December 31, 2014 $ — Goodwill from acquisitions 24,491 Disposal of goodwill — Impairment losses (1,710 ) Adjustments from foreign currency translation 71 Balance as of December 31, 2015 $ 22,852 The following table presents amortization of acquired above-market leases, net of acquired below-market leases and amortization of other intangible assets for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): NorthStar Europe Period Prior Owner Period Year Ended December 31, September 16 to December 31, January 1 to September 15, Year Ended December 31, 2015 2014 2014 2013 Amortization of above-market leases, net of acquired below-market leases $ 1,763 $ 37 $ 61 $ 107 Amortization of other intangible assets 20,468 558 742 1,200 The following table presents annual amortization of intangible assets and liabilities (dollars in thousands): Intangible Assets Intangible Liabilities Years Ending December 31: In-place Leases, Net Above-market Leases, Net Below-market Ground Lease Value, Net Below-market Leases, Net Above-market Ground Lease Value, Net 2016 $ 21,939 $ 8,236 $ 744 $ 4,765 $ 68 2017 17,741 7,773 744 4,639 68 2018 16,769 7,394 744 4,633 68 2019 14,674 6,594 744 4,412 68 2020 8,143 4,137 744 3,848 68 Thereafter 21,618 13,296 66,633 13,426 4,655 Total $ 100,884 $ 47,430 $ 70,353 $ 35,723 $ 4,995 Other Assets and Other Liabilities The following table presents a summary of other assets and other liabilities as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 2014 Other assets: Investment deposits and pending deal costs $ — $ 58,647 Deferred tax assets, net 220 — Prepaid expenses 3,041 2,269 Deferred lease costs 2,007 — Other 973 742 Total $ 6,241 $ 61,658 December 31, 2015 2014 Other liabilities: Deferred tax liabilities $ 22,026 $ — Prepaid rent and unearned revenue 10,450 2,206 Tenant security deposits 4,953 250 Other 5,225 — Total $ 42,654 $ 2,456 Revenue Recognition Operating Real Estate Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants. Rental revenue recognition commences when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in quarterly or monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable on the combined consolidated balance sheets. The Company amortizes any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the lease. Escalation income represents revenue from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is accrued in the same period as the expenses are incurred. In situations in which a lease or leases associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above and below market lease intangibles, in-place lease value and leasing commissions). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such write-offs are included within depreciation and amortization in the combined consolidated statements of operations 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 management’s estimate of the aggregate expected future undiscounted cash flow to be generated by the property is less than the carrying value of the property. In conducting this review, management considers global macroeconomic factors, real estate sector conditions together with investment 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 of the property and recorded in impairment of goodwill in the combined consolidated statements of operations. An allowance for a doubtful account for a tenant receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of a tenant to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts. Fair Value Fair Value Measurement The Company follows fair value guidance in accordance with U.S. GAAP to account for its financial instruments. The Company categorizes its financial instruments, based on the priority of the inputs to the valuation technique, 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). Financial assets and liabilities recorded at fair value on its combined 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. As of December 31, 2015 and 2014 , the Company’s recurring financial measurements recorded at fair value were its derivative assets. Such derivative instruments are valued using a third-party pricing service. Derivative instruments are assessed for credit valuation adjustments due to the risk of non-performance by the Company and derivative counterparties. This quotation is not adjusted and is generally based on valuation models with observable inputs such as interest rates and contractual cash flow, and as such, is classified as Level 2 of the fair value hierarchy. Equity-Based Compensation The Company accounts for equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award. Awards may be based on a variety of measures such as time, performance, market or a combination thereof. For time-based awards, fair value is determined based on the stock price on the grant date. The Company recognizes compensation expense over the vesting period on a straight-line basis. For performance-based awards, fair value is determined based on the stock price at the date of grant and an estimate of the probable achievement of such measure. The Company recognizes compensation expense over the requisite service period, net of estimated forfeitures, using the accelerated attribution expense method. For market-based measures, fair value is determined using a Monte Carlo analysis under a risk-neutral premise using a risk-free interest rate. The Company recognizes compensation expense, over the requisite service period, net of estimated forfeitures, on a straight-line basis. For awards with a combination of performance or market measures, the Company estimates the fair value as if it were two separate awards. First, the Company estimates the probability of achieving the performance measure. If it is not probable the performance condition will be met, the Company records the compensation expense based on the fair value of the market measure, as described above. This expense is recorded even if the market-based measure is never met. If the performance-based measure is subsequently estimated to be achieved, the Company records compensation expense based on the performance-based measure. The Company would then record a cumulative catch-up adjustment for any additional compensation expense. Equity-based compensation issued to non-employees is accounted for using the fair value of the award at the earlier of the performance commitment date or performance completion date. The awards are remeasured every quarter based on the stock price as of the end of the reporting period until such awards vest, if any. Derivatives The Company seeks to use derivative instruments to manage exposure to interest rate risk and foreign currency exchange rate risk. For derivatives that qualify as a cash flow hedge, the effective portion of the change in fair value of derivatives designated as a hedge is recorded in accumulated OCI and is subsequently reclassified into income in the period that the hedged item affects income. Amounts reported in OCI that may relate to the hedge of its floating-rate borrowings are reclassified to interest expense as interest payments are made on associated borrowings. The change in fair value for a derivative that does not qualify as a hedge for U.S. GAAP is recorded in earnings. The Company’s derivative instruments are recorded on the combined consolidated balance sheets at fair value and do not qualify as hedges under U.S. GAAP. Therefore, the change in fair value of derivative instruments are recorded in earnings. Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment (“CTA”) is recorded as a component of accumulated OCI in the combined consolidated statements of equity. For the year ended December 31, 2015, the Company reclassified $0.3 million of CTA to realized gains (losses) in the combined consolidated statements of operations due to the sale of certain real estate assets (refer to Note 3). Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the average currency exchange rate in effect during the period. The resulting for

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 2014 (dollars in thousands): December 31, 2015 2014 Land $ 456,703 $ — Buildings and improvements 1,256,002 — Building leasehold interests and improvements 334,970 51,646 Furniture, fixtures and equipment 218 — Tenant improvements 72,567 3,767 Subtotal 2,120,460 55,413 Less: Accumulated depreciation (35,303 ) (517 ) Operating real estate, net $ 2,085,157 $ 54,896 For the year ended December 31, 2015 , the period from September 16 to December 31, 2014, the period from January 1 to September 15, 2014 and the year ended December 31, 2013, depreciation expense was $35.8 million , $0.5 million , $1.6 million and $1.9 million , respectively. Real Estate Acquisitions The following table summarizes the Company’s acquisitions for the year ended December 31, 2015 (dollars in millions): Acquisition Date Name Primary Description Primary Location(s) Purchase Price (1)(2) Properties (6) Financing (1) Equity (1) Ownership Interest (4) Transaction Costs (1) April 2015 SEB Portfolio Multi-tenant office Germany, United Kingdom, France $ 1,188.1 11 $ 805.8 (3) $ 467.9 95% $ 85.6 (5) April 2015 Internos Portfolio Office/Hotel/Industrial/Retail Germany, France, Portugal 200.7 12 99.0 116.4 95% 14.7 (5) April 2015 IVG Portfolio Multi-tenant office Germany, United Kingdom, France 197.7 15 91.3 124.5 95% 18.1 (5) April 2015 Deka Portfolio Multi-tenant office Germany 88.5 10 51.0 43.3 95% 5.8 (5) July 2015 Trianon Tower Multi-tenant office Germany 589.3 3 363.3 228.3 95% 2.3 Total $ 2,264.3 51 $ 1,410.4 $ 980.4 $ 126.5 ______________________________________ (1) Translated using the currency exchange rate on the dates of acquisitions, as applicable. (2) Includes working capital and excludes transaction costs, deferred financing costs and derivatives. (3) Includes $232.5 million of financing entered into subsequent to acquisition date and translated using the currency exchange rates as of such date. (4) The Company has an approximate 95% equity interest in certain subsidiaries related to these acquisitions and is entitled to a 100% allocation of net income (loss) as a result of the allocation formula, as set forth in the governing documents. (5) Includes $27.5 million of transaction costs incurred in the fourth quarter 2014. Transaction costs incurred in 2015 include $6.4 million of foreign currency related losses on deposits paid in 2014 in connection with the acquisitions in April 2015. (6) Includes two assets in the Internos Portfolio and one asset in the Deka Portfolio which were sold in December 2015. The following table presents the allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the U.K. Complex and New European Investments translated using the currency exchange rate on the date of each respective acquisition (dollars in thousands): Assets: Land $ 465,756 Buildings, leasehold interests and improvements (1) 1,671,487 Acquired intangibles (2) 273,854 Other assets acquired 31,800 Total assets acquired $ 2,442,897 Liabilities: Mortgage and other notes payable (3) $ 1,491,621 Intangibles and other liabilities assumed (4) 74,110 Total liabilities 1,565,731 Redeemable non-controlling interest 1,461 Total NorthStar Realty Europe Corp. equity 874,086 Non-controlling interests 1,619 Total equity 875,705 Total liabilities and equity $ 2,442,897 ______________________________________ (1) Includes building and tenant improvements. (2) Primarily includes in-place lease, above-market lease and below-market ground lease values and goodwill. (3) Includes $232.5 million of financing entered into subsequent to acquisition date for the SEB Portfolio (refer to Note 4) and translated using the currency exchange rates of such date. (4) Primarily includes below-market lease values and net deferred tax liability. For the year ended December 31, 2015 , the Company recorded aggregate revenue and net loss of $110.9 million and $105.3 million , respectively, related to the acquisition of the New European Investments. Net loss is primarily related to transaction costs, depreciation and amortization. In accordance with the newly adopted guidance, during the measurement-period, based on new information received, the Company determined that certain allocations of operating real estate acquired needed to be reclassified to intangible assets, operating real estate, net and other liabilities, which resulted in $0.2 million increase 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 combined consolidated balance sheet as of December 31, 2015 (dollars in thousands): As Previously Disclosed Measurement-Period Adjustments December 31, 2015 Operating real estate, net $ 562,302 $ (1,422 ) $ 560,880 Intangible assets, net 62,794 (5,801 ) 56,993 Intangible liabilities, net (2,725 ) 79 (2,646 ) Other liabilities (31,485 ) 6,923 (24,562 ) Total $ 590,886 $ (221 ) $ 590,665 The following table presents unaudited combined consolidated pro forma results of operations adjusted for the acquisition of the New European Investments and related borrowings as if they occurred on January 1, 2014. The unaudited pro forma amounts were prepared for comparable purposes only and are not indicative of what actual combined consolidated results of operations of the Company would have been, nor are they indicative of the combined consolidated results of operations in the future (dollars in thousands, except per share data): Years Ended December 31, 2015 2014 Pro forma total revenues $ 173,137 $ 171,091 Pro forma net income (loss) attributable to NorthStar Realty Europe Corp. (14,505 ) (153,509 ) (1) Pro forma EPS - basic $ (0.23 ) $ (2.44 ) Pro forma EPS - diluted $ (0.23 ) $ (2.44 ) ___________________ (1) Includes $158.3 million of transaction costs relating to the acquisition of the European Real Estate Business. Real Estate Held for Sale The following table summarizes the Company’s operating real estate held for sale as of December 31, 2015 (dollars in thousands): Description Properties Operating Real Estate, Net Intangible Assets, Net Total Deka Portfolio (1)(2) 2 $ 5,317 $ 777 $ 6,094 ___________________ (1) In March 2016, the Company sold one of the assets held for sale as of December 31, 2015. (2) The assets classified as held for sale were sold on the open market as asset deals subject to standard industry terms and conditions. The assets contributed $0.4 million of revenue and a pretax loss of $0.4 million for the year ended December 31, 2015.

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 Final Contractual Principal Carrying Principal Carrying Mortgage and other notes payable: (1) U.K. Complex Jan-20 (2) $ 74,010 $ 72,579 $ 77,660 $ 75,910 Internos Portfolio (10) Dec-20 (9) (3) 84,497 (7) 82,329 — — IVG Portfolio (10) Dec-20 (9) (3) 78,602 (7) 75,732 — — Deka Portfolio (10) Dec-20 (9) (3) 46,945 (7) 46,212 — — SEB Portfolio (4) Apr-22 (5) 684,540 (7) 674,543 — — SEB Portfolio - Preferred (6) Apr-60 (6) 115,604 (7) 115,219 — — Trianon Tower (4) Jul-23 (8) 359,898 357,996 — — Total mortgage and other notes payable 1,444,096 1,424,610 77,660 75,910 Senior Notes: Senior Notes (11) Dec-16 4.625% 340,000 333,798 — — Grand Total $ 1,784,096 $ 1,758,408 $ 77,660 $ 75,910 ____________________________________________________________ (1) All borrowings are non-recourse to the Company and are interest-only through maturity, subject to compliance with covenants of the respective borrowing and denominated in the same currency as the assets securing the borrowing. (2) Comprised of $60.2 million principal amount of floating rate borrowing at GBP LIBOR plus 2.0% , with a related $60.2 million notional value interest rate cap at 2.0% and $13.8 million of fixed rate borrowing at 8.0% . (3) Represents cross-collateralized borrowings between the IVG Portfolio, Internos Portfolio and Deka Portfolio. Comprised of $14.6 million principal amount of floating rate borrowings at EURIBOR plus 2.7% , with a related $14.6 million notional value interest rate cap at 2.0% , $100.1 million principal amount of floating rate borrowings at EURIBOR plus 1.55% , with a related $100.1 million notional value interest rate cap at 0.5% , $54.5 million principal amount of floating rate borrowings at EURIBOR plus 1.9% , with a related $54.5 million notional value interest rate cap at 2.0% , and $34.0 million of floating rate borrowings at GBP LIBOR plus 2.7% , with a related $34.0 million notional value interest rate cap at 2.0% . (4) In July 2015, the Company borrowed an additional $109.4 million and $88.9 million , related to the SEB Portfolio and Trianon Tower, respectively, which was deemed to be a modification for accounting purposes and as such, the fees paid to the lender of $0.8 million and $2.0 million , respectively, were treated as a discount to such borrowings. The amortization of such fees is included in interest expense in the combined consolidated statements of operations. (5) Comprised of $386.5 million principal amount of floating rate borrowing at EURIBOR plus 1.8% , with a related $368.5 million notional value interest rate cap at 0.5% , $280.9 million of floating rate borrowing at GBP LIBOR plus 1.8% , with a related $280.9 million notional value interest rate cap at 2.0% and $17.1 million of floating rate borrowing at STIBOR plus 1.8% . (6) Represents preferred equity certificates with a contractual interest rate of 3.0% per annum through May 2019, which can be prepaid at that time without penalty in part or in full, which increases to EURIBOR plus 12.0% through May 2022 and then increases to EURIBOR plus 15.0% through final maturity. Any prepayment prior to May 2019 is subject to the payment of the unpaid coupon on outstanding principal amount through May 2019. (7) Prepayment provisions include a fee based on principal amount ranging from .75% to 1.5% through April 2018 for the Internos Portfolio, the IVG Portfolio and the Deka Portfolio borrowing and .5% to 2.0% through April 2019 for the SEB Portfolio borrowing. (8) Comprised of $360.0 million principal amount of floating rate borrowing at EURIBOR plus 1.45% , with a related $360.0 million notional value interest rate cap at 0.5% . (9) On December 17, 2015, the Company completed a refinancing of the Internos Portfolio, the IVG Portfolio and the Deka Portfolio and, as such, certain maturity dates range from April 2020 to December 2020. (10) Includes $0.7 million , $3.0 million and $2.9 million of asset associated preferred equity certificates each with a fixed contractual interest rate of 1.0% per annum plus variable interest based on specified income levels associated to the German property companies of the IVG Portfolio, Deka Portfolio and Internos Portfolio, respectively, which can be prepaid at any time without penalty through final maturity, being thirty years from the issuance date. (11) The Company has the right to redeem the Senior Notes prior to maturity, in whole or in part from time to time, provided that no redemption in part results in the aggregate principal amount of the Senior Notes outstanding being reduced to less than $100 million . The cash redemption price is equal to the greater of: (i) 100% of the principal amount of the Senior Notes; and (ii) the sum of the present values of the remaining scheduled payments of interest and principal of the Senior Notes discounted to such date of redemption on a semiannual basis at a rate of 0.50% per annum. The carrying value of mortgage and other notes payable approximates fair value as of December 31, 2015 and 2014 , as such amounts bear floating rates of interest. The fair value of the Senior Notes (as defined below) as of December 31, 2015 is approximately $327.3 million which reflects the market price of a similar transaction near December 31, 2015 . Such fair value measurements are based on observable inputs or quoted prices for similar liabilities in an active market, and as such, are classified as Level 2 of the fair value hierarchy. The following table presents a reconciliation of principal amount to carrying value of the Company’s mortgage and other notes payable and the Senior Notes as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 2014 Principal amount $ 1,784,096 $ 77,660 Premium (discount), net (1,144 ) — Deferred financing costs, net (24,544 ) (1,750 ) Carrying value $ 1,758,408 $ 75,910 The following table presents scheduled principal payments on borrowings, based on final maturity as of December 31, 2015 (dollars in thousands): Total Mortgage Senior Notes Years ending December 31: 2016 $ 340,000 $ — $ 340,000 2017 — — — 2018 — — — 2019 — — — 2020 284,054 284,054 — Thereafter 1,160,042 1,160,042 — Total $ 1,784,096 $ 1,444,096 $ 340,000 As of December 31, 2015, the Company was in compliance with all of its financial covenants. Senior Notes In July 2015, the Company issued $340.0 million principal amount of 4.625% senior stock-settlable notes due December 2016 (the “Senior Notes”) for aggregate net proceeds of $331.0 million , after deducting the underwriters’ discount and other expenses. The Senior Notes are senior unsubordinated and unsecured obligations of the Company and NorthStar Realty and NorthStar Realty’s operating partnership guarantee payments on the Senior Notes. Subject to specified conditions being met, such as public notice at least 60 days prior to maturity, the Company may elect to settle all or part of the principal amount of the Senior Notes in the Company’s common stock in lieu of cash, in which case the number of shares delivered per note will be based on the Company’s common stock prices during a measurement period immediately preceding the maturity date. The proceeds from the issuance of the Senior Notes were distributed to subsidiaries of NorthStar Realty, which used such amounts for general corporate purposes, including, among other things, the funding of acquisitions, including the Trianon Tower and the repayment of NorthStar Realty’s borrowings. Such distribution to NorthStar Realty was recorded in equity in net transactions with NorthStar Realty. In February 2016, the Company repurchased approximately $150 million of the Senior Notes, at a slight discount to par value, through open market purchases.

