NorthStar Realty Europe (NRE) 10-K 13 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 08, 2019	Jun. 30, 2018
Document and Entity Information
Entity Registrant Name	NorthStar Realty Europe Corp.
Entity Central Index Key	0001646587
Entity Current Reporting Status	Yes
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Transition Period	true
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,807,566
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 648,184,155

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Operating real estate, gross	$ 844,809	$ 1,606,890
Less: accumulated depreciation	(64,187)	(95,356)
Operating real estate, net	780,622	1,511,534
Preferred equity investments	39,090	35,347
Cash and cash equivalents	438,931	64,665
Restricted cash	5,592	6,917
Receivables, net of allowance of $236 and $747 as of December 31, 2018 and December 31, 2017, respectively	8,989	9,048
Assets held for sale	73,345	169,082
Derivative assets, at fair value	6,440	7,024
Intangible assets, net and goodwill	58,173	114,185
Other assets, net	14,317	23,115
Total assets	1,425,499	1,940,917
Liabilities
Mortgage and other notes payable, net	682,912	1,223,443
Accounts payable and accrued expenses	22,367	27,240
Due to affiliates (refer to Note 6)	9,630	3,590
Derivative liabilities, at fair value	0	5,270
Intangible liabilities, net	9,722	28,632
Liabilities related to assets held for sale	1,498	648
Other liabilities	21,267	25,757
Total liabilities	747,396	1,314,580
Commitments and contingencies
Redeemable noncontrolling interest (refer to Note 9)	0	1,992
Equity
Preferred stock, $0.01 par value, 200,000,000 shares authorized, no shares issued and outstanding as of December 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 49,807,448 and 55,402,259 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively	498	555
Additional paid-in capital	862,240	940,579
Retained earnings (accumulated deficit)	(170,669)	(347,053)
Accumulated other comprehensive income (loss)	(18,424)	25,618
Total NorthStar Realty Europe Corp. stockholders’ equity	673,645	619,699
Noncontrolling interests	4,458	4,646
Total equity	678,103	624,345
Total liabilities, redeemable noncontrolling interest and equity	$ 1,425,499	$ 1,940,917

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Receivables, allowance	$ 236	$ 747
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)	49,807,448	55,402,259
Common stock, shares outstanding (shares)	49,807,448	55,402,259

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Rental income	$ 97,559	$ 105,349	$ 124,321
Escalation income	20,193	21,625	25,173
Interest income	2,868	1,706	0
Other income	1,348	1,243	1,721
Total revenues	121,968	129,923	151,215
Expenses
Properties - operating expenses	25,495	31,119	35,892
Interest expense	21,943	25,844	41,439
Transaction costs	10,302	6,117	2,610
Impairment losses	828	0	27,468
Goodwill impairment following the sale of operating real estate	8,061	0	0
Management fee, related party	16,307	14,408	14,068
Incentive Fee	5,445	0	0
Other expenses	4,955	9,251	12,376
General and administrative expenses	7,514	7,384	8,077
Compensation expense	4,544	23,768	19,257
Depreciation and amortization	45,515	54,014	64,979
Total expenses	150,909	171,905	226,166
Other income (loss)
Other gain (loss), net	1,339	(11,878)	(12,044)
Extinguishment of debt	(4,221)	(2,011)	(7,317)
Gain on sales, net	241,325	23,393	34,552
Income (loss) before income tax benefit (expense)	209,502	(32,478)	(59,760)
Income tax benefit (expense)	(672)	2,145	(2,742)
Net income (loss)	208,830	(30,333)	(62,502)
Net (income) loss attributable to noncontrolling interests	(1,420)	(792)	749
Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders	$ 207,410	$ (31,125)	$ (61,753)
Earnings (loss) per share:
Basic (in dollars per share)	$ 4.01	$ (0.57)	$ (1.07)
Diluted (in dollars per share)	$ 3.91	$ (0.57)	$ (1.07)
Weighted average number of shares:
Basic (shares)	51,404,277	55,073,383	57,875,479
Diluted (shares)	52,692,376	55,599,222	58,564,986

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 208,830	$ (30,333)	$ (62,502)
Other comprehensive income (loss):
Foreign currency translation adjustment, net	(44,340)	77,745	(55,226)
Total other comprehensive income (loss)	(44,340)	77,745	(55,226)
Comprehensive income (loss)	164,490	47,412	(117,728)
Comprehensive (income) loss attributable to noncontrolling interests
Net income (loss)	(1,420)	(792)	749
Foreign currency translation adjustment, net	298	(703)	1,242
Total comprehensive (income) loss attributable to noncontrolling interests	(1,122)	(1,495)	1,991
Comprehensive income (loss) attributable to NorthStar Realty Europe Corp. common stockholders	$ 163,368	$ 45,917	$ (115,737)

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) at Dec. 31, 2015				59,326
Beginning 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]
Reallocation of interest in Operating Partnership (refer to Note 9)		0	2,252		2,252			(2,252)
Amortization of equity-based compensation		18,239	15,682		15,682			2,557
Issuance and vesting of restricted stock, net of tax withholding (shares)				1,731
Issuance and vesting of restricted stock, net of tax withholding		0		$ 17	(17)
Tax withholding related to vesting of equity-based compensation		(2,546)	(2,546)		(2,546)
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	[1]	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock dividends paid (in dollars per share)		$ 0.60
Reallocation of interest in Operating Partnership (refer to Note 9)		$ 0	1,817		1,817			(1,817)
Distributions to noncontrolling interest		(1,915)						(1,915)
Redemption of noncontrolling units		(156)	(156)		(156)
Conversion of Common Units to common stock (shares)				268
Conversion of Common Units to common stock (refer to Note 9)		0	3,057	$ 3	3,054			(3,057)
Conversion of RSUs to common stock (shares)				83
Conversion of RSUs to common stock (refer to Note 8)		0		$ 1	(1)
Amortization of equity-based compensation		23,607	21,433		21,433			2,174
Issuance and vesting of restricted stock, net of tax withholding (shares)				517
Issuance and vesting of restricted stock, net of tax withholding		0		$ 6	(6)
Cost of capital		(50)	(50)		(50)
Tax withholding related to vesting of equity-based compensation (shares)				(861)
Tax withholding related to vesting of equity-based compensation		(10,994)	(10,994)	$ (9)	(10,985)
Other comprehensive income (loss)		77,745	77,042				77,042	703
Dividends on common stock and equity-based compensation	[1]	(33,466)	(33,159)			(33,159)		(307)
Net income (loss)		(30,333)	(31,125)			(31,125)		792
Ending Balance (shares) at Dec. 31, 2017				55,402
Ending Balance at Dec. 31, 2017		624,345	619,699	$ 555	940,579	(347,053)	25,618	4,646
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reallocation of interest in Operating Partnership (refer to Note 9)		0	163		163			(163)
Distributions to noncontrolling interest		(131)						(131)
Redemption of noncontrolling units		(582)						(582)
Conversion of Common Units to common stock (shares)				36
Conversion of Common Units to common stock (refer to Note 9)		0	216		216			(216)
Amortization of equity-based compensation		5,420	5,420		5,420
Issuance and vesting of restricted stock, net of tax withholding (shares)				444
Issuance and vesting of restricted stock, net of tax withholding		0		$ 4	(4)
Retirement of shares of common stock (shares)				(6,075)
Retirement of shares of common stock		(83,444)	(83,444)	$ (61)	(83,383)
Other comprehensive income (loss)		(44,340)	(44,042)				(44,042)	(298)
Dividends on common stock and equity-based compensation	[1]	(31,244)	(31,026)			(31,026)		(218)
Net income (loss)		208,830	207,410			207,410		1,420
Ending Balance (shares) at Dec. 31, 2018				49,807
Ending Balance at Dec. 31, 2018		$ 678,103	$ 673,645	$ 498	$ 862,240	$ (170,669)	$ (18,424)	$ 4,458
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock dividends paid (in dollars per share)		$ 0.60
[1]	For each of the years ended December 31, 2018, 2017 and 2016 the Company paid $0.60 of dividends per share of common stock.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 208,830,000	$ (30,333,000)	$ (62,502,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	45,515,000	54,014,000	64,979,000
Amortization of deferred financing costs	2,436,000	2,813,000	7,117,000
Amortization of equity-based compensation	4,544,000	23,731,000	18,239,000
Allowance for uncollectible accounts	403,000	1,481,000	1,294,000
Other (gain) loss, net	(1,339,000)	11,878,000	12,044,000
Gain on sales,net	(241,325,000)	(23,393,000)	(34,552,000)
Extinguishment of debt	4,221,000	2,011,000	7,317,000
Real estate impairment losses	828,000	0	27,468,000
Goodwill impairment following the sale of operating real estate	8,061,000	0	0
Amortization of capitalized above/below market leases	654,000	627,000	2,463,000
Straight line rental income	(7,268,000)	(6,314,000)	(6,705,000)
Deferred income taxes, net	562,000	(1,515,000)	(4,952,000)
Changes in assets and liabilities:
Receivables	(2,907,000)	(2,077,000)	(1,890,000)
Other assets	(1,248,000)	(15,000)	(3,063,000)
Accounts payable and accrued expenses	4,682,000	(6,018,000)	(4,461,000)
Due to related party	6,046,000	(1,401,000)	987,000
Other liabilities	1,440,000	(3,516,000)	7,064,000
Net cash provided by (used in) operating activities	34,135,000	21,973,000	30,847,000
Cash flows from investing activities:
Improvements of operating real estate	(15,319,000)	(17,668,000)	(10,413,000)
Origination of preferred equity investments	(5,722,000)	(35,347,000)	0
Payment relating to sale of operating real estate	971,658,000	141,360,000	395,226,000
Other assets	0	(141,000)	(4,432,000)
Escrow receivable	4,858,000	0	0
Settlement of foreign currency forwards	(4,784,000)		(787,000)
Settlement of foreign currency forwards		979,000
Deferred leasing costs	(1,553,000)	(3,712,000)	0
Net cash provided by (used in) investing activities	949,138,000	85,471,000	379,594,000
Cash flows from financing activities:
Repayment of mortgage and other notes payable	(514,988,000)	(77,804,000)	(200,666,000)
Borrowings from credit facility	20,000,000	35,000,000	65,000,000
Borrowings from mortgage and other notes payable	23,628,000	5,649,000	11,770,000
Repayment of credit facility	(20,000,000)	(35,000,000)	(65,000,000)
Repurchase of Senior Notes	0	0	(273,028,000)
Repayment of Senior Notes	0	0	(67,200,000)
Payment of financing costs	(866,000)	(2,020,000)	(3,938,000)
Purchase of derivative instruments	(3,384,000)	0	(414,000)
Settlement of interest rate caps	3,293,000	0	0
Tax withholding related to vesting of equity-based compensation	0	(10,994,000)	(2,546,000)
Repurchase of common stock	(83,444,000)	0	(58,616,000)
Dividends	(31,244,000)	(33,466,000)	(35,184,000)
Redemption of Common Units	(582,000)	0	0
Distributions to noncontrolling interest	(131,000)	(1,915,000)	(247,000)
Net cash provided by (used in) financing activities	(607,718,000)	(120,550,000)	(630,069,000)
Effect of foreign currency translation on cash and cash equivalents and restricted cash	(2,614,000)	8,138,000	(8,537,000)
Net increase (decrease) in cash and cash equivalents and restricted cash	372,941,000	(4,968,000)	(228,165,000)
Cash and cash equivalents and restricted cash—beginning of period	71,582,000	76,550,000	304,715,000
Cash and cash equivalents and restricted cash—end of period	444,523,000	71,582,000	76,550,000
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	438,931,000	64,665,000	66,308,000
Restricted cash	5,592,000	6,917,000	10,242,000
Cash and cash equivalents and restricted cash—end of period	444,523,000	71,582,000	76,550,000
Supplemental disclosure of non-cash investing and financing activities:
Reclassification of operating real estate to assets held for sale	68,408,000	160,651,000	22,327,000
Conversion of Common Units to common stock	216,000	3,057,000	0
Reclassification of intangibles to assets and liabilities held for sale	234,000	4,467,000	2,045,000
Reclassification of other assets and liabilities to assets held for sale	0	0	2,523,000
Reclassification of other assets and liabilities to assets held for sale	3,205,000	3,316,000	740,000
Reclassification related to measurement adjustments/other	0	0	827,000
Reallocation of interest in Operating Partnership	163,000	1,817,000	2,252,000
Accrued capital expenditures, deferred assets	261,000	2,609,000	1,975,000
Supplemental disclosures of cash flow information:
Payment of interest expense	18,916,000	22,251,000	33,483,000
Payment of income tax	$ 2,941,000	$ 4,433,000	$ 1,928,000

Formation and Organization

Formation and Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Organization	Formation and Organization NorthStar Realty Europe Corp. (“NorthStar Europe” or the “Company”) (NYSE: NRE), 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 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 Realty Europe Corp., a Maryland corporation (the “Spin-off”). The Company’s objective is to provide its stockholders with stable and recurring cash flow supplemented by capital growth over time. The Company is 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 Capital, Inc. (“Colony Capital” or “CLNY”), formerly known as Colony NorthStar, Inc., before June 25, 2018 for the period subsequent to the Mergers. 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. (“Legacy Colony”), pursuant to 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, Legacy Colony and NorthStar Realty, through a series of transactions, merged with and into NSAM, which was renamed Colony NorthStar, Inc. (NYSE: CLNS). Effective June 25, 2018, Colony NorthStar, Inc. changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and its ticker symbol on the New York Stock Exchange (“NYSE”) from “CLNS” to “CLNY.” Amended and Restated Management Agreement On November 9, 2017, the Company entered into an amended and restated management agreement (the “Amended and Restated Management Agreement”) with an affiliate of the Manager, effective as of January 1, 2018. On November 7, 2018, the Company entered into Amendment No. 1 (the “Amendment”) to the Amended and Restated Management Agreement with an affiliate of the Manager. The Amendment provides for the termination of the Amended and Restated Management Agreement upon the consummation of a change of control of the Company or in connection with an internalization of management. Refer to Note 6 “Related Party Arrangements” for a description of the terms of the Amended and Restated Management Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation. Variable Interest Entities A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. The Company will evaluate its investments 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. Noncontrolling Interests A noncontrolling 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 noncontrolling 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 noncontrolling interests. An allocation to a noncontrolling 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. Unrealized gain (loss) on derivatives and other has been renamed to other gain (loss), net and realized gain (loss) on sales and other has been renamed to gain on sales, net for presentational purposes only. Additionally, the Company has reclassified the gain (loss) on net cash on derivatives from realized gain (loss) on sales and other to other gain (loss), net on the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 (refer to Note 10). The Company has also separately disclosed extinguishment of debt related to prepayment penalties and write-off of deferred financing costs associated with debt repayments which previously has been included in realized gain (loss) on sales and other on the consolidated statement of operations for the years ended December 31, 2018 , 2017 and 2016 (refer to Note 5). Finally, the Company has renamed the line item due to related parties to due to affiliates on the consolidated balance sheets (refer to Note 6). 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 acquistions 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. For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. 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 tenant 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, 2018 (dollars in thousands): Years Ending December 31: (1) 2019 $ 56,237 2020 46,178 2021 42,021 2022 35,736 2023 35,796 Thereafter 93,781 Total $ 309,749 _________________________ (1) Translated to the U.S. dollar using the currency exchange rate as of December 31, 2018. Preferred Equity Investments Preferred equity investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments, if any. Preferred equity investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Preferred equity investments where the Company does not intend to hold the investment for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or fair value. Assets and Related 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, with any write-down to fair value less cost to sell recorded as an impairment loss. Once a property is determined to be held for sale, depreciation and amortization 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. 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 extinguishment of debt. 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 above or 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 assesses qualitative factors to determine whether it is more likely than not that the fair value of an operating segment, related to such goodwill, is less than the carrying amount. If the carrying amount exceeds fair value an impairment is recorded for the difference. The following table presents identified intangibles as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 (1) December 31, 2017 (1) Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Intangible assets: In-place lease $ 40,545 $ (22,031 ) $ 18,514 $ 64,427 $ (24,290 ) $ 40,137 Above-market lease 3,042 (1,401 ) 1,641 34,882 (9,919 ) 24,963 Below-market ground lease 32,552 (1,420 ) 31,132 34,497 (1,109 ) 33,388 Goodwill (2) 6,886 N/A 6,886 15,697 N/A 15,697 Total $ 83,025 $ (24,852 ) $ 58,173 $ 149,503 $ (35,318 ) $ 114,185 Intangible liabilities: Below-market lease $ 16,305 $ (6,583 ) $ 9,722 $ 32,267 $ (8,964 ) $ 23,303 Above-market ground lease — — — 5,513 (184 ) 5,329 Total $ 16,305 $ (6,583 ) $ 9,722 $ 37,780 $ (9,148 ) $ 28,632 _____________________________ (1) As of December 31, 2018 , the weighted average amortization period for above-market leases, below-market leases and in-place leases was 4.5 years , 6.1 years and 6.0 years , respectively. As of December 31, 2017 , the weighted average amortization period for above-market leases, below-market leases and in-place leases was 6.4 years , 9.2 years and 5.7 years , respectively. (2) Represents goodwill associated with certain acquisitions 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, 2018 (dollars in thousands): Balance as of December 31, 2016 $ 13,780 Adjustments from foreign currency translation 1,917 Balance as of December 31, 2017 15,697 Goodwill impairment following the sale of operating real estate (1) (8,061 ) Adjustments from foreign currency translation (750 ) Balance as of December 31, 2018 $ 6,886 _____________________________ (1) Represents goodwill impairment at the Trianon operating segment level following to the sale of the Trianon assets in December 2018. 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, 2018 , 2017 and 2016 (dollars in thousands): Year Ended December 31, Statements of operations location: 2018 2017 2016 Amortization of acquired above-market leases, net of acquired below-market leases Rental income / properties - operating expenses $ 654 $ 666 $ 2,162 Amortization of other intangible assets Depreciation and amortization expense 9,576 13,817 19,543 The following table presents annual amortization of intangible assets and liabilities (dollars in thousands): Intangible Assets Intangible Liabilities In-place Leases, Net Above-market Leases, Net Below-market Ground Lease Value, Net Below-market Leases, Net Remaining 2019 $ 5,285 $ 364 $ 376 $ 1,681 2020 3,649 364 376 1,648 2021 3,075 364 376 1,486 2022 2,225 345 376 1,486 2023 1,370 204 376 1,486 2024 and thereafter 2,910 — 29,252 1,935 Total $ 18,514 $ 1,641 $ 31,132 $ 9,722 Other Assets and Other Liabilities The following tables present a summary of other assets and other liabilities as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Other assets: Prepaid expenses $ 581 $ 1,936 Deferred leasing and other costs, net 3,710 6,019 Deferred tax assets, net 801 — Straight-line rent, net 7,479 10,969 Escrow receivable — 3,286 Other 1,746 905 Total $ 14,317 $ 23,115 December 31, 2018 December 31, 2017 Other liabilities: Deferred tax liabilities $ 5,123 $ 8,548 Prepaid rent received and unearned revenue 9,867 8,406 Tenant security deposits 3,914 4,435 Prepaid escalation and other income 2,121 3,982 Other 242 386 Total $ 21,267 $ 25,757 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 other assets, net 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. Preferred Equity Investments Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such investment is reclassified to held for sale. 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 years ended December 31, 2018 and 2016, the Company recognized $0.8 million , relating to two non-core retail assets, which the Company sold for less than the carrying value, but greater than the year end independent valuation, and $27.5 million of impairment losses, respectively. For the year ended December 31, 2017 , the Company did not recognize any impairment losses. 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. Preferred Equity Investments Preferred equity investments are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect all principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of investment loss reserves on an annual basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the investment as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the investment, an investment loss reserve is recorded with a corresponding charge to provision for investment losses. The investment loss reserve for each investment is maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition is suspended for an investment when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired investment is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired investment is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the investment becomes contractually current and performance is demonstrated to be resumed. Interest accrued and not collected will be reversed against interest income. An investment is written off when it is no longer realizable and/or legally discharged. As of December 31, 2018 and 2017, the Company did not have any impaired preferred equity investments. Equity-Based Compensation Equity-classified stock awards granted to non-employees that have a service condition are measured at fair value at date of grant. For time-base awards, fair value is determined based on the closing price of the Company’s common stock at date of grant. For market-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 using a Monte Carlo analysis under a risk-neutral premise using a risk-free interest rate. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the awards, with the amount of compensation expense recognized at the end of a reporting period at least equal to the fair value of the portion of the award that has vested through that date. Compensation expense is adjusted for actual forfeitures upon occurrence. 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 other gain (loss), net 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. Earnings Per Share The Company’s basic earnings per share (“EPS”) is calculated using the two-class method for each class of common stock and participating security as if all earnings had been distributed by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding. Diluted EPS reflects the maximum potential dilution that could occur from the Company’s share-based compensation, consisting of unvested restricted stock awards, restricted stock units (“RSUs”), performance common stock 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). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. The Company’s unvested restricted stock awards and LTIP Units contain rights to receive non-forfeitable dividends and thus are participating securities. Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, net income is first reduced for distributions declared on all classes of participating securities to arrive at undistributed earnings. Under the two-class method, net loss is reduced for distributions declared on participating securities only if such security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. 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, 2018 , 2017 and 2016, the Company reclassified $18.5 million , $(1.4) million and $17.7 million , respectively, of CTA to gain on sales, net 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 other gain (loss), net in the consolidated statements of operations. 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, 2018 , 2017 and 2016. Dividends distributed for the year ended December 31, 2018 were characterized, for U.S. federal income tax purposes, as capital gains. Dividends distributed for the years ended December 31, 2017 and 2016 were characterized, for U.S. federal income tax purposes, as return of capital. The Company conducts its business through foreign subsidiaries which may be subject to local level income tax in the European jurisdictions it operates. As a result, the effective tax rate of less than 0.6% is due to those foreign taxes. The Company has also elected taxable REIT subsidiary (“TRS”) status on certain 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. (“foreign TRS”) and, as such, not subject to U.S. taxation but is subject to foreign income taxes only. In addition, the REIT will not generally be subject to any additional U.S. taxes on the repatriation of foreign TRS earnings. For the year ended December 31, 2018, the Company’s foreign subsidiaries recorded $0.1 million of current income tax expense and $0.6 million of deferred income tax expense. For the year ended December 31, 2017, the Company’s foreign subsidiaries recorded $0.6 million of current income tax benefit and $1.5 million of a deferred income tax benefit. 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 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 valu

