DigitalBridge (DBRG) 10-K 1 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 26, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Entity Registrant Name	Colony NorthStar, Inc.
Trading Symbol	CLNS
Entity Central Index Key	1,679,688
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7,640
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		539,745,466
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		736,240

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 921,822	$ 376,005
Restricted cash	471,078	111,959
Real estate, net	14,464,258	3,243,631
Loans receivable, net ($45,423 and $0 at fair value, respectively)	3,223,762	3,430,608
Investments in unconsolidated ventures ($363,901 and $0 at fair value, respectively)	1,655,239	1,052,995
Securities, at fair value	383,942	23,446
Goodwill	1,534,561	680,127
Deferred leasing costs and intangible assets, net	852,872	278,741
Assets held for sale ($49,498 and $67,033 at fair value, respectively)	781,630	292,924
Other assets ($10,150 and $36,101 at fair value, respectively)	444,968	260,585
Due from affiliates	51,518	9,971
Total assets	24,785,650	9,760,992
Liabilities
Debt, net ($44,542 and $0 at fair value, respectively)	10,827,810	3,715,618
Accrued and other liabilities ($212,267 and $5,448 at fair value, respectively)	898,161	286,952
Intangible liabilities, net	191,109	19,977
Liabilities related to assets held for sale	273,298	14,296
Due to affiliates ($20,650 and $41,250 at fair value, respectively)	23,534	41,250
Dividends and distributions payable	188,202	65,972
Total liabilities	12,402,114	4,144,065
Commitments and contingencies (Note 23)
Redeemable noncontrolling interests	34,144	0
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,636,605 and $625,750 liquidation preference, respectively; 250,000 and 50,000 shares authorized, respectively; 65,464 and 25,030 shares issued and outstanding, respectively	1,606,966	607,200
Additional paid-in capital	7,913,622	2,443,100
Distributions in excess of earnings	(1,165,412)	(246,064)
Accumulated other comprehensive income (loss)	47,316	(32,109)
Total stockholders’ equity	8,407,925	2,773,799
Noncontrolling interests in investment entities	3,539,072	2,453,938
Noncontrolling interests in Operating Company	402,395	389,190
Total equity	12,349,392	5,616,927
Total liabilities, redeemable noncontrolling interests and equity	24,785,650	9,760,992
Common Class A
Stockholders’ equity:
Common stock, $0.01 par value per share	5,426	1,664
Common Class B
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 8

CONSOLIDATED BALANCE SHEETS (VI

CONSOLIDATED BALANCE SHEETS (VIE) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Cash	$ 921,822	$ 376,005
Loans receivable, net	3,223,762	3,430,608
Securities	383,942	23,446
Real estate, net	14,464,258	3,243,631
Other assets	444,968	260,585
Total assets	24,785,650	9,760,992
Debt, net	10,827,810	3,715,618
Other liabilities	898,161	286,952
Total liabilities	12,402,114	4,144,065
Securitization Vehicles | Variable Interest Entity, Primary Beneficiary
Cash	10,969	4,320
Loans receivable, net	546,306	885,374
Securities	250,526	0
Real estate, net	8,073	8,873
Other assets	53,755	66,306
Total assets	869,629	964,873
Debt, net	348,250	494,495
Other liabilities	31,299	63,381
Total liabilities	$ 379,549	$ 557,876

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Loans receivable at fair value	$ 45,423	$ 0
Investments in unconsolidated ventures, fair value	363,901	0
Other assets, fair value	10,150	36,101
Accrued and other liabilities	898,161	286,952
Due to affiliates, fair value	$ 20,650	$ 41,250
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,636,605	$ 625,750
Preferred stock, shares authorized (in shares)	250,000,000	50,000,000
Preferred stock, shares issued (in shares)	65,464,000	25,030,000
Preferred stock, shares outstanding (in shares)	65,464,000	25,030,000
Common Class A
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	658,369,000
Common stock, shares issued (in shares)	542,599,000	166,440,000
Common stock, shares outstanding (in shares)	542,599,000	166,440,000
Common Class B
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	736,000	770,000
Common stock, shares outstanding (in shares)	736,000	770,000
Held-for-Sale
Accrued and other liabilities	$ 212,267	$ 5,448
Assets held for sale fair value	$ 49,498	$ 67,033

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income
Property operating income	$ 2,113,837	$ 371,082	$ 299,871
Interest income	416,625	385,851	417,305
Fee income ($184,914, $67,731 and $64,585 from affiliates, respectively)	220,789	67,731	65,813
Other income ($25,630, $4,296 and $4,843 from affiliates, respectively)	45,483	14,193	11,382
Total revenues	2,796,734	838,857	794,371
Expenses
Management fees to former manager (Note 3)	0	0	15,062
Property operating expense	1,113,509	118,461	117,713
Interest expense	574,822	170,083	133,094
Investment, servicing and commission expense	67,597	23,666	20,985
Transaction costs	95,859	40,605	38,888
Depreciation and amortization	617,779	171,682	140,977
Provision for loan loss	19,741	35,005	39,859
Impairment loss	420,360	11,717	11,192
Compensation expense	346,885	111,838	84,506
Administrative expenses	113,456	51,699	38,238
Total expenses	3,370,008	734,756	640,514
Gain on sale of real estate	137,370	73,616	8,962
Other gain (loss), net	(25,814)	18,416	(5,170)
Earnings from investments in unconsolidated ventures	285,151	99,375	47,605
Gain on remeasurement of consolidated investment entities, net (Note 3)	0	0	41,486
Income (loss) before income taxes	(176,567)	295,508	246,740
Income tax benefit (expense)	98,399	(4,782)	9,296
Income (loss) from continuing operations	(78,168)	290,726	256,036
Income from discontinued operations	13,555	0	0
Net income (loss)	(64,613)	290,726	256,036
Redeemable noncontrolling interests
Redeemable noncontrolling interests	23,543	0	0
Investment entities	129,996	163,084	86,123
Operating Company	(20,261)	12,324	19,933
Net income (loss) attributable to Colony NorthStar, Inc.	(197,891)	115,318	149,980
Preferred stock redemption (Note 15)	4,530	0	0
Preferred stock dividends	130,672	48,159	42,569
Net income (loss) attributable to common stockholders	$ (333,093)	$ 67,159	$ 107,411
Basic earnings (loss) per share
Net income from continuing operations per basic common share (in dollars per share)	$ (0.66)	$ 0.39	$ 0.65
Net income per basic common share (in dollars per share)	(0.64)	0.39	0.65
Diluted earnings (loss) per share
Net income from continuing operations per diluted common share (in dollars per share)	(0.66)	0.39	0.65
Net income per diluted common share (in dollars per share)	$ (0.64)	$ 0.39	$ 0.65
Weighted average number of shares
Basic (in shares)	532,600	164,570	162,658
Diluted (in shares)	532,600	164,570	162,658

CONSOLIDATED STATEMENTS OF OPE6

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fee income	$ 220,789	$ 67,731	$ 65,813
Other income	45,483	14,193	11,382
Affiliated Entity
Fee income	184,914	67,731	64,585
Other income	$ 25,630	$ 4,296	$ 4,843

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss)	$ (64,613)	$ 290,726	$ 256,036
Other comprehensive income from investments in unconsolidated ventures, net	5,849	101	(451)
Other comprehensive income (loss):
Net change in fair value of available-for-sale securities	15,918	(659)	0
Net change in fair value of cash flow hedges	0	389	(236)
Foreign currency translation adjustments:
Foreign currency translation gain (loss)	216,262	(97,681)	25,287
Change in fair value of net investment hedges	(70,661)	35,833	(5,604)
Net foreign currency translation adjustments	145,601	(61,848)	19,683
Other comprehensive income (loss)	167,368	(62,017)	18,996
Comprehensive income	102,755	228,709	275,032
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to stockholders	(123,012)	101,631	160,049
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	23,543	0	0
Comprehensive income attributable to noncontrolling interests	218,013	117,241	89,693
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (15,789)	$ 9,837	$ 25,290

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Colony NorthStar	Preferred Stock	Cumulative Redeemable Perpetual Preferred Stock	Common Class A	Common Class B	OP Units	Total Stockholders’ Equity	Total Stockholders’ EquityColony NorthStar	Total Stockholders’ EquityPreferred Stock	Total Stockholders’ EquityCumulative Redeemable Perpetual Preferred Stock	Total Stockholders’ EquityCommon Class A	Total Stockholders’ EquityCommon Class B	Preferred Stock	Preferred StockColony NorthStar	Preferred StockCumulative Redeemable Perpetual Preferred Stock	Common Stock	Common StockCommon Class A	Common StockCommon Class B	Additional Paid-in Capital	Additional Paid-in CapitalCommon Class A	Additional Paid-in CapitalCommon Class B	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Noncontrolling Interests in Operating CompanyCommon Class A	Noncontrolling Interests in Operating CompanyOP Units
Beginning balance at Dec. 31, 2014	$ 2,935,793							$ 2,417,480						$ 329,106			$ 1,607			$ 2,183,261			$ (68,003)	$ (28,491)	$ 518,313	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	86,123
Operating Company	19,933
Net income (loss)	256,036							149,980															149,980
Other comprehensive income (loss)	18,996							10,069																10,069	3,570	5,357
Preferred stock dividends	(43,365)							(43,365)															(43,365)
Issuance of shares and units				$ 287,500	$ 37,389	$ 14,771	$ 568,794				$ 287,500	$ 37,389	$ 14,771			$ 287,500		$ 21	$ 8		$ 37,368	$ 14,763						$ 568,794
Offering costs	(9,406)							(9,406)						(9,406)
Equity-based compensation	13,714							13,714									10			13,704
Consolidation of investment entities	1,700,114																								1,700,114
Contributions from noncontrolling interests	486,152																								486,152
Distributions to noncontrolling interests	(680,358)																								(655,347)	(25,011)
Common stock dividends declared ($0.81 per share; Note 15)	(169,890)							(169,890)															(169,890)
Reallocation of equity (Notes 2 and 16)	0							138,674												138,674						(138,674)
Ending balance at Dec. 31, 2015	5,416,240							2,846,916						607,200			1,646			2,387,770			(131,278)	(18,422)	2,138,925	430,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	163,084
Operating Company	12,324
Net income (loss)	290,726							115,318															115,318
Other comprehensive income (loss)	(62,017)							(13,687)																(13,687)	(45,843)	(2,487)
Preferred stock dividends	(48,159)							(48,159)															(48,159)
Common stock repurchases	(19,998)							(19,998)						(19,998)
Contribution of preferred stock to an affiliate	19,998							19,998						19,998
Redemption of units in Operating Company for cash and Class A common stock	(3,963)				$ (2,557)			725				$ 18,571						14		725	18,557				(4,688)		$ (21,128)
Equity-based compensation	13,638							13,638									15			13,623
Shares canceled for tax withholding on vested stock awards	(2,862)							(2,862)									(3)			(2,859)
Contributions from noncontrolling interests	819,033																								819,033
Distributions to noncontrolling interests	(621,207)																								(587,539)	(33,668)
Common stock dividends declared ($0.81 per share; Note 15)	(181,945)							(181,945)															(181,945)
Reallocation of equity (Notes 2 and 16)	0							25,284												25,284					(29,034)	3,750
Ending balance at Dec. 31, 2016	5,616,927							2,773,799						607,200			1,672			2,443,100			(246,064)	(32,109)	2,453,938	389,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	129,996
Operating Company	(20,261)
Net income (loss)	(88,156)							(197,891)															(197,891)
Other comprehensive income (loss)	167,368							74,879																74,879	88,017	4,472
Merger consideration (Note 3)	6,720,454							6,720,454						1,010,320			3,891			5,706,243
Preferred stock dividends	(138,196)	$ (12,869)						(138,196)	$ (12,869)						$ (12,869)								(138,196)
Fair value of noncontrolling interests assumed in Merger	513,847																								505,685	8,162
Issuance of shares and units	660,000							660,000							660,000
Offering costs	(21,900)							(21,900)							(21,900)
Redemption of preferred stock (Note 15)	0		$ (635,785)							$ (635,785)					$ (635,785)		8			(8)
Common stock repurchases	(300,177)							(300,177)									(234)			(299,943)
Redemption of units in Operating Company for cash and Class A common stock	(5,085)							22,831										17		(21,800)	22,814						$ (27,916)
Exchange of notes for class A common stock	3,279							3,279										$ 2			$ 3,277
Equity-based compensation	154,429							104,374									81			104,293						50,055
Shares canceled for tax withholding on vested stock awards	(5,668)							(5,668)									(4)			(5,664)
Deconsolidation of investment entity	(4,000)																								(4,000)
Settlement of call spread option	6,900							6,900												6,900
Costs of noncontrolling equity	(9,209)							(9,209)												(9,209)
Contributions from noncontrolling interests	1,190,383																								1,190,383
Distributions to noncontrolling interests	(879,889)																								(844,502)	(35,387)
Common stock dividends declared ($0.81 per share; Note 15)	(583,261)							(583,261)															(583,261)
Reallocation of equity (Notes 2 and 16)	0							(53,635)												(58,181)				4,546	19,555	34,080
Ending balance at Dec. 31, 2017	$ 12,349,392							$ 8,407,925						$ 1,606,966			$ 5,433			$ 7,913,622			$ (1,165,412)	$ 47,316	$ 3,539,072	$ 402,395

CONSOLIDATED STATEMENTS OF EQU9

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.27	$ 0.24	$ 1.08	$ 1.08	$ 0.81

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities
Net income (loss)	$ (64,613)	$ 290,726	$ 256,036
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on purchased and originated loans	(55,059)	(27,038)	(21,109)
Accretion in excess of cash receipts on purchased credit-impaired loan	0	(8,515)	(39,886)
Paid-in-kind interest added to loan principal, net of interest received	(25,152)	(29,844)	(30,211)
Straight-line rents	(32,664)	(12,617)	(11,929)
Amortization of above- and below-market lease values, net	(15,319)	2,045	3,240
Amortization of deferred financing costs and debt discount and premium	83,719	28,936	21,222
Earnings from investments in unconsolidated ventures	(285,151)	(99,375)	(47,605)
Distributions of income from equity method investments	72,197	79,361	66,418
Provision for loan loss	19,741	35,005	39,859
Impairment of real estate and management contract intangibles	104,360	11,717	11,192
Goodwill impairment	316,000	0	0
Depreciation and amortization	617,779	171,682	140,977
Equity-based compensation	154,429	13,638	13,714
Net gain on remeasurement of net assets of consolidated investment entities	0	0	(41,486)
Change in fair value of contingent consideration—Internalization	(20,600)	(11,740)	(16,510)
Gain on sales of real estate, net	(135,262)	(73,616)	(8,962)
Deferred income tax benefit	(138,459)	(7,618)	(11,613)
Foreign currency loss recognized on repayment of loans receivable	0	0	31,268
Other loss, net	45,360	0	0
(Increase) decrease in other assets, operating restricted cash and due from affiliates	(88,511)	4,653	1,072
Increase (decrease) in accrued and other liabilities and due to affiliates	(7,272)	45,954	23,306
Other adjustments, net	4,094	(4,993)	(5,867)
Net cash provided by operating activities	549,617	408,361	373,126
Cash Flows from Investing Activities
Contributions to investments in unconsolidated ventures	(522,935)	(226,665)	(356,051)
Return of capital from investments in unconsolidated ventures	225,477	113,491	357,307
Acquisition of loans receivable and securities	(590,536)	(199,638)	(135,194)
Payment of Merger-related liabilities, net of cash acquired (Note 3)	(44,437)	0	0
Net disbursements on originated loans	(392,790)	(385,702)	(984,840)
Repayments of loans receivable	831,074	732,393	335,446
Proceeds from sales of loans receivable and securities	117,540	220,900	0
Cash receipts in excess of accretion on purchased credit-impaired loans	343,654	140,057	399,783
Acquisition of and additions to real estate, related intangibles and leasing commissions	(1,325,122)	(501,221)	(1,377,344)
Proceeds from sales of real estate, net of debt assumed by buyers	1,607,806	390,943	323,430
Proceeds from paydown and maturity of securities	112,939	0	0
Proceeds from sale of investments in unconsolidated venture	553,327	0	0
Proceeds from syndication of investment, net of cash deconsolidated (Note 4)	160,020	0	0
Proceeds from sale of Townsend, net of cash assumed by buyer (Note 16)	446,129	0	0
Internalization of manager, net of cash acquired	0	0	(56,335)
Acquisition of CPI, net of cash acquired (Note 3)	(35,711)	0	0
Acquisition of THL Hotel Portfolio, net of cash acquired (Note 3)	(27,455)	0	0
Investment deposits	(480)	(67,693)	(1,380)
Increase in restricted cash related to investing activities	(121,818)	0	0
Net (payments) receipts on settlement of derivative instruments	(11,800)	34,471	45,024
Other investing activities, net	6,660	476	(8,660)
Net cash provided by (used in) investing activities	1,331,542	251,812	(1,458,814)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	638,100	0	277,945
Dividends paid to preferred stockholders	(130,182)	(48,372)	(38,244)
Dividends paid to common stockholders	(482,156)	(181,172)	(165,559)
Settlement of call spread option	(300,177)	0	0
Borrowings from corporate credit facility	1,041,000	694,000	1,345,900
Repayment of borrowings from corporate credit facility	(1,413,600)	(586,400)	(1,194,900)
Borrowings from secured debt	4,573,099	1,072,556	1,936,043
Repayments of secured debt	(4,733,640)	(1,601,423)	(871,788)
Distributions to and redemptions of noncontrolling interests	17,876	12,724	0
Payment of deferred financing costs	(96,069)	(22,464)	(27,670)
Contributions from noncontrolling interests	1,173,432	819,033	486,152
Distributions to and redemptions of noncontrolling interests	(970,615)	(615,059)	(671,659)
Redemption of preferred stock	(635,785)	(19,998)	0
Reissuance of preferred stock to an equity method investee	0	19,998	0
Redemption of OP Units for cash	(5,085)	(2,557)	0
Acquisition of noncontrolling interests	0	(3,963)	0
Repurchase of exchangeable senior notes	(15,455)	0	0
Other financing activities, net	(7,248)	(2,860)	(15,546)
Net cash provided by (used in) financing activities	(1,346,505)	(465,957)	1,060,674
Cash held by investment entities consolidated	0	0	75,412
Effect of exchange rates on cash and cash equivalents	11,163	(4,065)	(6,480)
Net increase in cash and cash equivalents	545,817	190,151	43,918
Total cash and cash equivalents, beginning of period	376,005	185,854	141,936
Cash and cash equivalents included in assets held for sale	0	0	0
Cash and cash equivalents, end of period	$ 921,822	$ 376,005	$ 185,854

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony NorthStar, Inc. (the "Company") is a leading global real estate and investment management firm. The Company has significant property holdings in the healthcare, industrial and hospitality sectors, other equity and debt investments, as well as an embedded institutional and retail investment management business. The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, traded and non-traded real estate investment trusts ("REITs") and registered investment companies. The Company was organized in May 2016 as a Maryland corporation, and intends to elect to be taxed as a REIT under the Internal Revenue Code, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017 . The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the “OP”), which was previously the operating subsidiary of Colony and survived the Merger (as defined below) . At December 31, 2017 , the Company owned approximately 94.4% of the OP , as its sole managing member. The remaining 5.6% is owned primarily by certain employees of the Company as noncontrolling interests. Merger The Company was formed through a tri-party merger (the “Merger”) between Colony Capital, Inc. (“Colony”), NorthStar Asset Management Group Inc. (“NSAM”) and NorthStar Realty Finance Corp. (“NRF”). The Merger among Colony, NSAM and NRF was completed in an all-stock exchange on January 10, 2017. The Merger is accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for purposes of financial reporting. Consequently, the historical financial information included herein as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. Accordingly, comparisons of the period to period financial information of Colony NorthStar as set forth herein may not be meaningful. Details of the Merger are described more fully in Note 3 . Commercial Real Estate Credit REIT On August 25, 2017, certain subsidiaries of the Company entered into a combination agreement with NorthStar Real Estate Income Trust, Inc. (“NorthStar Income I”) and NorthStar Real Estate Income II, Inc. (“NorthStar Income II”), both publicly registered non-traded REITs sponsored and managed by a subsidiary of the Company, and certain other subsidiaries of the foregoing. Pursuant to the combination agreement, certain subsidiaries of the Company agreed to contribute the CLNS Contributed Portfolio, represented by their ownership interests ranging from 38% to 100% in certain investment entities, to Colony NorthStar Credit Real Estate, Inc. ("Colony NorthStar Credit") and its operating company, and NorthStar Income I and NorthStar Income II agreed to merge in all-stock mergers with and into Colony NorthStar Credit (collectively, the “Combination”). The CLNS Contributed Portfolio comprises the Company's interests in certain of its commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represent a select portfolio of U.S. investments within the Company’s other equity and debt segment that are transferable assets consistent with Colony NorthStar Credit's strategy. On January 18, 2018, the Combination was approved by the stockholders of NorthStar Income I and NorthStar Income II. The Combination closed on January 31, 2018 and Colony NorthStar Credit's class A common stock began trading on the New York Stock Exchange ("NYSE") on February 1, 2018 under the symbol "CLNC." See additional information in Note 26 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements. Merger The Merger is accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM is the legal acquirer in the Merger for certain legal and regulatory matters, however, Colony was determined to be the accounting acquirer in the Merger for financial reporting purposes. While NSAM is the legal entity which initiated the transaction and issued its shares to consummate the Merger, the fact that the senior management of Colony NorthStar primarily consists of Colony senior executives, along with other qualitative considerations, resulted in Colony being designated the accounting acquirer. The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of Colony NorthStar is adjusted to reflect the equity structure of the legal acquirer, including for comparative periods, by applying the Colony share exchange ratio of 1.4663 . The historical financial information as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. The assets and liabilities of Colony are reflected by Colony NorthStar at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF are incorporated into Colony NorthStar effective from January 11, 2017. Accordingly, comparison of period to period results of operations and financial positions may not be meaningful. Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities —A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing this analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities —Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. Noncontrolling Interests Redeemable Noncontrolling Interests —This represents noncontrolling interests in (i) an investment management subsidiary, Townsend Holdings, LLC ("Townsend"); and (ii) a consolidated open-end fund sponsored by the Company. The Townsend noncontrolling interests have the ability to require the Company to redeem a certain percentage of their interests through December 31, 2020 or upon the occurrence of certain triggering events. Redemptions by the Townsend noncontrolling interests may be settled in cash, the Company’s common stock, or a combination thereof, at the Company's option, subject to certain conditions, and payable by the end of the fiscal quarter following the exercise of the redemption. The Company sold its interest in Townsend on December 29, 2017. The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is 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. Noncontrolling Interests in Investment Entities —This represents interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company —This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the latest balance sheet date. Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3 —At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement. Fair Value Option The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected the fair value option for financial assets and financial liabilities of certain consolidated securitization trusts, and adopted the measurement alternative to measure both the financial assets and financial liabilities of the securitization trusts using the fair value of either the financial assets or financial liabilities, whichever is more observable. The Company has also elected to account for certain cost and equity method investments at fair value. Business Combinations The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant cost, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Prior to the Company's adoption of the new definition of a business effective October 1, 2016, the concentration of acquired fair values in a single or group of similar identifiable assets did not preclude the acquisition of such assets from meeting the definition of a business. As a result, acquisition of real estate assets with existing in-place leases, other than sale-leaseback transactions, were generally recognized as business combinations. Net cash paid to acquire a business or assets is classified as investing activities on the accompanying statements of cash flows. The Company accounts for business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. For contingent consideration in connection with the acquisition of assets, subsequent changes to the recorded amount are adjusted against the cost of the acquisition. Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations, regardless of whether it meets the strategic shift criteria. Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits. Restricted Cash Restricted cash consists primarily of amounts related to operating real estate and loans receivable as well as cash held by the Company’s foreign subsidiaries due to certain regulatory capital requirements. Real Estate Assets Real Estate Acquisitions— Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment are carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 13 to 44 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of useful life or remaining life of the building Land improvements 8 to 30 years Tenant improvements Lesser of useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 20 years Impairment —The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates impairments on an individual property basis. If an impairment indicator exists, the Company evaluates whether the future undiscounted cash flows that is expected to be generated by the property, including any estimated proceeds from the eventual sale of the property, is less than the carrying value of the property; and if so, the carrying value of the property is determined to not be recoverable. Impairment loss is then measured as the excess of the carrying value of the property over the estimated fair value of the property. In estimating the fair value of the property, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. Real Estate Held for Sale Classification as Held for Sale —Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell. Real Estate Sales —The Company evaluates if real estate sale transactions qualify for recognition under the full accrual method, considering whether, among other criteria, the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay, any receivable due to the Company is not subject to future subordination, the Company has transferred to the buyer the usual risks and rewards of ownership and the Company does not have a substantial continuing involvement with the sold real estate. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price less disposal cost and the carrying value of the real estate. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are recognized, generally, at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. Deficiencies compared to the carrying value of the loan, after reversing any previously recognized loss provision on the loan, are recorded as impairment loss. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof. Loans Receivable The Company originates and purchases loans receivable. The accounting framework for loans receivable depends on the Company's strategy whether to hold or sell the loan, whether the loan was credit-impaired at time of acquisition, or if the lending arrangement is an acquisition, development and construction loan. Loans Held for Investment (other than Purchased Credit-Impaired Loans) Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest Income —Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Nonaccrual —Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collection on nonaccruing loans for which ultimate collectability of principal is uncertain is recognized using a cost recovery method by applying interest collected as a reduction to loan principal; otherwise, interest collected is recognized on a cash basis by crediting to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is reasonably assured. Impairment and Allowance for Loan Losses —On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, liquidation value of collateral properties, financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis. Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the statement of operations. Allowance for loan losses generally exclude interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral dependent loans are written down to the fair value of the collateral less disposal cost, first through a charge-off against allowance for loan losses, if any, then recorded as impairment loss. Troubled Debt Restructuring ("TDR") —A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. Purchased Credit-Impaired ("PCI") Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recovery