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements NorthStar Asset Management Group Management Agreement Upon completion of the Spin-off, the Company entered into a management agreement with an affiliate of NSAM for an initial term of 20 years, which automatically renews for additional 20 -year terms each anniversary thereafter unless earlier terminated. As asset manager, NSAM is responsible for the Company’s day-to-day operations, subject to the supervision of the Company’s board of directors. Through its global network of subsidiaries and branch offices, NSAM performs services and engages in activities relating to, among other things, investments and financing, portfolio management and other administrative services, such as accounting and investor relations, to the Company and its subsidiaries. The management agreement with NSAM provides for a base management fee and incentive fee. The management contract with NSAM commenced on November 1, 2015, and as such, there were no management fees incurred for the period from January 1, 2015 to October 31, 2015 and the years ended December 31, 2014 and 2013 . Base Management Fee For the period from November 1, 2015 to December 31, 2015 , the Company incurred $2.3 million related to the base management fee. As of December 31, 2015, $2.3 million is recorded in due to related party on the combined consolidated balance sheets. The base management fee will increase subsequent to December 31, 2015 by an amount equal to 1.5% per annum of the sum of: • any equity the Company issues in exchange or conversion of exchangeable or stock-settlable notes; • any other issuances by the Company of common equity, preferred equity or other forms of equity, including but not limited to LTIP Units in the Operating Partnership (excluding units issued to the Company and equity-based compensation, but including issuances related to an acquisition, investment, joint venture or partnership); and • cumulative cash available for distribution (“CAD”), if any, of the Company in excess of cumulative distributions paid on common stock, LTIP Units or other equity awards beginning the first full calendar quarter after the Spin-off. Incentive Fee For the period from November 1, 2015 to December 31, 2015 , the Company did not incur an incentive fee. The incentive fee is calculated and payable quarterly in arrears in cash, equal to: • the product of: (a) 15.0% and (b) the Company’s CAD before such incentive fee, divided by the weighted average shares outstanding for the calendar quarter, of any amount in excess of $0.30 per share and up to $0.36 per share; plus • the product of: (a) 25.0% and (b) the Company’s CAD before such incentive fee, divided by the weighted average shares outstanding for the calendar quarter, of any amount in excess of $0.36 per share; • multiplied by the Company’s weighted average shares outstanding for the calendar quarter. Weighted average shares represents the number of shares of the Company’s common stock, LTIP Units or other equity-based awards (with some exclusions), outstanding on a daily weighted average basis. With respect to the base management fee, all equity issuances are allocated on a daily weighted average basis during the fiscal quarter of issuance. With respect to the incentive fee, such amounts will be appropriately adjusted from time to time to take into account the effect of any stock split, reverse stock split, stock dividend, reclassification, recapitalization or other similar transaction. Additional Management Agreement Terms If the Company were to spin-off any asset or business in the future, such entity would be managed by NSAM on terms substantially similar to those set forth in the management agreement between the Company and NSAM. The management agreement further provides that the aggregate base management fee in place immediately after any future spin-off will not be less than the aggregate base management fee in place at the Company immediately prior to such spin-off. The Company’s management agreement with NSAM provides that in the event of a change of control of NSAM or other event that could be deemed an assignment of the management agreement, the Company will consider such assignment in good faith and not unreasonably withhold, condition or delay the Company’s consent. The management agreement further provides that the Company’s anticipated consent would be granted for an assignment or deemed assignment to a party with expertise in commercial real estate and over $ 10 billion of assets under management. The management agreement also provides that, notwithstanding anything in the agreement to the contrary, to the maximum extent permitted by applicable law, rules and regulations, in connection with any merger, sale of all or substantially all of the assets, change of control, reorganization, consolidation or any similar transaction of us or NSAM, directly or indirectly, the surviving entity will succeed to the terms of the management agreement. Payment of Costs and Expenses and Expense Allocation The Company is responsible for all of its direct costs and expenses and will reimburse NSAM for costs and expenses incurred by NSAM on its behalf. In addition, NSAM may allocate indirect costs to the Company related to employees, occupancy and other general and administrative costs and expenses in accordance with the terms of, and subject to the limitations contained in, the Company’s management agreement with NSAM (the “G&A Allocation”). The Company’s management agreement with NSAM provides that the amount of the G&A Allocation will not exceed the following: (i) 20% of the combined total of: (a) the Company’s and NorthStar Realty’s (the “NorthStar Listed Companies”) general and administrative expenses as reported in their combined consolidated financial statements excluding: (1) equity-based compensation expense, (2) non-recurring items, (3) fees payable to NSAM under the terms of the applicable management agreement and (4) any allocation of expenses to the NorthStar Listed Companies (“NorthStar Listed Companies’ G&A”); and (b) NSAM’s general and administrative expenses as reported in its consolidated financial statements, excluding equity-based compensation expense and adding back any costs or expenses allocated to any managed company of NSAM; less (ii) the NorthStar Listed Companies’ G&A. The G&A Allocation may include the Company’s allocable share of NSAM’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 G&A Allocation may also include rental and occupancy, technology, office supplies, travel and entertainment and other general and administrative costs and expenses, which may be allocated based on various methodologies, such as weighted average employee count or the percentage of time devoted by personnel to such NorthStar Listed Companies’ affairs. In addition, the Company will pay directly or reimburse NSAM for an allocable portion of any severance paid pursuant to any employment, consulting or similar service agreements in effect between NSAM and any of its executives, employees or other service providers. In connection with the Spin-off and the related agreements, the NorthStar Listed Companies’ obligation to reimburse NSAM for the G&A Allocation and any severance are shared among the NorthStar Listed Companies, at NSAM’s discretion, and the 20% cap on the G&A Allocation, as described above, applies on an aggregate basis to the NorthStar Listed Companies. NSAM currently determined to allocate these amounts based on assets under management. Subsequent to Spin-off through December 31, 2015, NSAM allocated $0.4 million of expense which is recorded in due to related party on the combined consolidated balance sheets. In addition, the Company, together with NorthStar Realty and any company spun-off from the Company or NorthStar Realty, will pay directly or reimburse NSAM for up to 50% of any long-term bonus or other compensation that NSAM’s compensation committee determines shall be paid and/or settled in the form of equity and/or equity-based compensation to executives, employees and service providers of NSAM during any year. Subject to this limitation and limitations contained in any applicable management agreement between NSAM and NorthStar Realty or any company spun-off from the Company or NorthStar Realty, the amount paid by the Company, NorthStar Realty and any company spun-off from the Company or NorthStar Realty will be determined by NSAM in its discretion. At the discretion of NSAM’s compensation committee, this compensation may be granted in shares of the Company’s restricted stock, restricted stock units, long-term incentive plan units or other forms of equity compensation or stock-based awards; provided that if at any time a sufficient number of shares of the Company’s common stock are not available for issuance under the Company’s equity compensation plan, such compensation shall be paid in the form of RSUs, LTIP Units or other securities that may be settled in cash. The Company’s equity compensation for each year may be allocated on an individual-by-individual basis at the discretion of the NSAM compensation committee and, as long as the aggregate amount of the equity compensation for such year does not exceed the limits set forth in the management agreement, the proportion of any particular individual’s equity compensation may be greater or less than 50% .

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 following summarizes the equity-based compensation plans of the Company and NorthStar Realty, as they relate to equity-based compensation payable by the Company or its Operating Partnership: NorthStar Realty Europe Equity Plan In October 2015, the board of directors of the Company adopted the NorthStar Realty Europe Corp. 2015 Omnibus Stock Incentive Plan (the “2015 Plan”), which was subsequently approved by the Company’s sole stockholder at the time. The 2015 Plan provides for the issuance of stock-based incentive awards, including incentive stock options, non-qualified stock options, stock appreciation rights, shares of common stock of NorthStar Europe, in the form of restricted shares and other equity-based awards such as LTIP Units or any combination of the foregoing. Following the completion of the Spin-off, the 2015 Plan is administered by the compensation committee of the board of directors of the Company. The eligible participants in the 2015 Plan include directors, officers, employees, co-employees, consultants and advisors of the Company, NSAM or of any parent or subsidiary who provides services to the Company. 10 million shares of common stock are reserved and available for issuance under the 2015 Plan, plus on January 1, 2017 and each January 1 thereafter, an additional 2% of the number of shares of common stock issued and outstanding on the immediately preceding December 31. In addition, shares of common stock underlying any awards that are forfeited, canceled, held back upon exercise of a stock option or settlement of an award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of common stock or otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2015 Plan. No equity awards under the 2015 Plan were issued prior to the Spin-off. In March 2016, as contemplated in connection with the Spin-off, the Company granted an aggregate of 995,698 restricted shares of common stock and 1,493,551 restricted stock units (“RSUs”) to executive officers and employees of NSAM or one of its subsidiaries. The restricted shares of common stock vest over the approximately four -year period ending December 31, 2019, subject to continued employment with NSAM or one of its subsidiaries and the RSUs are subject to the achievement of performance-based vesting conditions and continued employment with NSAM or one of its subsidiaries. Approximately one-half of these RSUs are market-based awards and are subject to the achievement of performance-based hurdles relating to the Company’s absolute total stockholder return and continued employment with NSAM or one of its subsidiaries over the approximately four -year period from the grant date through December 31, 2019 (“Absolute RSUs”). The other approximately one-half of these RSUs are market-based awards and are subject to the achievement of performance-based hurdles based on the Company’s total stockholder return relative to the MSCI US REIT Index and continued employment with NSAM or one of its subsidiaries over the approximately four-year period from the grant date through December 31, 2019 (“Relative RSUs”). Award recipients may earn up to 100% of the Absolute RSUs that were granted and up to 125% of the Relative RSUs that were granted. Upon vesting pursuant to the terms of the Absolute RSUs and Relative RSUs, these RSUs that vest will be settled in shares of common stock and the recipients will be entitled to receive the distributions that would have been paid with respect to a share of common stock (for each share that vests) on or after the date the RSUs were initially granted. NSAM Bonus Plan Pursuant to the Company’s management agreement with NSAM, the Company and NorthStar Realty are responsible for paying up to 50% of the long-term bonuses earned under the NorthStar Asset Management Group Inc. Executive Incentive Bonus Plan (“NSAM Bonus Plan”). Long-term bonuses are generally paid to executives in the form of equity-based awards of the Company, NorthStar Realty and NSAM, subject to performance-based and time-based vesting conditions over a four -year performance period. In connection with the NSAM Bonus Plan, for 2015, a portion of the long-term bonus was paid in restricted shares of common stock and a portion of the long-term bonus was paid by the Company by issuing RSUs. In connection with the 2015 long-term bonuses paid by the Company, in February 2016, the Company granted 335,336 restricted shares of common stock to NSAM’s executive officers, of which 25% were vested upon grant and the remainder is subject to vesting in equal installments on December 31, 2016, 2017 and 2018, subject to the recipient’s continued employment with NorthStar Realty or NSAM through the applicable vesting dates. In connection with the issuance of these shares, in February 2016, the Company retired 44,214 of the vested shares of common stock to satisfy the minimum statutory withholding requirements. In addition, in February 2016, the Company granted 194,422 RSUs to NSAM’s executive officers, which are subject to vesting based on the total stockholder return of NorthStar Realty for the period prior to the Spin-off and the combined total stockholder return of NorthStar Realty and the Company for the period after the Spin-off, CAD of the Company and continued employment with NorthStar Realty or NSAM over the four-year period ending December 31, 2018. Following the determination of the number of these performance-based RSUs that vest, the Company will settle the vested RSUs by issuing an equal number of shares of common stock and the NSAM executives will be entitled to receive the distributions that would have been paid with respect to a share of common stock (for each RSU that vests) on or after January 1, 2015. In February 2016, the Company also granted 283,305 shares of common stock to certain of NSAM’s non-executive employees, including executive officers of the Company, with substantially similar terms to the executive awards subject to time-based vesting conditions. NorthStar Realty Equity Plans NorthStar Realty issued equity-based awards to directors, officers, employees, consultants and advisors pursuant to the NorthStar Realty Finance Corp. 2004 Omnibus Stock Incentive Plan (as amended from time to time, the “NorthStar Realty Stock Plan”) and the NorthStar Realty Executive Incentive Bonus Plan, as amended (the “NorthStar Realty Plan” and collectively the “NorthStar Realty Equity Plans”). All of the vested and unvested equity-based awards granted by NorthStar Realty prior to the Spin-off remain outstanding following the Spin-off. In connection with the Spin-off, holders of shares of common stock of NorthStar Realty and LTIP units of NorthStar Realty’s operating partnership subject to outstanding equity awards received one share of the Company’s common stock or one Common Unit in the Company’s operating partnership, respectively, for every six shares of common stock of NorthStar Realty or LTIP units of NorthStar Realty’s operating partnership held (prior to NorthStar Realty’s one-for- two reverse stock split effected immediately following the Spin-off), all of which generally remain subject to the same vesting and other terms that applied prior to the Spin-off. Other equity and equity-based awards relating to NorthStar Realty’s common stock, such as RSUs, were adjusted to also relate to one-third of a share of the Company’s common stock (after giving effect to NorthStar Realty’s one-for- two reverse stock split effected immediately following the Spin-off), but otherwise generally remain subject to the same vesting and other terms that applied prior to the Spin-off. Performance-based vesting conditions based on total stockholder return of NorthStar Realty or NorthStar Realty and NSAM were adjusted to refer to combined total stockholder return of NorthStar Realty and the Company or NorthStar Realty, NSAM and the Company, respectively, with respect to periods after the Spin-off and references to a change of control or similar term in outstanding awards, which referred to a change of control of either NorthStar Realty or NSAM, were adjusted, to the extent such awards relate to common stock of the Company or Common Units in the Company’s Operating Partnership, to refer to a change of control of either the Company or NSAM. Following the Spin-off, NorthStar Realty and the compensation committee of its board of directors will continue to administer all awards issued under the NorthStar Realty Equity Plans but the Company will be obligated to issue shares of the Company’s common stock or other equity awards of its subsidiaries or make cash payments in lieu thereof or with respect to dividend or distribution equivalent obligations to the extent required by these awards under the NorthStar Realty Equity Plans. These awards will continue to be governed by the NorthStar Realty Equity Plans, as applicable, and shares of the Company’s common stock issued pursuant to these awards will not be issued pursuant to, or reduce availability under the 2015 Plan. In connection with the Spin-off, the Company issued the following related to the NorthStar Realty Equity Plans that remain outstanding as of December 31, 2015: 27,122 of restricted stock, net of forfeitures, which remain subject to vesting; 622,349 Common Units, net of forfeitures and conversions, of which 285,419 remain subject to vesting; 83,333 RSUs, which remain subject to vesting and 180,871 RSUs related to executives of NSAM only, which remain subject to vesting based on performance conditions and continued NSAM employment. On December 31, 2015, the performance hurdle for 117,472 RSUs was met pursuant to NorthStar Realty’s bonus plan for 2012 and the Company settled these RSUs on January 4, 2016. Additionally, in connection with the initial election of the independent members of the Company’s board of directors, the Company issued 17,528 shares of restricted stock and 70,112 LTIP Units to such directors. Subsequent to the Spin-off through December 31, 2015, the Company recorded $0.8 million of equity-based compensation expense which is recorded in general and administrative expenses on the combined consolidated statements of operations. As of December 31, 2015, equity-based compensation expense to be recognized over the remaining vesting period through August 2019 is $7.7 million , provided there are no forfeitures.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Spin-off In connection with the Spin-off, NorthStar Realty distributed to its common stockholders all of the common stock of the Company in a pro rata distribution of one share of the Company common stock for each six shares of NorthStar Realty common stock. Director Shares In November 2015, the Company issued 17,528 shares of restricted common stock with a fair value at the date of grant of $0.2 million to one of its board of directors. The stock will generally vest over three years. Share Repurchase In November 2015, the Company’s board of directors authorized the repurchase of up to $100 million of its outstanding common stock. The authorization expires in November 2016, unless otherwise extended by the Company’s board of directors. As of December 31, 2015, the Company repurchased 3.7 million shares of its common stock for approximately $41.4 million . Dividends The Company declared its first dividend on its common stock on November 23, 2015 of $0.15 per share, which was paid on December 11, 2015 to stockholders of record as of the close of business on December 7, 2015. Earnings Per Share The following table presents EPS for the years ended December 31, 2015 , 2014 and 2013 (dollars and shares in thousands, except per share data): NorthStar Europe Period Prior Owner Period Year Ended December 31, September 16 to December 31, January 1 to September 15, Year Ended December 31, 2015 (1) 2014 (1) 2014 (1) 2013 (1) Numerator: Net income (loss) attributable to NorthStar Realty Europe Corp. $ (143,136 ) $ (33,630 ) $ (3,007 ) $ 1,633 Net income (loss) attributable to Unit Holders non-controlling interest (1,052 ) — — — Net income (loss) attributable to common stockholders and Unit Holders (1) $ (144,188 ) $ (33,630 ) $ (3,007 ) $ 1,633 Denominator: (2) Weighted average shares of common stock 62,184 62,988 (3) 62,988 (3) 62,988 (3) Weighted average Unit Holders (1) 681 — — — Weighted average shares of common stock and Unit Holders (2) 62,865 62,988 (3) 62,988 (3) 62,988 (3) Earnings (loss) per share: Basic $ (2.30 ) $ (0.53 ) (3) $ (0.05 ) (3) $ 0.03 (3) Diluted $ (2.30 ) $ (0.53 ) (3) $ (0.05 ) (3) $ 0.03 (3) ____________________________________________________________ (1) The EPS calculation takes into account Unit Holders, which receive non-forfeitable dividends from the date of grant, share equally in the Company’s net income (loss) and convert on a one -for-one basis into common stock. (2) Excludes the effect of restricted stock and RSUs outstanding that were not dilutive as of December 31, 2015 . These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors. (3) Basic and diluted earnings per common share for the years ended December 31, 2014 and 2013 were calculated using the common stock issued in connection with the Spin-off and exclude the effect of any equity-based awards outstanding at that date that were not dilutive.

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 Units Holders interest in the Operating Partnership. Net income (loss) attributable to the non-controlling interest is based on the weighted average Unit Holders’ ownership percentage of the Operating Partnership for the respective period. As the Operating Partnership was formed in conjunction with the Spin-off, non-controlling interest related to Unit Holders was recognized for the year ended December 31, 2015 to retrospectively adjust for common control of the business (refer to Note 2). The issuance of additional common stock, Common Units or LTIP Units changes the percentage ownership of both the Unit Holders and the Company. Since a Common Unit or LTIP Unit is generally redeemable for cash or common stock at the option of the Company, it is deemed to be equivalent to common stock. Therefore, such transactions are treated as capital transactions and result in an allocation between stockholders’ equity and non-controlling interests on the accompanying combined consolidated balance sheets to account for the change in the ownership of the underlying equity in the Operating Partnership. On a quarterly basis, the carrying value of such non-controlling interest is allocated based on the number of Unit Holders in total in proportion to the number of Units Holders plus the number of shares of common stock outstanding. In connection with the formation of the Operating Partnership in November 2015, the Company recorded a non-controlling interest of $8.7 million related to Unit Holders. As of December 31, 2015 , 692,461 Common Units and LTIP Units were outstanding, representing a 1.2% ownership and non-controlling interest in the Operating Partnership. Net income (loss) attributable to the Operating Partnership non-controlling interest for the period from the Spin-off to December 31, 2015 was a net loss of $1.1 million . Redeemable Non-controlling Interest In connection with the acquisition of the Trianon Tower, the Company sold a 5.5% non-controlling interest in certain subsidiaries that own the Trianon Tower for $1.5 million . In conjunction with the sale, the Company entered into a put option whereby the holder can redeem its interest for cash at the greater of fair market value of such non-controlling interest or €2.1 million beginning in November 2020 through January 2021. The Company recorded the non-controlling interest at its acquisition date fair value as temporary equity, due to the redemption option and for the year ended December 31, 2015 recorded $ 0.1 million in net (income) loss attributable to non-controlling interests to adjust the carrying value to its redemption value as of December 31, 2015.