Operating Real Estate

Operating Real Estate	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate The following table presents operating real estate, net as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Land $ 269,149 $ 393,691 Buildings and improvements 373,446 954,314 Building and leasehold interests 173,782 197,582 Tenant improvements 28,432 61,303 Operating real estate, gross 844,809 1,606,890 Less: accumulated depreciation (64,187 ) (95,356 ) Operating real estate, net $ 780,622 $ 1,511,534 For the years ended December 31, 2018 , 2017 and 2016 depreciation expense was $35.1 million , $40.2 million and $45.2 million , respectively. Real Estate Held for Sale The following table summarizes the Company’s operating real estate held for sale as of December 31, 2018 and 2017 (dollars in thousands): Assets (1)(2) Liabilities (1) Location Type Properties Operating Real Estate, Net (3) Intangible Assets, Net Other Assets Total Other Liabilities 2018 Bremen, Germany (3)(5) Other 1 $ 1,060 $ 18 $ — $ 1,078 $ — Werl, Germany (3)(4) Other 1 2,866 — 4 2,870 — Marly, France Other 1 43,208 — 3,897 47,105 1,498 Frankfurt, Germany (5) Office 1 21,274 216 802 22,292 — Total 4 $ 68,408 $ 234 $ 4,703 $ 73,345 $ 1,498 2017 Lisbon, Portugal (6) Office 1 $ 11,910 $ 62 $ 23 $ 11,995 $ — Rotterdam, Netherlands (7) Office 1 148,741 5,053 3,293 157,087 648 Total 2 $ 160,651 $ 5,115 $ 3,316 $ 169,082 $ 648 _____________________________ (1) The assets and liabilities classified as held for sale are expected to be sold as either asset sales or share sales subject to standard industry terms and conditions. The assets held-for-sale as of December 31, 2018 contributed $4.6 million , $3.5 million and $3.7 million of revenue and $(6.1) million , $(5.6) million and $(5.6) million of income (loss) before income tax benefit (expense) for the years ended December 31, 2018, 2017 and 2016, respectively. The assets held-for-sale as of December 31, 2017 contributed $4.8 million , $13.2 million and $14.1 million of revenue and $(1.7) million , $(7.5) million and $(7.3) million of income (loss) before income tax benefit (expense) and excluding the gain on sales for the December 31, 2018, 2017 and 2016, respectively. (2) Represents operating real estate and intangible assets, net of accumulated depreciation and amortization of $6.9 million and $18.7 million , respectively, as of December 31, 2018 ad 2017, prior to being reclassified into held for sale. (3) Net of impairment loss of $0.3 million and $0.5 million , respectively, on the non-core retails assets in Bremen and Werl, Germany. (4) Asset was sold in February 2019. (5) Assets were sold in March 2019. (6) Asset was sold in September 2018. (7) Asset was sold in April 2018. Real Estate Sales The following table summarizes the Company’s real estate sales for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Year Ended December 31, 2018 2017 2016 Properties 7 6 18 Carrying Value (1) $ 758,780 $ 109,366 $ 386,122 Sales Price (2)(3)(4) $ 988,634 $ 137,509 $ 412,107 Net Proceeds (5) $ 976,602 $ 132,538 $ 406,850 Gain (6) $ 217,822 $ 23,172 $ 20,728 _____________________________ (1) Includes the assets and liabilities related for properties sold through share sales. (2) For the year ended December 31, 2018, the Company sold a total of seven properties; four properties for €825 million (including the sale of Trianon Tower for net proceeds of €653 million in December 2018, the Maastoren property for €159 million and the sale of an asset in Portugal for €13.0 million ) and three properties for £31 million . (3) For the year ended December 31, 2017, the Company sold a total of six properties; five properties for €40 million and one property for £71 million . (4) For the year ended December 31, 2016, the Company sold a total of 18 properties; 16 properties for €346 million and two properties for £16 million . (5) Represents proceeds net of sales costs prior to the repayment of the associated property debt. For the years ended December 31, 2018, 2017 and 2016, the Company repaid $494.2 million , $76.2 million and $173.9 million of associated property debt, respectively. For the years ended December 31, 2018 and 2016 the Company repaid $15.7 million and $21.4 million of preferred equity certificates, respectively. (6) The Company recorded an additional gain on sale for the years ended December 31, 2018 , 2017, and 2016 of $23.5 million , $0.2 million and $13.9 million , respectively, related to the release of escrow accounts and CTA release, net other gains and losses. Certain escrow accounts are not held by the Company and are expected to be released within the next 12 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. As of December 31, 2018, there were $0.6 million in certain escrow accounts that were not held by the Company which the Company could potentially record as a realized gain.

Preferred Equity Investments

Preferred Equity Investments	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Preferred Equity Investments	Preferred Equity Investments In December 2018, in connection with the sale of Trianon Tower, we retained a $5.7 million ( €5 million ) interest in the form of preferred equity , which the Company accounts for as a debt investment. In May 2017, the Company partnered with a property developer in China to acquire 20 Gresham Street, a Class A office building in London, United Kingdom and the Company invested $33.4 million ( £26.2 million ) of preferred equity , which the Company accounts for as a debt investment. The following table presents the Company’s preferred equity investments as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Asset Type Principal Amount Carrying Value Principal Amount Carrying Value Fixed Rate Mandatory Redemption Preferred equity investment Gresham Street (1) $ 33,368 $ 33,368 $ 35,347 $ 35,347 8.00 % May 2020 Trianon Tower $ 5,722 $ 5,722 $ — $ — 7.00 % Dec 2023 Total $ 39,090 $ 39,090 $ 35,347 $ 35,347 _____________________________ (1) Denominated in U.K. Pound Sterling, and as such, the principal amount decreased from 2017 to 2018 due to the change in the U.K. Pound Sterling to U.S. dollar exchange rate. Credit Quality Monitoring The Company’s preferred equity investments are secured by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its preferred equity investment at least quarterly and determines the relative credit quality principally based on: (i) whether the borrower is currently paying debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. The Company categorizes a preferred equity investment for which it expects to receive full payment of contractual principal and interest payments as “performing.” The Company will categorize a weaker credit quality preferred equity investment that is currently performing, but for which it believes future collection of all or some portion of principal and interest is in doubt, into a category called “performing with a loan loss reserve.” The Company will categorize a weaker credit quality preferred equity investment that is not performing, which the Company defines as a loan in maturity default and/or past due on its contractual debt service payments and deemed not to be collectible, as a non-performing loan (“NPL”). As of December 31, 2018 , the Company’s preferred equity investments were performing in accordance with the contractual terms of their governing documents, in all material respects, and were categorized as a performing loan. For the years ended December 31, 2018 and 2017 , the preferred equity investments contributed all interest income recorded on the consolidated statement of operations.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents borrowings as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Country Final Contractual (2) Principal Carrying Principal Carrying Mortgage and other notes payable: (1) Trias Portfolio 1 (3)(5) France Apr-22 (9) EURIBOR + 1.65% (9) $ 75,622 $ 74,449 $ 55,192 $ 53,800 Trias Portfolio 2 (3)(5)(7) Germany Jun-25 (7) EURIBOR + 1.00% (7) 87,496 86,720 91,577 90,880 Trias Portfolio 4 (3)(5)(10) U.K. Apr-20 GBP LIBOR + 2.70% — — 17,326 17,123 SEB Portfolio 1 (5) Germany/France Jul-24 (8) EURIBOR + 1.55% (8) 202,921 200,459 317,317 313,153 SEB Portfolio 2 (5) U.K. Jul-24 (8) GBP LIBOR + 1.55% (8) 236,777 234,402 250,825 247,902 SEB Portfolio - Preferred (4) Germany/France/U.K. Apr-60 0.90% 82,745 82,534 102,560 102,271 Trianon Tower (5)(10) Germany Jul-23 EURIBOR + 1.30% — — 395,294 393,763 Other - Preferred (6) Germany Oct-45 1.00% 4,348 4,348 4,551 4,551 Total mortgage and other notes payable $ 689,909 $ 682,912 $ 1,234,642 $ 1,223,443 _____________________________ (1) All mortgage notes and other notes payable are denominated in local currencies, and as such, the principal amount generally decreased from December 31, 2017 to December 31, 2018 due to the decrease in the Euro and U.K. Pound Sterling to U.S. dollar exchange rate and the repayment of $509.9 million due to sales, offset by additional borrowings of $23.6 million due to refinancings. 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) All floating rate debt is subject to interest rate caps of 0.5% for EURIBOR and 2.0% for GBP LIBOR which are used to manage interest rate exposure. (3) Trias Portfolio represents the cross-collateralized borrowings among the IVG Portfolio, Internos Portfolio and Deka Portfolio. (4) Represents preferred equity certificates with a contractual interest rate of 0.90% through May 2019, 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. (5) Prepayment provisions include a fee based on principal amount of 0.50% through April 2020 for the Trias Portfolio 1 borrowings, 0.35% to 1.0% through May 2022 for the Trias Portfolio 2 borrowings and 0.5% through July 2019 for the SEB Portfolio borrowings. (6) Represents preferred equity certificates each with a fixed contractual interest rate of 1.0% per annum plus variable interest based on specified income levels associated with the German property companies of the Trias Portfolio which can be prepaid at any time without penalty through final maturity, which is thirty years from the issuance date. (7) In May 2018, the Company entered into a second amended and restated loan agreement, which reduced the margin from 1.55% to 1.00% , extended the maturity date of the loan from December 2020 to June 2025 and eliminated certain covenants limited to portfolio concentration and required capital expenditures. (8) In September 2017, the Company amended and restated the agreement to reduce the margin from 1.80% to 1.55% and extended the maturity date from April 1, 2022 to July 20, 2024. (9) In August 2018, the Company amended and restated the loan agreement to increase the principal balance to $76.0 million , reduce the blended margin from 1.85% per annum to 1.65% per annum and extend the maturity from April 8, 2020 to April 8, 2022. After the loan amendment, the Company has combined the previously disclosed “Trias Portfolio 3” into “Trias Portfolio 1.” (10) In December 2018, the Company repaid the mortgage notes on Trias Portfolio 4 and Trianon Tower in connection with the sales of the associated properties (refer to Note 3). In addition, the Company expensed the remaining deferred financing costs associated with these mortgage notes and paid the related prepayment penalties which are recorded in extinguishment of debt in the consolidated statements of operations. The following table presents a reconciliation of principal amount to carrying value of the Company’s mortgage and other notes payable as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 2017 Principal amount $ 689,909 $ 1,234,642 Deferred financing costs, net (6,997 ) (11,199 ) Carrying value $ 682,912 $ 1,223,443 The following table presents scheduled principal on borrowings, based on final maturity as of December 31, 2018 (dollars in thousands): Mortgage 2019 $ — 2020 — 2021 — 2022 75,622 2023 — 2024 and thereafter 614,287 Total $ 689,909 As of December 31, 2018 and 2017 , the Company was in compliance with all of its financial covenants. Credit Facility In April 2017, the Company amended and restated corporate revolving credit facility (the “Credit Facility”) with aggregate commitments of $35.0 million and an initial two year term. The Credit Facility no longer contains a limitation on availability based on a borrowing base and the interest rate remains the same. In March 2018, the Company amended the Credit Facility, increasing the size to $70.0 million and extending the term until April 2020 with a one year extension option. The Credit Facility includes an accordion feature, providing for the ability to increase the facility to $105.0 million . As of December 31, 2018 , there was no outstanding balance on the Credit Facility.

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Colony Capital, Inc. The Company entered into a management agreement with an affiliate of the Manager in November 2015 (the “Original Management Agreement”). On November 9, 2017, the Company entered into an Amended and Restated Management Agreement with an affiliate of the Manager, effective as of January 1, 2018 (the “Amended and Restated Management Agreement”). 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 (the “Board”). 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 Amended and Restated Management Agreement with the Manager provides for a base management fee, incentive fee and expense reimbursement. On November 7, 2018, the Company entered into Amendment No. 1 (the “Amendment”) to the Amended and Restated Management Agreement with an affiliate of the Manager. The Amendment provides for the termination of the Amended and Restated Management Agreement (the date of such termination, the “Termination Date”) upon the earlier of (i) the closing of an NRE Change of Control (as defined in the Amended and Restated Management Agreement) and (ii) the completion of an internalization of the management of the Company within nine months of the later of (x) April 30, 2019, if on such date there is not in place a definitive agreement for an NRE Change of Control and (y) if on April 30, 2019 there is a definitive agreement for an NRE Change of Control, such date on which such agreement is terminated, if any, if no other definitive agreement for an NRE Change of Control is entered into within 30 days thereafter. The Amendment provides that upon the Termination Date, the Company will be obligated to pay to the Manager a termination payment equal to (i) $70 million , minus (ii) the amount of any Incentive Fee (refer below) paid pursuant to the Amended and Restated Management Agreement. As of December 31, 2018, the termination fee due to the Manager was $64.6 million . No Incentive Fee will be payable to the Manager for any period after the Termination Date. Term The Amendment provides for the termination of the Amended and Restated Management Agreement upon the earlier of (i) the closing of an NRE Change of Control and (ii) the completion of an internalization of the management of the Company within nine months of the later of (x) April 30, 2019, if on such date there is not in place a definitive agreement for an NRE Change of Control and (y) if on April 30, 2019 there is a definitive agreement for an NRE Change of Control, such date on which such agreement is terminated, if any, if no other definitive agreement for an NRE Change of Control is entered into within 30 days thereafter. Assignment The Amended and Restated Management Agreement provides that in the event of a change of control of the Manager or other event that could be deemed an assignment of the Amended and Restated Management Agreement, the Company will consider such assignment in good faith and not unreasonably withhold, condition or delay the Company’s consent. The Amended and Restated 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 Amended and Restated 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 Amended and Restated Management Agreement. Base Management Fee Pursuant to the Amended and Restated Management Agreement, beginning January 1, 2018, the Company is obligated to pay quarterly, in arrears, in cash, the Manager a base management fee per annum equal to: • 1.50% of the Company’s reported EPRA NAV (as described in the Amended and Restated Management Agreement) for EPRA NAV amounts up to and including $2.0 billion ; plus • 1.25% of the Company’s reported EPRA NAV on any EPRA NAV amount exceeding $2.0 billion . EPRA NAV is based on a U.S. GAAP balance sheet adjusted based on the Company’s interpretation of the European Public Real Estate Association (“EPRA”) guidelines, and similar as prior practices, including adjustments such as fair value of operating real estate, straight-line rent and deferred taxes and additional adjustments to be determined by the Company in good faith based on any changes to U.S. GAAP, international accounting standards or EPRA guidelines. In calculating EPRA NAV, the liquidation preference of preferred securities outstanding shall not be included as a liability of the Company and shall not reduce EPRA NAV. For the year ended December 31, 2018 , the Company incurred $16.3 million , related to the base management fee. Under the Original Management Agreement, for the years ended December 31, 2017 and 2016, the Company incurred $14.4 million and $14.1 million , respectively, related to the base management fee. The Original Management Agreement base management fee to the Manager was $14 million subject to increase 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 In addition to the base management fees, pursuant to the Amended and Restated Management Agreement, the Company is obligated to pay the Manager an incentive fee, if any (the “Incentive Fee”), with respect to each measurement period equal to twenty percent ( 20% ) of: (i) the excess of (a) the Company’s Total Stockholder Return (as defined in the Amended and Restated Management Agreement, which includes stock price appreciation and dividends received and is subject to a high watermark price established when a prior incentive fee is realized) for the relevant measurement period above (b) a 10% cumulative annual hurdle rate, multiplied by (ii) the Company’s Weighted Average Shares (as defined in the Amended and Restated Management Agreement) during the measurement period. The first measurement period for the incentive fee began January 1, 2018 (based on an initial price of $13.68 ) and ended on December 31, 2018 and subsequent measurement periods will begin on January 1 of the subsequent calendar year and end on December 31 of the applicable calendar year. Subject to the conditions set forth in Section 4(d) of the Amended and Restated Management Agreement for common stock payments, the Company may elect to pay the Incentive Fee, if any, in cash or in shares of restricted common stock or shares of unrestricted common stock repurchased by the Company in the open market or a combination thereof. Any shares of common stock delivered by the Company will be subject to lock-up restrictions that will be released in equal one-third increments on each anniversary of the end of the measurement period with respect to which such incentive fee was earned. In calculating the value of the shares of the Company’s common stock paid in satisfaction of the Incentive Fee obligation, the shares of restricted common stock will be valued at the higher of: (i) the volume weighted average trading price per share for the ten consecutive trading days (as defined in the Amended and Restated Management Agreement) ending on the trading day prior to the date the payment is due and (ii) the Company’s EPRA NAV per share, based on the Company’s most recently published EPRA NAV and the Weighted Average Shares as of the end of the period with respect to which such EPRA NAV was published. For the year ended December 31, 2018 , the Company recorded an Incentive Fee of $5.4 million . The Company’s board of directors elected to pay the Incentive Fee in cash. Under the Original Management Agreement, for the years ended December 31, 2017 and 2016, the Company did not incur an incentive fee. The incentive fee under the Original Management Agreement was calculated and was 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 under the Original Management Agreement, all equity issuances are allocated on a daily weighted average basis during the fiscal quarter of issuance. With respect to the incentive fee under the Original Management Agreement, 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. Costs and Expenses Pursuant to the Amended and Restated Management Agreement, the Company is responsible to pay (or reimburse the Manager) for all of the Company’s direct, out of pocket costs and expenses of the Company as a stand alone company incurred by or on behalf of the Company and its subsidiaries, all of which must be reasonable, customary and documented. Internalized Service Costs (as defined below) are not intended to be covered costs and expenses under this provision and are subject to the limits described in the next paragraph. The Company is obligated to reimburse the Manager for (i) all direct, reasonable, customary and documented costs and expenses incurred by the Manager for salaries, wages, bonuses, payroll taxes and employee benefits for personnel employed by the Manager: (a) who solely provide services to the Company which prior to January 1, 2018 were provided by unaffiliated third parties, including accounting and treasury services or (b) who were hired by the Manager after January 1, 2018 but who solely provide services to the Company in respect of one of the categories of services previously internalized pursuant to clause (a) and who were not hired in connection with any event which otherwise resulted in an increase to the Company’s net asset value (such costs and expenses set forth in clauses (i) and (ii), the “Internalized Service Costs”), plus (ii) 20% of the amount calculated under clause (i) to cover reasonable overhead charges with respect to such personnel, provided that the Company shall not be obligated to reimburse the Manager for such costs and expenses to the extent they exceed the following quarterly limits: • 0.0375% of the Company’s aggregate gross asset value as of the end of the prior calendar quarter (excluding cash and cash equivalents and certain other exclusions) as calculated for purposes of determining EPRA NAV (“GAV”), for GAV amounts to and including $2.5 billion , plus • 0.0313% of GAV amounts between $2.5 billion and $5.0 billion , plus • 0.025% of GAV amounts exceeding $5.0 billion . If the Manager’s actual Internalized Service Costs during any quarter exceed the quarterly limit described in the preceding paragraph (the cumulative excess amounts, if any, in respect of each quarter during a calendar year, the (“Quarterly Cap Excess Amount”)), the Company is obligated to reimburse the Manager on an annual basis for an amount equal to the lesser of (i) the Quarterly Cap Excess Amount and (ii) the sum of the amounts, if any, determined for each quarter within such calendar year by which Internalized Services Costs in respect of such quarter were less than the quarterly limits described in the prior paragraph. For the year ended December 31, 2018 , the Manager allocated $1.0 million of Internalized Service Costs to the Company, which is recorded in general and administration expenses in the consolidated statements of operations. Equity Based Compensation In addition, pursuant to the Amended and Restated Management Agreement, the Company expects to make annual equity compensation grants to management of the Company and other employees of the Manager, provided that the aggregate annual grant amount, type and other terms of such equity compensation must be approved by the Company’s compensation committee. The Manager will have discretion in allocating the aggregate grant among the Company’s management and other employees of the Manager. Beginning with the Company’s 2018 annual stockholders’ meeting, the Manager has the right to nominate one individual to be included in the slate of nominees nominated by the Company’s board of directors for election at each annual meeting. In the third quarter 2018, for the 2018 annual stockholders’ meeting, the Manager nominated one individual to the Company’s board of directors. Colony Capital Ownership Waiver and Voting Agreement In connection with the entry into the Amended and Restated Management Agreement, the Company provided Colony Capital with an ownership waiver under the Company’s Articles of Amendment and Restatement, allowing Colony Capital to purchase up to 45% of the Company’s stock. The waiver provides that if the Amended and Restated Management Agreement is terminated, Colony Capital may not purchase any shares of the Company’s common stock to the extent Colony Capital owns (or would own as a result of such purchase) more than 9.8% of the Company’s capital stock. In connection with the waiver, Colony Capital also agreed that for all matters submitted to a vote of the Company’s stockholders, to the extent Colony Capital owns more than 25% of the Company’s common stock (such shares owned by Colony Capital in excess of the 25% threshold, the “Excess Shares”), it will vote the Excess Shares in the same proportion that the remaining shares of the Company not owned by Colony Capital or its affiliates are voted. If the Amended and Restated Management Agreement is terminated, then beginning on the third anniversary of such termination, the threshold described in the prior sentence will be reduced from 25% to 9.8% . Manager Ownership of Common Stock As of December 31, 2018 , Colony Capital and its subsidiaries owned 5.6 million shares of the Company’s common stock, or approximately 11.3% of the total outstanding common stock.

