NorthStar Realty Europe (NRE) 10-K 15 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 09, 2017	Jun. 30, 2016
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, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		54,903,050
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 544,292,209

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Operating real estate, gross	$ 1,614,432	$ 2,120,460
Less: accumulated depreciation	(63,585)	(35,303)
Operating real estate, net	1,550,847	2,085,157
Cash and cash equivalents	66,308	283,844
Restricted cash	10,242	20,871
Receivables, net of allowance of $553 and $115 as of December 31, 2016 and 2015, respectively	6,015	9,663
Assets held for sale	28,208	6,094
Derivative assets, at fair value	13,729	23,792
Intangible assets, net	148,403	241,519
Other assets, net	21,640	12,110
Total assets	1,845,392	2,683,050
Liabilities
Mortgage and other notes payable, net	1,149,119	1,424,610
Senior notes, net	0	333,798
Accounts payable and accrued expenses	28,004	39,964
Due to related party (refer to Note 5)	4,991	3,995
Intangible liabilities, net	30,802	40,718
Liabilities held for sale	2,041	0
Other liabilities	28,918	42,654
Total liabilities	1,243,875	1,885,739
Commitments and contingencies
Redeemable non-controlling interest (refer to Note 8)	1,610	1,569
Equity
Preferred stock, $0.01 par value, 200,000,000 shares authorized, no shares issued and outstanding as of December 31, 2016 and 2015	0	0
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 55,395,143 and 59,325,730 shares issued and outstanding as of December 31, 2016 and 2015, respectively	554	593
Additional paid-in capital	925,473	968,662
Retained earnings (accumulated deficit)	(282,769)	(186,246)
Accumulated other comprehensive income (loss)	(51,424)	2,560
Total NorthStar Realty Europe Corp. stockholders’ equity	591,834	785,569
Non-controlling interests	8,073	10,173
Total equity	599,907	795,742
Total liabilities and equity	$ 1,845,392	$ 2,683,050

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Receivables, allowance	$ 553	$ 115
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	$ 0.01
Common stock, shares authorized (shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (shares)	55,395,143	59,325,730
Common stock, shares outstanding (shares)	55,395,143	59,325,730

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		4 Months Ended		9 Months Ended	12 Months Ended
		Dec. 31, 2014		Sep. 15, 2014	Dec. 31, 2016	Dec. 31, 2015
Revenues
Rental income	[1]	$ 1,740			$ 124,321	$ 101,023
Escalation income	[1]	982			25,173	18,822
Other revenue	[1]	39			1,721	694
Total revenues	[1]	2,761			151,215	120,539
Expenses
Real estate properties—operating expenses	[1]	1,181			35,892	26,559
Interest expense	[1]	165			41,439	36,129
Transaction costs	[1]	31,691			2,610	120,101
Impairment losses	[1]	0			27,468	1,710
Management fee, related party(2)	[1],[2]	0			14,068	2,333
Other expenses	[1]	0			12,376	10,535
General and administrative expenses	[1]	1,207			8,077	3,502
Compensation expense (refer to Note 6)	[1]	0			19,257	850
Depreciation and amortization	[1]	1,088			64,979	56,283
Total expenses	[1]	35,332			226,166	258,002
Other income (loss)
Unrealized gain (loss) on investments and other (refer to Note 10)	[1]	(1,335)			(11,257)	(8,731)
Realized gain (loss) on investments and other	[1]	0			26,448	1,376
Income (loss) before income tax benefit (expense)	[1]	(33,906)			(59,760)	(144,818)
Income tax benefit (expense)	[1]	0			(2,742)	675
Net income (loss)	[1]	(33,906)			(62,502)	(144,143)
Net (income) loss attributable to non-controlling interests	[1]	276			749	1,007
Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders	[1]	$ (33,630)			$ (61,753)	$ (143,136)
Earnings (loss) per share:
Basic (in dollars per share)	[1]	$ (0.53)	[3]		$ (1.07)	$ (2.30)	[3]
Diluted (in dollars per share)	[1]	$ (0.53)	[3]		$ (1.07)	$ (2.30)	[3]
Weighted average number of shares:
Basic (shares)	[1]	62,987,863	[3]		57,875,479	62,183,638	[3]
Diluted (shares)	[1]	62,987,863	[3]		58,564,986	62,865,124	[3]
Prior Owner
Revenues
Rental income	[1]			$ 4,455
Escalation income	[1]			2,707
Other revenue	[1]			1,290
Total revenues	[1]			8,452
Expenses
Real estate properties—operating expenses	[1]			3,113
Interest expense	[1]			3,486
Transaction costs	[1]			0
Impairment losses	[1]			0
Management fee, related party(2)	[1],[2]			0
Other expenses	[1]			0
General and administrative expenses	[1]			4,676
Compensation expense (refer to Note 6)	[1]			0
Depreciation and amortization	[1]			2,294
Total expenses	[1]			13,569
Other income (loss)
Unrealized gain (loss) on investments and other (refer to Note 10)	[1]			2,110
Realized gain (loss) on investments and other	[1]			0
Income (loss) before income tax benefit (expense)	[1]			(3,007)
Income tax benefit (expense)	[1]			0
Net income (loss)	[1]			(3,007)
Net (income) loss attributable to non-controlling interests	[1]			0
Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders	[1]			$ (3,007)
Earnings (loss) per share:
Basic (in dollars per share)	[1],[3]			$ (0.05)
Diluted (in dollars per share)	[1],[3]			$ (0.05)
Weighted average number of shares:
Basic (shares)	[1],[3]			62,987,863
Diluted (shares)	[1],[3]			62,987,863
[1]	The consolidated financial statements for the year ended December 31, 2016 and for the period from November 1, 2015 to December 31, 2015 represent the Company’s results of operations following the Spin-off on October 31, 2015. The consolidated financial statements for the period from January 1, 2015 to October 31, 2015 and the combined consolidated financial statements 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. The period from January 1, 2014 to September 15, 2014 represents: (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, 2016 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 the Manager (refer to Note 5).
[3]	Basic and diluted earnings per common shares for the year ended December 31, 2014 was calculated using the common stock distributed on November 1, 2015 in connection with the Spin-off (refer to Note 7).

CONSOLIDATED STATEMENTS OF COMP

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, 2016	Dec. 31, 2015
Other comprehensive income (loss):
Net income (loss)	[1]	$ (33,906)		$ (62,502)	$ (144,143)
Foreign currency translation adjustment, net		(4,648)		(55,226)	6,971
Total other comprehensive income (loss)		(4,648)		(55,226)	6,971
Comprehensive income (loss)		(38,554)		(117,728)	(137,172)
Comprehensive (income) loss attributable to non-controlling interests		588		1,991	1,082
Comprehensive income (loss) attributable to NorthStar Realty Europe Corp. common stockholders		$ (37,966)		$ (115,737)	$ (136,090)
Prior Owner
Other comprehensive income (loss):
Net income (loss)	[1]		$ (3,007)
Foreign currency translation adjustment, net			(57)
Total other comprehensive income (loss)			(57)
Comprehensive income (loss)			(3,064)
Comprehensive (income) loss attributable to non-controlling interests			0
Comprehensive income (loss) attributable to NorthStar Realty Europe Corp. common stockholders			$ (3,064)
[1]	The consolidated financial statements for the year ended December 31, 2016 and for the period from November 1, 2015 to December 31, 2015 represent the Company’s results of operations following the Spin-off on October 31, 2015. The consolidated financial statements for the period from January 1, 2015 to October 31, 2015 and the combined consolidated financial statements 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. The period from January 1, 2014 to September 15, 2014 represents: (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, 2016 may not be comparable to the Company’s results of operations reported for the prior periods presented.

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ 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, 2013				0
Beginning 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)	0
Net income (loss) | Prior Owner		(3,007)	(3,007)			(3,007)		0
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
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 interests - 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]
Net transactions with NorthStar Realty		653,534	653,534		653,534
Capital contribution of NorthStar Realty (shares)				62,988
Capital contribution of NorthStar Realty		250,000	250,000	$ 630	249,370
Non-controlling interests - 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
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)
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]	(144,311)	(143,136)			(143,136)		(1,175)
Ending Balance (shares) at Dec. 31, 2015				59,326
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 (loss) attributable to redeemable noncontrolling interest		200
Reallocation of interest in Operating Partnership		0	2,252		2,252			(2,252)
Amortization of equity-based compensation		18,239	15,682		15,682			2,557
Tax withholding related to vesting of equity-based compensation		(2,546)	(2,546)		(2,546)
Issuance of restricted stock, net of tax withholding (shares)				1,731
Issuance of restricted stock, net of tax withholding		0	0	$ 17	(17)
Retirement of shares of common stock (shares)				(5,662)
Retirement of shares of common stock		(58,616)	(58,616)	$ (56)	(58,560)
Other comprehensive income (loss)		(55,226)	(53,984)				(53,984)	(1,242)
Dividends on common stock and equity-based compensation		(35,184)	(34,770)			(34,770)		(414)
Net income (loss)		(62,502)	(61,753)			(61,753)		(749)
Ending Balance (shares) at Dec. 31, 2016				55,395
Ending Balance at Dec. 31, 2016		$ 599,907	$ 591,834	$ 554	$ 925,473	$ (282,769)	$ (51,424)	$ 8,073
[1]	(1)Excludes $0.2 million net income allocated to redeemable non-controlling interest.

CONSOLIDATED STATEMENTS OF CASH

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, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	[1]	$ (33,906)		$ (62,502)	$ (144,143)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]	1,088		64,979	56,283
Amortization of deferred financing costs		18		7,117	5,936
Amortization of equity-based compensation		0		18,239	837
Amortization of discount on borrowings		0		0	0
Allowance for uncollectible accounts		0		1,294	115
Unrealized (gain) loss on investments and other		1,335		11,257	8,669
Realized (gain) loss on investments and other		0		(26,448)	(1,376)
Impairment losses		0		27,468	1,710
Foreign currency loss on deposits included in transaction costs		0		0	6,402
Amortization of capitalized above/below market leases		37		2,463	1,191
Straight line rental income		(270)		(6,705)	(5,695)
Deferred income taxes, net		0		(4,952)	(2,992)
Changes in assets and liabilities:
Restricted cash		(2,839)		(2,717)	(16,483)
Receivables		(57)		(1,890)	(7,844)
Other assets		(1,726)		(3,063)	(1,023)
Accounts payable and accrued expenses		549		(4,461)	28,551
Due to related party		0		987	3,447
Other liabilities		1,549		7,064	16,235
Net cash provided by (used in) operating activities		(34,222)		28,130	(50,180)
Cash flows from investing activities:
Acquisition of operating real estate		(89,484)		0	(1,921,511)
Improvements of operating real estate		(161)		(10,413)	(3,003)
Proceeds from sale of operating real estate		0		395,226	22,623
Other assets		0		(4,432)	0
Investment deposits		(59,758)		0
Changes in restricted cash		0		11,243	1,359
Net cash provided by (used in) investing activities		(149,403)		391,624	(1,900,532)
Cash flows from financing activities:
Borrowings from mortgage and other notes payable		77,660		11,770	1,224,327
Repayment of mortgage and other notes payable		0		(200,666)	(127,280)
Borrowings from credit facility		0		65,000	0
Repayment of credit facility		0		(65,000)	0
Proceeds from issuance of Senior Notes		0		0	340,000
Repurchase of Senior Notes		0		(273,028)	0
Repayment of Senior Notes		0		(67,200)	0
Payment of financing costs		(643)		(3,938)	(33,470)
Settlement of derivatives		0		(787)	0
Purchase of derivative instruments		(1,249)		(414)	(31,069)
Tax withholding related to vesting of equity-based compensation		0		(2,546)	0
Repurchase of common stock		0		(58,616)	(38,082)
Changes on restricted cash		(2,562)		0	0
Contribution of NorthStar Realty		0		0	250,000
Dividends		0		(35,184)	(9,584)
Net transactions with NorthStar Realty		115,200		0	653,534
Contributions from non-controlling interest		2		0	3,190
Distributions to non-controlling interest		0		(247)	0
Net cash provided by (used in) financing activities		188,408		(630,856)	2,231,566
Effect of foreign currency translation on cash and cash equivalents		(2,683)		(6,434)	890
Net increase (decrease) in cash and cash equivalents		2,100		(217,536)	281,744
Cash and cash equivalents—beginning of period				283,844	2,100
Cash and cash equivalents—end of period		2,100		66,308	283,844
Supplemental disclosure of non-cash investing and financing activities:
Reclassification of operating real estate to assets held for sale		0		22,327	5,318
Reclassification related to measurement adjustments and other		0		827	5,291
Reclassification of intangibles to assets held for sale		0		2,045	776
Reclassification of operating real estate to intangible assets/liabilities		0		0	170,694
Reclassification of other assets in investing activities to assets held for sale		0		2,523	0
Formation of Operating Partnership		0		0	8,749
Assumption of mortgage note payable upon acquisition		0		0	273,021
Reclassification of other assets to operating real estate		0		0	52,245
Reclassification of other assets and liabilities to held for sale		0		740	0
Retirement of shares of common stock		0		0	3,342
Assumption of working capital items upon acquisition		0		0	2,569
Assumption of deferred tax liabilities and corresponding goodwill		0		0	24,491
Reallocation of interest in Operating Partnership		0		2,252	852
Amounts payable relating to financing costs		0		0	1,808
Accrued capital expenditures and deferred assets		0		1,975	692
Payment of interest expense		2,355		33,483	24,273
Payment of income tax		0		$ 1,928	$ 1,298
Prior Owner
Cash flows from operating activities:
Net income (loss)	[1]		$ (3,007)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	[1]		2,294
Amortization of deferred financing costs			0
Amortization of equity-based compensation			0
Amortization of discount on borrowings			846
Allowance for uncollectible accounts			0
Unrealized (gain) loss on investments and other			(2,110)
Realized (gain) loss on investments and other			0
Impairment losses			0
Foreign currency loss on deposits included in transaction costs			0
Amortization of capitalized above/below market leases			37
Straight line rental income			(352)
Deferred income taxes, net			0
Changes in assets and liabilities:
Restricted cash			1,170
Receivables			189
Other assets			0
Accounts payable and accrued expenses			(1,979)
Due to related party			0
Other liabilities			231
Net cash provided by (used in) operating activities			(2,681)
Cash flows from investing activities:
Acquisition of operating real estate			0
Improvements of operating real estate			(2,307)
Proceeds from sale of operating real estate			0
Other assets			0
Investment deposits			0
Changes in restricted cash			0
Net cash provided by (used in) investing activities			(2,307)
Cash flows from financing activities:
Borrowings from mortgage and other notes payable			481
Repayment of mortgage and other notes payable			(527)
Borrowings from credit facility			0
Repayment of credit facility			0
Proceeds from issuance of Senior Notes			0
Repurchase of Senior Notes			0
Repayment of Senior Notes			0
Payment of financing costs			0
Settlement of derivatives			0
Purchase of derivative instruments			0
Tax withholding related to vesting of equity-based compensation			0
Repurchase of common stock			0
Changes on restricted cash			0
Contribution of NorthStar Realty			0
Dividends			0
Net transactions with NorthStar Realty			0
Contributions from non-controlling interest			0
Distributions to non-controlling interest			0
Net cash provided by (used in) financing activities			(46)
Effect of foreign currency translation on cash and cash equivalents			3,722
Net increase (decrease) in cash and cash equivalents			(1,312)
Cash and cash equivalents—beginning of period		$ 38	1,350
Cash and cash equivalents—end of period			38
Supplemental disclosure of non-cash investing and financing activities:
Reclassification of operating real estate to assets held for sale			0
Reclassification related to measurement adjustments and other			0
Reclassification of intangibles to assets held for sale			0
Reclassification of operating real estate to intangible assets/liabilities			0
Reclassification of other assets in investing activities to assets held for sale			0
Formation of Operating Partnership			0
Assumption of mortgage note payable upon acquisition			0
Reclassification of other assets to operating real estate			0
Reclassification of other assets and liabilities to held for sale			0
Retirement of shares of common stock			0
Assumption of working capital items upon acquisition			0
Assumption of deferred tax liabilities and corresponding goodwill			0
Reallocation of interest in Operating Partnership			0
Amounts payable relating to financing costs			0
Accrued capital expenditures and deferred assets			0
Payment of interest expense			2,286
Payment of income tax			$ 0
[1]	The consolidated financial statements for the year ended December 31, 2016 and for the period from November 1, 2015 to December 31, 2015 represent the Company’s results of operations following the Spin-off on October 31, 2015. The consolidated financial statements for the period from January 1, 2015 to October 31, 2015 and the combined consolidated financial statements 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. The period from January 1, 2014 to September 15, 2014 represents: (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, 2016 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, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Organization	Formation and Organization NorthStar Realty Europe Corp. (“NorthStar Europe” or the “Company”), a publicly-traded real estate investment trust (“REIT”), 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’s objective is to provide its stockholders with stable and recurring cash flow supplemented by capital growth over time. The Company commenced operations on November 1, 2015 following the spin-off by NorthStar Realty Finance Corp. (“NorthStar Realty”) of its European real estate business (excluding its European healthcare properties) into a separate publicly-traded company, NorthStar Europe, a Maryland corporation (the “Spin-off”). Upon completion of the Spin-off, NorthStar Realty contributed: (i) its business activities related to the launch of the European real estate business and the acquisition of multi-tenant office complex located in the United Kingdom (the “U.K. Complex”) acquired on September 16, 2014 (the “Acquisition Date”) referred to as the NorthStar Europe Predecessor; (ii) other European real estate portfolios acquired in the second and third quarters of 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. On November 2, 2015, the Company’s common stock began trading on the New York Stock Exchange (“NYSE”). The Company was externally managed and advised by an affiliate of the Manager. References to “the Manager” refer to NorthStar Asset Management Group Inc. (“NSAM”) for the period prior to the Mergers (refer below) and Colony NorthStar, Inc. (“Colony NorthStar” or “CLNS”), for the period subsequent to the Mergers. As part of the Merger, NSAM changed its name to Colony NorthStar, Inc. 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 has elected to be taxed and will continue to conduct its operations so as to continue to qualify as a REIT for U.S. federal income tax purposes. All references herein to the Company refer to NorthStar Realty Europe Corp. and its consolidated subsidiaries, including the Operating Partnership, collectively, unless the context otherwise requires. Merger Agreements among NSAM, NorthStar Realty and Colony Capital, Inc. On January 10, 2017, the Company’s external manager, NSAM, completed a tri-party merger with NorthStar Realty and Colony Capital, Inc. (“Colony”), which the companies combined in an all-stock merger (“the Mergers”) of equals transaction to create a diversified real estate and investment management company. Under the terms of the merger agreement, NSAM, Colony and NorthStar Realty, through a series of transactions, merged with and into NSAM, which was renamed Colony NorthStar (NYSE: CLNS). Colony NorthStar is a leading global equity REIT with an embedded investment management platform.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related notes of the Company for periods prior to the Spin-off 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 which results in a change in the reporting entity and 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. Prior to the Spin-off, financial statements of the Company had not been prepared as it was not operated separately from NorthStar Realty. The consolidated financial statements for such period 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 consolidated financial statements for the period ended January 1, 2015 to October 31, 2015 and the combined consolidated financial statements for the year ended December 31, 2014 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 included 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 year ended December 31, 2014 include activities of the U.K. Complex from January 1, 2014 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 the Manager 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 the Manager on November 1, 2015 pursuant to the terms of the Company’s management agreement with the Manager (refer to Note 5). Principles of Consolidation The 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 will evaluate 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. Non-controlling Interests A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to non-controlling interests. An allocation to a non-controlling interest may differ from the stated ownership percentage interest in such entity as a result of a preferred return and allocation formula, if any, as described in such governing documents. Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions. Reclassifications Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation. Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include the foreign currency translation adjustment, net. 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 seeks to mitigate 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. Cash and cash equivalents exclude escrow arrangements entered into for specific warranties in relation to the real estate sales which are recorded in other assets in the consolidated financial statements. 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 and amounts related to the Company’s borrowings. 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 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. The Company accounts for purchases of operating real estate that qualify as business combinations using the acquisition method, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles, such as in-place leases, above/below-market leases and goodwill. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. 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 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, 2016 (dollars in thousands): Years Ending December 31: (1) 2017 $ 97,299 2018 96,043 2019 92,460 2020 72,517 2021 61,474 Thereafter 163,901 Total $ 583,694 _________________________ (1) Translated to the U.S. dollar using the currency exchange rate as of December 31, 2016. Assets and Liabilities Held For Sale Operating real estate which has met the criteria to be classified as held for sale is separately presented on the consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell net of the intangible assets associated with the asset. 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 method, as appropriate, until the sales criteria are met. 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. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized into interest expense using 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 to realized gain (loss). Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and are recorded to depreciation and amortization in the consolidated statements of operations. 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 net to rental income, the value of below-market ground leases is amortized into properties - operating expense and in-place leases is amortized into depreciation and amortization expense, respectively, in the consolidated statements of operations on a straight-line basis over the respective 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 the 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 consolidated statements of operations. The following table presents identified intangibles as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 (1) December 31, 2015 Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Intangible assets: In-place lease $ 84,743 $ (29,012 ) $ 55,731 $ 121,004 $ (20,120 ) $ 100,884 Above-market lease 36,704 (8,198 ) 28,506 53,236 (5,806 ) 47,430 Below-market ground lease 51,218 (832 ) 50,386 70,971 (618 ) 70,353 Goodwill (2) 13,780 N/A 13,780 22,852 NA 22,852 Total $ 186,445 $ (38,042 ) $ 148,403 $ 268,063 $ (26,544 ) $ 241,519 Intangible liabilities: Below-market lease $ 34,163 $ (8,104 ) $ 26,059 $ 40,213 $ (4,490 ) $ 35,723 Above-market ground lease 4,839 (96 ) 4,743 5,026 (31 ) 4,995 Total $ 39,002 $ (8,200 ) $ 30,802 $ 45,239 $ (4,521 ) $ 40,718 _______________________ (1) As of December 31, 2016, the weighted average amortization period for above-market leases, below-market leases and in-place leases is 7.1 years , 9.8 years and 6.1 years , respectively. 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 certain share-deal acquisitions of the New European Investments in exchange for shares in the underlying portfolios. The goodwill and a corresponding deferred tax liability was recorded at acquisition based on tax basis differences. The following table presents a rollforward of goodwill for the year ended December 31, 2016 (dollars in thousands): Balance as of December 31, 2015 $ 22,852 Disposal of goodwill (1) (8,561 ) Adjustments from foreign currency translation (511 ) Balance as of December 31, 2016 $ 13,780 _______________________ (1) Represents goodwill associated with certain disposals structured as share sales. The following table presents amortization of acquired above-market leases, net of acquired below-market leases and below-market ground leases and amortization of other intangible assets for the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands): NorthStar Europe Period Prior Owner Period Year Ended Year Ended September 16 to December 31, January 1 to September 15, Statements of operations location: 2016 2015 2014 2014 Amortization of above-market leases, net of acquired below-market leases Rental income / properties - operating expenses $ 1,961 $ 1,763 $ 37 $ 61 Amortization of other intangible assets Depreciation and amortization expense 19,543 20,468 558 742 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 2017 11,265 4,284 453 3,056 65 2018 11,038 4,226 453 3,048 65 2019 10,533 4,187 453 3,024 65 2020 7,139 3,714 453 2,721 65 2021 6,164 3,646 453 2,572 65 Thereafter 9,592 8,449 48,121 11,638 4,419 Total $ 55,731 $ 28,506 $ 50,386 $ 26,059 $ 4,744 Other Assets and Other Liabilities The following tables present a summary of other assets and other liabilities as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 2015 Other assets: Prepaid expenses $ 1,951 $ 3,041 Deferred costs, net 3,029 2,007 Deferred tax assets, net — 220 Straight-line rent 10,182 5,869 Escrow receivable 6,168 — Other 310 973 Total $ 21,640 $ 12,110 December 31, 2016 2015 Other liabilities: Deferred tax liabilities $ 8,916 $ 22,026 Prepaid rent received and unearned revenue 13,585 10,450 Tenant security deposits 4,322 4,953 Prepaid service charge reimbursement 1,560 1,988 Other 535 3,237 Total $ 28,918 $ 42,654 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, subject to indexation, 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 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 a situation 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 life 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 amounts are included within depreciation and amortization in the 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 the Company’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, the Company 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 losses in the consolidated statements of operations. For the year ended December 31, 2016, the Company recognized impairment losses of $27.5 million . 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. 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 or the attribution method depending if the grant is to an employee or non-employee. 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. Time-based 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. The change in fair value for a derivative is recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations. The Company’s derivative instruments are recorded on the consolidated balance sheets at fair value and do not qualify as hedges under U.S. GAAP. 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”), net, is recorded as a component of accumulated OCI in the consolidated statements of equity. For the years ended December 31, 2016 and 2015 , the Company reclassified $17.7 million and $0.3 million , respectively, of CTA to realized gain (loss) on investments and other in the 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 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 has elected 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 continue to 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 consolidated financial statements for the years ended December 31, 2016 and 2015. Dividends distributed for the years ended December 31, 2016 and 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 5% 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, 2016, the Company’s foreign subsidiaries recorded $7.7 million of current income tax expense and an offsetting $5.0 million of a deferred income tax benefit. 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 deferre