Risk Management and Derivative

Risk Management and Derivative Activities	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Derivative Activities	Risk Management and Derivative Activities Derivatives The Company seeks to use derivative instruments primarily to manage interest rate and currency risk and such derivatives are not considered speculative. These derivative instruments are typically in the form of interest and currency rate swap, cap and foreign currency forward agreements and the primary objective is to minimize interest rate risks associated with investment and financing activities. The counterparties of these arrangements are major financial institutions with which the Company may also have other financial relationships. The Company is exposed to credit risk in the event of non-performance by these counterparties and it monitors their financial condition; however, the Company currently does not anticipate that any of the counterparties will fail to meet their obligations. The following table presents derivative instruments that were not designated as hedges under U.S. GAAP as of December 31, 2015 and December 31, 2014 (dollars in thousands): Number Notional Amount Fair Value Net Asset (Liability) Range of Range of Maturity As of December 31, 2015: Interest rate caps 6 $ 1,429,216 $ 23,375 0.50% - 2.00% April 2016 - July 2023 Foreign currency forwards 3 154,353 417 N/A February 2016 - November 2017 Total 9 $ 1,583,569 $ 23,792 As of December 31, 2014: Interest rate cap 1 $ 63,099 $ 1,080 2.00% January 2020 The change in number and notional amount of derivative instruments from December 31, 2014 relates to derivatives entered into in connection with the New European Investments. The following table presents the fair value of derivative instruments, as well as their classification on the combined consolidated balance sheets, as of December 31, 2015 and December 31, 2014 (dollars in thousands): Balance Sheet December 31, December 31, Location Interest rate caps Derivative assets $ 23,375 $ 1,080 Foreign currency forwards Derivative assets $ 417 $ — The following table presents the effect of derivative instruments in the combined consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): NorthStar Europe Period Prior Owner Period (1) Year Ended September 16 to December 31, January 1 to September 15, Year Ended 2015 2014 2014 2013 Amount of gain (loss) recognized in earnings: Statements of operations location: Adjustment to fair value of interest rate caps Unrealized gain (loss) on investments and other $ (8,897 ) $ (210 ) $ 2,110 $ 2,798 Adjustment to fair value of foreign currency forwards Unrealized gain (loss) on investments and other 227 — — — Net cash receipt (payment) on derivatives Unrealized gain (loss) on investments and other (61 ) — — — _____________________________ (1) During the Prior Owner Period, there were interest rate swaps associated with financing that were settled in connection with the acquisition of the U.K. Complex by NorthStar Realty. The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of December 31, 2015 and 2014 . The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of December 31, 2015 and 2014. Risk Management Concentrations of credit risk arise when a number of tenants related to the Company’s investments are engaged in similar business activities or located in the same geographic region to be similarly affected by changes in economic conditions. The Company monitors its portfolios to identify potential concentrations of credit risks. For the year ended December 31, 2015 , one tenant, DekaBank Deutsche Girozentrale, accounted for more than 10% of the Company’s total revenue. This tenant has 8.5 years remaining on its lease. Otherwise, the Company has no other tenant that generates 10% or more of its total revenue. Additionally, for the year ended December 31, 2015 , Germany, France, the United Kingdom and the Netherlands each accounted for more than 10% of the Company’s total revenue. The Company believes the remainder of its portfolio is sufficiently well diversified and does not contain any unusual concentration s of credit risks.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various litigation matters arising in the ordinary course of its business. Although the Company is unable to predict with certainty the eventual outcome of any litigation, in the opinion of management, the legal proceedings are not expected to have a material adverse effect on the Company’s financial position or results of operations. The Company engages third-party service providers for its portfolio who are remunerated based on either a fixed fee or a percentage of rental income. The contracts terms vary by party and have break options in place. These costs are recorded in real estate operating and other expenses. Obligations Under Ground Leases The following table presents minimum future rental payments under the Company’s contractual ground lease obligations for certain building leaseholds as of December 31, 2015 (dollars in thousands): Years ending December 31: Total (1) 2016 $ 642 2017 642 2018 642 2019 642 2020 642 Thereafter 43,919 Total minimum lease payments $ 47,129 __________________ (1) Represents three ground leases, none of which are paid directly by the tenants.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) The following presents selected quarterly information for the years ended December 31, 2015 and 2014 (dollars in thousands): NorthStar Europe Period Three Months Ended December 31, September 30, June 30, March 31, 2015 2015 2015 2015 Rental and escalation income $ 43,923 $ 42,178 $ 31,558 $ 2,186 Total expenses 67,794 69,350 117,418 3,440 Net income (loss) (34,180 ) (31,932 ) (76,688 ) (1,343 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders (33,949 ) (31,892 ) (75,983 ) (1,312 ) Earnings (loss) per share: (1) Basic $ (0.55 ) $ (0.51 ) $ (1.21 ) $ (0.02 ) Diluted $ (0.55 ) $ (0.51 ) $ (1.21 ) $ (0.02 ) __________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. NorthStar Europe Period Prior Owner Period Three Months Ended December 31, September 16 to September 30, July 1 to September 15, Three Months Ended June 30, Three Months Ended March 31, 2014 2014 2014 2014 2014 Rental and escalation income $ 2,523 $ 199 $ 1,981 $ 2,828 $ 2,353 Total expenses 30,549 4,783 3,386 5,439 4,744 Net income (loss) (29,361 ) (4,545 ) (344 ) (1,440 ) (1,223 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders (29,382 ) (4,248 ) (344 ) (1,440 ) (1,223 ) Earnings (loss) per share: (1)(2) Basic $ (0.47 ) $ (0.07 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) Diluted $ (0.47 ) $ (0.07 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) __________________ (1) Basic and diluted earnings per common share for the periods prior to 2015 were calculated using the common stock issued in connection with the Spin-off and exclude the effect of any equity-based awards outstanding at that date that were not dilutive. (2) The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company currently conducts its business through the following two segments, based on how management reviews and manages its business: • Real Estate - The European commercial real estate business is predominantly focused on office properties. The Company acquired its first real estate investment in September 2014. • Corporate - The corporate segment includes corporate level interest expense, management fee and general and administrative expenses. The following tables present segment reporting for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): NorthStar Europe Period Year Ended December 31, 2015 Statement of Operations: Real Estate Corporate Total Rental and escalation income $ 119,845 (1) $ — $ 119,845 Interest expense 25,365 (3) 10,764 (3) 36,129 Income (loss) before income tax benefit (expense) (106,141 ) (38,677 ) (4) (144,818 ) Income tax benefit (expense) 675 — 675 Net income (loss) (105,466 ) (2) (38,677 ) (144,143 ) Balance Sheet: December 31, 2015: Total Assets $ 2,544,992 $ 138,058 $ 2,683,050 ___________________________________ (1) Includes revenues attributable to Germany, the United Kingdom, France and the Netherlands of $34.4 million , $37.1 million , $16.1 million and $15.1 million , respectively. (2) Primarily relates to depreciation and amortization expense of $56.3 million and transaction costs related to the New European Investments of $99.1 million . (3) Includes $2.9 million and $3.0 million of amortization of deferred financing costs in the real estate and corporate segment, respectively. (4) Includes an allocation of general and administrative expenses from NSAM of $0.4 million . NorthStar Europe Period Prior Owner Period September 16, 2014 to December 31, 2014 January 1 to September 15, 2014 Statement of Operations: Real Estate Corporate Total Real Estate Corporate Total Rental and escalation income $ 2,722 (1) $ — $ 2,722 $ 7,162 $ — $ 7,162 Interest expense 165 — 165 3,486 — 3,486 Income (loss) before income tax benefit (expense) (32,699 ) (2) (1,207 ) (3) (33,906 ) 1,434 (4,441 ) (3) (3,007 ) Income tax benefit (expense) — — — — — — Net income (loss) (32,699 ) (1,207 ) (33,906 ) 1,434 (4,441 ) (3,007 ) Balance Sheet: December 31, 2014: Total Assets $ 160,271 $ — $ 160,271 $ — $ — $ — ___________________________________ (1) Represents revenues from the U.K. Complex in the United Kingdom of $ 2.7 million . (2) Primarily relates to transaction costs related to the U.K. Complex of $4.3 million and to the New European Investments of $27.5 million . (3) Includes an allocation of general and administrative expense based on an estimate of expenses had the Company been run as an independent entity (refer to Note 2). Prior Owner Period Year Ended December 31, 2013 Statement of Operations: Real Estate Corporate Total Rental and escalation income $ 9,869 $ — $ 9,869 Interest expense 4,666 — 4,666 Income (loss) before income tax benefit (expense) 1,293 340 (1) 1,633 Income tax benefit (expense) — — — Net income (loss) 1,293 340 1,633 Balance Sheet: December 31, 2013: Total Assets $ 90,951 $ — $ 90,951 ___________________________________ (1) Includes an allocation of general and administrative expense based on an estimate of expenses had the Company been run as an independent entity (refer to Note 2).

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On March 15, 2016 , the Company declared a dividend of $0.15 per share of common stock. The common stock dividend is expected to be paid on April 1, 2016 to stockholders of record as of the close of business on March 28, 2016 . Senior Note Repurchase In February 2016, the Company repurchased approximately $150 million of the Senior Notes, at a slight discount to par value, through open market purchases.

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 As of 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 Column F Column G Column H Country, City Encumbrances (1) Land Building & Improvements Land, Buildings & Improvements Land Building & Improvements Total Accumulated Depreciation Total (2) Date Acquired Life on Which Depreciation is Computed Germany Frankfurt 1 $ 357,996 $ 81,516 $ 472,667 $ — $ 81,516 $ 472,667 $ 554,183 $ 6,923 $ 547,260 Jul-15 40 years Hamburg 1 31,894 22,405 27,392 414 22,405 27,806 50,211 601 49,610 Apr-15 40 years Berlin 1 27,507 7,671 34,327 — 7,671 34,327 41,998 684 41,314 Apr-15 40 years Hamburg 2 28,695 24,844 9,676 — 24,844 9,676 34,520 301 34,219 Apr-15 40 years Köln 1 17,527 11,321 18,233 11 11,321 18,244 29,565 408 29,157 Apr-15 40 years Berlin 2 10,875 787 20,867 — 787 20,867 21,654 383 21,271 Apr-15 40 years Hamburg 3 13,488 6,415 12,821 — 6,415 12,821 19,236 315 18,921 Apr-15 40 years Frankfurt 2 11,150 4,101 14,491 38 4,101 14,529 18,630 321 18,309 Apr-15 40 years Berlin 3 7,549 822 11,357 — 822 11,357 12,179 208 11,971 Apr-15 40 years Düsseldorf 1 5,488 3,502 4,252 — 3,502 4,252 7,754 123 7,631 Apr-15 40 years Münster 4,689 2,559 5,180 4 2,559 5,184 7,743 116 7,627 Apr-15 40 years Stuttgart 2,021 2,677 2,960 — 2,677 2,960 5,637 78 5,559 Apr-15 40 years Düsseldorf 2 4,440 3,024 2,344 37 3,024 2,381 5,405 65 5,340 Apr-15 40 years Bottrop 3,115 1,275 3,967 2 1,275 3,969 5,244 121 5,123 Apr-15 40 years Köln 2 2,565 1,643 2,951 22 1,643 2,973 4,616 71 4,545 Apr-15 40 years Holzwickede — 743 3,251 — 743 3,251 3,994 121 3,873 Apr-15 40 years Werl 1,624 906 2,502 — 906 2,502 3,408 72 3,336 Apr-15 40 years Bremen — 317 1,269 — 317 1,269 1,586 48 1,538 Apr-15 40 years Subtotal 530,623 176,528 650,507 528 176,528 651,035 827,563 10,959 816,604 United Kingdom London 1 155,212 — 206,693 — — 206,693 206,693 4,203 202,490 Apr-15 40 years London 2 122,560 18,393 138,849 — 18,393 138,849 157,242 3,427 153,815 Apr-15 40 years Woking 72,579 — 52,339 1,998 — 54,337 54,337 2,263 52,074 Sep-14 40 years London 3 9,672 7,577 7,287 — 7,577 7,287 14,864 149 14,715 Apr-15 40 years Glasgow 5,814 2,714 7,727 — 2,714 7,727 10,441 165 10,276 Apr-15 40 years Oxford 7,354 — 9,303 — — 9,303 9,303 243 9,060 Apr-15 40 years Bristol 5,595 516 7,621 — 516 7,621 8,137 199 7,938 Apr-15 40 years St. Albans 4,483 2,285 5,300 — 2,285 5,300 7,585 153 7,432 Apr-15 40 years Subtotal 383,269 31,485 435,119 1,998 31,485 437,117 468,602 10,802 457,800 France Paris 1 48,429 91,225 50,364 — 91,225 50,364 141,589 1,344 140,245 Apr-15 40 years Paris 2 86,612 31,415 40,817 — 31,415 40,817 72,232 1,049 71,183 Apr-15 40 years Paris 3 25,573 32,325 12,370 288 32,325 12,658 44,983 247 44,736 Apr-15 40 years Marly 21,519 4,615 40,085 — 4,615 40,085 44,700 755 43,945 Apr-15 40 years Paris 4 7,646 5,734 13,955 576 5,734 14,531 20,265 256 20,009 Apr-15 40 years Paris 5 6,790 9,600 3,963 — 9,600 3,963 13,563 95 13,468 Apr-15 40 years Subtotal 196,569 174,914 161,554 864 174,914 162,418 337,332 3,746 333,586 Netherlands Rotterdam 78,641 10,416 135,157 — 10,416 135,157 145,573 2,960 142,613 Apr-15 40 years Amsterdam 33,457 — 73,144 — — 73,144 73,144 1,637 71,507 Apr-15 40 years Column A Column B Column C Initial Cost Column D Capitalized Subsequent to Acquisition Column E Gross Amount Carried at Close of Period Column F Column G Column H Country, City Encumbrances (1) Land Building & Improvements Land, Buildings & Improvements Land Building & Improvements Total Accumulated Depreciation Total (2) Date Acquired Life on Which Depreciation is Computed Rijswijk 2,531 765 3,725 40 765 3,765 4,530 109 4,421 Apr-15 40 years De Meern 2,054 1,833 504 — 1,833 504 2,337 66 2,271 Apr-15 40 years Subtotal 116,683 13,014 212,530 40 13,014 212,570 225,584 4,772 220,812 Italy Milan 1 54,883 35,682 87,926 — 35,682 87,926 123,608 2,491 121,117 Apr-15 40 years Milan 2 — 3,254 8,701 — 3,254 8,701 11,955 179 11,776 Apr-15 40 years Subtotal 54,883 38,936 96,627 — 38,936 96,627 135,563 2,670 132,893 Belgium Brussels 1 4,094 7,712 15,241 — 7,712 15,241 22,953 309 22,644 Apr-15 40 years Brussels 2 — 2,639 11,469 2 2,639 11,471 14,110 256 13,854 Apr-15 40 years Brussels 3 — 1,210 10,518 — 1,210 10,518 11,728 253 11,475 Apr-15 40 years Brussels 4 — 1,994 4,551 4 1,994 4,555 6,549 101 6,448 Apr-15 40 years Subtotal 4,094 13,555 41,779 6 13,555 41,785 55,340 919 54,421 Sweden Gothenburg 16,504 1,528 37,575 193 1,528 37,768 39,296 895 38,401 Apr-15 40 years Portugal Albufeira — 4,552 8,745 — 4,552 8,745 13,297 210 13,087 Apr-15 40 years Lisboa — 610 10,924 — 610 10,924 11,534 225 11,309 Apr-15 40 years Subtotal — 5,162 19,669 — 5,162 19,669 24,831 435 24,396 Spain Madrid — 1,581 4,743 25 1,581 4,768 6,349 105 6,244 Apr-15 40 years Grand Total $ 1,302,625 $ 456,703 $ 1,660,103 $ 3,654 $ 456,703 $ 1,663,757 $ 2,120,460 $ 35,303 $ 2,085,157 Held-for-Sale Germany Lübeck 1 — 1,518 1,909 — 1,518 1,909 3,427 5 3,422 Apr-15 40 years Lübeck 2 — 1,363 560 — 1,363 560 1,923 28 1,895 Apr-15 40 years Total $ — $ 2,881 $ 2,469 $ — $ 2,881 $ 2,469 $ 5,350 $ 33 $ 5,317 ______________________ (1) Excludes the preferred equity certificates of $122 million . (2) Aggregate cost for federal income tax purposes is $2.5 billion as of December 31, 2015. The following table presents changes in the Company’s operating real estate portfolio as of December 31, 2015 and 2014 (dollars in thousands): 2015 2014 Beginning balance $ 55,413 $ — Property acquisitions 2,080,038 57,433 Transfers to held for sale (5,330 ) — Improvements 3,414 493 Retirements and disposals (14,514 ) — Foreign currency translation 1,439 (2,513 ) Ending balance $ 2,120,460 $ 55,413 The following table presents changes in accumulated depreciation as of December 31, 2015 and 2014 (dollars in thousands): 2015 2014 Beginning balance $ 517 $ — Depreciation expense 35,842 530 Assets held for sale (31 ) — Retirements and disposals (213 ) — Foreign currency translation (812 ) (13 ) Ending balance $ 35,303 $ 517