Compensation Expense

Compensation Expense	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 and 2016 : For the years ended December 31, 2018 , 2017 and 2016 the Company recorded $4.5 million , $23.8 million and $19.3 million , respectively, of equity-based compensation expense which is recorded in compensation expenses on the consolidated statements of operations. As of December 31, 2018 , equity-based compensation expense to be recognized over the remaining vesting period through December 2021 is $6.3 million , provided there are no additional forfeitures. In the third quarter 2018, the Company adopted ASU 2018-07 which required the Company to retrospectively adjust compensation expense for the three months ended March 31, 2018 and June 30, 2018 by $0.2 million and $1.6 million , respectively (refer to Note 2). 2015 Omnibus Stock Incentive Plan Pursuant to the NorthStar Realty Europe Corp. 2015 Omnibus Stock Incentive Plan (the “2015 Plan”), the Company may issue equity awards to directors, officers, employees, co-employees, consultants and advisors of the Company, the Manager or of any parent or subsidiary who provides services to the Company. The number of shares that may be issued under the 2015 Plan equals 10 million shares of common stock, plus on January 1, 2017 and each January 1 thereafter, an additional 2% of the number of shares of common stock issued and outstanding on the immediately preceding December 31. In addition, shares of common stock underlying any awards that are forfeited, canceled, held back upon exercise of a stock option or settlement of an award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of common stock or otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2015 Plan. As of December 31, 2018 , under the 2015 Plan, a total of 1.6 million shares of common stock had been issued (net of forfeitures and shares held back for tax withholding), 1.8 million shares were reserved for issuance pursuant to outstanding equity awards (including 0.3 million reserved for issuance upon conversion of outstanding LTIP Units and Common Units and 1.5 million reserved for issuance pursuant to the outstanding Absolute RSUs and Relative RSUs) and 8.7 million otherwise unreserved shares remained available for issuance. All of the equity awards issued by the Company since the Spin-off from NorthStar Realty on November 1, 2015 have been issued under the 2015 Plan. During the year ended December 31, 2017, the Company issued 500,642 restricted shares of common stock under the 2015 Plan to employees of the Manager or its subsidiaries in accordance with the terms of the management agreement described above in Note 6, of which 379,594 vested in connection with the Mergers. 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 employees of the Manager or one of its subsidiaries under the 2015 Plan. The restricted shares of common stock were subject to vesting 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 were market-based awards 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 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 (the “Absolute RSUs”). The other approximately one-half of these RSUs 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 (the “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. In accordance with their terms, all of these restricted shares of common stock that remained outstanding vested in connection with the Mergers. The Absolute and Relative RSUs were not affected by the Mergers and remain outstanding, subject to forfeitures occurring in connection with termination of employment with the Manager or one of its subsidiaries. During the first three months of 2018, 340,907 RSUs that had previously been granted to key employees of the Manager and its affiliates who are no longer providing services to the Company were forfeited. In 2018, in order to assist in the retention of employees of the Manager who are continuing to provide services to the Company, the Company’s compensation committee utilized 300,000 of these forfeited RSUs to make retention grants consisting of 150,000 restricted shares of common stock that are subject to vesting based on continued service and established a retention pool consisting of an additional 150,000 shares of common stock or RSUs that will be allocated prior to May 2019 to employees of the Manager who are providing services to the Company as designated by the compensation committee, in its discretion. In November 2018, in order to assist in the retention of employees of the Manager who are continuing to provide services to the Company, the Company’s compensation committee issued retention grants consisting of 90,000 restricted shares of common stock to non-executive officers of the Company that are subject to vesting based on continued service. In March 2018, as contemplated by the Amended and Restated Management Agreement, the Company established an annual equity compensation pool under the 2015 Plan to be allocated among members of management of the Company and other employees of the Manager consisting of an aggregate of 198,000 restricted shares of common stock and 132,000 performance based RSUs. This annual equity compensation pool was then allocated to individual award recipients by the Manager, and individual grants were made. The restricted shares of common stock are subject to vesting in approximately equal annual installments over the three -year period ending March 16, 2021, subject to the Manager continuing to serve as the Company’s manager and the recipient’s continued employment with the Manager or Colony Capital or one of its subsidiaries. The RSUs are market-based awards subject to the achievement of performance-based vesting conditions. Approximately one-half of these RSUs are subject to the achievement of performance-based hurdles relating to the Company’s absolute total stockholder return over the three -year period from the grant date through February 28, 2021 (the “2018 Absolute RSUs”). The other approximately one-half of these RSUs are subject to the achievement of performance-based hurdles based on the Company’s total stockholder return relative to the MSCI US REIT Index over the three -year period from the grant date through February 28, 2021 (the “2018 Relative RSUs”). Award recipients may earn up to 200% of the 2018 Absolute RSUs and Relative RSUs that were granted. Vesting of the 2018 Absolute and Relative RSUs are also subject to the Manager continuing to serve as the Company’s manager and the recipient’s continued employment with the Manager or Colony Capital or one of its subsidiaries through the end of the performance period. 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. Pre-Spin-off NorthStar Realty Equity Awards In addition to equity awards issued under the 2015 Plan, the Company also had equity subject to outstanding equity-based awards granted by NorthStar Realty prior to the Spin-off. In connection with the Spin-off, holders of shares of common stock of NorthStar Realty and LTIP units of NorthStar Realty’s operating partnership subject to outstanding equity awards received one share of the Company’s common stock or one Common Unit in the 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-sixth of a share of the Company’s common stock, but otherwise generally remained subject to the same vesting and other terms that applied prior to the Spin-off. Performance-based vesting conditions based on total stockholder return of NorthStar Realty or NorthStar Realty and NSAM were adjusted to refer to combined total stockholder return of NorthStar Realty and the Company or NorthStar Realty, NSAM and the Company, respectively, with respect to periods after the Spin-off and references to a change of control or similar term in outstanding awards, which referred to a change of control of either NorthStar Realty or NSAM, were adjusted, to the extent such awards relate to common stock of the Company or Common Units in the Operating Partnership, to refer to a change of control of either the Company or NSAM. Following the Spin-off, NorthStar Realty and the compensation committee of its Board continued to administer all awards granted by NorthStar Realty prior to the Spin-off, but the Company was 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. These awards continued to be governed by the NorthStar Realty equity plans, as applicable, and shares of the Company’s common stock issued pursuant to these awards were not be issued pursuant to, and did not reduce availability under, the 2015 Plan. In connection with the Mergers, all of these outstanding equity-based awards vested or were forfeited. The following table presents activity related to the issuance, vesting, redemption, conversion and forfeitures of restricted stock, Common Units and performance RSUs. The balance as of December 31, 2018 represents vested Common Units and unvested restricted stock and performance RSUs (grants in thousands): Year Ended December 31, 2018 Restricted Stock (1) Common Units Performance RSUs (2) Total Grants Weighted December 31, 2017 121 420 1,453 1,994 $ 11.95 Granted 438 — 132 570 13.23 Redeemed (3) — (46 ) — (46 ) 12.70 Converted — (36 ) — (36 ) 13.39 Forfeited (21 ) — (360 ) (381 ) 12.93 December 31, 2018 538 338 1,225 2,101 $ 12.08 _____________________________ (1) Represents restricted stock included in common stock. (2) As of December 31, 2018 , represented outstanding Spin-off Absolute and Relative RSUs and 2018 Absolute and Relative RSUs. (3) Shares were redeemed for cash.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share Repurchase In March 2018, the Company’s board of directors authorized the repurchase of up to $100 million of its outstanding common stock. The authorization expires in March 2019, unless otherwise extended by the Company’s board of directors. The following table presents the number of share repurchased by the Company, the average price paid per share and the gross amount paid for the repurchased shares for the years ended December 31, 2018 , 2017 and 2016 (dollars and shares in thousands, except per share data): Period (1) Shares Average Price Paid per Share Gross 2016 5,662 $ 10.35 $ 58,612 2018 6,075 13.73 83,391 Total 11,737 $ 12.10 $ 142,003 _____________________________ (1) 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 Board authorized an additional repurchase of up to $100 million of its outstanding common stock through November 2017. For the year ended December 31, 2017 , the Company did not repurchase any shares of its common stock. The Company repurchased 3.6 million shares of its common stock for approximately $41.4 million in 2015. From the original authorization in November 2015 through December 31, 2018, the Company repurchased 15.4 million shares of its common stock for approximately $183.4 million . Director Grants 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. In August 2017, the Company issued 30,340 shares of common stock with a fair value at the date of grant of $0.4 million to its independent directors as an annual grant of equity. The stock fully vested at issuance. In August 2018, the Company issued 27,735 shares of common stock with a fair value at the date of grant of $0.4 million to its independent directors as annual grants of equity. The shares were fully vested at issuance. Dividends The following table presents dividends declared (on a per share basis) with respect to the years ended December 31, 2018 , 2017 and 2016 : Common Stock Declaration Date Dividend Per Share 2018 March 7 $ 0.15 May 8 $ 0.15 August 3 $ 0.15 November 2 $ 0.15 2017 March 7 $ 0.15 May 1 $ 0.15 August 2 $ 0.15 November 6 $ 0.15 2016 March 15 $ 0.15 May 10 $ 0.15 August 3 $ 0.15 November 1 $ 0.15 Earnings Per Share The following table presents EPS for the years ended December 31, 2018 , 2017 and 2016 (dollars and shares in thousands, except per share data): Year Ended December 31, 2018 2017 2016 Numerator: Net income (loss) $ 208,830 $ (30,333 ) $ (62,502 ) Net (income) loss attributable to Unit Holders noncontrolling interest (1,420 ) 372 778 Net income (loss) attributable to common stockholders and Unit Holders (1) $ 207,410 $ (29,961 ) $ (61,724 ) Net (income) allocated to participating securities (1,287 ) (1,536 ) (807 ) Net income (loss) allocated to common stockholders—basic and dilutive $ 206,123 $ (31,497 ) $ (62,531 ) Denominator: Weighted average shares of common stock - basic 51,404 55,073 57,875 Weighted average effect of dilutive shares 1,288 (2) 526 690 Weighted average shares of common stock - dilutive 52,692 55,599 58,565 Earnings (loss) per share: Basic $ 4.01 $ (0.57 ) $ (1.07 ) Diluted $ 3.91 $ (0.57 ) $ (1.07 ) _____________________________ (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) Includes the Absolute and Relative RSUs and 2018 Absolute and Relative RSUs as the performance targets would have been met if the performance period ended on December 31, 2018.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Operating Partnership Noncontrolling interests include the aggregate Unit Holders’ interest in the Operating Partnership. Net income (loss) attributable to the noncontrolling interest is based on the weighted average Unit Holders’ ownership percentage of the Operating Partnership for the respective period. 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 or the holder, 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 noncontrolling 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 noncontrolling interest is reallocated 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. As of December 31, 2018 and 2017 , the Company allocated $0.2 million and $1.8 million , respectively, from stockholders’ equity to noncontrolling interest on the consolidated balance sheets and consolidated statement of equity. As of December 31, 2018 , 337,207 Common Units and LTIP Units were outstanding, representing a 0.7% ownership and noncontrolling interest in the Operating Partnership. Net income (loss) attributable to the Operating Partnership noncontrolling interest for the years ended December 31, 2018 , 2017 and 2016 was a net income (loss) of $1.4 million , $(0.4) million and $(0.8) million , respectively. Redeemable Noncontrolling Interest In connection with the acquisition of the Trianon Tower in July 2015, the Company sold a 5.5% noncontrolling 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 noncontrolling interest or €2.1 million beginning in November 2020 through January 2021. The Company recorded the noncontrolling interest at its acquisition date fair value as temporary equity due to the redemption option. The carrying amount of redeemable noncontrolling interests was adjusted to its redemption value at the end of each reporting period, but no less than its initial carrying value, with such adjustments recognized in additional paid-in capital. In December 2018, in connection with the sale of the Trianon Tower, the Company sold its position in the subsidiaries that owned an interest in the Trianon Tower. For the year ended December 31, 2018, the Company recorded a gain of $3.1 million in connection with this transaction recorded in gain on sales, net in the consolidated statements of operations.

Risk Management and Derivative

Risk Management and Derivative Activities	12 Months Ended
	Dec. 31, 2018
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 certain 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, 2018 and December 31, 2017 (dollars, UK pound sterling and Euros in thousands): Number (1) Notional Amount Fair Value Range of Range of Maturity As of December 31, 2018: Interest rate caps (EUR) 28 €564,694 $ 2,185 3 Month EURIBOR 0.5% April 2020 - May 2025 Interest rate caps (GBP) 5 £202,645 20 3 Month GBP LIBOR 2.0% April 2020 Foreign currency forwards (2) 4 €48,960 4,235 1.25 EUR/USD (3) February 2019 - November 2019 Total 37 $ 6,440 As of December 31, 2017: Interest rate caps (EUR) 26 €767,718 $ 6,917 3 Month EURIBOR 0.5% April 2020 - July 2023 Interest rate caps (GBP) 5 £202,645 107 3 Month GBP LIBOR 2.0% April 2020 Foreign currency forwards (2) 4 €48,960 (5,270 ) 1.11 EUR/USD (3) February 2018 - November 2018 Total 35 $ 1,754 _____________________________ (1) Represents number of transactions. (2) Includes Euro currency forwards. (3) The strike prices for the foreign currency forwards maturing in 2018 and 2019 represent the average price. The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of December 31, 2018 and December 31, 2017 (dollars in thousands): Balance Sheet December 31, 2018 December 31, Location Interest rate caps Derivative assets $ 2,205 $ 7,024 Foreign currency forwards Derivative assets $ 4,235 $ — Foreign currency forwards Derivative liabilities $ — $ 5,270 The following table presents the effect of derivative instruments in the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Year Ended 2018 2017 2016 Amount of gain (loss) recognized in earnings: Statements of operations location: Adjustment to fair value of interest caps held at the end of the reporting period Other gain (loss), net $ (1,876 ) $ (2,635 ) $ (1,421 ) Net impact of interest caps settled during the period Other gain (loss), net (2,615 ) (91 ) (695 ) Adjustment to fair value of foreign currency forwards held at the end of the reporting period Other gain (loss), net 4,229 (5,270 ) 4,872 Adjustment to fair value of foreign currency forwards settled during the period Other gain (loss), net 5,276 (5,070 ) (219 ) Net cash receipt (payment) on derivatives Other gain (loss), net (1) (4,784 ) 979 (787 ) _____________________________ (1) Excludes the gain (loss) relating to foreign currency transactions for the years ended December 31, 2018, 2017 and 2016 of $1.1 million , $0.2 million , and $(0.9) million , respectively. The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of December 31, 2018 and December 31, 2017 . The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of December 31, 2018 and December 31, 2017 .

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2018
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 consist of interest rate caps and foreign currency exchange contracts that are traded over-the-counter, and are valued using a third-party service provider. These quotations are not adjusted and are generally based on valuation models with observable inputs such as contractual cash flow, yield curve, foreign currency rates and credit spreads 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, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Principal/Notional Carrying Value Fair Principal/Notional Carrying Value Fair Financial assets: (1) Derivative assets $ 960,401 $ 6,440 $ 6,440 $ 1,193,012 $ 7,024 $ 7,024 Preferred equity investment 39,090 39,090 39,501 35,347 35,347 35,783 Financial liabilities: (1) Mortgage and other notes payable, net $ 689,909 $ 682,912 $ 686,891 $ 1,234,642 $ 1,223,443 $ 1,231,321 Derivative liabilities — — — 58,647 5,270 5,270 _____________________________ (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 rates as of the end of the reporting period or market credit spreads over the rate payable on fixed rate 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. Preferred Equity Investments For preferred equity investments, fair value was computed by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment. Fair value was determined assuming fully-extended maturities regardless of structural or economic tests required to achieve such extended maturities. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
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. As part of the terms of agreements relating to certain assets the Company disposed, as is customary for such transactions in Europe, the Company agreed to provide certain warranties to the buyer. Obligations Under Ground Leases The Company has one ground lease on the Portman Square asset with an expiry in 2101. The annual rent is £1000 per year for the lease term and is not recoverable from 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, 2018 , one tenant, BNP Paribas RE, accounted for more than 10% of the Company’s total revenues. This tenant has 1.1 years remaining on its lease. Otherwise, the Company has no other tenant that generates 10% or more of its total revenues. Additionally, for the year ended December 31, 2018 , Germany, France and the United Kingdom each accounted for more than 10% of the Company’s total revenues. The Company believes the remainder of its portfolio is well diversified and does not contain any unusual concentrations of credit risks. Guarantee In connection with the sale of the Trianon Tower in December 2018, the Company pledged its $5.7 million ( €5 million ) preferred equity certificates to secure certain of the seller representations and warranties made to the buyer in the definitive purchase agreement.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (dollars in thousands, except per share data): Three Months Ended December 31, September 30, June 30, March 31, 2018 2018 2018 2018 Rental income $ 21,815 $ 23,920 $ 24,600 $ 27,224 Escalation income 5,007 4,283 5,562 5,341 Interest income 725 708 706 729 Interest expense 4,663 5,318 5,855 6,107 Management fee, related party 3,916 4,011 4,223 4,157 Incentive Fee 5,445 — — — Transaction costs 8,316 1,129 376 481 Depreciation and amortization 10,875 11,013 11,976 11,651 Other, net (1) 18,354 10,457 11,047 10,191 Other gain (loss), net 421 389 3,531 (3,002 ) Extinguishment of debt (2,751 ) (29 ) (1,441 ) — Gain on sales, net 198,767 2,973 38,319 1,266 Income (loss) before income tax benefit (expense) 172,415 316 37,800 (1,029 ) Net income (loss) 171,466 556 37,876 (1,068 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders 170,271 552 37,659 (1,072 ) Earnings (loss) per share: (2) Basic $ 3.43 $ 0.01 $ 0.72 $ (0.02 ) Diluted $ 3.34 $ 0.01 $ 0.69 $ (0.02 ) _____________________________ (1) Primarily relates to properties - operating expenses, general and administrative expense, other expenses and compensation expense offset by other income. (2) The total for the year may differ from the sum of the quarters as a result of weighting. Three Months Ended December 31, September 30, June 30, March 31, 2017 2017 2017 2017 Rental income $ 26,041 $ 27,747 $ 26,025 $ 25,536 Escalation income 5,265 5,641 5,558 5,161 Interest income 705 704 297 — Interest expense 6,203 6,536 6,722 6,383 Management fee, related party 3,692 3,585 3,572 3,559 Transaction costs 4,552 332 973 260 Depreciation and amortization 14,535 14,396 12,520 12,563 Other, net (1) 15,893 13,906 12,720 27,760 Other gain (loss), net (1,498 ) (3,240 ) (7,016 ) (124 ) Extinguishment of debt (1,558 ) (270 ) (142 ) (41 ) Gain on sales, net 15,996 1,719 1,484 4,194 Income (loss) before income tax benefit (expense) 76 (6,454 ) (10,301 ) (15,799 ) Net income (loss) 2,537 (6,806 ) (10,538 ) (15,526 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders 1,442 (6,770 ) (10,447 ) (15,350 ) Earnings (loss) per share: (2) Basic $ 0.02 $ (0.12 ) $ (0.19 ) $ (0.28 ) Diluted $ 0.02 $ (0.12 ) $ (0.19 ) $ (0.28 ) _____________________________ (1) Primarily relates to properties - operating expenses, general and administrative expense, other expenses, extinguishment of debt and compensation expense offset by other income. (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, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company currently conducts its business through the following three segments, based on how management reviews and manages its business: • Real Estate Equity - Focused on European prime office properties located in key cities within Germany, the United Kingdom and France. • Preferred Equity - Represents the Company’s preferred equity investments secured by interest in prime office properties. • Corporate - The corporate segment significantly includes corporate level interest expense, management fee, incentive fee, compensation expense, foreign currency derivatives and general and administrative expenses. The following tables present segment reporting for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Year Ended December 31, 2018 Statement of Operations: Real Estate Equity Preferred Equity Corporate Total Revenues Rental income $ 97,559 $ — $ — $ 97,559 Escalation income 20,193 — — 20,193 Interest income — 2,868 — 2,868 Expenses Interest expense (1) 21,282 — 661 21,943 Management fee, related party — — 16,307 16,307 Incentive Fee — — 5,445 5,445 Impairment losses 828 — — 828 Goodwill impairment following the sale of operating real estate 8,061 — — 8,061 Transaction costs (2) 748 — 9,554 10,302 Depreciation and amortization 45,515 — — 45,515 Gain on sales, net (241,325 ) — — (241,325 ) Other expense (income) 43,171 (3) 128 743 (4) 44,042 Income (loss) before income tax benefit (expense) 239,472 2,740 (32,710 ) 209,502 Income tax benefit (expense) (672 ) — — (672 ) Net income (loss) $ 238,800 $ 2,740 $ (32,710 ) $ 208,830 Balance Sheets: December 31, 2018 Total Assets $ 1,362,679 $ 40,568 $ 22,252 $ 1,425,499 _____________________________ (1) Includes $2.1 million and $0.3 million of amortization of deferred financing costs in the real estate equity and corporate segments, respectively. (2) Represents costs associated with the continual work of the strategic review committee in the corporate segment and costs associated with the refinancing of certain mortgage notes in the real estate equity segment. (3) Primarily relates to properties - operating expenses, loss on interest rate caps, other expenses and extinguishment of debt in the real estate segment. (4) Primarily relates to general and administrative expenses and compensation expense offset by a net gain on foreign currency derivatives. Year Ended December 31, 2017 Statement of Operations: Real Estate Equity Preferred Equity Corporate Total Revenues Rental income $ 105,349 $ — $ — $ 105,349 Escalation income 21,625 — — 21,625 Interest income — 1,706 — 1,706 Expenses Interest expense (1) 24,989 — 855 25,844 Management fee, related party — — 14,408 14,408 Transaction costs (4) — 538 5,579 6,117 Depreciation and amortization 54,014 — — 54,014 Other, net 20,887 (2) 72 39,816 (3) 60,775 Income (loss) before income tax benefit (expense) 27,084 1,096 (60,658 ) (32,478 ) Income tax benefit (expense) 2,145 — — 2,145 Net income (loss) $ 29,229 $ 1,096 $ (60,658 ) $ (30,333 ) Balance Sheets: December 31, 2017 Total Assets $ 1,901,282 $ 37,133 $ 2,502 $ 1,940,917 ___________________________________ (1) Includes $2.4 million and $0.4 million of amortization of deferred financing costs in the real estate equity and corporate segments, respectively. (2) Primarily relates to properties - operating expenses and unrealized loss on interest rate caps offset by other income and gain on sales. (3) Primarily relates to general and administrative expense and unrealized loss on foreign currency forwards. (4) Transaction costs relates to costs associated with amending the management agreement in our corporate segment and other transaction costs in our preferred equity segment. Year Ended December 31, 2016 Statement of Operations: (1) Real Estate Equity Corporate Total Revenues Rental income $ 124,321 $ — $ 124,321 Escalation income 25,173 — 25,173 Expenses Interest expense (2) 30,974 10,465 41,439 Management fee, related party — 14,068 14,068 Transaction costs (5) — 2,610 2,610 Depreciation and amortization 64,979 — 64,979 Other, net 57,546 (3) 28,612 (4) 86,158 Income (loss) before income tax benefit (expense) (4,005 ) (55,755 ) (59,760 ) Income tax benefit (expense) (2,742 ) — (2,742 ) Net income (loss) $ (6,747 ) $ (55,755 ) $ (62,502 ) Balance Sheets: December 31, 2016 Total Assets $ 1,835,531 $ 9,861 $ 1,845,392 ___________________________________ (1) The Company did not have a preferred equity segment for the year ended December 31, 2016 . (2) Includes $3.7 million and $3.4 million of amortization of deferred financing costs in the real estate and corporate segments, respectively. (3) Primarily relates to properties - operating expense, realized loss on the sale of real estate and impairment loss on real estate offset by the gain on foreign currency translation and other. (4) Primarily relates to general and administrative expense and unrealized loss on foreign currency forwards. Includes an allocation of general and administrative expense from the Manager of $0.2 million . (5) Transaction costs primarily relate to costs associated the Mergers in our corporate segment. Geography The following table presents geographic information about the Company’s total rental income and escalation income for the years ended December 31, 2018 , 2017 and 2016 (in thousands): Year Ended December 31, 2018 (2) 2017 (3) 2016 (3) Properties (1) 18 25 31 Office Germany $ 55,885 $ 51,241 $ 53,743 United Kingdom 29,746 36,984 38,483 France 21,243 20,051 19,551 Other office (4) 4,731 14,167 30,656 Subtotal 111,605 122,443 142,433 Other Property Types France/Germany (5) 6,147 4,531 7,061 Total $ 117,752 $ 126,974 $ 149,494 _____________________________ (1) Represents the number of properties owned as of December 31, 2018 , 2017 and 2016 , respectively, including assets held-for-sale as of the respective period. (2) Includes partial period rental income from the Trianon Tower and three properties in the London, the United Kingdom which were sold in December 2018, a property in the Netherlands (the Maastoren property) which was sold in April 2018 and a property in Portugal which was sold in September 2018. (3) Includes partial period rental income for the assets sold during the year ended December 31, 2017 and 2016, refer to Note 3 for details. (4) Includes office properties in Portugal and the Netherlands as of December 31, 2018, office properties in Portugal, the Netherlands and Spain as of December 31, 2017 and 2016. (5) Represents five assets including two retail in Germany, one industrial in France and two hotel (net lease) assets in Germany as of December 31, 2018.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On March 7, 2019 , the Company declared a dividend of $0.15 per share of common stock. The common stock dividend is expected be paid on March 29, 2019 to stockholders of record as of the close of business on March 25, 2019 . Disposals On February 14, 2019, the Company completed the sale of a retail asset in Werl, Germany for $2.9 million . On March 1, 2019, the Company completed the sale of a retail asset in Bremen, Germany for $1.2 million and an office property in Frankfurt, Germany for $41 million .