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Business Combinations	Business Combinations Merger with NSAM and NRF On the Closing Date, the Merger of NSAM, Colony and NRF was completed in an all-stock exchange to create Colony NorthStar. The Merger was accomplished through a series of transactions. On the Closing Date, NSAM merged with and into Colony NorthStar in order to redomesticate NSAM as a Maryland corporation, followed by a series of internal reorganization transactions with subsidiaries of NRF resulting in NRF becoming a subsidiary of Colony NorthStar, and the merger of Colony into Colony NorthStar, with Colony NorthStar surviving as the combined company. Upon the closing of the Merger, NSAM outstanding common stock was converted into Colony NorthStar common stock, and the outstanding common stock and preferred stock of NRF and Colony were converted into the right to receive shares of common stock and preferred stock of Colony NorthStar at pre-determined exchange ratios. The specific exchanges of common stock and preferred stock as a result of the Merger were as follows: • Each share of NSAM common stock and performance common stock issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into one share of Colony NorthStar class A common stock and performance common stock, respectively; • Each share of class A and class B common stock of Colony issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive 1.4663 shares of Colony NorthStar class A and class B common stock for each share of Colony's class A and class B common stock; • Each share of common stock of NRF issued and outstanding prior to the effective time of the Merger was canceled and converted into the right to receive 1.0996 shares of Colony NorthStar class A common stock for each share of NRF common stock; • Each share of each series of the preferred stock of Colony and of NRF issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive one share of a corresponding series of Colony NorthStar preferred stock with substantially identical preferences, conversion and other rights, voting powers, restrictions, limitations as to dividend, qualification and terms and conditions of redemption; and • Concurrently, the OP issued OP Units to equal the number of OP membership units outstanding on the day prior to the closing of the Merger multiplied by the exchange ratio of 1.4663 . Upon consummation of the Merger, the former stockholders of Colony, NSAM and NRF owned, or had the right to own, approximately 33.25% , 32.85% and 33.90% , respectively, of Colony NorthStar, on a fully diluted basis, excluding the effect of certain equity-based awards issued in 2017 in connection with the Merger. The Merger is accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters and Colony as the accounting acquirer for purposes of the financial information set forth herein. See Note 2 for further discussion on the accounting treatment of the Merger. Merger Consideration As the Merger is accounted for as a reverse acquisition, the fair value of the consideration transferred in common stock was measured based upon the number of shares of common stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in Colony NorthStar upon completion of the Merger, multiplied by the closing price of Colony class A common stock of $21.52 on the Closing Date. As a result, the implied shares of Colony common stock issued in consideration was computed as the number of outstanding shares of NSAM and NRF common stock prior to the Closing Date divided by the exchange ratios of 1.4663 and 1.3335 , respectively. Substantially all NSAM and NRF equity awards outstanding on the Closing Date vested upon consummation of the Merger. As Colony NorthStar issued its common stock upon consummation of the Merger and settlement of these equity awards relate to pre-Merger services, these equity awards were included in the outstanding shares of NSAM and NRF common stock used to determine the merger consideration. NSAM and NRF equity awards outstanding on the Closing Date that did not vest upon consummation of the Merger were assumed by Colony NorthStar through the conversion of such equity awards into comparable Colony NorthStar equity awards with substantially the same vesting terms pre-Merger. The portion of the replacement awards attributable to pre-Merger services forms part of the merger consideration, while the portion attributable to post-Merger services is recognized prospectively as compensation expense of Colony NorthStar in the post-Merger period. The Colony NorthStar preferred stock issued as merger consideration upon the closing of the Merger to the holders of NRF preferred stock was on a one -for-one basis. The Company assumed certain liabilities of NSAM and NRF which arose as a result of the Merger and were settled shortly after the Closing Date. These amounts included approximately $226.1 million which was paid to former NSAM stockholders, representing a one-time special dividend, and approximately $78.9 million in payroll taxes representing shares that were canceled and remitted to taxing authorities on behalf of employees whose equity-based compensation was accelerated and fully vested on the Closing Date. These amounts, net of $260.6 million of cash assumed, are presented as investing cash outflows in the consolidated statement of cash flows. Fair value of the merger consideration was determined as follows: (In thousands, except price per share) NSAM NRF Total Outstanding shares of common stock prior to closing of the Merger 190,202 183,147 Replacement equity-based awards attributable to pre-combination services (i) 300 150 190,502 183,297 Exchange ratio (ii) 1.4663 1.3335 Implied shares of Colony common stock issued in consideration 129,920 137,456 267,376 Price per share of Colony class A common stock $ 21.52 $ 21.52 $ 21.52 Fair value of implied shares of Colony common stock issued in consideration $ 2,795,890 $ 2,958,039 $ 5,753,929 Fair value of Colony NorthStar preferred stock issued (iii) — 1,010,320 1,010,320 Fair value of NRF stock owned by NSAM (iv) (43,795 ) — (43,795 ) Total merger consideration $ 2,752,095 $ 3,968,359 $ 6,720,454 __________ (i) Represents the portion of non-employee restricted stock unit awards that did not vest upon consummation of the Merger and pertains to services rendered prior to the Merger. (ii) Represents (a) the pre-determined exchange ratio of one share of Colony common stock for 1.4663 shares of Colony NorthStar common stock; and (b) the derived exchange ratio of one share of Colony common stock for 1.3335 shares of NRF common stock based on the pre-determined exchange ratio of one NRF share of common stock for 1.0996 shares of Colony NorthStar common stock. (iii) Fair value of Colony NorthStar preferred stock issued was measured based on the shares of NRF preferred stock outstanding at the Closing Date and the closing traded price of the respective series of NRF preferred stock on the Closing Date, including accrued dividends, as follows: (In thousands, except price per share) Number of Shares Outstanding Price Per Share Fair Value NRF preferred stock Series A 8.75% 2,467 $ 25.61 $ 63,182 Series B 8.25% 13,999 25.15 352,004 Series C 8.875% 5,000 25.80 128,995 Series D 8.50% 8,000 25.82 206,597 Series E 8.75% 10,000 25.95 259,542 Fair value of Colony NorthStar preferred stock issued 39,466 $ 1,010,320 (iv) Represents 2.7 million shares of NRF common stock owned by NSAM prior to the Merger and canceled upon consummation of the Merger, valued at the closing price of NRF common stock of $16.13 on the Closing Date. The following table presents the final allocation of the merger consideration to assets acquired, liabilities assumed and noncontrolling interests of NSAM and NRF based on their respective estimated fair values as of the Closing Date. The resulting goodwill represents the value expected from the economies of scale and synergies created through combining the operations of the merged entities, and is assigned to the investment management segment. The estimated fair values and allocation of the merger consideration are subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the Closing Date. During the fourth quarter of 2017, adjustments were made to the valuation and underlying assumptions pertaining to certain NRF assets and liabilities, in particular investments in third party funds, securities and tax liabilities based on tax returns, and the corresponding effect on the estimated fair value of the off-market component of the management agreement. As Reported at September 30, 2017 Measurement Period Adjustments Final Adjusted Amounts at December 31, 2017 (In thousands) NSAM NRF Total NSAM NRF Total Assets Cash and cash equivalents $ 152,858 $ 107,751 $ 260,609 $ — $ — $ 260,609 Restricted cash 18,052 158,762 176,814 — — 176,814 Real estate — 9,874,912 9,874,912 — (506 ) 9,874,406 Loans receivable 28,485 331,056 359,541 — — 359,541 Investments in unconsolidated ventures 76,671 587,468 664,139 — (43,357 ) 620,782 Securities 3,065 433,850 436,915 — (6,290 ) 430,625 Identifiable intangible assets 661,556 351,736 1,013,292 — 815 1,014,107 Management agreement between NSAM and NRF 1,555,830 — 1,555,830 (41,745 ) — 1,514,085 Assets held for sale — 2,096,671 2,096,671 — — 2,096,671 Other assets 93,455 682,337 775,792 — (1,334 ) 774,458 Total assets 2,589,972 14,624,543 17,214,515 (41,745 ) (50,672 ) 17,122,098 Liabilities Debt — 6,723,222 6,723,222 — — 6,723,222 Intangible liabilities — 213,218 213,218 — — 213,218 Management agreement between NSAM and NRF — 1,555,830 1,555,830 — (41,745 ) 1,514,085 Liabilities related to assets held for sale — 1,281,406 1,281,406 — — 1,281,406 Tax liabilities 169,387 69,373 238,760 — (8,927 ) 229,833 Accrued and other liabilities 979,969 307,450 1,287,419 — — 1,287,419 Total liabilities 1,149,356 10,150,499 11,299,855 — (50,672 ) 11,249,183 Redeemable noncontrolling interests 78,843 — 78,843 — — 78,843 Noncontrolling interests—investment entities — 505,685 505,685 — — 505,685 Noncontrolling interests—Operating Company 8,162 — 8,162 — — 8,162 Fair value of net assets acquired $ 1,353,611 $ 3,968,359 $ 5,321,970 $ (41,745 ) $ — $ 5,280,225 Merger consideration 2,752,095 3,968,359 6,720,454 — — 6,720,454 Goodwill $ 1,398,484 $ — $ 1,398,484 $ 41,745 $ — $ 1,440,229 The Merger effectively resulted in the settlement of the pre-merger management agreement between NSAM and NRF. The terms of the management agreement were determined to be off-market when compared to the terms of similar management agreements of other externally managed mortgage and equity REITs. The off-market component was valued at $1.5 billion based on a discounted cash flow analysis using a discount rate of 10% , and recorded as an intangible asset attributed to NSAM and a corresponding intangible liability attributed to NRF, in each case as of the Closing Date. Upon settlement of the management agreement, the intangible asset and the corresponding intangible liability were eliminated. No net gain or loss was recognized by Colony NorthStar from the settlement. Certain deferred tax liabilities were recognized in connection with the Merger, related primarily to NSAM's investment management contract intangible assets and basis differences in NRF's real estate assets in the United Kingdom arising from recording those assets at fair value on the Closing Date. Fair value of other assets acquired, liabilities assumed and noncontrolling interests were estimated as follows: Real Estate and Related Intangibles —Fair value is based on the income approach which includes a direct capitalization method, applying overall capitalization rates ranging between 4.4% and 12.5% . For real estate held for sale, fair value was determined based on contracted sale price or a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets such as land, building and leaseholds, tenant and land improvements as well as identified intangible assets and liabilities such as above- and below-market leases, below-market ground lease obligations and in-place lease value. Useful lives of the intangibles acquired range from 6 to 90 years for ground lease obligations and 1 to 17 years for all other real estate related intangibles. Loans Receivable —Fair value is determined 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; or based on discounted cash flow projections of principal and interest expected to be collected, which include consideration of borrower or sponsor credit, as well as operating results of the underlying collateral. For certain loans receivable considered to be impaired, their carrying value approximated fair value. Investments in Unconsolidated Ventures —Fair value is based on timing and amount of expected future cash flows for income as well as realization events of the underlying assets of the investees, and for certain investments in funds, a proportionate share of its most recent net asset value. Securities —Fair value is based on quotations from brokers or financial institutions that act as underwriters of the debt securities, third-party pricing service or discounted cash flows depending on the type of debt securities. Fair value of NorthStar Realty Europe Corp ("NRE") common stock is based on the closing stock price on the Closing Date. Investment Management Related Intangible Assets —These consist primarily of management contracts, customer relationships, trade names and the broker-dealer license, including those related to an 84% interest acquired by NSAM in January 2016 in Townsend, which provides real estate investment management and advisory services. The fair value of management contracts represents the discounted excess earnings attributable to the future management fee income from in-place management contracts, with discount rates ranging between 8% and 10% . The management contracts have useful lives ranging from 2 years to 18 years. The fair value of customer relationships represents the potential fee income from repeat customers through future sponsored investment vehicles, with the useful lives of such vehicles ranging from 20 to 30 years. The trade names of NSAM and Townsend were valued as the discounted savings of royalty fees by applying a royalty rate of 1.5% and 2% , respectively, against expected fee income, and have useful lives of 20 years and 30 years, respectively. The fair value of NSAM's broker-dealer license represents the estimated cost of obtaining a license. On December 29, 2017, the Company sold its 84% interest in Townsend. Debt —Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair value of mortgage and other notes payable was estimated by reviewing rates currently available with similar terms and remaining maturities. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Noncontrolling Interests —Fair value of noncontrolling interests in investment entities was estimated as their share of fair values of the net assets of the underlying investment entities, including any incentive distributions. The fair value of noncontrolling interests in Operating Company was determined based upon the closing price of Colony class A common stock multiplied by the number of OP Units assumed in the Merger, after applying the exchange ratio. Merger-Related Costs Merger-related costs include transactions costs consisting primarily of professional fees for legal, financial advisory, accounting and consulting services, and fees incurred on a bridge facility commitment that was terminated on the Closing Date. Merger-related costs also include costs incurred to transition and integrate the operations of the combined entity, including compensation costs and various administrative costs, such as system integration, lease termination and professional fees paid to third party advisors and consultants. Merger-related costs are expensed as incurred. Costs expensed by NSAM and NRF prior to the Closing Date are excluded from the Company's results of operations. (In thousands) Year Ended December 31, 2017 Transaction costs Fees to investment bankers contingent upon consummation of the Merger $ 66,800 Other fees 19,442 86,242 Compensation expense Equity-based compensation for replacement awards to NSAM executives 116,725 Severance and other employee transition 29,459 146,184 Administrative expense 15,353 Total Merger-related costs $ 247,779 Results of NSAM and NRF The combined results of operations included contributions from the legacy business of NSAM and NRF as follows: (In thousands) Year Ended Total revenues $ 1,754,225 Net loss attributable to Colony NorthStar, Inc. (442,948 ) Pro Forma Financial Information (Unaudited) The following table presents pro forma financial information of the Company as if the Merger had been consummated on January 1, 2016. The pro forma financial information includes the pro forma impact of purchase accounting adjustments primarily related to fair value adjustments and depreciation and amortization, and excludes Merger-related transaction costs of $86.2 million for the year ended December 31, 2017 . The pro forma financial information also gives effect to certain sales initiatives by NRF, cessation of the management agreement between NSAM and NRF, as well as a pay down of NSAM and NRF corporate borrowings. The pro forma financial information, however, does not reflect any potential benefits that may result from realization of future cost savings from operating efficiencies, or other incremental synergies expected to result from the Merger. The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations of the Company had the Merger been completed on January 1, 2016, nor indicative of future results of operations of the Company. Year ended December 31, (In thousands, except per share data) 2017 2016 Pro forma: Total revenues $ 2,821,212 $ 2,709,122 Net income (loss) attributable to Colony NorthStar, Inc. (14,441 ) (117,777 ) Net income (loss) attributable to common stockholders (151,983 ) (250,174 ) Earnings (loss) per common share: Basic $ (0.29 ) $ (0.48 ) Diluted $ (0.29 ) $ (0.48 ) Restructuring of Real Estate Loans into Equity Ownership In the normal course of business, the Company may foreclose on the underlying asset in settlement of its loan receivable or otherwise undertake various restructuring measures in connection with its investments. CPI Group On January 25, 2017, the Company and its joint venture partners, through a consolidated investment venture of the Company, acquired a controlling equity interest in a defaulted borrower, a real estate investment group in Europe ("CPI") in connection with a restructuring of the CPI group. Certain entities within the CPI group were in receivership proceedings at the time of the restructuring. The Company acquired CPI's real estate portfolio, consisting of hotels, offices and mixed-use properties, and assumed the underlying mortgage debt, some of which were in payment default, including maturity default. Certain CPI employees responsible for asset and property management became employees of the Company. As a result of the acquisition, the Company's outstanding loans receivable to CPI were deemed to be effectively settled at their carrying value and formed part of the consideration transferred. The following table summarizes the consideration and preliminary allocation to assets acquired and liabilities assumed. The estimated fair values and preliminary purchase price allocation were based on information available at the time of acquisition and the Company continues to evaluate the underlying inputs and assumptions. Accordingly, these preliminary estimates are subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the fourth quarter of 2017, adjustments were made to the estimation of tax liabilities and working capital as well as valuation of real estate. (In thousands) As Reported At September 30, 2017 Measurement Period Adjustments As Reported At December 31, 2017 Consideration Carrying value of loans receivable outstanding at the time of restructuring $ 182,644 $ — $ 182,644 Cash 49,537 — 49,537 Total consideration $ 232,181 $ — $ 232,181 Identifiable assets acquired and liabilities assumed Cash $ 303 $ — $ 303 Real estate 544,407 (758 ) 543,649 Real estate held for sale 21,605 — 21,605 Lease intangibles and other assets 39,967 318 40,285 Debt (277,590 ) — (277,590 ) Tax liabilities (32,938 ) 860 (32,078 ) Lease intangibles and other liabilities (60,785 ) (420 ) (61,205 ) Liabilities related to assets held for sale (2,788 ) — (2,788 ) Fair value of net assets acquired $ 232,181 $ — $ 232,181 Fair value of assets acquired and liabilities assumed were estimated as follows: Real Estate and Related Intangibles —Fair value of real estate is based upon a discounted cash flow analysis with a weighted average discount rate of 6.6% or direct capitalization analysis with weighted average capitalization rate of 13.5% . For real estate held for sale, fair value was determined based upon a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets of land, building and tenant and site improvements and identified intangibles, such as above- and below-market leases and in-place lease values. Debt —Fair value of debt is estimated by discounting expected future cash outlays at interest rates currently available for instruments with similar terms and remaining maturities, applying discount rates ranging between 1.25% and 3.6% , with such debt fair values not exceeding the fair value of their underlying collateral, or estimated based upon expected payoff amounts. Results of operations of CPI as included in the Company's consolidated statement of operations were as follows: (In thousands) Year Ended December 31, 2017 Total revenues $ 43,608 Net loss attributable to Colony NorthStar, Inc. (1,572 ) THL Hotel Portfolio In May 2013, the Company and certain investment vehicles managed by the Company participated in the refinancing of a limited service hospitality portfolio, primarily located across the Southwest and Midwest U.S. (the "THL Hotel Portfolio"), through the origination of a junior and senior mezzanine loan. On July 1, 2017, the Company and certain investment vehicles managed by the Company took control of the THL Hotel Portfolio of 148 limited service hotels through a consensual foreclosure following a maturity default by the borrower on the Company's outstanding junior mezzanine loan. Through the consensual foreclosure, the Company assumed the borrower's in-place hotel management contracts with third party operators, which were determined to be at market, the borrower's in-place franchise obligations, primarily with Marriott, as well as the borrower's outstanding senior mortgage debt and senior mezzanine debt. The consideration for the consensual foreclosure consisted of the following: • Carrying value of the Company’s junior mezzanine loan to the borrower which is considered to be effectively settled upon the consensual foreclosure; • Cash to pay down principal and accrued interest on the borrower’s senior mortgage and senior mezzanine debt to achieve a compliant debt yield, and payment of an extension fee to exercise an extension option on the senior mortgage debt; and • In consideration of the former preferred equity holder of the borrower providing certain releases, waivers and covenants to and in favor of the Company and certain investment vehicles managed by the Company in executing the consensual foreclosure, the former preferred equity holder is entitled to an amount up to $13.0 million based on the performance of the THL Hotel Portfolio, subject to meeting certain repayment and return thresholds to the Company (and certain investment vehicles managed by the Company). The following table summarizes the consideration and preliminary allocation to assets acquired and liabilities assumed. The estimated fair values and preliminary purchase price allocation were based on information available at the time of acquisition and the Company continues to evaluate the underlying inputs and assumptions. Accordingly, these preliminary estimates are subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the fourth quarter of 2017, adjustments were made to the allocation of values between franchise intangible assets and real estate. (In thousands) As Reported At September 30, 2017 Measurement Period Adjustments As Reported At December 31, 2017 Consideration Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure $ 310,932 — $ 310,932 Cash 43,643 — 43,643 Contingent consideration (Note 13) 6,771 — 6,771 Total consideration $ 361,346 $ — $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 16,188 — $ 16,188 Real estate 1,190,613 2,592 1,193,205 Real estate held for sale 69,099 (474 ) 68,625 Intangible and other assets 37,031 (2,118 ) 34,913 Debt (907,867 ) — (907,867 ) Other liabilities (43,718 ) — (43,718 ) Fair value of net assets acquired $ 361,346 $ — $ 361,346 Fair value of assets acquired and liabilities assumed were estimated as follows: Real Estate and Related Intangibles —Fair value of real estate was based on a combination of the cost, income and market approaches which applies capitalization rates between 7.0% and 11.5% (weighted average rate of 11.1% ) as well as discount rates between 8.3% and 13.0% (weighted average rate of 9.5% ), and also considers future capital expenditure needs of the hotels. For real estate held for sale, fair value was determined based on a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets of land, building, site improvements and furniture, fixtures and equipment as well as identified intangibles for below-market ground lease obligations. Debt —The assumed senior mortgage and senior mezzanine debt had carrying values that approximated fair values based on current market rates and recent rates on the Company's refinancing of its other hotel portfolios. Results of operations of the THL Hotel Portfolio as included in the Company's consolidated statement of operations and in other equity and debt segment for segment reporting were as follows: (In thousands) Year Ended Total revenues $ 194,097 Net loss attributable to Colony NorthStar, Inc. (7,292 ) Management Internalization Prior to April 2, 2015, the Company was externally managed and advised by a wholly-owned subsidiary of Colony Capital, LLC ("CCLLC"), a privately held global real estate investment firm. On April 2, 2015, the Operating Company acquired substantially all of the real estate investment management business and operations of CCLLC and the Company became an internally-managed REIT, with CCLLC's personnel becoming employees of the Company (the "Internalization"). The consideration for the Internalization consisted of (i) upfront payments in a combination of class A and class B common stock, OP units and cash; and (ii) contingent consideration to be paid in a combination of class A and class B common stock and OP Units, subject to multi-year performance targets. Estimated fair value of the contingent consideration is subject to remeasurement each reporting period, as discussed in Note 13 . The following table summarizes the total consideration and allocation to assets acquired and liabilities assumed at April 2, 2015. (In thousands) Final Amounts At March 31, 2016 Consideration Cash $ 61,350 Class A and Class B common stock issued 52,160 OP Units issued 558,794 Estimated fair value of contingent consideration 69,500 $ 741,804 Identifiable assets acquired and liabilities assumed Cash $ 5,015 Other assets 69,696 Intangible asset: Investment management contracts 44,100 Customer relationships 46,800 Trade name 15,500 Notes payable (44,337 ) Deferred tax liability (35,191 ) Other liabilities (19,906 ) 81,677 Goodwill 660,127 $ 741,804 Payments to Former Manager Prior to the Internalization, the Company incurred $15.1 million of management fee expense, including equity-based compensation paid to the former manager. Additionally, the Company reimbursed the former manager for compensation costs pursuant to a secondment agreement, direct and indirect cost reimbursements for investment-related costs and an allocation of administrative costs incurred by the manager, totaling $2.7 million . Consolidation of Previous Equity Method Investments Following the Internalization, as the Company became the investment manager of private funds sponsored by its former manager, the Company was deemed to hold a controlling financial interest in 52 investment entities that have participating interests from these funds. The Company previously accounted for its interests in these investment entities under the equity method. Accordingly, the Company consolidated the 52 investment entities that hold loans receivable and/or real estate effective April 2, 2015. Upon consolidation, the assets and liabilities of these consolidated investment entities were remeasured at fair value, and the increase in value of the Company's interests in these consolidated investment entities resulted in the recognition of a gain of $41.5 million , net of cumulative translation adjustments reclassified to earnings. This is presented as gain on remeasurement of consolidated investment entities on the consolidated statements of operations. The Company did not acquire any additional interests nor dispose any existing interests in these investment entities in conjunction with the Internalization. The consolidation of the investment entities resulted in an increase of approximately $3.1 billion of assets, $0.3 billion of liabilities and $1.7 billion of noncontrolling interests in investment entities to the Company's consolidated balance sheet.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Estate	Real Estate The Company's real estate, including foreclosed properties, were as follows: December 31, (In thousands) 2017 2016 Land $ 2,011,794 $ 630,540 Buildings and improvements 12,403,794 2,693,507 Tenant improvements 134,709 87,643 Furniture, fixtures and equipment 383,855 7 Construction in progress 108,403 8,856 15,042,555 3,420,553 Less: Accumulated depreciation (578,297 ) (176,922 ) Real estate assets, net $ 14,464,258 $ 3,243,631 Real Estate Sales Results from sales of real estate were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Proceeds from sales of real estate $ 1,607,806 $ 390,943 $ 323,430 Gain on sale of real estate 137,370 73,616 8,962 Real estate sold through the year ended December 31, 2017 and 2016 did not constitute discontinued operations, other than the sale of a manufactured housing portfolio acquired through the Merger and certain properties in the THL Hotel Portfolio which qualified as held for sale upon acquisition, as discussed in Note 1 7. Real estate held for sale at December 31, 2017 is presented in Note 9 . Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . ($ in thousands) Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2017 Asset Acquisitions (2) January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—California, U.S. (3) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) Year Ended December 31, 2016 Business Combinations (4) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. (5) 1 34,900 5,235 27,731 1,934 — May Office—France 1 18,203 14,150 3,815 388 (150 ) Various Industrial—Various in U.S. 18 201,635 36,974 151,689 16,063 (3,091 ) Asset Acquisitions Various Industrial—Various in U.S. 12 113,200 20,749 84,724 8,398 (671 ) $ 462,341 $ 110,373 $ 324,544 $ 32,101 $ (4,677 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. Transaction costs are included in purchase price for asset acquisitions and excluded for business combinations. (2) Useful life of real estate acquired in 2017 (excluding real estate deconsolidated as of December 31, 2017) ranges from 26 to 34 years for buildings, 7 to 14 years for site improvements, 2 to 9 years for tenant improvements and 2 to 11 years for lease intangibles. (3) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The Company's remaining interest is reflected as an equity method investment. (4) Prior to the adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination. (5) Real estate was sold in August 2016. Depreciation and Impairment Depreciation expense of $453.3 million , $108.3 million and $83.2 million was recognized on real estate during the years ended December 31, 2017 , 2016 and 2015 . Refer to Note 13 for discussion of impairment on real estate. Property Operating Income The components of property operating income were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Rental income $ 672,292 $ 276,404 $ 193,293 Tenant reimbursements 138,433 65,657 51,530 Resident fee income (1) 286,818 — — Hotel operating income 1,016,294 29,021 55,048 $ 2,113,837 $ 371,082 $ 299,871 __________ (1) Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) permits us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses. Future Minimum Rents The Company has operating leases with tenants that expire at various dates through 2070. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2017 are as follows. Amounts include $77.5 million of future contractual minimum rents related to certain net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018. Year Ending December 31, (In thousands) 2018 $ 514,763 2019 473,016 2020 431,663 2021 370,236 2022 322,460 2023 and thereafter 1,196,270 Total (1) $ 3,308,408 __________ (1) Excludes hotel operating income, as well as resident fee income from healthcare properties and rental income from multifamily properties, both of which are subject to short-term leases. Commitments and Contractual Obligations Purchase Commitments— At December 31, 2017 , the Company funded a $0.5 million deposit and a remaining unfunded purchase commitment of $24.8 million for the acquisition of three buildings in Florida in the industrial segment. Guarantee Agreements— In connection with the THL Hotel Portfolio, the Company entered into guarantee agreements with various hotel franchisors, pursuant to which the Company guaranteed the payment of its obligations as a franchisee, including payments of franchise fees and marketing fees for the term of the agreements, which expire between 2018 and 2037 . In the event of default or termination of the franchise agreements, the Company is liable for liquidated damages not to exceed $100 million . The Company had similar provisions related to its core hotel portfolio in the hospitality segment but has met the required minimum payments under the respective franchise agreements and no longer has an obligation to the franchisors. Ground Lease Obligation— In connection with real estate acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee with expiration dates between 2019 and 2252 . Rents on certain ground leases are paid directly by the tenants or operators. Ground rent expense, including contingent rent, was $6.7 million , $0.3 million and $0.1 million for the years ended December 31, 2017 , 2016 and 2015, respectively. At December 31, 2017 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Amounts include $12.8 million of future minimum rental payments on noncancelable ground leases related to certain net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018. Year Ending December 31, (In thousands) 2018 $ 6,495 2019 6,429 2020 6,465 2021 6,551 2022 6,970 2023 and thereafter 152,125 Total (1) $ 185,035 __________ (1) Includes automatically-renewed ground leases related to the Company's hotel properties. Impact of Hurricanes A small number of the Company's properties were affected by Hurricanes Harvey and Irma in the third quarter of 2017, as follows: Healthcare — Certain medical office buildings and net lease properties in Texas and Florida suffered some physical damage, resulting in the closure of one hospital in Texas that reopened in February 2018. The Company's senior housing operating facilities, however, experienced only minor damage. Industrial — The impact to properties in the Industrial segment was immaterial. Hospitality — In the core hotel portfolio, there was only minor damage and business interruption to a small number of hotels and incremental revenue was generated from hurricane-related demand. Other Equity and Debt — Twenty-five non-core hotels in the THL Hotel Portfolio in Texas, Florida and Georgia suffered varying degrees of damage, with certain hotels experiencing business interruption. One hotel in Florida was forced to close and is expected to re-open in the second quarter of 2018. The Company has insurance policies that provide coverage for property damage and business interruption, subject to deductibles. Based upon claims filed and management's estimates as of December 31, 2017 , the Company recognized a net loss of $1.2 million in aggregate for damage on its properties, after taking into consideration anticipated insurance recoveries for property damage. As of December 31, 2017 , the Company is still assessing the estimated business interruption losses affecting certain hotels in its THL Hotel Portfolio. While the Company believes that, through its insurance policies, losses above and beyond its deductible will be recoverable, there can be no assurance that such insurance will be sufficient to compensate the Company for all lost revenue and expenses incurred.

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table provides a summary of the Company’s loans held for investment: December 31, 2017 December 31, 2016 (Dollars in thousands) Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Loans at amortized cost Non-PCI Loans Fixed rate Mortgage loans $ 1,081,030 $ 1,082,513 9.1 % 2.8 $ 894,232 $ 881,755 9.0 % 3.5 Securitized loans (1) 35,566 36,603 5.9 % 16.8 105,586 107,609 6.4 % 15.4 Mezzanine loans 459,433 456,463 12.2 % 2.3 372,247 369,207 12.3 % 2.8 Corporate loans 46,840 46,592 9.9 % 10.0 — — — % — 1,622,869 1,622,171 1,372,065 1,358,571 Variable rate Mortgage loans 414,428 423,199 6.0 % 1.7 494,797 487,651 8.2 % 0.8 Securitized loans (1) 461,489 462,203 6.4 % 3.5 775,963 776,156 5.7 % 2.7 Mezzanine loans 34,391 34,279 9.8 % 1.3 348,035 347,469 11.2 % 0.6 910,308 919,681 1,618,795 1,611,276 2,533,177 2,541,852 2,990,860 2,969,847 PCI Loans Mortgage loans 1,865,423 682,125 748,930 521,905 Securitized loans 23,298 3,400 8,146 6,836 Mezzanine loans 7,425 3,671 — — 1,896,146 689,196 757,076 528,741 Allowance for loan losses (52,709 ) (67,980 ) 4,429,323 3,178,339 3,747,936 3,430,608 Loans at fair value Securitized loans (2) 72,511 45,423 — — Total loans receivable $ 4,501,834 $ 3,223,762 $ 3,747,936 $ 3,430,608 __________ (1) Represents loans transferred into securitization trusts that are consolidated by the Company (Note 14 ). (2) Represents loans held by a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust. (Note 13 ) Nonaccrual and Past Due Loans Non-PCI loans, excluding loans carried at fair value, that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses, excluding loans carried at fair value. (In thousands) Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due and Nonaccrual Total Non-PCI Loans December 31, 2017 $ 2,268,599 $ 145,986 $ 9,410 $ 117,857 $ 2,541,852 December 31, 2016 2,912,023 7,379 1,172 49,273 2,969,847 Troubled Debt Restructuring The following table provides a summary of non-PCI loans, excluding loans carried at fair value, that were modified and classified as TDRs, in which the Company provided the borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. There were no loans modified as TDRs during the year ended December 31, 2017 . Year ended December 31, (Dollars in thousands) 2016 2015 Loans modified as TDRs during the period: Number of loans 1 1 Carrying value of loans before allowance for loan losses $ 37,611 $ 26,667 Loss incurred $ 1,687 $ 278 At December 31, 2017 and 2016, carrying value of TDR loans before allowance for loan losses was $66.4 million and $66.2 million , respectively. These TDR loans were not in default post-modification. As of December 31, 2017 , the Company has no additional commitments to lend to borrowers with TDR loans. Non-PCI Impaired Loans Non-PCI loans, excluding loans carried at fair value, are identified as impaired when it is no longer probable that interest or principal will be collected according to the contractual terms of the original loan agreement. Non-PCI impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs, as well as loans in maturity default. The following table summarizes non-PCI impaired loans: Unpaid Principal Balance Gross Carrying Value Allowance for Loan Losses (In thousands) With Allowance for Loan Losses Without Allowance for Loan Losses Total December 31, 2017 $ 383,594 $ 138,136 $ 248,759 $ 386,895 $ 7,425 December 31, 2016 116,881 56,650 60,025 116,675 6,287 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. There was no cash basis interest income recognized on non-PCI impaired loans in all periods presented. Year Ended December 31, (In thousands) 2017 2016 2015 Average carrying value before allowance for loan losses $ 202,397 $ 90,447 $ 19,676 Total interest income recognized during the period impaired 10,192 3,929 766 Purchased Credit-Impaired Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. In January 2017, the Company acquired additional PCI loans through the Merger as well as part of a loan portfolio secured by commercial properties in Ireland. Information about these PCI loans at the time of their acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 1,154,596 Less: Nonaccretable difference (878,257 ) Cash flows expected to be collected 276,339 Less: Accretable yield (23,594 ) Fair value of loans acquired $ 252,745 Changes in accretable yield of PCI loans were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Beginning accretable yield $ 52,572 $ 66,639 $ 98,523 Additions 23,594 22,493 — Changes in accretable yield 25,720 31,171 12,199 Accretion recognized in earnings (61,809 ) (65,911 ) (158,468 ) Consolidation of PCI loans held by investment entities (Note 3) — — 121,130 Effect of changes in foreign exchange rates 2,358 (1,820 ) (6,745 ) Ending accretable yield $ 42,435 $ 52,572 $ 66,639 At December 31, 2017 and 2016, the Company applied either the cash basis or cost recovery method for recognition of interest income on PCI loans with carrying value before allowance for loan losses of $196.5 million and $32.0 million , respectively, as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans. Allowance for Loan Losses The allowance for loan losses and related carrying values of loans held for investment, excluding loans carried at fair value, were as follows: December 31, 2017 December 31, 2016 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 7,424 $ 135,902 $ 6,287 $ 56,650 PCI loans 45,285 169,789 61,693 243,155 $ 52,709 $ 305,691 $ 67,980 $ 299,805 Changes in allowance for loan losses is presented below: Year Ended December 31, (In thousands) 2017 2016 2015 Allowance for loan losses at January 1 $ 67,980 $ 37,571 $ 197 Provision for loan losses, net 19,741 34,864 39,859 Charge-off (35,012 ) (4,455 ) (2,485 ) Allowance for loan losses at December 31 $ 52,709 $ 67,980 $ 37,571 Included in the $12.2 million of provision for loan losses on PCI loans for the year ended December 31, 2017 was a recovery of $6.3 million of provision previously recorded. There were no recoveries in provision for loan losses on PCI loans, which totaled $29.0 million and $39.0 million , for the years ended December 31, 2016 and 2015 , respectively. Lending Commitments The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At December 31, 2017 , assuming the terms to qualify for future fundings, if any, have been met, total unfunded lending commitments was $112.4 million , of which the Company's share was $92.2 million , net of amounts attributable to noncontrolling interests. The amount includes $19.2 million of lending commitments in connection with loans receivable that were contributed to Colony NorthStar Credit on January 31, 2018, of which the Company's share of commitments was $18.2 million , net of amounts attributable to noncontrolling interests.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures The Company's investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows: December 31, (In thousands) 2017 2016 Equity method investments Investment ventures $ 1,138,052 $ 933,262 Private funds and retail companies 25,101 19,997 1,163,153 953,259 Cost method investments Investment venture 89,261 99,736 Private fund and retail companies 38,924 — 128,185 99,736 Investments under fair value option Private funds 204,773 — Investment ventures 159,128 — 363,901 — $ 1,655,239 $ 1,052,995 Investments in unconsolidated ventures acquired in the Merger were recorded at fair value at the Closing Date. Any difference between the Company's carrying value of an equity method investment and the Company's proportionate share of historical carrying value of the underlying net assets of the equity method investee represents a basis difference. Any basis difference not attributed to goodwill is amortized over the remaining weighted average useful life of the underlying identifiable assets of each acquired equity method investment, recorded in earnings from investments in unconsolidated ventures. Equity Method Investments Certain equity method investments are structured as joint ventures with one or more private funds or other investment vehicles managed by the Company, or with third party joint venture partners. These investment ventures are generally capitalized through equity contributions from the members and/or leveraged through various financing arrangements. The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of the Company nor the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments, except for the Company's distribution support obligations to retail companies, as discussed below. The Company’s exposure to the investment entities is limited to its equity method investment balance as of December 31, 2017 and 2016, respectively. The Company’s investments accounted for under the equity method are summarized below: (Dollars in thousands) Ownership Interest (1) at Carrying Value at December 31, 2017 December 31, Investments Description 2017 2016 Starwood Waypoint Homes Common equity in operating company of single family residential REIT —% $ — $ 316,113 Colony American Finance Common equity in specialty finance company that lends to owners of single family homes for rent —% — 57,754 NorthStar Realty Europe Corp Common equity in publicly traded REIT managed by the Company (2) 10.2% 73,578 — RXR Realty Common equity in investment venture with a real estate owner, developer and investment manager (2) 27.2% 105,082 — Preferred equity Preferred equity investments with underlying real estate (3) NA 440,704 188,255 ADC investments Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures (4) Various 331,268 271,649 Private funds General partner and/or limited partner interests in private funds Various 25,101 19,997 Other investment ventures Interests in 15 investments, each with less than $62 million carrying value at December 31, 2017 Various 187,420 99,491 $ 1,163,153 $ 953,259 __________ (1) The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements. (2) The Company has significant influence over the investees through its voting rights and/or representation on the investees' board of directors or equivalent committee. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments. Starwood Waypoint Homes (formerly known as Colony Starwood Homes ; NYSE: SFR)—In connection with a secondary offering of common shares in March 2017 by SFR, the Company sold approximately 7.6 million shares for net proceeds of $239.1 million . In June 2017, the Company sold its remaining 7.5 million shares for net proceeds of $261.4 million . The Company recognized total gains of $191.2 million from the sales, which is included in earnings from investments in unconsolidated ventures. Colony American Finance —The Company sold its entire 17.4% ownership interest in July 2017, with immaterial income statement impact resulting from the sale. NorthStar Realty Europe Corp. —At December 31, 2017 , the Company owned 5.6 million shares of NRE common stock or a 10.2% ownership interest, with approximately 5.4 million of the shares acquired in the second and fourth quarters of 2017. Prior to May 2017, the Company accounted for its previously immaterial interest in NRE as an investment in marketable equity securities. Under the terms of NRE's management agreement that was amended and restated on November 9, 2017, the Company was provided an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock. To the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted. The following tables present selected combined financial information of the Company's equity method investees: Selected Combined Balance Sheet Information December 31, (In thousands) 2017 2016 Total assets $ 9,537,068 $ 9,319,122 Total liabilities 5,357,936 5,517,514 Owners' equity 3,662,777 3,473,358 Noncontrolling interests 516,368 328,269 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2017 2016 2015 Total revenues $ 1,519,728 $ 819,726 $ 518,085 Net income (loss) 174,222 (32,493 ) (40,372 ) Net income (loss) attributable to noncontrolling interests (18,381 ) (3,494 ) (433 ) Net income (loss) attributable to owners 192,603 (28,999 ) (39,939 ) Cost Method Investments Investments that do not qualify for equity method accounting and for which fair value option is not elected are accounted for under the cost method, as follows: Investment Ventures —The Company funded $50 million to an investor consortium, alongside $50 million from a passive co-investment partner, in common stock of a supermarket chain. Dividends of $10.3 million were received in June 2017 as a return of capital and applied to reduce the cost of investment. Retail Companies —The Company has immaterial interests in its sponsored non-traded REITs, NorthStar Income I, NorthStar Income II, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR NY Metro"). Private Funds —This represents immaterial limited partnership interests in a private real estate fund sponsored by an equity method investee of the Company. Investments under Fair Value Option The Company elected the fair value option to account for its limited partnership interests, which range from 0.1% to 22.2% , in third-party sponsored funds acquired through the Merger, as well as equity method investments in certain investment ventures. The Company records earnings from these investments based on a change in fair value of its share of projected future cash flows. Unrealized gains or losses on changes in fair value of these investments is presented in Note 13 . Investment and Other Commitments Investment Ventures— Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At December 31, 2017 , the Company’s share of these commitments was $107.9 million . Private Funds— At December 31, 2017 , the Company had unfunded commitments of $113.4 million to a Company-sponsored fund that is not consolidated and $14.5 million to a private real estate fund sponsored by an equity method investee of the Company. Retail Companies— The Company has committed to purchase up to $10.0 million in shares of common stock of each of its retail companies, which consist of non-traded REITs and investment companies, during the period from when each offering was declared effective through a period of two years, in the event that distributions to their stockholders, on a quarterly basis, exceed certain measures of operating performance. In addition, the Company committed up to $10.0 million to provide as distribution support in future sponsored retail companies, up to a total of five new companies per year. At December 31, 2017 , the Company's remaining unfunded commitments to certain of the retail companies totaled $14.0 million .