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	Prior to the Spin-off, the accompanying combined consolidated financial statements and related notes of the Company are presented on a carve-out basis and have been prepared from the historical consolidated balance sheets, statements of operations, comprehensive income (loss) and cash flows of NorthStar Realty in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The contribution of the European Real Estate Business to the Company has been determined to be a combination of entities under common control that results in a change in the reporting entity which requires retrospective application to the Company’s financial statements under U.S. GAAP. Accordingly, the operations of the European Real Estate Business of NorthStar Realty transferred to the Company upon the Spin-off are presented as if the transferred business was the business of the Company for periods in which common control was present and at the carrying value of such assets and liabilities recorded in NorthStar Realty’s historical books and records. As a result, the combined consolidated balance sheet as of December 31, 2014 was updated to include items related to the New European Investments, such as cash of $0.5 million , certain deposits of $58.6 million , related foreign exchange loss of $1.1 million and transaction costs incurred of $27.5 million . The cash, deposits paid and transaction costs incurred are recorded as net transactions with NorthStar Realty through equity. Historically, financial statements of the Company have not been prepared as it has not operated separately from NorthStar Realty. These combined consolidated financial statements reflect the revenues and direct expenses of the Company and include material assets and liabilities of NorthStar Realty that are specifically identifiable to the European Real Estate Business and contributed to the Company upon completion of the Spin-off. The combined consolidated financial statements as of December 31, 2014 , the period ended January 1, 2015 to October 31, 2015 and the years ended December 31, 2014 and 2013 represent the Company prior to the Spin-off and include certain consolidated subsidiaries. Subsequent to the Spin-off, the financial statements are presented on a consolidated basis. In addition, the combined consolidated financial statements include activity related to the ownership period prior to the Acquisition Date of the U.K. Complex, herein referred to as the Prior Owner Period. The years ended December 31, 2014 and 2013 include activities of the U.K. Complex from January 1, 2013 to the Acquisition Date. Because the U.K. Complex was acquired from an unrelated third party on the Acquisition Date, a “blackline” presentation for the change in basis giving effect to purchase accounting pursuant to U.S. GAAP is presented. The combined consolidated financial statements for the period from the Acquisition Date (“NorthStar Europe Period”) and Prior Owner Period include an allocation of costs and expenses by NorthStar Realty related to the Company (primarily compensation and other general and administrative expense of $1.4 million ) based on an estimate of expenses as if the Company was managed as an independent entity. This allocation method is principally based on relative headcount and management’s knowledge of the operations of the Company. The amounts allocated in the accompanying combined consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had the Company been a separate independent entity. The Company believes the assumptions underlying its allocation of indirect expenses are reasonable. In addition, an estimate of management fees to NSAM of $0.1 million for the period from Acquisition Date through December 31, 2014 and $0.3 million for the period from January 1, 2015 through the Spin-off are recorded for the NorthStar Europe Period as if the Company was managed as an independent entity and is included in general and administrative expense in the combined consolidated statements of operations. The Company began paying management fees to NSAM on November 1, 2015 pursuant to the terms of the Company’s management agreement with NSAM (refer to Note 5).
Principles of Consolidation	The combined consolidated financial statements include the combined 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 in unconsolidated ventures 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 a preferred return and allocation formula, if any, as described in such governing documents. The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company records the change in fair value for its share of the projected future cash flow of any such investment from one period to another in equity in earnings (losses) from unconsolidated ventures in the combined consolidated statements of operations. Any change in fair value attributed to market related assumptions is considered unrealized gain (loss). The Company may account for an investment that does not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment.
Non-controlling Interests	A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the combined consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to controlling and non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents.
Estimates	The preparation of combined consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the combined 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 combined consolidated financial statements to conform to current period presentation.
Comprehensive Income (Loss)	The Company reports combined consolidated comprehensive income (loss) in separate statements following the combined consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include the foreign currency translation adjustment.
Cash and Cash Equivalents	The Company considers all highly-liquid investments with an original maturity date of three months or less and deposits held with third parties that are readily convertible to cash to be cash equivalents. Cash, including amounts restricted at certain banks and financial institutions, may at times exceed insurable amounts. The Company mitigates credit risk by placing cash and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents.
Restricted Cash	Restricted cash primarily consists of amounts related to operating real estate such as escrows for taxes, insurance, capital expenditures, tenant security deposits and payments required under certain lease agreements.
Operating Real Estate	Operating real estate is carried at historical cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements which improve or extend the life of the asset are capitalized and depreciated over their useful life. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category: Term: Building 40 years Building improvements Lesser of the useful life or remaining life of the building Building leasehold interests Lesser of 40 years or remaining term of the lease Tenant improvements Lesser of the useful life or remaining term of the lease The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles, such as goodwill. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the combined consolidated statements of operations. Operating real estate which has met the criteria to be classified as held for sale is separately presented on the combined consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. The Company records a gain or loss on sale of real estate when title is conveyed to the buyer and the Company has no substantial economic involvement with the property. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain or loss recognition by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. Minimum rental amounts due under leases are generally subject to scheduled 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 (dollars in thousands): Years Ending December 31: (1) 2016 $ 115,652 2017 117,349 2018 117,678 2019 112,401 2020 83,455 Thereafter 321,021 Total $ 867,556 _________________________ (1) Translated to the U.S. dollar using the currency exchange rate as of December 31, 2015.
Deferred Costs	Deferred costs primarily include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the combined consolidated statements of operations.
Intangible Assets and Intangible Liabilities	The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, below-market ground leases, goodwill and other intangibles) and intangible liabilities (such as the value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Above/below-market leases are amortized into rental income, below-market ground leases are amortized into real estate properties - operating expense and in-place leases are amortized into depreciation and amortization expense in the combined consolidated statements of operations on a straight-line basis over the remaining lease 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 analyzes goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit, related to such goodwill, is less than its carrying amount as a basis to determine whether the two-step impairment test is necessary. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss, if any, by comparing the implied fair value of the reporting unit goodwill with the carrying amount of such goodwill. The implied fair value of goodwill is derived by performing a hypothetical purchase price allocation for the reporting unit as of the measurement date, allocating the reporting unit’s estimated fair value to its net assets and identifiable intangible assets. The residual amount represents the implied fair value of goodwill. To the extent this amount is below the carrying value of goodwill, an impairment loss is recorded in the combined consolidated statements of operations. Events or circumstances which could indicate a potential impairment include (but are not limited to) issues with laws and regulations; on-going or projected negative operating income or cash flow; and/or a significant change in the occupancy rate and/or rising interest rates. A market approach is performed based on income approach whereby the Company looks at comparable properties, current market conditions, forecasts and representative transactions to validate management’s expectations, where possible. The main assumptions used in measuring goodwill impairment, include the selection of guideline transactions, the derivation and selection of multiples and the financial metrics of the properties. The starting point for each of the reporting unit’s multiples is the detailed annual plan and rent roll. The detailed planning process takes into consideration many factors including revenue growth rate and capital spending requirements, among other items which impact the individual reporting unit projections. Fair value of the reporting unit is using significant unobservable inputs or Level 3 in the fair value hierarchy. These inputs are based on internal management estimates, forecasts and judgments. The annual impairment test for the Company’s seven reporting units was conducted as of December 31, 2015. Management generally used the optional qualitative screen to assess impairment of goodwill for 2015 given that the New European Investments were acquired during the year. In addition, the Company looked at other factors to assess whether it was more likely than not that the fair value of the reporting unit was higher than the carrying amount. In this assessment, the Company deemed it necessary to go to the next step of the assessment, Step 1, for purposes of one reporting unit. The result of the assessment performed resulted in a $1.7 million impairment loss of the goodwill associated with this reporting unit. The following tables presents identified intangibles as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 (1) December 31, 2014 Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Intangible assets: In-place lease value, net $ 121,004 $ (20,120 ) $ 100,884 $ — $ — $ — Above-market lease value, net 53,236 (5,806 ) 47,430 1,657 (54 ) 1,603 Below-market ground lease value, net 70,971 (618 ) 70,353 33,231 (578 ) 32,653 Goodwill (2) 22,852 NA 22,852 — NA — Total $ 268,063 $ (26,544 ) $ 241,519 $ 34,888 $ (632 ) $ 34,256 Intangible liabilities: Below-market lease value, net $ 40,213 $ (4,490 ) $ 35,723 $ 151 $ (18 ) $ 133 Above-market ground lease value, net 5,026 (31 ) 4,995 — NA — Total $ 45,239 $ (4,521 ) $ 40,718 $ 151 $ (18 ) $ 133 _______________________ (1) As of December 31, 2015, the weighted average amortization period for above-market leases, below-market leases and in-place leases is 6.8 years , 7.5 years and 5.3 years , respectively. (2) Represents goodwill associated with the certain share-deal acquisitions of the New European Investments. The goodwill and a corresponding deferred tax liability is recorded at acquisition based on tax basis differences. The following table presents a rollforward of goodwill for the years ended December 31, 2015 and 2014 (dollars in thousands): Balance as of December 31, 2014 $ — Goodwill from acquisitions 24,491 Disposal of goodwill — Impairment losses (1,710 ) Adjustments from foreign currency translation 71 Balance as of December 31, 2015 $ 22,852 The following table presents amortization of acquired above-market leases, net of acquired below-market leases and amortization of other intangible assets for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): NorthStar Europe Period Prior Owner Period Year Ended December 31, September 16 to December 31, January 1 to September 15, Year Ended December 31, 2015 2014 2014 2013 Amortization of above-market leases, net of acquired below-market leases $ 1,763 $ 37 $ 61 $ 107 Amortization of other intangible assets 20,468 558 742 1,200 The following table presents annual amortization of intangible assets and liabilities (dollars in thousands): Intangible Assets Intangible Liabilities Years Ending December 31: In-place Leases, Net Above-market Leases, Net Below-market Ground Lease Value, Net Below-market Leases, Net Above-market Ground Lease Value, Net 2016 $ 21,939 $ 8,236 $ 744 $ 4,765 $ 68 2017 17,741 7,773 744 4,639 68 2018 16,769 7,394 744 4,633 68 2019 14,674 6,594 744 4,412 68 2020 8,143 4,137 744 3,848 68 Thereafter 21,618 13,296 66,633 13,426 4,655 Total $ 100,884 $ 47,430 $ 70,353 $ 35,723 $ 4,995
Revenue Recognition	Operating Real Estate Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants. Rental revenue recognition commences when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in quarterly or monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable on the combined consolidated balance sheets. The Company amortizes any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the lease. Escalation income represents revenue from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is accrued in the same period as the expenses are incurred. In situations in which a lease or leases associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above and below market lease intangibles, in-place lease value and leasing commissions). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such write-offs are included within depreciation and amortization in the combined consolidated statements of operations
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 management’s estimate of the aggregate expected future undiscounted cash flow to be generated by the property is less than the carrying value of the property. In conducting this review, management considers global macroeconomic factors, real estate sector conditions together with investment 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 of the property and recorded in impairment of goodwill in the combined consolidated statements of operations. An allowance for a doubtful account for a tenant receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of a tenant to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts.
Fair Value	Fair Value Measurement The Company follows fair value guidance in accordance with U.S. GAAP to account for its financial instruments. The Company categorizes its financial instruments, based on the priority of the inputs to the valuation technique, 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). Financial assets and liabilities recorded at fair value on its combined 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. As of December 31, 2015 and 2014 , the Company’s recurring financial measurements recorded at fair value were its derivative assets. Such derivative instruments are valued using a third-party pricing service. Derivative instruments are assessed for credit valuation adjustments due to the risk of non-performance by the Company and derivative counterparties. This quotation is not adjusted and is generally based on valuation models with observable inputs such as interest rates and contractual cash flow, and as such, is classified as Level 2 of the fair value hierarchy.
Equity-Based Compensation	The Company accounts for equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award. Awards may be based on a variety of measures such as time, performance, market or a combination thereof. For time-based awards, fair value is determined based on the stock price on the grant date. The Company recognizes compensation expense over the vesting period on a straight-line basis. For performance-based awards, fair value is determined based on the stock price at the date of grant and an estimate of the probable achievement of such measure. The Company recognizes compensation expense over the requisite service period, net of estimated forfeitures, using the accelerated attribution expense method. For market-based measures, fair value is determined using a Monte Carlo analysis under a risk-neutral premise using a risk-free interest rate. The Company recognizes compensation expense, over the requisite service period, net of estimated forfeitures, on a straight-line basis. For awards with a combination of performance or market measures, the Company estimates the fair value as if it were two separate awards. First, the Company estimates the probability of achieving the performance measure. If it is not probable the performance condition will be met, the Company records the compensation expense based on the fair value of the market measure, as described above. This expense is recorded even if the market-based measure is never met. If the performance-based measure is subsequently estimated to be achieved, the Company records compensation expense based on the performance-based measure. The Company would then record a cumulative catch-up adjustment for any additional compensation expense. Equity-based compensation issued to non-employees is accounted for using the fair value of the award at the earlier of the performance commitment date or performance completion date. The awards are remeasured every quarter based on the stock price as of the end of the reporting period until such awards vest, if any.
Derivatives	The Company seeks to use derivative instruments to manage exposure to interest rate risk and foreign currency exchange rate risk. For derivatives that qualify as a cash flow hedge, the effective portion of the change in fair value of derivatives designated as a hedge is recorded in accumulated OCI and is subsequently reclassified into income in the period that the hedged item affects income. Amounts reported in OCI that may relate to the hedge of its floating-rate borrowings are reclassified to interest expense as interest payments are made on associated borrowings. The change in fair value for a derivative that does not qualify as a hedge for U.S. GAAP is recorded in earnings. The Company’s derivative instruments are recorded on the combined consolidated balance sheets at fair value and do not qualify as hedges under U.S. GAAP. Therefore, the change in fair value of derivative instruments are recorded in earnings.
Foreign Currency	Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment (“CTA”) is recorded as a component of accumulated OCI in the combined consolidated statements of equity. For the year ended December 31, 2015, the Company reclassified $0.3 million of CTA to realized gains (losses) in the combined consolidated statements of operations due to the sale of certain real estate assets (refer to Note 3). Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency remeasurement adjustment is recorded in unrealized gain (loss) on investments and other in the combined consolidated statements of operations.
Earnings Per Share	The Company’s basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding. Diluted EPS includes restricted stock and the potential dilution that could occur if outstanding restricted stock units (“RSUs”) or other contracts to issue common stock, assuming performance hurdles have been met, were converted to common stock (including limited partnership interests in the Operating Partnership owned by holders other than the Company (“Common Units”) and Common Units which are structured as profits interests (“LTIP Units” collectively referred to as Unit Holders) (refer to Note 7), where such exercise or conversion would result in a lower EPS. The dilutive effect of such RSUs and Unit Holders is calculated assuming all units are converted to common stock.
Income Taxes	The Company will elect to be taxed as a REIT for U.S. federal income tax purposes with the initial filing of its 2015 U.S. federal tax return and will comply with the related provisions of the Internal Revenue Code of 1986, as amended, the (“Internal Revenue Code”). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company distributes to its stockholders 100% of its taxable income and therefore no provision for U.S. federal income taxes has been included in the accompanying combined consolidated financial statements for the year ended December 31, 2015 . Dividends distributed for the year ended December 31, 2015 were characterized, for U.S. federal income tax purposes, as ordinary income. The Company conducts its business through foreign subsidiaries which may be subject to local level income tax in the European jurisdictions it operates. The Company has also elected taxable REIT subsidiary (“TRS”) status for one of the Company’s foreign subsidiaries. This enables the Company to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property.” The TRS is not resident in the U.S. and, as such, not subject to U.S. taxation but is subject to foreign income taxes only. As a result, the effective tax rate of less than 1% is due to those foreign taxes. In addition, the REIT will not generally be subject to any additional U.S. taxes on the repatriation of its earnings. For the year ended December 31, 2015, the Company’s foreign subsidiaries recorded $2.3 million of current income tax expense and an offsetting $3.0 million of a deferred income tax benefit. For the Company’s foreign subsidiaries, including the Company’s foreign TRS, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the foreign tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. The Company evaluates the realizability of its deferred tax assets (e.g. net operating loss) 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. Due to past and projected losses in certain local jurisdictions where the Company does not have carryback potential and/or cannot sufficiently forecast future taxable income, the Company recognized net cumulative valuation allowances against the Company’s deferred tax assets. The Company will continue to review its deferred tax assets in accordance with U.S. GAAP. The valuation allowance at December 31, 2015 of $21.5 million relates to deferred tax assets in jurisdictions that had not met the “more-likely-than-not” realization threshold criteria. Changes in estimate of deferred tax asset realizability, if any, are included in income tax benefit (expense) in the combined consolidated statements of operations. As of December 31, 2015, the Company’s deferred tax assets and liabilities are as follows (dollars in thousands): Deferred tax asset Net operating losses $ 14,161 Interest deferral 5,896 Transaction costs capitalized to operating real estate 13,099 Other 1,805 Total deferred tax asset 34,961 Valuation allowance (21,460 ) Deferred tax assets, net of valuation allowance 13,501 Deferred tax liabilities Operating real estate (30,237 ) Other (5,070 ) Total deferred tax liabilities (35,307 ) Net deferred tax liability $ (21,806 ) The Company is allowed to carryforward its net operating losses indefinitely in most of the tax jurisdictions it files with some annual restrictions. The Company has assessed its tax positions for all open tax years, which includes 2013 to 2015 and concluded there were no uncertain tax positions to be recognized. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable. As of December 31, 2015, the Company has not recognized any such amounts related to uncertain tax positions.
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 combined 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 combined 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 of 2015, the Company adopted this guidance and the impact to the combined consolidated balance sheets from the reclassification of such costs was a reduction to both total assets and total liabilities of $24.5 million and $1.8 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 of 2015 (refer to Note 3). 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 its combined 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 combined consolidated financial position, results of operations and financial statement disclosures.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Estimated Useful Lives for Operating Real Estate	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category: Term: Building 40 years Building improvements Lesser of the useful life or remaining life of the building Building leasehold interests Lesser of 40 years or remaining term of the lease Tenant improvements Lesser of the useful life or remaining term of the lease
Schedule of Future Minimum Rental Income Under Noncancelable Operating Leases	The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2015 (dollars in thousands): Years Ending December 31: (1) 2016 $ 115,652 2017 117,349 2018 117,678 2019 112,401 2020 83,455 Thereafter 321,021 Total $ 867,556 _________________________ (1) Translated to the U.S. dollar using the currency exchange rate as of December 31, 2015.
Schedule of Deferred Costs and Intangible Assets	The following tables presents identified intangibles as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 (1) December 31, 2014 Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Intangible assets: In-place lease value, net $ 121,004 $ (20,120 ) $ 100,884 $ — $ — $ — Above-market lease value, net 53,236 (5,806 ) 47,430 1,657 (54 ) 1,603 Below-market ground lease value, net 70,971 (618 ) 70,353 33,231 (578 ) 32,653 Goodwill (2) 22,852 NA 22,852 — NA — Total $ 268,063 $ (26,544 ) $ 241,519 $ 34,888 $ (632 ) $ 34,256 Intangible liabilities: Below-market lease value, net $ 40,213 $ (4,490 ) $ 35,723 $ 151 $ (18 ) $ 133 Above-market ground lease value, net 5,026 (31 ) 4,995 — NA — Total $ 45,239 $ (4,521 ) $ 40,718 $ 151 $ (18 ) $ 133 _______________________ (1) As of December 31, 2015, the weighted average amortization period for above-market leases, below-market leases and in-place leases is 6.8 years , 7.5 years and 5.3 years , respectively. (2) Represents goodwill associated with the certain share-deal acquisitions of the New European Investments. The goodwill and a corresponding deferred tax liability is recorded at acquisition based on tax basis differences.
Schedule of Goodwill Rollforward	The following table presents a rollforward of goodwill for the years ended December 31, 2015 and 2014 (dollars in thousands): Balance as of December 31, 2014 $ — Goodwill from acquisitions 24,491 Disposal of goodwill — Impairment losses (1,710 ) Adjustments from foreign currency translation 71 Balance as of December 31, 2015 $ 22,852
Schedule of Intangible Asset Amortization	The following table presents amortization of acquired above-market leases, net of acquired below-market leases and amortization of other intangible assets for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): NorthStar Europe Period Prior Owner Period Year Ended December 31, September 16 to December 31, January 1 to September 15, Year Ended December 31, 2015 2014 2014 2013 Amortization of above-market leases, net of acquired below-market leases $ 1,763 $ 37 $ 61 $ 107 Amortization of other intangible assets 20,468 558 742 1,200
Schedule of Intangible Asset Future Amortization	The following table presents annual amortization of intangible assets and liabilities (dollars in thousands): Intangible Assets Intangible Liabilities Years Ending December 31: In-place Leases, Net Above-market Leases, Net Below-market Ground Lease Value, Net Below-market Leases, Net Above-market Ground Lease Value, Net 2016 $ 21,939 $ 8,236 $ 744 $ 4,765 $ 68 2017 17,741 7,773 744 4,639 68 2018 16,769 7,394 744 4,633 68 2019 14,674 6,594 744 4,412 68 2020 8,143 4,137 744 3,848 68 Thereafter 21,618 13,296 66,633 13,426 4,655 Total $ 100,884 $ 47,430 $ 70,353 $ 35,723 $ 4,995
Schedule of Other Assets and Other Liabilities	The following table presents a summary of other assets and other liabilities as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 2014 Other assets: Investment deposits and pending deal costs $ — $ 58,647 Deferred tax assets, net 220 — Prepaid expenses 3,041 2,269 Deferred lease costs 2,007 — Other 973 742 Total $ 6,241 $ 61,658 December 31, 2015 2014 Other liabilities: Deferred tax liabilities $ 22,026 $ — Prepaid rent and unearned revenue 10,450 2,206 Tenant security deposits 4,953 250 Other 5,225 — Total $ 42,654 $ 2,456
Schedule of Deferred Tax Assets and Liabilities	As of December 31, 2015, the Company’s deferred tax assets and liabilities are as follows (dollars in thousands): Deferred tax asset Net operating losses $ 14,161 Interest deferral 5,896 Transaction costs capitalized to operating real estate 13,099 Other 1,805 Total deferred tax asset 34,961 Valuation allowance (21,460 ) Deferred tax assets, net of valuation allowance 13,501 Deferred tax liabilities Operating real estate (30,237 ) Other (5,070 ) Total deferred tax liabilities (35,307 ) Net deferred tax liability $ (21,806 )