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2018 (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 Asset Location Encumbrances (1) Land Building & Improvements Land, Buildings & Improvements Land Building & Improvements Total Accumulated Depreciation Total (2)(3) Date Acquired Life on Which Depreciation is Computed Germany Valentinskamp Hamburg $ 21,657 $ 23,512 $ 28,745 $ 9,464 $ 23,512 $ 38,209 $ 61,721 $ (4,087 ) $ 57,634 4/1/2015 40 years Parexel Berlin 29,535 8,049 36,023 — 8,049 36,023 44,072 (3,651 ) 40,421 4/8/2015 40 years Drehbahn Hamburg 27,947 26,071 10,154 694 26,071 10,848 36,919 (1,918 ) 35,001 4/1/2015 40 years Ludwigstrasse Cologne 18,819 11,881 19,135 1,056 11,881 20,191 32,072 (2,261 ) 29,811 4/8/2015 40 years Dammtorwall Hamburg 9,167 6,732 13,455 410 6,732 13,865 20,597 (1,681 ) 18,916 4/1/2015 40 years Munster Munster 5,730 2,685 5,436 1,432 2,685 6,868 9,553 (669 ) 8,884 4/8/2015 40 years Subtotal 112,855 78,930 112,948 13,056 78,930 126,004 204,934 (14,267 ) 190,667 France Berges de Seine Paris, Issy 91,845 95,733 52,853 152 95,733 53,005 148,738 (7,048 ) 141,690 4/1/2015 40 years Mac Donald Paris, Other 52,305 32,968 42,834 6 32,968 42,840 75,808 (5,487 ) 70,321 4/1/2015 40 years Marceau Paris, CBD 35,468 33,923 12,981 1,256 33,923 14,237 48,160 (1,802 ) 46,358 4/8/2015 40 years Joubert Paris, CBD 9,417 10,077 4,159 50 10,077 4,209 14,286 (516 ) 13,770 4/8/2015 40 years Subtotal 189,035 172,701 112,827 1,464 172,701 114,291 286,992 (14,853 ) 272,139 United Kingdom Portman Square London, West End 132,294 — 177,816 2,103 — 179,919 179,919 (18,630 ) 161,289 4/1/2015 40 years Condor House London, City 104,483 15,830 119,485 1,993 15,830 121,478 137,308 (13,264 ) 124,044 4/1/2015 40 years Subtotal 236,777 15,830 297,301 4,096 15,830 301,397 317,227 (31,894 ) 285,333 Other (4) IC Hotel Germany, Berlin 11,606 825 21,899 122 825 22,021 22,846 (2,057 ) 20,789 4/8/2015 40 years Ibis Berlin Germany, Berlin 8,056 863 11,918 29 863 11,947 12,810 (1,116 ) 11,694 4/8/2015 40 years Subtotal 19,662 1,688 33,817 151 1,688 33,968 35,656 (3,173 ) 32,483 Grand Total $ 558,329 $ 269,149 $ 556,893 $ 18,767 $ 269,149 $ 575,660 $ 844,809 $ (64,187 ) $ 780,622 Held-for-Sale Uhlandstrasse Frankfurt 12,016 4,303 15,207 3,976 4,303 19,183 23,486 (2,212 ) 21,274 4/8/2015 40 years Neuermarkt (5) Germany, Werl 1,734 951 2,625 (555 ) 951 2,070 3,021 (155 ) 2,866 4/8/2015 40 years Marly France, Greater Paris 30,737 4,843 42,073 154 4,843 42,227 47,070 (3,862 ) 43,208 4/8/2015 40 years Kirchheide (5) Germany, Other — 333 1,332 (314 ) 333 1,018 1,351 (291 ) 1,060 4/8/2015 40 years Grand Total $ 44,487 $ 10,430 $ 61,237 $ 3,261 $ 10,430 $ 64,498 $ 74,928 $ (6,520 ) $ 68,408 ______________________ (1) Excludes the preferred equity certificates of $87.1 million . (2) Aggregate cost for federal income tax purposes is $1.0 billion as of December 31, 2018 . (3) Excludes gross intangibles of $67.2 million (4) Represents hotel (net lease) assets. (5) Net of the impairment loss recorded at December 31, 2018 of $0.8 million . SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) As of December 31, 2018 (Dollars in Thousands) The following table presents changes in the Company’s operating real estate portfolio as of December 31, 2018 , 2017 and 2016 (dollars in thousands): 2018 2017 2016 Beginning balance $ 1,606,890 $ 1,614,432 $ 2,120,460 Reclassification — — (733 ) Transfers to held for sale (74,928 ) (173,320 ) (23,138 ) Improvements 17,776 18,033 10,792 Retirements and disposals (628,506 ) (60,234 ) (353,883 ) Foreign currency translation (76,423 ) 207,979 (139,066 ) Ending balance $ 844,809 $ 1,606,890 $ 1,614,432 The following table presents changes in accumulated depreciation as of December 31, 2018 , 2017 and 2016 (dollars in thousands): 2018 2017 2016 Beginning balance $ (95,356 ) $ (63,585 ) $ (35,303 ) Depreciation expense (35,072 ) (40,196 ) (45,219 ) Assets held for sale 6,520 12,669 811 Retirements and disposals 54,320 5,722 10,635 Foreign currency translation 5,401 (9,966 ) 5,491 Ending balance $ (64,187 ) $ (95,356 ) $ (63,585 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
Variable Interest Entities	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 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.
Noncontrolling Interests	Noncontrolling Interests A noncontrolling 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 noncontrolling 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 noncontrolling interests. An allocation to a noncontrolling 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. Unrealized gain (loss) on derivatives and other has been renamed to other gain (loss), net and realized gain (loss) on sales and other has been renamed to gain on sales, net for presentational purposes only. Additionally, the Company has reclassified the gain (loss) on net cash on derivatives from realized gain (loss) on sales and other to other gain (loss), net on the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 (refer to Note 10). The Company has also separately disclosed extinguishment of debt related to prepayment penalties and write-off of deferred financing costs associated with debt repayments which previously has been included in realized gain (loss) on sales and other on the consolidated statement of operations for the years ended December 31, 2018 , 2017 and 2016 (refer to Note 5). Finally, the Company has renamed the line item due to related parties to due to affiliates on the consolidated balance sheets (refer to Note 6).
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 acquistions 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. For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. 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 tenant leases are generally subject to scheduled adjustments.
Preferred Equity Investments	Preferred Equity Investments Preferred equity investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments, if any. Preferred equity investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Preferred equity investments where the Company does not intend to hold the investment for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or fair value.
Assets and Related Liabilities Held for Sale	Assets and Related 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, with any write-down to fair value less cost to sell recorded as an impairment loss. Once a property is determined to be held for sale, depreciation and amortization 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.
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 extinguishment of debt. 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 above or 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 assesses qualitative factors to determine whether it is more likely than not that the fair value of an operating segment, related to such goodwill, is less than the carrying amount. If the carrying amount exceeds fair value an impairment is recorded for the difference.
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 other assets, net 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. Preferred Equity Investments Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such investment is reclassified to held for sale.
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 years ended December 31, 2018 and 2016, the Company recognized $0.8 million , relating to two non-core retail assets, which the Company sold for less than the carrying value, but greater than the year end independent valuation, and $27.5 million of impairment losses, respectively. For the year ended December 31, 2017 , the Company did not recognize any impairment losses. 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. Preferred Equity Investments Preferred equity investments are considered impaired when, based on current information and events, it is probable that the Company will not be able to collect all principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of investment loss reserves on an annual basis or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the investment as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the investment, an investment loss reserve is recorded with a corresponding charge to provision for investment losses. The investment loss reserve for each investment is maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition is suspended for an investment when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired investment is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired investment is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the investment becomes contractually current and performance is demonstrated to be resumed. Interest accrued and not collected will be reversed against interest income. An investment is written off when it is no longer realizable and/or legally discharged.
Equity-Based Compensation	Equity-Based Compensation Equity-classified stock awards granted to non-employees that have a service condition are measured at fair value at date of grant. For time-base awards, fair value is determined based on the closing price of the Company’s common stock at date of grant. For market-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 using a Monte Carlo analysis under a risk-neutral premise using a risk-free interest rate. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the awards, with the amount of compensation expense recognized at the end of a reporting period at least equal to the fair value of the portion of the award that has vested through that date. Compensation expense is adjusted for actual forfeitures upon occurrence.
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 other gain (loss), net 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.
Earnings Per Share	Earnings Per Share The Company’s basic earnings per share (“EPS”) is calculated using the two-class method for each class of common stock and participating security as if all earnings had been distributed by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding. Diluted EPS reflects the maximum potential dilution that could occur from the Company’s share-based compensation, consisting of unvested restricted stock awards, restricted stock units (“RSUs”), performance common stock 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). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. The Company’s unvested restricted stock awards and LTIP Units contain rights to receive non-forfeitable dividends and thus are participating securities. Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, net income is first reduced for distributions declared on all classes of participating securities to arrive at undistributed earnings. Under the two-class method, net loss is reduced for distributions declared on participating securities only if such security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity.
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, 2018 , 2017 and 2016, the Company reclassified $18.5 million , $(1.4) million and $17.7 million , respectively, of CTA to gain on sales, net 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 other gain (loss), net in the consolidated statements of operations.
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, 2018 , 2017 and 2016. Dividends distributed for the year ended December 31, 2018 were characterized, for U.S. federal income tax purposes, as capital gains. Dividends distributed for the years ended December 31, 2017 and 2016 were characterized, for U.S. federal income tax purposes, as return of capital. The Company conducts its business through foreign subsidiaries which may be subject to local level income tax in the European jurisdictions it operates. As a result, the effective tax rate of less than 0.6% is due to those foreign taxes. The Company has also elected taxable REIT subsidiary (“TRS”) status on certain 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. (“foreign TRS”) and, as such, not subject to U.S. taxation but is subject to foreign income taxes only. In addition, the REIT will not generally be subject to any additional U.S. taxes on the repatriation of foreign TRS earnings. For the year ended December 31, 2018, the Company’s foreign subsidiaries recorded $0.1 million of current income tax expense and $0.6 million of deferred income tax expense. For the year ended December 31, 2017, the Company’s foreign subsidiaries recorded $0.6 million of current income tax benefit and $1.5 million of a deferred income tax benefit. 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 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: Accounting Standards Adopted in 2018 Revenue Recognition - In May 2014, FASB issued an accounting update (ASU No. 2014-09) 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 Company has adopted the standard on its required effective date of January 1, 2018 using the modified retrospective approach and has applied the guidance to contracts not yet completed as of the date of adoption. The new revenue standard specifically excludes revenue streams for which specific guidance is stipulated in other sections of the codification and therefore it will not impact rental income or interest income generated on financial instruments such as preferred equity investments. The Company is the lessor for triple net and gross leases classified as operating leases in which rental income and tenant reimbursements are recorded. The revenue from these leases is scoped out of the new revenue recognition guidance. All leases are accounted for under ASC 840 until the adoption of the new leasing guidance under ASC 842. There were no changes to the Company’s financial statements as a result of the new revenue recognition standard. In addition, the Company will adopt the practical expedient which allows lessors to consider lease and non-lease components as a single performance obligation to the extent that the timing and pattern of transfer is the same and the lease is classified an operating lease. Cash Flow Classification - In August 2016, the FASB issued guidance (ASU No. 2016-15) that makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. 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 adopted this guidance on January 1, 2018 and it did not have a material impact on its consolidated financial statements and related disclosures. Restricted Cash - In November 2016, the FASB issued guidance (ASU No. 2016-18) which requires that cash and cash equivalent balances in the statement of cash flows include restricted cash and restricted cash equivalent amounts, and therefore, changes in restricted cash and restricted cash equivalents be presented in the statement of cash flows. This eliminates the presentation of transfers between cash and cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item of the balance sheet, this ASU requires disclosure of a reconciliation between the totals in the statement of cash flows and the related captions on the balance sheet. The new guidance also requires disclosure of the nature of the restricted cash and restricted cash equivalents, similar to the existing requirements under Regulation S-X, however, it does not define restricted cash and restricted cash equivalents. The Company adopted this guidance on January 1, 2018 and the required retrospective application of this new standard resulted in changes to the previously reported statement of cash flows as follows (dollars in thousands): As of December 31, 2017 As of December 31, 2016 Cash flow provided by (used in): As Previously Reported After Adoption of ASU 2016-18 As Previously Reported After Adoption of ASU 2016-18 Operating activities $ 25,172 $ 21,973 $ 28,130 $ 30,847 Investing activities 84,492 85,471 391,624 379,594 Financing activities (119,571 ) (120,550 ) (630,856 ) (630,069 ) Business Combination - In January 2017, the FASB issued guidance (ASU No. 2017-01) 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 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). A significant difference between the accounting for an asset acquisition and a business combination is that transaction costs are capitalized for an asset acquisition, rather than expensed for a business combination. The Company adopted the standard on its required effective date of January 1, 2018. This guidance did not have a material impact on its consolidated financial statements and related disclosures. Derecognition and Partial Sales of Nonfinancial Assets - In February 2017, the FASB issued an accounting update (ASU No. 2017-05) which clarifies the scope of recently established guidance on nonfinancial asset derecognition, which applies to the derecognition of all nonfinancial assets and in-substance nonfinancial assets. In addition, the guidance clarifies the accounting for partial sales of nonfinancial assets and in-substance nonfinancial assets to align with the new revenue recognition standard to be more consistent with the accounting for sale of a business. Specifically, in a partial sale to a noncustomer, when a noncontrolling interest is received or retained, the latter is considered a noncash consideration and measured at fair value, which would result in full gain or loss recognized upon sale. The Company adopted this guidance on January 1, 2018 and it did not have a material impact on its consolidated financial statements and related disclosures as there were no such partial sales for the year ended December 31, 2018 . Goodwill Impairment - In January 2017, the FASB issued guidance (ASU No. 2017-04) which removes Step 2 from the goodwill impairment test. The Company adopted this guidance on January 1, 2018 and it did not have a material impact on its consolidated financial statements and related disclosures. Share-based Payments - In May 2017, the FASB issued guidance (ASU No. 2017-09) clarifying when to account for a change to the terms or conditions of a share-based payment award as a modification. The Company adopted this guidance on January 1, 2018 and it did not have a material impact on its consolidated financial statements and related disclosures. In June 2018, the FASB issued guidance (ASU 2018-07) which simplifies the accounting for share-based payments to non-employees by generally aligning it with the accounting for share-based payments to employees, with certain exceptions. The new guidance applies to non-employee awards issued in exchange for goods or services used in an entity’s own operations and to awards granted by an investor to an equity method investee, but does not apply to equity instruments issued to a lender or investor in a financing transaction or equity instruments issued when selling goods or services to customers, which is under the revenue recognition model. Key changes in the guidance include measuring non-employee awards based on fair value of the equity instrument issued, rather than fair value of goods or services received or equity instrument issued, whichever is more reliably measured. In terms of timing, equity-classified non-employee awards that were previously remeasured through performance completion date will now have a fixed measurement on grant date, which will reduce volatility on the income statement. For non-employee awards with performance conditions, compensation cost will be recognized when achievement of the performance condition is probable, rather than upon actual achievement of the performance condition. Similar to employee awards, forfeitures may be recognized as they occur or based on an estimate under an accounting policy election, but the guidance allows separate elections for employee and non-employee awards. The accounting model for non-employee awards, however, remains different for attribution of share-based payment costs over the vesting period, in which compensation cost for non-employee awards continues to be recognized in the same period and in the same manner (i.e., capitalize or expense) as if the grantor had paid cash for the goods or services. No changes to disclosure requirements were prescribed. Transition is on a modified retrospective basis, with a remeasurement at fair value as of the adoption date through a cumulative effect adjustment to opening retained earnings, applied to all equity-classified non-employee awards where a measurement date has not been established by the adoption date and unsettled liability-classified non-employee awards. The transition provisions eliminate the need to retrospectively determine fair values at historical grant dates. The Company has early adopted this guidance on July 1, 2018 and the net impact relating to the adoption was a $0.8 million decrease to additional paid in capital. Recent Accounting Pronouncements: Future Application of Accounting Standards Leases - In February 2016, the FASB issued an accounting update (ASU No. 2016-02) which amends existing lease accounting standards, primarily requiring lessees to recognize most leases on balance sheet, as well as making targeted changes to lessor accounting. As lessee, a right-of-use asset and corresponding liability for future obligations under a leasing arrangement would be recognized on balance sheet. As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. As the new lease standard requires congruous accounting treatment between lessor and lessee in a sale-leaseback transaction, if the seller/lessee does not achieve sale accounting, it would be considered a financing transaction to the buyer/lessor. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. 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. The 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 Company will adopt the standard effective January 1, 2019 using a modified retrospective approach for all leases existing at, or entered into after, the date of initial application. The Company will adopt the package of practical expedients under the guidance, which provides exemptions from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company implemented an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease. The Company is in the process of finalizing the aggregation and evaluation of its leasing arrangements, and implementing a lease module in its accounting system to address the new accounting model for leases, including any transition adjustments. The most significant change to the Company, as lessee, will be the gross-up of the right of use asset and lease liability on the balance sheet. The right-of-use asset is estimated to be between $30.0 million to $35.0 million for one ground lease primarily relating to reclassing an intangible asset and a lease liability between $20,000 to $50,000 , discounted using incremental borrowing rates of approximately 5.0% . The impact of the new standard to the Company, as lessor, is not expected to have a material effect on its financial condition or results of operations Financial Instruments - In June 2016, the FASB issued guidance (ASU No. 2016-13) 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. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The adoption of this standard is not expected to have a material effect on the Company’s existing disclosures. Fair Value Disclosures - In August 2018, the FASB issued guidance (ASU No. 2018-13) that requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain disclosures are now eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. The new guidance is effective for fiscal years and interim periods beginning after December 15, 2019. The adoption of this standard is not expected to have a material effect on the Company’s existing disclosures. Variable Interest Entities - In November 2018, the FASB issued guidance (ASU No. 2018-17) which amends the VIE guidance to align the evaluation of a decision maker’s or service provider’s fee in assessing a variable interest with the guidance in the primary beneficiary test. Specifically, indirect interests held by a related party that is under common control will now be considered on a proportionate basis, rather than in their entirety, when assessing whether the fee qualifies as a variable interest. The proportionate basis approach is consistent with the treatment of indirect interests held by a related party under common control when evaluating the primary beneficiary of a VIE. This effectively means that when a decision maker or service provider has an interest in a related party, regardless of whether they are under common control, it will consider that related party’s interest in a VIE on a proportionate basis throughout the VIE model, for both the assessment of a variable interest and the determination of a primary beneficiary. Transition is generally on a modified retrospective basis, with the cumulative effect adjusted to retained earnings at the beginning of the earliest period presented. The new guidance is effective for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted in an interim period for which financial statements have not been issued. The Company is currently evaluating the impact of this new guidance but does not expect the adoption of this standard to have a material effect on its financial condition or results of operations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 (dollars in thousands): Years Ending December 31: (1) 2019 $ 56,237 2020 46,178 2021 42,021 2022 35,736 2023 35,796 Thereafter 93,781 Total $ 309,749 _________________________ (1) Translated to the U.S. dollar using the currency exchange rate as of December 31, 2018.
Schedule of Identified Intangibles	The following table presents identified intangibles as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 (1) December 31, 2017 (1) Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Intangible assets: In-place lease $ 40,545 $ (22,031 ) $ 18,514 $ 64,427 $ (24,290 ) $ 40,137 Above-market lease 3,042 (1,401 ) 1,641 34,882 (9,919 ) 24,963 Below-market ground lease 32,552 (1,420 ) 31,132 34,497 (1,109 ) 33,388 Goodwill (2) 6,886 N/A 6,886 15,697 N/A 15,697 Total $ 83,025 $ (24,852 ) $ 58,173 $ 149,503 $ (35,318 ) $ 114,185 Intangible liabilities: Below-market lease $ 16,305 $ (6,583 ) $ 9,722 $ 32,267 $ (8,964 ) $ 23,303 Above-market ground lease — — — 5,513 (184 ) 5,329 Total $ 16,305 $ (6,583 ) $ 9,722 $ 37,780 $ (9,148 ) $ 28,632 _____________________________ (1) As of December 31, 2018 , the weighted average amortization period for above-market leases, below-market leases and in-place leases was 4.5 years , 6.1 years and 6.0 years , respectively. As of December 31, 2017 , the weighted average amortization period for above-market leases, below-market leases and in-place leases was 6.4 years , 9.2 years and 5.7 years , respectively. (2) Represents goodwill associated with certain acquisitions 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, 2018 (dollars in thousands): Balance as of December 31, 2016 $ 13,780 Adjustments from foreign currency translation 1,917 Balance as of December 31, 2017 15,697 Goodwill impairment following the sale of operating real estate (1) (8,061 ) Adjustments from foreign currency translation (750 ) Balance as of December 31, 2018 $ 6,886 _____________________________ (1) Represents goodwill impairment at the Trianon operating segment level following to the sale of the Trianon assets in December 2018.
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, 2018 , 2017 and 2016 (dollars in thousands): Year Ended December 31, Statements of operations location: 2018 2017 2016 Amortization of acquired above-market leases, net of acquired below-market leases Rental income / properties - operating expenses $ 654 $ 666 $ 2,162 Amortization of other intangible assets Depreciation and amortization expense 9,576 13,817 19,543
Schedule of Finite-Lived Intangible Assets, Liabilities, and Deferred Leasing Costs, Future Amortization Expense	The following table presents annual amortization of intangible assets and liabilities (dollars in thousands): Intangible Assets Intangible Liabilities In-place Leases, Net Above-market Leases, Net Below-market Ground Lease Value, Net Below-market Leases, Net Remaining 2019 $ 5,285 $ 364 $ 376 $ 1,681 2020 3,649 364 376 1,648 2021 3,075 364 376 1,486 2022 2,225 345 376 1,486 2023 1,370 204 376 1,486 2024 and thereafter 2,910 — 29,252 1,935 Total $ 18,514 $ 1,641 $ 31,132 $ 9,722
Schedule of Other Assets and Other Liabilities	The following tables present a summary of other assets and other liabilities as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Other assets: Prepaid expenses $ 581 $ 1,936 Deferred leasing and other costs, net 3,710 6,019 Deferred tax assets, net 801 — Straight-line rent, net 7,479 10,969 Escrow receivable — 3,286 Other 1,746 905 Total $ 14,317 $ 23,115 December 31, 2018 December 31, 2017 Other liabilities: Deferred tax liabilities $ 5,123 $ 8,548 Prepaid rent received and unearned revenue 9,867 8,406 Tenant security deposits 3,914 4,435 Prepaid escalation and other income 2,121 3,982 Other 242 386 Total $ 21,267 $ 25,757
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, 2018 and 2017 (dollars in thousands): December 31, 2018 (1) 2017 Deferred tax asset Net operating losses $ 9,549 $ 19,587 Interest deferral 789 5,598 Transaction costs capitalized to operating real estate 3,068 6,992 Operating real estate 1,943 2,852 Other 3,133 7,920 Total deferred tax asset 18,482 42,949 Valuation allowance (12,730 ) (22,666 ) Deferred tax assets, net of valuation allowance 5,752 20,283 Deferred tax liabilities Operating real estate (7,161 ) (23,126 ) Other (2,912 ) (5,705 ) Total deferred tax liabilities (10,073 ) (28,831 ) Net deferred tax liability $ (4,321 ) $ (8,548 ) _____________________________ (1) The deferred tax asset recorded in other assets on the balance sheets is $0.8 million and the deferred tax liability recorded in other liabilities on the balance sheet is $5.1 million .
Summary of Valuation Allowance	The following table presents a rollforward of the valuation allowance for the year ended December 31, 2018 and 2017 (dollars in thousands): Balance as of December 31, 2016 $ (26,565 ) Additions (8,006 ) Deductions 11,905 Balance as of December 31, 2017 (22,666 ) Additions (1,253 ) Deductions 11,189 Balance as of December 31, 2018 $ (12,730 )
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The Company adopted this guidance on January 1, 2018 and the required retrospective application of this new standard resulted in changes to the previously reported statement of cash flows as follows (dollars in thousands): As of December 31, 2017 As of December 31, 2016 Cash flow provided by (used in): As Previously Reported After Adoption of ASU 2016-18 As Previously Reported After Adoption of ASU 2016-18 Operating activities $ 25,172 $ 21,973 $ 28,130 $ 30,847 Investing activities 84,492 85,471 391,624 379,594 Financing activities (119,571 ) (120,550 ) (630,856 ) (630,069 )