Operating Real Estate

Operating Real Estate	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate The following table presents operating real estate, net as of December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Land $ 360,555 $ 456,703 Buildings and improvements 980,053 1,256,002 Building, leasehold interests and improvements 212,864 334,970 Furniture, fixtures and equipment 1,214 218 Tenant improvements 59,746 72,567 Operating real estate, gross 1,614,432 2,120,460 Less: accumulated depreciation (63,585 ) (35,303 ) Operating real estate, net $ 1,550,847 $ 2,085,157 For the years ended December 31, 2016 and 2015, the period from January 1, 2014 to September 15, 2014 and the period September 16, 2014 to December 31, 2014, depreciation expense was $45.2 million , $35.8 million , $1.6 million , and $0.5 million , respectively. Purchase Price Allocation The following table presents the final allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the Trianon Tower in the third quarter 2015 translated using the currency exchange rate on the date of the acquisition (dollars in thousands): Assets: Land $ 82,172 Building, leasehold interests and improvements (1) 476,472 Acquired intangibles (2) 55,558 Other assets acquired 5,960 Total assets acquired $ 620,162 Liabilities: Mortgage and other notes payable $ 363,294 Intangibles and other liabilities assumed (3) 31,634 Total liabilities 394,928 Redeemable non-controlling interest 1,461 Total NorthStar Realty Europe Corp. equity 222,154 Non-controlling interest 1,619 Total equity 223,773 Total liabilities and equity $ 620,162 ______________________________________ (1) Includes building and tenant improvements. (2) Primarily includes in-place lease, above-market lease and goodwill. (3) Primarily includes debt assumed and other accrued expenses. Real Estate Held for Sale The following table summarizes the Company’s operating real estate held for sale as of December 31, 2016 (dollars in thousands): Assets Liabilities Description (1) Properties Operating Real Estate, Net Intangible Assets, Net Other Assets Total (2) Intangible Liabilities, Net Other Liabilities Total (2) Internos Portfolio (3) 2 $ 17,495 $ 2,224 $ 3,359 $ 23,078 $ 237 $ 1,574 $ 1,811 IVG Portfolio 1 4,832 288 9 5,129 230 — 230 Total 3 $ 22,327 $ 2,512 $ 3,368 $ 28,207 $ 467 $ 1,574 $ 2,041 ___________________ (1) The assets and liabilities classified as held for sale are expected to be sold on the open market as asset sales and share sales subject to standard industry terms and conditions. The assets contributed $3.0 million and $2.2 million of revenue and a loss before income tax benefit (expense) of $0.8 million and $2.7 million for the years ended December 31, 2016 and 2015. (2) Represents operating real estate and intangible assets and liabilities, net of depreciation and amortization of $1.6 million accumulated prior to being reclassified into held for sale. (3) One asset was sold in February 2017. Real Estate Sales For the year ended December 31, 2016 , the Company sold 18 predominantly non-core assets with a carrying value of $368.8 million for $342.7 million , net of associated property debt repayments. The Company received $336.3 million of proceeds, net of sales costs. In connection with the sales, the Company recorded a $18.6 million realized gain in the Company’s consolidated statements of operations. Certain escrow accounts are not held by the Company and are expected to be released within the next 15 months and to the extent this cash has not been released to purchasers to satisfy claims, the Company will recognize an additional gain on the sale at the earlier of the time of the cash receipt or when collection can be reasonably assured. In January 2017, the Company received $2.9 million which was recorded as a realized gain by the Company in 2016. For the year ended December 31, 2015, the Company sold three predominantly non-core assets with a carrying value of $15.3 million for $22.0 million , net of associated property debt repayments. The Company received $21.1 million of proceeds, net of sales costs. In connection with the sales, the Company recorded a $6.0 million realized gain in the Company’s consolidated statements of operations.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents borrowings as of December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Final Contractual (2) Principal Carrying Principal Carrying Mortgage and other notes payable: (1) U.K. Complex - Floating Jan-20 GBP LIBOR + 1.75% (3) $ 50,116 $ 49,284 $ 60,369 $ 59,210 U.K. Complex - Fixed Jan-20 8.325% (3) 11,565 11,497 13,641 13,369 Internos Portfolio (7)(10) Dec-20 (4) 67,455 66,619 84,497 82,329 IVG Portfolio (7)(10) Dec-20 (4) 54,977 53,476 78,602 75,732 Deka Portfolio (7) Dec-20 (4) 27,010 26,928 46,945 46,212 SEB Portfolio (7) Apr-22 (5) 507,892 500,692 684,540 674,543 SEB Portfolio - Preferred Apr-60 (6) 90,033 89,720 115,604 115,219 Trianon Tower Jul-23 (8) 347,012 345,422 359,898 357,996 Other - Preferred Oct-45 (9) 6,151 5,481 — — Total mortgage and other notes payable 1,162,211 1,149,119 1,444,096 1,424,610 Senior Notes: Senior Notes Dec-16 4.625% — — 340,000 333,798 Grand Total $ 1,162,211 $ 1,149,119 $ 1,784,096 $ 1,758,408 ________________________ (1) All borrowings are non-recourse 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) Refer to Note 9 for further disclosure regarding derivative instruments which are used to manage interest rate exposure. (3) In May 2016, the loan was syndicated and as such the margins on the floating and fixed interest rates were adjusted. (4) Represents cross-collateralized borrowings among the IVG Portfolio, Internos Portfolio and Deka Portfolio. Comprised of $10.3 million principal amount of floating rate borrowings at EURIBOR plus 2.7% , $79.0 million principal amount of floating rate borrowings at EURIBOR plus 1.55% , $44.4 million principal amount of floating rate borrowings at EURIBOR plus 1.65% and $15.8 million of floating rate borrowings at GBP LIBOR plus 2.7% . (5) Comprised of $278.5 million principal amount of floating rate borrowing at EURIBOR plus 1.8% and $229.4 million of floating rate borrowing at GBP LIBOR plus 1.8% . (6) Represents preferred equity certificates with a contractual interest rate of 3.0% per annum which was reduced in July 2016 to 2.3% 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 subsequently to EURIBOR plus 15.0% through final maturity. Certain prepayments prior to May 2019 are 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 0.25% to 1.0% through December 2019 for the Internos Portfolio, the IVG Portfolio and the Deka Portfolio borrowing and 0.5% to 1.5% through April 2019 for the SEB Portfolio borrowing. (8) In June 2016, the Company amended the contractual interest rate from EURIBOR plus 1.45% to EURIBOR plus 1.30% . In addition, a prepayment provision was added in the amendment to include a fee based on principal amount of 0.80% through June 30, 2017, 0.60% through June 30, 2018 and 0.30% through June 30, 2019. (9) Includes assets 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. (10) Includes debt associated with assets held for sale of $5.2 million . 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, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Principal amount $ 1,162,211 $ 1,784,096 Premium (discount), net — (1,144 ) Deferred financing costs, net (13,092 ) (24,544 ) Carrying value $ 1,149,119 $ 1,758,408 The following table presents scheduled principal on borrowings, based on final maturity as of December 31, 2016 (dollars in thousands): Mortgage Years ending December 31: 2017 $ — 2018 — 2019 — 2020 211,122 2021 — Thereafter 951,089 Total $ 1,162,211 As of December 31, 2016 and 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 were senior unsubordinated and unsecured obligations of the Company and NorthStar Realty and NorthStar Realty’s operating partnership guaranteed payments on the Senior Notes. 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 $150.0 million of the Senior Notes, at a slight discount to par value, through privately negotiated transactions. In June 2016, the Company repurchased approximately $80.0 million of the Senior Notes, at a slight premium to par value, through privately negotiated transactions. In August 2016, the Company repurchased approximately $42.3 million of the Senior Notes, at a slight premium to par value, through privately negotiated transactions. In December 2016, the Company settled the remaining Senior Notes in cash at maturity. Credit Facility In May 2016, the Company entered into a $75.0 million corporate revolving credit facility (the “Credit Facility”) with certain commercial bank lenders, with an initial one year term. The Credit Facility is secured by collateral relating to a borrowing base and guarantees by certain subsidiaries of the Company. In 2016, the Company drew down on this facility and subsequently repaid the outstanding balance. In October 2016, the Company permanently reduced the aggregate commitment under the Credit Facility to $35.0 million .

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Colony NorthStar, Inc. Management Agreement Upon completion of the Spin-off, the Company entered into a management agreement with an affiliate of the Manager for an initial term of 20 years, which automatically renews for additional 20 -year terms each anniversary thereafter unless earlier terminated. As asset manager, the Manager is responsible for the Company’s day-to-day operations, subject to supervision and management of the Company’s board of directors. Through its global network of subsidiaries and branch offices, the Manager 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 the Manager provides for a base management fee and incentive fee. The management contract with the Manager 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 year ended December 31, 2014 . Base Management Fee For the years ended December 31, 2016 and 2015, the Company incurred $14.1 million and $2.3 million , respectively, related to the base management fee. As of December 31, 2016 , $3.5 million is recorded in due to related party on the consolidated balance sheets. The base management fee to the Manager could increase subsequent to December 31, 2016 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 which began with the Company’s fiscal quarter ended March 31, 2016. Incentive Fee For the years ended December 31, 2016 and 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 the Manager on terms substantially similar to those set forth in the management agreement between the Company and the Manager. 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 the Manager provides that in the event of a change of control of the Manager 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 anticipates 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 by the Company or the Manager, 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 reimburses the Manager for costs and expenses incurred by the Manager on the Company’s behalf. In addition, the Manager 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 the Manager (the “G&A Allocation”). The Company’s management agreement with the Manager 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 consolidated financial statements excluding: (1) equity-based compensation expense, (2) non-recurring items, (3) fees payable to the Manager 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) the Manager’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 the Manager; less (ii) the NorthStar Listed Companies’ G&A. The G&A Allocation may include the Company’s allocable share of the Manager’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 the Manager for an allocable portion of any severance paid pursuant to any employment, consulting or similar service agreements in effect between the Manager 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 the Manager for the G&A Allocation and any severance are shared among the NorthStar Listed Companies, at the Manager’s discretion, and the 20% cap on the G&A Allocation, as described above, applies on an aggregate basis to the NorthStar Listed Companies. The Manager currently determined to allocate these amounts based on assets under management. For the years ended December 31, 2016 and 2015, the Manager allocated $0.2 million and $0.4 million , respectively, to the Company. For the years ended December 31, 2016 and 2015, the Manager did not allocate any severance to the Company. As a result of the Mergers, the management agreement between the Manager and NorthStar Realty terminated, such that the Company remains as the sole NorthStar Listed Company. In addition, the management agreement provides that the Company, together with NorthStar Realty and any company spun-off from the Company or NorthStar Realty, shall pay directly or reimburse the Manager for up to 50% of any long-term bonus or other compensation that the Manager’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 the Managers’ during any year. Subject to this limitation and limitations contained in any applicable management agreement between the Manager 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 the Manager in its discretion. At the discretion of the Manager’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 Manager’s 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% . The Manager’s Purchase of Common Stock In June 2016, the Manager purchased 0.2 million shares of the Company’s common stock through open market purchases for an aggregate purchase price of $2.3 million .