Securities

Securities	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Securities	Securities The following table summarizes the Company's investment in debt securities classified as available-for-sale and equity securities held by a consolidated fund that are accounted for at fair value through earnings. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2017 Available-for-sale debt securities: CRE securities of consolidated N-Star CDOs (1) : CMBS $ 144,476 $ 3,999 $ (530 ) $ 147,945 Other securities (2) 61,302 5,994 (313 ) 66,983 N-Star CDO bonds (3) 88,374 2,778 (219 ) 90,933 CMBS and other securities (4) 38,928 3,739 (186 ) 42,481 333,080 16,510 (1,248 ) 348,342 Equity securities of consolidated fund 35,600 $ 383,942 December 31, 2016 Available-for-sale debt securities: CMBS $ 24,103 $ — $ (657 ) $ 23,446 __________ (1) As of December 31, 2017 , the carrying value of CDO bonds payable in consolidated N-Star CDOs is $215.5 million . (2) Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities. (3) Excludes $140.1 million principal amount of N-Star CDO bonds held by the Company in its consolidated CDOs that are eliminated upon consolidation. (4) Includes $25.1 million of CMBS held by a sponsored investment company, which as of December 31, 2017 , is consolidated by the Company through its seed capital. Other securities include a trust preferred security and certain investments in other third party CDO bonds. N-Star CDOs —The Company acquired, upon the Merger, NRF's legacy CDOs. NRF had sponsored collateralized debt obligations ("CDOs"), collateralized primarily by commercial real estate ("CRE") debt and CRE securities, of which two of the sponsored CRE securities CDOs are consolidated. Additionally, NRF had acquired the equity interests of CRE debt focused CDOs sponsored by third parties. These CDOs are collectively referred to as the N-Star CDOs. At the time of issuance of the sponsored CDOs, NRF retained investment-grade subordinate bonds. NRF also retained equity interests in the form of preferred shares in all of its sponsored CDOs. Additionally, NRF repurchased CDO bonds originally issued to third parties at discounts to par. These repurchased CDO bonds and retained investment-grade subordinate bonds are collectively referred to as N-Star CDO bonds. All N-Star CDOs are past their reinvestment period and are amortizing over time as the underlying assets pay down or are sold. CMBS and Other Securities —These securities are predominantly commercial mortgage-backed securities (“CMBS”), including investments in mezzanine positions. At December 31, 2017 , contractual maturities of CRE securities ranged from six months to 43 years , with a weighted average expected maturity of 6.5 years . Equity Securities of Consolidated Fund —These are publicly traded equity securities held by a consolidated open-end fund. At December 31, 2017 , these equity securities comprise listed stock predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors. Disposition of Securities Realized gains (losses) from sale of securities are recorded in other gain (loss) for the year ended December 31, 2017 , as follows. There were no sales of securities in the year ended December 31, 2016 and the Company did not hold any securities in the year ended December 31, 2015 . (In thousands) Year Ended December 31, 2017 Available-for-sale debt securities: Proceeds from sale $ 30,279 Gross realized gain (including $0.4 million of unrealized gains transferred from AOCI) 951 Equity securities of consolidated fund: Realized gain, net 155 Impairment of AFS Securities The following table presents AFS securities in a gross unrealized loss position for less than 12 months: December 31, 2017 December 31, 2016 (In thousands) Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss CRE securities of consolidated N-Star CDOs: CMBS $ 2,229 $ (530 ) $ — $ — Other securities 8,218 (313 ) — — N-Star CDO bonds 13,392 (219 ) — — CMBS and other securities 12,956 (186 ) 23,446 (657 ) There were no AFS securities in a gross unrealized loss position for more than 12 months. Any unrealized losses on securities acquired through the Merger were reset on the Closing Date. For the year ended December 31, 2017 , the Company recorded $33.0 million of OTTI loss in other gain (loss) in the consolidated statements of operations due to an adverse change in expected cash flows on N-Star CDOs and CMBS held by consolidated N-Star CDOs. The Company believed that it was not likely that it would recover the amortized cost on these securities prior to selling them. At December 31, 2017 , there were no AFS securities with unrealized loss in accumulated other comprehensive income that have not been other than temporarily impaired. Purchased Credit-Impaired Debt Securities Certain debt securities acquired by the Company through the Merger were considered to be credit-impaired at time of acquisition, with the following outstanding balance at December 31, 2017 : (In thousands) December 31, 2017 Outstanding principal $ 411,174 Amortized cost 26,761 Carrying value 31,789 Information about these PCI debt securities upon acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 574,088 Less: Nonaccretable difference (449,261 ) Cash flows expected to be collected 124,827 Less: Accretable yield (70,283 ) Fair value of PCI debt securities acquired $ 54,544 The table below presents changes in accretable yield related to these PCI debt securities: (In thousands) Year Ended December 31, 2017 Beginning accretable yield $ — Assumed through the Merger 70,283 Accretion recognized in earnings (12,461 ) Reduction due to payoffs or disposals (8,963 ) Net reclassifications to nonaccretable difference (4,249 ) Ending accretable yield $ 44,610

Goodwill, Deferred Leasing Cost

Goodwill, Deferred Leasing Costs and Other Intangibles	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Deferred Leasing Costs and Other Intangibles	Goodwill, Deferred Leasing Costs and Other Intangibles Goodwill The following table presents changes in the carrying value of goodwill and the goodwill balance by reporting segment. December 31, (In thousands) 2017 2016 2015 Balance at January 1 $ 680,127 $ 678,267 $ 20,000 Business combinations (1) 1,440,229 1,860 658,267 Transfer to held for sale (2) (20,000 ) — — Disposition (3) (249,795 ) — — Impairment (316,000 ) — — Balance at December 31 (4) $ 1,534,561 $ 680,127 $ 678,267 Balance by reporting segment: Industrial $ 20,000 $ 20,000 $ 20,000 Investment management 1,514,561 660,127 658,267 $ 1,534,561 $ 680,127 $ 678,267 __________ (1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination. (2) Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale as of December 31, 2017. (3) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger and sold on December 29, 2017. (4) Total goodwill amount is not deductible for income tax purposes. Impairment Assessment Goodwill is assessed for impairment at the Company's operating segments or one level below. The Company performs its annual impairment test in the fourth quarter of each year. On October 1, 2017, the Company early adopted the new guidance which simplifies goodwill impairment testing. Industrial —In all years presented, the Company performed qualitative assessments and determined that goodwill in the industrial segment was not impaired. Investment Management —In the Company's annual impairment test for 2017, the Company performed a quantitative assessment which indicated that the carrying value of the investment management reporting unit, including its assigned goodwill, exceeded its estimated fair value. As a result of this assessment, the Company recognized an impairment to the investment management goodwill of $316.0 million . In determining the carrying value of the investment management reporting unit for goodwill impairment testing, the Company used the net book value of its investment management subsidiary at September 30, 2017, adjusted to (i) exclude the Townsend and broker-dealer businesses; (ii) account for measurement period adjustments in the fourth quarter of 2017; and (iii) account for impairments recorded on management contract intangible assets in the fourth quarter of 2017 as well as expected write-off of the management contract intangible assets for NorthStar Income I and NorthStar Income II as a result of the Combination in 2018. The fair value of the investment management reporting unit was estimated using the income approach. Projections of discounted cash flows were based on various factors, including, but not limited to, assumptions around forecasted capital raising for existing and future investment vehicles, fee related earnings multiples, incentive fee multiples, operating profit margins and discount rates, adjusted for certain risk characteristics such as the predictability of fee streams and the estimated life of managed investment vehicles. The Company applied terminal year residual multiples on fee related earnings ranging from 6.5 x to 20 x, incentive fee multiples ranging from 3 x to 5 x and discount rates ranging from 9 % to 25 %. The Company considered a range of fee related earnings multiples, incentive fee multiples and discount rates for a peer group of alternative asset managers as indicators to assess for reasonableness, noting that direct comparison generally cannot be drawn due to differences that exist between the Company's business and those of other asset managers. The Company also considered the hypothetical value of its investment management business in a spin-off that would result in the Company becoming externally managed, and assigned a value to internally managing the Company's balance sheet assets based on market terms of management contracts of externally-managed REITs that otherwise engage in similar real estate operations. As a final step, the Company assessed the reasonableness of the valuation as a whole by comparing the aggregate fair value of its reporting units to its market capitalization, and considered in its assessment the impact of short-term market volatility and other market factors that may not directly affect the value of the Company's individual reporting units. Due to the inherently judgmental nature of the various projections and assumptions used as well as the unpredictability of economic or market conditions, actual results may differ from estimates, and negative changes to these variables may result in further decline in the fair value of the investment management reporting unit, which would result in further impairment charge to goodwill in the future. For the years ended December 31, 2016 and 2015 , the Company performed qualitative assessments for its annual impairment tests and determined that the investment management goodwill was not impaired. Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities The Company's deferred leasing costs, other intangible assets and intangible liabilities are as follows: December 31, 2017 December 31, 2016 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 243,037 $ (98,021 ) $ 145,016 $ 149,301 $ (52,489 ) $ 96,812 Above-market lease values 166,571 (34,968 ) 131,603 27,731 (13,705 ) 14,026 Below-market ground lease obligations 29,625 (316 ) 29,309 34,241 (411 ) 33,830 Deferred leasing costs 121,765 (38,389 ) 83,376 88,470 (25,415 ) 63,055 Lease incentives 14,565 (298 ) 14,267 409 (87 ) 322 Trade name (2) 79,700 (3,131 ) 76,569 15,500 NA 15,500 Investment management contracts 342,127 (70,394 ) 271,733 39,646 (25,400 ) 14,246 Customer relationships 59,400 (10,421 ) 48,979 46,800 (5,850 ) 40,950 Other (3) 54,061 (2,041 ) 52,020 — — — Total deferred leasing costs and intangible assets $ 1,110,851 $ (257,979 ) $ 852,872 $ 402,098 $ (123,357 ) $ 278,741 Intangible Liabilities Below-market lease values $ 214,833 $ (36,426 ) $ 178,407 $ 30,507 $ (10,690 ) $ 19,817 Above-market ground lease obligations 13,417 (715 ) 12,702 172 (12 ) 160 Total intangible liabilities $ 228,250 $ (37,141 ) $ 191,109 $ 30,679 $ (10,702 ) $ 19,977 __________ (1) For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed one year from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. (2) The NSAM trade name is amortized over its useful life of 20 years , while Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. (3) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized, franchise agreements associated with certain hotel properties which are amortized over 10 to 15 years and the NorthStar Securities broker-dealer license which is not amortized. The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities: Year Ended December 31, (In thousands) 2017 2016 2015 Above-market lease values $ (25,235 ) $ (8,658 ) $ (7,647 ) Below-market lease values 40,079 7,089 4,427 Lease incentives (218 ) — — Net increase (decrease) to rental income $ 14,626 $ (1,569 ) $ (3,220 ) Above-market ground lease obligations $ (835 ) $ 482 $ 25 Below-market ground lease obligations 7,493 (6 ) (5 ) Net increase to ground rent expense $ 6,658 $ 476 $ 20 In-place lease values $ 74,560 $ 30,193 $ 25,865 Deferred leasing costs 19,046 13,777 12,130 Trade name 3,682 — — Investment management contracts 38,640 11,446 13,985 Customer relationships 12,514 3,343 2,507 Other 10,215 — — Amortization expense $ 158,657 $ 58,759 $ 54,487 The following table presents future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets held for sale: Year Ending December 31, (In thousands) 2018 2019 2020 2021 2022 2023 and Thereafter Total Above-market lease values $ (19,065 ) $ (17,337 ) $ (16,421 ) $ (15,625 ) $ (12,885 ) $ (50,270 ) $ (131,603 ) Below-market lease values 25,305 23,777 21,575 19,960 18,472 69,318 178,407 Lease incentives 1,059 1,059 1,063 1,125 1,125 8,836 14,267 Increase to rental income $ 7,299 $ 7,499 $ 6,217 $ 5,460 $ 6,712 $ 27,884 $ 61,071 Above-market ground lease obligations $ (773 ) $ (773 ) $ (773 ) $ (773 ) $ (773 ) $ (8,837 ) $ (12,702 ) Below-market ground lease obligations 697 707 707 709 707 25,782 29,309 Increase to rent expense $ (76 ) $ (66 ) $ (66 ) $ (64 ) $ (66 ) $ 16,945 $ 16,607 In-place lease values $ 28,455 $ 20,495 $ 15,987 $ 11,623 $ 9,121 $ 59,335 $ 145,016 Deferred leasing costs 16,799 14,009 11,464 8,928 7,042 25,134 83,376 Trade name 3,214 3,214 3,214 3,214 3,214 44,999 61,069 Investment management contracts 32,172 30,360 29,520 28,911 28,493 122,277 271,733 Customer relationships 4,607 4,607 4,607 4,607 4,607 25,944 48,979 Other 2,339 1,879 2,027 2,027 2,027 14,038 24,337 Amortization expense $ 87,586 $ 74,564 $ 66,819 $ 59,310 $ 54,504 $ 291,727 $ 634,510

Assets and Related Liabilities

Assets and Related Liabilities Held For Sale	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Assets and Related Liabilities Held For Sale	Assets and Related Liabilities Held For Sale The Company's assets and related liabilities held for sale are summarized below: December 31, (In thousands) 2017 2016 Assets Real estate, net $ 720,686 $ 223,954 Loans receivable, net — 29,353 Goodwill (1) 20,000 — Intangible assets, net 37,337 21,239 Other assets 3,607 18,378 Total assets held for sale $ 781,630 $ 292,924 Liabilities Secured debt, net (2) $ 196,905 $ — Lease intangibles and other liabilities, net 76,393 14,296 Total liabilities related to assets held for sale $ 273,298 $ 14,296 __________ (1) Associated with the broker-dealer business that is held for sale. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset. Assets held for sale at December 31, 2017 did not constitute discontinued operations, other than those acquired through business combinations that qualified as held for sale upon acquisition, as discussed in Note 17. Discontinued Operations Asset groups acquired in connection with purchase business combinations that meet the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations. Discontinued operations consisted primarily of a manufactured housing portfolio acquired through the Merger and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio. The manufactured housing portfolio was valued at its contracted sale price of $2.0 billion upon closing of the Merger, with $1.3 billion of related mortgage financing assumed by the buyer. The sale of the manufactured housing portfolio closed in March 2017, with the Company having received approximately $664.4 million in net proceeds, as adjusted for prorations and other reimbursements, for its interest in the portfolio. Net income generated from operations of these held for sale asset groups for the year ended December 31, 2017 (or through their disposition dates, if earlier) is presented below. There were no discontinued operations in the years ended December 31, 2016 and 2015. (In thousands) Year Ended Revenues Property operating income $ 43,269 Other income 2,352 Expenses Property operating expenses (20,530 ) Interest expense (9,028 ) Loss on sale of real estate assets (2,108 ) Other expenses (400 ) Net income from discontinued operations 13,555 Net income from discontinued operations attributable to: Noncontrolling interests in investment entities (427 ) Noncontrolling interests in Operating Company (31 ) Net income from discontinued operations attributable to Colony NorthStar, Inc. $ 13,097

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2017
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Restricted Cash, Other Assets and Other Liabilities	Restricted Cash, Other Assets and Other Liabilities Restricted Cash The following table summarizes the Company's restricted cash balance: December 31, (In thousands) 2017 2016 Capital expenditures reserves (1) $ 249,612 $ 1,502 Real estate escrow reserves (2) 42,420 13,116 Borrower escrow deposits 41,545 61,744 Working capital and other reserves (3) 23,043 27,768 Tenant lock boxes (4) 16,486 — Cash of consolidated N-Star CDOs (5) 13,656 — Other 84,316 7,829 Total restricted cash $ 471,078 $ 111,959 __________ (1) Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets. (2) Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets. (3) Represents reserves for working capital and property development expenditures, as well as in connection with letter of credit provisions, as required in joint venture arrangements with the Federal Deposit Insurance Corporation. (4) Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt. (5) Represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs . Other Assets The following table summarizes the Company's other assets: December 31, (In thousands) 2017 2016 Interest receivable $ 21,529 $ 42,296 Straight-line rents 45,598 22,352 Hotel-related reserves (1) 29,208 — Investment deposits and pending deal costs 1,706 66,310 Deferred financing costs, net (2) 10,068 10,533 Contingent consideration escrow account (3) 15,730 10,836 Derivative assets (Note 12) 10,152 36,101 Prepaid taxes and deferred tax assets, net (4) 79,063 — Receivables from resolution of investments (5) 15,215 — Contributions receivable (6) 25,501 — Accounts receivable (7) 87,744 19,986 Prepaid expenses 29,526 3,864 Other assets 20,296 2,852 Fixed assets, net 53,632 45,455 Total other assets $ 444,968 $ 260,585 __________ (1) Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Contingent consideration escrow account holds certificates of deposit and cash for dividends paid on OP units held in escrow for the contingent consideration that may be earned by certain executives in connection with the acquisition of the investment management business of Colony's former manager (Notes 3 and 13). Upon settlement of the contingent consideration in connection with the Internalization at the end of the earnout period on June 30, 2018, dividends that were paid on OP units earned will be paid to the executives. (4) Presented net of valuation allowance of $23.9 million and $0.7 million on deferred tax assets at December 31, 2017 and 2016, respectively (Note 22 ). (5) Represents primarily proceeds from loan payoffs held in escrow at December 31, 2017 . (6) Represents contributions receivable from noncontrolling interests in investment entities as a result of a capital call made in December 2017 for which cash was received in January 2018. (7) Includes receivables for hotel operating income and resident fees as well as rent and other tenant receivables. Presented net of total allowance for bad debt of $5.6 million and $1.7 million at December 31, 2017 and 2016, respectively. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: December 31, (In thousands) 2017 2016 Tenant security deposits $ 27,560 $ 12,105 Borrower escrow deposits 46,231 64,118 Deferred income 42,457 27,575 Interest payable 42,462 19,399 Derivative liabilities (Note 12) 204,848 5,448 Contingent consideration—THL Hotel Portfolio (Note 3) 7,419 — Current and deferred income tax liability 166,276 41,462 Accrued compensation 77,483 39,697 Accrued real estate and other taxes 77,060 23,310 Other accrued expenses 107,508 43,975 Accounts payable and other liabilities 98,857 9,863 Total accrued and other liabilities $ 898,161 $ 286,952

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following components: (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured and Unsecured Debt (2) Securitization Bonds Payable Junior Subordinated Notes Total Debt December 31, 2017 Debt at amortized cost Principal $ 50,000 $ 616,105 $ 9,792,169 $ 391,231 $ 280,117 $ 11,129,622 Premium (discount), net NA 3,131 (78,634 ) (87,319 ) (83,064 ) (245,886 ) Deferred financing costs NA (8,905 ) (91,360 ) (203 ) — (100,468 ) 50,000 610,331 9,622,175 303,709 197,053 10,783,268 Debt at fair value (3) — — — 44,542 — 44,542 $ 50,000 $ 610,331 $ 9,622,175 $ 348,251 $ 197,053 $ 10,827,810 December 31, 2016 Debt at amortized cost Principal $ 422,600 $ 602,500 $ 2,235,022 $ 497,525 $ — $ 3,757,647 Premium (discount), net NA 1,385 (3,560 ) — — (2,175 ) Deferred financing costs NA (11,059 ) (25,765 ) (3,030 ) — (39,854 ) $ 422,600 $ 592,826 $ 2,205,697 $ 494,495 $ — $ 3,715,618 __________ (1) Deferred financing costs related to the corporate credit facility is recorded in other assets. (2) At December 31, 2017 and 2016, debt with carrying value of $202.8 million and $108.8 million , respectively, was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 9 ). (3) Represents a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 13 ). The following table summarizes certain information about the different components of debt carried at amortized cost: Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity December 31, 2017 Recourse Corporate credit facility $ — — % — $ 50,000 3.51 % 3.0 $ 50,000 3.51 % 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 4.0 — — % — 616,105 4.27 % 4.0 Junior subordinated debt — — % — 280,117 4.56 % 18.4 280,117 4.56 % 18.4 Secured debt (1) 39,219 5.02 % 7.9 — — % — 39,219 5.02 % 7.9 655,324 330,117 985,441 Non-recourse Securitization bonds payable 30,132 3.45 % 29.9 361,099 3.02 % 28.4 391,231 3.05 % 28.5 Secured debt (2) Healthcare 2,168,936 4.65 % 2.9 1,119,320 5.75 % 2.0 3,288,256 5.03 % 2.6 Industrial 1,014,229 3.50 % 11.4 — — % 0.0 1,014,229 3.50 % 11.4 Hospitality 9,038 11.00 % 0.6 2,599,681 4.67 % 1.1 2,608,719 4.69 % 1.1 Other Real Estate Equity 374,789 4.07 % 5.5 1,841,209 4.02 % 2.3 2,215,998 4.03 % 2.8 Real Estate Debt — — % — 625,748 4.05 % 2.6 625,748 4.05 % 2.6 3,597,124 6,547,057 10,144,181 Total debt $ 4,252,448 $ 6,877,174 $ 11,129,622 Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity December 31, 2016 Recourse Corporate credit facility $ — — % — $ 422,600 3.02 % 3.2 $ 422,600 3.02 % 3.2 Convertible senior notes 602,500 4.25 % 4.8 — — % — 602,500 4.25 % 4.8 Secured debt (1) 41,148 5.02 % 8.9 45,458 3.36 % 0.9 86,606 4.15 % 4.7 643,648 468,058 1,111,706 Non-recourse Securitization bonds payable 94,408 2.54 % 33.2 403,117 2.92 % 15.2 497,525 2.85 % 18.6 Secured debt (2) Industrial 597,502 3.77 % 16.7 413,012 3.02 % 2.9 1,010,514 3.46 % 11.0 Other Real Estate Equity 487,320 3.74 % 8.1 421,177 3.47 % 2.4 908,497 3.62 % 5.5 Real Estate Debt — — % — 229,405 3.27 % 1.7 229,405 3.27 % 1.7 1,179,230 1,466,711 2,645,941 Total debt $ 1,822,878 $ 1,934,769 $ 3,757,647 __________ (1) The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft, while the variable rate recourse debt at December 31, 2016 represents outstanding amounts from warehouse facilities that were terminated upon full payoff in 2017. (2) At December 31, 2017 , mortgage debt with aggregate outstanding principal of $384.5 million in the healthcare and other real estate equity segments, was either in payment default, including maturity default, or was not in compliance with certain covenants. The Company is negotiating with the various lenders to restructure the respective financing arrangements, as applicable. At December 31, 2016 , outstanding principal of $83.0 million on seller-provided financing on a portfolio of properties in the other real estate equity segment was in payment default. The default was cured through a debt modification in 2017. Corporate Credit Facility On January 10, 2017, the OP entered into an amended and restated credit agreement (the “JPM Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent. The JPM Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $1.0 billion , with an option to increase up to $1.5 billion , subject to agreement of existing or substitute lenders to provide the additional loan commitment and satisfaction of customary closing conditions. The credit facility is scheduled to mature in January 2021 , with two 6 -month extension options, each subject to a fee of 0.10% of the commitment amount upon exercise. The maximum amount available at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value or a multiple of base management fee EBITDA (as defined in the JPM Credit Agreement). At December 31, 2017 , the borrowing base was sufficient to permit borrowings up to the full $1.0 billion commitment. Advances under the JPM Credit Agreement accrue interest at a per annum rate equal to the sum of one-month LIBOR plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25% . The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount ( 0.35% at December 31, 2017 ), depending upon the amount of facility utilization. Some of the Company’s subsidiaries guarantee the obligations of the Company under the JPM Credit Agreement. As security for the advances under the JPM Credit Agreement, the Company and some of its affiliates pledged their equity interests in certain subsidiaries through which the Company directly or indirectly owns substantially all of its assets. The JPM Credit Agreement contains various affirmative and negative covenants, including financial covenants that require the Company to maintain minimum tangible net worth, liquidity levels and financial ratios, as defined in the JPM Credit Agreement. At December 31, 2017 , the Company was in compliance with all of the financial covenants. The JPM Credit Agreement also includes customary events of default, in certain cases subject to reasonable and customary periods to cure. The occurrence of an event of default may result in the termination of the credit facility, accelerate the Company’s repayment obligations, in certain cases limit the Company’s ability to make distributions, and allow the lenders to exercise all rights and remedies available to them with respect to the collateral. There have been no events of default since the inception of the credit facility. Convertible and Exchangeable Senior Notes Convertible and exchangeable senior notes are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis. Upon closing of the Merger, the Company assumed NRF's 7.25% exchangeable notes and 5.375% exchangeable notes at their respective fair values. Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (2) (In Shares) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal (in thousands) December 31, 2017 2016 5.00% Convertible Notes April 2013 April 15, 2023 5.00 $ 15.76 63.4700 12,694 April 22, 2020 $ 200,000 $ 200,000 3.875% Convertible Notes January and June 2014 January 15, 2021 3.875 16.57 60.3431 24,288 January 22, 2019 402,500 402,500 5.375% Exchangeable Notes June 2013 (1) June 15, 2033 5.375 12.04 83.0837 1,155 June 15, 2023 13,605 — $ 616,105 $ 602,500 __________ (1) Represents the initial date of issuance of exchangeable senior notes by NRF prior to the Merger. (2) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note. The convertible and exchangeable senior notes mature on their respective due dates, unless redeemed, repurchased or exchanged prior to such date in accordance with the terms of their respective governing documents. The convertible and exchangeable senior notes are redeemable at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date. The Company may redeem the convertible notes for cash at its option at any time on or after their respective redemption dates if the last reported sale price of the Company's common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The exchangeable notes may be exchanged for cash, common stock or a combination thereof, at the Company's election, upon the occurrence of specified events, and at any time on or after their respective redemption dates, and on the second business day immediately preceding their maturity dates. The holders of the exchangeable notes have the right, at their option, to require the Company to repurchase the exchangeable notes for cash on certain specific dates in accordance with the terms of their respective governing documents. In June 2017 and July 2017, the Company repurchased all $13.0 million of the outstanding principal of the 7.25% exchangeable notes for $13.4 million in aggregate, equal to the sum of outstanding principal and accrued interest, upon exercise of the repurchase option by note holders. In August 2017 and November 2017, the Company exchanged a combined $2.8 million of the outstanding principal of the 5.375% exchangeable notes into 232,669 shares of the Company's class A common stock. The excess of fair value of the class A common stock issued over carrying value of the corresponding notes on the exchange date resulted in an immaterial charge to earnings. Secured and Unsecured Debt These are primarily investment level financing, which are generally subject to customary non-recourse carve-outs, secured by underlying commercial real estate and mortgage loans receivable. Securitization Bonds Payable Securitization bonds payable represent debt issued by securitization vehicles consolidated by the Company (Note 14 ). This includes CMBS debt as well as collateralized loan obligation debt, which were bonds issued by the consolidated N-Star CDO I and CDO IX that were assumed by the Company at fair value upon the Merger. Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. Payments from underlying collateral loans or securities must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the notes. Junior Subordinated Debt The junior subordinated debt was assumed by the Company through the Merger at fair value. Prior to the Merger, subsidiaries of NRF, which were formed as statutory trusts, NRF Realty Trust Financial LLC I through VIII (the “Trusts”), issued trust preferred securities ("TruPS") in private placement offerings. The sole assets of the Trusts consist of a like amount of junior subordinated notes issued by NRF at the time of the offerings (the "Junior Notes"). The Company may redeem the Junior Notes at par, in whole or in part, for cash, after five years. To the extent the Company redeems the Junior Notes, the Trusts are required to redeem a corresponding amount of TruPS. The ability of the Trusts to pay dividends depends on the receipt of interest payments on the Junior Notes. The Company has the right, pursuant to certain qualifications and covenants, to defer payments of interest on the Junior Notes for up to six consecutive quarters. If payment of interest on the Junior Notes is deferred, the Trust will defer the quarterly distributions on the TruPS for a corresponding period. Additional interest accrues on deferred payments at the annual rate payable on the Junior Notes, compounded quarterly. Future Minimum Principal Payments The following table summarizes future scheduled minimum principal payments of debt carried at amortized cost at December 31, 2017 , generally based on current contractual maturity. Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral. Future minimum principal payments at December 31, 2017 include $463.0 million related to debt financing on certain loans receivable and net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018. (In thousands) Credit Facilities Convertible and Exchangeable Senior Notes Secured and Unsecured Debt Securitization Bonds Payable (2) Junior Subordinated Notes Total Year Ending December 31, 2018 (1) $ — $ — $ 335,868 $ — $ — $ 335,868 2019 — — 3,114,899 — — 3,114,899 2020 — — 427,990 — — 427,990 2021 50,000 402,500 1,157,120 — — 1,609,620 2022 — — 3,002,972 — — 3,002,972 2023 and thereafter — 213,605 1,753,320 391,231 280,117 2,638,273 Total $ 50,000 $ 616,105 $ 9,792,169 $ 391,231 $ 280,117 $ 11,129,622 __________ (1) At December 31, 2017 , $1,512.5 million in outstanding principal of secured and unsecured debt maturing in 2018 have met their respective qualifying conditions for extension of maturity. (2) For securitization bonds payable, principal may be repaid earlier if proceeds from underlying loans and securities are repaid by borrowers. Future estimated principal payments on securitization bonds payable at December 31, 2017 , if based on reasonable expectations of cash flows from underlying loans and securities, would be as follows: (In thousands) Securitization Bonds Payable Year Ending December 31, 2018 $ 188,180 2019 147,634 2020 53,800 2021 1,617 Total $ 391,231