Operating Real Estate (Tables)

Operating Real Estate (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Operating Real Estate	The following table presents operating real estate, net as of December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Land $ 269,149 $ 393,691 Buildings and improvements 373,446 954,314 Building and leasehold interests 173,782 197,582 Tenant improvements 28,432 61,303 Operating real estate, gross 844,809 1,606,890 Less: accumulated depreciation (64,187 ) (95,356 ) Operating real estate, net $ 780,622 $ 1,511,534
Schedule of Operating Real Estate Held for Sale	The following table summarizes the Company’s operating real estate held for sale as of December 31, 2018 and 2017 (dollars in thousands): Assets (1)(2) Liabilities (1) Location Type Properties Operating Real Estate, Net (3) Intangible Assets, Net Other Assets Total Other Liabilities 2018 Bremen, Germany (3)(5) Other 1 $ 1,060 $ 18 $ — $ 1,078 $ — Werl, Germany (3)(4) Other 1 2,866 — 4 2,870 — Marly, France Other 1 43,208 — 3,897 47,105 1,498 Frankfurt, Germany (5) Office 1 21,274 216 802 22,292 — Total 4 $ 68,408 $ 234 $ 4,703 $ 73,345 $ 1,498 2017 Lisbon, Portugal (6) Office 1 $ 11,910 $ 62 $ 23 $ 11,995 $ — Rotterdam, Netherlands (7) Office 1 148,741 5,053 3,293 157,087 648 Total 2 $ 160,651 $ 5,115 $ 3,316 $ 169,082 $ 648 _____________________________ (1) The assets and liabilities classified as held for sale are expected to be sold as either asset sales or share sales subject to standard industry terms and conditions. The assets held-for-sale as of December 31, 2018 contributed $4.6 million , $3.5 million and $3.7 million of revenue and $(6.1) million , $(5.6) million and $(5.6) million of income (loss) before income tax benefit (expense) for the years ended December 31, 2018, 2017 and 2016, respectively. The assets held-for-sale as of December 31, 2017 contributed $4.8 million , $13.2 million and $14.1 million of revenue and $(1.7) million , $(7.5) million and $(7.3) million of income (loss) before income tax benefit (expense) and excluding the gain on sales for the December 31, 2018, 2017 and 2016, respectively. (2) Represents operating real estate and intangible assets, net of accumulated depreciation and amortization of $6.9 million and $18.7 million , respectively, as of December 31, 2018 ad 2017, prior to being reclassified into held for sale. (3) Net of impairment loss of $0.3 million and $0.5 million , respectively, on the non-core retails assets in Bremen and Werl, Germany. (4) Asset was sold in February 2019. (5) Assets were sold in March 2019. (6) Asset was sold in September 2018. (7) Asset was sold in April 2018.
Schedule Of Proceeds From Sales Of Real Estate	The following table summarizes the Company’s real estate sales for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Year Ended December 31, 2018 2017 2016 Properties 7 6 18 Carrying Value (1) $ 758,780 $ 109,366 $ 386,122 Sales Price (2)(3)(4) $ 988,634 $ 137,509 $ 412,107 Net Proceeds (5) $ 976,602 $ 132,538 $ 406,850 Gain (6) $ 217,822 $ 23,172 $ 20,728 _____________________________ (1) Includes the assets and liabilities related for properties sold through share sales. (2) For the year ended December 31, 2018, the Company sold a total of seven properties; four properties for €825 million (including the sale of Trianon Tower for net proceeds of €653 million in December 2018, the Maastoren property for €159 million and the sale of an asset in Portugal for €13.0 million ) and three properties for £31 million . (3) For the year ended December 31, 2017, the Company sold a total of six properties; five properties for €40 million and one property for £71 million . (4) For the year ended December 31, 2016, the Company sold a total of 18 properties; 16 properties for €346 million and two properties for £16 million . (5) Represents proceeds net of sales costs prior to the repayment of the associated property debt. For the years ended December 31, 2018, 2017 and 2016, the Company repaid $494.2 million , $76.2 million and $173.9 million of associated property debt, respectively. For the years ended December 31, 2018 and 2016 the Company repaid $15.7 million and $21.4 million of preferred equity certificates, respectively. (6) The Company recorded an additional gain on sale for the years ended December 31, 2018 , 2017, and 2016 of $23.5 million , $0.2 million and $13.9 million , respectively, related to the release of escrow accounts and CTA release, net other gains and losses.

Preferred Equity Investments (T

Preferred Equity Investments (Tables)	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Loans on Real Estate	The following table presents the Company’s preferred equity investments as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Asset Type Principal Amount Carrying Value Principal Amount Carrying Value Fixed Rate Mandatory Redemption Preferred equity investment Gresham Street (1) $ 33,368 $ 33,368 $ 35,347 $ 35,347 8.00 % May 2020 Trianon Tower $ 5,722 $ 5,722 $ — $ — 7.00 % Dec 2023 Total $ 39,090 $ 39,090 $ 35,347 $ 35,347 _____________________________ (1) Denominated in U.K. Pound Sterling, and as such, the principal amount decreased from 2017 to 2018 due to the change in the U.K. Pound Sterling to U.S. dollar exchange rate.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Borrowings	The following table presents borrowings as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Country Final Contractual (2) Principal Carrying Principal Carrying Mortgage and other notes payable: (1) Trias Portfolio 1 (3)(5) France Apr-22 (9) EURIBOR + 1.65% (9) $ 75,622 $ 74,449 $ 55,192 $ 53,800 Trias Portfolio 2 (3)(5)(7) Germany Jun-25 (7) EURIBOR + 1.00% (7) 87,496 86,720 91,577 90,880 Trias Portfolio 4 (3)(5)(10) U.K. Apr-20 GBP LIBOR + 2.70% — — 17,326 17,123 SEB Portfolio 1 (5) Germany/France Jul-24 (8) EURIBOR + 1.55% (8) 202,921 200,459 317,317 313,153 SEB Portfolio 2 (5) U.K. Jul-24 (8) GBP LIBOR + 1.55% (8) 236,777 234,402 250,825 247,902 SEB Portfolio - Preferred (4) Germany/France/U.K. Apr-60 0.90% 82,745 82,534 102,560 102,271 Trianon Tower (5)(10) Germany Jul-23 EURIBOR + 1.30% — — 395,294 393,763 Other - Preferred (6) Germany Oct-45 1.00% 4,348 4,348 4,551 4,551 Total mortgage and other notes payable $ 689,909 $ 682,912 $ 1,234,642 $ 1,223,443 _____________________________ (1) All mortgage notes and other notes payable are denominated in local currencies, and as such, the principal amount generally decreased from December 31, 2017 to December 31, 2018 due to the decrease in the Euro and U.K. Pound Sterling to U.S. dollar exchange rate and the repayment of $509.9 million due to sales, offset by additional borrowings of $23.6 million due to refinancings. 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) All floating rate debt is subject to interest rate caps of 0.5% for EURIBOR and 2.0% for GBP LIBOR which are used to manage interest rate exposure. (3) Trias Portfolio represents the cross-collateralized borrowings among the IVG Portfolio, Internos Portfolio and Deka Portfolio. (4) Represents preferred equity certificates with a contractual interest rate of 0.90% through May 2019, 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. (5) Prepayment provisions include a fee based on principal amount of 0.50% through April 2020 for the Trias Portfolio 1 borrowings, 0.35% to 1.0% through May 2022 for the Trias Portfolio 2 borrowings and 0.5% through July 2019 for the SEB Portfolio borrowings. (6) Represents preferred equity certificates each with a fixed contractual interest rate of 1.0% per annum plus variable interest based on specified income levels associated with the German property companies of the Trias Portfolio which can be prepaid at any time without penalty through final maturity, which is thirty years from the issuance date. (7) In May 2018, the Company entered into a second amended and restated loan agreement, which reduced the margin from 1.55% to 1.00% , extended the maturity date of the loan from December 2020 to June 2025 and eliminated certain covenants limited to portfolio concentration and required capital expenditures. (8) In September 2017, the Company amended and restated the agreement to reduce the margin from 1.80% to 1.55% and extended the maturity date from April 1, 2022 to July 20, 2024. (9) In August 2018, the Company amended and restated the loan agreement to increase the principal balance to $76.0 million , reduce the blended margin from 1.85% per annum to 1.65% per annum and extend the maturity from April 8, 2020 to April 8, 2022. After the loan amendment, the Company has combined the previously disclosed “Trias Portfolio 3” into “Trias Portfolio 1.” (10) In December 2018, the Company repaid the mortgage notes on Trias Portfolio 4 and Trianon Tower in connection with the sales of the associated properties (refer to Note 3). In addition, the Company expensed the remaining deferred financing costs associated with these mortgage notes and paid the related prepayment penalties which are recorded in extinguishment of debt in the consolidated statements of operations.
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 as of December 31, 2018 and 2017 (dollars in thousands): December 31, 2018 2017 Principal amount $ 689,909 $ 1,234,642 Deferred financing costs, net (6,997 ) (11,199 ) Carrying value $ 682,912 $ 1,223,443
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, 2018 (dollars in thousands): Mortgage 2019 $ — 2020 — 2021 — 2022 75,622 2023 — 2024 and thereafter 614,287 Total $ 689,909

Compensation Expense (Tables)

Compensation Expense (Tables)	12 Months Ended
	Dec. 31, 2018
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, redemption, conversion and forfeitures of restricted stock, Common Units and performance RSUs. The balance as of December 31, 2018 represents vested Common Units and unvested restricted stock and performance RSUs (grants in thousands): Year Ended December 31, 2018 Restricted Stock (1) Common Units Performance RSUs (2) Total Grants Weighted December 31, 2017 121 420 1,453 1,994 $ 11.95 Granted 438 — 132 570 13.23 Redeemed (3) — (46 ) — (46 ) 12.70 Converted — (36 ) — (36 ) 13.39 Forfeited (21 ) — (360 ) (381 ) 12.93 December 31, 2018 538 338 1,225 2,101 $ 12.08 _____________________________ (1) Represents restricted stock included in common stock. (2) As of December 31, 2018 , represented outstanding Spin-off Absolute and Relative RSUs and 2018 Absolute and Relative RSUs. (3) Shares were redeemed for cash.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Repurchase Agreements	The following table presents the number of share repurchased by the Company, the average price paid per share and the gross amount paid for the repurchased shares for the years ended December 31, 2018 , 2017 and 2016 (dollars and shares in thousands, except per share data): Period (1) Shares Average Price Paid per Share Gross 2016 5,662 $ 10.35 $ 58,612 2018 6,075 13.73 83,391 Total 11,737 $ 12.10 $ 142,003 _____________________________ (1) 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 Board authorized an additional repurchase of up to $100 million of its outstanding common stock through November 2017. For the year ended December 31, 2017 , the Company did not repurchase any shares of its common stock. The Company repurchased 3.6 million shares of its common stock for approximately $41.4 million in 2015.
Schedule of Dividends Declared	The following table presents dividends declared (on a per share basis) with respect to the years ended December 31, 2018 , 2017 and 2016 : Common Stock Declaration Date Dividend Per Share 2018 March 7 $ 0.15 May 8 $ 0.15 August 3 $ 0.15 November 2 $ 0.15 2017 March 7 $ 0.15 May 1 $ 0.15 August 2 $ 0.15 November 6 $ 0.15 2016 March 15 $ 0.15 May 10 $ 0.15 August 3 $ 0.15 November 1 $ 0.15
Schedule of Earnings Per Share	The following table presents EPS for the years ended December 31, 2018 , 2017 and 2016 (dollars and shares in thousands, except per share data): Year Ended December 31, 2018 2017 2016 Numerator: Net income (loss) $ 208,830 $ (30,333 ) $ (62,502 ) Net (income) loss attributable to Unit Holders noncontrolling interest (1,420 ) 372 778 Net income (loss) attributable to common stockholders and Unit Holders (1) $ 207,410 $ (29,961 ) $ (61,724 ) Net (income) allocated to participating securities (1,287 ) (1,536 ) (807 ) Net income (loss) allocated to common stockholders—basic and dilutive $ 206,123 $ (31,497 ) $ (62,531 ) Denominator: Weighted average shares of common stock - basic 51,404 55,073 57,875 Weighted average effect of dilutive shares 1,288 (2) 526 690 Weighted average shares of common stock - dilutive 52,692 55,599 58,565 Earnings (loss) per share: Basic $ 4.01 $ (0.57 ) $ (1.07 ) Diluted $ 3.91 $ (0.57 ) $ (1.07 ) _____________________________ (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) Includes the Absolute and Relative RSUs and 2018 Absolute and Relative RSUs as the performance targets would have been met if the performance period ended on December 31, 2018.