Compensation Expense

Compensation Expense	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Expense	Compensation Expense The following summarizes the equity-based compensation for the years ended December 31, 2016 and 2015: For the years ended December 31, 2016 and 2015, the Company recorded $19.3 million and $0.9 million , respectively, of equity-based compensation expense which is recorded in compensation expenses on the consolidated statements of operations. As of December 31, 2016, equity-based compensation expense to be recognized over the remaining vesting period through December 2019 is $22.6 million , provided there are no forfeitures. In connection with the pending change in control of the Manager as a result of the Mergers, substantially all outstanding time-based equity awards issued to the Manager’s executives and non-executive employees (including the spin awards) vested in accordance with their terms. In addition, all or a portion of the outstanding performance-based awards issued to executives (excluding spin awards) vested in accordance with their terms, subject to forfeiture and reduction. Equity Plans Prior to the NRE Spin-Off, NorthStar Realty issued equity-based awards to directors, officers, employees and advisors pursuant to its equity plans which were adjusted upon the spins as discussed below. In addition, the Company issued equity-based awards to directors, officers, employees and advisors pursuant to the NorthStar Realty Europe Corp. 2015 Omnibus Stock Incentive Plan (“2015 Plan”) based in whole or in part on the fair value of the restricted stock or LTIP Units which may contain certain service or performance requirements. The performance hurdles are based on achieving performance hurdles and/or total stockholder return hurdles for a four year period, subject to the participant’s continued employment through the payment date. Pursuant to the Company’s management agreement with the Manager, 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 the Manager, subject to performance-based and time-based vesting conditions over a four year performance period. In connection with the NSAM Bonus Plan for the year ended 2015, approximately 31.65% of the long-term bonus was paid in restricted stock and approximately 18.35% of the long-term bonus was paid by the Company by issuing RSUs subject to performance-based hurdles. In connection with the NSAM Bonus Plan for 2016, as amended by the letter agreements that the Company entered into with its executives in connection with the Mergers, the number of shares of common stock eligible to be granted as long-term bonus, the portions of the performance-based equity awards that were to vest in connection with the Mergers and the size of the bonus pool for 2016 under the NSAM Bonus Plan were fixed. In January 2017, the Company issued 172,191 restricted shares of common stock to the Manager’s executive officers as long-term bonuses for 2016 related to time-based and performance-based awards, which reflected the fixed number of shares previously agreed to in connection with the Mergers. A portion of these shares were vested upon grant and the remainder vested in connection with the Mergers. In addition, in January 2017, the Company granted 207,403 restricted shares of common stock to certain of its non-executive employees, including executives of the Company, which vested in accordance with their terms in connection with the Mergers and were otherwise subject to vesting based on continued employment through specified dates. In connection with the issuance and vesting of these shares, in January 2017, the Company retired 18,481 of the vested shares of common stock to satisfy the minimum statutory withholding requirements. The following table presents activity related to the issuance, vesting and forfeitures of restricted stock and Common Units. The balance as of December 31, 2016 represents Common Units whether vested or not that are outstanding and unvested shares of restricted stock (grants in thousands): Year Ended December 31, 2016 Restricted Stock (1) Common Units Restricted Stock Units (2) Performance RSUs (3) Total Grants Weighted December 31, 2015 45 692 83 298 1,118 $ 19.91 Granted 1,684 — — 1,688 3,372 7.98 Vested (587 ) — — (117 ) (704 ) 9.09 Forfeited (3 ) (4 ) — (1 ) (8 ) 15.83 December 31, 2016 1,139 688 83 1,868 3,778 $ 11.29 ___________________ (1) Represents restricted stock included in common stock. (2) Represents non-employee grants subject to time-based vesting conditions. In connection with entering into the Healthcare Strategic Partnership, NorthStar Realty granted Mr. Flaherty 0.1 million RSUs on January 22, 2014, adjusted to reflect NorthStar Realty’s reverse stock split and the NRE Spin-Off, which vest on January 22, 2019, unless certain conditions are met. The RSUs are entitled to dividend equivalents prior to vesting and may be settled either in shares of common stock of the Manager or in cash at the option of the Manager. (3) During 2016, 0.2 million performance based RSUs were issued to executives as part of the Manager’s 2015 bonus plan. The grant price per share for the performance-based RSUs was $0.41 , which was determined using a risk free interest rate of 0.88% and 1.5 million performance based RSUs were issued to executive and non-executive employees as part of NorthStar Realty and the Manager’s bonus plan. The initial grant date share price ranged from $5.69 to $9.24 , which was determined using a risk free interest rate of 1.16% . 0.1 million RSUs related to NorthStar Realty’s bonus plan for 2012 were settled by the Company in January 2016. Impact of Spin-Offs All of the vested and unvested equity-based awards granted by NorthStar Realty prior to the Spin-off remained outstanding following 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. 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 the Manager were adjusted to refer to combined total stockholder return of NorthStar Realty and the Company or NorthStar Realty, the Manager 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 the Manager, 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 the Manager. Following the Spin-off, NorthStar Realty and the compensation committee of its board of directors continues to administer all awards issued under the NorthStar Realty Equity Plans but the Company is 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 continue to be governed by the NorthStar Realty Equity Plans, as applicable, and shares of the Company are common stock issued pursuant to these awards will not be issued pursuant to, or reduce availability under the 2015 Plan. 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 RSUs to executive officers and employees of the Manager 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 the Manager or one of its subsidiaries and the RSUs are subject to the achievement of performance-based vesting conditions and continued employment with the Manager 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 the Manager 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 the Manager 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, the 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. Restricted Stock/Common Units/RSUs with Service Conditions The Company granted restricted stock/Common Units/RSUs to executive officers of the Manager and of the Company, certain non-executive officers, board of directors and selected advisers. The fair value of restricted stock/Common Units/RSUs are based on the closing price on the date of grant, multiplied by the number of unvested awards and expensed over the assumed service period for employees with subsequent changes in fair value, through the vesting date, expensed over remaining service period with a cumulative catch-up adjustment in the period of change for non-employees. Such vesting periods range from three to five years . Certain awards vest subject to minimum statutory tax withholding requirements. Equity-Based Awards with Performance Conditions The Company also granted certain equity-based awards with performance requirements to executive officers of the Manager and of the Company and non-executives including awards issued as part of the Spin-Off. These market based awards (other than the spin-awards) are subject to achieving total stockholder return hurdles for the approximately four year period ended December 31 following the plan year. Certain awards vest subject to minimum statutory tax withholding requirements.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
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’s common stock for each six shares of NorthStar Realty common stock. Director Shares In July 2016, the Company issued 15,368 shares of restricted common stock with a fair value at the date of grant of $0.1 million to one of its board of directors as an initial grant of equity. The stock will generally vest over three years. In November 2016, the Company issued 43,518 shares of common stock with a fair value at the date of grant of $0.5 million to its non-employee directors in connection with their re-election to the Company’s board of directors as part of their annual grants. The stock vested immediately. Share Repurchase In November 2015, the Company’s board of directors authorized the repurchase of up to $100 million of its outstanding common stock. That authorization expired in November 2016 and at such time the Company’s board of directors authorized the repurchase of up to an additional $100 million of its outstanding common stock. The authorization expires in November 2017, unless otherwise extended by the Company’s board of directors. For the year ended December 31, 2016 , the Company repurchased 5.7 million shares of its common stock for approximately $58.6 million . From November 2015 through December 31, 2016 , the Company repurchased 9.3 million shares of its common stock for approximately $100.0 million . Dividends The following table presents dividends declared (on a per share basis) during the years ended December 31, 2016 and 2015: Common Stock Declaration Date Dividend Per Share 2016 March 15 $ 0.15 May 10 $ 0.15 August 3 $ 0.15 November 1 $ 0.15 2015 November 23 $ 0.15 Earnings Per Share The following table presents EPS for the years ended December 31, 2016 , 2015 and 2014 (dollars and shares in thousands, except per share data): NorthStar Europe Period Prior Owner Period Year Ended Year Ended September 16 to December 31, January 1 to September 15, 2016 (1) 2015 (1) 2014 (1) 2014 (1) Numerator: Net income (loss) attributable to NorthStar Realty Europe Corp. $ (61,753 ) $ (143,136 ) $ (33,630 ) $ (3,007 ) Net income (loss) attributable to Unit Holders non-controlling interest (778 ) (1,052 ) — — Net income (loss) attributable to common stockholders and Unit Holders (1) $ (62,531 ) $ (144,188 ) $ (33,630 ) $ (3,007 ) Denominator: (2) Weighted average shares of common stock 57,875 62,184 62,988 (3) 62,988 (3) Weighted average Unit Holders (1) 690 681 — — Weighted average shares of common stock and Unit Holders (2) 58,565 62,865 62,988 (3) 62,988 (3) Earnings (loss) per share: Basic $ (1.07 ) $ (2.30 ) $ (0.53 ) (3) $ (0.05 ) (3) Diluted $ (1.07 ) $ (2.30 ) $ (0.53 ) (3) $ (0.05 ) (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, 2016 . 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 year ended December 31, 2014 was 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, 2016
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 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, 2016 , 688,057 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 years ended December 31, 2016 and 2015 was a net loss of $0.8 million and $1.1 million , respectively. 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 may 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. For the years ended December 31, 2016 and 2015, the Company recorded an immaterial amount, in net loss attributable to non-controlling interests, respectively, to adjust the carrying value to its redemption value as of December 31, 2016 .

Risk Management and Derivative

Risk Management and Derivative Activities	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Derivative Activities	Risk Management and Derivative Activities Derivatives The Company uses derivative instruments primarily to manage interest rate and currency risk and such derivatives are not considered speculative. These derivative instruments are in the form of interest cap agreements where the primary objective is to minimize interest rate risks associated with investment and financing activities and foreign currency forward agreements where the primary objective is to minimize foreign currency exchange rate risks associated with operating activities. The counterparties of these arrangements are major financial institutions with which the Company may also have other financial relationships. The Company is exposed to credit risk in the event of non-performance by these counterparties and it monitors their financial condition; however, the Company currently does not anticipate that any of the counterparties will fail to meet their obligations. The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of December 31, 2016 and 2015 (dollars in thousands): Number Notional Amount Fair Value Range of Range of Maturity As of December 31, 2016: Interest rate caps 4 $ 1,107,400 $ 8,659 (1) January 2020 - July 2023 Foreign currency forwards (2) 2 72,806 5,070 N/A February 2017 - November 2017 Total 6 $ 1,180,206 $ 13,729 As of December 31, 2015: Interest rate caps 6 $ 1,429,216 $ 23,375 (1) April 2016 - July 2023 Foreign currency forwards (2) 3 154,353 417 N/A February 2016 - November 2017 Total 9 $ 1,583,569 $ 23,792 _____________________________ (1) Includes a range of interest rate caps of 0.5% for EURIBOR and 2.0% for GBP LIBOR. (2) Includes Euro and U.K. Pounds Sterling currency forwards. The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of December 31, 2016 and 2015 (dollars in thousands): Balance Sheet December 31, December 31, Location Interest rate caps Derivative assets $ 8,659 $ 23,375 Foreign currency forwards Derivative assets $ 5,070 $ 417 The following table presents the effect of derivative instruments in the consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands): NorthStar Europe Period Prior Owner Period Year Ended September 16 to December 31, January 1 to September 15, 2016 2015 2014 2014 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 (1) $ (14,936 ) $ (8,897 ) $ (210 ) $ 2,110 Adjustment to fair value of foreign currency forwards Unrealized gain (loss) on investments and other 4,653 417 — — Net cash receipt (payment) on derivatives Realized gain (loss) on investments and other (787 ) — — — _____________________________ (1) Excludes the unrealized gain (loss) relating to foreign currency remeasurement adjustments and gain (loss) relating to the termination of interest rate caps. The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of December 31, 2016 and 2015. The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of December 31, 2016 and 2015.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurement The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities are recorded at fair value on the consolidated balance sheets and 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. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following is a description of the valuation techniques used to measure fair value of assets and liabilities accounted for at fair value on a recurring basis and the general classification of these instruments pursuant to the fair value hierarchy. Derivative Instruments Derivative instruments are valued using a third-party pricing service. These quotations are not adjusted and are generally based on valuation models with observable inputs such as interest rates and contractual cash flow, and as such, are classified as Level 2 of the fair value hierarchy. Derivative instruments are also assessed for credit valuation adjustments due to the risk of non-performance by the Company and derivative counterparties. Fair Value of Financial Instruments In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Principal/Notional Carrying Value Fair Principal/Notional Carrying Value Fair Financial assets: (1) Derivative assets $ 1,180,206 $ 13,729 $ 13,729 $ 1,583,569 $ 23,792 $ 23,792 Financial liabilities: (1) Mortgage and other notes payable $ 1,162,211 $ 1,149,119 $ 1,146,134 $ 1,444,096 $ 1,424,610 $ 1,424,610 Senior notes — — — 340,000 333,798 327,330 _____________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. Mortgage and Other Notes Payable For mortgage and other notes payable, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period or market credit spreads over the rate payable on fixed rate U.S. Treasury of like maturities. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Senior Notes For the Senior Notes, the Company used available market information, which includes quoted market prices or recent transactions, if available, to estimate their fair value and are, therefore, based on observable inputs or quoted prices for similar liabilities in an active market, and as such, are classified as Level 2 of the fair value hierarchy.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
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 current 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 contract terms vary by party and are subject to termination options. These costs are recorded in properties - operating expense and other expenses in the consolidated statements of operations. In 2016, as part of the terms of the sales, as is customary for such transaction in Europe, the Company agreed to provide certain warranties to the buyer. Obligations Under Ground Leases The following table presents minimum future rental payments under the Company’s contractual ground lease obligations for certain building leaseholds for the year ended December 31, 2016 (dollars in thousands): Years ending December 31: Total (1) 2017 $ 619 2018 619 2019 619 2020 619 2021 619 Thereafter 41,756 Total minimum lease payments $ 44,851 __________________ (1) Represent one ground lease with an expiry in 2237 and two ground leases with an expiry of 2089. None of these are paid directly by the tenants. 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, 2016, one tenant, DekaBank Deutsche Girozentrale, accounted for more than 10% of the Company’s total revenue. This tenant has 7.4 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, 2016, 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 well diversified and does not contain any unusual concentrations of credit risks.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 (dollars in thousands, except per share data): NorthStar Europe Period Three Months Ended December 31, September 30, June 30, March 31, 2016 2016 2016 2016 Rental income $ 25,700 $ 29,798 $ 33,990 $ 34,833 Escalation income 5,347 7,828 5,908 6,090 Total expenses 46,521 46,722 79,514 53,409 Income (loss) before income tax benefit (expense) 14,128 (10,115 ) (33,789 ) (29,984 ) Net income (loss) 13,902 (12,770 ) (34,309 ) (29,325 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders 13,859 (12,721 ) (33,909 ) (28,982 ) Earnings (loss) per share: (1) Basic $ 0.25 $ (0.22 ) $ (0.57 ) $ (0.49 ) Diluted $ 0.24 $ (0.22 ) $ (0.57 ) $ (0.49 ) __________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. NorthStar Europe Period Three Months Ended December 31, September 30, June 30, March 31, 2015 2015 2015 2015 Rental income $ 37,098 $ 34,072 $ 28,344 $ 1,509 Escalation income 6,825 8,106 3,213 678 Total expenses 67,794 69,350 117,418 3,440 Income (loss) before income tax benefit (expense) (19,636 ) (35,772 ) (73,120 ) (16,290 ) 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: (2) Basic $ (0.55 ) $ (0.51 ) (1) $ (1.21 ) (1) $ (0.02 ) (1) Diluted $ (0.55 ) $ (0.51 ) (1) $ (1.21 ) (1) $ (0.02 ) (1) __________________ (1) Basic and diluted earnings per common share for the periods prior to November 1, 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, 2016
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 prime office properties located in key cities within Germany, the United Kingdom and France. 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, 2016 , 2015 and 2014 (dollars in thousands): NorthStar Europe Period Year Ended December 31, 2016 Statement of Operations: Real Estate Corporate Total Rental income (1) $ 124,321 (1) $ — $ 124,321 Escalation income (1) 25,173 (1) — 25,173 Interest expense (3) 30,974 10,465 41,439 Income (loss) before income tax benefit (expense) (4,005 ) (55,755 ) (4) (59,760 ) Income tax benefit (expense) (2,742 ) — (2,742 ) Net income (loss) (6,747 ) (2) (55,755 ) (62,502 ) Balance Sheet: December 31, 2016: Total Assets $ 1,835,531 $ 9,861 $ 1,845,392 ___________________________________ (1) Includes revenues attributable to Germany, the United Kingdom, France and the Netherlands of $56.8 million , $38.5 million , $21.6 million and $17.0 million , respectively. (2) Primarily relates to rental income offset by depreciation and amortization expense of $65.0 million and impairment loss of $27.5 million . (3) Includes $3.7 million and $3.4 million of amortization of deferred financing costs in the real estate and corporate segments, respectively. (4) Includes an allocation of general and administrative expenses from the Manager of $0.2 million . NorthStar Europe Period Year Ended December 31, 2015 Statement of Operations: Real Estate Corporate Total Rental income $ 101,023 (1) $ — $ 101,023 Escalation income 18,822 (1) — 18,822 Interest expense (3) 25,365 10,764 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 the Manager 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 income $ 1,740 (1) $ — $ 1,740 $ 4,455 $ — $ 4,455 Escalation income 982 (1) — 982 2,707 — 2,707 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).