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments and borrowings. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign interest rates and exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships (“designated hedges”) or otherwise used for economic hedging purposes (“non-designated hedges”). In connection with the Merger, the Company assumed $6.1 billion notional of interest rate contracts, including those held by consolidated N-Star CDOs, all of which are non-designated. This includes a $2.0 billion notional forward starting swap with a 3.39% strike and a maturity date in December 2029, with mandatory settlement at fair value by December 2019. The interest rate swap was intended to hedge the interest rate risk on future refinancing of certain mortgage debt assumed in the Merger. At December 31, 2017 , the interest rate swap was out of the money and recorded as a derivative liability of $160.4 million , which was a $13.0 million unfavorable change in fair value from the Closing Date. Fair value of derivative assets and derivative liabilities were as follows: December 31, 2017 December 31, 2016 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 8,009 $ 975 $ 8,984 $ 34,715 $ 1,103 $ 35,818 Interest rate contracts — 1,168 1,168 — 283 283 Included in other assets $ 8,009 $ 2,143 $ 10,152 $ 34,715 $ 1,386 $ 36,101 Derivative Liabilities Foreign exchange contracts $ (39,101 ) $ (5,307 ) $ (44,408 ) $ (5,011 ) $ (437 ) $ (5,448 ) Interest rate contracts — (160,440 ) (160,440 ) — — — Included in accrued and other liabilities $ (39,101 ) $ (165,747 ) $ (204,848 ) $ (5,011 ) $ (437 ) $ (5,448 ) Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had $1.9 million of cash collateral on deposit in connection with the notional forward starting swap that was out of the money at December 31, 2017 . There was no cash collateral on deposit at December 31, 2016 . Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2017 , along with certain key terms: Hedged Currency Instrument Type Notional Amount Range of Expiration Dates Designated Non-Designated FX Rates EUR FX Collar € 117,963 € — Min $1.06 / Max $1.53 December 2018 to January 2021 GBP FX Collar £ 51,977 £ 2,223 Min $1.45 / Max $1.82 December 2018 to December 2019 EUR FX Forward € 330,182 € 4,726 Range from $1.10 to $1.27 January 2018 to January 2022 GBP FX Forward £ 100,517 £ 42,633 Range from $1.23 to $1.28 December 2018 to December 2020 NOK FX Forward NOK 802,417 NOK 120,583 $0.12 February 2018 PEN Option PEN PEN 321,930 0.28 February 2018 CLP Option CLP CLP 64,635,000 0.0014 February 2018 COP Option COP COP 43,121,000 0.0003 February 2018 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures were €499.2 million , £250.6 million and NOK771.2 million , or a total of $1,139.0 million at December 31, 2017 , and €394.4 million , £106.2 million , CHF54.5 million and NOK842.1 million , or a total of $697.4 million at December 31, 2016 . The Company entered into foreign exchange contracts to hedge the foreign currency exposure of certain investments in foreign subsidiaries or equity method joint ventures, designated as net investment hedges, as follows: • forward contracts whereby the Company agrees to sell an amount of foreign currency for an agreed upon amount of U.S. dollars; and • foreign exchange collars (caps and floors) without upfront premium costs, which consist of a combination of currency options with single date expirations, whereby the Company gains protection against foreign currency weakening below a specified level and pays for that protection by giving up gains from foreign currency appreciation above a specified level. These foreign exchange contracts are used to protect certain of the Company’s foreign denominated investments and receivables from adverse foreign currency fluctuations, with notional amounts and termination dates based upon the anticipated return of capital from the investments. Release of accumulated other comprehensive income related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from accumulated other comprehensive income to earnings. Following the liquidation of underlying investments of foreign subsidiaries, net realized loss of $3.9 million and net realized gain of $62,000 on net investment hedges were transferred out of accumulated other comprehensive income into earnings, recorded in other gain (loss) for the years ended December 31, 2017 and 2016 , respectively. Non-Designated Hedges At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as non-designated hedges. Any unrealized gain or loss on the dedesignated portion of net investment hedges is transferred into earnings, recorded in other gain (loss). For the years ended December 31, 2017 and 2016 , dedesignated net investment hedges yielded unrealized losses of $3.9 million and unrealized gains of $1.6 million , respectively. Interest Rate Contracts The Company uses various interest rate contracts, some of which may be designated as cash flows hedges, to limit its exposure to changes in interest rates on various floating rate debt obligations. At December 31, 2017 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Non-Designated Index Expiration Interest rate swaps $ 2,000,000 3-Month LIBOR 3.39% December 2029 Interest rate swaps $ 2,917 1-Month LIBOR 4.17% - 5.12% July 2018 to July 2023 Interest rate caps $ 5,351,682 1-Month LIBOR 2.46% - 5.70% June 2018 to November 2020 Interest rate caps $ 220,466 3-Month LIBOR 3.50% August 2018 to March 2019 Interest rate caps € 621,799 3-Month EURIBOR 0.75% - 1.50% October 2018 to September 2022 Interest rate caps £ 429,904 3-Month GBP LIBOR 2.0% - 2.5% November 2018 to February 2020 Basis swap $ 10,000 (1) (1) January 2019 Deliverable swap futures $ 14,735 (2) (2) March 2018 __________ (1) Basis swap is held by a consolidated N-Star CDO, paying 3-month LIBOR plus 1.95% and receiving 1-month LIBOR plus 1.88% , used to economically hedge the timing of payments between certain underlying securities and corresponding bonds issued by the consolidated N-Star CDO. (2) A consolidated sponsored investment company sold a 10-year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities. Amounts recorded in other gain (loss) were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Unrealized gain (loss): Cash flow hedge ineffectiveness $ — $ (401 ) $ (98 ) Non-designated interest rate contracts (15,080 ) (1,455 ) (841 ) Offsetting Assets and Liabilities The Company enters into agreements subject to enforceable master netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets. The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Received (Pledged) December 31, 2017 Derivative Assets Foreign exchange contracts $ 8,984 $ (8,944 ) $ — $ 40 Interest rate contracts 1,168 (4 ) — 1,164 $ 10,152 $ (8,948 ) $ — $ 1,204 Derivative Liabilities Foreign exchange contracts $ (44,408 ) $ 8,944 $ — $ (35,464 ) Interest rate contracts (160,440 ) 4 1,900 (158,536 ) $ (204,848 ) $ 8,948 $ 1,900 $ (194,000 ) December 31, 2016 Derivative Assets Foreign exchange contracts $ 35,818 $ (180 ) $ — $ 35,638 Interest rate contracts 283 — — 283 $ 36,101 $ (180 ) $ — $ 35,921 Derivative Liabilities Foreign exchange contracts $ (5,448 ) $ 180 $ — $ (5,268 ) Interest rate contracts — — — — $ (5,448 ) $ 180 $ — $ (5,268 )

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Recurring Fair Values Assets and liabilities carried at recurring fair values include financial instruments for which the Company elected to account for under the fair value option. Loans Receivable and Debt The Company elected the fair value option for loans receivable and bonds payable issued by a securitization trust consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The financial assets of the securitization trust can be used only to settle its financial liabilities, and the financial liabilities of the securitization trust can be settled only with its financial assets. As such, the Company has adopted the measurement alternative to measure the fair value of the loans receivable held by the securitization trust using the fair value of the bonds payable issued by the securitization trust as the latter represents the more observable fair value. Accordingly, the net gain or loss reflected in earnings is limited to changes in fair value of the beneficial interest held by the Company in the consolidated securitization trust, and not as a result of a remeasurement of the loans receivable and bonds payable held by third parties in the consolidated securitization trust. Fair value of the bonds payable issued by the securitization trust is determined based on broker quotes, which are generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Correspondingly, the fair value of the loans receivable held by the securitization trust is also classified as Level 3. Management determines the quotes are representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market. Investments in Unconsolidated Ventures The Company elected the fair value option to account for certain investments in unconsolidated ventures, including investments in private funds acquired in connection with the Merger. Fair value of investments in unconsolidated ventures is classified as Level 3 of the fair value hierarchy, with changes in fair value recorded in earnings from investments in unconsolidated ventures. Fair values are determined using discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, transaction price for recently acquired investments, or pending sales price on an investment, as applicable. The Company considers cash flow and NAV information provided by general partners of private funds and the implied yields of those funds in valuing its investments in private funds. However, the Company has not elected the practical expedient to measure the fair value of its investments in private funds using the NAV of the underlying funds. Securities N-Star CDO bonds—Fair value of N-Star CDO bonds are determined internally based on recent trades, if any with such securitizations, the Company's knowledge of the underlying collateral and are determined using an internal price interpolated based on third party prices of the senior N-Star CDO bonds of the respective CDOs. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy. CMBS and other securities—Fair value is determined based on broker quotes, third party pricing services or an internal price, all of which are generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market. Equity securities of consolidated fund—Fair value of equity securities held by a consolidated open-end fund is based on listed prices in active markets and classified as Level 1 of the fair value hierarchy. Derivatives Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider, except for exchange traded futures contracts which are Level 1 fair values. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Due To Affiliates — Contingent Consideration for Internalization In connection with the Internalization, contingent consideration is payable to certain senior executives of the Company, to be paid in a combination of up to approximately 1.29 million shares of class A common stock, 115,226 shares of class B common stock and approximately 4.40 million OP Units (after giving effect to the Colony exchange ratio of 1.4663 ). The contingent consideration is subject to multi-year performance targets for achievement of a contractually-defined funds from operations ("Benchmark FFO") per share target and capital-raising thresholds from the funds management business, adjusted for certain targets that have not been met and that have expired. If the minimum performance target for either of these metrics is not met or exceeded, a portion of the contingent consideration paid in respect of the other metric would not be paid out in full. The contingent consideration is remeasured at fair value each reporting period using a third party valuation service provider and classified as Level 3 of the fair value hierarchy, with changes in fair value recorded in other gain (loss) in the consolidated statement of operations. Fair value of the contingent consideration is measured using a Monte Carlo probability simulation model for the Benchmark FFO component and a discounted payout analysis based on probabilities of achieving prescribed targets for the capital-raising component. The Company's class A common stock price and related equity volatilities are applied to convert the contingent consideration payout into shares. Other Liabilities — Contingent Consideration for THL Hotel Portfolio In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million (Note 3 ). Fair value of the contingent consideration is measured using discounted cash flows based on the probability of the former preferred equity holder receiving such payment. The table below presents a summary of assets and liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Loans receivable—securitized loans $ — $ — $ 45,423 $ 45,423 Investments in unconsolidated ventures — — 363,901 363,901 Debt securities available for sale CRE securities of consolidated N-Star CDOs: CMBS — — 147,945 147,945 Other securities — — 66,983 66,983 N-Star CDO bonds — — 90,933 90,933 CMBS and other securities — 25,099 17,382 42,481 Equity securities of consolidated fund 35,600 — — 35,600 Other assets—derivative assets — 10,152 — 10,152 Liabilities Debt—securitization bonds payable — — 44,542 44,542 Other liabilities — derivative liabilities — 204,848 — 204,848 Other liabilities—contingent consideration for THL Hotel Portfolio — — 7,419 7,419 Due to affiliates—contingent consideration for Internalization — — 20,650 20,650 December 31, 2016 Assets Securities—CMBS $ — $ 23,446 $ — $ 23,446 Other assets—derivative assets — 36,101 — 36,101 Liabilities Other liabilities—derivative liabilities — 5,448 — 5,448 Due to affiliates—contingent consideration for Internalization — — 41,250 41,250 Level 3 Fair Value Measurements The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, as well as for loans receivable and bonds payable issued by a consolidated securitization trust held by a consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates. Quantitative information about other recurring level 3 fair value measurements are as follows. Valuation Technique Key Unobservable Inputs Input Value Effect on Fair Value from Increase in Input Value (1) Financial Instrument Fair Value (In thousands) Weighted Average (Range) December 31, 2017 Investments in unconsolidated ventures—private funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Investments in unconsolidated ventures—others 26,408 Discounted cash flows Discount rate 14.2% Decrease Investments in unconsolidated ventures—others 132,719 Recent transaction price (2) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (3) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease December 31, 2016 Due to affiliates—contingent consideration for Internalization $ 41,250 Monte Carlo simulation Benchmark FFO volatility 16.1% Increase Equity volatility 32.5% Increase Correlation (3) 80.0% Increase __________ (1) Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures. (2) Represents transacted price for investments acquired in the fourth quarter of 2017. (3) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price. The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Any transfers in or out of Level 3 are assumed to occur at the beginning of the year. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Investments in Unconsolidated Ventures Securities Debt Due To Affiliates — Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2014 $ — $ — $ — $ — $ — $ — Acquired through Internalization — — — — (69,500 ) — Unrealized gain in earnings — — — — 16,510 — Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain on ending balance—in earnings $ — $ — $ — $ — $ 16,510 $ — Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain in earnings — — — — 11,740 — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Unrealized gain on ending balance—in earnings $ — $ — $ — $ — $ 11,740 $ — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Acquired through the Merger — 362,269 427,560 — — — Consideration for business combination — — — — — (6,771 ) Consolidation of securitization trust Consolidation of securitization trust 58,296 — — (56,928 ) — — Purchases / borrowings / amortization / contributions — 162,192 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized gains (losses) in earnings — — (38,885 ) — — — Unrealized gains (losses): In earnings (2,309 ) 6,104 — 1,822 20,600 (648 ) In other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,770 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Unrealized gains (losses) on ending balance: In earnings $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) In other comprehensive income $ — $ — $ 15,261 $ — $ — $ — Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis, generally when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. Nonrecurring fair value measured during year ended December 31, (In thousands) 2017 2016 Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 13,252 $ 36,246 $ 49,498 $ 33,074 $ 33,960 $ 67,034 Real estate held for investment — 224,935 224,935 — 226 226 Intangible assets—investment management contracts — 51,100 51,100 — 2,181 2,181 Investments in unconsolidated ventures — 11,871 11,871 — — — The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Year Ended December 31, (In thousands) 2017 2016 Impairment loss Real estate held for sale $ 25,619 $ 11,334 Real estate held for investment 19,668 57 Intangible assets—investment management contracts 59,073 320 Earnings from investments in unconsolidated ventures 6,774 — Real Estate Held For Sale —The write down to fair value less cost to sell was estimated based on contracted sales prices, or auction bid prices, classified as Level 2 of the fair value hierarchy, or based on broker price opinions or discounted cash flows, classified as Level 3 of the fair value hierarchy, with discount rates between 5.6% and 11% , and net of selling costs between 2% to 8% of the respective fair values. Real Estate Held For Investment —In 2017, impairment loss of $14.1 million pertained to properties held for investment in the Company's European portfolio and resulted from a combination of a reduction in the estimated holding period of these properties, tenant vacancy as well as exposure to the retail and leisure markets in the United Kingdom. Fair value of impaired properties in the European portfolio were determined using a future cash flow analysis that included an eventual sale of the properties, with expected sale price based on broker price opinions, and applying terminal capitalization rates ranging from 8% to 13% , with longer term cash flow projections discounted at 10% . Remaining impairment loss was incurred upon conversion of three RIDEA properties into net lease properties in the healthcare segment as well as due to property damage from hurricanes Harvey and Irma, net of insurance recoveries (as discussed in Note 4 ). Impairment on the latter was based on the extent of damage to each affected property, determined through insurance appraisers and estimated costs to repair. In 2016, there was one property in Italy that was impaired based on an updated appraised value. Investment In Unconsolidated Ventures —In 2017, impairment loss was recorded in earnings from investment in unconsolidated ventures on an ADC loan accounted for as an equity method investment. The residential land development project was impaired based on a projection of future cash flows that include the incurrence of additional engineering costs and an estimated residual land value in an as-is sale to a developer. Investment Management Contract Intangibles —In the fourth quarter of 2017, impairment loss was recorded on investment management contracts of non-traded REITs acquired through the Merger, with $55.3 million related to NorthStar Healthcare following an amendment to its advisory agreement with the Company (as discussed in Note 19 ), and $3.7 million on NorthStar/RXR NY Metro based on revised capital raising projections. In the first quarter of 2016, impairment loss was recognized on an investment management contract for a Colony private fund that was in liquidation, resulting from a change in its fee basis. Fair value of management contract intangibles were estimated based on an analysis of discounted excess earnings attributable to future fee income from each management contract, utilizing a discount rate of 9% in 2017 and 8% in 2016. Refer to Note 8 for a discussion of goodwill impairment in 2017. Fair Value Information on Financial Instruments Reported at Cost Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below: Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Loans at amortized cost $ — $ — $ 3,232,301 $ 3,232,301 $ 3,178,339 Liabilities Debt at amortized cost Corporate credit facility — 50,000 — 50,000 50,000 Convertible and exchangeable senior notes 608,491 13,979 — 622,470 610,331 Secured and unsecured debt — — 9,703,680 9,703,680 9,622,175 Securitization bonds payable — 132,815 169,908 302,723 303,709 Junior subordinated debt — — 216,316 216,316 197,053 December 31, 2016 Assets Loans at amortized cost $ — $ — $ 3,471,797 $ 3,471,797 $ 3,430,608 Liabilities Debt at amortized cost Corporate credit facility — 422,600 — 422,600 422,600 Convertible senior notes 606,698 — — 606,698 592,826 Secured and unsecured debt — — 2,163,094 2,163,094 2,205,697 Securitization bonds payable — 492,481 — 492,481 494,495 Loans Receivable —Loans receivable carried at amortized cost consist of first mortgages, subordinated mortgages and corporate loans, including such loans held by securitization trusts consolidated by the Company. Fair values were determined by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. Carrying values of loans held for investment carried at amortized cost are presented net of allowance for loan losses, where applicable. Debt —Fair value of the credit facility approximated carrying value as its prevailing interest rate and applicable terms were renegotiated within the last 12 months . Fair value of convertible notes was determined using the last trade price in active markets. Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair value of secured and unsecured debt were estimated by discounting expected future cash outlays at interest rates currently available to the Company for instruments with similar terms and remaining maturities; and such fair values approximated carrying value for floating rate debt with credit spreads that approximate market rates. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Other —The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Consolidated VIEs Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Securitizations The Company securitizes loans receivable and CRE debt securities using VIEs. The Company may also acquire securities issued by securitization trusts that are VIEs. The securitization vehicles are structured as pass-through entities that receive principal and interest on the underlying mortgage loans and debt securities and distribute those payments to the holders of the notes, certificates or bonds issued by the securitization vehicles. The loans and debt securities are transferred into securitization vehicles such that these assets are restricted and legally isolated from the creditors of the Company, and therefore are not available to satisfy the Company's obligations but only the obligations of the securitization vehicles. The obligations of the securitization vehicles do not have any recourse to the general credit of any other consolidated entities, nor to the Company. The Company retains beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. Affiliates of the Company or appointed third parties act as special servicer of the underlying collateral mortgage loans and the Company acts as collateral manager of two N-Star CDOs. Additionally, the Company's acquired investment in securitization trusts, in certain cases, may become the controlling class, which would then give the Company the right to appoint or remove the special servicer. The special servicer has the power to direct activities during the loan workout process on defaulted and delinquent loans as permitted by the underlying contractual agreements, which is subject to the consent of the Company, as the controlling class representative or directing holder who, under certain circumstances, has the right to unilaterally remove the special servicer. The Company, as collateral manager of the two N-Star CDOs, has the power to invest in additional or replacement collateral during the investment period and subsequent to the investment period, has the power to identify an asset as distressed or credit risk and sell certain distressed collateral. As the Company’s rights as the directing holder and controlling class representative or as the collateral manager of the CDOs provide the Company the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, the Company maintains effective control over the loans and debt securities transferred into the securitization vehicles. Considering the interests retained by the Company in the securitization vehicles together with its role as controlling class representative or directing holder or collateral manager of the two N-Star CDOs, the Company is deemed to be the primary beneficiary and consolidates these securitization vehicles. Accordingly, these securitizations did not qualify as sale transactions and are accounted for as secured financing with the underlying mortgage loans and debt securities pledged as collateral. All of the underlying assets, liabilities, equity, revenues and expenses of these securitization vehicles are consolidated within the Company's consolidated financial statements. Consolidation of these securitization vehicles does not have an economic impact to the Company. The Company’s exposure to the obligations of these securitization vehicles is generally limited to its investment in these entities, which was $490.1 million and $407.0 million at December 31, 2017 and 2016, respectively. The Company is not obligated to provide any financial support to these securitization vehicles, although it may, in its sole discretion, provide support such as protective and other advances as it deems appropriate. For the years ended December 31, 2017 and 2016 , the Company did not provide any such financial support to these securitization vehicles. Company-Sponsored Private Fund The Company sponsors certain private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These funds are established as limited partnerships or equivalent structures. For certain sponsored private funds, limited partners of the funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights in certain sponsored private funds, which represent voting rights in a limited partnership, results in such funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. The Company's equity interest in one of its sponsored open-end private funds is deemed to absorb more than insignificant variability during the early stages of the fund while additional third party capital is being raised. As of December 31, 2017 , the Company is considered to be acting in the capacity of a principal of the fund, therefore the Company is the primary beneficiary and currently consolidates the fund. The Company’s exposure is limited to the value of its outstanding investment in the fund of $10.2 million at December 31, 2017 . The Company, as general partner, is not obligated to provide any financial support to the consolidated fund. Unconsolidated VIEs Securitizations Prior to the Merger, NRF delegated the collateral management rights for certain sponsored CDOs and two third party-sponsored CDOs to a third party collateral manager or collateral manager delegate who is entitled to a percentage of the senior and subordinate collateral management fees. The Company continues to receive fees as named collateral manager or collateral manager delegate and retained administrative responsibilities. The Company determined that the fees paid to the third party collateral manager or collateral manager delegate represents a variable interest in the CDOs and that the third party is acting as a principal. The Company concluded that it does not have the power to direct the activities that most significantly impact the economic performance of these CDOs, which include but are not limited to the ability to sell distressed collateral, and therefore is no longer the primary beneficiary of such CDOs. As a result, the Company does not consolidate the assets and liabilities of the CDOs for which the Company does not retain the collateral management function. The Company’s exposure to loss is limited to its investment in these CDOs, comprising CDO equity and CDO bonds, which aggregate to $102.2 million at December 31, 2017 . Trusts The Company, through the Merger, acquired the Trusts, which are wholly-owned subsidiaries of NRF formed as statutory trusts. The Trusts issued preferred securities in private placement offerings, and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF (Note 11 ). The Company owns all of the common stock of the Trusts, however, the Company's interests in the Trusts do not represent variable interests. The Company determined that the holders of the preferred securities issued by the Trusts are the primary beneficiaries of the Trusts, therefore, the Company does not consolidate the Trusts. The Company accounts for its interest in the Trusts under the equity method and its maximum exposure to loss is limited to its investment carrying value of $3.7 million at December 31, 2017 , recorded in investments in unconsolidated ventures on the consolidated balance sheet (Note 6 ). The junior subordinated notes are recorded as debt on the Company's consolidated balance sheet. Company-Sponsored Private Funds The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and its sponsored funds. These co-investment joint ventures are consolidated by the Company. As general partner, the Company has capital commitments directly to these sponsored funds. The Company may also have capital commitments satisfied directly through the co-investment joint ventures as an affiliate of the general partner. The Company's equity interests in these sponsored funds absorb insignificant variability. As the Company is considered to be acting in the capacity of an agent of these sponsored funds, the Company is not the primary beneficiary and does not consolidate these sponsored funds. The Company accounts for its equity interests in these sponsored funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in these sponsored funds, totaling $6.9 million and $1.7 million at December 31, 2017 and 2016, respectively, included within investments in unconsolidated ventures on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The table below summarizes the share activities of the Company's preferred and common stock. As a result of the Merger, each outstanding share of Colony's class A and class B common stock was converted into the right to receive 1.4663 shares of Colony NorthStar's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all prior periods presented have been adjusted to reflect the Colony exchange ratio of 1.4663 . Number of Shares (In thousands) Preferred Stock Class A Common Stock Class B Common Stock Shares outstanding at December 31, 2014 13,530 160,756 — Issuance of preferred stock 11,500 — — Issuance of class A common stock — 2,093 — Issuance of class B common stock — — 827 Conversion of class B to class A common stock — 26 (26 ) Equity-based compensation, net of forfeitures — 902 — Shares canceled for tax withholding on vested stock awards — — — Shares outstanding at December 31, 2015 25,030 163,777 801 Repurchase of preferred stock (1) (964 ) — — Contribution of preferred stock to an affiliate (1) 964 — — Shares issued upon redemption of OP units — 1,370 — Conversion of class B to class A common stock — 31 (31 ) Equity-based compensation, net of forfeitures — 1,478 — Shares canceled for tax withholding on vested stock awards — (216 ) — Shares outstanding at December 31, 2016 25,030 166,440 770 Consideration for the Merger (2) 39,466 392,120 — Issuance of preferred stock 26,400 — — Redemption of preferred stock (25,432 ) — — Shares canceled (3) — (2,984 ) — Shares issued upon redemption of OP Units — 1,684 — Conversion of class B to class A common stock — 34 (34 ) Repurchase of common stock — (23,371 ) — Exchange of notes for class A common stock — 233 — Equity-based compensation, net of forfeitures — 8,096 — Redemption of restricted stock units 775 Shares canceled for tax withholding on vested stock awards — (428 ) — Shares outstanding at December 31, 2017 65,464 542,599 736 __________ (1) In January 2016, the Company repurchased 963,718 shares in aggregate of its preferred stock for approximately $20.0 million . In March 2016, the Company contributed the preferred stock at its purchase price to an investment vehicle (the "REIT Securities Venture"), which is a joint venture with a private fund managed by the Company. The Company holds an approximate 4.4% interest in the REIT Securities Venture, accounted for under the equity method. The REIT Securities Venture invests in equity of publicly traded U.S. REITs, including securities of the Company. (2) Shares were legally issued by Colony NorthStar, as the surviving combined company, as consideration for the Merger. However, as the Merger is accounted for as a reverse acquisition, the consideration transferred was measured based upon the number of shares of common stock and preferred stock that Colony, as the accounting acquirer, would theoretically have to issue to the shareholders of NSAM and NRF to achieve the same ratio of ownership in Colony NorthStar upon completion of the Merger (Note 3 ). (3) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. Preferred Stock In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets. The table below summarizes the preferred stock issued and outstanding at December 31, 2017 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series B 8.25 % February 2007 (1) 6,114 $ 61 $ 152,855 Currently redeemable Series D 8.5 % April 2013 (1) 8,000 80 200,000 April 10, 2018 Series E 8.75 % May 2014 (1) 10,000 100 250,000 May 15, 2019 Series G 7.5 % June 2014 (1) 3,450 35 86,250 June 19, 2019 Series H 7.125 % April 2015 (1) 11,500 115 287,500 April 13, 2020 Series I 7.15 % June 2017 13,800 138 345,000 June 5, 2022 Series J 7.125 % September 2017 12,600 126 315,000 September 22, 2022 65,464 $ 655 $ 1,636,605 __________ (1) Represents initial issuance date pre-Merger by NRF or Colony, as applicable. All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends on each series of preferred stock of Colony NorthStar are payable quarterly in arrears, in the case of the Series B, D and E preferred stock, in February, May, August and November, and in the case of Series G, H, I and J preferred stock, in January, April, July and October. Each series of preferred stock is redeemable on or after the earliest redemption date for that series at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option. The redemption period for each series of preferred stock is subject to the Company’s right under limited circumstances to redeem the preferred stock earlier in order to preserve its qualification as a REIT or upon the occurrence of a change of control (as defined in the articles supplementary relating to each series of preferred stock). Preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be entitled to vote, together as a single class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of each such series of preferred stock voting separately as a class for each series of preferred stock. Effect of the Merger Upon consummation of the Merger, each share of Series A, B, C, D and E preferred stock of NRF and each share of Series A, B and C preferred stock of Colony that was issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive one share of Series A, B, C, D, E, F, G and H preferred stock of Colony NorthStar, respectively, with substantially identical terms. The Colony NorthStar preferred stock issued in exchange for NRF preferred stock formed part of the merger consideration and was recorded at fair value upon issuance based on the closing price of the respective series of NRF preferred stock at the Closing Date. While the Colony preferred stock was legally canceled and converted into Colony NorthStar preferred stock upon closing of the Merger, the event was treated, for accounting purposes, as a modification with carryover of existing carrying value, not an extinguishment and reissuance of preferred stock, as the underlying terms of the preferred stock were substantially identical pre and post Merger. Issuance and Redemption of Preferred Stock The Company issued 13.8 million shares of Series I preferred stock in June 2017 and 12.6 million shares of Series J preferred stock in September 2017 with dividend rates of 7.15% and 7.125% per annum, respectively. Proceeds received for Series I and Series J preferred stock totaled $637.9 million , net of underwriting discounts and offering costs payable by the Company. The Company applied the proceeds from the offerings, combined with available cash, to redeem all of the outstanding shares of Series A, Series F and Series C preferred stock and a portion of the outstanding shares of Series B preferred stock for $644.9 million in aggregate, based on a redemption price of $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to the respective redemption dates. The excess or deficit of the $25.00 per share liquidation preference over the carrying value of the preferred stock redeemed results in a decrease or increase to net income attributable to common stockholders, respectively. For the year ended December 31, 2017 , a $4.5 million decrease to net income available to common stockholders was recorded as a result of the preferred stock redemptions. Common Stock Except with respect to voting rights, class A common stock and class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class A common stock has one vote per share and class B common stock has thirty-six and one-half votes per share. This gives the holders of class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company (in the form of OP Units) attributable to class B common stock holders and therefore, does not provide any disproportionate voting rights. Each share of class B common stock shall convert automatically into one share of class A common stock if the Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock. As the Merger was accounted for as a reverse acquisition, the shares of common stock issued in connection with the Merger represents the number of shares Colony, as the accounting acquirer, would theoretically have to issue to the shareholders of NSAM and NRF to achieve the same ratio of ownership in Colony NorthStar upon completion of the Merger. In connection with the consummation of the Merger, on January 20, 2017, the Company paid a dividend of $0.04444 per share of each Colony and NRF common stock to stockholders of record on January 9, 2017, representing a pro rata dividend for the period from January 1, 2017 through January 10, 2017 on a pre-exchange basis (or $0.03 after giving effect to the Colony exchange ratio of 1.4663 ). Additionally, the Company declared a dividend of $0.24 per share for the period from January 11, 2017 through March 31, 2017. Accordingly, dividends declared for the first quarter of 2017 per common share is equivalent to $0.27 per share after giving effect to the exchange ratio. On January 27, 2017, the Company paid a one-time special dividend of $1.16 per share of common stock to former NSAM stockholders of record on January 3, 2017. Common Stock Repurchases On February 23, 2017, the Company's board of directors authorized a common stock repurchase program pursuant to which the Company may repurchase up to $300 million of its outstanding shares of class A common stock over a one -year period, either in the open market or through privately negotiated transactions. During the year ended December 31, 2017 , the Company repurchased 23,371,071 shares of its class A common stock, at an aggregate cost of approximately $300.0 million (excluding commissions), or a weighted-average price of $12.84 per share. This included 2,150,120 shares of class A common stock repurchased for $29.8 million concurrent with the termination of the Call Spread, as discussed below. Dividend Reinvestment and Direct Stock Purchase Plan Colony’s Dividend Reinvestment and Direct Stock Purchase Plan in effect prior to the Merger (the “Colony DRIP Plan”) provided Colony's existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of Colony’s class A common stock by reinvesting some or all of the cash dividends received on their shares of Colony’s class A common stock or making optional cash purchases within specified parameters. The Colony DRIP Plan involved the acquisition of Colony's class A common stock either in the open market, directly from Colony as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of Colony's class A common stock acquired under the Colony DRIP Plan in 2017 prior to the Merger and the Colony DRIP Plan was terminated upon closing of the Merger. Concurrent with the closing of the Merger, the Company established a Dividend Reinvestment and Direct Stock Purchase Plan (the "Colony NorthStar DRIP Plan") with substantially the same terms and conditions as the Colony DRIP Plan. There were no shares of class A common stock acquired under the Colony NorthStar DRIP Plan for the period from January 10, 2017 through December 31, 2017 in the form of new issuances. Call Spread In September 2015, NSAM entered into a call spread transaction (the “Call Spread”) with a third party counterparty related to its share repurchase program. In connection with the Call Spread, certain subsidiaries of NSAM had purchased and sold a call option on NSAM’s common stock with a notional amount of $100.0 million with various expiration dates beginning in December 2018 and a final maturity date in February 2019. At maturity, NSAM can, at its election, exercise the purchased call option on a cash basis, share basis or a net share basis. In the event there is an early unwind of one or more components of the Call Spread, the amount of cash to be received by NSAM will depend upon the market price of its common stock and the remaining term of the Call Spread. Subsequent to the Merger, the obligation to the counterparty under the sold call option is guaranteed by the Company. In March 2017, the Company terminated the Call Spread and received $21.9 million in settlement, including the release of $15.0 million of cash pledged as collateral. The net settlement was accounted for as a capital transaction. Accumulated Other Comprehensive Income (Loss) ("AOCI") The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial. Changes in Components of AOCI—Stockholders (In thousands) Company's Share in AOCI of Equity Method Investments Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2014 $ 451 $ — $ (101 ) $ (52,643 ) $ 23,802 $ (28,491 ) Other comprehensive income (loss) before reclassifications (612 ) — (199 ) (56,676 ) 39,631 (17,856 ) Amounts reclassified from AOCI 161 — 55 67,194 (39,485 ) 27,925 AOCI at December 31, 2015 $ — $ — $ (245 ) $ (42,125 ) $ 23,948 $ (18,422 ) Other comprehensive income (loss) before reclassifications 131 (112 ) 7 (34,234 ) 21,123 (13,085 ) Amounts reclassified from AOCI (46 ) — 197 (67 ) (686 ) (602 ) AOCI at December 31, 2016 $ 85 $ (112 ) $ (41 ) $ (76,426 ) $ 44,385 $ (32,109 ) Other comprehensive income (loss) before reclassifications 5,450 (22,014 ) 41 124,846 (68,581 ) 39,742 Amounts reclassified from AOCI 81 36,544 — (2,489 ) 5,547 39,683 AOCI at December 31, 2017 $ 5,616 $ 14,418 $ — $ 45,931 $ (18,649 ) $ 47,316 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2014 $ — $ (52 ) $ (3,616 ) $ (1 ) $ (3,669 ) Other comprehensive income (loss) before reclassifications attributable to: — (137 ) (1,516 ) — (1,653 ) Amounts reclassified from AOCI attributable to: — 40 5,183 — 5,223 AOCI at December 31, 2015 $ — $ (149 ) $ 51 $ (1 ) $ (99 ) Other comprehensive income (loss) before reclassifications (527 ) — (56,479 ) 12,669 (44,337 ) Amounts reclassified from AOCI — 149 (785 ) (870 ) (1,506 ) AOCI at December 31, 2016 $ (527 ) $ — $ (57,213 ) $ 11,798 $ (45,942 ) Other comprehensive income (loss) before reclassifications 981 — 97,840 (10,659 ) 88,162 Amounts reclassified from AOCI (454 ) — (1,679 ) 1,988 (145 ) AOCI at December 31, 2017 $ — $ — $ 38,948 $ 3,127 $ 42,075 Reclassifications out of AOCI—Stockholders Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Year ended December 31, Affected Line Item in the Component of AOCI reclassified into earnings 2017 2016 2015 Realized gain (loss) on marketable securities $ (5,285 ) $ 46 $ (161 ) Other gain (loss), net Other-than-temporary impairment (31,259 ) — — Other gain (loss), net Unrealized gain on ineffective cash flow hedge — (197 ) (55 ) Other gain (loss), net Release of cumulative translation adjustments 2,489 67 (21,787 ) Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges (1,829 ) 634 28 Other gain (loss), net Realization of gain (loss) on net investment hedges (3,718 ) 52 6,492 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures (81 ) — — Earnings from investments in unconsolidated ventures Release of cumulative translation adjustments — — (45,407 ) Gain on remeasurement of consolidated investment entities, net Realization of net gain on net investment hedges — — 32,965 Gain on remeasurement of consolidated investment entities, net