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 2014 (dollars in thousands): December 31, 2015 2014 Land $ 456,703 $ — Buildings and improvements 1,256,002 — Building leasehold interests and improvements 334,970 51,646 Furniture, fixtures and equipment 218 — Tenant improvements 72,567 3,767 Subtotal 2,120,460 55,413 Less: Accumulated depreciation (35,303 ) (517 ) Operating real estate, net $ 2,085,157 $ 54,896
Schedule of Real Estate Acquisitions	The following table summarizes the Company’s acquisitions for the year ended December 31, 2015 (dollars in millions): Acquisition Date Name Primary Description Primary Location(s) Purchase Price (1)(2) Properties (6) Financing (1) Equity (1) Ownership Interest (4) Transaction Costs (1) April 2015 SEB Portfolio Multi-tenant office Germany, United Kingdom, France $ 1,188.1 11 $ 805.8 (3) $ 467.9 95% $ 85.6 (5) April 2015 Internos Portfolio Office/Hotel/Industrial/Retail Germany, France, Portugal 200.7 12 99.0 116.4 95% 14.7 (5) April 2015 IVG Portfolio Multi-tenant office Germany, United Kingdom, France 197.7 15 91.3 124.5 95% 18.1 (5) April 2015 Deka Portfolio Multi-tenant office Germany 88.5 10 51.0 43.3 95% 5.8 (5) July 2015 Trianon Tower Multi-tenant office Germany 589.3 3 363.3 228.3 95% 2.3 Total $ 2,264.3 51 $ 1,410.4 $ 980.4 $ 126.5 ______________________________________ (1) Translated using the currency exchange rate on the dates of acquisitions, as applicable. (2) Includes working capital and excludes transaction costs, deferred financing costs and derivatives. (3) Includes $232.5 million of financing entered into subsequent to acquisition date and translated using the currency exchange rates as of such date. (4) The Company has an approximate 95% equity interest in certain subsidiaries related to these acquisitions and is entitled to a 100% allocation of net income (loss) as a result of the allocation formula, as set forth in the governing documents. (5) Includes $27.5 million of transaction costs incurred in the fourth quarter 2014. Transaction costs incurred in 2015 include $6.4 million of foreign currency related losses on deposits paid in 2014 in connection with the acquisitions in April 2015. (6) Includes two assets in the Internos Portfolio and one asset in the Deka Portfolio which were sold in December 2015.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents the allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the U.K. Complex and New European Investments translated using the currency exchange rate on the date of each respective acquisition (dollars in thousands): Assets: Land $ 465,756 Buildings, leasehold interests and improvements (1) 1,671,487 Acquired intangibles (2) 273,854 Other assets acquired 31,800 Total assets acquired $ 2,442,897 Liabilities: Mortgage and other notes payable (3) $ 1,491,621 Intangibles and other liabilities assumed (4) 74,110 Total liabilities 1,565,731 Redeemable non-controlling interest 1,461 Total NorthStar Realty Europe Corp. equity 874,086 Non-controlling interests 1,619 Total equity 875,705 Total liabilities and equity $ 2,442,897 ______________________________________ (1) Includes building and tenant improvements. (2) Primarily includes in-place lease, above-market lease and below-market ground lease values and goodwill. (3) Includes $232.5 million of financing entered into subsequent to acquisition date for the SEB Portfolio (refer to Note 4) and translated using the currency exchange rates of such date. (4) Primarily includes below-market lease values and net deferred tax liability. The following table presents the effect of such purchase price reclassifications on the combined consolidated balance sheet as of December 31, 2015 (dollars in thousands): As Previously Disclosed Measurement-Period Adjustments December 31, 2015 Operating real estate, net $ 562,302 $ (1,422 ) $ 560,880 Intangible assets, net 62,794 (5,801 ) 56,993 Intangible liabilities, net (2,725 ) 79 (2,646 ) Other liabilities (31,485 ) 6,923 (24,562 ) Total $ 590,886 $ (221 ) $ 590,665
Summary of Pro Forma Amounts	The unaudited pro forma amounts were prepared for comparable purposes only and are not indicative of what actual combined consolidated results of operations of the Company would have been, nor are they indicative of the combined consolidated results of operations in the future (dollars in thousands, except per share data): Years Ended December 31, 2015 2014 Pro forma total revenues $ 173,137 $ 171,091 Pro forma net income (loss) attributable to NorthStar Realty Europe Corp. (14,505 ) (153,509 ) (1) Pro forma EPS - basic $ (0.23 ) $ (2.44 ) Pro forma EPS - diluted $ (0.23 ) $ (2.44 ) ___________________ (1) Includes $158.3 million of transaction costs relating to the acquisition of the European Real Estate Business.
Schedule of Real Estate Held for Sale	The following table summarizes the Company’s operating real estate held for sale as of December 31, 2015 (dollars in thousands): Description Properties Operating Real Estate, Net Intangible Assets, Net Total Deka Portfolio (1)(2) 2 $ 5,317 $ 777 $ 6,094 ___________________ (1) In March 2016, the Company sold one of the assets held for sale as of December 31, 2015. (2) The assets classified as held for sale were sold on the open market as asset deals subject to standard industry terms and conditions. The assets contributed $0.4 million of revenue and a pretax loss of $0.4 million for the year ended December 31, 2015.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Borrowings	The following table presents borrowings as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Final Contractual Principal Carrying Principal Carrying Mortgage and other notes payable: (1) U.K. Complex Jan-20 (2) $ 74,010 $ 72,579 $ 77,660 $ 75,910 Internos Portfolio (10) Dec-20 (9) (3) 84,497 (7) 82,329 — — IVG Portfolio (10) Dec-20 (9) (3) 78,602 (7) 75,732 — — Deka Portfolio (10) Dec-20 (9) (3) 46,945 (7) 46,212 — — SEB Portfolio (4) Apr-22 (5) 684,540 (7) 674,543 — — SEB Portfolio - Preferred (6) Apr-60 (6) 115,604 (7) 115,219 — — Trianon Tower (4) Jul-23 (8) 359,898 357,996 — — Total mortgage and other notes payable 1,444,096 1,424,610 77,660 75,910 Senior Notes: Senior Notes (11) Dec-16 4.625% 340,000 333,798 — — Grand Total $ 1,784,096 $ 1,758,408 $ 77,660 $ 75,910 ____________________________________________________________ (1) All borrowings are non-recourse to the Company and are interest-only through maturity, subject to compliance with covenants of the respective borrowing and denominated in the same currency as the assets securing the borrowing. (2) Comprised of $60.2 million principal amount of floating rate borrowing at GBP LIBOR plus 2.0% , with a related $60.2 million notional value interest rate cap at 2.0% and $13.8 million of fixed rate borrowing at 8.0% . (3) Represents cross-collateralized borrowings between the IVG Portfolio, Internos Portfolio and Deka Portfolio. Comprised of $14.6 million principal amount of floating rate borrowings at EURIBOR plus 2.7% , with a related $14.6 million notional value interest rate cap at 2.0% , $100.1 million principal amount of floating rate borrowings at EURIBOR plus 1.55% , with a related $100.1 million notional value interest rate cap at 0.5% , $54.5 million principal amount of floating rate borrowings at EURIBOR plus 1.9% , with a related $54.5 million notional value interest rate cap at 2.0% , and $34.0 million of floating rate borrowings at GBP LIBOR plus 2.7% , with a related $34.0 million notional value interest rate cap at 2.0% . (4) In July 2015, the Company borrowed an additional $109.4 million and $88.9 million , related to the SEB Portfolio and Trianon Tower, respectively, which was deemed to be a modification for accounting purposes and as such, the fees paid to the lender of $0.8 million and $2.0 million , respectively, were treated as a discount to such borrowings. The amortization of such fees is included in interest expense in the combined consolidated statements of operations. (5) Comprised of $386.5 million principal amount of floating rate borrowing at EURIBOR plus 1.8% , with a related $368.5 million notional value interest rate cap at 0.5% , $280.9 million of floating rate borrowing at GBP LIBOR plus 1.8% , with a related $280.9 million notional value interest rate cap at 2.0% and $17.1 million of floating rate borrowing at STIBOR plus 1.8% . (6) Represents preferred equity certificates with a contractual interest rate of 3.0% per annum through May 2019, which can be prepaid at that time without penalty in part or in full, which increases to EURIBOR plus 12.0% through May 2022 and then increases to EURIBOR plus 15.0% through final maturity. Any prepayment prior to May 2019 is subject to the payment of the unpaid coupon on outstanding principal amount through May 2019. (7) Prepayment provisions include a fee based on principal amount ranging from .75% to 1.5% through April 2018 for the Internos Portfolio, the IVG Portfolio and the Deka Portfolio borrowing and .5% to 2.0% through April 2019 for the SEB Portfolio borrowing. (8) Comprised of $360.0 million principal amount of floating rate borrowing at EURIBOR plus 1.45% , with a related $360.0 million notional value interest rate cap at 0.5% . (9) On December 17, 2015, the Company completed a refinancing of the Internos Portfolio, the IVG Portfolio and the Deka Portfolio and, as such, certain maturity dates range from April 2020 to December 2020. (10) Includes $0.7 million , $3.0 million and $2.9 million of asset associated preferred equity certificates each with a fixed contractual interest rate of 1.0% per annum plus variable interest based on specified income levels associated to the German property companies of the IVG Portfolio, Deka Portfolio and Internos Portfolio, respectively, which can be prepaid at any time without penalty through final maturity, being thirty years from the issuance date. (11) The Company has the right to redeem the Senior Notes prior to maturity, in whole or in part from time to time, provided that no redemption in part results in the aggregate principal amount of the Senior Notes outstanding being reduced to less than $100 million . The cash redemption price is equal to the greater of: (i) 100% of the principal amount of the Senior Notes; and (ii) the sum of the present values of the remaining scheduled payments of interest and principal of the Senior Notes discounted to such date of redemption on a semiannual basis at a rate of 0.50% per annum.
Summary of Reconciliation of Principal Amount to Carrying Value	The following table presents a reconciliation of principal amount to carrying value of the Company’s mortgage and other notes payable and the Senior Notes as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 2014 Principal amount $ 1,784,096 $ 77,660 Premium (discount), net (1,144 ) — Deferred financing costs, net (24,544 ) (1,750 ) Carrying value $ 1,758,408 $ 75,910
Schedule of Principal Payments on Borrowings, Based on Final Maturity	The following table presents scheduled principal payments on borrowings, based on final maturity as of December 31, 2015 (dollars in thousands): Total Mortgage Senior Notes Years ending December 31: 2016 $ 340,000 $ — $ 340,000 2017 — — — 2018 — — — 2019 — — — 2020 284,054 284,054 — Thereafter 1,160,042 1,160,042 — Total $ 1,784,096 $ 1,444,096 $ 340,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of Earnings Per Share	The following table presents EPS for the years ended December 31, 2015 , 2014 and 2013 (dollars and shares in thousands, except per share data): NorthStar Europe Period Prior Owner Period Year Ended December 31, September 16 to December 31, January 1 to September 15, Year Ended December 31, 2015 (1) 2014 (1) 2014 (1) 2013 (1) Numerator: Net income (loss) attributable to NorthStar Realty Europe Corp. $ (143,136 ) $ (33,630 ) $ (3,007 ) $ 1,633 Net income (loss) attributable to Unit Holders non-controlling interest (1,052 ) — — — Net income (loss) attributable to common stockholders and Unit Holders (1) $ (144,188 ) $ (33,630 ) $ (3,007 ) $ 1,633 Denominator: (2) Weighted average shares of common stock 62,184 62,988 (3) 62,988 (3) 62,988 (3) Weighted average Unit Holders (1) 681 — — — Weighted average shares of common stock and Unit Holders (2) 62,865 62,988 (3) 62,988 (3) 62,988 (3) Earnings (loss) per share: Basic $ (2.30 ) $ (0.53 ) (3) $ (0.05 ) (3) $ 0.03 (3) Diluted $ (2.30 ) $ (0.53 ) (3) $ (0.05 ) (3) $ 0.03 (3) ____________________________________________________________ (1) The EPS calculation takes into account Unit Holders, which receive non-forfeitable dividends from the date of grant, share equally in the Company’s net income (loss) and convert on a one -for-one basis into common stock. (2) Excludes the effect of restricted stock and RSUs outstanding that were not dilutive as of December 31, 2015 . These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors. (3) Basic and diluted earnings per common share for the years ended December 31, 2014 and 2013 were calculated using the common stock issued in connection with the Spin-off and exclude the effect of any equity-based awards outstanding at that date that were not dilutive.

Risk Management and Derivativ27

Risk Management and Derivative Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Instruments not Designated as Hedges under U.S. GAAP	The following table presents derivative instruments that were not designated as hedges under U.S. GAAP as of December 31, 2015 and December 31, 2014 (dollars in thousands): Number Notional Amount Fair Value Net Asset (Liability) Range of Range of Maturity As of December 31, 2015: Interest rate caps 6 $ 1,429,216 $ 23,375 0.50% - 2.00% April 2016 - July 2023 Foreign currency forwards 3 154,353 417 N/A February 2016 - November 2017 Total 9 $ 1,583,569 $ 23,792 As of December 31, 2014: Interest rate cap 1 $ 63,099 $ 1,080 2.00% January 2020
Schedule of Fair Value of Derivative Instruments and Balance Sheet Classification	The following table presents the fair value of derivative instruments, as well as their classification on the combined consolidated balance sheets, as of December 31, 2015 and December 31, 2014 (dollars in thousands): Balance Sheet December 31, December 31, Location Interest rate caps Derivative assets $ 23,375 $ 1,080 Foreign currency forwards Derivative assets $ 417 $ —
Schedule of the Effect of Derivative Instruments on Combined Statements of Operations	The following table presents the effect of derivative instruments in the combined consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): NorthStar Europe Period Prior Owner Period (1) Year Ended September 16 to December 31, January 1 to September 15, Year Ended 2015 2014 2014 2013 Amount of gain (loss) recognized in earnings: Statements of operations location: Adjustment to fair value of interest rate caps Unrealized gain (loss) on investments and other $ (8,897 ) $ (210 ) $ 2,110 $ 2,798 Adjustment to fair value of foreign currency forwards Unrealized gain (loss) on investments and other 227 — — — Net cash receipt (payment) on derivatives Unrealized gain (loss) on investments and other (61 ) — — — _____________________________ (1) During the Prior Owner Period, there were interest rate swaps associated with financing that were settled in connection with the acquisition of the U.K. Complex by NorthStar Realty.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Minimum Future Rental Payments Under Ground Lease Obligations	The following table presents minimum future rental payments under the Company’s contractual ground lease obligations for certain building leaseholds as of December 31, 2015 (dollars in thousands): Years ending December 31: Total (1) 2016 $ 642 2017 642 2018 642 2019 642 2020 642 Thereafter 43,919 Total minimum lease payments $ 47,129 __________________ (1) Represents three ground leases, none of which are paid directly by the tenants.

Quarterly Financial Informati29

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following presents selected quarterly information for the years ended December 31, 2015 and 2014 (dollars in thousands): NorthStar Europe Period Three Months Ended December 31, September 30, June 30, March 31, 2015 2015 2015 2015 Rental and escalation income $ 43,923 $ 42,178 $ 31,558 $ 2,186 Total expenses 67,794 69,350 117,418 3,440 Net income (loss) (34,180 ) (31,932 ) (76,688 ) (1,343 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders (33,949 ) (31,892 ) (75,983 ) (1,312 ) Earnings (loss) per share: (1) Basic $ (0.55 ) $ (0.51 ) $ (1.21 ) $ (0.02 ) Diluted $ (0.55 ) $ (0.51 ) $ (1.21 ) $ (0.02 ) __________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. NorthStar Europe Period Prior Owner Period Three Months Ended December 31, September 16 to September 30, July 1 to September 15, Three Months Ended June 30, Three Months Ended March 31, 2014 2014 2014 2014 2014 Rental and escalation income $ 2,523 $ 199 $ 1,981 $ 2,828 $ 2,353 Total expenses 30,549 4,783 3,386 5,439 4,744 Net income (loss) (29,361 ) (4,545 ) (344 ) (1,440 ) (1,223 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders (29,382 ) (4,248 ) (344 ) (1,440 ) (1,223 ) Earnings (loss) per share: (1)(2) Basic $ (0.47 ) $ (0.07 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) Diluted $ (0.47 ) $ (0.07 ) $ (0.01 ) $ (0.02 ) $ (0.02 ) __________________ (1) Basic and diluted earnings per common share for the periods prior to 2015 were calculated using the common stock issued in connection with the Spin-off and exclude the effect of any equity-based awards outstanding at that date that were not dilutive. (2) The total for the year may differ from the sum of the quarters as a result of weighting.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting	The following tables present segment reporting for the years ended December 31, 2015 , 2014 and 2013 (dollars in thousands): NorthStar Europe Period Year Ended December 31, 2015 Statement of Operations: Real Estate Corporate Total Rental and escalation income $ 119,845 (1) $ — $ 119,845 Interest expense 25,365 (3) 10,764 (3) 36,129 Income (loss) before income tax benefit (expense) (106,141 ) (38,677 ) (4) (144,818 ) Income tax benefit (expense) 675 — 675 Net income (loss) (105,466 ) (2) (38,677 ) (144,143 ) Balance Sheet: December 31, 2015: Total Assets $ 2,544,992 $ 138,058 $ 2,683,050 ___________________________________ (1) Includes revenues attributable to Germany, the United Kingdom, France and the Netherlands of $34.4 million , $37.1 million , $16.1 million and $15.1 million , respectively. (2) Primarily relates to depreciation and amortization expense of $56.3 million and transaction costs related to the New European Investments of $99.1 million . (3) Includes $2.9 million and $3.0 million of amortization of deferred financing costs in the real estate and corporate segment, respectively. (4) Includes an allocation of general and administrative expenses from NSAM of $0.4 million . NorthStar Europe Period Prior Owner Period September 16, 2014 to December 31, 2014 January 1 to September 15, 2014 Statement of Operations: Real Estate Corporate Total Real Estate Corporate Total Rental and escalation income $ 2,722 (1) $ — $ 2,722 $ 7,162 $ — $ 7,162 Interest expense 165 — 165 3,486 — 3,486 Income (loss) before income tax benefit (expense) (32,699 ) (2) (1,207 ) (3) (33,906 ) 1,434 (4,441 ) (3) (3,007 ) Income tax benefit (expense) — — — — — — Net income (loss) (32,699 ) (1,207 ) (33,906 ) 1,434 (4,441 ) (3,007 ) Balance Sheet: December 31, 2014: Total Assets $ 160,271 $ — $ 160,271 $ — $ — $ — ___________________________________ (1) Represents revenues from the U.K. Complex in the United Kingdom of $ 2.7 million . (2) Primarily relates to transaction costs related to the U.K. Complex of $4.3 million and to the New European Investments of $27.5 million . (3) Includes an allocation of general and administrative expense based on an estimate of expenses had the Company been run as an independent entity (refer to Note 2). Prior Owner Period Year Ended December 31, 2013 Statement of Operations: Real Estate Corporate Total Rental and escalation income $ 9,869 $ — $ 9,869 Interest expense 4,666 — 4,666 Income (loss) before income tax benefit (expense) 1,293 340 (1) 1,633 Income tax benefit (expense) — — — Net income (loss) 1,293 340 1,633 Balance Sheet: December 31, 2013: Total Assets $ 90,951 $ — $ 90,951 ___________________________________ (1) Includes an allocation of general and administrative expense based on an estimate of expenses had the Company been run as an independent entity (refer to Note 2).