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On March 8, 2017 , the Company declared a dividend of $0.15 per share of common stock. The common stock dividend will be paid on March 24, 2017 to stockholders of record as of the close of business on March 20, 2017 . Sales Subsequent to December 31, 2016 , the Company sold one non-core asset in the Internos Portfolio with a carrying value of $17.2 million for $23.6 million , which was recorded in assets held for sale in the consolidated balance sheet as of December 31, 2016. Mergers On January 10, 2017, the Company’s external manager, NSAM completed the tri-party merger with NorthStar Realty and Colony under which the companies combined in an all-stock merger of equals transaction to create a diversified real estate and investment management company. Under the terms of the merger agreement, NSAM, Colony and NorthStar Realty, through a series of transactions, merged with and into NSAM, which was renamed Colony NorthStar. Colony NorthStar is a leading global equity REIT with an embedded investment management platform. As a result of the Mergers, substantially all restricted shares and RSUs vested and only RSUs subject to performance-based hurdles remain outstanding.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
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, 2016 (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 Hamburg 2 $ 38,395 $ 30,140 $ 21,691 $ 637 $ 30,140 $ 22,328 $ 52,468 $ 1,456 $ 51,012 4/1/2015 40 years Hamburg 1 30,028 21,603 26,411 1,119 21,603 27,530 49,133 1,621 47,512 4/1/2015 40 years Frankfurt 1 345,422 78,489 455,117 808 78,489 455,925 534,414 20,975 513,439 7/15/2015 40 years Berlin 2 10,172 759 20,120 16 759 20,136 20,895 873 20,022 4/8/2015 40 years Berlin 3 7,061 793 10,950 — 793 10,950 11,743 475 11,268 4/8/2015 40 years Köln 1 16,394 10,916 17,580 274 10,916 17,854 28,770 950 27,820 4/8/2015 40 years Münster 4,385 2,467 4,994 828 2,467 5,822 8,289 243 8,046 4/8/2015 40 years Berlin 1 25,728 7,396 33,098 — 7,396 33,098 40,494 1,559 38,935 4/8/2015 40 years Frankfurt 2 10,535 3,954 13,972 1,095 3,954 15,067 19,021 763 18,258 4/8/2015 40 years Werl 1,520 873 2,412 — 873 2,412 3,285 143 3,142 4/8/2015 40 years Bremen — 305 1,224 — 305 1,224 1,529 195 1,334 4/8/2015 40 years Subtotal 489,640 157,695 607,569 4,777 157,695 612,346 770,041 29,253 740,788 France Paris 1 83,005 87,959 48,561 15 87,959 48,576 136,535 3,021 133,514 4/1/2015 40 years Paris 2 47,280 30,290 39,355 — 30,290 39,355 69,645 2,357 67,288 4/1/2015 40 years Paris 5 6,128 9,259 3,821 — 9,259 3,821 13,080 217 12,863 4/8/2015 40 years Paris 3 23,082 31,168 11,927 1,180 31,168 13,107 44,275 720 43,555 4/8/2015 40 years Marly 19,521 4,450 38,656 — 4,450 38,656 43,106 1,723 41,383 4/8/2015 40 years Subtotal 179,016 163,126 142,320 1,195 163,126 143,515 306,641 8,038 298,603 United Kingdom Woking 60,781 — 43,621 2,094 — 45,715 45,715 3,436 42,279 9/16/2014 40 years London 2 99,767 15,332 115,740 1,290 15,332 117,030 132,362 6,349 126,013 4/1/2015 40 years London 1 126,330 — 172,241 92 — 172,333 172,333 8,152 164,181 4/1/2015 40 years St. Albans 3,463 1,904 4,417 — 1,904 4,417 6,321 280 6,041 4/8/2015 40 years Glasgow 4,512 2,262 6,440 — 2,262 6,440 8,702 325 8,377 4/8/2015 40 years London 3 7,472 6,314 6,073 3 6,314 6,076 12,390 326 12,064 4/8/2015 40 years Subtotal 302,325 25,812 348,532 3,479 25,812 352,011 377,823 18,868 358,955 Netherlands Rotterdam 75,885 10,044 130,392 — 10,044 130,392 140,436 6,590 133,846 4/1/2015 40 years De Meern 1,853 1,768 486 4 1,768 490 2,258 101 2,157 4/8/2015 40 years Subtotal 77,738 11,812 130,878 4 11,812 130,882 142,694 6,691 136,003 Portugal Lisboa — 588 10,534 — 588 10,534 11,122 508 10,614 4/8/2015 40 years Spain Madrid — 1,522 4,575 14 1,522 4,589 6,111 227 5,884 4/8/2015 40 years Grand Total $ 1,048,719 $ 360,555 $ 1,244,408 $ 9,469 $ 360,555 $ 1,253,877 $ 1,614,432 $ 63,585 $ 1,550,847 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 Held-for-Sale Germany Bottrop $ 2,914 $ 1,230 $ 3,825 $ 17 $ 1,230 $ 3,842 $ 5,072 $ 240 $ 4,832 4/8/2015 N/A Portugal Albufeira — 4,389 8,432 56 4,389 8,488 12,877 343 12,534 4/8/2015 N/A Netherlands Rijswijk 2,285 738 3,592 859 738 4,451 5,189 228 4,961 4/8/2015 N/A Grand Total $ 5,199 $ 6,357 $ 15,849 $ 932 $ 6,357 $ 16,781 $ 23,138 $ 811 $ 22,327 ______________________ (1) Excludes the preferred equity certificates of $95.2 million . (2) Aggregate cost for federal income tax purposes is $1.8 billion as of December 31, 2016. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) As of December 31, 2016 (Dollars in Thousands) The following table presents changes in the Company’s operating real estate portfolio as of December 31, 2016, 2015 and 2014 (dollars in thousands): 2016 2015 2014 Beginning balance $ 2,120,460 $ 55,413 $ — Property acquisitions — 2,080,038 57,433 Reclassification (733 ) — — Transfers to held for sale (23,138 ) (5,330 ) — Improvements 10,792 3,414 493 Retirements and disposals (353,883 ) (14,514 ) — Foreign currency translation (139,066 ) 1,439 (2,513 ) Ending balance $ 1,614,432 $ 2,120,460 $ 55,413 The following table presents changes in accumulated depreciation as of December 31, 2016, 2015 and 2014 (dollars in thousands): 2016 2015 2014 Beginning balance $ (35,303 ) $ (517 ) $ — Depreciation expense (45,219 ) (35,842 ) (530 ) Assets held for sale 811 31 — Retirements and disposals 10,635 213 — Foreign currency translation 5,491 812 13 Ending balance $ (63,585 ) $ (35,303 ) $ (517 )

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related notes of the Company for periods prior to the Spin-off 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 which results in a change in the reporting entity and 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. Prior to the Spin-off, financial statements of the Company had not been prepared as it was not operated separately from NorthStar Realty. The consolidated financial statements for such period 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 consolidated financial statements for the period ended January 1, 2015 to October 31, 2015 and the combined consolidated financial statements for the year ended December 31, 2014 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 included 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 year ended December 31, 2014 include activities of the U.K. Complex from January 1, 2014 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 the Manager 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 the Manager on November 1, 2015 pursuant to the terms of the Company’s management agreement with the Manager (refer to Note 5).
Principles of Consolidation	Principles of Consolidation The 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	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 will evaluate 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	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.
Non-controlling Interests	Non-controlling Interests A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. A non-controlling interest is required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to 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	Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include the foreign currency translation adjustment, net.
Cash and Cash Equivalents	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 seeks to mitigate 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. Cash and cash equivalents exclude escrow arrangements entered into for specific warranties in relation to the real estate sales which are recorded in other assets in the consolidated financial statements.
Restricted Cash	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 and amounts related to the Company’s borrowings.
Operating Real Estate	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 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. The Company accounts for purchases of operating real estate that qualify as business combinations using the acquisition method, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles, such as in-place leases, above/below-market leases and goodwill. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. 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 Minimum rental amounts due under leases are generally subject to scheduled adjustments.
Assets and Liabilities Held For Sale	Assets and Liabilities Held For Sale Operating real estate which has met the criteria to be classified as held for sale is separately presented on the consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell net of the intangible assets associated with the asset. 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 method, as appropriate, until the sales criteria are met.
Deferred Costs	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. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized into interest expense using 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 to realized gain (loss). Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and are recorded to depreciation and amortization in the consolidated statements of operations.
Intangible Assets and Intangible Liabilities	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 net to rental income, the value of below-market ground leases is amortized into properties - operating expense and in-place leases is amortized into depreciation and amortization expense, respectively, in the consolidated statements of operations on a straight-line basis over the respective 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 the 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 consolidated statements of operations.
Revenue Recognition	Revenue Recognition Operating Real Estate Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants. 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, subject to indexation, 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 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 a situation 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 life 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 amounts are included within depreciation and amortization in the consolidated statements of operations.
Impairment on Investments	Impairment on Investments Operating Real Estate The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow to be generated by the property is less than the carrying value of the property. In conducting this review, the Company 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 losses in the consolidated statements of operations. For the year ended December 31, 2016, the Company recognized impairment losses of $27.5 million . 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.
Equity-Based Compensation	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 or the attribution method depending if the grant is to an employee or non-employee. 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. Time-based 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	Derivatives The Company seeks to use derivative instruments to manage exposure to interest rate risk and foreign currency exchange rate risk. The change in fair value for a derivative is recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations. The Company’s derivative instruments are recorded on the consolidated balance sheets at fair value and do not qualify as hedges under U.S. GAAP.
Foreign Currency	Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment (“CTA”), net, is recorded as a component of accumulated OCI in the consolidated statements of equity. For the years ended December 31, 2016 and 2015 , the Company reclassified $17.7 million and $0.3 million , respectively, of CTA to realized gain (loss) on investments and other in the 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 consolidated statements of operations.
Earnings Per Share	Earnings Per Share The Company’s basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding. Diluted EPS includes restricted stock and the potential dilution that could occur if outstanding restricted stock units (“RSUs”) or other contracts to issue common stock, assuming performance hurdles have been met, were converted to common stock (including 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	Income Taxes The Company has elected 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 continue to 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 consolidated financial statements for the years ended December 31, 2016 and 2015. Dividends distributed for the years ended December 31, 2016 and 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 5% 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, 2016, the Company’s foreign subsidiaries recorded $7.7 million of current income tax expense and an offsetting $5.0 million of a deferred income tax benefit. 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, 2016 and 2015 of $26.6 million and $21.5 million , respectively, 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 consolidated statements of operations. The following tables present a summary of the Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 2015 Deferred tax asset Net operating losses $ 21,608 $ 14,161 Interest deferral 4,356 5,896 Transaction costs capitalized to operating real estate 6,654 13,099 Operating real estate 2,028 — Other 7,410 1,805 Total deferred tax asset 42,056 34,961 Valuation allowance (26,565 ) (21,460 ) Deferred tax assets, net of valuation allowance 15,491 13,501 Deferred tax liabilities Operating real estate (20,418 ) (30,237 ) Other (3,989 ) (5,070 ) Total deferred tax liabilities (24,407 ) (35,307 ) Net deferred tax liability $ (8,916 ) $ (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 2014 to 2016 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, 2016 and 2015 , the Company has not recognized any such amounts related to uncertain tax positions, respectively.
Recent Accounting Pronouncements	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. Leases are specifically excluded from this guidance and will be governed by the applicable lease codification; however, this update may have implications in certain variable payment terms included in lease agreements and in sale and leaseback transactions. The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial position, results of operations and financial statement disclosures. In February 2015, the FASB issued updated guidance that changes the rules regarding consolidation. The pronouncement eliminates specialized guidance for limited partnerships and similar legal entities and removes the indefinite deferral for certain investment funds. The new guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company adopted this guidance in the first quarter 2016 and determined the Company’s Operating Partnership is considered a VIE. The Company is the primary beneficiary of the VIE, the VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. In addition, the Company identified each of its properties that have non-controlling interests as VIEs. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights and the Company is the primary beneficiary. As such, this standard resulted in the identification of additional VIEs, however it did not have a material impact on the Company’s consolidated financial position or results of operations. In February 2016, the FASB issued an accounting update that sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The update requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The update is expected to result in the recognition of a right-to-use asset and related liability to account for the Company’s future obligations under its ground lease arrangements for which it is the lessee. As of December 31, 2016, the remaining contractual payments under the Company’s ground lease agreements are discussed in Note 11. Additionally, the new update will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under this guidance, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. 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. The Company is evaluating the impact, if any, that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures. In March 2016, the FASB issued guidance clarifying that an assessment of whether an embedded contingent put or call option is clearly and closely related to a borrowing requires only an analysis of the four-step decision sequence. Additionally, entities are not required to separately assess whether the contingency itself is clearly and closely related. Entities are required to apply the guidance to existing instruments in scope using a modified retrospective transition method as of the period of adoption. The guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those years. The Company has concluded that this guidance will not have any impact on its consolidated financial position, results of operations and financial statement disclosures. In March 2016, the FASB issued guidance which amends several aspects of the accounting for equity-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statements of cash flows. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. The Company will adopt the new guidance prospectively on January 1, 2017 and does not expect the adoption of this standard to have a material impact on its consolidated financial position, results of operations and financial statement disclosures. In June 2016, the FASB issued guidance that changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the other-than-temporary impairment model. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures (e.g., loan commitments). The new guidance is effective for reporting periods beginning after December 15, 2019 and will be applied as a cumulative adjustment to retained earnings as of the effective date. The Company is evaluating the impact, if any, that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures. In August 2016, the FASB issued guidance that makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The new guidance requires adoption on a retrospective basis unless it is impracticable to apply, in which case the Company would be required to apply the amendments prospectively as of the earliest date practicable. The Company does not expect the adoption of this standard to have a material impact on its consolidated statements of cash flows. In November 2016, the FASB issued guidance which requires entities to show the changes in the total of cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. Entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for reporting periods beginning after December 15, 2017 and will be applied retrospectively to all periods presented. The Company does not expect the adoption of this standard to have a material impact on its consolidated statement of cash flows. In January 2017, the FASB issued guidance to clarify the definition of a business under ASC 805. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The guidance is effective for fiscal years, and interim periods within those years, beginning December 15, 2017. The amendments in this update will be applied on a prospective basis. The Company expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets). In January 2017, the FASB issued guidance which removes Step 2 from the goodwill impairment test. The guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is evaluating the impact, if any, that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Property, Plant and Equipment	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 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, 2016 (dollars in thousands): Years Ending December 31: (1) 2017 $ 97,299 2018 96,043 2019 92,460 2020 72,517 2021 61,474 Thereafter 163,901 Total $ 583,694 _________________________ (1) Translated to the U.S. dollar using the currency exchange rate as of December 31, 2016.
Schedule of Identified Intangibles	The following table presents identified intangibles as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 (1) December 31, 2015 Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Intangible assets: In-place lease $ 84,743 $ (29,012 ) $ 55,731 $ 121,004 $ (20,120 ) $ 100,884 Above-market lease 36,704 (8,198 ) 28,506 53,236 (5,806 ) 47,430 Below-market ground lease 51,218 (832 ) 50,386 70,971 (618 ) 70,353 Goodwill (2) 13,780 N/A 13,780 22,852 NA 22,852 Total $ 186,445 $ (38,042 ) $ 148,403 $ 268,063 $ (26,544 ) $ 241,519 Intangible liabilities: Below-market lease $ 34,163 $ (8,104 ) $ 26,059 $ 40,213 $ (4,490 ) $ 35,723 Above-market ground lease 4,839 (96 ) 4,743 5,026 (31 ) 4,995 Total $ 39,002 $ (8,200 ) $ 30,802 $ 45,239 $ (4,521 ) $ 40,718 _______________________ (1) As of December 31, 2016, the weighted average amortization period for above-market leases, below-market leases and in-place leases is 7.1 years , 9.8 years and 6.1 years , respectively. 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 certain share-deal acquisitions of the New European Investments in exchange for shares in the underlying portfolios. The goodwill and a corresponding deferred tax liability was recorded at acquisition based on tax basis differences.
Schedule of Goodwill	The following table presents a rollforward of goodwill for the year ended December 31, 2016 (dollars in thousands): Balance as of December 31, 2015 $ 22,852 Disposal of goodwill (1) (8,561 ) Adjustments from foreign currency translation (511 ) Balance as of December 31, 2016 $ 13,780 _______________________ (1) Represents goodwill associated with certain disposals structured as share sales.
Finite-lived Intangible Assets Amortization Expense	The following table presents amortization of acquired above-market leases, net of acquired below-market leases and below-market ground leases and amortization of other intangible assets for the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands): NorthStar Europe Period Prior Owner Period Year Ended Year Ended September 16 to December 31, January 1 to September 15, Statements of operations location: 2016 2015 2014 2014 Amortization of above-market leases, net of acquired below-market leases Rental income / properties - operating expenses $ 1,961 $ 1,763 $ 37 $ 61 Amortization of other intangible assets Depreciation and amortization expense 19,543 20,468 558 742
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	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 2017 11,265 4,284 453 3,056 65 2018 11,038 4,226 453 3,048 65 2019 10,533 4,187 453 3,024 65 2020 7,139 3,714 453 2,721 65 2021 6,164 3,646 453 2,572 65 Thereafter 9,592 8,449 48,121 11,638 4,419 Total $ 55,731 $ 28,506 $ 50,386 $ 26,059 $ 4,744
Schedule of Other Assets and Other Liabilities	The following tables present a summary of other assets and other liabilities as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 2015 Other assets: Prepaid expenses $ 1,951 $ 3,041 Deferred costs, net 3,029 2,007 Deferred tax assets, net — 220 Straight-line rent 10,182 5,869 Escrow receivable 6,168 — Other 310 973 Total $ 21,640 $ 12,110 December 31, 2016 2015 Other liabilities: Deferred tax liabilities $ 8,916 $ 22,026 Prepaid rent received and unearned revenue 13,585 10,450 Tenant security deposits 4,322 4,953 Prepaid service charge reimbursement 1,560 1,988 Other 535 3,237 Total $ 28,918 $ 42,654
Schedule of Deferred Tax Assets and Liabilities	The following tables present a summary of the Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 2015 Deferred tax asset Net operating losses $ 21,608 $ 14,161 Interest deferral 4,356 5,896 Transaction costs capitalized to operating real estate 6,654 13,099 Operating real estate 2,028 — Other 7,410 1,805 Total deferred tax asset 42,056 34,961 Valuation allowance (26,565 ) (21,460 ) Deferred tax assets, net of valuation allowance 15,491 13,501 Deferred tax liabilities Operating real estate (20,418 ) (30,237 ) Other (3,989 ) (5,070 ) Total deferred tax liabilities (24,407 ) (35,307 ) Net deferred tax liability $ (8,916 ) $ (21,806 )