Risk Management and Derivativ_2

Risk Management and Derivative Activities (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and December 31, 2017 (dollars, UK pound sterling and Euros in thousands): Number (1) Notional Amount Fair Value Range of Range of Maturity As of December 31, 2018: Interest rate caps (EUR) 28 €564,694 $ 2,185 3 Month EURIBOR 0.5% April 2020 - May 2025 Interest rate caps (GBP) 5 £202,645 20 3 Month GBP LIBOR 2.0% April 2020 Foreign currency forwards (2) 4 €48,960 4,235 1.25 EUR/USD (3) February 2019 - November 2019 Total 37 $ 6,440 As of December 31, 2017: Interest rate caps (EUR) 26 €767,718 $ 6,917 3 Month EURIBOR 0.5% April 2020 - July 2023 Interest rate caps (GBP) 5 £202,645 107 3 Month GBP LIBOR 2.0% April 2020 Foreign currency forwards (2) 4 €48,960 (5,270 ) 1.11 EUR/USD (3) February 2018 - November 2018 Total 35 $ 1,754 _____________________________ (1) Represents number of transactions. (2) Includes Euro currency forwards. (3) The strike prices for the foreign currency forwards maturing in 2018 and 2019 represent the average price.
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, 2018 and December 31, 2017 (dollars in thousands): Balance Sheet December 31, 2018 December 31, Location Interest rate caps Derivative assets $ 2,205 $ 7,024 Foreign currency forwards Derivative assets $ 4,235 $ — Foreign currency forwards Derivative liabilities $ — $ 5,270
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, 2018 , 2017 and 2016 (dollars in thousands): Year Ended 2018 2017 2016 Amount of gain (loss) recognized in earnings: Statements of operations location: Adjustment to fair value of interest caps held at the end of the reporting period Other gain (loss), net $ (1,876 ) $ (2,635 ) $ (1,421 ) Net impact of interest caps settled during the period Other gain (loss), net (2,615 ) (91 ) (695 ) Adjustment to fair value of foreign currency forwards held at the end of the reporting period Other gain (loss), net 4,229 (5,270 ) 4,872 Adjustment to fair value of foreign currency forwards settled during the period Other gain (loss), net 5,276 (5,070 ) (219 ) Net cash receipt (payment) on derivatives Other gain (loss), net (1) (4,784 ) 979 (787 ) _____________________________ (1) Excludes the gain (loss) relating to foreign currency transactions for the years ended December 31, 2018, 2017 and 2016 of $1.1 million , $0.2 million , and $(0.9) million , respectively

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Principal/Notional Carrying Value Fair Principal/Notional Carrying Value Fair Financial assets: (1) Derivative assets $ 960,401 $ 6,440 $ 6,440 $ 1,193,012 $ 7,024 $ 7,024 Preferred equity investment 39,090 39,090 39,501 35,347 35,347 35,783 Financial liabilities: (1) Mortgage and other notes payable, net $ 689,909 $ 682,912 $ 686,891 $ 1,234,642 $ 1,223,443 $ 1,231,321 Derivative liabilities — — — 58,647 5,270 5,270 _____________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following presents selected quarterly information for the years ended December 31, 2018 and 2017 (dollars in thousands, except per share data): Three Months Ended December 31, September 30, June 30, March 31, 2018 2018 2018 2018 Rental income $ 21,815 $ 23,920 $ 24,600 $ 27,224 Escalation income 5,007 4,283 5,562 5,341 Interest income 725 708 706 729 Interest expense 4,663 5,318 5,855 6,107 Management fee, related party 3,916 4,011 4,223 4,157 Incentive Fee 5,445 — — — Transaction costs 8,316 1,129 376 481 Depreciation and amortization 10,875 11,013 11,976 11,651 Other, net (1) 18,354 10,457 11,047 10,191 Other gain (loss), net 421 389 3,531 (3,002 ) Extinguishment of debt (2,751 ) (29 ) (1,441 ) — Gain on sales, net 198,767 2,973 38,319 1,266 Income (loss) before income tax benefit (expense) 172,415 316 37,800 (1,029 ) Net income (loss) 171,466 556 37,876 (1,068 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders 170,271 552 37,659 (1,072 ) Earnings (loss) per share: (2) Basic $ 3.43 $ 0.01 $ 0.72 $ (0.02 ) Diluted $ 3.34 $ 0.01 $ 0.69 $ (0.02 ) _____________________________ (1) Primarily relates to properties - operating expenses, general and administrative expense, other expenses and compensation expense offset by other income. (2) The total for the year may differ from the sum of the quarters as a result of weighting. Three Months Ended December 31, September 30, June 30, March 31, 2017 2017 2017 2017 Rental income $ 26,041 $ 27,747 $ 26,025 $ 25,536 Escalation income 5,265 5,641 5,558 5,161 Interest income 705 704 297 — Interest expense 6,203 6,536 6,722 6,383 Management fee, related party 3,692 3,585 3,572 3,559 Transaction costs 4,552 332 973 260 Depreciation and amortization 14,535 14,396 12,520 12,563 Other, net (1) 15,893 13,906 12,720 27,760 Other gain (loss), net (1,498 ) (3,240 ) (7,016 ) (124 ) Extinguishment of debt (1,558 ) (270 ) (142 ) (41 ) Gain on sales, net 15,996 1,719 1,484 4,194 Income (loss) before income tax benefit (expense) 76 (6,454 ) (10,301 ) (15,799 ) Net income (loss) 2,537 (6,806 ) (10,538 ) (15,526 ) Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders 1,442 (6,770 ) (10,447 ) (15,350 ) Earnings (loss) per share: (2) Basic $ 0.02 $ (0.12 ) $ (0.19 ) $ (0.28 ) Diluted $ 0.02 $ (0.12 ) $ (0.19 ) $ (0.28 ) _____________________________ (1) Primarily relates to properties - operating expenses, general and administrative expense, other expenses, extinguishment of debt and compensation expense offset by other income. (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, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting	The following tables present segment reporting for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands): Year Ended December 31, 2018 Statement of Operations: Real Estate Equity Preferred Equity Corporate Total Revenues Rental income $ 97,559 $ — $ — $ 97,559 Escalation income 20,193 — — 20,193 Interest income — 2,868 — 2,868 Expenses Interest expense (1) 21,282 — 661 21,943 Management fee, related party — — 16,307 16,307 Incentive Fee — — 5,445 5,445 Impairment losses 828 — — 828 Goodwill impairment following the sale of operating real estate 8,061 — — 8,061 Transaction costs (2) 748 — 9,554 10,302 Depreciation and amortization 45,515 — — 45,515 Gain on sales, net (241,325 ) — — (241,325 ) Other expense (income) 43,171 (3) 128 743 (4) 44,042 Income (loss) before income tax benefit (expense) 239,472 2,740 (32,710 ) 209,502 Income tax benefit (expense) (672 ) — — (672 ) Net income (loss) $ 238,800 $ 2,740 $ (32,710 ) $ 208,830 Balance Sheets: December 31, 2018 Total Assets $ 1,362,679 $ 40,568 $ 22,252 $ 1,425,499 _____________________________ (1) Includes $2.1 million and $0.3 million of amortization of deferred financing costs in the real estate equity and corporate segments, respectively. (2) Represents costs associated with the continual work of the strategic review committee in the corporate segment and costs associated with the refinancing of certain mortgage notes in the real estate equity segment. (3) Primarily relates to properties - operating expenses, loss on interest rate caps, other expenses and extinguishment of debt in the real estate segment. (4) Primarily relates to general and administrative expenses and compensation expense offset by a net gain on foreign currency derivatives. Year Ended December 31, 2017 Statement of Operations: Real Estate Equity Preferred Equity Corporate Total Revenues Rental income $ 105,349 $ — $ — $ 105,349 Escalation income 21,625 — — 21,625 Interest income — 1,706 — 1,706 Expenses Interest expense (1) 24,989 — 855 25,844 Management fee, related party — — 14,408 14,408 Transaction costs (4) — 538 5,579 6,117 Depreciation and amortization 54,014 — — 54,014 Other, net 20,887 (2) 72 39,816 (3) 60,775 Income (loss) before income tax benefit (expense) 27,084 1,096 (60,658 ) (32,478 ) Income tax benefit (expense) 2,145 — — 2,145 Net income (loss) $ 29,229 $ 1,096 $ (60,658 ) $ (30,333 ) Balance Sheets: December 31, 2017 Total Assets $ 1,901,282 $ 37,133 $ 2,502 $ 1,940,917 ___________________________________ (1) Includes $2.4 million and $0.4 million of amortization of deferred financing costs in the real estate equity and corporate segments, respectively. (2) Primarily relates to properties - operating expenses and unrealized loss on interest rate caps offset by other income and gain on sales. (3) Primarily relates to general and administrative expense and unrealized loss on foreign currency forwards. (4) Transaction costs relates to costs associated with amending the management agreement in our corporate segment and other transaction costs in our preferred equity segment. Year Ended December 31, 2016 Statement of Operations: (1) Real Estate Equity Corporate Total Revenues Rental income $ 124,321 $ — $ 124,321 Escalation income 25,173 — 25,173 Expenses Interest expense (2) 30,974 10,465 41,439 Management fee, related party — 14,068 14,068 Transaction costs (5) — 2,610 2,610 Depreciation and amortization 64,979 — 64,979 Other, net 57,546 (3) 28,612 (4) 86,158 Income (loss) before income tax benefit (expense) (4,005 ) (55,755 ) (59,760 ) Income tax benefit (expense) (2,742 ) — (2,742 ) Net income (loss) $ (6,747 ) $ (55,755 ) $ (62,502 ) Balance Sheets: December 31, 2016 Total Assets $ 1,835,531 $ 9,861 $ 1,845,392 ___________________________________ (1) The Company did not have a preferred equity segment for the year ended December 31, 2016 . (2) Includes $3.7 million and $3.4 million of amortization of deferred financing costs in the real estate and corporate segments, respectively. (3) Primarily relates to properties - operating expense, realized loss on the sale of real estate and impairment loss on real estate offset by the gain on foreign currency translation and other. (4) Primarily relates to general and administrative expense and unrealized loss on foreign currency forwards. Includes an allocation of general and administrative expense from the Manager of $0.2 million . (5) Transaction costs primarily relate to costs associated the Mergers in our corporate segment. The following table presents geographic information about the Company’s total rental income and escalation income for the years ended December 31, 2018 , 2017 and 2016 (in thousands): Year Ended December 31, 2018 (2) 2017 (3) 2016 (3) Properties (1) 18 25 31 Office Germany $ 55,885 $ 51,241 $ 53,743 United Kingdom 29,746 36,984 38,483 France 21,243 20,051 19,551 Other office (4) 4,731 14,167 30,656 Subtotal 111,605 122,443 142,433 Other Property Types France/Germany (5) 6,147 4,531 7,061 Total $ 117,752 $ 126,974 $ 149,494 _____________________________ (1) Represents the number of properties owned as of December 31, 2018 , 2017 and 2016 , respectively, including assets held-for-sale as of the respective period. (2) Includes partial period rental income from the Trianon Tower and three properties in the London, the United Kingdom which were sold in December 2018, a property in the Netherlands (the Maastoren property) which was sold in April 2018 and a property in Portugal which was sold in September 2018. (3) Includes partial period rental income for the assets sold during the year ended December 31, 2017 and 2016, refer to Note 3 for details. (4) Includes office properties in Portugal and the Netherlands as of December 31, 2018, office properties in Portugal, the Netherlands and Spain as of December 31, 2017 and 2016. (5) Represents five assets including two retail in Germany, one industrial in France and two hotel (net lease) assets in Germany as of December 31, 2018.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2018
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 Accoun_5

Summary of Significant Accounting Policies - Schedule of Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2018USD ($)
Accounting Policies [Abstract]
2019	$ 56,237
2020	46,178
2021	42,021
2022	35,736
2023	35,796
Thereafter	93,781
Total	$ 309,749

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Intangible assets:
Intangible assets, Accumulated Amortization	$ (24,852)	$ (35,318)
Goodwill, Gross Amount	6,886	15,697
Goodwill, Net	6,886	15,697	$ 13,780
Total, Gross Amount	83,025	149,503
Total, Net	58,173	114,185
Intangible liabilities:
Below-market lease, Gross Amount	16,305	32,267
Below-market lease, Accumulated Amortization	(6,583)	(8,964)
Total	9,722	23,303
Total, gross intangible liabilities	16,305	37,780
Total, accumulated amortization intangible liabilities	(6,583)	(9,148)
Total, net intangible liabilities	9,722	28,632
In-place lease
Intangible assets:
Intangible assets, Gross Amount	40,545	64,427
Intangible assets, Accumulated Amortization	(22,031)	(24,290)
Total	$ 18,514	$ 40,137
Intangible liabilities:
Weighted average amortization period	6 years	5 years 8 months 12 days
Above-market lease
Intangible assets:
Intangible assets, Gross Amount	$ 3,042	$ 34,882
Intangible assets, Accumulated Amortization	(1,401)	(9,919)
Total	1,641	24,963
Intangible liabilities:
Above-market ground lease, gross	0	5,513
Above-market ground lease, accumulated amortization	0	(184)
Total	$ 0	$ 5,329
Weighted average amortization period	4 years 6 months	6 years 4 months 24 days
Below-market ground lease
Intangible assets:
Intangible assets, Gross Amount	$ 32,552	$ 34,497
Intangible assets, Accumulated Amortization	(1,420)	(1,109)
Total	$ 31,132	$ 33,388
Intangible liabilities:
Weighted average amortization period	6 years 1 month	9 years 2 months 12 days

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Beginning balance goodwill	$ 15,697	$ 13,780
Adjustments from foreign currency translation	(750)	1,917
Goodwill impairment following the sale of operating real estate	(8,061)
Ending balance goodwill	$ 6,886	$ 15,697

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Intangible Asset Amortization (Details) - Other Intangible Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired above-market leases, net of acquired below-market leases	$ 654	$ 666	$ 2,162
Amortization of other intangible assets	$ 9,576	$ 13,817	$ 19,543

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Future Intangible Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Below-market Leases, Net
Remaining 2019	$ 1,681
2020	1,648
2021	1,486
2022	1,486
2023	1,486
2024 and thereafter	1,935
Total	9,722	$ 23,303
In-place Leases, Net
Intangible Assets
Remaining 2019	5,285
2020	3,649
2021	3,075
2022	2,225
2023	1,370
2024 and thereafter	2,910
Total	18,514	40,137
Above-market Leases, Net
Intangible Assets
Remaining 2019	364
2020	364
2021	364
2022	345
2023	204
2024 and thereafter	0
Total	1,641	$ 24,963
Below-market Ground Lease Value, Net
Intangible Assets
Remaining 2019	376
2020	376
2021	376
2022	376
2023	376
2024 and thereafter	29,252
Total	$ 31,132

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Other Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other assets:
Prepaid expenses	$ 581	$ 1,936
Deferred leasing and other costs, net	3,710	6,019
Deferred tax assets, net	801	0
Straight-line rent, net	7,479	10,969
Escrow receivable	0	3,286
Other	1,746	905
Total	14,317	23,115
Other liabilities:
Deferred tax liabilities	5,123	8,548
Prepaid rent received and unearned revenue	9,867	8,406
Tenant security deposits	3,914	4,435
Prepaid escalation and other income	2,121	3,982
Other	242	386
Total	$ 21,267	$ 25,757

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Operating Real Estate (Details)	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Accounting Policies [Abstract]
Impairment losses	$ 828,000	$ 0	$ 27,468,000
Real estate impairment losses	$ 828,000	$ 0	$ 27,468,000
Number of impaired real estate assets | property	2

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
CTA reclassified to realized gain (loss)	$ 18.5	$ (1.4)	$ 17.7

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Effective tax rate	0.60%
Current foreign tax expense (benefit)	$ 100	$ 600	$ 7,700
Deferred tax expense (benefit)	600	1,500	5,000
Valuation allowance	$ 12,730	$ 22,666	$ 26,565

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Net operating losses			$ 9,549,000	$ 19,587,000
Interest deferral			789,000	5,598,000
Transaction costs capitalized to operating real estate			3,068,000	6,992,000
Operating real estate			1,943,000	2,852,000
Other			3,133,000	7,920,000
Total deferred tax asset			18,482,000	42,949,000
Valuation allowance	$ (22,666,000)	$ (26,565,000)	(12,730,000)	(22,666,000)
Deferred tax assets, net of valuation allowance			5,752,000	20,283,000
Operating real estate			(7,161,000)	(23,126,000)
Other			(2,912,000)	(5,705,000)
Total deferred tax liabilities			(10,073,000)	(28,831,000)
Net deferred tax liability			(4,321,000)	(8,548,000)
Deferred tax assets, net			801,000	0
Deferred tax liabilities			5,123,000	8,548,000
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance, Beginning Balance	(22,666,000)	(26,565,000)
Additions	(1,253,000)	(8,006,000)
Deductions	11,189,000	11,905,000
Valuation Allowance, Ending Balance	$ (12,730,000)	$ (22,666,000)
Uncertain tax positions			200,000
Uncertain tax positions penalties and interest accrued			$ 0	$ 0

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Jul. 01, 2018	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating activities	$ 34,135	$ 21,973	$ 30,847
Investing activities	949,138	85,471	379,594
Financing activities	$ (607,718)	(120,550)	(630,069)
Cumulative effect of adoption of new accounting pronouncements						$ 751
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating activities		25,172	28,130
Investing activities		84,492	391,624
Financing activities		(119,571)	(630,856)
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating activities		21,973	30,847
Investing activities		85,471	379,594
Financing activities		$ (120,550)	$ (630,069)
Additional Paid-in Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of new accounting pronouncements						$ 751
Accounting Standards Update 2018-07 | Additional Paid-in Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of new accounting pronouncements					$ 800
Subsequent Event | Scenario, Forecast | ASU 2016-02 | Ground Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Discount rate				5.00%
Subsequent Event | Scenario, Forecast | Minimum | ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset				$ 30,000
Lease liability				20
Subsequent Event | Scenario, Forecast | Maximum | ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset				35,000
Lease liability				$ 50

Operating Real Estate - Operati

Operating Real Estate - Operating Real Estate, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 269,149	$ 393,691
Buildings and improvements	373,446	954,314
Building and leasehold interests	173,782	197,582
Tenant improvements	28,432	61,303
Operating real estate, gross	844,809	1,606,890
Less: accumulated depreciation	(64,187)	(95,356)
Operating real estate, net	780,622	1,511,534
Depreciation expense	$ 35,100	$ 40,200	$ 45,200

Operating Real Estate - Real Es

Operating Real Estate - Real Estate Held for Sale (Details)	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Jun. 30, 2017property
Real Estate Properties [Line Items]
Properties | property	18		31	25
Assets
Operating Real Estate, Net	$ 73,345,000	$ 169,082,000
Liabilities
Depreciation and amortization	(6,900,000)	(18,700,000)
Real estate impairment losses	828,000	$ 0	$ 27,468,000
Bremen, Germany
Liabilities
Real estate impairment losses	300,000
Werl, Germany
Liabilities
Real estate impairment losses	$ 500,000
Held-for-sale
Real Estate Properties [Line Items]
Properties | property	4	2
Assets
Operating Real Estate, Net	$ 68,408,000	$ 160,651,000
Intangible Assets, Net	234,000	5,115,000
Other Assets	4,703,000	3,316,000
Total assets held-for-sale	73,345,000	169,082,000
Liabilities
Other Liabilities	$ 1,498,000	$ 648,000
Held-for-sale | Bremen, Germany
Real Estate Properties [Line Items]
Properties | property	1
Assets
Operating Real Estate, Net	$ 1,060,000
Intangible Assets, Net	18,000
Other Assets	0
Total assets held-for-sale	1,078,000
Liabilities
Other Liabilities	$ 0
Held-for-sale | Werl, Germany
Real Estate Properties [Line Items]
Properties | property	1
Assets
Operating Real Estate, Net	$ 2,866,000
Intangible Assets, Net	0
Other Assets	4,000
Total assets held-for-sale	2,870,000
Liabilities
Other Liabilities	$ 0
Held-for-sale | Marly, France
Real Estate Properties [Line Items]
Properties | property	1
Assets
Operating Real Estate, Net	$ 43,208,000
Intangible Assets, Net	0
Other Assets	3,897,000
Total assets held-for-sale	47,105,000
Liabilities
Other Liabilities	$ 1,498,000
Held-for-sale | Frankfurt, Germany
Real Estate Properties [Line Items]
Properties | property	1
Assets
Operating Real Estate, Net	$ 21,274,000
Intangible Assets, Net	216,000
Other Assets	802,000
Total assets held-for-sale	22,292,000
Liabilities
Other Liabilities	0
Held-for-sale | Lisbon, Portugal
Real Estate Properties [Line Items]
Properties | property		1
Assets
Operating Real Estate, Net		$ 11,910,000
Intangible Assets, Net		62,000
Other Assets		23,000
Total assets held-for-sale		11,995,000
Liabilities
Other Liabilities		$ 0
Held-for-sale | Rotterdam, Netherlands
Real Estate Properties [Line Items]
Properties | property		1
Assets
Operating Real Estate, Net		$ 148,741,000
Intangible Assets, Net		5,053,000
Other Assets		3,293,000
Total assets held-for-sale		157,087,000
Liabilities
Other Liabilities		648,000
Assets Held For Sale 2018 | Held-for-sale
Liabilities
Revenue	4,600,000	3,500,000	3,700,000
Pretax loss	(6,100,000)	(5,600,000)	(5,600,000)
Assets Held For Sale 2017 | Held-for-sale
Liabilities
Revenue	4,800,000	13,200,000	14,100,000
Pretax loss	$ (1,700,000)	$ (7,500,000)	$ (7,300,000)

Operating Real Estate - Real _2

Operating Real Estate - Real Estate Sales (Details) $ in Thousands, € in Millions, £ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2018GBP (£)	Dec. 31, 2018EUR (€)	Dec. 31, 2017GBP (£)	Dec. 31, 2017EUR (€)	Dec. 31, 2016GBP (£)	Dec. 31, 2016EUR (€)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating Real Estate, Net	$ 73,345	$ 73,345	$ 169,082
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating Real Estate, Net	68,408	$ 68,408	$ 160,651
Seven Non-Core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties | property		7
Operating Real Estate, Net	758,780	$ 758,780
Sales price	988,634	988,634
Net proceeds		976,602
Gain		$ 217,822
Six Non-Core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties | property			6
Operating Real Estate, Net			$ 109,366
Sales price			137,509
Net proceeds			132,538
Gain			$ 23,172
Eighteen Non-core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties | property				18
Operating Real Estate, Net				$ 386,122
Sales price				412,107
Net proceeds				406,850
Gain				20,728
Four Non-Core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties | property		4
Sales price | €						€ 825
Trianon Tower | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price | €						653
Maastoren | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price | €						159
One property in Portugal | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price | €						€ 13
Three Non-core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties | property		3
Sales price | £					£ 31
Five Non-core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties | property			5
Sales price | €								€ 40
One Non-Core Asset Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties | property			1
Sales price | £							£ 71
Repayments of debt	$ 494,200		$ 76,200	173,900
Payments of preferred equity certificates		$ 15,700		$ 21,400
Sixteen Non-core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties | property				16
Sales price | €										€ 346
Two Non-Core Assets Sold | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties | property				2
Sales price | £									£ 16
Prior Disposal Release From Escrow | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain		$ 23,500	$ 200	$ 13,900

Operating Real Estate - Narrati

Operating Real Estate - Narrative (Details) $ in Millions	Dec. 31, 2018USD ($)
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow reserves	$ 0.6