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Basis of Quarterly Presentation (Details) - USD ($) $ in Thousands	2 Months Ended	4 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Oct. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Sep. 16, 2014
Business Acquisition [Line Items]
Cash	$ 283,844	$ 2,100		$ 283,844	$ 2,100	$ 0
Management fees | General and administrative expense
Business Acquisition [Line Items]
Estimate of management fees		100	$ 300
New European Investments
Business Acquisition [Line Items]
Cash		500			500
Certain deposits		58,600			58,600
Related foreign exchange gain (loss)					1,100
Transaction costs payable		$ 27,500			$ 27,500
NSAM | Cost and expense reimbursement
Business Acquisition [Line Items]
Allocated general and administrative expense	$ 400			$ 1,400

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Estimated Useful Life for Operating Real Estate) (Details)	12 Months Ended
	Dec. 31, 2015
Building
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	40 years
Building leasehold interests | Lesser of or remaining term of lease
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	40 years

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Future Minimum Rental Income Under Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
2,016	$ 115,652
2,017	117,349
2,018	117,678
2,019	112,401
2,020	83,455
Thereafter	321,021
Total	$ 867,556

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Intangible Assets and Intangible Liabilities (Details) $ in Thousands		4 Months Ended	12 Months Ended
		Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)reporting_unit
Acquired Finite-Lived Intangible Assets [Line Items]
Number of reporting units | reporting_unit			7
Impairment of goodwill	[1]	$ 0	$ 1,710
Intangible assets:
Goodwill, gross amount		0	22,852
Total, gross amount		34,888	268,063
Accumulated amortization		(632)	(26,544)
Goodwill, net		0	22,852
Total, net		34,256	241,519
Intangible liabilities:
Below market lease, gross amount		151	40,213
Below market lease, accumulated amortization		(18)	(4,490)
Total		133	35,723
Intangible liabilities, gross		151	45,239
Intangible liabilities, accumulated amortization		(18)	(4,521)
Total, net		133	$ 40,718
Below market lease, remaining amortization period			7 years 5 months 18 days
In-place lease value, net
Intangible assets:
Intangible assets, gross amount		0	$ 121,004
Accumulated amortization		0	(20,120)
Total		0	$ 100,884
Intangible liabilities:
Intangible assets, remaining amortization period			5 years 3 months 1 day
Above-market lease value, net
Intangible assets:
Intangible assets, gross amount		1,657	$ 53,236
Accumulated amortization		(54)	(5,806)
Total		1,603	47,430
Intangible liabilities:
Intangible liabilities, gross amount		0	5,026
Intangible liabilities, accumulated amortization			(31)
Other intangible liabilities, net		0	$ 4,995
Intangible assets, remaining amortization period			6 years 9 months 18 days
Below-market ground lease value, net
Intangible assets:
Intangible assets, gross amount		33,231	$ 70,971
Accumulated amortization		(578)	(618)
Total		$ 32,653	$ 70,353
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Goodwill Rollforward (Details) - USD ($) $ in Thousands		4 Months Ended	12 Months Ended
		Dec. 31, 2014	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 0
Goodwill from acquisitions			24,491
Disposal of goodwill			0
Impairment losses	[1]	$ 0	(1,710)
Adjustments from foreign currency translation			71
Goodwill, ending balance		$ 0	$ 22,852
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	4 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 15, 2014	Dec. 31, 2015	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization of above-market leases, net of acquired below-market leases	$ 37		$ 1,763
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortization of other intangible assets	$ 558		$ 20,468
Prior Owner
Finite-Lived Intangible Assets [Line Items]
Amortization of above-market leases, net of acquired below-market leases		$ 61		$ 107
Prior Owner | Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortization of other intangible assets		$ 742		$ 1,200

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Annual Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Below-market Leases, Net
2,016	$ 4,765
2,017	4,639
2,018	4,633
2,019	4,412
2,020	3,848
Thereafter	13,426
Total	35,723	$ 133
Above-market Ground Lease Value, Net
Intangible Liabilities, Other, Net
2,016	68
2,017	68
2,018	68
2,019	68
2,020	68
Thereafter	4,655
Total	4,995
In-place Leases, Net
Intangible Assets
2,016	21,939
2,017	17,741
2,018	16,769
2,019	14,674
2,020	8,143
Thereafter	21,618
Total	100,884	0
Above-market Leases, Net
Intangible Assets
2,016	8,236
2,017	7,773
2,018	7,394
2,019	6,594
2,020	4,137
Thereafter	13,296
Total	47,430	$ 1,603
Below-market Ground Lease Value, Net
Intangible Assets
2,016	744
2,017	744
2,018	744
2,019	744
2,020	744
Thereafter	66,633
Total	$ 70,353

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Other Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other assets:
Investment deposits and pending deal costs	$ 0	$ 58,647
Deferred tax assets, net	220	0
Prepaid expenses	3,041	2,269
Deferred lease costs	2,007	0
Other	973	742
Total	6,241	61,658
Other liabilities:
Deferred tax liabilities	22,026	0
Prepaid rent and unearned revenue	10,450	2,206
Tenant security deposits	4,953	250
Other	5,225	0
Total	$ 42,654	$ 2,456

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Foreign Currency (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
CTA reclassified to realized gains (losses)	$ 0.3

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Effective income tax rate, percent (less than)	1.00%
Foreign subsidiary current income tax expense	$ 2,300
Foreign subsidiary deferred income tax benefit	3,000
Valuation allowance	$ 21,460

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Deferred Tax Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Net operating losses	$ 14,161
Interest deferral	5,896
Transaction costs capitalized to operating real estate	13,099
Other	1,805
Total deferred tax asset	34,961
Valuation allowance	(21,460)
Deferred tax assets, net of valuation allowance	13,501
Operating real estate	(30,237)
Other	(5,070)
Total deferred tax liabilities	(35,307)
Net deferred tax liability	$ (21,806)

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncement, Early Adoption [Line Items]
Assets	$ (2,683,050)	$ (160,271)
Liabilities	(1,885,739)	(80,197)
New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncement, Early Adoption [Line Items]
Assets	24,500	1,800
Liabilities	$ 24,500	$ 1,800

Operating Real Estate - Operati

Operating Real Estate - Operating Real Estate, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 456,703	$ 0
Buildings and improvements	1,256,002	0
Building leasehold interests and improvements	334,970	51,646
Furniture, fixtures and equipment	218	0
Tenant improvements	72,567	3,767
Subtotal	2,120,460	55,413
Less: Accumulated depreciation	(35,303)	(517)
Operating real estate, net	$ 2,085,157	$ 54,896

Operating Real Estate - Narrati

Operating Real Estate - Narrative (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

4 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Sep. 15, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Business Acquisition [Line Items]

Depreciation expense

$ 500

$ 1,600

$ 35,800

$ 1,900

Pro forma total revenues

173,137

$ 171,091

Net income (loss)

$ (4,545)

$ (34,180)

$ (31,932)

$ (76,688)

$ (1,343)

$ (29,361)

$ (33,906)

$ (33,906)

[1]

(144,143)

[1]

European Real Estate Business

Business Acquisition [Line Items]

Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual

110,900

Pro forma net loss

105,300

Measurement Period Adjustment for Intangible Assets

Business Acquisition [Line Items]

Net income (loss)

$ 200

[1]

The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Operating Real Estate - Real Es

Operating Real Estate - Real Estate Acquisitions (Details) $ in Thousands		1 Months Ended			3 Months Ended	4 Months Ended	12 Months Ended
		Dec. 31, 2015property	Jul. 31, 2015USD ($)property	Apr. 30, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Purchase Price			$ 2,264,300
Properties | property			51
Financing			$ 1,410,400
Equity			980,400
Transaction Costs			126,500
Transaction costs	[1]					$ 31,691	$ 120,101
Foreign currency related losses on deposits						$ 0	$ 6,402
SEB Portfolio
Business Acquisition [Line Items]
Purchase Price				$ 1,188,100
Properties | property				11
Financing				$ 805,800
Equity				$ 467,900
Ownership Interest				95.00%
Transaction Costs				$ 85,600
Parent's percentage allocation of net income (loss)		100.00%					100.00%
Internos Portfolio
Business Acquisition [Line Items]
Purchase Price				$ 200,700
Properties | property				12
Financing				$ 99,000
Equity				$ 116,400
Ownership Interest				95.00%
Transaction Costs				$ 14,700
Number of assets sold | property		2
IVG Portfolio
Business Acquisition [Line Items]
Purchase Price				$ 197,700
Properties | property				15
Financing				$ 91,300
Equity				$ 124,500
Ownership Interest				95.00%
Transaction Costs				$ 18,100
Deka Portfolio
Business Acquisition [Line Items]
Purchase Price				$ 88,500
Properties | property				10
Financing				$ 51,000
Equity				$ 43,300
Ownership Interest				95.00%
Transaction Costs				$ 5,800
Number of assets sold | property		1
Trianon Tower
Business Acquisition [Line Items]
Purchase Price			$ 589,300
Properties | property			3
Financing			$ 363,300
Equity			$ 228,300
Ownership Interest			95.00%
Transaction Costs			$ 2,300
SEB Portfolio, IVG Portfolio, Deka Portfolio, Internos Portfolio and Trianon Tower
Business Acquisition [Line Items]
Ownership Interest		95.00%					95.00%
Real Estate Segment | Operating Segments | Europe | New European Investments
Business Acquisition [Line Items]
Transaction costs					$ 27,500		$ 99,100
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Operating Real Estate - Purchas

Operating Real Estate - Purchase Price Allocation (Details) $ in Thousands	Dec. 31, 2015USD ($)
Assets:
Intangible assets, net	$ 56,993
European Real Estate Business
Assets:
Land and improvements	465,756
Buildings, leasehold interests and improvements(1)	1,671,487
Intangible assets, net	273,854
Other assets acquired	31,800
Total assets acquired	2,442,897
Liabilities:
Mortgage and other notes payable	1,491,621
Other liabilities assumed	74,110
Total liabilities	1,565,731
Redeemable non-controlling interest	1,461
Total NorthStar Realty Europe Corp. equity	874,086
Non-controlling interests	1,619
Total equity	875,705
Total liabilities and equity	2,442,897
SEB Portfolio
Liabilities:
Mortgage and other notes payable	$ 232,500

Operating Real Estate - Purch47

Operating Real Estate - Purchase Price Reclassifications (Details) $ in Thousands	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Operating real estate, net	$ 560,880
Intangible assets, net	56,993
Intangible liabilities, net	(2,646)
Other liabilities	(24,562)
Total	590,665
As Previously Disclosed
Business Acquisition [Line Items]
Operating real estate, net	562,302
Intangible assets, net	62,794
Intangible liabilities, net	(2,725)
Other liabilities	(31,485)
Total	590,886
Measurement-Period Adjustments
Business Acquisition [Line Items]
Operating real estate, net	(1,422)
Intangible assets, net	(5,801)
Intangible liabilities, net	79
Other liabilities	6,923
Total	$ (221)

Operating Real Estate - Pro For

Operating Real Estate - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jul. 31, 2015
Business Acquisition [Line Items]
Pro forma total revenues	$ 173,137	$ 171,091
Pro forma net income (loss) attributable to NorthStar Realty Europe Corp.	$ (14,505)	$ (153,509)
Pro forma EPS - basic (in dollars per share)	$ (0.23)	$ (2.44)
Pro forma EPS - diluted (in dollars per share)	$ (0.23)	$ (2.44)
Transaction costs			$ 126,500
European Real Estate Business
Business Acquisition [Line Items]
Transaction costs		$ 158,300

Operating Real Estate - Real 49

Operating Real Estate - Real Estate Held for Sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Operating Real Estate, Net	$ 6,094	$ 0
Deka Portfolio
Real Estate Properties [Line Items]
Properties | property	2
Operating Real Estate, Net	$ 5,317
Intangible Assets, Net	777
Total	6,094
Held-for-sale | Deka Portfolio
Real Estate Properties [Line Items]
Disposal group, revenue	400
Disposal group, pretax loss	$ 400
Number of assets sold	0

Borrowings (Details)

Borrowings (Details) - USD ($)	1 Months Ended	4 Months Ended	12 Months Ended
	Jul. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Debt Instrument [Line Items]
Principal Amount		$ 77,660,000	$ 1,784,096,000
Carrying Value		75,910,000	1,758,408,000
Fees paid to lender related to modifications		0	0
Asset linked preferred equity			122,000,000
Mortgage and Other Notes Payable
Debt Instrument [Line Items]
Principal Amount		77,660,000	1,444,096,000
Carrying Value		75,910,000	1,424,610,000
Mortgage and Other Notes Payable | UK Property
Debt Instrument [Line Items]
Principal Amount		77,660,000	74,010,000
Carrying Value		$ 75,910,000	72,579,000
Mortgage and Other Notes Payable | Internos Portfolio
Debt Instrument [Line Items]
Principal Amount			84,497,000
Carrying Value			82,329,000
Mortgage and Other Notes Payable | IVG Portfolio
Debt Instrument [Line Items]
Principal Amount			78,602,000
Carrying Value			75,732,000
Mortgage and Other Notes Payable | Deka Portfolio
Debt Instrument [Line Items]
Principal Amount			46,945,000
Carrying Value			46,212,000
Mortgage and Other Notes Payable | SEB Portfolio
Debt Instrument [Line Items]
Principal Amount	$ 109,400,000		684,540,000
Carrying Value			$ 674,543,000
Fees paid to lender related to modifications	800,000
Mortgage and Other Notes Payable | SEB Portfolio | Minimum
Debt Instrument [Line Items]
Prepayment fee percentage range on principal			0.50%
Mortgage and Other Notes Payable | SEB Portfolio | Maximum
Debt Instrument [Line Items]
Prepayment fee percentage range on principal			2.00%
Mortgage and Other Notes Payable | SEB Portfolio - Preferred
Debt Instrument [Line Items]
Principal Amount			$ 115,604,000
Carrying Value			115,219,000
Mortgage and Other Notes Payable | Trianon Tower
Debt Instrument [Line Items]
Principal Amount	88,900,000		359,898,000
Carrying Value			357,996,000
Fees paid to lender related to modifications	$ 2,000,000
Mortgage and Other Notes Payable | Trianon Tower | EURIBOR
Debt Instrument [Line Items]
Principal Amount			$ 360,000,000
Interest rate added to variable rate			1.45%
Mortgage and Other Notes Payable | IVG, Internos, and Deka Portfolio | Minimum
Debt Instrument [Line Items]
Prepayment fee percentage range on principal			0.75%
Mortgage and Other Notes Payable | IVG, Internos, and Deka Portfolio | Maximum
Debt Instrument [Line Items]
Prepayment fee percentage range on principal			1.50%
Mortgage and Other Notes Payable | GBP LIBOR Plus 2.0% | UK Property | GBP LIBOR
Debt Instrument [Line Items]
Principal Amount			$ 60,200,000
Interest rate added to variable rate			2.00%
Mortgage and Other Notes Payable | Notional value interest rate cap of 2.0% | UK Property | GBP LIBOR
Debt Instrument [Line Items]
Notional value			$ 60,200,000
Notional value interest rate cap			2.00%
Mortgage and Other Notes Payable | Fixed rate at 8% | UK Property
Debt Instrument [Line Items]
Principal Amount			$ 13,800,000
Contractual Interest Rate			8.00%
Mortgage and Other Notes Payable | EURIBOR Plus 2.7% | IVG, Internos, and Deka Portfolio
Debt Instrument [Line Items]
Interest rate added to variable rate			2.00%
Notional value			$ 14,600,000
Mortgage and Other Notes Payable | EURIBOR Plus 2.7% | IVG, Internos, and Deka Portfolio | EURIBOR
Debt Instrument [Line Items]
Principal Amount			$ 14,600,000
Interest rate added to variable rate			2.70%
Mortgage and Other Notes Payable | EURIBOR Plus 1.55% | IVG, Internos, and Deka Portfolio
Debt Instrument [Line Items]
Interest rate added to variable rate			0.50%
Notional value			$ 100,100,000
Mortgage and Other Notes Payable | EURIBOR Plus 1.55% | IVG, Internos, and Deka Portfolio | EURIBOR
Debt Instrument [Line Items]
Principal Amount			$ 100,100,000
Interest rate added to variable rate			1.55%
Mortgage and Other Notes Payable | EURIBOR Plus 1.9% | IVG, Internos, and Deka Portfolio
Debt Instrument [Line Items]
Interest rate added to variable rate			2.00%
Notional value			$ 54,500,000
Mortgage and Other Notes Payable | EURIBOR Plus 1.9% | IVG, Internos, and Deka Portfolio | EURIBOR
Debt Instrument [Line Items]
Principal Amount			$ 54,500,000
Interest rate added to variable rate			1.90%
Mortgage and Other Notes Payable | GBP LIBOR Plus 2.7% | IVG, Internos, and Deka Portfolio
Debt Instrument [Line Items]
Notional value			$ 34,000,000
Notional value interest rate cap			2.00%
Mortgage and Other Notes Payable | GBP LIBOR Plus 2.7% | IVG, Internos, and Deka Portfolio | GBP LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate			2.70%
Mortgage and Other Notes Payable | GBP LIBOR Plus 2.7% | IVG, Internos, and Deka Portfolio | EURIBOR
Debt Instrument [Line Items]
Principal Amount			$ 34,000,000
Mortgage and Other Notes Payable | EURIBOR Plus 1.8% | SEB Portfolio | EURIBOR
Debt Instrument [Line Items]
Principal Amount			$ 386,500,000
Interest rate added to variable rate			1.80%
Mortgage and Other Notes Payable | Notional value interest rate cap of 0.5% | SEB Portfolio | EURIBOR
Debt Instrument [Line Items]
Notional value			$ 368,500,000
Notional value interest rate cap			0.50%
Mortgage and Other Notes Payable | GBP LIBOR Plus 1.8% | SEB Portfolio | GBP LIBOR
Debt Instrument [Line Items]
Principal Amount			$ 280,900,000
Interest rate added to variable rate			1.80%
Mortgage and Other Notes Payable | Notional Value interest rate cap of 2% | SEB Portfolio | GBP LIBOR
Debt Instrument [Line Items]
Notional value			$ 280,900,000
Notional value interest rate cap			2.00%
Mortgage and Other Notes Payable | Notional Value interest rate cap of 2% | Trianon Tower
Debt Instrument [Line Items]
Notional value			$ 360,000,000
Notional value interest rate cap			0.50%
Mortgage and Other Notes Payable | Variable rate | SEB Portfolio - Preferred
Debt Instrument [Line Items]
Contractual Interest Rate			3.00%
Mortgage and Other Notes Payable | Variable rate | SEB Portfolio - Preferred | May 2019 through May 2022
Debt Instrument [Line Items]
Contractual Interest Rate			12.00%
Mortgage and Other Notes Payable | Variable rate | SEB Portfolio - Preferred | May 2022 through Maturity
Debt Instrument [Line Items]
Contractual Interest Rate			15.00%
Mortgage and Other Notes Payable | STIBOR Plus 1.8% | SEB Portfolio | STIBOR
Debt Instrument [Line Items]
Principal Amount			$ 17,100,000
Interest rate added to variable rate			1.80%
Mortgage and Other Notes Payable | Fixed rate at 1.0% | Internos Portfolio
Debt Instrument [Line Items]
Asset linked preferred equity			$ 2,900,000
Mortgage and Other Notes Payable | Fixed rate at 1.0% | IVG Portfolio
Debt Instrument [Line Items]
Asset linked preferred equity			700,000
Mortgage and Other Notes Payable | Fixed rate at 1.0% | Deka Portfolio
Debt Instrument [Line Items]
Asset linked preferred equity			$ 3,000,000
Mortgage and Other Notes Payable | Fixed rate at 1.0% | IVG, Internos, and Deka Portfolio
Debt Instrument [Line Items]
Contractual Interest Rate			1.00%
Senior Notes
Debt Instrument [Line Items]
Principal Amount			$ 340,000,000
Carrying Value			$ 333,798,000
Contractual Interest Rate			4.625%
Redemption threshold for aggregate principal outstanding			$ 100,000,000
Redemption percentage of principal amount			100.00%
Redemption discount per annum			0.50%

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)	1 Months Ended
	Jul. 31, 2015	Feb. 29, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Principal amount			$ 1,784,096,000	$ 77,660,000
Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 340,000,000
Stated interest rate			4.625%
Exchangeable Senior Notes | 4.625% Notes
Debt Instrument [Line Items]
Principal amount	$ 340,000,000
Stated interest rate	4.625%
Aggregate net proceeds	$ 331,000,000
Senior unsubordinated unsecured note | Consolidated Entity Excluding Variable Interest Entities (VIE)
Debt Instrument [Line Items]
Notice required prior to maturity to settle outstanding principal in common stock, term	60 days
Level 2 | Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Fair Value			$ 327,300,000
Subsequent Event | Senior Notes
Debt Instrument [Line Items]
Amount repurchased		$ 150,000,000

Borrowings - Reconciliation of

Borrowings - Reconciliation of Principal to Carrying Amount (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Principal amount	$ 1,784,096,000	$ 77,660,000
Premium (discount), net	(1,144,000)	0
Deferred financing costs, net	(24,544,000)	(1,750,000)
Carrying value	$ 1,758,408,000	$ 75,910,000

Borrowings - Scheduled Principa

Borrowings - Scheduled Principal on Borrowings (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2,016	$ 340,000,000
2,017	0
2,018	0
2,019	0
2,020	284,054,000
Thereafter	1,160,042,000
Total	1,784,096,000	$ 77,660,000
Mortgage and Other Notes Payable
Debt Instrument [Line Items]
2,016	0
2,017	0
2,018	0
2,019	0
2,020	284,054,000
Thereafter	1,160,042,000
Total	1,444,096,000
Senior Notes
Debt Instrument [Line Items]
2,016	340,000,000
2,017	0
2,018	0
2,019	0
2,020	0
Thereafter	0
Total	$ 340,000,000