Operating Real Estate (Tables)

Operating Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of Operating Real Estate	The following table presents operating real estate, net as of December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Land $ 360,555 $ 456,703 Buildings and improvements 980,053 1,256,002 Building, leasehold interests and improvements 212,864 334,970 Furniture, fixtures and equipment 1,214 218 Tenant improvements 59,746 72,567 Operating real estate, gross 1,614,432 2,120,460 Less: accumulated depreciation (63,585 ) (35,303 ) Operating real estate, net $ 1,550,847 $ 2,085,157
Schedule of Business Acquisitions, by Acquisition	The following table presents the final allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the Trianon Tower in the third quarter 2015 translated using the currency exchange rate on the date of the acquisition (dollars in thousands): Assets: Land $ 82,172 Building, leasehold interests and improvements (1) 476,472 Acquired intangibles (2) 55,558 Other assets acquired 5,960 Total assets acquired $ 620,162 Liabilities: Mortgage and other notes payable $ 363,294 Intangibles and other liabilities assumed (3) 31,634 Total liabilities 394,928 Redeemable non-controlling interest 1,461 Total NorthStar Realty Europe Corp. equity 222,154 Non-controlling interest 1,619 Total equity 223,773 Total liabilities and equity $ 620,162 ______________________________________ (1) Includes building and tenant improvements. (2) Primarily includes in-place lease, above-market lease and goodwill. (3) Primarily includes debt assumed and other accrued expenses.
Schedule of Real Estate Held for Sale	The following table summarizes the Company’s operating real estate held for sale as of December 31, 2016 (dollars in thousands): Assets Liabilities Description (1) Properties Operating Real Estate, Net Intangible Assets, Net Other Assets Total (2) Intangible Liabilities, Net Other Liabilities Total (2) Internos Portfolio (3) 2 $ 17,495 $ 2,224 $ 3,359 $ 23,078 $ 237 $ 1,574 $ 1,811 IVG Portfolio 1 4,832 288 9 5,129 230 — 230 Total 3 $ 22,327 $ 2,512 $ 3,368 $ 28,207 $ 467 $ 1,574 $ 2,041 ___________________ (1) The assets and liabilities classified as held for sale are expected to be sold on the open market as asset sales and share sales subject to standard industry terms and conditions. The assets contributed $3.0 million and $2.2 million of revenue and a loss before income tax benefit (expense) of $0.8 million and $2.7 million for the years ended December 31, 2016 and 2015. (2) Represents operating real estate and intangible assets and liabilities, net of depreciation and amortization of $1.6 million accumulated prior to being reclassified into held for sale. (3) One asset was sold in February 2017.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Borrowings	The following table presents borrowings as of December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Final Contractual (2) Principal Carrying Principal Carrying Mortgage and other notes payable: (1) U.K. Complex - Floating Jan-20 GBP LIBOR + 1.75% (3) $ 50,116 $ 49,284 $ 60,369 $ 59,210 U.K. Complex - Fixed Jan-20 8.325% (3) 11,565 11,497 13,641 13,369 Internos Portfolio (7)(10) Dec-20 (4) 67,455 66,619 84,497 82,329 IVG Portfolio (7)(10) Dec-20 (4) 54,977 53,476 78,602 75,732 Deka Portfolio (7) Dec-20 (4) 27,010 26,928 46,945 46,212 SEB Portfolio (7) Apr-22 (5) 507,892 500,692 684,540 674,543 SEB Portfolio - Preferred Apr-60 (6) 90,033 89,720 115,604 115,219 Trianon Tower Jul-23 (8) 347,012 345,422 359,898 357,996 Other - Preferred Oct-45 (9) 6,151 5,481 — — Total mortgage and other notes payable 1,162,211 1,149,119 1,444,096 1,424,610 Senior Notes: Senior Notes Dec-16 4.625% — — 340,000 333,798 Grand Total $ 1,162,211 $ 1,149,119 $ 1,784,096 $ 1,758,408 ________________________ (1) All borrowings are non-recourse 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) Refer to Note 9 for further disclosure regarding derivative instruments which are used to manage interest rate exposure. (3) In May 2016, the loan was syndicated and as such the margins on the floating and fixed interest rates were adjusted. (4) Represents cross-collateralized borrowings among the IVG Portfolio, Internos Portfolio and Deka Portfolio. Comprised of $10.3 million principal amount of floating rate borrowings at EURIBOR plus 2.7% , $79.0 million principal amount of floating rate borrowings at EURIBOR plus 1.55% , $44.4 million principal amount of floating rate borrowings at EURIBOR plus 1.65% and $15.8 million of floating rate borrowings at GBP LIBOR plus 2.7% . (5) Comprised of $278.5 million principal amount of floating rate borrowing at EURIBOR plus 1.8% and $229.4 million of floating rate borrowing at GBP LIBOR plus 1.8% . (6) Represents preferred equity certificates with a contractual interest rate of 3.0% per annum which was reduced in July 2016 to 2.3% 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 subsequently to EURIBOR plus 15.0% through final maturity. Certain prepayments prior to May 2019 are 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 0.25% to 1.0% through December 2019 for the Internos Portfolio, the IVG Portfolio and the Deka Portfolio borrowing and 0.5% to 1.5% through April 2019 for the SEB Portfolio borrowing. (8) In June 2016, the Company amended the contractual interest rate from EURIBOR plus 1.45% to EURIBOR plus 1.30% . In addition, a prepayment provision was added in the amendment to include a fee based on principal amount of 0.80% through June 30, 2017, 0.60% through June 30, 2018 and 0.30% through June 30, 2019. (9) Includes assets 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. (10) Includes debt associated with assets held for sale of $5.2 million .
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, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Principal amount $ 1,162,211 $ 1,784,096 Premium (discount), net — (1,144 ) Deferred financing costs, net (13,092 ) (24,544 ) Carrying value $ 1,149,119 $ 1,758,408
Schedule of Principal Payments on Borrowings, Based on Final Maturity	The following table presents scheduled principal on borrowings, based on final maturity as of December 31, 2016 (dollars in thousands): Mortgage Years ending December 31: 2017 $ — 2018 — 2019 — 2020 211,122 2021 — Thereafter 951,089 Total $ 1,162,211

Compensation Expense (Tables)

Compensation Expense (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Common Unit and Unvested Restricted Stock Activity	The following table presents activity related to the issuance, vesting and forfeitures of restricted stock and Common Units. The balance as of December 31, 2016 represents Common Units whether vested or not that are outstanding and unvested shares of restricted stock (grants in thousands): Year Ended December 31, 2016 Restricted Stock (1) Common Units Restricted Stock Units (2) Performance RSUs (3) Total Grants Weighted December 31, 2015 45 692 83 298 1,118 $ 19.91 Granted 1,684 — — 1,688 3,372 7.98 Vested (587 ) — — (117 ) (704 ) 9.09 Forfeited (3 ) (4 ) — (1 ) (8 ) 15.83 December 31, 2016 1,139 688 83 1,868 3,778 $ 11.29 ___________________ (1) Represents restricted stock included in common stock. (2) Represents non-employee grants subject to time-based vesting conditions. In connection with entering into the Healthcare Strategic Partnership, NorthStar Realty granted Mr. Flaherty 0.1 million RSUs on January 22, 2014, adjusted to reflect NorthStar Realty’s reverse stock split and the NRE Spin-Off, which vest on January 22, 2019, unless certain conditions are met. The RSUs are entitled to dividend equivalents prior to vesting and may be settled either in shares of common stock of the Manager or in cash at the option of the Manager. (3) During 2016, 0.2 million performance based RSUs were issued to executives as part of the Manager’s 2015 bonus plan. The grant price per share for the performance-based RSUs was $0.41 , which was determined using a risk free interest rate of 0.88% and 1.5 million performance based RSUs were issued to executive and non-executive employees as part of NorthStar Realty and the Manager’s bonus plan. The initial grant date share price ranged from $5.69 to $9.24 , which was determined using a risk free interest rate of 1.16% . 0.1 million RSUs related to NorthStar Realty’s bonus plan for 2012 were settled by the Company in January 2016.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared	The following table presents dividends declared (on a per share basis) during the years ended December 31, 2016 and 2015: Common Stock Declaration Date Dividend Per Share 2016 March 15 $ 0.15 May 10 $ 0.15 August 3 $ 0.15 November 1 $ 0.15 2015 November 23 $ 0.15
Schedule of Earnings Per Share	The following table presents EPS for the years ended December 31, 2016 , 2015 and 2014 (dollars and shares in thousands, except per share data): NorthStar Europe Period Prior Owner Period Year Ended Year Ended September 16 to December 31, January 1 to September 15, 2016 (1) 2015 (1) 2014 (1) 2014 (1) Numerator: Net income (loss) attributable to NorthStar Realty Europe Corp. $ (61,753 ) $ (143,136 ) $ (33,630 ) $ (3,007 ) Net income (loss) attributable to Unit Holders non-controlling interest (778 ) (1,052 ) — — Net income (loss) attributable to common stockholders and Unit Holders (1) $ (62,531 ) $ (144,188 ) $ (33,630 ) $ (3,007 ) Denominator: (2) Weighted average shares of common stock 57,875 62,184 62,988 (3) 62,988 (3) Weighted average Unit Holders (1) 690 681 — — Weighted average shares of common stock and Unit Holders (2) 58,565 62,865 62,988 (3) 62,988 (3) Earnings (loss) per share: Basic $ (1.07 ) $ (2.30 ) $ (0.53 ) (3) $ (0.05 ) (3) Diluted $ (1.07 ) $ (2.30 ) $ (0.53 ) (3) $ (0.05 ) (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, 2016 . 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 year ended December 31, 2014 was 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 Derivativ29

Risk Management and Derivative Activities (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Instruments not Designated as Hedges under U.S. GAAP	The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of December 31, 2016 and 2015 (dollars in thousands): Number Notional Amount Fair Value Range of Range of Maturity As of December 31, 2016: Interest rate caps 4 $ 1,107,400 $ 8,659 (1) January 2020 - July 2023 Foreign currency forwards (2) 2 72,806 5,070 N/A February 2017 - November 2017 Total 6 $ 1,180,206 $ 13,729 As of December 31, 2015: Interest rate caps 6 $ 1,429,216 $ 23,375 (1) April 2016 - July 2023 Foreign currency forwards (2) 3 154,353 417 N/A February 2016 - November 2017 Total 9 $ 1,583,569 $ 23,792 _____________________________ (1) Includes a range of interest rate caps of 0.5% for EURIBOR and 2.0% for GBP LIBOR. (2) Includes Euro and U.K. Pounds Sterling currency forwards.
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 consolidated balance sheets, as of December 31, 2016 and 2015 (dollars in thousands): Balance Sheet December 31, December 31, Location Interest rate caps Derivative assets $ 8,659 $ 23,375 Foreign currency forwards Derivative assets $ 5,070 $ 417
Schedule of the Effect of Derivative Instruments on Combined Statements of Operations	The following table presents the effect of derivative instruments in the consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands): NorthStar Europe Period Prior Owner Period Year Ended September 16 to December 31, January 1 to September 15, 2016 2015 2014 2014 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 (1) $ (14,936 ) $ (8,897 ) $ (210 ) $ 2,110 Adjustment to fair value of foreign currency forwards Unrealized gain (loss) on investments and other 4,653 417 — — Net cash receipt (payment) on derivatives Realized gain (loss) on investments and other (787 ) — — — _____________________________ (1) Excludes the unrealized gain (loss) relating to foreign currency remeasurement adjustments and gain (loss) relating to the termination of interest rate caps.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Principal/Notional Carrying Value Fair Principal/Notional Carrying Value Fair Financial assets: (1) Derivative assets $ 1,180,206 $ 13,729 $ 13,729 $ 1,583,569 $ 23,792 $ 23,792 Financial liabilities: (1) Mortgage and other notes payable $ 1,162,211 $ 1,149,119 $ 1,146,134 $ 1,444,096 $ 1,424,610 $ 1,424,610 Senior notes — — — 340,000 333,798 327,330 _____________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents minimum future rental payments under the Company’s contractual ground lease obligations for certain building leaseholds for the year ended December 31, 2016 (dollars in thousands): Years ending December 31: Total (1) 2017 $ 619 2018 619 2019 619 2020 619 2021 619 Thereafter 41,756 Total minimum lease payments $ 44,851 __________________ (1) Represent one ground lease with an expiry in 2237 and two ground leases with an expiry of 2089. None of these are paid directly by the tenants.

Quarterly Financial Informati32

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following presents selected quarterly information for the years ended December 31, 2016 and 2015 (dollars in thousands, except per share data): NorthStar Europe Period Three Months Ended December 31, September 30, June 30, March 31, 2016 2016 2016 2016 Rental income $ 25,700 $ 29,798 $ 33,990 $ 34,833 Escalation income 5,347 7,828 5,908 6,090 Total expenses 46,521 46,722 79,514 53,409 Income (loss) before income tax benefit (expense) 14,128 (10,115 ) (33,789 ) (29,984 ) Net income (loss) 13,902 (12,770 ) (34,309 ) (29,325 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders 13,859 (12,721 ) (33,909 ) (28,982 ) Earnings (loss) per share: (1) Basic $ 0.25 $ (0.22 ) $ (0.57 ) $ (0.49 ) Diluted $ 0.24 $ (0.22 ) $ (0.57 ) $ (0.49 ) __________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. NorthStar Europe Period Three Months Ended December 31, September 30, June 30, March 31, 2015 2015 2015 2015 Rental income $ 37,098 $ 34,072 $ 28,344 $ 1,509 Escalation income 6,825 8,106 3,213 678 Total expenses 67,794 69,350 117,418 3,440 Income (loss) before income tax benefit (expense) (19,636 ) (35,772 ) (73,120 ) (16,290 ) 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: (2) Basic $ (0.55 ) $ (0.51 ) (1) $ (1.21 ) (1) $ (0.02 ) (1) Diluted $ (0.55 ) $ (0.51 ) (1) $ (1.21 ) (1) $ (0.02 ) (1) __________________ (1) Basic and diluted earnings per common share for the periods prior to November 1, 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, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting	The following tables present segment reporting for the years ended December 31, 2016 , 2015 and 2014 (dollars in thousands): NorthStar Europe Period Year Ended December 31, 2016 Statement of Operations: Real Estate Corporate Total Rental income (1) $ 124,321 (1) $ — $ 124,321 Escalation income (1) 25,173 (1) — 25,173 Interest expense (3) 30,974 10,465 41,439 Income (loss) before income tax benefit (expense) (4,005 ) (55,755 ) (4) (59,760 ) Income tax benefit (expense) (2,742 ) — (2,742 ) Net income (loss) (6,747 ) (2) (55,755 ) (62,502 ) Balance Sheet: December 31, 2016: Total Assets $ 1,835,531 $ 9,861 $ 1,845,392 ___________________________________ (1) Includes revenues attributable to Germany, the United Kingdom, France and the Netherlands of $56.8 million , $38.5 million , $21.6 million and $17.0 million , respectively. (2) Primarily relates to rental income offset by depreciation and amortization expense of $65.0 million and impairment loss of $27.5 million . (3) Includes $3.7 million and $3.4 million of amortization of deferred financing costs in the real estate and corporate segments, respectively. (4) Includes an allocation of general and administrative expenses from the Manager of $0.2 million . NorthStar Europe Period Year Ended December 31, 2015 Statement of Operations: Real Estate Corporate Total Rental income $ 101,023 (1) $ — $ 101,023 Escalation income 18,822 (1) — 18,822 Interest expense (3) 25,365 10,764 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 the Manager 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 income $ 1,740 (1) $ — $ 1,740 $ 4,455 $ — $ 4,455 Escalation income 982 (1) — 982 2,707 — 2,707 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).