Preferred Equity Investments (D

Preferred Equity Investments (Details) $ in Thousands, € in Millions, £ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2017USD ($)	May 31, 2017USD ($)	May 31, 2017GBP (£)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 39,090		$ 35,347
Carrying Value	39,090		35,347
Trianon Tower
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	5,722		0
Carrying Value	$ 5,722	€ 5	0
Fixed Rate	7.00%
20 Gresham Street
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 33,368		35,347
Carrying Value	$ 33,368		$ 35,347	$ 33,400	£ 26.2
Fixed Rate	8.00%

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Aug. 31, 2017	Aug. 31, 2018	May 31, 2018	Sep. 30, 2017	Jul. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal Amount							$ 689,909	$ 1,234,642
Carrying Value							682,912	1,223,443
Repayments of notes payable							509,900
Borrowings from mortgage and other notes payable							23,628	5,649	$ 11,770
Mortgage and Other Notes Payable
Debt Instrument [Line Items]
Principal Amount							689,909	1,234,642
Carrying Value							$ 682,912	1,223,443
Mortgage and Other Notes Payable | Trias Portfolio 2 | Minimum
Debt Instrument [Line Items]
Prepayment fee percentage range on principal							0.35%
Mortgage and Other Notes Payable | Trias Portfolio 2 | Maximum
Debt Instrument [Line Items]
Prepayment fee percentage range on principal							1.00%
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 | Trias Portfolio | Minimum
Debt Instrument [Line Items]
Prepayment fee percentage range on principal							0.50%
Mortgage and Other Notes Payable | EURIBOR Plus 1.65% | Trias Portfolio 1
Debt Instrument [Line Items]
Principal Amount			$ 76,000				$ 75,622	55,192
Carrying Value							$ 74,449	53,800
Mortgage and Other Notes Payable | EURIBOR Plus 1.65% | Trias Portfolio 1 | EURIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.65%			1.85%	1.65%
Mortgage and Other Notes Payable | EURIBOR Plus 1.00% | Trias Portfolio 2
Debt Instrument [Line Items]
Principal Amount							$ 87,496	91,577
Carrying Value							$ 86,720	90,880
Mortgage and Other Notes Payable | EURIBOR Plus 1.00% | Trias Portfolio 2 | EURIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%			1.00%
Mortgage and Other Notes Payable | GBP LIBOR Plus 2.70% | Trias Portfolio 4
Debt Instrument [Line Items]
Principal Amount							$ 0	17,326
Carrying Value							$ 0	17,123
Mortgage and Other Notes Payable | GBP LIBOR Plus 2.70% | Trias Portfolio 4 | GBP LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate							2.70%
Mortgage and Other Notes Payable | EURIBOR Plus 1.55% | Trias Portfolio 2 | EURIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
Mortgage and Other Notes Payable | EURIBOR Plus 1.55% | SEB Portfolio 1
Debt Instrument [Line Items]
Principal Amount							$ 202,921	317,317
Carrying Value							$ 200,459	313,153
Mortgage and Other Notes Payable | EURIBOR Plus 1.55% | SEB Portfolio 1 | EURIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.80%			1.55%		1.55%
Mortgage and Other Notes Payable | GBP LIBOR Plus 1.55% | SEB Portfolio 2
Debt Instrument [Line Items]
Principal Amount							$ 236,777	250,825
Carrying Value							$ 234,402	247,902
Mortgage and Other Notes Payable | GBP LIBOR Plus 1.55% | SEB Portfolio 2 | GBP LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate							1.55%
Mortgage and Other Notes Payable | Fixed Rate at 0.90% | SEB Portfolio - Preferred
Debt Instrument [Line Items]
Stated interest rate							0.90%
Principal Amount							$ 82,745	102,560
Carrying Value							82,534	102,271
Mortgage and Other Notes Payable | EURIBOR Plus 1.30% | Trianon Tower
Debt Instrument [Line Items]
Principal Amount							0	395,294
Carrying Value							$ 0	393,763
Mortgage and Other Notes Payable | EURIBOR Plus 1.30% | Trianon Tower | EURIBOR
Debt Instrument [Line Items]
Basis spread on variable rate							1.30%
Mortgage and Other Notes Payable | Fixed rate at 1.00% | Other-Preferred
Debt Instrument [Line Items]
Stated interest rate							1.00%
Principal Amount							$ 4,348	4,551
Carrying Value							$ 4,348	$ 4,551
Mortgage and Other Notes Payable | Fixed rate at 1.00% | Trias Portfolio
Debt Instrument [Line Items]
Stated interest rate							1.00%
Maturity							30 years
Mortgage and Other Notes Payable | Variable rate | SEB Portfolio - Preferred
Debt Instrument [Line Items]
Stated interest rate							0.90%
Mortgage and Other Notes Payable | Variable rate | SEB Portfolio - Preferred | May 2019 through May 2022
Debt Instrument [Line Items]
Stated interest rate							12.00%
Mortgage and Other Notes Payable | Variable rate | SEB Portfolio - Preferred | May 2022 through Maturity
Debt Instrument [Line Items]
Stated interest rate							15.00%
Interest rate caps | Not designated as hedges | EURIBOR | Minimum
Debt Instrument [Line Items]
Interest rate caps							0.50%
Interest rate caps | Not designated as hedges | EURIBOR | Maximum
Debt Instrument [Line Items]
Interest rate caps							0.50%	0.50%
Interest rate caps | Not designated as hedges | GBP LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate caps							2.00%	2.00%

Borrowings - Reconciliation of

Borrowings - Reconciliation of Principal to Carrying Amount (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Principal amount	$ 689,909	$ 1,234,642
Deferred financing costs, net	(6,997)	(11,199)
Carrying value	$ 682,912	$ 1,223,443

Borrowings - Scheduled Principa

Borrowings - Scheduled Principal on Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total	$ 689,909	$ 1,234,642
Mortgage and Other Notes Payable
Debt Instrument [Line Items]
2019	0
2020	0
2021	0
2022	75,622
2023	0
2024 and thereafter	614,287
Total	$ 689,909

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - Credit Facility - Revolving Credit Facility - USD ($)	1 Months Ended
	Mar. 31, 2018	Apr. 30, 2017	Dec. 31, 2018
Debt Instrument [Line Items]
Corporate revolving credit facility	$ 70,000,000	$ 35,000,000
Initial term		2 years
Debt instrument term extension option	1 year
Higher borrowing capacity	$ 105,000,000
Credit facility			$ 0

Related Party Arrangements (Det

Related Party Arrangements (Details) $ / shares in Units, shares in Millions	Nov. 07, 2018USD ($)	Jan. 01, 2018USD ($)	Nov. 09, 2017USD ($)Rate	Dec. 31, 2018USD ($)directorshares	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares
Related Party Transaction [Line Items]
Incentive Fee					$ 0	$ 0	$ 0	$ 5,445,000	$ 0	$ 0
Affiliated Entity | Colony Capital, Inc.
Related Party Transaction [Line Items]
Asset management agreement, assets under management				$ 10,000,000,000				10,000,000,000
Asset management fee expense, related party								$ 16,300,000	$ 14,400,000	14,100,000
Asset management fee base										$ 14,000,000
Affiliated Entity | Tier One | Colony Capital, Inc.
Related Party Transaction [Line Items]
Asset management agreement, incentive fee									15.00%	15.00%
Affiliated Entity | Tier Two | Colony Capital, Inc.
Related Party Transaction [Line Items]
Asset management agreement, incentive fee									25.00%	25.00%
Affiliated Entity | Minimum | Tier One | Colony Capital, Inc.
Related Party Transaction [Line Items]
Asset management agreement, incentive fee, per share (in dollars per share) | $ / shares									$ 0.30	$ 0.30
Affiliated Entity | Minimum | Tier Two | Colony Capital, Inc.
Related Party Transaction [Line Items]
Asset management agreement, incentive fee, per share (in dollars per share) | $ / shares									0.36	0.36
Affiliated Entity | Maximum | Tier One | Colony Capital, Inc.
Related Party Transaction [Line Items]
Asset management agreement, incentive fee, per share (in dollars per share) | $ / shares									$ 0.36	$ 0.36
Affiliated Entity | Management fees | Colony Capital, Inc.
Related Party Transaction [Line Items]
Additional asset management fee										1.50%
Asset Manager | Colony Capital, Inc.
Related Party Transaction [Line Items]
Period to internalize management	9 months
Threshold after agreement terminated change of control deemed to exist	30 days
Termination payment	$ 70,000,000
Termination payment, net	64,600,000
NAV threshold		$ 2,000,000,000
Asset management agreement, incentive fee			20.00%
Incentive fee annual hurdle rate | Rate			10.00%
Incentive fee base price (in dollars per share) | $ / shares								$ 13.68
Measurement period number of trading days			10 days
Incentive Fee								$ 5,400,000
Number of individuals nominated to board of directors | director				1
Asset Manager | Post Agreement Termination Payments | Colony Capital, Inc.
Related Party Transaction [Line Items]
Payment for incentive fee	$ 0
Asset Manager | Internal Service Costs Allocation | Colony Capital, Inc.
Related Party Transaction [Line Items]
Related party transaction amount								$ 1,000,000		$ 200,000
NorthStar Realty Europe Corp. | Colony Capital, Inc.
Related Party Transaction [Line Items]
Common stock owned (shares) | shares				5.6				5.6
Ownership percentage by parent				11.30%				11.30%
Tier One | Asset Manager | Colony Capital, Inc.
Related Party Transaction [Line Items]
Base management fee		1.50%
Tier Two | Asset Manager | Colony Capital, Inc.
Related Party Transaction [Line Items]
Base management fee		1.25%
Tier One | Asset Manager | Colony Capital, Inc.
Related Party Transaction [Line Items]
Overhead reimbursement percentage			20.00%
Service cost as percentage of GAV			0.0375%
Gross asset value threshold			$ 2,500,000,000
Tier Two | Asset Manager | Colony Capital, Inc.
Related Party Transaction [Line Items]
Service cost as percentage of GAV			0.0313%
Gross asset value threshold			$ 5,000,000,000
Tier Three | Asset Manager | Colony Capital, Inc.
Related Party Transaction [Line Items]
Service cost as percentage of GAV			0.025%
NorthStar Realty Europe Corp. (NRE) | Colony Capital, Inc.
Related Party Transaction [Line Items]
Equity method investment ownership percentage allowed under waiver			45.00%
Equity method investment ownership allowed upon agreement termination			9.80%
NorthStar Realty Europe Corp. (NRE) | Colony Capital, Inc. | Minimum
Related Party Transaction [Line Items]
Equity method investment ownership percentage voting threshold			25.00%

Compensation Expense - Narrativ

Compensation Expense - Narrative (Details) $ in Millions	Nov. 30, 2018shares	Oct. 31, 2015shares	Mar. 31, 2018shares	Mar. 31, 2016shares	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (shares)							2,101,000	1,994,000
Granted (in shares)							570,000
Forfeited or canceled grants (shares)							381,000
Spinoff conversion ratio		0.1667
Common stock given as payout (shares)		0.3333
2015 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (shares)							10,000,000
Number of shares authorized, percent increase							2.00%
Options outstanding (shares)							1,600,000
Common stock, capital shares reserved for future issuance (shares)							1,800,000
Shares unreserved and available for issuance (shares)							8,700,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $							$ 4.5	$ 23.8	$ 19.3
Equity-based compensation expense not yet recognized | $							$ 6.3
Options outstanding (shares)							538,000	121,000
Granted (in shares)							438,000
Forfeited or canceled grants (shares)							21,000
Restricted Stock | 2015 Omnibus Stock Incentive Plan | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)								500,642
Vesting of restricted stock (shares)								379,594
Restricted Stock | Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (shares)							150,000
Granted (in shares)	90,000			995,698			150,000
Award vesting period				4 years
Restricted Stock | Amended And Restated NRE Management Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			198,000
Award vesting period			3 years
LTIP Units | 2015 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (shares)							300,000
Absolute and Relative Restricted Stock Units (RSUs) | 2015 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (shares)							1,500,000
Absolute and Relative Restricted Stock Units (RSUs) | Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited or canceled grants (shares)							300,000
Restricted Stock Units (RSUs) | 2015 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%
Restricted Stock Units (RSUs) | Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in 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%
Forfeited or canceled grants (shares)						340,907
Restricted Stock Units (RSUs) | Amended And Restated NRE Management Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			132,000
Maximum award vesting rights based on absolute performance, percentage			200.00%
Accounting Standards Update 2017-08 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $					$ 1.6	$ 0.2

Compensation Expense - Common U

Compensation Expense - Common Units and Unvested Restricted Stock Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	1,994
Granted (in shares)	570
Redeemed (in shares)	(46)
Converted (in shares)	(36)
Forfeited (in shares)	(381)
Ending balance (shares)	2,101
Weighted Average Grant Price
Beginning balance (in dollars per share) | $ / shares	$ 11.95
Granted (in dollars per share) | $ / shares	13.23
Redeemed (in dollars per share) | $ / shares	12.70
Converted (in dollars per share) | $ / shares	13.39
Forfeited (in dollars per share) | $ / shares	12.93
Ending balance (in dollars per share) | $ / shares	$ 12.08
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)	121
Granted (in shares)	438
Redeemed (in shares)	0
Converted (in shares)	0
Forfeited (in shares)	(21)
Ending balance (shares)	538
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)	420
Granted (in shares)	0
Redeemed (in shares)	(46)
Converted (in shares)	(36)
Forfeited (in shares)	0
Ending balance (shares)	338
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)	1,453
Granted (in shares)	132
Redeemed (in shares)	0
Converted (in shares)	0
Forfeited (in shares)	(360)
Ending balance (shares)	1,225

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	Aug. 31, 2017	Aug. 31, 2018	Nov. 30, 2016	Jul. 31, 2016	Dec. 31, 2018	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2018	Mar. 31, 2018	Nov. 30, 2015
Class of Stock [Line Items]
Authorized amount of outstanding common stock (up to)			$ 100,000,000							$ 100,000,000	$ 100,000,000
Stock repurchased during period (in shares)							3,600,000		15,400,000
Common stock repurchased					$ 83,391,000	$ 58,612,000	$ 41,400,000	$ 142,003,000	$ 183,400,000
Director | Restricted Stock
Class of Stock [Line Items]
Common stock, shares issued (shares)	30,340	27,735	43,518	15,368
Fair value of common stock granted	$ 400,000	$ 400,000	$ 500,000	$ 100,000
Award vesting period				3 years

Stockholders' Equity Schedule o

Stockholders' Equity Schedule of Share Repurchases (Details) - USD ($)	12 Months Ended				36 Months Ended	38 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018	Dec. 31, 2018	Mar. 31, 2018	Nov. 30, 2016	Nov. 30, 2015
Equity [Abstract]
Shares repurchased (shares)	6,075,000	0	5,662,000		11,737,000
Average price paid per share (in dollars per share)	$ 13.73		$ 10.35		$ 12.10
Common stock repurchased	$ 83,391,000		$ 58,612,000	$ 41,400,000	$ 142,003,000	$ 183,400,000
Authorized amount of outstanding common stock (up to)							$ 100,000,000	$ 100,000,000	$ 100,000,000
Stock repurchased during period (in shares)				3,600,000		15,400,000

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - $ / shares	Nov. 02, 2018	Aug. 03, 2018	May 08, 2018	Mar. 07, 2018	Nov. 06, 2017	Aug. 02, 2017	May 01, 2017	Mar. 07, 2017	Nov. 01, 2016	Aug. 03, 2016	May 10, 2016	Mar. 15, 2016
Equity [Abstract]
Dividends per share of common stock (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 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								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income (loss)	$ 171,466	$ 556	$ 37,876	$ (1,068)	$ 2,537	$ (6,806)	$ (10,538)	$ (15,526)	$ 208,830	$ (30,333)	$ (62,502)
Net income (loss) attributable to Unit Holders noncontrolling interest									(1,420)	372	778
Net income (loss) attributable to common stockholders and Unit Holders									207,410	(29,961)	(61,724)
Net (income) allocated to participating securities									(1,287)	(1,536)	(807)
Net income (loss) allocated to common stockholders—basic and dilutive									$ 206,123	$ (31,497)	$ (62,531)
Denominator:
Weighted average shares of common stock (shares)									51,404,277	55,073,383	57,875,479
Weighted average effect of dilutive shares (shares)									1,288,000	526,000	690,000
Weighted average shares of common stock - dilutive (shares)									52,692,376	55,599,222	58,564,986
Earnings (loss) per share:
Basic (in dollars per share)	$ 3.43	$ 0.01	$ 0.72	$ (0.02)	$ 0.02	$ (0.12)	$ (0.19)	$ (0.28)	$ 4.01	$ (0.57)	$ (1.07)
Diluted (in dollars per share)	$ 3.34	$ 0.01	$ 0.69	$ (0.02)	$ 0.02	$ (0.12)	$ (0.19)	$ (0.28)	$ 3.91	$ (0.57)	$ (1.07)
LTIP Units
Earnings (loss) per share:
Shares issued upon conversion of awards (shares)									1

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ in Thousands, € in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)shares	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jul. 31, 2015USD ($)	Jul. 31, 2015EUR (€)
Noncontrolling Interest [Line Items]
Reallocation of interest in Operating Partnership									$ 0	$ 0	$ 0
Net income (loss) attributable to Unit Holders noncontrolling interest									1,400	(400)	(800)
Ownership percentage in disposed asset												5.50%	5.50%
Gain on sales, net	$ 198,767	$ 2,973	$ 38,319	$ 1,266	$ 15,996	$ 1,719	$ 1,484	$ 4,194	241,325	23,393	34,552
Noncontrolling Interest in Subsidiaries Owning Trianon Tower
Noncontrolling Interest [Line Items]
Sales price												$ 1,500
Noncontrolling interest
Noncontrolling Interest [Line Items]
Reallocation of interest in Operating Partnership									$ 163	$ 1,817	$ 2,252
LTIP units | Noncontrolling interest
Noncontrolling Interest [Line Items]
Number of units outstanding (shares) | shares	337,207								337,207
NorthStar Realty Europe Limited Partnership
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest	0.70%								0.70%
Trianon Tower
Noncontrolling Interest [Line Items]
Redemption value | €													€ 2.1
Noncontrolling Interest in Subsidiaries Owning Trianon Tower
Noncontrolling Interest [Line Items]
Gain on sales, net									$ 3,100

Risk Management and Derivativ_3

Risk Management and Derivative Activities - Derivative Instruments Not Designated as Hedges (Details) € in Thousands, £ in Thousands, $ in Thousands	Dec. 31, 2018USD ($)instrument€ / unit	Dec. 31, 2018GBP (£)instrument€ / unit	Dec. 31, 2018EUR (€)instrument€ / unit	Dec. 31, 2017USD ($)instrument€ / unit	Dec. 31, 2017GBP (£)instrument€ / unit	Dec. 31, 2017EUR (€)instrument€ / unit
Foreign Currency Forwards Maturing In 2019
Derivative [Line Items]
Foreign currency option strike price (in euros per usd) | € / unit	1.25	1.25	1.25
Foreign Currency Forwards Maturing In 2018
Derivative [Line Items]
Foreign currency option strike price (in euros per usd) | € / unit				1.11	1.11	1.11
Not designated as hedges
Derivative [Line Items]
Number of derivative instruments | instrument	37	37	37	35	35	35
Fair Value Asset (Liability) | $	$ 6,440			$ 1,754
Not designated as hedges | Interest rate caps | EURIBOR
Derivative [Line Items]
Number of derivative instruments | instrument	28	28	28	26	26	26
Notional Amount | €			€ 564,694			€ 767,718
Fair Value Asset (Liability) | $	$ 2,185			$ 6,917
Not designated as hedges | Interest rate caps | EURIBOR | Maximum
Derivative [Line Items]
Interest rate caps	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%
Not designated as hedges | Interest rate caps | GBP LIBOR
Derivative [Line Items]
Number of derivative instruments | instrument	5	5	5	5	5	5
Notional Amount | £		£ 202,645			£ 202,645
Fair Value Asset (Liability) | $	$ 20			$ 107
Not designated as hedges | Interest rate caps | GBP LIBOR | Maximum
Derivative [Line Items]
Interest rate caps	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
Not designated as hedges | Foreign currency forwards, net
Derivative [Line Items]
Number of derivative instruments | instrument	4	4	4	4	4	4
Notional Amount | €			€ 48,960			€ 48,960
Fair Value Asset (Liability) | $	$ 4,235			$ (5,270)

Risk Management and Derivativ_4

Risk Management and Derivative Activities - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative assets | Interest rate caps
Derivative [Line Items]
Derivatives	$ 2,205	$ 7,024
Derivative assets | Foreign currency forwards
Derivative [Line Items]
Derivatives	4,235	0
Derivative liabilities | Foreign currency forwards
Derivative [Line Items]
Derivatives	$ 0	$ 5,270

Risk Management and Derivativ_5

Risk Management and Derivative Activities - Effect of Derivative Instruments in the Combined Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Foreign currency transaction gain (loss)	$ 1,100	$ 200	$ (900)
Other gain (loss), net | Derivatives
Derivative [Line Items]
Net cash receipt (payment) on derivatives	(4,784)	979	(787)
Interest rate caps | Other gain (loss), net | Derivatives
Derivative [Line Items]
Adjustments to fair value	(1,876)	(2,635)	(1,421)
Interest rate cap settled during period | Other gain (loss), net | Derivatives
Derivative [Line Items]
Adjustments to fair value	(2,615)	(91)	(695)
Foreign currency forwards | Other gain (loss), net | Derivatives
Derivative [Line Items]
Adjustments to fair value	4,229	(5,270)	4,872
Foreign currency forward settled during period | Other gain (loss), net | Derivatives
Derivative [Line Items]
Adjustments to fair value	$ 5,276	$ (5,070)	$ (219)