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Annualized base management fee to be paid		$ 3,995	$ 3,995	$ 3,995	$ 0
NSAM
Related Party Transaction [Line Items]
Asset management agreement, initial term				20 years
Asset management agreement, renewal term				20 years
Asset management fee expense, related party		2,300
Asset management agreement, assets under management		10,000,000	10,000,000	$ 10,000,000
Increase in annualized base management fee				20.00%
Annualized base management fee to be paid		$ 2,300	2,300	$ 2,300
NSAM | Tier 1
Related Party Transaction [Line Items]
Asset management agreement, incentive fee				15.00%
NSAM | Tier 2
Related Party Transaction [Line Items]
Asset management agreement, incentive fee				25.00%
NSAM | Minimum | Tier 1
Related Party Transaction [Line Items]
Asset management agreement, incentive fee, per share (dollars per share)				$ 0.30
NSAM | Minimum | Tier 2
Related Party Transaction [Line Items]
Asset management agreement, incentive fee, per share (dollars per share)				0.36
NSAM | Maximum | Tier 1
Related Party Transaction [Line Items]
Asset management agreement, incentive fee, per share (dollars per share)				$ 0.36
NSAM | Management fees
Related Party Transaction [Line Items]
Additional asset management fee	1.50%
NSAM | Cost and expense reimbursement
Related Party Transaction [Line Items]
Allocated general and administrative expense			$ 400	$ 1,400
NSAM | Long-term Bonus or Other Compensation
Related Party Transaction [Line Items]
Reimbursement percentage				50.00%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) $ in Millions	Dec. 31, 2015USD ($)shares	Oct. 31, 2015shares	Mar. 30, 2016shares	Feb. 29, 2016shares	Nov. 30, 2015	Oct. 30, 2015shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Spinoff conversion ratio		0.1667
Conversion ratio		0.50
Common stock given as payout		0.3333
Amortization of equity-based compensation | $							$ 0.8	$ 0.8
Equity-based compensation expense not yet recognized | $	$ 7.7						$ 7.7	$ 7.7
2015 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (shares)	10,000,000						10,000,000	10,000,000
Common stock, additional shares reserved for issuance as a percentage of total shares issued and outstanding	2.00%						2.00%	2.00%
Awards granted (shares)						0
NSAM Bonus Plan | NSAM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period								4 years
Maximum percent of salaries, wages and officers' compensation from related party to be covered by entity								50.00%
Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Issued in period (shares)								17,528
Restricted Stock | Spin-off | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)			995,698
Award vesting period			4 years
Restricted Stock | NSAM Bonus Plan | Subsequent Event | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)				335,336
Awards vested upon grant, percentage				25.00%
Awards retired in period (shares)				44,214
Restricted Stock | NSAM Bonus Plan | Subsequent Event | Non Executive Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)				283,305
Restricted Stock | Omnibus Stock Incentive Plan | NorthStar Realty Finance Corporation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued in period (shares)								27,122
Restricted Stock Units (RSUs) | Spin-off | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)			1,493,551
Maximum award vesting rights based on absolute performance, percentage			100.00%
Maximum award vesting rights based on relative performance, percentage			125.00%
Restricted Stock Units (RSUs) | NSAM Bonus Plan | Subsequent Event | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)				194,422
Restricted Stock Units (RSUs) | Omnibus Stock Incentive Plan | Executive Officer | NorthStar Realty Finance Corporation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)	117,472							180,871
Restricted Stock Units (RSUs) | Omnibus Stock Incentive Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of performance-based equity instruments based on total shareholder return			50.00%
Percent of performance-based equity instruments, subject to total shareholder return relative to the MSCI US REIT index			50.00%
Restricted Stock Units (RSUs) | Incentive Compensation Plan | NorthStar Realty Finance Corporation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards with remaining vesting requirement (shares)	83,333						83,333	83,333
Operating Partnership Units | Incentive Compensation Plan | NorthStar Realty Finance Corporation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued in period (shares)								622,349
Awards with remaining vesting requirement (shares)	285,419						285,419	285,419
LTIP Units | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued in period (shares)								70,112

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Nov. 23, 2015$ / shares	Oct. 31, 2015	Nov. 30, 2015USD ($)shares	Dec. 31, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Spinoff conversion ratio		0.1667
Authorized amount of outstanding common stock (up to)			$ 100,000,000
Shares repurchased | shares				3,700,000
Repurchase of equity				$ 41,400,000
Common stock dividends declared (in dollars per share) | $ / shares	$ 0.15
Director | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period (shares) | shares			17,528
Stock issued during period, value			$ 200,000
Award vesting period			3 years

Stockholders' Equity - Earnings

Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended								4 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 15, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014		Sep. 15, 2014		Dec. 31, 2015		Dec. 31, 2013
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to NorthStar Realty Europe Corp.	[1]											$ (33,630)				$ (143,136)
Net income (loss) attributable to Unit Holders non-controlling interest			$ (1,100)									0				(1,052)
Net income (loss) attributable to common stockholders and Unit Holders												$ (33,630)				$ (144,188)
Weighted average shares of common stock (in shares)	[1]											62,987,863	[2]			62,183,638
Weighted average Unit Holders (in shares)												0				681,000
Weighted average shares of common stock and Unit Holders (in shares)	[1]											62,987,863	[2]			62,865,124
Earnings (loss) per share:
Basic (in dollars per share)		$ (0.07)		$ (0.55)	$ (0.51)	$ (1.21)	$ (0.02)	$ (0.47)				$ (0.53)	[1],[2]			$ (2.30)	[1]
Diluted (in dollars per share)		$ (0.07)		$ (0.55)	$ (0.51)	$ (1.21)	$ (0.02)	$ (0.47)				$ (0.53)	[1],[2]			$ (2.30)	[1]
Prior Owner
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to NorthStar Realty Europe Corp.	[1]													$ (3,007)				$ 1,633
Net income (loss) attributable to Unit Holders non-controlling interest														0				0
Net income (loss) attributable to common stockholders and Unit Holders														$ (3,007)				$ 1,633
Weighted average shares of common stock (in shares)	[1],[2]													62,987,863				62,987,863
Weighted average Unit Holders (in shares)														0				0
Weighted average shares of common stock and Unit Holders (in shares)	[1],[2]													62,987,863				62,987,863
Earnings (loss) per share:
Basic (in dollars per share)									$ (0.01)	$ (0.02)	$ (0.02)			$ (0.05)	[1],[2]			$ 0.03	[1],[2]
Diluted (in dollars per share)									$ (0.01)	$ (0.02)	$ (0.02)			$ (0.05)	[1],[2]			$ 0.03	[1],[2]
LTIP Units
Earnings (loss) per share:
Shares issued upon conversion of awards																1
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	Basic and diluted earnings per common share for the years ended December 31, 2014 and 2013 were calculated using the common stock distributed on November 1, 2015 in connection with the Spin-off (refer to Note 7).

Non-controlling Interests (Deta

Non-controlling Interests (Details) $ in Thousands, € in Millions	2 Months Ended	4 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2015EUR (€)shares
Noncontrolling Interest [Line Items]
Non-controlling interest	$ 8,700		$ 8,700
Non-controlling ownership interest	1.20%		1.20%	1.20%
Non-controlling interest net income (loss)	$ 1,100	$ 0	$ 1,052
Ownership percentage in disposed asset	5.50%		5.50%	5.50%
Redeemable noncontrolling interest, equity, redemption value | €				€ 2.1
Net (income) loss attributable to redeemable non-controlling interest			$ (100)
Non-controlling Interest in Subsidiaries Owning Trianon Tower
Noncontrolling Interest [Line Items]
Consideration received	$ 1,500		$ 1,500
LTIP units | Non-controlling interest
Noncontrolling Interest [Line Items]
Number of units outstanding (shares) | shares	692,461		692,461	692,461

Risk Management and Derivativ59

Risk Management and Derivative Activities - Derivative Instruments Not Designated as Hedges (Details) - Not designated as hedges $ in Thousands	Dec. 31, 2015USD ($)instrument	Dec. 31, 2014USD ($)instrument
Derivative [Line Items]
Number | instrument	9
Notional Amount	$ 1,583,569
Fair Value Net Asset (Liability)	$ 23,792
Interest rate caps
Derivative [Line Items]
Number | instrument	6	1
Notional Amount	$ 1,429,216	$ 63,099
Fair Value Net Asset (Liability)	$ 23,375	$ 1,080
Interest rate caps | LIBOR
Derivative [Line Items]
Lower Range of Fixed LIBOR (as a percent)	0.50%
Higher Range of Fixed LIBOR (as a percent)	2.00%
Fixed LIBOR (as a percent)		2.00%
Foreign currency forwards
Derivative [Line Items]
Number | instrument	3
Notional Amount	$ 154,353
Fair Value Net Asset (Liability)	$ 417

Risk Management and Derivativ60

Risk Management and Derivative Activities - Derivatives (Narrative) (Details)	Dec. 31, 2015USD ($)instrument	Dec. 31, 2014USD ($)instrument
Derivative [Line Items]
Cash collateral held by counter parties | $	$ 0	$ 0
Designated as hedge
Derivative [Line Items]
Number of derivative instruments | instrument	0	0

Risk Management and Derivativ61

Risk Management and Derivative Activities - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Interest rate caps
Derivative [Line Items]
Derivative assets	$ 23,375	$ 1,080
Foreign currency forwards
Derivative [Line Items]
Derivative assets	$ 417	$ 0

Risk Management and Derivativ62

Risk Management and Derivative Activities - Effect of Derivative Instruments in the Combined Consolidated Statements of Operations (Details) - Unrealized gain (loss) on investments and other - Derivatives - USD ($) $ in Thousands	4 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 15, 2014	Dec. 31, 2015	Dec. 31, 2013
Derivative [Line Items]
Net cash receipt (payment) on derivatives	$ 0	$ 0	$ (61)	$ 0
Interest rate caps/swaps
Derivative [Line Items]
Adjustments to fair value	(210)	2,110	(8,897)	2,798
Foreign currency forwards
Derivative [Line Items]
Adjustments to fair value	$ 0	$ 0	$ 227	$ 0

Risk Management and Derivativ63

Risk Management and Derivative Activities - Risk Management (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015Tenant
DekaBank Deutsche Girozentrale
Concentration Risk [Line Items]
Term of lease	8 years 6 months
Revenue | DekaBank Deutsche Girozentrale | Customer Concentration Risk
Concentration Risk [Line Items]
Number of customers that accounted for greater than specified benchmark	1
Concentration risk, percentage (more than)	10.00%
Germany, France, the United Kingdom, and the Netherlands | Revenue | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage (more than)	10.00%

Commitments and Contingencies -

Commitments and Contingencies - Minimum Future Rental Payments (Details) $ in Thousands	Dec. 31, 2015USD ($)lease
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 642
2,017	642
2,018	642
2,019	642
2,020	642
Thereafter	43,919
Total minimum lease payments	$ 47,129
Number of ground leases | lease	3

Quarterly Financial Informati65

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended									4 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2014	Sep. 15, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	[1]	Sep. 15, 2014	[1]	Dec. 31, 2015	[1]	Dec. 31, 2013	[1]
Quarterly Financial Information [Line Items]
Rental and escalation income	$ 199	$ 43,923	$ 42,178	$ 31,558	$ 2,186	$ 2,523					$ 2,722				$ 119,845
Total expenses	4,783	67,794	69,350	117,418	3,440	30,549					35,332				258,002
Net income (loss)	(4,545)	(34,180)	(31,932)	(76,688)	(1,343)	(29,361)	$ (33,906)				$ (33,906)				$ (144,143)
Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders	$ (4,248)	$ (33,949)	$ (31,892)	$ (75,983)	$ (1,312)	$ (29,382)
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.07)	$ (0.55)	$ (0.51)	$ (1.21)	$ (0.02)	$ (0.47)					$ (0.53)	[2]			$ (2.30)
Diluted (in dollars per share)	$ (0.07)	$ (0.55)	$ (0.51)	$ (1.21)	$ (0.02)	$ (0.47)					$ (0.53)	[2]			$ (2.30)
Prior Owner
Quarterly Financial Information [Line Items]
Rental and escalation income								$ 1,981	$ 2,828	$ 2,353			$ 7,162				$ 9,869
Total expenses								3,386	5,439	4,744			13,569				12,163
Net income (loss)								(344)	(1,440)	(1,223)			$ (3,007)				$ 1,633
Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders								$ (344)	$ (1,440)	$ (1,223)
Earnings (loss) per share:
Basic (in dollars per share)								$ (0.01)	$ (0.02)	$ (0.02)			$ (0.05)	[2]			$ 0.03	[2]
Diluted (in dollars per share)								$ (0.01)	$ (0.02)	$ (0.02)			$ (0.05)	[2]			$ 0.03	[2]
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	Basic and diluted earnings per common share for the years ended December 31, 2014 and 2013 were calculated using the common stock distributed on November 1, 2015 in connection with the Spin-off (refer to Note 7).

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands		1 Months Ended	3 Months Ended									4 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2014USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2014USD ($)	Sep. 15, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2014USD ($)		Sep. 15, 2014USD ($)		Dec. 31, 2015USD ($)segment		Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments | segment																2
Rental and escalation income		$ 199	$ 43,923	$ 42,178	$ 31,558	$ 2,186	$ 2,523					$ 2,722	[1]			$ 119,845	[1]
Interest expense	[1]											165				36,129
Income (loss) before income tax benefit (expense)	[1]											(33,906)				(144,818)
Income tax benefit (expense)	[1]											0				675
Net income (loss)		$ (4,545)	(34,180)	$ (31,932)	$ (76,688)	$ (1,343)	(29,361)	$ (33,906)				(33,906)	[1]			(144,143)	[1]
Total Assets			2,683,050				160,271	160,271				160,271				2,683,050
Transaction costs	[1]											31,691				120,101
Amortization of deferred financing costs												18				5,936
General and administrative expense	[1],[2]											1,207				4,352
Prior Owner
Segment Reporting Information [Line Items]
Rental and escalation income									$ 1,981	$ 2,828	$ 2,353			$ 7,162	[1]			$ 9,869	[1]
Interest expense	[1]													3,486				4,666
Income (loss) before income tax benefit (expense)	[1]													(3,007)				1,633
Income tax benefit (expense)	[1]													0				0
Net income (loss)									(344)	$ (1,440)	$ (1,223)			(3,007)	[1]			1,633	[1]
Total Assets									0					0				90,951
Transaction costs	[1]													0				0
Amortization of deferred financing costs														0				0
General and administrative expense	[1],[2]													4,676				340
Operating Segments | Real Estate | European
Segment Reporting Information [Line Items]
Rental and escalation income												2,722				119,845
Interest expense												165				25,365
Income (loss) before income tax benefit (expense)												(32,699)				(106,141)
Income tax benefit (expense)												0				675
Net income (loss)												(32,699)				(105,466)
Total Assets			2,544,992				160,271	160,271				160,271				2,544,992
Depreciation expense																56,300
Amortization of deferred financing costs																2,900
Operating Segments | Real Estate | European | Prior Owner
Segment Reporting Information [Line Items]
Rental and escalation income														7,162				9,869
Interest expense														3,486				4,666
Income (loss) before income tax benefit (expense)														1,434				1,293
Income tax benefit (expense)														0				0
Net income (loss)														1,434				1,293
Total Assets									0					0				90,951
Operating Segments | Real Estate | European | New European Investments
Segment Reporting Information [Line Items]
Transaction costs							27,500									99,100
Operating Segments | Real Estate | European | UK Complex
Segment Reporting Information [Line Items]
Transaction costs												4,300
Operating Segments | Real Estate | Germany
Segment Reporting Information [Line Items]
Rental and escalation income																34,400
Operating Segments | Real Estate | United Kingdom
Segment Reporting Information [Line Items]
Rental and escalation income																37,100
Operating Segments | Real Estate | United Kingdom | UK Complex
Segment Reporting Information [Line Items]
Rental and escalation income												2,700
Operating Segments | Real Estate | France
Segment Reporting Information [Line Items]
Rental and escalation income																16,100
Operating Segments | Real Estate | Netherlands
Segment Reporting Information [Line Items]
Rental and escalation income																15,100
Corporate
Segment Reporting Information [Line Items]
Rental and escalation income												0				0
Interest expense												0				10,764
Income (loss) before income tax benefit (expense)												(1,207)				(38,677)
Income tax benefit (expense)												0				0
Net income (loss)												(1,207)				(38,677)
Total Assets			$ 138,058				$ 0	$ 0				$ 0				138,058
Amortization of deferred financing costs																3,000
Corporate | Prior Owner
Segment Reporting Information [Line Items]
Rental and escalation income														0				0
Interest expense														0				0
Income (loss) before income tax benefit (expense)														(4,441)				340
Income tax benefit (expense)														0				0
Net income (loss)														(4,441)				340
Total Assets									$ 0					$ 0				$ 0
Corporate | European
Segment Reporting Information [Line Items]
General and administrative expense																$ 400
[1]	The combined consolidated financial statements for the year ended December 31, 2015 and the period from September 16, 2014 to December 31, 2014 represent: (i) the Company’s results of operations of the European Real Estate Business as if the transferred business was the business for the periods in which common control was present (refer to Notes 1 and 2); and (ii) an allocation of costs related to the Company for the period September 16, 2014 to October 31, 2015. The period from January 1, 2014 to September 15, 2014 and for the year ended December 31, 2013 includes: (i) the Prior Owner Period results of operations, which represents the ownership period of a third party; and (ii) an allocation of costs related to the launch of the European real estate business. As a result, results of operations for the year ended December 31, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	Includes $0.8 million of amortization of equity-based compensation (refer to Note 6).