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Basis of Quarterly Presentation (Details) - USD ($) $ in Thousands	4 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2014	Oct. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Sep. 16, 2014
Business Acquisition [Line Items]
Cash and cash equivalents	$ 2,100		$ 2,100	$ 66,308	$ 283,844	$ 283,844	$ 0
Management fees | General and administrative expense
Business Acquisition [Line Items]
Estimate of management fees	100	$ 300
NSAM | Cost and expense reimbursement
Business Acquisition [Line Items]
Allocated compensation and other general and administrative expenses			1,400
New European Investments
Business Acquisition [Line Items]
Cash and cash equivalents	500		500
Deposit assets	58,600		58,600
Foreign exchange loss			1,100
Transaction costs payable	$ 27,500		$ 27,500

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2016
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Building leasehold interests | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Schedule of Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2016USD ($)
Years Ending December 31:
2,017	$ 97,299
2,018	96,043
2,019	92,460
2,020	72,517
2,021	61,474
Thereafter	163,901
Total	$ 583,694

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Intangible assets:
Goodwill, Gross Amount	$ 13,780	$ 22,852
Total, Gross Amount	186,445	268,063
Intangible assets, Accumulated Amortization	(38,042)	(26,544)
Goodwill, Net	13,780	22,852
Total, Net	148,403	241,519
Intangible liabilities:
Below-market lease, Gross Amount	34,163	40,213
Below-market lease, Accumulated Amortization	(8,104)	(4,490)
Total	26,059	35,723
Total, Gross Amount	39,002	45,239
Total, Accumulated Amortization	(8,200)	(4,521)
Total, Net	$ 30,802	$ 40,718
Below market lease, remaining amortization period	9 years 9 months 18 days	7 years 6 months
In-place lease
Intangible assets:
Intangible assets, Gross Amount	$ 84,743	$ 121,004
Intangible assets, Accumulated Amortization	(29,012)	(20,120)
Total	$ 55,731	$ 100,884
Intangible liabilities:
Finite-lived intangible assets, remaining amortization period	6 years 1 month 6 days	5 years 3 months 18 days
Above-market Leases, Net
Intangible assets:
Intangible assets, Gross Amount	$ 36,704	$ 53,236
Intangible assets, Accumulated Amortization	(8,198)	(5,806)
Total	28,506	47,430
Intangible liabilities:
Gross Amount	4,839	5,026
Accumulated Amortization	(96)	(31)
Net	$ 4,743	$ 4,995
Finite-lived intangible assets, remaining amortization period	7 years 1 month 6 days	6 years 9 months 18 days
Below-market ground lease
Intangible assets:
Intangible assets, Gross Amount	$ 51,218	$ 70,971
Intangible assets, Accumulated Amortization	(832)	(618)
Total	$ 50,386	$ 70,353

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Goodwill [Roll Forward]
Beginning balance goodwill	$ 22,852
Disposal of goodwill	(8,561)
Adjustments from foreign currency translation	(511)
Ending balance goodwill	$ 13,780

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Schedule of Intangible Asset Amortization (Details) - USD ($) $ in Thousands	4 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 15, 2014	Dec. 31, 2016	Dec. 31, 2015
Intangible Assets
Amortization of above-market leases, net of acquired below-market leases	$ 37		$ 1,961	$ 1,763
Other Intangible Assets
Intangible Assets
Amortization of other intangible assets	$ 558		$ 19,543	$ 20,468
Prior Owner
Intangible Assets
Amortization of above-market leases, net of acquired below-market leases		$ 61
Prior Owner | Other Intangible Assets
Intangible Assets
Amortization of other intangible assets		$ 742

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Schedule of Future Intangible Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Below-market Leases, Net
2,017	$ 3,056
2,018	3,048
2,019	3,024
2,020	2,721
2,021	2,572
Thereafter	11,638
Total	26,059	$ 35,723
In-place lease
Intangible Assets
2,017	11,265
2,018	11,038
2,019	10,533
2,020	7,139
2,021	6,164
Thereafter	9,592
Total	55,731	100,884
Above-market Leases, Net
Intangible Assets
2,017	4,284
2,018	4,226
2,019	4,187
2,020	3,714
2,021	3,646
Thereafter	8,449
Total	28,506	$ 47,430
Below-market Ground Lease Value, Net
Intangible Assets
2,017	453
2,018	453
2,019	453
2,020	453
2,021	453
Thereafter	48,121
Total	50,386
Above-market Ground Lease Value, Net
Intangible Liabilities
2,017	65
2,018	65
2,019	65
2,020	65
2,021	65
Thereafter	4,419
Total	$ 4,744

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Other Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other assets:
Prepaid expenses	$ 1,951	$ 3,041
Deferred costs, net	3,029	2,007
Deferred tax assets, net	0	220
Straight-line rent	10,182	5,869
Escrow receivable	6,168	0
Other	310	973
Total	21,640	12,110
Other liabilities:
Deferred tax liabilities	8,916	22,026
Prepaid rent received and unearned revenue	13,585	10,450
Tenant security deposits	4,322	4,953
Prepaid service charge reimbursement	1,560	1,988
Other	535	3,237
Total	$ 28,918	$ 42,654

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Impairment on Investments (Details) - USD ($) $ in Thousands		4 Months Ended	12 Months Ended
		Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Impairment losses	[1]	$ 0	$ 27,468	$ 1,710
[1]	The consolidated financial statements for the year ended December 31, 2016 and for the period from November 1, 2015 to December 31, 2015 represent the Company’s results of operations following the Spin-off on October 31, 2015. The consolidated financial statements for the period from January 1, 2015 to October 31, 2015 and the combined consolidated financial statements 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. The period from January 1, 2014 to September 15, 2014 represents: (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, 2016 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Equity Based Compensation (Details)	12 Months Ended
	Dec. 31, 2016awardtype
Accounting Policies [Abstract]
Share Based Compensation Number Of Award Types	2

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
CTA reclassified to realized gain (loss)	$ 17.7	$ 0.3

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Effective income tax rate (less than)	5.00%
Current foreign tax expense (benefit)	$ 7,700	$ 2,300
Deferred foreign income tax expense (benefit)	5,000	3,000
Deferred tax assets, valuation allowance	$ 26,565	$ 21,460

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards	$ 21,608	$ 14,161
Deferred Tax Assets, Deferred Interest	4,356	5,896
Deferred Tax Assets, Operating Real Estate, Capitalized Transaction Costs	6,654	13,099
Deferred Tax Assets, Operating Real Estate	2,028	0
Deferred Tax Assets, Other	7,410	1,805
Deferred Tax Assets, Gross	42,056	34,961
Deferred tax assets, valuation allowance	(26,565)	(21,460)
Deferred Tax Assets, Net of Valuation Allowance	15,491	13,501
Deferred Tax Liabilities, Operating Real Estate	(20,418)	(30,237)
Deferred Tax Liabilities, Other	(3,989)	(5,070)
Deferred Tax Liabilities, Gross	(24,407)	(35,307)
Deferred Tax Liabilities, Net	$ (8,916)	$ (21,806)

Operating Real Estate - Operati

Operating Real Estate - Operating Real Estate, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 360,555	$ 456,703
Buildings and improvements	980,053	1,256,002
Building, leasehold interests and improvements	212,864	334,970
Furniture, fixtures and equipment	1,214	218
Tenant improvements	59,746	72,567
Operating real estate, gross	1,614,432	2,120,460
Less: accumulated depreciation	(63,585)	(35,303)
Operating real estate, net	$ 1,550,847	$ 2,085,157

Operating Real Estate - Purchas

Operating Real Estate - Purchase Price Allocation (Details) - Trianon Tower $ in Thousands	Sep. 30, 2015USD ($)
Assets
Land	$ 82,172
Buildings, leasehold interests and improvements	476,472
Acquired intangibles	55,558
Other assets acquired	5,960
Total assets acquired	620,162
Liabilities [Abstract]
Mortgage and other notes payable	363,294
Intangibles and other liabilities assumed	31,634
Total liabilities	394,928
Equity [Abstract]
Redeemable non-controlling interest	1,461
Total NorthStar Realty Europe Corp. equity	222,154
Non-controlling interest	1,619
Total equity	223,773
Total liabilities and equity	$ 620,162

Operating Real Estate - Real Es

Operating Real Estate - Real Estate Held for Sale (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2017property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Operating Real Estate, Net		$ 28,208	$ 6,094
Total		2,041	0
Revenue		3,000	2,200
Pretax loss		(800)	$ (2,700)
Depreciation and amortization		$ 1,600
Held-for-sale
Real Estate Properties [Line Items]
Properties | property		3
Operating Real Estate, Net		$ 22,327
Intangible Assets, Net		2,512
Other Assets		3,368
Total		28,207
Intangible Liabilities, Net		467
Other Liabilities		1,574
Total		2,041
Pretax loss
Held-for-sale | Internos Portfolio(3)
Real Estate Properties [Line Items]
Properties | property		2
Operating Real Estate, Net		$ 17,495
Intangible Assets, Net		2,224
Other Assets		3,359
Total		23,078
Intangible Liabilities, Net		237
Other Liabilities		1,574
Total		$ 1,811
Held-for-sale | IVG Portfolio
Real Estate Properties [Line Items]
Properties | property		1
Operating Real Estate, Net		$ 4,832
Intangible Assets, Net		288
Other Assets		9
Total		5,129
Intangible Liabilities, Net		230
Other Liabilities		0
Total		$ 230
Subsequent Event
Real Estate Properties [Line Items]
Number of real estate properties sold | property	1

Operating Real Estate - Narrati

Operating Real Estate - Narrative (Details) $ in Thousands	1 Months Ended	4 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2017property	Dec. 31, 2014USD ($)	Sep. 15, 2014USD ($)	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Jan. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation			$ 1,600	$ 45,200	$ 35,800
Carrying value				28,208	$ 6,094
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value				$ 22,327
18 Non-Core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property				18
Carrying value				$ 368,800
Proceeds from sale				342,700
Proceeds from sale, net of sales costs and associated property debt repayments				336,300
Gain (loss) in connection with sale				$ 18,600
Escrow period				15 months
3 Non-Core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property					3
Carrying value					$ 15,300
Proceeds from sale					22,000
Proceeds from sale, net of sales costs and associated property debt repayments					21,100
Gain (loss) in connection with sale					$ 6,000
Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property	1
Subsequent Event | 18 Non-Core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale						$ 2,900
Prior Owner
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation		$ 500

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2016	Jul. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal Amount		$ 1,162,211		$ 1,784,096
Carrying Value		1,149,119		1,758,408
Mortgage and Other Notes Payable
Debt Instrument [Line Items]
Principal Amount		1,162,211		1,444,096
Carrying Value		1,149,119		1,424,610
Mortgage and Other Notes Payable | Internos Portfolio(3)
Debt Instrument [Line Items]
Principal Amount		67,455		84,497
Carrying Value		66,619		82,329
Mortgage and Other Notes Payable | IVG Portfolio
Debt Instrument [Line Items]
Principal Amount		54,977		78,602
Carrying Value		53,476		75,732
Mortgage and Other Notes Payable | Deka Portfolio
Debt Instrument [Line Items]
Principal Amount		27,010		46,945
Carrying Value		26,928		46,212
Mortgage and Other Notes Payable | SEB Portfolio
Debt Instrument [Line Items]
Principal Amount		507,892		684,540
Carrying Value		$ 500,692		674,543
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		1.50%
Mortgage and Other Notes Payable | SEB Portfolio - Preferred
Debt Instrument [Line Items]
Principal Amount		$ 90,033		115,604
Carrying Value		89,720		115,219
Mortgage and Other Notes Payable | Trianon Tower
Debt Instrument [Line Items]
Principal Amount		347,012		359,898
Carrying Value		345,422		357,996
Mortgage and Other Notes Payable | IVG, Internos, and Deka Portfolio
Debt Instrument [Line Items]
Principal Amount		6,151		0
Carrying Value		$ 5,481		0
Mortgage and Other Notes Payable | IVG, Internos, and Deka Portfolio | Minimum
Debt Instrument [Line Items]
Prepayment fee percentage range on principal		0.25%
Mortgage and Other Notes Payable | IVG, Internos, and Deka Portfolio | Maximum
Debt Instrument [Line Items]
Prepayment fee percentage range on principal		1.00%
Mortgage and Other Notes Payable | Floating - GBP LIBOR Plus 1.75% | U.K. Complex
Debt Instrument [Line Items]
Principal Amount		$ 50,116		60,369
Carrying Value		$ 49,284		59,210
Mortgage and Other Notes Payable | Floating - GBP LIBOR Plus 1.75% | U.K. Complex | GBP LIBOR
Debt Instrument [Line Items]
Contractual Interest Rate		1.75%
Mortgage and Other Notes Payable | Fixed - at 8.325% | U.K. Complex
Debt Instrument [Line Items]
Principal Amount		$ 11,565		13,641
Carrying Value		$ 11,497		13,369
Contractual Interest Rate		8.325%
Mortgage and Other Notes Payable | EURIBOR Plus 2.7% | IVG, Internos, and Deka Portfolio | EURIBOR
Debt Instrument [Line Items]
Principal Amount		$ 10,300
Contractual Interest Rate		2.70%
Mortgage and Other Notes Payable | EURIBOR Plus 1.55% | IVG, Internos, and Deka Portfolio | EURIBOR
Debt Instrument [Line Items]
Principal Amount		$ 79,000
Contractual Interest Rate		1.55%
Mortgage and Other Notes Payable | EURIBOR Plus 1.65% | IVG, Internos, and Deka Portfolio | EURIBOR
Debt Instrument [Line Items]
Principal Amount		$ 44,400
Contractual Interest Rate		1.65%
Mortgage and Other Notes Payable | GBP LIBOR Plus 2.7% | IVG, Internos, and Deka Portfolio | GBP LIBOR
Debt Instrument [Line Items]
Contractual Interest 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		$ 15,800
Mortgage and Other Notes Payable | EURIBOR Plus 1.8% | SEB Portfolio | EURIBOR
Debt Instrument [Line Items]
Principal Amount		$ 278,500
Contractual Interest Rate		1.80%
Mortgage and Other Notes Payable | GBP LIBOR Plus 1.8% | SEB Portfolio | GBP LIBOR
Debt Instrument [Line Items]
Principal Amount		$ 229,400
Contractual Interest Rate		1.80%
Mortgage and Other Notes Payable | Variable rate | SEB Portfolio - Preferred
Debt Instrument [Line Items]
Contractual Interest Rate		3.00%	2.30%
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 | EURIBOR Plus 1.45% | Trianon Tower | EURIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	1.45%
Mortgage and Other Notes Payable | EURIBOR Plus 1.30% | Trianon Tower | EURIBOR
Debt Instrument [Line Items]
Contractual Interest Rate	1.30%
Mortgage and Other Notes Payable | EURIBOR Plus 1.30% | Trianon Tower | EURIBOR | Repayment provision through June 30, 2017
Debt Instrument [Line Items]
Prepayment fee percentage range on principal	0.80%
Mortgage and Other Notes Payable | EURIBOR Plus 1.30% | Trianon Tower | EURIBOR | Repayment provision through June 30, 2018
Debt Instrument [Line Items]
Prepayment fee percentage range on principal	0.60%
Mortgage and Other Notes Payable | EURIBOR Plus 1.30% | Trianon Tower | EURIBOR | Repayment provision through June 30, 2019
Debt Instrument [Line Items]
Prepayment fee percentage range on principal	0.30%
Mortgage and Other Notes Payable | Fixed rate at 1.0% | IVG, Internos, and Deka Portfolio
Debt Instrument [Line Items]
Contractual Interest Rate		1.00%
Maturity		30 years
Senior Notes
Debt Instrument [Line Items]
Principal Amount				340,000
Carrying Value				$ 333,798
Contractual Interest Rate		4.625%
Held-for-sale | Mortgage and Other Notes Payable | IVG Portfolio
Debt Instrument [Line Items]
Disposal Group, Including Discontinued Operation, Liabilities		$ 5,200

Borrowings - Reconciliation of

Borrowings - Reconciliation of Principal to Carrying Amount (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Principal amount	$ 1,162,211	$ 1,784,096
Premium (discount), net	0	(1,144)
Deferred financing costs, net	(13,092)	(24,544)
Carrying value	$ 1,149,119	$ 1,758,408

Borrowings - Scheduled Principa

Borrowings - Scheduled Principal on Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
2,021	$ 0
Total	1,162,211	$ 1,784,096
Mortgage and Other Notes Payable
Debt Instrument [Line Items]
2,017	0
2,018	0
2,019	0
2,020	211,122
Thereafter	951,089
Total	$ 1,162,211

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)	1 Months Ended
	Aug. 31, 2016	Jun. 30, 2016	May 31, 2016	Feb. 29, 2016	Jul. 31, 2015	Oct. 31, 2016
Debt Instrument [Line Items]
Amount repurchased	$ 42,300,000	$ 80,000,000		$ 150,000,000
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
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Corporate revolving credit facility			$ 75,000,000			$ 35,000,000
Initial term			1 year