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests The noncontrolling interests in Townsend, an investment management subsidiary acquired through the Merger, consists of certain members of Townsend management who own interests in the form of class B units and incentive units in Townsend and have the ability to redeem a certain percentage of their interests through December 31, 2020 or upon the occurrence of certain triggering events. On December 29, 2017, the Company sold its interest in Townsend. In connection with the sale, $20.0 million of the consideration received was allocated to certain members of Townsend management. Upon sale, the noncontrolling interests in Townsend was fully redeemed. In connection with an open-end fund sponsored and consolidated by the Company, limited partners of the fund have the right to withdraw a portion or all of their interests in the fund for cash. The following table presents a summary of changes in redeemable noncontrolling interests: (In thousands) Balance at December 31, 2016 $ — Assumed through the Merger 78,843 Assumed through consolidation of sponsored fund 24,763 Contributions 8,550 Distributions (3,158 ) Net income 23,543 Redemption (97,672 ) Currency translation adjustment and other (725 ) Balance at December 31, 2017 $ 34,144 Noncontrolling Interests in Investment Entities These are interests in consolidated investment entities held by private investment funds managed by the Company, or by third party joint venture parties. In January 2017, the Company sold an 18.7% noncontrolling interest in its healthcare real estate portfolio through a newly formed joint venture pursuant to a purchase and sale agreement executed in November 2016 based upon terms negotiated prior to the Merger. The net excess of the carrying value of the noncontrolling interest sold over the consideration received resulted in a $41.2 million decrease to additional paid-in capital, including $9.2 million of cost of new capital. At December 31, 2017, noncontrolling interests own approximately 28.7% of the Company's healthcare portfolio. For the year ended December 31, 2017 , contributions from new limited partners reduced the Company's ownership interest in its industrial joint venture. The new limited partners were admitted at net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of contributions. The difference between contributions received and the noncontrolling interests' share of the joint venture resulted in an increase to additional paid-in capital of $21.8 million . Noncontrolling Interests in Operating Company Certain employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s OP Units for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable. For the year ended December 31, 2017 , the Company redeemed 2,076,214 OP Units, of which 1,684,170 of OP Units were redeemed through the issuance of an equal number of shares of class A common stock on a one -for-one basis, and 392,044 OP units were redeemed for cash of approximately $5.1 million to satisfy tax obligations of the OP unitholders. For the year ended December 31, 2016 , the Company redeemed 1,594,475 OP Units through the issuance of 1,369,911 shares of class A common stock (adjusted for the Merger exchange ratio) on a one -for-one basis and cash settlement of approximately $2.6 million to satisfy tax obligations of the OP unitholders.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Assets and Related Liabilities Held For Sale The Company's assets and related liabilities held for sale are summarized below: December 31, (In thousands) 2017 2016 Assets Real estate, net $ 720,686 $ 223,954 Loans receivable, net — 29,353 Goodwill (1) 20,000 — Intangible assets, net 37,337 21,239 Other assets 3,607 18,378 Total assets held for sale $ 781,630 $ 292,924 Liabilities Secured debt, net (2) $ 196,905 $ — Lease intangibles and other liabilities, net 76,393 14,296 Total liabilities related to assets held for sale $ 273,298 $ 14,296 __________ (1) Associated with the broker-dealer business that is held for sale. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset. Assets held for sale at December 31, 2017 did not constitute discontinued operations, other than those acquired through business combinations that qualified as held for sale upon acquisition, as discussed in Note 17. Discontinued Operations Asset groups acquired in connection with purchase business combinations that meet the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations. Discontinued operations consisted primarily of a manufactured housing portfolio acquired through the Merger and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio. The manufactured housing portfolio was valued at its contracted sale price of $2.0 billion upon closing of the Merger, with $1.3 billion of related mortgage financing assumed by the buyer. The sale of the manufactured housing portfolio closed in March 2017, with the Company having received approximately $664.4 million in net proceeds, as adjusted for prorations and other reimbursements, for its interest in the portfolio. Net income generated from operations of these held for sale asset groups for the year ended December 31, 2017 (or through their disposition dates, if earlier) is presented below. There were no discontinued operations in the years ended December 31, 2016 and 2015. (In thousands) Year Ended Revenues Property operating income $ 43,269 Other income 2,352 Expenses Property operating expenses (20,530 ) Interest expense (9,028 ) Loss on sale of real estate assets (2,108 ) Other expenses (400 ) Net income from discontinued operations 13,555 Net income from discontinued operations attributable to: Noncontrolling interests in investment entities (427 ) Noncontrolling interests in Operating Company (31 ) Net income from discontinued operations attributable to Colony NorthStar, Inc. $ 13,097

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table provides the basic and diluted earnings per common share computations: Year Ended December 31, (In thousands, except per share data) 2017 2016 2015 Net income (loss) allocated to common stockholders Income (loss) from continuing operations $ (78,168 ) $ 290,726 $ 256,036 Income from discontinued operations 13,555 — — Net income (loss) (64,613 ) 290,726 256,036 Net (income) loss attributable to noncontrolling interests: Redeemable noncontrolling interests (23,543 ) — — Investment entities (129,996 ) (163,084 ) (86,123 ) Operating Company 20,261 (12,324 ) (19,933 ) Net income (loss) attributable to Colony NorthStar, Inc. (197,891 ) 115,318 149,980 Preferred stock redemption (4,530 ) — — Preferred dividends (130,672 ) (48,159 ) (42,569 ) Net income (loss) attributable to common stockholders (333,093 ) 67,159 107,411 Net income allocated to participating securities (9,168 ) (2,293 ) (1,237 ) Net income (loss) allocated to common stockholders—basic (342,261 ) 64,866 106,174 Interest expense attributable to convertible notes (1) — — — Net income (loss) allocated to common stockholders—diluted $ (342,261 ) $ 64,866 $ 106,174 Weighted average common shares outstanding (2) Weighted average number of common shares outstanding—basic 532,600 164,570 162,658 Weighted average effect of dilutive shares (3) — — — Weighted average number of common shares outstanding—diluted 532,600 164,570 162,658 Basic earnings per share Income (loss) from continuing operations $ (0.66 ) $ 0.39 $ 0.65 Income from discontinued operations 0.02 0.00 0.00 Net income (loss) attributable to common stockholders per basic common share $ (0.64 ) $ 0.39 $ 0.65 Diluted earnings per share Income (loss) from continuing operations $ (0.66 ) $ 0.39 $ 0.65 Income from discontinued operations 0.02 0.00 0.00 Net income (loss) attributable to common stockholders per diluted common share $ (0.64 ) $ 0.39 $ 0.65 __________ (1) For the years ended December 31, 2017 , 2016 and 2015 , excluded from the calculation of diluted earnings per share is the effect of adding back $28.9 million , $27.3 million and $27.3 million of interest expense, respectively, and 38,564,400 , 36,582,700 and 36,210,000 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of Colony NorthStar. Accordingly, the historical data related to quarterly earnings per share for the periods ended before December 31, 2017 have been adjusted by the exchange ratio of 1.4663 . (3) For the year ended December 31, 2017, 534,100 weighted average unvested non-participating restricted shares were not included in the calculation of diluted earnings per share as their inclusion would be antidilutive. OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one -for-one basis. At December 31, 2017 , 2016 and 2015 , there were 32,282,500 , 30,296,100 and 31,890,600 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented. Excluded from the computation of diluted earnings per share are shares of the Company's class A common stock that are contingently issuable pursuant to the contingent consideration arrangement (Note 13 ) as the pre-defined performance thresholds would not have been met had the measurement period ended at December 31, 2017 .

Fee Income

Fee Income	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Fee Income	Fee Income The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, traded and non-traded REITs and investment companies, for which the Company earns fee income. For investment vehicles in which the Company co-sponsors with a third party or for which the Company engages a third party sub-advisor, such fee income is shared with the respective co-sponsor or sub-advisor. The Company also owns NorthStar Securities, LLC ("NorthStar Securities") , a captive broker-dealer platform which raises capital in the retail market. On December 29, 2017, the Company sold its interest in Townsend, an investment management subsidiary acquired through the Merger. Fee income earned by the Company consists of the following: Year Ended December 31, (In thousands) 2017 2016 2015 Base management fees ($165,436, $63,212 and $60,750 from affiliates, respectively) $ 183,838 $ 63,212 $ 61,082 Asset management fees—from affiliates 19,306 4,519 3,835 Incentive fees ($172, $0 and $0 from affiliates, respectively) 1,043 — — Other fee income 16,602 — 896 Total fee income $ 220,789 $ 67,731 $ 65,813 Base Management Fees — The Company earns base management fees for the day-to-day operations and administration of its managed private funds, non-traded REITs, investment companies, NRE and Townsend private funds, calculated as follows: • Private Funds — generally 1% per annum of the limited partners' net funded capital; • Non-Traded REITs— 1% to 2% per annum of gross assets or equity. Effective January 1, 2018, the base management fee for NorthStar Healthcare will change from 1% of gross assets to 1.5% of its most recently published net asset value (as may be subsequently adjusted for any special distribution declared by its board of directors), with $2.5 million per quarter of such fee to be paid in shares of NorthStar Healthcare common stock at a price per share equal to its most recently published net asset value per share (as may be subsequently adjusted for any special distribution); • Investment Companies— 1.25% per annum of average net assets; • NRE — a fixed fee of $14.2 million per annum, subject to increase by an amount equal to 1.5% per annum of certain provisions in accordance with terms set out in its governing agreement. Effective January 1, 2018, base management fees will change from a fixed fee to a variable fee based on the European Public Real Estate Association Net Asset Value, as defined in the management agreement that was amended and restated on November 9, 2017; and • Townsend private funds — at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital. Asset Management Fees — The Company also earns asset management fees, including fees related to acquisition and disposition of investments, as follows: • Private Funds —a one-time fee upon closing of each investment, calculated as a fixed percentage, generally 0.5% of the limited partners' net funded capital on each investment; and • Non-Traded REITs (except NorthStar/RXR NY Metro) — 1% to 2.25% of the amount funded or allocated by the non-traded REITs to originate or acquire an investment, and 1% to 2% of the contractual sales price for disposition of an investment. Effective January 1, 2018, the advisory agreement with NorthStar Healthcare, which was amended on December 20, 2017, no longer provides for an acquisition fee of 2.25% for real property and 1% for other investments. Incentive Fees — The Company may earn contractual incentive fees from its sponsored traded REITs, Townsend segregated mandate accounts and other investment vehicles. Contractual incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles, with such thresholds varying across investment vehicles in accordance with the terms set out in their respective governing agreements. Other Fee Income — Other fees include advisory fees from Townsend clients at a fixed annual retainer, advisory fee in connection with real estate acquisitions by a third party client, as well as selling commission and dealer manager fees. The Company, through NorthStar Securities, earns fees for selling equity in certain classes of shares in the retail companies, calculated as a percentage of the gross offering proceeds raised, up to 7% for selling commissions and up to 3% for dealer manager fees, depending on the share classes of the retail companies. All or a portion of selling commission and dealer manager fees may be reallowed to participating broker-dealers.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation Upon consummation of the Merger, each outstanding Colony employee award granted under the 2014 Equity Incentive Plan (the “Colony Equity Incentive Plan”) that did not vest and was not forfeited was assumed by the Company and was converted into an equivalent Colony NorthStar equity award, as set forth in the merger agreement. Outstanding equity awards granted under Colony's 2009 Non-Executive Director Stock Plan (the “Colony Director Stock Plan”) fully vested upon consummation of the Merger, as discussed further below. Substantially all of the outstanding NSAM and NRF equity awards prior to the Merger, except for certain awards as described below, vested upon consummation of the Merger. The vested equity awards were settled in NSAM and NRF shares respectively and converted into Colony NorthStar class A common stock based on the exchange ratios of one share of Colony NorthStar class A common stock for each share of NSAM common stock and 1.0996 shares of Colony NorthStar class A common stock for each share of NRF common stock, rounded down to the nearest whole share. All of the vested NSAM and NRF equity awards relate to pre-combination services and are part of the merger consideration. Colony Director Stock Plan Upon consummation of the Merger, all outstanding restricted share awards granted under the Colony Director Stock Plan vested and were settled through the issuance of 44,464 shares of Colony NorthStar class A common stock based on the exchange ratio of 1.4663 shares of Colony NorthStar class A common stock for each share of Colony class A common stock, rounded down to the nearest whole share. The Colony Director Stock Plan was assumed by Colony NorthStar upon closing of the Merger. Colony Equity Incentive Plan As of January 2, 2017, all shares reserved under the Colony Equity Incentive Plan had been issued. Upon consummation of the Merger, the Colony Equity Incentive Plan was assumed by Colony NorthStar. Each outstanding restricted stock award granted under the Colony Equity Incentive Plan that did not vest by its terms in connection with the consummation of the Merger (and was not forfeited) was assumed by Colony NorthStar and was converted into the right to receive an award in the same form for that number of shares of Colony NorthStar restricted common stock (rounded down to the nearest whole share) equal to the product of: (i) the number of shares of the Company's class A common stock subject to such unvested equity award multiplied by (ii) 1.4663 . While the Colony Equity Incentive Plan continues to exist following the Merger, no new awards will be granted under this plan. NSAM 2014 Stock Plan Upon consummation of the Merger, the Company assumed the following outstanding awards previously issued under NSAM's 2014 Omnibus Stock Incentive Plan ("NSAM 2014 Stock Plan"). Subsequent to the Merger, the Company adopted the NSAM 2014 Stock Plan, as further described below. Townsend In connection with NSAM's acquisition of Townsend's investment management business in January 2016, certain members of Townsend’s management team, who are employees of the Company, were granted restricted stock awards. These equity awards did not vest by their terms in connection with the Merger. Upon consummation of the Merger, the outstanding restricted stock awards were converted into Colony NorthStar restricted stock awards on a one -for-one basis. These awards have a service condition only and are subject to graded vesting through December 31, 2020. On December 29, 2017, the outstanding Townsend awards were fully vested upon the sale of the Company's interest in Townsend. American Healthcare Investors Joint Venture In December 2014, NSAM acquired a 43% interest in American Healthcare Investors, LLC (“AHI") and AHI Newco, LLC (“AHI Venture”), a direct wholly owned subsidiary of AHI. NSAM’s investment in AHI Venture was structured as a joint venture between NSAM and the principals of AHI, a healthcare-focused real estate investment management firm, and James F. Flaherty III, former Chief Executive Officer of HCP, Inc., that is accounted for as an equity method investment. In connection with this arrangement, NSAM was obligated to issue $2.0 million in equity awards over a two year period to certain AHI employees. As the award is for a fixed dollar amount with a variable number of shares, it is classified as a liability award. Equity-based compensation is recorded in earnings from investments in unconsolidated ventures on the consolidated statement of operations as it is a non-employee award granted to an equity method investee, with a corresponding liability on the consolidated balance sheet. At the time of consummation of the Merger, equity awards issued to certain AHI employees for $1.0 million in shares of NSAM's common stock were outstanding and did not accelerate in the Merger. In March 2017, in full satisfaction of this obligation, $1.0 million in shares of the Company's class A common stock were issued in settlement of the equity award to certain AHI employees, equivalent to 70,261 shares of class A common stock issued, and the corresponding $1.0 million outstanding liability was relieved. Pursuant to a separate contractual arrangement entered into in connection with the investment in AHI Venture, the AHI principals, subject to certain annual performance targets being met, are also entitled to incremental grants of the Company's common stock, which will vest immediately upon issuance. As of December 31, 2017 , no incremental awards have been granted. NRF Incentive Plan Upon consummation of the Merger, the Company assumed the following outstanding non-employee stock awards that were previously issued under NRF’s Third Amended and Restated 2004 Omnibus Stock Incentive Plan (the "NRF Incentive Plan"), and which continue to be governed by the terms of the NRF Incentive Plan subsequent to the Merger. Healthcare Strategic Partnership In January 2014, NRF entered into a strategic partnership with James F. Flaherty, III, focused on expanding the Company’s healthcare business (“Healthcare Strategic Partnership”). In connection with this arrangement, Mr. Flaherty was granted NRF restricted stock units ("RSUs"), which upon the spin-off of NSAM from NRF in July 2014, were adjusted to also relate to an equal number of units of NSAM RSUs, and continue to be governed by the NRF Incentive Plan. These RSUs will cliff vest in five years in January 2019, subject to a service condition, unless certain conditions are met. This RSU award did not vest by its terms in connection with the consummation of the Merger and was converted into the right to receive an award in the same form for that number of units of Colony NorthStar RSU (rounded down to the nearest whole unit) equal to the product of: (i) the number of units of RSUs subject to such unvested equity award multiplied by (ii) (a) 1.0 for NSAM RSUs and (b) 1.0996 for NRF RSUs. As a non-employee award, the RSUs are remeasured each period end based on the closing price of the Company's class A common stock as of such period end, with related equity-based compensation cost recorded in investment, servicing and commission expense on the consolidated statement of operations and in equity on the consolidated balance sheet. In September 2017, the RSU award became fully vested upon the occurrence of a vesting event under the terms of the applicable governing agreement. CLNS Equity Incentive Plan Following the Merger, the Company adopted the NSAM 2014 Stock Plan as the Company's successor equity incentive plan and renamed such plan the Colony NorthStar 2014 Omnibus Stock Incentive Plan (the "CLNS Equity Incentive Plan"). The CLNS Equity Incentive Plan provides for the grant of restricted stock, Long Term Incentive Plan ("LTIP") units, RSUs, deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards. LTIP units are designated as profits interests for federal income tax purposes. Each LTIP unit is convertible, at the election of the holder, into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 16 ). Equity-based compensation cost related to LTIP units represents an allocation to noncontrolling interest in the Operating Company. RSUs may be entitled to dividend equivalents prior to vesting and may be settled either in shares of the Company's class A common stock or in cash at the option of the Company. Certain non-employee directors may elect to defer the receipt of annual base fees and/or awards of restricted stock, and in lieu of such fees or awards, receive awards of DSUs. DSUs are not shares of the Company’s stock and do not entitle the holders to the rights of a shareholder of common stock. However, a holder of a DSU is entitled to a dividend equivalent, which is the right to receive an additional number of DSUs based on dividends declared and paid on common stock, and any such additional DSUs will also be credited with additional DSUs as cash dividends are subsequently paid, subject to the same restrictions and conditions as the original DSUs with respect to which it was credited, including vesting conditions, if any. DSUs awarded in lieu of annual base director fees are fully vested upon their grant date, while DSUs awarded in lieu of awards of restricted stock vest on the first anniversary of their grant date. Upon separation of service from the Company, DSUs are to be settled in shares of the Company’s class A common stock or cash, at the option of the Company. Other than awards issued as equity incentives to employees and non-employee directors in the normal course of business in 2017, the Company issued certain awards, which have a service condition only, in connection with the Merger. This included replacement equity awards issued in January 2017 to certain executives of NSAM, consisting of an aggregate of 4,669,518 shares of restricted common stock and 3,506,387 LTIP units. The number of shares and units issued for the replacement awards were generally determined based on the volume-weighted average price of the Company's class A common stock over the first five trading days following the Closing Date, subject to a floor of $15.00 per share, and where applicable, actual number of shares and units issued were determined based on the per share floor of $15.00 . The replacement equity awards will vest on the one -year anniversary of the Closing Date. Additional shares of restricted class A common stock were also granted to certain employees as retention awards, which are subject to graded vesting through January 2020. The restricted stock and LTIP units issued for the replacement and retention awards were valued based on the price of the Company's class A common stock on the date of grant. At December 31, 2017 , an aggregate of 19,401,095 shares of the Company’s class A common stock were reserved for the issuance of awards under the CLNS Equity Incentive Plan, subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st. Equity-based compensation expense is included in the following line items in the consolidated statements of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Compensation expense $ 149,820 $ 13,638 $ 7,817 Management fee expense (1) — — 5,897 Earnings from investments in unconsolidated ventures 61 — — Investment, servicing and commission expense 4,070 — — $ 153,951 $ 13,638 $ 13,714 __________ (1) Represents equity-based compensation paid to the Company's former manager prior to the Internalization on April 2, 2015. Changes in the Company’s unvested equity awards are summarized below: Restricted Stock RSUs LTIP Units DSUs Total Weighted Average Grant Date Fair Value Unvested shares at December 31, 2016 (1) 2,089,007 — — — 2,089,007 $ 14.44 Awards assumed in the Merger 592,504 774,900 — — 1,367,404 14.68 Granted 8,231,848 — 3,506,387 111,622 11,849,857 14.37 Vested (1,628,151 ) (774,900 ) — (33,355 ) (2,436,406 ) 14.82 Forfeited (135,692 ) — — — (135,692 ) 14.71 Unvested shares at December 31, 2017 9,149,516 — 3,506,387 78,267 12,734,170 $ 14.53 __________ (1) The number of unvested shares at December 31, 2016 and weighted average grant date fair value have been adjusted to give effect to the Colony exchange ratio of 1.4663 at the individual award level. Fair value of equity awards that vested during the year, determined based on their respective fair values at vesting date, was $31.9 million , $9.9 million and $12.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. For awards granted during the years ended December 31, 2017 , 2016 and 2015 , the weighted average grant-date fair value per share was $14.37 , $13.14 and $16.65 , respectively. At December 31, 2017 , aggregate unrecognized compensation cost for all unvested equity awards was $44.6 million , which is expected to be recognized over a weighted-average period of 1.8 years.