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 15, 2016	Nov. 23, 2015	Feb. 29, 2016
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.15
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.15
Subsequent Event | Senior Notes
Subsequent Event [Line Items]
Amount repurchased through open market purchases			$ 150

Schedule III - Real Estate an68

Schedule III - Real Estate and Accumulated Depreciation (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	$ 1,302,625
Initial Cost of Land	456,703
Initial Cost of Buildings & Improvements	1,660,103
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	3,654
Gross Amount Carried at Close of Period, Land	456,703
Gross Amount Carried at Close of Period, Building & Improvements	1,663,757
Gross Amount Carried at Close of Period, Total	2,120,460	$ 55,413	$ 0
Accumulated Depreciation	35,303	517	$ 0
Operating real estate, net	2,085,157	$ 54,896
Preferred equity certificates	122,000
Federal income tax basis	2,500,000
Frankfurt 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	357,996
Initial Cost of Land	81,516
Initial Cost of Buildings & Improvements	472,667
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	81,516
Gross Amount Carried at Close of Period, Building & Improvements	472,667
Gross Amount Carried at Close of Period, Total	554,183
Accumulated Depreciation	6,923
Operating real estate, net	$ 547,260
Life on Which Depreciation is Computed	40 years
Hamburg 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 31,894
Initial Cost of Land	22,405
Initial Cost of Buildings & Improvements	27,392
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	414
Gross Amount Carried at Close of Period, Land	22,405
Gross Amount Carried at Close of Period, Building & Improvements	27,806
Gross Amount Carried at Close of Period, Total	50,211
Accumulated Depreciation	601
Operating real estate, net	$ 49,610
Life on Which Depreciation is Computed	40 years
Berlin 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 27,507
Initial Cost of Land	7,671
Initial Cost of Buildings & Improvements	34,327
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	7,671
Gross Amount Carried at Close of Period, Building & Improvements	34,327
Gross Amount Carried at Close of Period, Total	41,998
Accumulated Depreciation	684
Operating real estate, net	$ 41,314
Life on Which Depreciation is Computed	40 years
Hamburg 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 28,695
Initial Cost of Land	24,844
Initial Cost of Buildings & Improvements	9,676
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	24,844
Gross Amount Carried at Close of Period, Building & Improvements	9,676
Gross Amount Carried at Close of Period, Total	34,520
Accumulated Depreciation	301
Operating real estate, net	$ 34,219
Life on Which Depreciation is Computed	40 years
Köln 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,527
Initial Cost of Land	11,321
Initial Cost of Buildings & Improvements	18,233
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	11
Gross Amount Carried at Close of Period, Land	11,321
Gross Amount Carried at Close of Period, Building & Improvements	18,244
Gross Amount Carried at Close of Period, Total	29,565
Accumulated Depreciation	408
Operating real estate, net	$ 29,157
Life on Which Depreciation is Computed	40 years
Berlin 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,875
Initial Cost of Land	787
Initial Cost of Buildings & Improvements	20,867
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	787
Gross Amount Carried at Close of Period, Building & Improvements	20,867
Gross Amount Carried at Close of Period, Total	21,654
Accumulated Depreciation	383
Operating real estate, net	$ 21,271
Life on Which Depreciation is Computed	40 years
Hamburg 3
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,488
Initial Cost of Land	6,415
Initial Cost of Buildings & Improvements	12,821
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	6,415
Gross Amount Carried at Close of Period, Building & Improvements	12,821
Gross Amount Carried at Close of Period, Total	19,236
Accumulated Depreciation	315
Operating real estate, net	$ 18,921
Life on Which Depreciation is Computed	40 years
Frankfurt 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,150
Initial Cost of Land	4,101
Initial Cost of Buildings & Improvements	14,491
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	38
Gross Amount Carried at Close of Period, Land	4,101
Gross Amount Carried at Close of Period, Building & Improvements	14,529
Gross Amount Carried at Close of Period, Total	18,630
Accumulated Depreciation	321
Operating real estate, net	$ 18,309
Life on Which Depreciation is Computed	40 years
Berlin 3
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,549
Initial Cost of Land	822
Initial Cost of Buildings & Improvements	11,357
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	822
Gross Amount Carried at Close of Period, Building & Improvements	11,357
Gross Amount Carried at Close of Period, Total	12,179
Accumulated Depreciation	208
Operating real estate, net	$ 11,971
Life on Which Depreciation is Computed	40 years
Düsseldorf 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,488
Initial Cost of Land	3,502
Initial Cost of Buildings & Improvements	4,252
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	3,502
Gross Amount Carried at Close of Period, Building & Improvements	4,252
Gross Amount Carried at Close of Period, Total	7,754
Accumulated Depreciation	123
Operating real estate, net	$ 7,631
Life on Which Depreciation is Computed	40 years
Münster
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,689
Initial Cost of Land	2,559
Initial Cost of Buildings & Improvements	5,180
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	4
Gross Amount Carried at Close of Period, Land	2,559
Gross Amount Carried at Close of Period, Building & Improvements	5,184
Gross Amount Carried at Close of Period, Total	7,743
Accumulated Depreciation	116
Operating real estate, net	$ 7,627
Life on Which Depreciation is Computed	40 years
Stuttgart
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,021
Initial Cost of Land	2,677
Initial Cost of Buildings & Improvements	2,960
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	2,677
Gross Amount Carried at Close of Period, Building & Improvements	2,960
Gross Amount Carried at Close of Period, Total	5,637
Accumulated Depreciation	78
Operating real estate, net	$ 5,559
Life on Which Depreciation is Computed	40 years
Düsseldorf 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,440
Initial Cost of Land	3,024
Initial Cost of Buildings & Improvements	2,344
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	37
Gross Amount Carried at Close of Period, Land	3,024
Gross Amount Carried at Close of Period, Building & Improvements	2,381
Gross Amount Carried at Close of Period, Total	5,405
Accumulated Depreciation	65
Operating real estate, net	$ 5,340
Life on Which Depreciation is Computed	40 years
Bottrop
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,115
Initial Cost of Land	1,275
Initial Cost of Buildings & Improvements	3,967
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	2
Gross Amount Carried at Close of Period, Land	1,275
Gross Amount Carried at Close of Period, Building & Improvements	3,969
Gross Amount Carried at Close of Period, Total	5,244
Accumulated Depreciation	121
Operating real estate, net	$ 5,123
Life on Which Depreciation is Computed	40 years
Köln 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,565
Initial Cost of Land	1,643
Initial Cost of Buildings & Improvements	2,951
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	22
Gross Amount Carried at Close of Period, Land	1,643
Gross Amount Carried at Close of Period, Building & Improvements	2,973
Gross Amount Carried at Close of Period, Total	4,616
Accumulated Depreciation	71
Operating real estate, net	$ 4,545
Life on Which Depreciation is Computed	40 years
Holzwickede
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	743
Initial Cost of Buildings & Improvements	3,251
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	743
Gross Amount Carried at Close of Period, Building & Improvements	3,251
Gross Amount Carried at Close of Period, Total	3,994
Accumulated Depreciation	121
Operating real estate, net	$ 3,873
Life on Which Depreciation is Computed	40 years
Werl
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,624
Initial Cost of Land	906
Initial Cost of Buildings & Improvements	2,502
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	906
Gross Amount Carried at Close of Period, Building & Improvements	2,502
Gross Amount Carried at Close of Period, Total	3,408
Accumulated Depreciation	72
Operating real estate, net	$ 3,336
Life on Which Depreciation is Computed	40 years
Bremen
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	317
Initial Cost of Buildings & Improvements	1,269
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	317
Gross Amount Carried at Close of Period, Building & Improvements	1,269
Gross Amount Carried at Close of Period, Total	1,586
Accumulated Depreciation	48
Operating real estate, net	$ 1,538
Life on Which Depreciation is Computed	40 years
Germany
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 530,623
Initial Cost of Land	176,528
Initial Cost of Buildings & Improvements	650,507
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	528
Gross Amount Carried at Close of Period, Land	176,528
Gross Amount Carried at Close of Period, Building & Improvements	651,035
Gross Amount Carried at Close of Period, Total	827,563
Accumulated Depreciation	10,959
Operating real estate, net	816,604
Germany | Held-for-Sale
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	2,881
Initial Cost of Buildings & Improvements	2,469
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	2,881
Gross Amount Carried at Close of Period, Building & Improvements	2,469
Gross Amount Carried at Close of Period, Total	5,350
Accumulated Depreciation	33
Operating real estate, net	5,317
London 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	155,212
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	206,693
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	0
Gross Amount Carried at Close of Period, Building & Improvements	206,693
Gross Amount Carried at Close of Period, Total	206,693
Accumulated Depreciation	4,203
Operating real estate, net	$ 202,490
Life on Which Depreciation is Computed	40 years
London 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 122,560
Initial Cost of Land	18,393
Initial Cost of Buildings & Improvements	138,849
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	18,393
Gross Amount Carried at Close of Period, Building & Improvements	138,849
Gross Amount Carried at Close of Period, Total	157,242
Accumulated Depreciation	3,427
Operating real estate, net	$ 153,815
Life on Which Depreciation is Computed	40 years
Woking
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 72,579
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	52,339
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	1,998
Gross Amount Carried at Close of Period, Land	0
Gross Amount Carried at Close of Period, Building & Improvements	54,337
Gross Amount Carried at Close of Period, Total	54,337
Accumulated Depreciation	2,263
Operating real estate, net	$ 52,074
Life on Which Depreciation is Computed	40 years
London 3
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,672
Initial Cost of Land	7,577
Initial Cost of Buildings & Improvements	7,287
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	7,577
Gross Amount Carried at Close of Period, Building & Improvements	7,287
Gross Amount Carried at Close of Period, Total	14,864
Accumulated Depreciation	149
Operating real estate, net	$ 14,715
Life on Which Depreciation is Computed	40 years
Glasgow
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,814
Initial Cost of Land	2,714
Initial Cost of Buildings & Improvements	7,727
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	2,714
Gross Amount Carried at Close of Period, Building & Improvements	7,727
Gross Amount Carried at Close of Period, Total	10,441
Accumulated Depreciation	165
Operating real estate, net	$ 10,276
Life on Which Depreciation is Computed	40 years
Oxford
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,354
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	9,303
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	0
Gross Amount Carried at Close of Period, Building & Improvements	9,303
Gross Amount Carried at Close of Period, Total	9,303
Accumulated Depreciation	243
Operating real estate, net	$ 9,060
Life on Which Depreciation is Computed	40 years
Bristol
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,595
Initial Cost of Land	516
Initial Cost of Buildings & Improvements	7,621
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	516
Gross Amount Carried at Close of Period, Building & Improvements	7,621
Gross Amount Carried at Close of Period, Total	8,137
Accumulated Depreciation	199
Operating real estate, net	$ 7,938
Life on Which Depreciation is Computed	40 years
St. Albans
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,483
Initial Cost of Land	2,285
Initial Cost of Buildings & Improvements	5,300
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	2,285
Gross Amount Carried at Close of Period, Building & Improvements	5,300
Gross Amount Carried at Close of Period, Total	7,585
Accumulated Depreciation	153
Operating real estate, net	$ 7,432
Life on Which Depreciation is Computed	40 years
United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 383,269
Initial Cost of Land	31,485
Initial Cost of Buildings & Improvements	435,119
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	1,998
Gross Amount Carried at Close of Period, Land	31,485
Gross Amount Carried at Close of Period, Building & Improvements	437,117
Gross Amount Carried at Close of Period, Total	468,602
Accumulated Depreciation	10,802
Operating real estate, net	457,800
Paris 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,429
Initial Cost of Land	91,225
Initial Cost of Buildings & Improvements	50,364
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	91,225
Gross Amount Carried at Close of Period, Building & Improvements	50,364
Gross Amount Carried at Close of Period, Total	141,589
Accumulated Depreciation	1,344
Operating real estate, net	$ 140,245
Life on Which Depreciation is Computed	40 years
Paris 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 86,612
Initial Cost of Land	31,415
Initial Cost of Buildings & Improvements	40,817
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	31,415
Gross Amount Carried at Close of Period, Building & Improvements	40,817
Gross Amount Carried at Close of Period, Total	72,232
Accumulated Depreciation	1,049
Operating real estate, net	$ 71,183
Life on Which Depreciation is Computed	40 years
Paris 3
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 25,573
Initial Cost of Land	32,325
Initial Cost of Buildings & Improvements	12,370
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	288
Gross Amount Carried at Close of Period, Land	32,325
Gross Amount Carried at Close of Period, Building & Improvements	12,658
Gross Amount Carried at Close of Period, Total	44,983
Accumulated Depreciation	247
Operating real estate, net	$ 44,736
Life on Which Depreciation is Computed	40 years
Marly
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,519
Initial Cost of Land	4,615
Initial Cost of Buildings & Improvements	40,085
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	4,615
Gross Amount Carried at Close of Period, Building & Improvements	40,085
Gross Amount Carried at Close of Period, Total	44,700
Accumulated Depreciation	755
Operating real estate, net	$ 43,945
Life on Which Depreciation is Computed	40 years
Paris 4
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,646
Initial Cost of Land	5,734
Initial Cost of Buildings & Improvements	13,955
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	576
Gross Amount Carried at Close of Period, Land	5,734
Gross Amount Carried at Close of Period, Building & Improvements	14,531
Gross Amount Carried at Close of Period, Total	20,265
Accumulated Depreciation	256
Operating real estate, net	$ 20,009
Life on Which Depreciation is Computed	40 years
Paris 5
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,790
Initial Cost of Land	9,600
Initial Cost of Buildings & Improvements	3,963
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	9,600
Gross Amount Carried at Close of Period, Building & Improvements	3,963
Gross Amount Carried at Close of Period, Total	13,563
Accumulated Depreciation	95
Operating real estate, net	$ 13,468
Life on Which Depreciation is Computed	40 years
France
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 196,569
Initial Cost of Land	174,914
Initial Cost of Buildings & Improvements	161,554
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	864
Gross Amount Carried at Close of Period, Land	174,914
Gross Amount Carried at Close of Period, Building & Improvements	162,418
Gross Amount Carried at Close of Period, Total	337,332
Accumulated Depreciation	3,746
Operating real estate, net	333,586
Rotterdam
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	78,641
Initial Cost of Land	10,416
Initial Cost of Buildings & Improvements	135,157
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	10,416
Gross Amount Carried at Close of Period, Building & Improvements	135,157
Gross Amount Carried at Close of Period, Total	145,573
Accumulated Depreciation	2,960
Operating real estate, net	$ 142,613
Life on Which Depreciation is Computed	40 years
Amsterdam
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 33,457
Initial Cost of Land	0
Initial Cost of Buildings & Improvements	73,144
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	0
Gross Amount Carried at Close of Period, Building & Improvements	73,144
Gross Amount Carried at Close of Period, Total	73,144
Accumulated Depreciation	1,637
Operating real estate, net	$ 71,507
Life on Which Depreciation is Computed	40 years
Rijswijk
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,531
Initial Cost of Land	765
Initial Cost of Buildings & Improvements	3,725
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	40
Gross Amount Carried at Close of Period, Land	765
Gross Amount Carried at Close of Period, Building & Improvements	3,765
Gross Amount Carried at Close of Period, Total	4,530
Accumulated Depreciation	109
Operating real estate, net	$ 4,421
Life on Which Depreciation is Computed	40 years
De Meern
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,054
Initial Cost of Land	1,833
Initial Cost of Buildings & Improvements	504
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	1,833
Gross Amount Carried at Close of Period, Building & Improvements	504
Gross Amount Carried at Close of Period, Total	2,337
Accumulated Depreciation	66
Operating real estate, net	$ 2,271
Life on Which Depreciation is Computed	40 years
Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 116,683
Initial Cost of Land	13,014
Initial Cost of Buildings & Improvements	212,530
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	40
Gross Amount Carried at Close of Period, Land	13,014
Gross Amount Carried at Close of Period, Building & Improvements	212,570
Gross Amount Carried at Close of Period, Total	225,584
Accumulated Depreciation	4,772
Operating real estate, net	220,812
Milan 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	54,883
Initial Cost of Land	35,682
Initial Cost of Buildings & Improvements	87,926
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	35,682
Gross Amount Carried at Close of Period, Building & Improvements	87,926
Gross Amount Carried at Close of Period, Total	123,608
Accumulated Depreciation	2,491
Operating real estate, net	$ 121,117
Life on Which Depreciation is Computed	40 years
Milan 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	3,254
Initial Cost of Buildings & Improvements	8,701
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	3,254
Gross Amount Carried at Close of Period, Building & Improvements	8,701
Gross Amount Carried at Close of Period, Total	11,955
Accumulated Depreciation	179
Operating real estate, net	$ 11,776
Life on Which Depreciation is Computed	40 years
Italy
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 54,883
Initial Cost of Land	38,936
Initial Cost of Buildings & Improvements	96,627
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	38,936
Gross Amount Carried at Close of Period, Building & Improvements	96,627
Gross Amount Carried at Close of Period, Total	135,563
Accumulated Depreciation	2,670
Operating real estate, net	132,893
Brussels 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,094
Initial Cost of Land	7,712
Initial Cost of Buildings & Improvements	15,241
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	7,712
Gross Amount Carried at Close of Period, Building & Improvements	15,241
Gross Amount Carried at Close of Period, Total	22,953
Accumulated Depreciation	309
Operating real estate, net	$ 22,644
Life on Which Depreciation is Computed	40 years
Brussels 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	2,639
Initial Cost of Buildings & Improvements	11,469
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	2
Gross Amount Carried at Close of Period, Land	2,639
Gross Amount Carried at Close of Period, Building & Improvements	11,471
Gross Amount Carried at Close of Period, Total	14,110
Accumulated Depreciation	256
Operating real estate, net	$ 13,854
Life on Which Depreciation is Computed	40 years
Brussels 3
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	1,210
Initial Cost of Buildings & Improvements	10,518
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	1,210
Gross Amount Carried at Close of Period, Building & Improvements	10,518
Gross Amount Carried at Close of Period, Total	11,728
Accumulated Depreciation	253
Operating real estate, net	$ 11,475
Life on Which Depreciation is Computed	40 years
Brussels 4
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	1,994
Initial Cost of Buildings & Improvements	4,551
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	4
Gross Amount Carried at Close of Period, Land	1,994
Gross Amount Carried at Close of Period, Building & Improvements	4,555
Gross Amount Carried at Close of Period, Total	6,549
Accumulated Depreciation	101
Operating real estate, net	$ 6,448
Life on Which Depreciation is Computed	40 years
Belgium
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,094
Initial Cost of Land	13,555
Initial Cost of Buildings & Improvements	41,779
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	6
Gross Amount Carried at Close of Period, Land	13,555
Gross Amount Carried at Close of Period, Building & Improvements	41,785
Gross Amount Carried at Close of Period, Total	55,340
Accumulated Depreciation	919
Operating real estate, net	54,421
Gothenburg
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,504
Initial Cost of Land	1,528
Initial Cost of Buildings & Improvements	37,575
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	193
Gross Amount Carried at Close of Period, Land	1,528
Gross Amount Carried at Close of Period, Building & Improvements	37,768
Gross Amount Carried at Close of Period, Total	39,296
Accumulated Depreciation	895
Operating real estate, net	$ 38,401
Life on Which Depreciation is Computed	40 years
Albufeira
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	4,552
Initial Cost of Buildings & Improvements	8,745
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	4,552
Gross Amount Carried at Close of Period, Building & Improvements	8,745
Gross Amount Carried at Close of Period, Total	13,297
Accumulated Depreciation	210
Operating real estate, net	$ 13,087
Life on Which Depreciation is Computed	40 years
Lisboa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	610
Initial Cost of Buildings & Improvements	10,924
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	610
Gross Amount Carried at Close of Period, Building & Improvements	10,924
Gross Amount Carried at Close of Period, Total	11,534
Accumulated Depreciation	225
Operating real estate, net	$ 11,309
Life on Which Depreciation is Computed	40 years
Portugal
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	5,162
Initial Cost of Buildings & Improvements	19,669
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	5,162
Gross Amount Carried at Close of Period, Building & Improvements	19,669
Gross Amount Carried at Close of Period, Total	24,831
Accumulated Depreciation	435
Operating real estate, net	24,396
Madrid
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	1,581
Initial Cost of Buildings & Improvements	4,743
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	25
Gross Amount Carried at Close of Period, Land	1,581
Gross Amount Carried at Close of Period, Building & Improvements	4,768
Gross Amount Carried at Close of Period, Total	6,349
Accumulated Depreciation	105
Operating real estate, net	$ 6,244
Life on Which Depreciation is Computed	40 years
Lübeck 1 | Held-for-Sale
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	1,518
Initial Cost of Buildings & Improvements	1,909
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	1,518
Gross Amount Carried at Close of Period, Building & Improvements	1,909
Gross Amount Carried at Close of Period, Total	3,427
Accumulated Depreciation	5
Operating real estate, net	$ 3,422
Life on Which Depreciation is Computed	40 years
Lübeck 2 | Held-for-Sale
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost of Land	1,363
Initial Cost of Buildings & Improvements	560
Capitalized Subsequent to Acquisition of Land, Buildings & Improvements	0
Gross Amount Carried at Close of Period, Land	1,363
Gross Amount Carried at Close of Period, Building & Improvements	560
Gross Amount Carried at Close of Period, Total	1,923
Accumulated Depreciation	28
Operating real estate, net	$ 1,895
Life on Which Depreciation is Computed	40 years

Schedule III - Real Estate an69

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (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	$ 55,413	$ 0
Property acquisitions	2,080,038	57,433
Transfers to held for sale	(5,330)	0
Improvements	3,414	493
Retirements and disposals	(14,514)	0
Foreign currency translation	1,439	(2,513)
Ending balance	2,120,460	55,413
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Beginning balance	517	0
Depreciation expense	35,842	530
Assets held for sale	(31)	0
Retirements and disposals	(213)	0
Foreign currency translation	(812)	(13)
Ending balance	$ 35,303	$ 517