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Annualized base management fee to be paid		$ 4,991,000	$ 3,995,000
Colony NorthStar, Inc. [Member]
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		$ 14,100,000	2,300,000
Annualized base management fee to be paid		3,500,000
Asset management agreement, assets under management		$ 10,000,000,000
Increase in annualized base management fee		20.00%
Colony NorthStar, Inc. [Member] | Tier 1
Related Party Transaction [Line Items]
Asset management agreement, incentive fee		15.00%
Colony NorthStar, Inc. [Member] | Tier 2
Related Party Transaction [Line Items]
Asset management agreement, incentive fee		25.00%
Colony NorthStar, Inc. [Member] | Minimum | Tier 1
Related Party Transaction [Line Items]
Asset management agreement, incentive fee, per share (in dollars per share)		$ 0.30
Colony NorthStar, Inc. [Member] | Minimum | Tier 2
Related Party Transaction [Line Items]
Asset management agreement, incentive fee, per share (in dollars per share)		0.36
Colony NorthStar, Inc. [Member] | Maximum | Tier 1
Related Party Transaction [Line Items]
Asset management agreement, incentive fee, per share (in dollars per share)		$ 0.36
Colony NorthStar, Inc. [Member] | Allocation of Severance Costs [Member] | Due to Related Party
Related Party Transaction [Line Items]
Allocated general and administrative expense		$ 0	0
Colony NorthStar, Inc. [Member] | Management fees
Related Party Transaction [Line Items]
Additional asset management fee		1.50%
Colony NorthStar, Inc. [Member] | Cost and expense reimbursement | Due to Related Party
Related Party Transaction [Line Items]
Allocated general and administrative expense		$ 200,000	$ 400,000
Colony NorthStar, Inc. [Member] | Long-term bonus or other compensation
Related Party Transaction [Line Items]
Reimbursement percentage		50.00%
NSAM | Cost and expense reimbursement
Related Party Transaction [Line Items]
Allocated general and administrative expense				$ 1,400,000
Investor | NSAM
Related Party Transaction [Line Items]
Common stock purchased (shares)	0.2
Aggregate purchase price of common stock	$ 2,300,000

Compensation Expense - Narrativ

Compensation Expense - Narrative (Details) $ in Millions	Oct. 31, 2015shares	Jan. 22, 2014shares	Jan. 31, 2017shares	Jul. 31, 2016	Mar. 31, 2016shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)						3,372,000
Spinoff conversion ratio	0.1667
Conversion ratio	0.50
Common stock given as payout (shares)	0.3333
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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $						$ 19.3	$ 0.9
Awards granted (shares)						1,684,000
Equity-based compensation expense not yet recognized | $						$ 22.6
Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Restricted Stock | Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)					995,698
Award vesting period					4 years	4 years
Restricted Stock | NSAM Bonus Plan | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards retired in period (shares)						100,000
Restricted Stock | NSAM Bonus Plan | NSAM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of long-term bonus paid in shares							31.65%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)						0
Restricted Stock Units (RSUs) | Healthcare Strategic Partnership | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)		100,000
Restricted Stock Units (RSUs) | Spin-off
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 | NSAM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of long-term bonus paid in shares							18.35%
Restricted Stock Units (RSUs) | Omnibus Stock Incentive Plan
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%
Operating Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)						0
Minimum | Restricted Stock | Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						3 years
Maximum | Restricted Stock | Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						5 years
Subsequent Event | Restricted Stock | NSAM Bonus Plan | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)			172,191
Subsequent Event | Restricted Stock | NSAM Bonus Plan | Non Executive Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)			207,403
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock retired (in shares)						5,662,000	3,680,000
Common Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock retired (in shares)			18,481

Compensation Expense - Common U

Compensation Expense - Common Units and Unvested Restricted Stock Activity (Details) - $ / shares	Jan. 22, 2014	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)		1,118,000
New grants (shares)		3,372,000
Vesting of restricted stock (shares)		(704,000)
Forfeited or canceled grants (shares)		(8,000)
Ending balance (shares)		3,778,000
Weighted Average Grant Price
Beginning balance (in dollars per share)		$ 19.91
New grants (in dollars per share)		7.98
Vesting of restricted stock (in dollars per share)		9.09
Forfeited or canceled grants (in dollars per share)		15.83
Ending balance (in dollars per share)		$ 11.29
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)		45,000
New grants (shares)		1,684,000
Vesting of restricted stock (shares)		(587,000)
Forfeited or canceled grants (shares)		(3,000)
Ending balance (shares)		1,139,000
Common Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)		692,000
New grants (shares)		0
Vesting of restricted stock (shares)		0
Forfeited or canceled grants (shares)		(4,000)
Ending balance (shares)		688,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)		83,000
New grants (shares)		0
Vesting of restricted stock (shares)		0
Forfeited or canceled grants (shares)		0
Ending balance (shares)		83,000
Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)		298,000
New grants (shares)		1,688,000
Vesting of restricted stock (shares)		(117,000)
Forfeited or canceled grants (shares)		(1,000)
Ending balance (shares)		1,868,000
Healthcare Strategic Partnership | Director | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
New grants (shares)	100,000
2015 Omnibus Stock Incentive Plan | NSAM | Executive Officer | Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
New grants (shares)		200,000
2015 Omnibus Stock Incentive Plan | NSAM | Non Executive Employees | Restricted Stock Units (RSUs)
Weighted Average Grant Price
Risk free interest rate		1.16%
2015 Omnibus Stock Incentive Plan | NSAM | Non Executive Employees | Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
New grants (shares)		1,500,000
Weighted Average Grant Price
New grants (in dollars per share)		$ 0.41
Risk free interest rate		0.88%
NSAM Bonus Plan | Executive Officer | Restricted Stock
Weighted Average Grant Price
Awards retired in period (shares)		100,000
Minimum | 2015 Omnibus Stock Incentive Plan | NSAM | Non Executive Employees | Restricted Stock Units (RSUs)
Weighted Average Grant Price
New grants (in dollars per share)		$ 5.69
Maximum | 2015 Omnibus Stock Incentive Plan | NSAM | Non Executive Employees | Restricted Stock Units (RSUs)
Weighted Average Grant Price
New grants (in dollars per share)		$ 9.24

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)

Nov. 01, 2016$ / shares

Aug. 03, 2016$ / shares

May 10, 2016$ / shares

Mar. 15, 2016$ / shares

Nov. 23, 2015$ / shares

Oct. 31, 2015

Nov. 30, 2016USD ($)shares

Jul. 31, 2016USD ($)shares

Mar. 31, 2016

Dec. 31, 2016USD ($)shares

Dec. 31, 2016USD ($)shares

Nov. 30, 2015USD ($)

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

$ 100,000,000

Common stock repurchased (shares) | shares

5,700,000

Common stock repurchased

$ 58,600,000

Shares repurchased (shares) | shares

9,300,000

Repurchase of equity

$ 100,000,000

Common stock dividends declared (in dollars per share) | $ / shares

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

Director | Restricted Stock

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

Share issued (shares) | shares

43,518

15,368

Fair value at date of grant

$ 500,000

$ 100,000

Vesting period

3 years

Spin-off | Restricted Stock

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

Vesting period

4 years

4 years

Spin-off | Restricted Stock Units (RSUs)

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

Maximum award vesting rights based on absolute performance, percentage

100.00%

NSAM | NSAM Bonus Plan

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

Vesting period

4 years

Maximum percent of salaries, wages and officers' compensation from related party to be covered by entity

50.00%

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - $ / shares	Nov. 01, 2016	Aug. 03, 2016	May 10, 2016	Mar. 15, 2016	Nov. 23, 2015
Equity [Abstract]
Common Stock, Dividend Per Share (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15

Stockholders' Equity - Earnings

Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								4 Months Ended		9 Months Ended	12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014		Sep. 15, 2014	Dec. 31, 2016		Dec. 31, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders	[1]									$ (33,630)			$ (61,753)		$ (143,136)
Net income (loss) attributable to Unit Holders non-controlling interest										0			(778)		(1,052)
Net income (loss) attributable to common stockholders and Unit Holders										$ (33,630)			$ (62,531)		$ (144,188)
Weighted average shares of common stock (shares)	[1]									62,987,863	[2]		57,875,479		62,183,638	[2]
Weighted average Unit Holders (shares)										0			690,000		681,000
Weighted average shares of common stock and Unit Holders (shares)	[1]									62,987,863	[2]		58,564,986		62,865,124	[2]
Earnings (loss) per share:
Basic (in dollars per share)		$ 0.25	$ (0.22)	$ (0.57)	$ (0.49)	$ (0.55)	$ (0.51)	$ (1.21)	$ (0.02)	$ (0.53)	[1],[2]		$ (1.07)	[1]	$ (2.30)	[1],[2]
Diluted (in dollars per share)		$ 0.24	$ (0.22)	$ (0.57)	$ (0.49)	$ (0.55)	$ (0.51)	$ (1.21)	$ (0.02)	$ (0.53)	[1],[2]		$ (1.07)	[1]	$ (2.30)	[1],[2]
LTIP Units
Earnings (loss) per share:
Shares issued upon conversion of awards (shares)													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. common stockholders	[1]											$ (3,007)
Net income (loss) attributable to Unit Holders non-controlling interest												0
Net income (loss) attributable to common stockholders and Unit Holders												$ (3,007)
Weighted average shares of common stock (shares)	[1],[2]											62,987,863
Weighted average Unit Holders (shares)												0
Weighted average shares of common stock and Unit Holders (shares)	[1],[2]											62,987,863
Earnings (loss) per share:
Basic (in dollars per share)	[1],[2]											$ (0.05)
Diluted (in dollars per share)	[1],[2]											$ (0.05)
[1]	The consolidated financial statements for the year ended December 31, 2016 and for the period from November 1, 2015 to December 31, 2015 represent the Company’s results of operations following the Spin-off on October 31, 2015. The consolidated financial statements for the period from January 1, 2015 to October 31, 2015 and the combined consolidated financial statements 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. The period from January 1, 2014 to September 15, 2014 represents: (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, 2016 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	Basic and diluted earnings per common shares for the year ended December 31, 2014 was 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	4 Months Ended	12 Months Ended
	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Nov. 30, 2015USD ($)
Noncontrolling Interest [Line Items]
Non-controlling interest					$ 8,700
Non-controlling ownership interest		1.20%
Net loss attributable to Unit Holders non-controlling interest	$ 0	$ 778	$ 1,052
Ownership percentage in disposed asset			5.50%	5.50%
Redeemable noncontrolling interest, equity, redemption value | €				€ 2.1
Non-controlling Interest in Subsidiaries Owning Trianon Tower
Noncontrolling Interest [Line Items]
Consideration received			$ 1,500
LTIP units | Non-controlling interest
Noncontrolling Interest [Line Items]
Number of units outstanding (shares) | shares		688,057

Risk Management and Derivativ62

Risk Management and Derivative Activities - Derivative Instruments Not Designated as Hedges (Details) - Not designated as hedges $ in Thousands	Dec. 31, 2016USD ($)instrument	Dec. 31, 2015USD ($)instrument
Derivative [Line Items]
Number | instrument	6	9
Notional Amount	$ 1,180,206	$ 1,583,569
Fair Value Asset	$ 13,729	$ 23,792
Interest rate caps
Derivative [Line Items]
Number | instrument	4	6
Notional Amount	$ 1,107,400	$ 1,429,216
Fair Value Asset	$ 8,659	$ 23,375
Interest rate caps | EURIBOR | Minimum
Derivative [Line Items]
Interest rate caps	0.50%	0.50%
Interest rate caps | GBP LIBOR | Maximum
Derivative [Line Items]
Interest rate caps	2.00%	2.00%
Foreign currency forwards, net
Derivative [Line Items]
Number | instrument	2	3
Notional Amount	$ 72,806	$ 154,353
Fair Value Asset	$ 5,070	$ 417

Risk Management and Derivativ63

Risk Management and Derivative Activities - Fair Value of Derivative Instruments (Details) - Derivative assets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Interest rate caps
Derivative [Line Items]
Derivatives	$ 8,659	$ 23,375
Foreign currency forwards
Derivative [Line Items]
Derivatives	$ 5,070	$ 417

Risk Management and Derivativ64

Risk Management and Derivative Activities - Effect of Derivative Instruments in the Combined Consolidated Statements of Operations (Details) - Unrealized gain (loss) on investments and other(1) - Derivatives - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 15, 2014
Derivative [Line Items]
Net cash receipt (payment) on derivatives	$ (787)	$ 0	$ 0
Interest rate caps
Derivative [Line Items]
Adjustments to fair value	(14,936)	(8,897)	(210)
Foreign currency forwards
Derivative [Line Items]
Adjustments to fair value	$ 4,653	$ 417	$ 0
Prior Owner
Derivative [Line Items]
Net cash receipt (payment) on derivatives				$ 0
Prior Owner | Interest rate caps
Derivative [Line Items]
Adjustments to fair value				2,110
Prior Owner | Foreign currency forwards
Derivative [Line Items]
Adjustments to fair value				$ 0

Risk Management and Derivativ65

Risk Management and Derivative Activities - Narrative (Details)	Dec. 31, 2016USD ($)instrument	Dec. 31, 2015USD ($)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

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 13,729	$ 23,792
Principal/Notional Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,180,206	1,583,569
Principal/Notional Amount | Mortgage and other notes payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,162,211	1,444,096
Principal/Notional Amount | Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	340,000
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	13,729	23,792
Carrying Value | Mortgage and other notes payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,149,119	1,424,610
Carrying Value | Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	333,798
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	13,729	23,792
Fair Value | Mortgage and other notes payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,146,134	1,424,610
Fair Value | Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 0	$ 327,330

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2016USD ($)lease	Dec. 31, 2016USD ($)leaselessee
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Number of significant lessees | lessee		1
Significant lessee remaining lease term	7 years 4 months 24 days
Ground Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,017	$ 619	$ 619
2,018	619	619
2,019	619	619
2,020	619	619
2,021	619	619
Thereafter	41,756	41,756
Total minimum lease payments	$ 44,851	$ 44,851
Ground Lease Expiring 2237
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Number of ground leases | lease	1	1
Ground Leases Expiring 2089
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Number of ground leases | lease	2	2