Transactions with Affiliates

Transactions with Affiliates	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Transactions with Affiliates	Transactions with Affiliates Affiliates include (i) private funds, traded and non-traded REITs and investment companies that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees"). Amounts due from and due to affiliates consist of the following: December 31, (In thousands) 2017 2016 Due from affiliates Investment vehicles and unconsolidated ventures Fee income $ 19,366 $ 9,074 Cost reimbursements and recoverable expenses 30,749 606 N-Star CDOs 189 — Employees and other affiliates 1,214 291 $ 51,518 $ 9,971 Due to affiliates Investment vehicles and unconsolidated ventures $ 2,884 $ — Employees — contingent consideration for Internalization 20,650 41,250 $ 23,534 $ 41,250 Transactions with affiliates include the following: Fee Income— Fee income earned from investment vehicles in which the Company manages and/or sponsors, and has an equity interest in or co-invests with, are presented in Note 19 . Cost Reimbursements— The Company received cost reimbursements related primarily to the following arrangements: • direct and indirect operating costs, including but not limited to compensation, overhead and other administrative costs, for managing the operations of the non-traded REITs, with reimbursements limited to the greater of 2% of average invested assets or 25% of net income (net of 1% to 1.25% of asset management fees); • direct and indirect operating costs, including but not limited to compensation, professional service costs, overhead and other administrative costs, for managing the operations of the investment companies; • allocation of indirect costs to NRE related to employees, occupancy and other administrative costs, which shall not exceed 20% of the combined total of the general and administrative costs of NRE and of the Company (excluding NRE), as adjusted; • certain expenses incurred on behalf of the clients of Townsend such as legal, due diligence and investment advisory team travel expenses; • services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties; • administrative services provided to an equity method investee (only through July 2017); and • administrative services provided to certain senior executives of the Company. Cost reimbursements, included in other income, were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Retail Companies $ 19,545 $ — $ — Townsend 2,306 — — Other 3,779 4,296 4,843 $ 25,630 $ 4,296 $ 4,843 Recoverable Expenses— In the normal course of business, the Company pays certain expenses on behalf of the retail companies and certain private funds that it manages, for which the Company recovers from these investment vehicles, such as: • cost incurred in performing investment due diligence; • costs incurred for the administration of certain investment companies; and • organization and offering costs associated with formation and offering of the retail companies, with reimbursement amounts of up to 1% of the proceeds expected to be raised from the offering (excluding shares offered pursuant to distribution reinvestment plans). Credit Facility— The Company has committed to provide NorthStar Healthcare with an unsecured revolving credit facility at market terms with a maximum principal amount of $35.0 million . The credit facility matures on October 15, 2018, with a six -month extension option. Advances under the credit facility accrue interest at LIBOR plus 3.5% . There is no commitment fee for the unused portion of the facility. The credit facility is intended to provide additional liquidity to NorthStar Healthcare on an as needed basis. At December 31, 2017 , there were no outstanding advances under the revolving credit facility. N-Star CDOs— The Company earns collateral management fees as the collateral manager or collateral manager delegate of the N-Star CDOs. Such fees are included in other income and are immaterial for the year ended December 31, 2017 . The Company holds N-Star CDO bonds that it repurchased from the market as well as retained equity interests in the N-Star CDOs. Amounts related to the two consolidated N-Star CDOs, including interest, have been eliminated upon consolidation. Healthcare Strategic Partnership— The Healthcare Strategic Partnership was formed to expand the Company’s healthcare business (see Note 20 ). In connection with this arrangement, the Healthcare Strategic Partnership is entitled to incentive fees ranging from 20% to 25% of distributions above certain hurdles for new and existing healthcare real estate investments held by the Company and a portion of incentive fees earned from NorthStar Healthcare. For the year ended December 31, 2017 , there were no incentive fees earned by the Healthcare Strategic Partnership. American Healthcare Investors Joint Venture— The Company has an equity method investment in AHI Ventures, jointly held with the principals of AHI and Mr. Flaherty (see Note 20 ). AHI provides certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare in order to assist the Company in managing current and future healthcare assets (excluding certain joint venture assets) acquired by the Company and, subject to certain conditions, other managed companies. For the year ended December 31, 2017 , the Company incurred property management fees and sub-advisory fees totaling $4.8 million . In January 2018, the Company provided a notice of termination of its management agreement to AHI. Distribution Support— The Company committed up to $10.0 million to invest as distribution support in future sponsored retail companies, as discussed in Note 6 . Arrangements with Company-Sponsored Private Fund— The Company co-invests alongside a Company sponsored private fund through joint ventures between the Company and the sponsored private fund. These co-investment joint ventures are consolidated by the Company. The Company has capital commitments, as general partner, directly into the private fund and as an affiliate of the general partner, capital commitments satisfied through co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a proportionate share of the costs of the private fund such as financing and administrative costs. Such costs expensed during the years ended December 31, 2017 , 2016 and 2015 were immaterial and they relate primarily to the Company's share of deferred financing costs on borrowings of the fund. Contingent Consideration for Internalization —Contingent consideration for Internalization is payable to certain senior executives of the Company in connection with Colony's acquisition of the real estate investment management business and operations of its former manager in April 2015, as discussed in Note 13 . Selling Commissions —Certain NorthStar Securities employees earn selling commissions related to the sale of equity in the retail companies. For the year ended December 31, 2017 , commissions paid or payable to these employees were immaterial. Investment in Managed Investment Vehicles —Subject to the Company's related party policies and procedures, senior management, investment professionals and certain other employees may participate on a discretionary basis in investment vehicles managed by the Company, either directly or indirectly through co-investment vehicles. These investments are generally not subject to management fees and incentive fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At December 31, 2017 , there was $4.8 million of such investments in a consolidated fund of the Company, reflected in redeemable noncontrolling interests on the consolidated balance sheet, and their share of net income, included in net income attributable to redeemable noncontrolling interests on the consolidated statement of operations, was immaterial for the year ended December 31, 2017 . Advances to Employees —The Company grants loans to certain employees in the form of promissory notes bearing interest at the prime rate with varying terms and repayment conditions. Outstanding advances were immaterial at December 31, 2017 , 2016 and 2015 . Corporate Aircraft— The Company's corporate aircraft may occasionally be used for business purposes by affiliated entities or for personal use by certain senior executives of the Company. Affiliated entities and senior executives reimburse the Company for their usage based on the incremental cost to the Company of making the aircraft available for such use, and includes direct and indirect variable costs of operating the flights. These reimbursements amounted to $1.9 million , $0.9 million and $0.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local and non-U.S. jurisdictions, primarily in Europe. The Company's current primary sources of income subject to tax are income from loan resolutions in some of its loan portfolios, income from interests in asset management companies which manage some of its loan portfolios, hotel and healthcare operations from its real estate equity portfolio and fee income from its investment management business. On December 22, 2017, the Tax Cuts and Jobs Act was enacted, which provides for a reduction in the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. At December 31, 2017, the Company recognized a provisional amount of $24.9 million relating to the effects of the tax rate change on our existing deferred tax balances, which is included as a component of income tax benefit. The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21% . The Company is still analyzing certain aspects of the Tax Cuts and Jobs Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. Income Tax Benefit (Expense) Year Ended December 31, (In thousands) 2017 2016 2015 Current Federal $ (20,316 ) $ (2,720 ) $ (451 ) State and local (3,606 ) (1,436 ) (397 ) Foreign (16,138 ) (8,244 ) (1,469 ) Total current tax expense (40,060 ) (12,400 ) (2,317 ) Deferred Federal 110,711 6,214 10,428 State and local 18,235 (713 ) 1,219 Foreign 9,513 2,117 (34 ) Total deferred tax benefit 138,459 7,618 11,613 Total income tax benefit (expense) $ 98,399 $ (4,782 ) $ 9,296 Deferred Income Tax Assets and Liabilities Deferred tax asset is included in other assets while deferred tax liability is included in accrued and other liabilities, except for deferred tax liability in connection with a property holding entity that is held for sale, which is included in liabilities related to assets held for sale on the consolidated balance sheets. Through the Merger, the Company assumed approximately $218.2 million of deferred tax liabilities, as well as deferred tax assets which were fully reserved with a valuation allowance of $31.9 million . The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows. Valuation allowance was established in 2017 and 2016 against net operating losses where it is more likely than not that these carry forward losses will not be utilized. The valuation allowance from 2016 was subsequently reversed in 2017 based on the Company's reassessment of recoverability. December 31, (In thousands) 2017 2016 Deferred tax assets Net operating and capital loss carry forwards (1) $ 30,019 $ 2,563 Equity-based compensation 28,071 5,630 Basis difference — investment in partnerships 11,769 4,535 Basis difference — real estate — 3,404 Foreign tax credits (2) 1,682 1,184 Straight-line and prepaid rent expense 3,601 693 Deferred income 1,932 815 Deferred interest expense 1,924 — Other 7,947 2,760 Gross deferred tax assets 86,945 21,584 Valuation allowance (3) (23,852 ) (692 ) Deferred tax assets, net of valuation allowance 63,093 20,892 Deferred tax liabilities Management contract intangibles (106,602 ) (25,186 ) Gain from remeasurement of consolidated investment entities, net (1,594 ) (2,530 ) Basis difference — real estate (68,687 ) (27,546 ) Other (1,643 ) (1,394 ) Gross deferred tax liabilities (178,526 ) (56,656 ) Net deferred tax liability $ (115,433 ) $ (35,764 ) __________ (1) At December 31, 2017 and 2016 , deferred tax asset was recognized on net operating losses of $95.3 million and $11.5 million , respectively. The net operating losses expire beginning 2030, other than those in the United Kingdom and Spain which can be carried forward indefinitely. (2) Foreign tax credits expire beginning 2025. (3) The ending balance of the valuation allowance at December 31, 2017 reflects a $12.3 million reduction resulting from the impact of the Tax Cuts and Jobs Acts. Effective Income Tax The Company's income tax benefit varied from the amount computed by applying the statutory income tax rate to income from continuing operations before income taxes. Income tax expense associated with income from discontinued operations was immaterial. A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows: Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Income (loss) from continuing and discontinued operations before income taxes $ (163,012 ) $ 295,508 $ 246,740 Pre-tax income attributable to pass-through subsidiaries (89,104 ) (306,644 ) (277,902 ) Pre-tax loss attributable to taxable subsidiaries (252,116 ) (11,136 ) (31,162 ) Federal tax benefit at statutory tax rate (35%) 88,241 3,365 10,907 State and local income taxes, net of federal income tax benefit 9,380 88 709 Foreign income tax differential 6 (5,441 ) (1,594 ) Nondeductible expenses (20,372 ) (1,128 ) — Excess inclusion income tax expense — (1,311 ) (203 ) Valuation allowance, net (3,555 ) (692 ) — Impact of Tax Cuts and Jobs Act 24,908 — — Other (209 ) 337 (523 ) Income tax benefit (expense) $ 98,399 $ (4,782 ) $ 9,296 Tax Examinations and Uncertainty in Income Taxes The Company is no longer subject to U.S. federal, state and local or foreign income tax examinations by tax authorities for years prior to 2014 . As of December 31, 2017 , there were no material unrecognized tax positions. For the years ended December 31, 2017 , 2016 and 2015 , the Company has not recognized any interest and penalties related to uncertain tax positions.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments Office Leases— The Company leases office space under noncancelable operating leases with expiration dates through 2028 . The lease agreements require minimum rent payments and reimbursement of operating expenses incurred by the landlord, subject to escalation clauses. Rent expense on office leases, included in administrative expenses, was $13.7 million , $5.6 million and $4.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Future contractual minimum rental payments for office leases at December 31, 2017 are as follows: Year Ending December 31, (In thousands) 2018 7,443 2019 8,059 2020 7,724 2021 7,287 2022 7,298 2023 and thereafter 36,387 Total $ 74,198 Contingent Consideration The consideration for the Company's acquisition of substantially all of the real estate investment management business and operations of its former manager in April 2015 included a contingent portion payable in shares of class A and class B common stock as well as OP Units, subject to multi-year performance targets, as discussed in Note 13 . In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to a preferred equity holder of the borrower in an amount up to $13.0 million , as discussed in Notes 3 and 13 . Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of December 31, 2017 , the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following five reportable segments: • Healthcare— The Company's healthcare segment is composed of a diverse portfolio of medical office buildings, senior housing, skilled nursing facilities and other healthcare properties, including hospitals. The Company earns rental income from medical office buildings as well as senior housing and skilled nursing facilities structured under net leases to healthcare operators, and resident fee income from senior housing operating facilities that operate through management agreements with independent third party operators. • Industrial— The Company's industrial segment is composed primarily of light industrial assets in infill locations throughout the U.S. that are vital for e-commerce and other tenants that require increasingly quick delivery times. • Hospitality— The Company's hotel portfolio is geographically diverse and is composed of primarily extended stay hotels and premium branded select service hotels primarily located in major metropolitan markets with the majority affiliated with top hotel brands. • Other Equity and Debt— The Company's other equity and debt includes our portfolios of net lease, multifamily and multi-tenant office properties, the THL Hotel Portfolio, our interest in a portfolio of CRE loans and securities, limited partnership interests in real estate private equity funds and various other equity investments. • Investment Management— The Company generates fee income through investment management services, sponsoring numerous investment products across a diverse set of institutional and retail investors. Following the Merger, the acquired real estate portfolios in healthcare and hotel formed the Company's new healthcare and hospitality segments, respectively, while the acquired investment management business is included within the Company's existing investment management segment. All non-core real estate equity and real estate debt investments of the combined organization is aggregated into the other equity and debt segment. In the second quarter of 2017, the Company determined that all non-core investments in unconsolidated ventures, previously included in the investment management segment or otherwise not allocated to a business segment, would form part of the other equity and debt segment. This included the Company's nominal interest as sponsor of its various investment vehicles, except that the Company's interest in its industrial fund is attributed to the industrial segment. Remaining investments in unconsolidated ventures in the investment management segment represent the Company's interests in third party asset managers. The reclassification of investments in unconsolidated ventures and corresponding earnings of investments in unconsolidated ventures was applied retrospectively to all prior periods presented, as applicable, and the amounts reclassified in each period were not material. Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with affiliates, costs in connection with unconsummated investments, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs as well as Merger-related transaction and integration costs. The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments. The various reportable segments generate distinct revenue streams, consisting of property operating income, interest income and fee income. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments: (In thousands) Healthcare Industrial Hospitality Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2017 Total revenues $ 613,169 $ 243,172 $ 815,831 $ 873,046 $ 244,654 $ 6,862 $ 2,796,734 Property operating expenses 274,528 67,196 537,884 233,901 — — 1,113,509 Interest expense 185,256 38,566 134,729 161,993 — 54,278 574,822 Depreciation and amortization 183,897 109,265 133,269 128,942 56,616 5,790 617,779 Provision for loan losses 1,588 — — 18,153 — — 19,741 Impairment loss 14,375 44 — 30,867 375,074 — 420,360 Gain on sale of real estate — 24,612 — 112,758 — — 137,370 Earnings from investments in unconsolidated ventures — 1,843 — 265,079 18,229 — 285,151 Income tax benefit (expense) (5,639 ) (2,252 ) (2,779 ) (3,950 ) 111,205 1,814 98,399 Income (loss) from continuing operations (64,767 ) 39,340 (9,863 ) 567,752 (172,011 ) (438,619 ) (78,168 ) Income from discontinued operations — — — 995 — 12,560 13,555 Net income (loss) (64,767 ) 39,340 (9,863 ) 568,747 (172,011 ) (426,059 ) (64,613 ) Net income (loss) attributable to Colony NorthStar, Inc. (51,428 ) 14,380 (9,199 ) 426,052 (183,881 ) (393,815 ) (197,891 ) Year Ended December 31, 2016 Total revenues $ — $ 196,357 $ — $ 569,780 $ 68,331 $ 4,389 $ 838,857 Property operating expenses — 55,924 — 62,537 — — 118,461 Interest expense — 44,834 — 80,503 — 44,746 170,083 Depreciation and amortization — 88,854 — 63,480 14,767 4,581 171,682 Provision for loan losses — — — 35,005 — — 35,005 Impairment loss — 407 — 10,990 320 — 11,717 Gain on sale of real estate — 2,888 — 70,728 — — 73,616 Earnings from investments in unconsolidated ventures — 27 — 97,188 2,160 — 99,375 Income tax benefit (expense) — (586 ) — (10,143 ) 6,608 (661 ) (4,782 ) Net income (loss) — (2,976 ) — 431,903 21,202 (159,403 ) 290,726 Net income (loss) attributable to Colony NorthStar, Inc. — (884 ) — 226,202 17,876 (127,876 ) 115,318 Year Ended December 31, 2015 Total revenues $ — $ 162,540 $ — $ 561,307 $ 65,594 $ 4,930 $ 794,371 Property operating expenses — 54,581 — 63,132 — — 117,713 Interest expense — 37,338 — 50,990 — 44,766 133,094 Depreciation and amortization — 82,447 — 38,704 16,498 3,328 140,977 Provision for loan losses — — — 39,859 — — 39,859 Impairment loss — 450 — 6,639 4,103 — 11,192 Gain on sale of real estate — 108 — 8,846 — 8 8,962 Earnings (losses) from investments in unconsolidated ventures — — — 49,210 (1,605 ) — 47,605 Income tax benefit (expense) — 484 — (3,796 ) 12,658 (50 ) 9,296 Net income (loss) — (21,178 ) — 376,110 21,023 (119,919 ) 256,036 Net income (loss) attributable to Colony NorthStar, Inc. — (9,560 ) — 243,636 17,645 (101,741 ) 149,980 Total assets and equity method investments of the reportable segments are summarized as follows: (In thousands) Healthcare Industrial Hospitality Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total December 31, 2017 Total assets $ 5,813,552 $ 2,812,975 $ 4,094,596 $ 9,274,268 $ 2,689,695 $ 100,564 $ 24,785,650 Equity method investments (1) — 2,840 — 1,319,752 200,720 3,742 1,527,054 December 31, 2016 Total assets $ — $ 2,268,699 $ — $ 6,640,377 $ 781,852 $ 70,064 $ 9,760,992 Equity method investments — 1,027 — 939,045 13,187 — 953,259 __________ (1) Includes equity method investments for which fair value option was elected. Geography Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Year Ended December 31, (In thousands) 2017 2016 2015 Total income by geography: United States $ 2,741,862 $ 732,928 $ 660,864 Europe 310,783 194,923 166,948 Other 3,610 6,083 9,367 Total (1) $ 3,056,255 $ 933,934 $ 837,179 December 31, (In thousands) 2017 2016 Long-lived assets by geography: United States $ 13,224,197 $ 2,255,663 Europe 1,749,282 1,242,272 Total (2) $ 14,973,479 $ 3,497,935 __________ (1) Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates. (2) Long-lived assets comprise real estate, real estate related intangible assets and fixed assets, and exclude financial instruments and assets held for sale.

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information Year Ended December 31, (In thousands) 2017 2016 2015 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest $ 452,726 $ 118,365 $ 105,608 Cash paid for income taxes 53,017 7,190 2,078 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 188,202 $ 65,972 $ 65,688 Assets acquired in Merger (Note 3) 17,122,098 — — Liabilities assumed in Merger (Note 3) 11,249,183 — — Noncontrolling interests assumed in Merger (Note 3) 592,690 — — Common stock issued for acquisition of NSAM and NRF (Note 3) 5,710,134 — — Preferred stock issued for acquisition of NRF (Note 3) 1,010,320 — — Debt assumed by buyer in sale of manufactured housing portfolio (Note 17) 1,258,558 — — Net assets acquired in CPI restructuring (Note 3) 232,181 — — Net assets acquired in THL Hotel Portfolio (Note 3) 361,346 — — Year Ended December 31, (In thousands) 2017 2016 2015 Net assets of investment entity deconsolidated (Note 4) 156,491 — — Net assets of sponsored fund consolidated, net of cash assumed (Note 14) 13,370 — — Investment deposits applied to acquisition of loans receivable, real estate and CPI Group 66,020 — — Redemption of OP Units for common stock 22,831 18,571 — Foreclosures on collateral assets of originated or acquired loans receivable 54,615 128,124 — Improvements in operating real estate in accrued and other liabilities 18,221 — — Proceeds from loan repayments and asset sales held in escrow and restricted cash 27,426 — 11,300 Exchange of notes for class A common shares 3,279 — — Assets of consolidated securitization trust 58,296 — — Liabilities of consolidated securitization trust 56,928 — — Distributions payable to noncontrolling interest included in other liabilities 10,786 — — Contributions receivable from noncontrolling interests 25,501 — — Net settlement of redemption and investment in equity method investee — 117,241 — Release of restricted cash in lieu of cash distribution upon buyout of noncontrolling interests — 6,564 — Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed — — 407 Deferred tax liability assumed in a real estate acquisition — — 27,978 Settlement of debt through issuance of OP Units — — 10,000 Issuance of common stock for Internalization (Note 3) — — 52,160 Issuance of OP Units for Internalization (Note 3) — — 558,794 Assets of investment entities consolidated, net of cash assumed (Note 3) — — 2,985,572 Liabilities of investment entities consolidated (Note 3) — — 348,294 Noncontrolling interests in investment entities consolidated (Note 3) — — 1,700,114