Risk Management and Derivativ_6

Risk Management and Derivative Activities - Narrative (Details)	Dec. 31, 2018USD ($)instrument	Dec. 31, 2017USD ($)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, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 6,440	$ 7,024
Derivative liabilities	0	5,270
Principal/Notional Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	960,401	1,193,012
Preferred equity investment	39,090	35,347
Derivative liabilities	0	58,647
Principal/Notional Amount | Mortgage and other notes payable, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and other notes payable, net	689,909	1,234,642
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	6,440	7,024
Preferred equity investment	39,090	35,347
Derivative liabilities	0	5,270
Carrying Value | Mortgage and other notes payable, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and other notes payable, net	682,912	1,223,443
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	6,440	7,024
Preferred equity investment	39,501	35,783
Derivative liabilities	0	5,270
Fair Value | Mortgage and other notes payable, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and other notes payable, net	$ 686,891	$ 1,231,321

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)propertylessee	Dec. 31, 2018GBP (£)property	Dec. 31, 2017USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of significant lessees | lessee	1
Significant lessee remaining lease term	1 year 1 month
Preferred equity investments | $	$ 39,090		$ 35,347
Ground Leases
Finite-Lived Intangible Assets [Line Items]
Number of ground leases | property	1	1
Annual rent (in GBP) | £		£ 1,000

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Rental income	$ 21,815	$ 23,920	$ 24,600	$ 27,224	$ 26,041	$ 27,747	$ 26,025	$ 25,536	$ 97,559	$ 105,349	$ 124,321
Escalation income	5,007	4,283	5,562	5,341	5,265	5,641	5,558	5,161	20,193	21,625	25,173
Interest income	725	708	706	729	705	704	297	0	2,868	1,706	0
Interest expense	4,663	5,318	5,855	6,107	6,203	6,536	6,722	6,383	21,943	25,844	41,439
Management fee, related party	3,916	4,011	4,223	4,157	3,692	3,585	3,572	3,559	16,307	14,408	14,068
Incentive Fee		0	0	0					5,445	0	0
Transaction costs	8,316	1,129	376	481	4,552	332	973	260	10,302	6,117	2,610
Depreciation and amortization	10,875	11,013	11,976	11,651	14,535	14,396	12,520	12,563	45,515	54,014	64,979
Other, net	18,354	10,457	11,047	10,191	15,893	13,906	12,720	27,760	(44,042)	(60,775)	(86,158)
Other gain (loss), net	421	389	3,531	(3,002)	(1,498)	(3,240)	(7,016)	(124)	1,339	(11,878)	(12,044)
Extinguishment of debt	(2,751)	(29)	(1,441)	0	(1,558)	(270)	(142)	(41)	(4,221)	(2,011)	(7,317)
Gain on sales, net	198,767	2,973	38,319	1,266	15,996	1,719	1,484	4,194	241,325	23,393	34,552
Income (loss) before income tax benefit (expense)	172,415	316	37,800	(1,029)	76	(6,454)	(10,301)	(15,799)	209,502	(32,478)	(59,760)
Net income (loss)	171,466	556	37,876	(1,068)	2,537	(6,806)	(10,538)	(15,526)	$ 208,830	$ (30,333)	$ (62,502)
Net income (loss) attributable to NorthStar Realty Europe Corp. common stockholders	$ 170,271	$ 552	$ 37,659	$ (1,072)	$ 1,442	$ (6,770)	$ (10,447)	$ (15,350)
Earnings (loss) per share:
Basic (in dollars per share)	$ 3.43	$ 0.01	$ 0.72	$ (0.02)	$ 0.02	$ (0.12)	$ (0.19)	$ (0.28)	$ 4.01	$ (0.57)	$ (1.07)
Diluted (in dollars per share)	$ 3.34	$ 0.01	$ 0.69	$ (0.02)	$ 0.02	$ (0.12)	$ (0.19)	$ (0.28)	$ 3.91	$ (0.57)	$ (1.07)

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments | segment									3
Revenues
Rental income	$ 21,815	$ 23,920	$ 24,600	$ 27,224	$ 26,041	$ 27,747	$ 26,025	$ 25,536	$ 97,559	$ 105,349	$ 124,321
Escalation income	5,007	4,283	5,562	5,341	5,265	5,641	5,558	5,161	20,193	21,625	25,173
Interest income	725	708	706	729	705	704	297	0	2,868	1,706	0
Expenses
Interest expense	4,663	5,318	5,855	6,107	6,203	6,536	6,722	6,383	21,943	25,844	41,439
Management fee, related party	3,916	4,011	4,223	4,157	3,692	3,585	3,572	3,559	16,307	14,408	14,068
Incentive Fee		0	0	0					5,445	0	0
Impairment losses									828	0	27,468
Goodwill impairment following the sale of operating real estate									8,061	0	0
Transaction costs	8,316	1,129	376	481	4,552	332	973	260	10,302	6,117	2,610
Depreciation and amortization	10,875	11,013	11,976	11,651	14,535	14,396	12,520	12,563	45,515	54,014	64,979
Realized (gain) on sale	(198,767)	(2,973)	(38,319)	(1,266)	(15,996)	(1,719)	(1,484)	(4,194)	(241,325)	(23,393)	(34,552)
Other, net	(18,354)	(10,457)	(11,047)	(10,191)	(15,893)	(13,906)	(12,720)	(27,760)	44,042	60,775	86,158
Income (loss) before income tax benefit (expense)	172,415	316	37,800	(1,029)	76	(6,454)	(10,301)	(15,799)	209,502	(32,478)	(59,760)
Income tax benefit (expense)									(672)	2,145	(2,742)
Net income (loss)	171,466	$ 556	$ 37,876	$ (1,068)	2,537	$ (6,806)	$ (10,538)	$ (15,526)	208,830	(30,333)	(62,502)
Total Assets	1,425,499				1,940,917				1,425,499	1,940,917	1,845,392
Amortization of deferred financing costs									2,436	2,813	7,117
Real Estate Equity
Revenues
Rental income									97,559	105,349	124,321
Escalation income									20,193	21,625	25,173
Interest income									0	0
Expenses
Interest expense									21,282	24,989	30,974
Management fee, related party									0	0	0
Incentive Fee									0
Impairment losses									828
Goodwill impairment following the sale of operating real estate									8,061
Transaction costs									748	0	0
Depreciation and amortization									45,515	54,014	64,979
Realized (gain) on sale									(241,325)
Other, net									43,171	20,887	57,546
Income (loss) before income tax benefit (expense)									239,472	27,084	(4,005)
Income tax benefit (expense)									(672)	2,145	(2,742)
Net income (loss)									238,800	29,229	(6,747)
Total Assets	1,362,679				1,901,282				1,362,679	1,901,282	1,835,531
Amortization of deferred financing costs									2,100	2,400	3,700
Preferred Equity
Revenues
Rental income									0	0
Escalation income									0	0
Interest income									2,868	1,706
Expenses
Interest expense									0	0
Management fee, related party									0	0
Incentive Fee									0
Impairment losses									0
Goodwill impairment following the sale of operating real estate									0
Transaction costs									0	538
Depreciation and amortization									0	0
Realized (gain) on sale									0
Other, net									128	72
Income (loss) before income tax benefit (expense)									2,740	1,096
Income tax benefit (expense)									0	0
Net income (loss)									2,740	1,096
Total Assets	40,568				37,133				40,568	37,133
Corporate
Revenues
Rental income									0	0	0
Escalation income									0	0	0
Interest income									0	0
Expenses
Interest expense									661	855	10,465
Management fee, related party									16,307	14,408	14,068
Incentive Fee									5,445
Impairment losses									0
Goodwill impairment following the sale of operating real estate									0
Transaction costs									9,554	5,579	2,610
Depreciation and amortization									0	0	0
Realized (gain) on sale									0
Other, net									743	39,816	28,612
Income (loss) before income tax benefit (expense)									(32,710)	(60,658)	(55,755)
Income tax benefit (expense)									0	0	0
Net income (loss)									(32,710)	(60,658)	(55,755)
Total Assets	$ 22,252				$ 2,502				22,252	2,502	9,861
Amortization of deferred financing costs									300	$ 400	3,400
Asset Manager | Colony Capital, Inc.
Expenses
Incentive Fee									5,400
Asset Manager | Colony Capital, Inc. | Internal Service Costs Allocation
Expenses
Allocation of general and administrative expense									$ 1,000		$ 200

Segment Reporting Geographical

Segment Reporting Geographical Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)property	Jun. 30, 2017property
Segment Reporting Information [Line Items]
Properties | property	18		31	25
Rental income	$ 117,752	$ 126,974	$ 149,494
Office
Segment Reporting Information [Line Items]
Rental income	111,605	122,443	142,433
Office | Germany
Segment Reporting Information [Line Items]
Rental income	55,885	51,241	53,743
Office | United Kingdom
Segment Reporting Information [Line Items]
Rental income	29,746	36,984	38,483
Office | France
Segment Reporting Information [Line Items]
Rental income	21,243	20,051	19,551
Office | Other
Segment Reporting Information [Line Items]
Rental income	$ 4,731	14,167	30,656
Non-Office | United Kingdom
Segment Reporting Information [Line Items]
Properties | property	3
Non-Office | Other
Segment Reporting Information [Line Items]
Properties | property	5
Rental income	$ 6,147	$ 4,531	$ 7,061
Retail Site | Germany
Segment Reporting Information [Line Items]
Properties | property	2
Industrial Property | France
Segment Reporting Information [Line Items]
Properties | property	1
Hotel | Germany
Segment Reporting Information [Line Items]
Properties | property	2

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions

Mar. 07, 2019

Nov. 02, 2018

Aug. 03, 2018

May 08, 2018

Mar. 07, 2018

Nov. 06, 2017

Aug. 02, 2017

May 01, 2017

Mar. 07, 2017

Nov. 01, 2016

Aug. 03, 2016

May 10, 2016

Mar. 15, 2016

Mar. 01, 2019

Feb. 14, 2019

Subsequent Event [Line Items]

Dividends per share of common stock (in dollars per share)

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

$ 0.15

Subsequent Event

Subsequent Event [Line Items]

Dividends per share of common stock (in dollars per share)

$ 0.15

Held-for-sale | Werl, Germany | Subsequent Event

Subsequent Event [Line Items]

Sales price

$ 2.9

Held-for-sale | Bremen, Germany | Subsequent Event

Subsequent Event [Line Items]

Sales price

$ 1.2

Held-for-sale | Frankfurt, Germany | Subsequent Event

Subsequent Event [Line Items]

Sales price

$ 41

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 558,329
Initial cost of land	269,149
Initial cost of buildings & improvements	556,893
Capitalized subsequent to acquisition of land, buildings & improvements	18,767
Gross amount carried at close of period, land	269,149
Gross amount carried at close of period, building & improvements	575,660
Gross amount carried at close of period, total	844,809	$ 1,606,890	$ 1,614,432	$ 2,120,460
Accumulated depreciation	(64,187)	(95,356)	(63,585)	$ (35,303)
Operating real estate, net	780,622	1,511,534
Preferred equity certificates	87,100
Federal income tax basis	1,000,000
Gross intangible assets	83,025	149,503
Impairment losses	828	$ 0	$ 27,468
Held-for-Sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	44,487
Initial cost of land	10,430
Initial cost of buildings & improvements	61,237
Capitalized subsequent to acquisition of land, buildings & improvements	3,261
Gross amount carried at close of period, land	10,430
Gross amount carried at close of period, building & improvements	64,498
Gross amount carried at close of period, total	74,928
Accumulated depreciation	(6,520)
Operating real estate, net	68,408
Valentinskamp
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,657
Initial cost of land	23,512
Initial cost of buildings & improvements	28,745
Capitalized subsequent to acquisition of land, buildings & improvements	9,464
Gross amount carried at close of period, land	23,512
Gross amount carried at close of period, building & improvements	38,209
Gross amount carried at close of period, total	61,721
Accumulated depreciation	(4,087)
Operating real estate, net	$ 57,634
Life on which depreciation is computed	40 years
Parexel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 29,535
Initial cost of land	8,049
Initial cost of buildings & improvements	36,023
Capitalized subsequent to acquisition of land, buildings & improvements	0
Gross amount carried at close of period, land	8,049
Gross amount carried at close of period, building & improvements	36,023
Gross amount carried at close of period, total	44,072
Accumulated depreciation	(3,651)
Operating real estate, net	$ 40,421
Life on which depreciation is computed	40 years
Drehbahn
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 27,947
Initial cost of land	26,071
Initial cost of buildings & improvements	10,154
Capitalized subsequent to acquisition of land, buildings & improvements	694
Gross amount carried at close of period, land	26,071
Gross amount carried at close of period, building & improvements	10,848
Gross amount carried at close of period, total	36,919
Accumulated depreciation	(1,918)
Operating real estate, net	$ 35,001
Life on which depreciation is computed	40 years
Ludwigstrasse
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,819
Initial cost of land	11,881
Initial cost of buildings & improvements	19,135
Capitalized subsequent to acquisition of land, buildings & improvements	1,056
Gross amount carried at close of period, land	11,881
Gross amount carried at close of period, building & improvements	20,191
Gross amount carried at close of period, total	32,072
Accumulated depreciation	(2,261)
Operating real estate, net	$ 29,811
Life on which depreciation is computed	40 years
Dammtorwall
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,167
Initial cost of land	6,732
Initial cost of buildings & improvements	13,455
Capitalized subsequent to acquisition of land, buildings & improvements	410
Gross amount carried at close of period, land	6,732
Gross amount carried at close of period, building & improvements	13,865
Gross amount carried at close of period, total	20,597
Accumulated depreciation	(1,681)
Operating real estate, net	$ 18,916
Life on which depreciation is computed	40 years
Munster
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,730
Initial cost of land	2,685
Initial cost of buildings & improvements	5,436
Capitalized subsequent to acquisition of land, buildings & improvements	1,432
Gross amount carried at close of period, land	2,685
Gross amount carried at close of period, building & improvements	6,868
Gross amount carried at close of period, total	9,553
Accumulated depreciation	(669)
Operating real estate, net	$ 8,884
Life on which depreciation is computed	40 years
Germany
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 112,855
Initial cost of land	78,930
Initial cost of buildings & improvements	112,948
Capitalized subsequent to acquisition of land, buildings & improvements	13,056
Gross amount carried at close of period, land	78,930
Gross amount carried at close of period, building & improvements	126,004
Gross amount carried at close of period, total	204,934
Accumulated depreciation	(14,267)
Operating real estate, net	190,667
Berges de Seine
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	91,845
Initial cost of land	95,733
Initial cost of buildings & improvements	52,853
Capitalized subsequent to acquisition of land, buildings & improvements	152
Gross amount carried at close of period, land	95,733
Gross amount carried at close of period, building & improvements	53,005
Gross amount carried at close of period, total	148,738
Accumulated depreciation	(7,048)
Operating real estate, net	$ 141,690
Life on which depreciation is computed	40 years
Mac Donald
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 52,305
Initial cost of land	32,968
Initial cost of buildings & improvements	42,834
Capitalized subsequent to acquisition of land, buildings & improvements	6
Gross amount carried at close of period, land	32,968
Gross amount carried at close of period, building & improvements	42,840
Gross amount carried at close of period, total	75,808
Accumulated depreciation	(5,487)
Operating real estate, net	$ 70,321
Life on which depreciation is computed	40 years
Marceau
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 35,468
Initial cost of land	33,923
Initial cost of buildings & improvements	12,981
Capitalized subsequent to acquisition of land, buildings & improvements	1,256
Gross amount carried at close of period, land	33,923
Gross amount carried at close of period, building & improvements	14,237
Gross amount carried at close of period, total	48,160
Accumulated depreciation	(1,802)
Operating real estate, net	$ 46,358
Life on which depreciation is computed	40 years
Joubert
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,417
Initial cost of land	10,077
Initial cost of buildings & improvements	4,159
Capitalized subsequent to acquisition of land, buildings & improvements	50
Gross amount carried at close of period, land	10,077
Gross amount carried at close of period, building & improvements	4,209
Gross amount carried at close of period, total	14,286
Accumulated depreciation	(516)
Operating real estate, net	$ 13,770
Life on which depreciation is computed	40 years
France
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 189,035
Initial cost of land	172,701
Initial cost of buildings & improvements	112,827
Capitalized subsequent to acquisition of land, buildings & improvements	1,464
Gross amount carried at close of period, land	172,701
Gross amount carried at close of period, building & improvements	114,291
Gross amount carried at close of period, total	286,992
Accumulated depreciation	(14,853)
Operating real estate, net	272,139
Portman Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	132,294
Initial cost of land	0
Initial cost of buildings & improvements	177,816
Capitalized subsequent to acquisition of land, buildings & improvements	2,103
Gross amount carried at close of period, land	0
Gross amount carried at close of period, building & improvements	179,919
Gross amount carried at close of period, total	179,919
Accumulated depreciation	(18,630)
Operating real estate, net	$ 161,289
Life on which depreciation is computed	40 years
Condor House
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 104,483
Initial cost of land	15,830
Initial cost of buildings & improvements	119,485
Capitalized subsequent to acquisition of land, buildings & improvements	1,993
Gross amount carried at close of period, land	15,830
Gross amount carried at close of period, building & improvements	121,478
Gross amount carried at close of period, total	137,308
Accumulated depreciation	(13,264)
Operating real estate, net	$ 124,044
Life on which depreciation is computed	40 years
United Kingdom
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 236,777
Initial cost of land	15,830
Initial cost of buildings & improvements	297,301
Capitalized subsequent to acquisition of land, buildings & improvements	4,096
Gross amount carried at close of period, land	15,830
Gross amount carried at close of period, building & improvements	301,397
Gross amount carried at close of period, total	317,227
Accumulated depreciation	(31,894)
Operating real estate, net	285,333
IC Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,606
Initial cost of land	825
Initial cost of buildings & improvements	21,899
Capitalized subsequent to acquisition of land, buildings & improvements	122
Gross amount carried at close of period, land	825
Gross amount carried at close of period, building & improvements	22,021
Gross amount carried at close of period, total	22,846
Accumulated depreciation	(2,057)
Operating real estate, net	$ 20,789
Life on which depreciation is computed	40 years
Ibis Berlin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,056
Initial cost of land	863
Initial cost of buildings & improvements	11,918
Capitalized subsequent to acquisition of land, buildings & improvements	29
Gross amount carried at close of period, land	863
Gross amount carried at close of period, building & improvements	11,947
Gross amount carried at close of period, total	12,810
Accumulated depreciation	(1,116)
Operating real estate, net	$ 11,694
Life on which depreciation is computed	40 years
Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 19,662
Initial cost of land	1,688
Initial cost of buildings & improvements	33,817
Capitalized subsequent to acquisition of land, buildings & improvements	151
Gross amount carried at close of period, land	1,688
Gross amount carried at close of period, building & improvements	33,968
Gross amount carried at close of period, total	35,656
Accumulated depreciation	(3,173)
Operating real estate, net	32,483
Uhlandstrasse | Held-for-Sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,016
Initial cost of land	4,303
Initial cost of buildings & improvements	15,207
Capitalized subsequent to acquisition of land, buildings & improvements	3,976
Gross amount carried at close of period, land	4,303
Gross amount carried at close of period, building & improvements	19,183
Gross amount carried at close of period, total	23,486
Accumulated depreciation	(2,212)
Operating real estate, net	$ 21,274
Life on which depreciation is computed	40 years
Neuermarkt | Held-for-Sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,734
Initial cost of land	951
Initial cost of buildings & improvements	2,625
Capitalized subsequent to acquisition of land, buildings & improvements	(555)
Gross amount carried at close of period, land	951
Gross amount carried at close of period, building & improvements	2,070
Gross amount carried at close of period, total	3,021
Accumulated depreciation	(155)
Operating real estate, net	$ 2,866
Life on which depreciation is computed	40 years
Marly | Held-for-Sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 30,737
Initial cost of land	4,843
Initial cost of buildings & improvements	42,073
Capitalized subsequent to acquisition of land, buildings & improvements	154
Gross amount carried at close of period, land	4,843
Gross amount carried at close of period, building & improvements	42,227
Gross amount carried at close of period, total	47,070
Accumulated depreciation	(3,862)
Operating real estate, net	$ 43,208
Life on which depreciation is computed	40 years
Kirchheide | Held-for-Sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost of land	333
Initial cost of buildings & improvements	1,332
Capitalized subsequent to acquisition of land, buildings & improvements	(314)
Gross amount carried at close of period, land	333
Gross amount carried at close of period, building & improvements	1,018
Gross amount carried at close of period, total	1,351
Accumulated depreciation	(291)
Operating real estate, net	$ 1,060
Life on which depreciation is computed	40 years
Assets Held For Use And Assets Held For Sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Gross intangible assets	$ 67,200

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning balance	$ 1,606,890	$ 1,614,432	$ 2,120,460
Reclassification	0	0	(733)
Transfers to held for sale	(74,928)	(173,320)	(23,138)
Improvements	17,776	18,033	10,792
Retirements and disposals	(628,506)	(60,234)	(353,883)
Foreign currency translation	(76,423)	207,979	(139,066)
Ending balance	844,809	1,606,890	1,614,432
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning balance	(95,356)	(63,585)	(35,303)
Depreciation expense	(35,072)	(40,196)	(45,219)
Assets held for sale	6,520	12,669	811
Retirements and disposals	54,320	5,722	10,635
Foreign currency translation	5,401	(9,966)	5,491
Ending balance	$ (64,187)	$ (95,356)	$ (63,585)

Uncategorized Items - clny-2018

Label	Element	Value
Common Stock, Dividends, Per Share, Cash Paid	us-gaap_CommonStockDividendsPerShareCashPaid	$ 0.60
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (751,000)