Quarterly Financial Informati68

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								4 Months Ended		12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	[1]	Dec. 31, 2016	[1]	Dec. 31, 2015	[1]
Quarterly Financial Information Disclosure [Abstract]
Rental income	$ 25,700	$ 29,798	$ 33,990	$ 34,833	$ 37,098	$ 34,072	$ 28,344	$ 1,509	$ 1,740		$ 124,321		$ 101,023
Escalation income	5,347	7,828	5,908	6,090	6,825	8,106	3,213	678	982		25,173		18,822
Total expenses	46,521	46,722	79,514	53,409	67,794	69,350	117,418	3,440	35,332		226,166		258,002
Income (loss) before income tax benefit (expense)	14,128	(10,115)	(33,789)	(29,984)	(19,636)	(35,772)	(73,120)	(16,290)	(33,906)		(59,760)		(144,818)
Net income (loss)	13,902	(12,770)	(34,309)	(29,325)	(34,180)	(31,932)	(76,688)	(1,343)	$ (33,906)		$ (62,502)		$ (144,143)
Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders	$ 13,859	$ (12,721)	$ (33,909)	$ (28,982)	$ (33,949)	$ (31,892)	$ (75,983)	$ (1,312)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.25	$ (0.22)	$ (0.57)	$ (0.49)	$ (0.55)	$ (0.51)	$ (1.21)	$ (0.02)	$ (0.53)	[2]	$ (1.07)		$ (2.30)	[2]
Diluted (in dollars per share)	$ 0.24	$ (0.22)	$ (0.57)	$ (0.49)	$ (0.55)	$ (0.51)	$ (1.21)	$ (0.02)	$ (0.53)	[2]	$ (1.07)		$ (2.30)	[2]
[1]	The consolidated financial statements for the year ended December 31, 2016 and for the period from November 1, 2015 to December 31, 2015 represent the Company’s results of operations following the Spin-off on October 31, 2015. The consolidated financial statements for the period from January 1, 2015 to October 31, 2015 and the combined consolidated financial statements 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. The period from January 1, 2014 to September 15, 2014 represents: (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, 2016 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	Basic and diluted earnings per common shares for the year ended December 31, 2014 was 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		3 Months Ended								4 Months Ended		9 Months Ended	12 Months Ended
		Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)		Sep. 15, 2014USD ($)	Dec. 31, 2016USD ($)segment		Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Revenues	[1]									$ 2,761			$ 151,215		$ 120,539
Number of reporting segments | segment													2
Rental income		$ 25,700	$ 29,798	$ 33,990	$ 34,833	$ 37,098	$ 34,072	$ 28,344	$ 1,509	1,740	[1]		$ 124,321	[1]	101,023	[1]
Escalation income		5,347	7,828	5,908	6,090	6,825	8,106	3,213	678	982	[1]		25,173	[1]	18,822	[1]
Interest expense	[1]									165			41,439		36,129
Income (loss) before income tax benefit (expense)		14,128	(10,115)	(33,789)	(29,984)	(19,636)	(35,772)	(73,120)	(16,290)	(33,906)	[1]		(59,760)	[1]	(144,818)	[1]
Income tax benefit (expense)	[1]									0			(2,742)		675
Net income (loss)		13,902	$ (12,770)	$ (34,309)	$ (29,325)	(34,180)	$ (31,932)	$ (76,688)	$ (1,343)	(33,906)	[1]		(62,502)	[1]	(144,143)	[1]
Amortization of deferred financing costs										18			7,117		5,936
General and administrative expenses	[1]									1,207			8,077		3,502
Total assets		1,845,392				2,683,050				160,271			1,845,392		2,683,050
Depreciation and amortization	[1]									1,088			64,979		56,283
Transaction costs	[1]									31,691			2,610		120,101
Impairment losses	[1]									0			27,468		1,710
Real Estate Segment
Segment Reporting Information [Line Items]
Rental income										1,740			124,321		101,023
Escalation income										982			25,173		18,822
Interest expense										165			30,974		25,365
Income (loss) before income tax benefit (expense)										(32,699)			(4,005)		(106,141)
Income tax benefit (expense)										0			(2,742)		675
Net income (loss)										(32,699)			(6,747)		(105,466)
Amortization of deferred financing costs													3,700		2,900
Total assets		1,835,531				2,544,992				160,271			1,835,531		2,544,992
Corporate
Segment Reporting Information [Line Items]
Rental income										0			0		0
Escalation income										0			0		0
Interest expense										0			10,465		10,764
Income (loss) before income tax benefit (expense)										(1,207)			(55,755)		(38,677)
Income tax benefit (expense)										0			0		0
Net income (loss)										(1,207)			(55,755)		(38,677)
Amortization of deferred financing costs													3,400		3,000
General and administrative expenses													200		400
Total assets		$ 9,861				$ 138,058				0			9,861		138,058
Germany
Segment Reporting Information [Line Items]
Revenues													56,800		34,400
UNITED KINGDOM
Segment Reporting Information [Line Items]
Revenues										2,700			38,500		37,100
France
Segment Reporting Information [Line Items]
Revenues													21,600		16,100
Netherlands
Segment Reporting Information [Line Items]
Revenues													$ 17,000		15,100
UK Complex
Segment Reporting Information [Line Items]
Transaction costs										4,300
New European Investments
Segment Reporting Information [Line Items]
Transaction costs										$ 27,500					$ 99,100
Prior Owner
Segment Reporting Information [Line Items]
Revenues	[1]											$ 8,452
Rental income	[1]											4,455
Escalation income	[1]											2,707
Interest expense	[1]											3,486
Income (loss) before income tax benefit (expense)	[1]											(3,007)
Income tax benefit (expense)	[1]											0
Net income (loss)	[1]											(3,007)
Amortization of deferred financing costs												0
General and administrative expenses	[1]											4,676
Total assets												0
Depreciation and amortization	[1]											2,294
Transaction costs	[1]											0
Impairment losses	[1]											0
Prior Owner | Real Estate Segment
Segment Reporting Information [Line Items]
Rental income												4,455
Escalation income												2,707
Interest expense												3,486
Income (loss) before income tax benefit (expense)												1,434
Income tax benefit (expense)												0
Net income (loss)												1,434
Total assets												0
Prior Owner | Corporate
Segment Reporting Information [Line Items]
Rental income												0
Escalation income												0
Interest expense												0
Income (loss) before income tax benefit (expense)												(4,441)
Income tax benefit (expense)												0
Net income (loss)												(4,441)
Total assets												$ 0
[1]	The consolidated financial statements for the year ended December 31, 2016 and for the period from November 1, 2015 to December 31, 2015 represent the Company’s results of operations following the Spin-off on October 31, 2015. The consolidated financial statements for the period from January 1, 2015 to October 31, 2015 and the combined consolidated financial statements 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. The period from January 1, 2014 to September 15, 2014 represents: (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, 2016 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Mar. 08, 2017$ / shares	Nov. 01, 2016$ / shares	Aug. 03, 2016$ / shares	May 10, 2016$ / shares	Mar. 15, 2016$ / shares	Nov. 23, 2015$ / shares	Mar. 15, 2017USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share) | $ / shares		$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15
Carrying value								$ 28,208	$ 6,094
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share) | $ / shares	$ 0.15
Subsequent Event | 2016 Property Dispositions | Asset Sold
Subsequent Event [Line Items]
Number of none-core assets sold | property							1
Carrying value							$ 17,200
Proceeds from sale							$ 23,600

Schedule III - Real Estate an71

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,048,719
Initial cost of land	360,555
Initial cost of buildings & improvements	1,244,408
Capitalized subsequent to acquisition of land, buildings & improvements	9,469
Gross amount carried at close of period, land	360,555
Gross amount carried at close of period, building & improvements	1,253,877
Gross amount carried at close of period, total	1,614,432	$ 2,120,460	$ 55,413	$ 0
Accumulated depreciation	63,585	35,303	$ 517	$ 0
Operating real estate, net	1,550,847	$ 2,085,157
Preferred equity certificates	95,200
Federal income tax basis	1,800,000
Held-for-Sale
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,199
Initial cost of land	6,357
Initial cost of buildings & improvements	15,849
Capitalized subsequent to acquisition of land, buildings & improvements	932
Gross amount carried at close of period, land	6,357
Gross amount carried at close of period, building & improvements	16,781
Gross amount carried at close of period, total	23,138
Accumulated depreciation	811
Operating real estate, net	22,327
Hamburg 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,395
Initial cost of land	30,140
Initial cost of buildings & improvements	21,691
Capitalized subsequent to acquisition of land, buildings & improvements	637
Gross amount carried at close of period, land	30,140
Gross amount carried at close of period, building & improvements	22,328
Gross amount carried at close of period, total	52,468
Accumulated depreciation	1,456
Operating real estate, net	$ 51,012
Life on which depreciation is computed	40 years
Hamburg 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 30,028
Initial cost of land	21,603
Initial cost of buildings & improvements	26,411
Capitalized subsequent to acquisition of land, buildings & improvements	1,119
Gross amount carried at close of period, land	21,603
Gross amount carried at close of period, building & improvements	27,530
Gross amount carried at close of period, total	49,133
Accumulated depreciation	1,621
Operating real estate, net	$ 47,512
Life on which depreciation is computed	40 years
Frankfurt 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 345,422
Initial cost of land	78,489
Initial cost of buildings & improvements	455,117
Capitalized subsequent to acquisition of land, buildings & improvements	808
Gross amount carried at close of period, land	78,489
Gross amount carried at close of period, building & improvements	455,925
Gross amount carried at close of period, total	534,414
Accumulated depreciation	20,975
Operating real estate, net	$ 513,439
Life on which depreciation is computed	40 years
Berlin 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,172
Initial cost of land	759
Initial cost of buildings & improvements	20,120
Capitalized subsequent to acquisition of land, buildings & improvements	16
Gross amount carried at close of period, land	759
Gross amount carried at close of period, building & improvements	20,136
Gross amount carried at close of period, total	20,895
Accumulated depreciation	873
Operating real estate, net	$ 20,022
Life on which depreciation is computed	40 years
Berlin 3
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,061
Initial cost of land	793
Initial cost of buildings & improvements	10,950
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	793
Gross amount carried at close of period, building & improvements	10,950
Gross amount carried at close of period, total	11,743
Accumulated depreciation	475
Operating real estate, net	$ 11,268
Life on which depreciation is computed	40 years
Köln 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 16,394
Initial cost of land	10,916
Initial cost of buildings & improvements	17,580
Capitalized subsequent to acquisition of land, buildings & improvements	274
Gross amount carried at close of period, land	10,916
Gross amount carried at close of period, building & improvements	17,854
Gross amount carried at close of period, total	28,770
Accumulated depreciation	950
Operating real estate, net	$ 27,820
Life on which depreciation is computed	40 years
Münster
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,385
Initial cost of land	2,467
Initial cost of buildings & improvements	4,994
Capitalized subsequent to acquisition of land, buildings & improvements	828
Gross amount carried at close of period, land	2,467
Gross amount carried at close of period, building & improvements	5,822
Gross amount carried at close of period, total	8,289
Accumulated depreciation	243
Operating real estate, net	$ 8,046
Life on which depreciation is computed	40 years
Berlin 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 25,728
Initial cost of land	7,396
Initial cost of buildings & improvements	33,098
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	7,396
Gross amount carried at close of period, building & improvements	33,098
Gross amount carried at close of period, total	40,494
Accumulated depreciation	1,559
Operating real estate, net	$ 38,935
Life on which depreciation is computed	40 years
Frankfurt 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,535
Initial cost of land	3,954
Initial cost of buildings & improvements	13,972
Capitalized subsequent to acquisition of land, buildings & improvements	1,095
Gross amount carried at close of period, land	3,954
Gross amount carried at close of period, building & improvements	15,067
Gross amount carried at close of period, total	19,021
Accumulated depreciation	763
Operating real estate, net	$ 18,258
Life on which depreciation is computed	40 years
Werl
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,520
Initial cost of land	873
Initial cost of buildings & improvements	2,412
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	873
Gross amount carried at close of period, building & improvements	2,412
Gross amount carried at close of period, total	3,285
Accumulated depreciation	143
Operating real estate, net	$ 3,142
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	305
Initial cost of buildings & improvements	1,224
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	305
Gross amount carried at close of period, building & improvements	1,224
Gross amount carried at close of period, total	1,529
Accumulated depreciation	195
Operating real estate, net	$ 1,334
Life on which depreciation is computed	40 years
Germany
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 489,640
Initial cost of land	157,695
Initial cost of buildings & improvements	607,569
Capitalized subsequent to acquisition of land, buildings & improvements	4,777
Gross amount carried at close of period, land	157,695
Gross amount carried at close of period, building & improvements	612,346
Gross amount carried at close of period, total	770,041
Accumulated depreciation	29,253
Operating real estate, net	740,788
Paris 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	83,005
Initial cost of land	87,959
Initial cost of buildings & improvements	48,561
Capitalized subsequent to acquisition of land, buildings & improvements	15
Gross amount carried at close of period, land	87,959
Gross amount carried at close of period, building & improvements	48,576
Gross amount carried at close of period, total	136,535
Accumulated depreciation	3,021
Operating real estate, net	$ 133,514
Life on which depreciation is computed	40 years
Paris 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 47,280
Initial cost of land	30,290
Initial cost of buildings & improvements	39,355
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	30,290
Gross amount carried at close of period, building & improvements	39,355
Gross amount carried at close of period, total	69,645
Accumulated depreciation	2,357
Operating real estate, net	$ 67,288
Life on which depreciation is computed	40 years
Paris 5
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,128
Initial cost of land	9,259
Initial cost of buildings & improvements	3,821
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	9,259
Gross amount carried at close of period, building & improvements	3,821
Gross amount carried at close of period, total	13,080
Accumulated depreciation	217
Operating real estate, net	$ 12,863
Life on which depreciation is computed	40 years
Paris 3
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 23,082
Initial cost of land	31,168
Initial cost of buildings & improvements	11,927
Capitalized subsequent to acquisition of land, buildings & improvements	1,180
Gross amount carried at close of period, land	31,168
Gross amount carried at close of period, building & improvements	13,107
Gross amount carried at close of period, total	44,275
Accumulated depreciation	720
Operating real estate, net	$ 43,555
Life on which depreciation is computed	40 years
Marly
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 19,521
Initial cost of land	4,450
Initial cost of buildings & improvements	38,656
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	4,450
Gross amount carried at close of period, building & improvements	38,656
Gross amount carried at close of period, total	43,106
Accumulated depreciation	1,723
Operating real estate, net	$ 41,383
Life on which depreciation is computed	40 years
France
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 179,016
Initial cost of land	163,126
Initial cost of buildings & improvements	142,320
Capitalized subsequent to acquisition of land, buildings & improvements	1,195
Gross amount carried at close of period, land	163,126
Gross amount carried at close of period, building & improvements	143,515
Gross amount carried at close of period, total	306,641
Accumulated depreciation	8,038
Operating real estate, net	298,603
Woking
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	60,781
Initial cost of land	0
Initial cost of buildings & improvements	43,621
Capitalized subsequent to acquisition of land, buildings & improvements	2,094
Gross amount carried at close of period, land	0
Gross amount carried at close of period, building & improvements	45,715
Gross amount carried at close of period, total	45,715
Accumulated depreciation	3,436
Operating real estate, net	$ 42,279
Life on which depreciation is computed	40 years
London 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 99,767
Initial cost of land	15,332
Initial cost of buildings & improvements	115,740
Capitalized subsequent to acquisition of land, buildings & improvements	1,290
Gross amount carried at close of period, land	15,332
Gross amount carried at close of period, building & improvements	117,030
Gross amount carried at close of period, total	132,362
Accumulated depreciation	6,349
Operating real estate, net	$ 126,013
Life on which depreciation is computed	40 years
London 1
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 126,330
Initial cost of land	0
Initial cost of buildings & improvements	172,241
Capitalized subsequent to acquisition of land, buildings & improvements	92
Gross amount carried at close of period, land	0
Gross amount carried at close of period, building & improvements	172,333
Gross amount carried at close of period, total	172,333
Accumulated depreciation	8,152
Operating real estate, net	$ 164,181
Life on which depreciation is computed	40 years
St. Albans
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,463
Initial cost of land	1,904
Initial cost of buildings & improvements	4,417
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	1,904
Gross amount carried at close of period, building & improvements	4,417
Gross amount carried at close of period, total	6,321
Accumulated depreciation	280
Operating real estate, net	$ 6,041
Life on which depreciation is computed	40 years
Glasgow
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,512
Initial cost of land	2,262
Initial cost of buildings & improvements	6,440
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	2,262
Gross amount carried at close of period, building & improvements	6,440
Gross amount carried at close of period, total	8,702
Accumulated depreciation	325
Operating real estate, net	$ 8,377
Life on which depreciation is computed	40 years
London 3
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,472
Initial cost of land	6,314
Initial cost of buildings & improvements	6,073
Capitalized subsequent to acquisition of land, buildings & improvements	3
Gross amount carried at close of period, land	6,314
Gross amount carried at close of period, building & improvements	6,076
Gross amount carried at close of period, total	12,390
Accumulated depreciation	326
Operating real estate, net	$ 12,064
Life on which depreciation is computed	40 years
United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 302,325
Initial cost of land	25,812
Initial cost of buildings & improvements	348,532
Capitalized subsequent to acquisition of land, buildings & improvements	3,479
Gross amount carried at close of period, land	25,812
Gross amount carried at close of period, building & improvements	352,011
Gross amount carried at close of period, total	377,823
Accumulated depreciation	18,868
Operating real estate, net	358,955
Rotterdam
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	75,885
Initial cost of land	10,044
Initial cost of buildings & improvements	130,392
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	10,044
Gross amount carried at close of period, building & improvements	130,392
Gross amount carried at close of period, total	140,436
Accumulated depreciation	6,590
Operating real estate, net	$ 133,846
Life on which depreciation is computed	40 years
De Meern
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,853
Initial cost of land	1,768
Initial cost of buildings & improvements	486
Capitalized subsequent to acquisition of land, buildings & improvements	4
Gross amount carried at close of period, land	1,768
Gross amount carried at close of period, building & improvements	490
Gross amount carried at close of period, total	2,258
Accumulated depreciation	101
Operating real estate, net	$ 2,157
Life on which depreciation is computed	40 years
Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 77,738
Initial cost of land	11,812
Initial cost of buildings & improvements	130,878
Capitalized subsequent to acquisition of land, buildings & improvements	4
Gross amount carried at close of period, land	11,812
Gross amount carried at close of period, building & improvements	130,882
Gross amount carried at close of period, total	142,694
Accumulated depreciation	6,691
Operating real estate, net	136,003
Lisboa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost of land	588
Initial cost of buildings & improvements	10,534
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	588
Gross amount carried at close of period, building & improvements	10,534
Gross amount carried at close of period, total	11,122
Accumulated depreciation	508
Operating real estate, net	$ 10,614
Life on which depreciation is computed	40 years
Madrid
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost of land	1,522
Initial cost of buildings & improvements	4,575
Capitalized subsequent to acquisition of land, buildings & improvements	14
Gross amount carried at close of period, land	1,522
Gross amount carried at close of period, building & improvements	4,589
Gross amount carried at close of period, total	6,111
Accumulated depreciation	227
Operating real estate, net	$ 5,884
Life on which depreciation is computed	40 years
Bottrop | Held-for-Sale
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,914
Initial cost of land	1,230
Initial cost of buildings & improvements	3,825
Capitalized subsequent to acquisition of land, buildings & improvements	17
Gross amount carried at close of period, land	1,230
Gross amount carried at close of period, building & improvements	3,842
Gross amount carried at close of period, total	5,072
Accumulated depreciation	240
Operating real estate, net	4,832
Albufeira | Held-for-Sale
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost of land	4,389
Initial cost of buildings & improvements	8,432
Capitalized subsequent to acquisition of land, buildings & improvements	56
Gross amount carried at close of period, land	4,389
Gross amount carried at close of period, building & improvements	8,488
Gross amount carried at close of period, total	12,877
Accumulated depreciation	343
Operating real estate, net	12,534
Rijswijk | Held-for-Sale
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,285
Initial cost of land	738
Initial cost of buildings & improvements	3,592
Capitalized subsequent to acquisition of land, buildings & improvements	859
Gross amount carried at close of period, land	738
Gross amount carried at close of period, building & improvements	4,451
Gross amount carried at close of period, total	5,189
Accumulated depreciation	228
Operating real estate, net	$ 4,961

Schedule III - Real Estate an72

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Beginning balance	$ 2,120,460	$ 55,413	$ 0
Property acquisitions	0	2,080,038	57,433
Reclassification	(733)	0	0
Transfers to held for sale	(23,138)	(5,330)	0
Improvements	10,792	3,414	493
Retirements and disposals	(353,883)	(14,514)	0
Foreign currency translation	(139,066)	1,439	(2,513)
Ending balance	1,614,432	2,120,460	55,413
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Beginning balance	(35,303)	(517)	0
Depreciation expense	(45,219)	(35,842)	(530)
Assets held for sale	811	31	0
Retirements and disposals	10,635	213	0
Foreign currency translation	5,491	812	13
Ending balance	$ (63,585)	$ (35,303)	$ (517)