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Commercial Real Estate Credit REIT On January 18, 2018, the Combination was approved by the stockholders of NorthStar Income I and NorthStar Income II. The Combination closed on January 31, 2018 and Colony NorthStar Credit's class A common stock began trading on the NYSE on February 1, 2018 under the symbol "CLNC." The Company, through certain of its subsidiaries, received approximately 44.4 million shares of Colony NorthStar Credit's class B-3 common stock and approximately 3.1 million common membership units in Colony NorthStar Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNS Contributed Portfolio. Each share of the class B-3 common stock will convert into Colony NorthStar Credit's class A common stock on a one for one basis upon close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash or Colony NorthStar Credit’s Class A common stock on a one -for- one basis into shares of Colony NorthStar Credit's class A common stock, in the sole discretion of Colony NorthStar Credit. Subject to certain limited exceptions, the Company has agreed not to make any transfers of the CLNC OP Units to non-affiliates until the one year anniversary of the closing of the Combination, unless such transfer is approved by a majority of Colony NorthStar Credit’s board of directors, including a majority of the independent directors. In connection with the merger of NorthStar Income I and NorthStar Income II into Colony NorthStar Credit, their respective stockholders received shares of Colony NorthStar Credit's class A common stock based on pre-determined exchange ratios. Upon closing of the Combination, the Company and its affiliates, NorthStar Income I stockholders and NorthStar Income II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony NorthStar Credit on a fully diluted basis. In connection with the closing, a wholly-owned subsidiary of the Company entered into a management agreement with Colony NorthStar Credit. The management agreement provides for a base management fee of 1.5% per annum of Colony NorthStar Credit's stockholders' equity (as defined in the management agreement) and incentive fees subject to the achievement of minimum return hurdles in accordance with terms set out in the management agreement, each payable quarterly in arrears in cash. The management agreement has an initial term of three years and will be automatically renewed for a one -year term thereafter unless earlier terminated. Following the initial term, the management agreement may be terminated each year if there has been an affirmative vote of at least two-thirds of Colony NorthStar Credit’s independent directors determining that (1) there has been unsatisfactory performance by the manager that is materially detrimental to Colony NorthStar Credit or (2) the compensation payable to the manager is not fair to Colony NorthStar Credit, subject to the manager’s right to prevent such termination due to unfair fees by accepting reduced compensation as agreed to by at least two-thirds of Colony NorthStar Credit’s independent directors. The Company's role as the manager of Colony NorthStar Credit will be under the supervision and direction of the Board of Directors of Colony NorthStar Credit, which includes representatives from the Company but consists of an overall majority of independent directors. It is currently estimated that the pro forma effect of the contribution of the CLNS Contributed Portfolio to Colony NorthStar Credit will be a reduction of the Company’s total assets by approximately $1.9 billion , total liabilities by approximately $0.4 billion and noncontrolling interests in investment entities by approximately $0.3 billion as of December 31, 2017. As a consequence of the Combination, the Company's management contracts with NorthStar I and NorthStar II ceased to exist and in January 2018, the carrying value of management contract intangible assets that were recognized for NorthStar I and NorthStar II at the time of the Merger, which aggregated to approximately $140.0 million , were written off. Retail Distribution Business On February 16, 2018, the Company entered into a definitive agreement with S2K Financial Holdings, LLC ("S2K") to combine NorthStar Securities with S2K to create a leading retail distribution business, which will be renamed Colony S2K Holdings, LLC ("Colony S2K") (the "Proposed Transaction"). Colony S2K will distribute both current and future investment products of Colony NorthStar and S2K. S2K is the holding company of S2K Financial, LLC, a registered broker-dealer wholesale distributor of investment vehicles. Subject to customary closing conditions, including completion of required regulatory filings, the Proposed Transaction is expected to close in the second quarter of 2018 . Common Stock Repurchase On February 26, 2018, the Company's board of directors authorized a new common stock repurchase program, pursuant to which the Company may repurchase up to $300 million of its outstanding class A common stock in a one -year period. Digital Real Estate Infrastructure Fund On February 28, 2018, the Company, in partnership with Digital Bridge, held a closing for a new co-sponsored digital real estate infrastructure fund with total callable commitments of $1.4 billion , inclusive of approximately $117 million of capital commitments by certain subsidiaries of the Company.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulative Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	(Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition (2)(5) Gross Cost Basis at December 31, 2017 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Healthcare Assisted Living Facilities Alabama 1 $ 4,540 $ 337 $ 3,095 $ 96 $ 337 $ 3,191 $ 3,528 $ 95 $ 3,433 2017 Arizona 1 8,998 536 14,478 70 536 14,548 15,084 403 14,681 2017 California 5 37,773 12,157 76,411 389 12,159 76,798 88,957 2,045 86,912 2017 Colorado 2 104,963 7,734 138,635 668 7,734 139,303 147,037 3,679 143,358 2017 Georgia 1 7,436 516 14,220 47 516 14,267 14,783 408 14,375 2017 Illinois 22 165,026 11,434 289,526 1,087 11,530 290,517 302,047 7,481 294,566 2017 Indiana 9 — 7,165 26,950 — 7,165 26,950 34,115 901 33,214 2017 Kansas 1 6,306 915 12,105 27 921 12,126 13,047 354 12,693 2017 Massachusetts 5 10,035 1,336 13,520 39 1,336 13,559 14,895 379 14,516 2017 Minnesota 11 35,333 3,767 66,853 — 3,767 66,853 70,620 1,811 68,809 2017 North Carolina 8 100,916 11,656 151,558 22 11,656 151,580 163,236 4,006 159,230 2017 Nebraska 1 2,677 559 3,161 11 559 3,172 3,731 113 3,618 2017 Ohio 30 189,008 15,609 245,730 3,846 15,681 249,504 265,185 6,257 258,928 2017 Oregon 25 181,661 20,905 270,198 739 20,905 270,937 291,842 7,443 284,399 2017 South Carolina 1 16,183 1,105 18,133 38 1,105 18,171 19,276 493 18,783 2017 Tennessee 2 12,462 2,179 24,880 276 2,179 25,156 27,335 743 26,592 2017 Texas 7 119,813 18,493 138,653 6 18,493 138,659 157,152 3,546 153,606 2017 Washington 6 45,664 3,764 68,226 243 3,764 68,469 72,233 1,847 70,386 2017 United Kingdom 44 291,716 121,647 532,750 (1,923 ) 121,647 530,827 652,474 12,727 639,747 2017 Hospitals California 5 105,381 17,079 135,979 — 17,079 135,979 153,058 3,490 149,568 2017 Georgia 1 13,750 2,047 16,650 — 2,047 16,650 18,697 428 18,269 2017 Louisiana 1 12,156 1,591 13,991 — 1,591 13,991 15,582 357 15,225 2017 Missouri 3 31,688 3,586 22,684 — 3,586 22,684 26,270 605 25,665 2017 Oklahoma 1 11,656 536 15,954 — 536 15,954 16,490 406 16,084 2017 Texas 2 35,700 3,191 48,904 — 3,191 48,904 52,095 1,357 50,738 2017 Utah 1 14,660 2,151 7,073 — 2,151 7,073 9,224 187 9,037 2017 Medical Office Buildings Alabama 2 31,893 — 56,271 1 — 56,272 56,272 1,569 54,703 2017 Arkansas 1 501 — 1,343 — — 1,343 1,343 100 1,243 2017 California 2 21,192 5,708 33,879 406 5,708 34,285 39,993 1,026 38,967 2017 Colorado 6 38,247 8,330 58,591 1,088 8,330 59,679 68,009 1,960 66,049 2017 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition (2)(5) Gross Cost Basis at December 31, 2017 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Florida 3 23,616 2,119 41,527 61 2,119 41,588 43,707 1,171 42,536 2017 Georgia 13 57,803 12,976 100,515 730 12,976 101,245 114,221 3,077 111,144 2017 Hawaii 1 8,286 519 14,055 — 519 14,055 14,574 390 14,184 2017 Idaho 1 22,765 — 30,473 — — 30,473 30,473 887 29,586 2017 Illinois 6 64,105 9,809 98,224 546 9,809 98,770 108,579 2,939 105,640 2017 Indiana 28 183,985 18,106 300,919 1 18,106 300,920 319,026 9,675 309,351 2017 Louisiana 4 33,273 2,406 52,171 — 2,406 52,171 54,577 1,679 52,898 2017 Michigan 3 31,936 3,856 48,738 — 3,856 48,738 52,594 1,423 51,171 2017 Minnesota 2 6,920 1,144 9,363 — 1,144 9,363 10,507 299 10,208 2017 Mississippi 1 11,500 — 21,465 — — 21,465 21,465 677 20,788 2017 New Mexico 3 14,952 — 16,587 49 — 16,636 16,636 879 15,757 2017 Ohio 5 26,635 5,036 99,979 274 5,036 100,253 105,289 2,866 102,423 2017 Oklahoma 2 11,228 — 18,382 — — 18,382 18,382 557 17,825 2017 South Carolina 2 9,812 761 22,972 376 761 23,348 24,109 735 23,374 2017 Tennessee 2 11,496 449 20,376 — 449 20,376 20,825 590 20,235 2017 Texas 20 103,400 5,339 169,565 55 5,339 169,620 174,959 6,258 168,701 2017 Washington 1 21,197 998 47,054 24 998 47,078 48,076 1,308 46,768 2017 Skilled Nursing Facilities Alabama 1 9,197 433 7,169 — 433 7,169 7,602 237 7,365 2017 Arizona 1 10,927 1,043 17,013 — 1,043 17,013 18,056 493 17,563 2017 California 2 20,775 1,936 37,612 — 1,936 37,612 39,548 2,295 37,253 2017 Florida 24 176,863 25,722 348,368 111 25,722 348,479 374,201 9,734 364,467 2017 Georgia 7 101,530 12,140 130,707 — 12,140 130,707 142,847 3,638 139,209 2017 Illinois 7 70,568 6,546 137,591 20 6,546 137,611 144,157 3,883 140,274 2017 Indiana 19 — 5,636 132,825 — 5,636 132,825 138,461 4,151 134,310 2017 Kentucky 1 9,097 361 21,528 34 361 21,562 21,923 557 21,366 2017 Louisiana 1 19,122 1,068 28,675 — 1,068 28,675 29,743 819 28,924 2017 Massachusetts 3 17,378 2,179 2,006 220 2,179 2,226 4,405 63 4,342 2017 Maryland 1 7,060 1,219 14,556 — 1,219 14,556 15,775 412 15,363 2017 Michigan 2 8,368 1,116 13,887 128 1,116 14,015 15,131 680 14,451 2017 North Carolina 1 5,810 286 10,957 — 286 10,957 11,243 316 10,927 2017 Oregon 6 26,546 4,330 38,024 — 4,330 38,024 42,354 1,120 41,234 2017 Pennsylvania 11 191,139 20,010 240,922 1 20,010 240,923 260,933 6,879 254,054 2017 Tennessee 4 41,534 4,236 62,156 — 4,236 62,156 66,392 1,763 64,629 2017 Virginia 8 50,963 7,650 88,135 — 7,650 88,135 95,785 2,550 93,235 2017 Washington 3 14,116 3,647 16,108 — 3,647 16,108 19,755 532 19,223 2017 406 3,081,236 449,109 4,981,005 9,806 449,285 4,990,635 5,439,920 141,748 5,298,172 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition (2)(5) Gross Cost Basis at December 31, 2017 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Industrial Atlanta 54 201,628 47,488 310,492 14,723 47,488 325,215 372,703 36,034 336,669 2014 - 2015 Austin 6 — 9,174 59,387 1,746 9,174 61,133 70,307 3,690 66,617 2014 - 2017 Chicago 26 — 30,586 117,616 6,937 30,586 124,553 155,139 14,898 140,241 2014 Dallas 63 192,007 71,648 342,762 16,317 71,648 359,079 430,727 33,268 397,459 2014 - 2017 Denver 9 38,689 14,910 63,489 4,066 14,910 67,555 82,465 5,510 76,955 2014 - 2017 Houston 11 21,446 27,634 133,200 5,125 27,634 138,325 165,959 12,375 153,584 2014 - 2017 Jacksonville 4 — 4,993 22,108 280 4,993 22,388 27,381 296 27,085 2017 Kansas City 14 49,000 13,423 74,379 3,940 13,423 78,319 91,742 6,718 85,024 2014 - 2017 Las Vegas 2 — 3,666 29,078 280 3,666 29,358 33,024 476 32,548 2017 Maryland-BWI 18 113,198 46,293 152,898 2,445 46,293 155,343 201,636 4,869 196,767 2015 - 2017 Minneapolis 17 102,755 26,311 137,780 10,200 26,311 147,980 174,291 15,496 158,795 2014 - 2016 New Jersey, South / Philadelphia 32 58,852 39,440 163,839 7,338 39,440 171,177 210,617 20,019 190,598 2014 - 2017 Orlando 16 131,500 27,610 175,055 8,432 27,610 183,487 211,097 10,204 200,893 2014 - 2017 Phoenix 22 59,000 31,118 175,210 5,300 31,118 180,510 211,628 10,123 201,505 2014 - 2018 Salt Lake City 18 46,155 19,882 86,354 3,776 19,882 90,130 110,012 7,291 102,721 2014 - 2017 St. Louis 8 — 8,813 42,942 3,772 8,813 46,714 55,527 5,498 50,029 2014 Tampa 4 — 4,278 31,104 2,301 4,278 33,405 37,683 4,082 33,601 2014 324 1,014,230 427,267 2,117,693 96,978 427,267 2,214,671 2,641,938 190,847 2,451,091 Hospitality Extended Stay Arizona 1 13,511 1,897 15,843 186 1,897 16,029 17,926 562 17,364 2017 California 8 239,822 59,120 241,574 5,689 59,120 247,263 306,383 8,817 297,566 2017 Colorado 3 60,994 13,163 67,804 3,695 13,163 71,499 84,662 2,636 82,026 2017 Connecticut 2 16,780 3,454 30,231 305 3,454 30,536 33,990 1,109 32,881 2017 Florida 2 29,929 2,991 50,761 3,788 2,991 54,549 57,540 1,888 55,652 2017 Georgia 2 37,756 7,278 52,967 362 7,278 53,329 60,607 1,845 58,762 2017 Illinois 1 19,755 4,375 34,567 284 4,375 34,851 39,226 1,342 37,884 2017 Kentucky 2 19,145 2,956 29,407 1,061 2,956 30,468 33,424 985 32,439 2017 Louisiana 1 12,931 1,874 15,043 539 1,874 15,582 17,456 816 16,640 2017 Massachusetts 3 53,162 8,274 74,973 600 8,274 75,573 83,847 2,593 81,254 2017 Maryland 1 19,069 3,003 24,644 305 3,003 24,949 27,952 932 27,020 2017 Maine 1 8,850 1,572 15,610 1,555 1,572 17,165 18,737 662 18,075 2017 Michigan 2 27,611 4,521 39,797 605 4,521 40,402 44,923 1,373 43,550 2017 North Carolina 1 22,380 1,693 23,893 341 1,693 24,234 25,927 1,120 24,807 2017 New Hampshire 3 43,092 7,167 59,440 764 7,167 60,204 67,371 2,171 65,200 2017 New Jersey 7 112,673 20,639 145,058 4,000 20,639 149,058 169,697 6,277 163,420 2017 New Mexico 1 18,899 2,125 22,446 697 2,125 23,143 25,268 1,101 24,167 2017 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition (2)(5) Gross Cost Basis at December 31, 2017 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total New York 3 36,466 4,108 48,124 627 4,108 48,751 52,859 1,717 51,142 2017 Ohio 1 8,952 575 11,747 228 575 11,975 12,550 526 12,024 2017 Pennsylvania 2 20,136 4,526 36,759 305 4,526 37,064 41,590 1,289 40,301 2017 Tennessee 1 21,137 4,118 28,471 307 4,118 28,778 32,896 1,026 31,870 2017 Texas 11 150,347 19,932 165,947 3,970 19,932 169,917 189,849 7,111 182,738 2017 Virginia 3 23,707 5,981 38,545 1,512 5,981 40,057 46,038 1,587 44,451 2017 Washington 4 101,902 22,388 116,391 2,248 22,388 118,639 141,027 3,840 137,187 2017 Full Service Florida 2 78,163 12,328 133,394 7,520 12,328 140,914 153,242 5,187 148,055 2017 Maryland 1 8,085 3,086 12,964 127 3,086 13,091 16,177 449 15,728 2017 New Jersey 1 36,535 16,282 35,308 924 16,282 36,232 52,514 1,494 51,020 2017 Select Service Alabama 1 16,165 1,134 19,213 200 1,134 19,413 20,547 676 19,871 2017 Arizona 2 27,417 7,831 34,616 370 7,831 34,986 42,817 1,469 41,348 2017 California 10 166,037 45,970 232,362 2,400 45,970 234,762 280,732 8,865 271,867 2017 Colorado 1 15,169 2,018 20,047 367 2,018 20,414 22,432 762 21,670 2017 Connecticut 3 36,878 6,735 67,148 1,131 6,735 68,279 75,014 2,412 72,602 2017 Florida 8 131,859 16,852 219,288 6,226 16,852 225,514 242,366 7,684 234,682 2017 Georgia 5 50,480 11,505 77,275 1,883 11,505 79,158 90,663 3,265 87,398 2017 Illinois 1 9,319 2,738 22,368 226 2,738 22,594 25,332 809 24,523 2017 Kentucky 1 31,272 6,660 31,618 774 6,660 32,392 39,052 1,164 37,888 2017 Louisiana 2 32,220 2,409 23,780 313 2,409 24,093 26,502 1,145 25,357 2017 Massachusetts 1 26,525 3,272 31,343 507 3,272 31,850 35,122 1,077 34,045 2017 Maryland 5 48,565 10,405 78,892 1,097 10,405 79,989 90,394 2,659 87,735 2017 Michigan 4 59,759 10,430 97,029 2,935 10,430 99,964 110,394 3,583 106,811 2017 North Carolina 6 85,156 13,689 123,653 1,966 13,689 125,619 139,308 4,494 134,814 2017 New Hampshire 3 35,996 6,092 50,557 575 6,092 51,132 57,224 1,753 55,471 2017 New Jersey 4 81,536 18,073 110,251 1,068 18,073 111,319 129,392 4,075 125,317 2017 New York 5 95,850 30,292 107,812 2,675 30,292 110,487 140,779 4,401 136,378 2017 Ohio 3 34,464 7,655 56,496 876 7,655 57,372 65,027 2,151 62,876 2017 Oklahoma 1 7,631 447 5,387 52 447 5,439 5,886 297 5,589 2017 Pennsylvania 3 40,717 7,469 47,626 2,143 7,469 49,769 57,238 1,775 55,463 2017 Tennessee 2 29,242 5,699 42,462 593 5,699 43,055 48,754 1,675 47,079 2017 Texas 17 179,478 27,974 177,156 3,017 27,974 180,173 208,147 8,596 199,551 2017 Virginia 8 99,748 23,071 140,115 4,440 23,071 144,555 167,626 5,233 162,393 2017 Washington 1 25,447 2,125 36,312 273 2,125 36,585 38,710 804 37,906 2017 167 2,608,719 509,971 3,424,514 78,651 509,971 3,503,165 4,013,136 131,279 3,881,857 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition (2)(5) Gross Cost Basis at December 31, 2017 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Other Equity and Debt Hotel—Arizona 7 50,000 12,446 47,503 229 12,446 47,732 60,178 1,319 58,859 2017 Hotel—California 22 303,120 60,568 265,127 1,277 60,568 266,404 326,972 7,490 319,482 2017 Hotel—Florida 3 26,320 8,514 25,666 124 8,514 25,790 34,304 722 33,582 2017 Hotel—Georgia 1 10,960 2,055 6,614 32 2,055 6,646 8,701 217 8,484 2017 Hotel—Iowa 5 23,920 2,053 34,698 167 2,053 34,865 36,918 910 36,008 2017 Hotel—Illinois 10 54,320 11,010 50,522 244 11,010 50,766 61,776 1,769 60,007 2017 Hotel—Indiana 1 9,360 1,339 9,779 47 1,339 9,826 11,165 239 10,926 2017 Hotel—Kansas 1 4,960 541 7,323 35 541 7,358 7,899 194 7,705 2017 Hotel—Kentucky 2 9,200 2,214 10,133 49 2,214 10,182 12,396 283 12,113 2017 Hotel—Massachusetts 1 9,360 1,209 9,910 47 1,209 9,957 11,166 242 10,924 2017 Hotel—Michigan 5 36,160 5,565 42,031 202 5,565 42,233 47,798 1,125 46,673 2017 Hotel—Minnesota 2 7,920 3,988 8,206 39 3,988 8,245 12,233 326 11,907 2017 Hotel—Missouri 4 24,400 2,699 23,497 113 2,699 23,610 26,309 867 25,442 2017 Hotel—Montana 2 7,520 1,476 3,402 16 1,476 3,418 4,894 170 4,724 2017 Hotel—North Dakota 2 1,840 913 4,011 19 913 4,030 4,943 178 4,765 2017 Hotel—New Jersey 2 16,080 3,120 13,316 64 3,120 13,380 16,500 498 16,002 2017 Hotel—New Mexico 3 5,520 1,264 7,183 35 1,264 7,218 8,482 301 8,181 2017 Hotel—Nevada 4 86,320 19,553 59,912 289 19,553 60,201 79,754 1,504 78,250 2017 Hotel—New York 9 32,960 4,298 47,919 231 4,298 48,150 52,448 1,699 50,749 2017 Hotel—Ohio 10 34,880 5,838 43,358 209 5,838 43,567 49,405 1,533 47,872 2017 Hotel—Oklahoma 5 13,040 1,701 22,242 107 1,701 22,349 24,050 729 23,321 2017 Hotel—Oregon 1 16,560 2,599 9,627 47 2,599 9,674 12,273 231 12,042 2017 Hotel—Pennsylvania 9 62,640 10,875 72,772 350 10,875 73,122 83,997 1,990 82,007 2017 Hotel—Rhode Island 1 6,880 955 6,428 31 955 6,459 7,414 223 7,191 2017 Hotel—Tennessee 1 9,760 1,680 7,359 35 1,680 7,394 9,074 204 8,870 2017 Hotel—Texas 16 119,760 21,553 100,458 484 21,553 100,942 122,495 2,862 119,633 2017 Hotel—Virginia 3 39,200 8,665 36,804 178 8,665 36,982 45,647 886 44,761 2017 Hotel—Wisconsin 3 17,040 1,554 17,083 82 1,554 17,165 18,719 502 18,217 2017 Hotel & Mixed—US 1 — 667 7,678 4 667 7,682 8,349 276 8,073 2017 Hotel & Mixed—Spain 2 16,412 49,026 102,654 359 49,026 103,013 152,039 2,824 149,215 2017 Industrial—France 6 26,286 8,682 17,389 — 8,682 17,389 26,071 469 25,602 2017 Industrial—UK 1 8,986 — 11,890 1,135 — 13,025 13,025 1,192 11,833 2015 Industrial—Spain 37 85,406 54,730 103,773 — 54,730 103,773 158,503 9,502 149,001 2015 - 2017 Leisure—UK 6 29,508 14,144 32,469 (4,268 ) 12,482 29,863 42,345 3,161 39,184 2015 Multifamily—US 2 — 2,833 24,462 — 2,833 24,462 27,295 — 27,295 2017 Office—France 38 196,105 77,110 183,867 2,750 77,110 186,617 263,727 5,321 258,406 2016 - 2017 Office—Italy 7 4,666 6,456 5,001 (772 ) 6,183 4,502 10,685 438 10,247 2015 (Amounts in thousands) Initial Cost (1) Costs Capitalized Subsequent to Acquisition (2)(5) Gross Cost Basis at December 31, 2017 (2) Accumulated Depreciation (3) Net Carrying Amount Date of Acquisition (4) Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Office—UK 11 72,808 21,732 89,159 2,110 21,732 91,269 113,001 10,231 102,770 2015 Office—US 21 222,760 61,952 462,271 24,033 61,952 486,304 548,256 35,954 512,302 2013 - 2017 Office/Retail—Italy 4 6,125 7,346 7,692 (218 ) 7,346 7,474 14,820 589 14,231 2015 Residential—Italy 1 328 551 253 (609 ) 122 73 195 6 189 2015 Residential/Retail—Italy 4 2,007 2,464 2,463 (98 ) 2,464 2,365 4,829 262 4,567 2015 Retail—France 1 5,650 729 6,236 — 729 6,236 6,965 167 6,798 2017 Retail—Italy 33 19,565 36,963 11,070 (1,735 ) 36,091 10,207 46,298 1,077 45,221 2015 Retail—UK 6 82,393 8,640 115,655 (3,959 ) 8,341 111,995 120,336 9,609 110,727 2015 Retail—US 9 — 2,543 65,962 1,825 2,543 67,787 70,330 1,831 68,499 2017 Retail—Spain 33 14,094 58,079 29,449 54 58,079 29,503 87,582 685 86,897 2017 Mixed/Retail—Italy 6 13,901 13,914 20,214 872 13,914 21,086 35,000 1,616 33,384 2015 364 1,847,000 628,806 2,292,490 26,265 625,271 2,322,290 2,947,561 114,423 2,833,138 Real estate held for investment 1,261 $ 8,551,185 $ 2,015,153 $ 12,815,702 $ 211,700 $ 2,011,794 $ 13,030,761 $ 15,042,555 $ 578,297 14,464,258 Real estate held for sale Office—Norway 293,215 2015 Other 427,471 Various Total real estate assets $ 15,184,944 __________ (1) The purchase price allocations for certain 2017 acquisitions are provisional and subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. (2) The aggregate gross cost of total real estate assets for federal income tax purposes is $14.4 billion as of December 31, 2017. (3) Depreciation is calculated using a useful life of 3 to 44 years for buildings and improvements. (4) Properties consolidated upon the Internalization reflect an acquisition date of April 2, 2015, the effective date of consolidation. (5) Net of impairment. The following tables summarize the activity in real estate assets and accumulated depreciation: Year Ended December 31, (In thousands) 2017 2016 2015 Real Estate, at Gross Cost Basis Balance at January 1 $ 3,656,094 $ 3,518,682 $ 1,650,418 Assumed through the Merger 11,730,087 — — Assumed through foreclosures or restructuring of mortgage loans 1,867,655 128,124 155,035 Acquisitions 1,027,889 434,266 1,223,452 Improvements and capitalized costs (1) 237,125 16,072 55,993 Consolidation of real estate held by investment entities (Note 3) — — 812,672 Deconsolidation of real estate held by investment entity (Note 4) (407,653 ) — — Dispositions (2) (2,484,616 ) (313,982 ) (321,173 ) Impairment (59,652 ) (11,391 ) (7,089 ) Measurement period adjustments for real estate acquired in business combination — (16,688 ) — Effect of changes in foreign exchange rates 224,215 (98,989 ) (50,626 ) Balance at December 31 15,791,144 3,656,094 3,518,682 Classified as held for sale, net (3) (748,589 ) (235,541 ) (300,244 ) Balance at December 31, held for investment $ 15,042,555 $ 3,420,553 $ 3,218,438 Year Ended December 31, (In thousands) 2017 2016 2015 Accumulated Depreciation Balance at January 1 $ 188,509 $ 88,577 $ 6,421 Depreciation 453,331 108,298 83,156 Deconsolidation of real estate held by investment entity (Note 4) (3,212 ) — — Dispositions (2) (34,854 ) (6,025 ) (389 ) Effect of changes in foreign exchange rates 2,426 (2,341 ) (611 ) Balance at December 31 606,200 188,509 88,577 Classified as held for sale, net (3) (27,903 ) (11,587 ) (2,357 ) Balance at December 31, held for investment $ 578,297 $ 176,922 $ 86,220 __________ (1) Includes transaction costs capitalized for asset acquisitions. (2) Includes amounts classified as held for sale during the year and disposed before the end of the year. (3) Amounts classified as held for sale during the year and remain as held for sale at the end of the year.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE December 31, 2017 (Dollars in thousands) Loan Type / Collateral / Location (1) Number of Loans Payment Terms (2) Interest Rate Range (3) Maturity Date Range (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount (6)(7) Principal Amount Subject to Delinquent Principal or Interest (8) Loans at amortized cost First mortgage: Residential—CA, USA 1 I/O 11.1% May 2018 $ — $ 29,090 $ 29,032 $ — Residential—France 1 I/O 15.0% October 2020 — 28,511 27,833 — Multifamily—Various, USA 155 Both 2.9% - 9.9% October 2017 to April 2038 — 294,519 289,026 14,749 Multifamily—Ireland 1 I/O 2.1% January 2018 — 78,754 86,938 — Office—Various, USA 11 I/O 6.2% - 10.5% October 2017 to August 2018 — 190,211 190,699 — Office—France 1 I/O 4.0% December 2017 — 10,159 10,395 — Office—Ireland 1 I/O 2.0% December 2017 — 47,121 47,007 — Retail—Various, USA 11 Both 6.0% - 12.9% May 2017 to May 2021 — 255,763 255,911 26,500 Retail—France 1 I/O 3.5% June 2018 — 3,076 2,980 — Hospitality—NY, USA 1 P&I 2.8% May 2023 — 50,314 288,225 — Hospitality—TX, USA 1 I/O 7.5% October 2019 — 295,000 50,314 — Hospitality—France 1 I/O 10.0% December 2021 — 66,786 65,982 — Hospitality—Spain 1 I/O 11.0% July 2019 — 42,678 43,113 — Healthcare—VA, USA 1 I/O 7.3% March 2015 — 4,180 2,592 4,180 Healthcare—UK 6 I/O 7.5% March 2022 — 67,960 68,060 — Land—Various, USA 2 Both 10.0% - 12.0% May 2018 to September 2019 — 65,775 64,344 — Other—Various, USA 1 I/O 10.9% November 2017 — 28,618 28,614 — Other—France 3 I/O 3.5% - 15.0% June 2018 to December 2020 — 8,382 8,367 — 200 — 1,566,897 1,559,432 45,429 (Dollars in thousands) Loan Type / Collateral / Location (1) Number of Loans Payment Terms (2) Interest Rate Range (3) Maturity Date Range (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount (6)(7) Principal Amount Subject to Delinquent Principal or Interest (8) Subordinated mortgage and mezzanine: Residential—CA, USA 2 I/O 10.0% - 15.0% February 2018 to March 2018 55,842 36,070 36,051 — Multifamily—Various, USA 3 I/O 9.5% - 13.0% March 2018 to August 2024 151,729 29,843 30,043 — Office—Various, USA 3 I/O 8.0% - 12.0% July 2019 to April 2025 92,686 36,817 33,450 — Office—Ireland / France 1 I/O 11.0% January 2022 30,000 124,709 133,099 — Retail—Various, USA 2 P&I 5.7% - 10.5% December 2018 to April 2024 191,597 54,032 52,292 — Retail—Germany 1 I/O 10.0% June 2019 112,389 119,795 124,131 — Retail—UK 1 I/O 12.0% August 2019 134,926 71,879 71,879 71,879 Hospitality—Various, USA 6 Both 8.7% - 15.0% April 2019 to May 2023 93,262 153,452 153,340 — Hospitality—Greece 1 I/O 11.0% August 2020 34,591 52,613 52,960 — Hospitality—Mexico 1 I/O 11.5% January 2019 90,000 40,000 41,168 — Land—TX, USA 1 I/O 14.0% May 2018 2,251 37,545 37,439 — Other—CA, USA 1 I/O 12.0% July 2019 33,866 111,451 111,872 — Other—CA, USA 1 I/O 12.5% July 2019 15,568 51,234 50,680 — 24 1,038,707 919,440 928,404 71,879 Purchased credit-impaired loans (9) Residential—Various, USA 64 — 22,840 14,619 — Residential—France 1 — 3,036 1,083 — Multifamily—Various, USA 249 — 131,521 92,247 7,766 Multifamily—Ireland 2 — 5,902 919 — Industrial—Various, USA 50 — 39,246 25,937 — Industrial—Ireland 3 — 93,657 20,970 — Office—Various, USA 23 — 22,387 12,156 288 Office—France 1 — 6,314 4,617 — Office—Ireland 9 — 349,414 268,111 197,318 Office—Spain 1 — 31,239 5,183 — Retail—Various, USA 53 — 85,063 63,477 6,247 Retail—Ireland 7 — 113,853 32,957 — Hospitality—Various, USA 32 — 27,362 16,654 — Hospitality—France 1 — 16,891 17,064 — Hospitality—Ireland 7 — 57,892 5,409 — Land—Various, USA 109 — 83,105 11,513 21,273 Land—Ireland 4 — 112,102 27,277 — Other—Various, USA 81 — 39,553 13,428 1,699 Other—Bahamas 1 — 25,401 3,000 25,401 Other—Ireland 38 — 629,368 7,290 — 736 — 1,896,146 643,911 259,992 (Dollars in thousands) Loan Type / Collateral / Location (1) Number of Loans Payment Terms (2) Interest Rate Range (3) Maturity Date Range (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount (6)(7) Principal Amount Subject to Delinquent Principal or Interest (8) Corporate loans Corporate—Various, USA 2 I/O 8.0% - 13.0% January 2027 to September 2029 — 46,485 46,155 — Retail—Various, USA 5 P&I 6.8% - 7.0% February 2018 to June 2018 — 355 437 — 7 — 46,840 46,592 — Loans at fair value (10) 10 Both 5.5% - 7.6% May 2016 to May 2036 — 72,511 45,423 47,239 Total 977 $ 1,038,707 $ 4,501,834 $ 3,223,762 $ 424,539 __________ (1) Loans with carrying amounts that are individually less than 3% of the total carrying amount have been aggregated according to collateral type and location. (2) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity (3) Variable rate loans are determined based on the applicable index in effect as of December 31, 2017. (4) Represents contractual maturity that does not contemplate exercise of extension option. (5) Prior liens represent loan amounts owned by third parties that are senior to the Company’s subordinated or mezzanine positions and are approximate. (6) Carrying amounts at December 31, 2017 are presented net of $52.7 million of allowance for loan losses. (7) The aggregate cost basis of loans held for investment for federal income tax purposes is approximately $3.2 billion as of December 31, 2017. (8) Represents principal balance of loans which are 90 days or more past due as to principal or interest. For purchased credit-impaired loans, amounts represent principal balance of loans on nonaccrual status for which the Company is not able to determine a reasonable expectation of cash flows to be collected. (9) Purchased credit-impaired loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. Payment terms, stated interest rate and contractual maturity are not presented as they are not relevant to purchased credit-impaired loans. (10) Represents loans held in a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust. Activity in loans held for investment is summarized below: Year Ended December 31, (In thousands) 2017 2016 2015 Balance at January 1 $ 3,430,608 $ 4,046,093 $ 2,131,134 Loans acquired in Merger 359,541 — — Loan acquisitions and originations 991,239 551,456 1,145,704 Paid-in-kind interest added to loan principal 56,131 43,864 30,211 Discount and net loan fee amortization 43,877 27,038 17,062 Loan repayments (902,190 ) (735,162 ) (346,246 ) Payments received from PCI loans (419,232 ) (197,453 ) (514,818 ) Accretion on PCI loans 61,809 65,911 158,468 Transfer to loans held for sale (50,894 ) (56,357 ) — Carrying value of loans sold — (118,068 ) — Transfer to real estate assets upon foreclosure (515,055 ) (128,124 ) (155,035 ) Provision for loan losses (19,741 ) (34,864 ) (39,638 ) Other gain (loss) (2,309 ) — — Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 5) 58,296 — 1,629,496 Effect of changes in foreign exchange rates 131,682 (33,726 ) (10,245 ) Balance at December 31 3,223,762 3,430,608 4,046,093

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements.
Merger and Business Combinations	Merger The Merger is accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM is the legal acquirer in the Merger for certain legal and regulatory matters, however, Colony was determined to be the accounting acquirer in the Merger for financial reporting purposes. While NSAM is the legal entity which initiated the transaction and issued its shares to consummate the Merger, the fact that the senior management of Colony NorthStar primarily consists of Colony senior executives, along with other qualitative considerations, resulted in Colony being designated the accounting acquirer. The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of Colony NorthStar is adjusted to reflect the equity structure of the legal acquirer, including for comparative periods, by applying the Colony share exchange ratio of 1.4663 . The historical financial information as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. The assets and liabilities of Colony are reflected by Colony NorthStar at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF are incorporated into Colony NorthStar effective from January 11, 2017. Accordingly, comparison of period to period results of operations and financial positions may not be meaningful. Business Combinations The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant cost, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Prior to the Company's adoption of the new definition of a business effective October 1, 2016, the concentration of acquired fair values in a single or group of similar identifiable assets did not preclude the acquisition of such assets from meeting the definition of a business. As a result, acquisition of real estate assets with existing in-place leases, other than sale-leaseback transactions, were generally recognized as business combinations. Net cash paid to acquire a business or assets is classified as investing activities on the accompanying statements of cash flows. The Company accounts for business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. For contingent consideration in connection with the acquisition of assets, subsequent changes to the recorded amount are adjusted against the cost of the acquisition.
Principles of Consolidation	Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities —A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing this analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities —Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests —This represents noncontrolling interests in (i) an investment management subsidiary, Townsend Holdings, LLC ("Townsend"); and (ii) a consolidated open-end fund sponsored by the Company. The Townsend noncontrolling interests have the ability to require the Company to redeem a certain percentage of their interests through December 31, 2020 or upon the occurrence of certain triggering events. Redemptions by the Townsend noncontrolling interests may be settled in cash, the Company’s common stock, or a combination thereof, at the Company's option, subject to certain conditions, and payable by the end of the fiscal quarter following the exercise of the redemption. The Company sold its interest in Townsend on December 29, 2017. The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is 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. Noncontrolling Interests in Investment Entities —This represents interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company —This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
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 exchange rate in effect at balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the latest balance sheet date.
Fair Value Measurement and Fair Value Option	Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3 —At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement. Fair Value Option The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected the fair value option for financial assets and financial liabilities of certain consolidated securitization trusts, and adopted the measurement alternative to measure both the financial assets and financial liabilities of the securitization trusts using the fair value of either the financial assets or financial liabilities, whichever is more observable. The Company has also elected to account for certain cost and equity method investments at fair value.
Discontinued Operations	Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations, regardless of whether it meets the strategic shift criteria.
Cash and Cash Equivalents	Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits.
Restricted Cash	Restricted Cash Restricted cash consists primarily of amounts related to operating real estate and loans receivable as well as cash held by the Company’s foreign subsidiaries due to certain regulatory capital requirements.
Real Estate Assets	Real Estate Assets Real Estate Acquisitions— Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment are carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 13 to 44 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of useful life or remaining life of the building Land improvements 8 to 30 years Tenant improvements Lesser of useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 20 years Impairment —The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates impairments on an individual property basis. If an impairment indicator exists, the Company evaluates whether the future undiscounted cash flows that is expected to be generated by the property, including any estimated proceeds from the eventual sale of the property, is less than the carrying value of the property; and if so, the carrying value of the property is determined to not be recoverable. Impairment loss is then measured as the excess of the carrying value of the property over the estimated fair value of the property. In estimating the fair value of the property, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. Real Estate Held for Sale Classification as Held for Sale —Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell. Real Estate Sales —The Company evaluates if real estate sale transactions qualify for recognition under the full accrual method, considering whether, among other criteria, the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay, any receivable due to the Company is not subject to future subordination, the Company has transferred to the buyer the usual risks and rewards of ownership and the Company does not have a substantial continuing involvement with the sold real estate. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price less disposal cost and the carrying value of the real estate. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are recognized, generally, at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. Deficiencies compared to the carrying value of the loan, after reversing any previously recognized loss provision on the loan, are recorded as impairment loss. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.
Loans Receivable, Loans Held for Investment (other than Purchased Credit-Impaired Loans)	Loans Held for Investment (other than Purchased Credit-Impaired Loans) Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred.
Loans Receivable, Interest Income	Interest Income —Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income.
Loans Receivable, Nonaccrual	Nonaccrual —Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collection on nonaccruing loans for which ultimate collectability of principal is uncertain is recognized using a cost recovery method by applying interest collected as a reduction to loan principal; otherwise, interest collected is recognized on a cash basis by crediting to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is reasonably assured.
Loans Receivable, Impairment and Allowance for Loan Losses	Impairment and Allowance for Loan Losses —On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, liquidation value of collateral properties, financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis. Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the statement of operations. Allowance for loan losses generally exclude interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral dependent loans are written down to the fair value of the collateral less disposal cost, first through a charge-off against allowance for loan losses, if any, then recorded as impairment loss.
Loans Receivable, Troubled Debt Restructuring	Troubled Debt Restructuring ("TDR") —A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology.
Loans Receivable, Loans Held for Sale	Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost.
Loans Receivable, Purchased Credit-Impaired (PCI) Loans	Purchased Credit-Impaired ("PCI") Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recovery method or on a cash basis. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield. Subsequent increases in cash flows expected to be collected are first applied to reverse any previously recorded allowance for loan losses, with any remaining increases recognized prospectively through an adjustment to yield over its remaining life. Factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans. PCI loans may be aggregated into pools based upon common risk characteristics, such as loan performance, collateral type and/or geographic location of the collateral. A pool is accounted for as a single asset with a single composite yield and an aggregate expectation of estimated future cash flows. A PCI loan modified within a pool remains in the pool, with the effect of the modification incorporated into the expected future cash flows. A loan resolution within a loan pool, which may involve the sale of the loan or foreclosure on the underlying collateral, results in the removal of an allocated carrying amount, including an allocable portion of any existing allowance.
Loans Receivable, Acquisition, Development and Construction (ADC) Loan Arrangements	Acquisition, Development and Construction ("ADC") Loan Arrangements The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans receivable and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using the equity method, cost method or under the fair value option, if elected. The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company's share of the entity’s net income or loss as well as other comprehensive income or loss. The Company's share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-pro rata earnings allocation formula or a preferred return to certain investors. This includes carried interests earned by the Company, which are incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of investment vehicles sponsored by the Company as general partner and investment manager. The Company's share of both proportionate and disproportionate allocation of returns from its interests in investment vehicles, which are accounted for under the equity method, may reflect fair value changes in the underlying investments if the investment vehicles qualify for investment company accounting. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits or those related to capital transactions, such as a financing transactions or sales, are reported as investing activities in the statement of cash flows. Investments that do not qualify for equity method accounting are accounted for under the cost method. Dividends from cost method investments, when received, are recorded as dividend income to the extent they are not considered a return of capital; otherwise such amounts are recorded as a reduction of the cost of investment. The Company elected the fair value option for certain cost method and equity method investments. The Company records the change in fair value of such investments in earnings from investments in unconsolidated ventures in the statements of operations. Impairment —If indicators of impairment exist, the Company performs an evaluation of its equity method and cost method investments to assess whether the fair value of its investment is less than its carrying value. To the extent the decrease in value is considered to be other-than-temporary and an impairment has occurred, the investment is written down to its estimated fair value, recorded within earnings from investments in unconsolidated ventures.
Securities	Securities Debt securities and marketable equity securities are recorded as of the trade date. Securities designated as available-for-sale (“AFS”) are carried at fair value with unrealized gains or losses included as a component of other comprehensive income. Upon disposition of AFS securities, the cumulative gains or losses in other comprehensive income (loss) that are realized are recognized in other gain (loss), net, on the statement of operations based on specific identification. Dividend income —Dividend income from marketable equity securities is recognized on the ex dividend date. Interest Income —Interest income from debt securities, including stated coupon interest payments and amortization of purchase premiums or discounts, is recognized using the effective interest method over the expected lives of the debt securities. For beneficial interests in debt securities that are not of high credit quality (generally credit rating below AA) or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, interest income is recognized as the accretable yield over the life of the securities using the effective yield method. The accretable yield is the excess of current expected cash flows to be collected over the net investment in the security, including the yield accreted to date. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing the securities on nonaccrual, with interest income recognized using the cost recovery method. Impairment —The Company performs an assessment, at least quarterly, to determine whether a decline in fair value below amortized cost of AFS debt securities is other than temporary. Other-than-temporary impairment ("OTTI") exists when either (i) the holder has the intent to sell the impaired security, (ii) it is more likely than not the holder will be required to sell the security, or (iii) the holder does not expect to recover the entire amortized cost of the security. For beneficial interests in debt securities that are not of high credit quality or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, OTTI also exists when there has been an adverse change in cash flows expected to be collected from the last measurement date. If the Company intends to sell the impaired security or more likely than not will be required to sell the impaired security before recovery of its amortized cost, the entire impairment amount is recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, the Company further evaluates the security for impairment due to credit losses. In determining whether a credit loss exists, an assessment is made of the cash flows expected to be collected from the security. The credit component of OTTI is recognized in earnings within other gain (loss), while the remaining non-credit component is recognized in other comprehensive income. The amortized cost basis of the security is written down by the amount of impairment recognized in earnings and will not be adjusted for subsequent recoveries in fair value. The difference between the new amortized cost basis and the cash flows expected to be collected will be accreted as interest income. In assessing OTTI and estimating future expected cash flows, factors considered include, but are not limited to, credit rating of the security, financial condition of the issuer, defaults for similar securities, performance and value of assets underlying an asset-backed security. PCI Debt Securities —Debt securities acquired that are deemed to be credit-impaired at acquisition date are recorded at their initial investment and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured at acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the security using the effective yield method. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected ("nonaccretable difference"), which reflects estimated future credit losses expected to be incurred over the life of the security, is not accreted to interest income nor recorded on the balance sheet. Subsequent decreases in undiscounted expected cash flows attributable to further credit deterioration as well as changes in expected timing of future cash flows can result in recognition of OTTI. Subsequent increases in expected cash flows, other than due to interest rate changes on variable rate securities, are recognized prospectively over the remaining life of the security as an adjustment to accretable yield.
Identifiable Intangibles	Identifiable Intangibles In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual legal criterion or the separability criterion. Indefinite-lived intangibles are not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise they are amortized on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Finite-lived intangibles are periodically reviewed for impairment and an impairment loss is recognized if the carrying amount of the intangible is not recoverable and exceeds its fair value. An impairment establishes a new basis for the identifiable intangibles and any impairment loss recognized is not subject to subsequent reversal. Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below market, which is amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively. Deferred leasing costs represent management's estimation of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.
Goodwill	Goodwill Goodwill is an unidentifiable intangible asset and is recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired, liabilities assumed and noncontrolling interests in the acquiree. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis in the fourth quarter of each year, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit to which the goodwill is assigned is less than its carrying value. If so, a quantitative assessment is performed to determine if an impairment has occurred and to measure the impairment loss. On October 1, 2017, the Company early adopted the new guidance which simplifies goodwill impairment assessment. Goodwill impairment is measured as the excess in carrying value over fair value of the reporting unit, with the loss recognized not to exceed the amount of goodwill assigned to that reporting unit. Prior to October 1, 2017, the quantitative assessment was performed in a two-step process. In the first step, if the fair value of the reporting unit is less than its carrying value (including goodwill), then goodwill is considered to be impaired. In the second step, the implied fair value of goodwill is determined by comparing the fair value of the reporting unit determined in step one to the fair value of the net assets of the reporting unit as if the reporting unit was being acquired in a business combination. If the carrying value of goodwill exceeds the resulting implied fair value of goodwill, then an impairment charge is recognized for the excess. An impairment establishes a new basis for goodwill and any impairment loss recognized is not subject to subsequent reversal. Goodwill impairment tests require judgment, including identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.
Accounts Receivable and Related Allowance	Accounts Receivable and Related Allowance Property Operating Income Receivables —The Company periodically evaluates aged receivables as well as considers the collectability of unbilled receivables for each tenant, operator, resident or guest, individually. The Company establishes an allowance when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under existing contractual terms, and the amount can be reasonably estimated. Cost Reimbursements and Recoverable Expenses —The Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the retail companies and private funds managed by the Company, which include: (i) organization and offering costs associated with the formation and offering of the retail companies not to exceed a certain percentage of the proceeds expected to be raised from the offering and excluding shares being offered pursuant to distribution reinvestment plans; (ii) direct and indirect operating costs associated with managing the operations of the retail companies; and (iii) costs incurred in performing investment due diligence. Indirect operating costs are recorded as expenses of the Company when incurred and amounts allocated and reimbursable are recorded as other income in the consolidated statements of operations. The Company facilitates the payments of organization and offering costs, due diligence costs to the extent the related investments are consummated and direct operating costs, all of which are recorded as due from affiliates on the consolidated balance sheets, until such amounts are repaid. Due diligence costs related to unconsummated investments are borne by the Company and expensed as investment, servicing and commission expense in the consolidated statement of operations. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted sales of shares and capital reinvestment of the proceeds from the sale of shares under the respective offerings of the retail companies, and establishes an allowance for any balances considered not collectible.
Fixed Assets	Fixed Assets Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of assets are capitalized and depreciated over their useful life. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets, which range between 3 to 5 years for furniture, fixtures, equipment and capitalized software, 15 years for aircraft and over the shorter of the lease term or useful life for leasehold improvements.
Transfers of Financial Assets	Transfers of Financial Assets Sale accounting for transfers of financial assets is limited to the transfer of an entire financial asset, a group of financial assets in their entirety, or a component of a financial asset which meets the definition of a participating interest by having characteristics that are similar to the original financial asset. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting would require that the transfer meets the following conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur. If the criteria for sale accounting are met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions.
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting. Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss). For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued. Cash Flow Hedges —The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income, while hedge ineffectiveness is recorded in earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated other comprehensive income (loss) are reclassified into earnings. Net Investment Hedges —The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in the fair value of derivatives used as hedges of net investment in foreign operations, to the extent effective, are recorded in the cumulative translation adjustment account within accumulated other comprehensive income (loss). At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as nondesignated hedges. Release of accumulated other comprehensive income related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from accumulated other comprehensive income to earnings.
Financing Costs	Financing Costs Debt discounts and premiums as well as debt issuance costs (except for revolving credit arrangements) are presented net against the associated debt on the balance sheet and amortized into interest expense using the effective interest method over the contractual term of the debt or expected life of the debt instrument. Costs incurred in connection with revolving credit arrangements are recorded as deferred financing costs in other assets, and amortized on a straight-line basis over the expected term of the credit facility.
Property Operating Income	Property Operating Income Property operating income includes the following. Rental Income —Rental income is recognized on a straight-line basis over the noncancelable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred. When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed from the tenants, is capitalized. For Company owned tenant improvements, the amount funded by or reimbursed from the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space. When it is determined that the tenant is the owner of tenant improvements, the Company's contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space. Tenant Reimbursements —In net lease arrangements, the tenant is generally responsible for operating expenses relating to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized. Resident Fee Income —Resident fee income is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges, included in lease agreements. Revenue for ancillary fees is recognized as services are provided. Hotel Operating Income —Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services.
Fee Income	Fee Income Fee income consists of the following: Base Management Fees —The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs and investment companies. Base management fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying management agreements. Asset Management Fees (including fees related to acquisition and disposition of investments) —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. In accordance with contractual terms of the underlying management and advisory agreements, a portion of asset management fees is recognized upon completion of initial underwriting, with remaining fees deferred and recognized over the holding period of each investment in which the related services are performed for each investment. The Company also earns fees related to acquisition and disposition of investments by certain managed non-traded REITs, which are recognized upon closing of the respective acquisition or disposition of underlying investments. Incentive Fees —The Company may earn incentive fees from its managed private funds, traded and non-traded REITs and investment companies. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in the respective governing agreements. Incentive fees that take the form of a contractual arrangement with the investment vehicle and does not represent an allocation of returns among equity holders of the investment vehicle (or “contractual incentive fees”) are recognized when fixed or determinable and related contingencies have been resolved, which is generally at the end of the incentive measurement period of the respective investment vehicles. Any contractual incentive fees received prior to that date are recorded as deferred income. Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method, as discussed in the Company's accounting policy for investments in unconsolidated ventures. A portion of the incentive fees earned by the Company is allocated to senior management, investment professionals and certain other employees of the Company, generally at 40%, consistent with market terms. Advisory Fees —The Company earns advisory fees from its clients at a fixed annual retainer. Advisory fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying advisory agreements. Selling Commission and Dealer Manager Fees —These fees are earned by the Company for selling equity in the non-traded REITs and investment companies, and are recognized on trade date.
Other Income	Other Income Other income includes the following: Expense Recoveries from Borrowers —Expenses, primarily legal costs incurred in administering non-performing loans and foreclosed properties held by investment entities, may be subsequently recovered through payments received when these investments are resolved. The Company recognizes income when the cost recoveries are determinable and repayment is assured. Collateral Management Fees —These fees are earned in the Company's capacity as collateral manager or collateral manager delegate of collateralized debt obligation vehicles ("CDOs") sponsored by the Company or by third parties. Collateral management fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying agreements. If amounts distributable on any payment date are insufficient to pay the collateral management fees according to the priority of payments, any shortfall is deferred and payable on subsequent payment dates. Collateral management fees earned from consolidated CDOs are eliminated in consolidation. Cost Reimbursements from Affiliates —For various services provided to certain affiliates, including managed investment vehicles, the Company is entitled to receive reimbursements of expenses incurred, generally based on expenses that are directly attributable to providing those services and/or a portion of overhead costs. The Company acts in the capacity of a principal under these arrangements. Accordingly, the Company records the expenses and corresponding reimbursement income on a gross basis in the period the services are rendered and costs are incurred.
Compensation	Compensation Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, benefits, severance payments and equity-based compensation. Bonus is accrued over the employment period to which it relates.
Equity-Based Compensation	Equity-Based Compensation Equity-classified stock awards granted to employees that have a service condition only are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. Stock awards granted to non-employees that have a service condition only are remeasured at fair value at the end of each reporting period until the award is fully vested. Fair value is determined based on the closing price of the Company's class A common stock at date of grant or date of remeasurement. 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.
Income Taxes	Income Taxes A REIT is generally not subject to corporate-level federal and state income tax on net income it distributes to its stockholders. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year and if the statutory relief provisions were not to apply, the Company would be subject to federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax for the taxable year ended December 31, 2017) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it and its subsidiaries may be subject to certain U.S federal, state and local as well as foreign taxes on its income and property and to U.S federal income and excise taxes on its undistributed taxable income. The Company has elected or may elect to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS may perform non-customary services for tenants of the REIT, hold assets that the REIT cannot or does not intend to hold directly and, subject to certain exceptions related to hotels and healthcare properties, may engage in any real estate or non-real estate related business. The Company uses TRS entities to conduct certain activities that cannot be conducted directly by a REIT, such as investment management, property management including hotel and healthcare operations as well as loan servicing and workout activities. A TRS is treated as a regular, taxable corporation for U.S income tax purposes and therefore, is subject to U.S federal corporate tax on its income and property. Deferred Income Taxes —The provision for income taxes includes current and deferred portions. The current income tax provision differs from the amount of income tax currently payable because of temporary differences in the recognition of certain income and expense items between financial reporting and income tax reporting. The Company uses the asset and liability method to provide for income taxes, which requires that the Company's income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on enacted tax rates that the Company expects to be in effect when the underlying items of income and expense are realized and the differences reverse. A deferred tax asset is also recognized for net operating loss carryforwards and the income tax effect of accumulated other comprehensive income items of the TRS and foreign taxable entities. A valuation allowance for deferred tax assets is established if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company's TRS and foreign taxable entities generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets. Uncertain Tax Positions —Income tax benefits are recognized for uncertain tax positions that are more likely than not to be sustained based solely on their technical merits. Such uncertain tax positions are measured as the largest amount of benefit that is more likely than not to be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return results in an unrecognized tax benefit. The Company periodically evaluates whether it is more likely than not that its uncertain tax positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations.
Earnings Per Share	Earnings Per Share The Company calculates basic earnings per share using the two-class method which defines unvested share based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents include shares to be issued upon the assumed conversion of the Company's outstanding convertible notes, which are included under the if-converted method when dilutive. The earnings allocated to common shareholders is adjusted to add back the after-tax amount of interest expense associated with the convertible notes, except when doing so would be antidilutive.
Reclassification	Reclassifications Certain prior period amounts on the balance sheet and statement of cash flows have been reclassified to conform to current period presentation for the combined company. Significant reclassifications include presentation of all assets held for sale and related liabilities separately on the consolidated balance sheet as well as the presentation of preferred stock at carrying value, which was previously presented at par. Additionally, $2.4 million was reclassified in 2015 from bad debt expense included in investment, servicing and commission expense to provision for loan losses on the consolidated statement of operations. On the consolidated balance sheet, the same amount was reclassified from allowance for bad debts, which was netted against other assets, to allowance for loan losses, which is netted against loans receivable. Such reclassifications did not have a material effect on the Company's financial position, results of operations or its cash flows.
Recent Accounting Updates	Accounting Standards Adopted in 2017 Equity-Based Compensation —In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2016-09, Improvements to Share-Based Payment Accounting , which amends certain aspects of accounting for share based payments to employees. This includes accounting for income tax effects in the income statement, increasing the fair value of shares applied for income tax withholding without triggering liability accounting, allowing forfeitures related to service condition to be recognized upon occurrence, as well as changes in cash flow classifications. This guidance may be adopted prospectively or on a modified retrospective transition basis depending on the requirements of each provision. ASU No. 2016-09 is effective for fiscal years and interim periods beginning after December 15, 2016. The Company adopted this new guidance prospectively on January 1, 2017. The Company has made a policy election to account for forfeitures upon occurrence. The adoption of this standard did not have a material impact on the Company's financial condition, results of operations or cash flows. Modification of Equity-Based Awards —In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718), Scope of Modification Accounting , which limits the scope of modification accounting for equity-based awards. Modification accounting would not be applied if the fair value, vesting conditions and classification of the award as an equity or liability instrument are the same immediately before and after the modification. In assessing the fair value criterion, if the modification does not affect any of the inputs to the valuation technique used to value the award, then an actual estimate of fair value before and after the modification is not required. Disclosure of significant changes to the terms and conditions of a modified equity award continues to be required even if modification accounting is not applied. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017, to be applied prospectively to awards modified on or after the adoption date . Early adoption is permitted in any interim period for which financial statements have not yet been issued. The adoption of this guidance would limit instances of incremental compensation cost being recognized when a non-substantive change is made to an equity award, which under modification accounting, would have otherwise resulted in a remeasurement of the award at a higher fair value on modification date. The Company adopted this guidance prospectively on April 1, 2017. There were no award modifications subsequent to adoption. Goodwill Impairment —In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment , which removes the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. Goodwill impairment is now measured as the excess in carrying value over fair value of the reporting unit, with the loss recognized not to exceed the amount of goodwill assigned to that reporting unit. The one step impairment test will also be applied to goodwill at reporting units that have zero or negative carrying values, with a disclosure of the amount of goodwill at the reporting units. The Company early adopted this new guidance as of October 1, 2017 for its annual goodwill impairment assessment. Future Application of Accounting Standards Revenue Recognition —In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition standards by establishing principles for a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The new revenue standard may be applied retrospectively to each prior period presented (full retrospective) or retrospectively to contracts not completed as of date of initial application with the cumulative effect recognized in retained earnings (modified retrospective). ASU No. 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2017. The FASB has subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. These amendments have the same effective date and transition requirements as the new standard. The Company plans to adopt the standard on its required effective date of January 1, 2018 using the modified retrospective approach, to be applied to contracts not yet completed as of date of adoption. The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company as discussed below. Separately, the Company continues to evaluate the principal versus agent considerations under the guidance which would affect whether certain cost reimbursement arrangements with investment vehicles managed by the Company would be reported gross or net on the statement of operations. Resident Fee Income —The Company operates a portfolio of independent living, assisted living and skilled nursing facilities in its healthcare segment. The Company has determined that independent living and assisted living agreements are leases subject to the leasing standard, while certain agreements within skilled nursing facilities, which entitle residents to reside in the community rather than an explicitly or implicitly identified unit, are not leases. Revenue for services provided within skilled nursing facilities, whether they are routine services such as room and bed maintenance, nursing, dietary services, and resident activities or programs, or separately covered services such as those ordered by physicians, are satisfied over the duration of care. These services are a series of distinct services satisfied over time, and revenue is recognized monthly based on the number of days in the month services are provided. The Company does not expect any significant changes to revenue recognized for such services provided within the skilled nursing facilities. Hotel Operating Income —Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company does not expect any significant change to revenue recognized under the new guidance as revenue is recognized over time based on the transaction price. Base Management Fees —The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITS and investment companies. The Company determined that there would be no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, in which revenue is recognized monthly over the life of the fund based on the number of days in the month services are provided. Asset Management Fees —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. Currently, a portion of asset management fees is recognized upon completion of initial underwriting, with remaining fees deferred and recognized over the holding period of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consist of a series of distinct services satisfied over time, in which revenue will be recognized monthly over the life of each investment based on the number of days in the month the service is provided. As a result of the change in revenue recognition under the new standard, the Company estimated a cumulative impact of approximately $1.6 million to be adjusted as a reduction to retained earnings on January 1, 2018. The Company also receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there would be no change to revenue recognition as acquisition and disposition fees are earned at a point in time upon closing of the respective acquisition or disposition of underlying investments. Incentive Fees —The Company may earn incentive fees from its managed private funds, traded and non-traded REITs. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of certain return hurdles. Incentive fees that take the form of a contractual arrangement with the investment vehicle and does not represent an allocation of returns among equity holders of the investment vehicle (or “contractual incentive fees”) are within the scope of the new revenue standard. The Company currently recognizes contractual incentive fees when it is fixed or determinable and related contingencies have been resolved, which is generally at the end of the incentive measurement period of the respective investment vehicles. Under the new revenue guidance, contractual incentive fees are a form of variable consideration and will be recognized when it is probable that a significant reversal of the cumulative revenue recognized will not occur, which may result in earlier recognition of revenue relative to the Company’s existing policy. There is no cumulative impact as of January 1, 2018. Incentive fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are outside the scope of the new revenue standard. Carried interests are financial instruments and accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method. As carried interest represents income from equity method investments, it is presented, along with other proportionate allocation of returns based on the Company’s ownership interests in the investment vehicles, in earnings from unconsolidated investment ventures on the statement of operations. Adoption of the new standard does not have an impact to the Company's recognition of carried interests. Financial Instruments —In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which affects accounting for investments in equity securities, financial liabilities under the fair value option, as well as presentation and disclosures, but does not affect accounting for investments in debt securities and loans . Investments in equity securities, other than equity method investments, will be measured at fair value through earnings, except for equity securities without readily determinable fair values which may be measured at cost less impairment and adjusted for observable price changes, unless these equity securities qualify for the net asset value ("NAV") practical expedient. This provision eliminates cost method accounting and recognition of unrealized holding gains or losses on equity investments in other comprehensive income. For financial liabilities under the fair value option, changes in fair value resulting from the Company's own instrument-specific credit risk will be recorded separately in other comprehensive income. Fair value disclosures of financial instruments measured at amortized cost will be based on exit price and corresponding disclosures of valuation methodology and significant inputs will no longer be required. ASU No. 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is limited to specific provisions. ASU 2016-01 is to be applied retrospectively with cumulative effect as of the beginning of the first reporting period adopted recognized in retained earnings, except for provisions related to equity investments without readily determinable fair values and exit price fair value disclosures for financial instruments measured at amortized cost, which are to be applied prospectively. The Company plans to adopt the new guidance on its required effective date of January 1, 2018. In connection with the adoption, the Company will elect the NAV practical expedient to measure its current cost method investments in non-traded REITs and partnership interests in Townsend private funds based on their respective NAV per share. The Company is currently quantifying the cumulative impact of this adjustment to its retained earnings on January 1, 2018. The new standard does not affect equity securities held by the Company's consolidated fund in which the Company has retained the fund's investment company accounting, and limited partnership interests in third party private funds in which the Company had elected fair value option, as in both instances, unrealized fair value gains or losses are currently recorded in earnings. The Company's remaining cost method investments do not have readily determinable fair values, and to the extent the Company becomes aware of observable price changes in the future, the Company will adjust the carrying value of these cost method investments through earnings. Leases —In February 2016, the FASB issued ASU No. 2016-02, Leases , 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. ASU No. 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The new leases standard requires adoption using a modified retrospective approach for all leases existing at, or entered into after, the date of initial application. Full retrospective application is prohibited. The FASB has subsequently issued and proposed several amendments to the standard, including a proposal to provide optional transitional relief to apply the effective date of the new lease standard as the date of initial application in transition instead of the earliest comparative period presented, as well as to provide certain practical expedients, which include not segregating non-lease components from the related lease components but to account for those components as a single lease component by class of underlying assets. The Company will adopt the new lease standard on its effective date of January 1, 2019 and adopt the package of practical expedients under the guidance, which exempts the Company 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. If the proposed amendments by the FASB are approved, the Company expects to adopt the transition option, in which case, the cumulative effect adjustment to the opening balance of retained earnings will be recognized as of the effective date (i.e., on January 1, 2019) rather than as of the earliest period presented, and similarly, new disclosures under the standard will be made for periods beginning January 1, 2019, and not required for prior comparative periods. In addition, the Company expects to make 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. 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 Company, as the buyer/lessor. As lessee, the Company will recognize a right of use asset and corresponding liability for future obligations under its leasing arrangements, such as ground leases and office leases, which as of December 31, 2017 , have future contractual payments of $185.0 million and $74.2 million , respectively. 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 Company continues to evaluate the impact of this guidance on its financial statements. Credit Losses —In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses , which amends the credit impairment model for financial instruments. The existing incurred loss model will be replaced with a lifetime current expected credit loss ("CECL") model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For AFS debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. The accounting model for purchased credit-impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit-impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. Transition will generally be on a modified retrospective basis, with prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company expects that recognition of credit losses will generally be accelerated under the CECL model. Evaluation of the impact of this new guidance is ongoing. Cash Flow Classifications —In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in practice in certain classifications on the statement of cash flows. This guidance addresses eight types of cash flows, which includes clarifying how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows, as well as requiring an accounting policy election for classification of distributions received from equity method investees using either the cumulative earnings or nature of distributions approach, among others. Transition will generally be on a retrospective basis. ASU No. 2016-15 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted, provided that all amendments within the guidance are adopted in the same period. The Company anticipates making an accounting policy election for classification of distributions from its equity method investees using the cumulative earnings approach. The Company does not expect the adoption of this standard to have a material effect on presentation in its statement of cash flows. Restricted Cash —In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash , 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 will eliminate the presentation of transfers between cash and cash equivalents with 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 on the balance sheet, this ASU requires disclosure of a reconciliation between the totals in the statement of cash flows and the related captions in the balance sheet. The new guidance also requires disclosure of the nature of restricted cash and restricted cash equivalents, similar to existing requirements under Regulation S-X; however, it does not define restricted cash and restricted cash equivalents. ASU No. 2016-18 is effective for fiscal years and interim periods beginning after December 15, 2017, to be applied retrospectively, with early adoption permitted. If early adopted in an interim period, adjustments are to be reflected as of the beginning of the fiscal year of adoption. The Company has restricted cash of $471.1 million and $112.0 million at December 31, 2017 and 2016 , respectively, that will be subject to changes in presentation in the statement of cash flows upon adoption of the new standard on January 1, 2018. Derecognition and Partial Sales of Nonfinancial Assets —In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets , which clarifies the scope and application of Accounting Standards Codification ("ASC") 610-20, Other Income — Gains and Losses from Derecognition of Nonfinancial Assets , and defines in substance nonfinancial assets. ASC 610-20 applies to derecognition of all nonfinancial assets which are not contracts with customers or revenue transactions under ASC 606, Revenue from Contracts with Customers. Derecognition of a business is governed by ASC 810, Consolidation , while derecognition of financial assets, including equity method investments, even if the investee holds predominantly nonfinancial assets, is governed by ASC 860, Transfers and Servicing . The ASU also aligns the accounting for partial sales of nonfinancial assets to be more consistent with 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 in accordance with ASC 606, which would result in full gain or loss recognized upon sale. This ASU removes guidance on partial exchanges of nonfinancial assets in ASC 845, Nonmonetary Transactions , and eliminates the real estate sales guidance in ASC 360-20, Property, Plant and Equipment — Real Estate Sales . ASU 2017-05 has the same effective date as the new revenue guidance, which is January 1, 2018, with early adoption permitted beginning January 1, 2017. Both ASC 606 and ASC 610-20 must be adopted concurrently. While the transition method is similar to the new revenue guidance, either full retrospective or modified retrospective, the transition approach applied need not be aligned between both standards. The Company plans to adopt this standard on January 1, 2018, consistent with its adoption of the new revenue standard, using the modified retrospective approach. Under the new standard, if the Company sells a partial interest in its real estate assets to noncustomers or contributes real estate assets to unconsolidated ventures, and the Company retains a noncontrolling interest in the asset, such transactions could result in a larger gain on sale. The adoption of this standard could have a material impact to the Company's results of operations in a period if the Company sells a significant partial interest in a real estate asset. There were no such sales in the year ended December 31, 2017 . Hedge Accounting —In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities , which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation. ASU 2017-12 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted, with adjustments to be reflected as of the beginning of the fiscal year of adoption if early adopted in an interim period. The Company plans to adopt the standard on its effective date. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company will record the entire change in fair value of the hedging instrument (other than amounts excluded from assessment of hedge effectiveness for net investment hedges) in other comprehensive income and there will be no hedge ineffectiveness recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company may elect to perform effectiveness testing qualitatively so long as the Company can reasonably support an expectation that the hedge is highly effective now and in subsequent periods. As the standard allows more flexibility in hedging interest rate risk in cash flow hedges beyond a specified benchmark rate, the Company may be able to designate in the future other contractually specified variable interest rate as the hedged risk, which if effective, could decrease fluctuations in earnings. The Company continues to evaluate the impact of this new guidance but at this time, does not expect the adoption of this standard to have a material effect on its financial condition or results of operations.

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Real Estate Held for Investment Useful Life	Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 13 to 44 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of useful life or remaining life of the building Land improvements 8 to 30 years Tenant improvements Lesser of useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 20 years The Company's real estate, including foreclosed properties, were as follows: December 31, (In thousands) 2017 2016 Land $ 2,011,794 $ 630,540 Buildings and improvements 12,403,794 2,693,507 Tenant improvements 134,709 87,643 Furniture, fixtures and equipment 383,855 7 Construction in progress 108,403 8,856 15,042,555 3,420,553 Less: Accumulated depreciation (578,297 ) (176,922 ) Real estate assets, net $ 14,464,258 $ 3,243,631

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2017
Business Acquisition [Line Items]
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed	Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . ($ in thousands) Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2017 Asset Acquisitions (2) January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—California, U.S. (3) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) Year Ended December 31, 2016 Business Combinations (4) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. (5) 1 34,900 5,235 27,731 1,934 — May Office—France 1 18,203 14,150 3,815 388 (150 ) Various Industrial—Various in U.S. 18 201,635 36,974 151,689 16,063 (3,091 ) Asset Acquisitions Various Industrial—Various in U.S. 12 113,200 20,749 84,724 8,398 (671 ) $ 462,341 $ 110,373 $ 324,544 $ 32,101 $ (4,677 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. Transaction costs are included in purchase price for asset acquisitions and excluded for business combinations. (2) Useful life of real estate acquired in 2017 (excluding real estate deconsolidated as of December 31, 2017) ranges from 26 to 34 years for buildings, 7 to 14 years for site improvements, 2 to 9 years for tenant improvements and 2 to 11 years for lease intangibles. (3) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The Company's remaining interest is reflected as an equity method investment. (4) Prior to the adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination. (5) Real estate was sold in August 2016.
Colony NorthStar
Business Acquisition [Line Items]
Schedule of Fair Value of Merger Consideration	Fair value of the merger consideration was determined as follows: (In thousands, except price per share) NSAM NRF Total Outstanding shares of common stock prior to closing of the Merger 190,202 183,147 Replacement equity-based awards attributable to pre-combination services (i) 300 150 190,502 183,297 Exchange ratio (ii) 1.4663 1.3335 Implied shares of Colony common stock issued in consideration 129,920 137,456 267,376 Price per share of Colony class A common stock $ 21.52 $ 21.52 $ 21.52 Fair value of implied shares of Colony common stock issued in consideration $ 2,795,890 $ 2,958,039 $ 5,753,929 Fair value of Colony NorthStar preferred stock issued (iii) — 1,010,320 1,010,320 Fair value of NRF stock owned by NSAM (iv) (43,795 ) — (43,795 ) Total merger consideration $ 2,752,095 $ 3,968,359 $ 6,720,454 __________ (i) Represents the portion of non-employee restricted stock unit awards that did not vest upon consummation of the Merger and pertains to services rendered prior to the Merger. (ii) Represents (a) the pre-determined exchange ratio of one share of Colony common stock for 1.4663 shares of Colony NorthStar common stock; and (b) the derived exchange ratio of one share of Colony common stock for 1.3335 shares of NRF common stock based on the pre-determined exchange ratio of one NRF share of common stock for 1.0996 shares of Colony NorthStar common stock. (iii) Fair value of Colony NorthStar preferred stock issued was measured based on the shares of NRF preferred stock outstanding at the Closing Date and the closing traded price of the respective series of NRF preferred stock on the Closing Date, including accrued dividends, as follows: (In thousands, except price per share) Number of Shares Outstanding Price Per Share Fair Value NRF preferred stock Series A 8.75% 2,467 $ 25.61 $ 63,182 Series B 8.25% 13,999 25.15 352,004 Series C 8.875% 5,000 25.80 128,995 Series D 8.50% 8,000 25.82 206,597 Series E 8.75% 10,000 25.95 259,542 Fair value of Colony NorthStar preferred stock issued 39,466 $ 1,010,320 (iv) Represents 2.7 million shares of NRF common stock owned by NSAM prior to the Merger and canceled upon consummation of the Merger, valued at the closing price of NRF common stock of $16.13 on the Closing Date.
Schedule of Fair Values and Allocation of the Merger	The estimated fair values and allocation of the merger consideration are subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the Closing Date. During the fourth quarter of 2017, adjustments were made to the valuation and underlying assumptions pertaining to certain NRF assets and liabilities, in particular investments in third party funds, securities and tax liabilities based on tax returns, and the corresponding effect on the estimated fair value of the off-market component of the management agreement. As Reported at September 30, 2017 Measurement Period Adjustments Final Adjusted Amounts at December 31, 2017 (In thousands) NSAM NRF Total NSAM NRF Total Assets Cash and cash equivalents $ 152,858 $ 107,751 $ 260,609 $ — $ — $ 260,609 Restricted cash 18,052 158,762 176,814 — — 176,814 Real estate — 9,874,912 9,874,912 — (506 ) 9,874,406 Loans receivable 28,485 331,056 359,541 — — 359,541 Investments in unconsolidated ventures 76,671 587,468 664,139 — (43,357 ) 620,782 Securities 3,065 433,850 436,915 — (6,290 ) 430,625 Identifiable intangible assets 661,556 351,736 1,013,292 — 815 1,014,107 Management agreement between NSAM and NRF 1,555,830 — 1,555,830 (41,745 ) — 1,514,085 Assets held for sale — 2,096,671 2,096,671 — — 2,096,671 Other assets 93,455 682,337 775,792 — (1,334 ) 774,458 Total assets 2,589,972 14,624,543 17,214,515 (41,745 ) (50,672 ) 17,122,098 Liabilities Debt — 6,723,222 6,723,222 — — 6,723,222 Intangible liabilities — 213,218 213,218 — — 213,218 Management agreement between NSAM and NRF — 1,555,830 1,555,830 — (41,745 ) 1,514,085 Liabilities related to assets held for sale — 1,281,406 1,281,406 — — 1,281,406 Tax liabilities 169,387 69,373 238,760 — (8,927 ) 229,833 Accrued and other liabilities 979,969 307,450 1,287,419 — — 1,287,419 Total liabilities 1,149,356 10,150,499 11,299,855 — (50,672 ) 11,249,183 Redeemable noncontrolling interests 78,843 — 78,843 — — 78,843 Noncontrolling interests—investment entities — 505,685 505,685 — — 505,685 Noncontrolling interests—Operating Company 8,162 — 8,162 — — 8,162 Fair value of net assets acquired $ 1,353,611 $ 3,968,359 $ 5,321,970 $ (41,745 ) $ — $ 5,280,225 Merger consideration 2,752,095 3,968,359 6,720,454 — — 6,720,454 Goodwill $ 1,398,484 $ — $ 1,398,484 $ 41,745 $ — $ 1,440,229
Schedule of Merger Related Costs	Merger-related costs include transactions costs consisting primarily of professional fees for legal, financial advisory, accounting and consulting services, and fees incurred on a bridge facility commitment that was terminated on the Closing Date. Merger-related costs also include costs incurred to transition and integrate the operations of the combined entity, including compensation costs and various administrative costs, such as system integration, lease termination and professional fees paid to third party advisors and consultants. Merger-related costs are expensed as incurred. Costs expensed by NSAM and NRF prior to the Closing Date are excluded from the Company's results of operations. (In thousands) Year Ended December 31, 2017 Transaction costs Fees to investment bankers contingent upon consummation of the Merger $ 66,800 Other fees 19,442 86,242 Compensation expense Equity-based compensation for replacement awards to NSAM executives 116,725 Severance and other employee transition 29,459 146,184 Administrative expense 15,353 Total Merger-related costs $ 247,779
Schedule of Contributions From Acquired Business	The combined results of operations included contributions from the legacy business of NSAM and NRF as follows: (In thousands) Year Ended Total revenues $ 1,754,225 Net loss attributable to Colony NorthStar, Inc. (442,948 )
Schedule of Pro Forma Information	The following table presents pro forma financial information of the Company as if the Merger had been consummated on January 1, 2016. The pro forma financial information includes the pro forma impact of purchase accounting adjustments primarily related to fair value adjustments and depreciation and amortization, and excludes Merger-related transaction costs of $86.2 million for the year ended December 31, 2017 . The pro forma financial information also gives effect to certain sales initiatives by NRF, cessation of the management agreement between NSAM and NRF, as well as a pay down of NSAM and NRF corporate borrowings. The pro forma financial information, however, does not reflect any potential benefits that may result from realization of future cost savings from operating efficiencies, or other incremental synergies expected to result from the Merger. The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations of the Company had the Merger been completed on January 1, 2016, nor indicative of future results of operations of the Company. Year ended December 31, (In thousands, except per share data) 2017 2016 Pro forma: Total revenues $ 2,821,212 $ 2,709,122 Net income (loss) attributable to Colony NorthStar, Inc. (14,441 ) (117,777 ) Net income (loss) attributable to common stockholders (151,983 ) (250,174 ) Earnings (loss) per common share: Basic $ (0.29 ) $ (0.48 ) Diluted $ (0.29 ) $ (0.48 )
CPI
Business Acquisition [Line Items]
Schedule of Contributions From Acquired Business	Results of operations of CPI as included in the Company's consolidated statement of operations were as follows: (In thousands) Year Ended December 31, 2017 Total revenues $ 43,608 Net loss attributable to Colony NorthStar, Inc. (1,572 )
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed	The following table summarizes the consideration and preliminary allocation to assets acquired and liabilities assumed. The estimated fair values and preliminary purchase price allocation were based on information available at the time of acquisition and the Company continues to evaluate the underlying inputs and assumptions. Accordingly, these preliminary estimates are subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the fourth quarter of 2017, adjustments were made to the estimation of tax liabilities and working capital as well as valuation of real estate. (In thousands) As Reported At September 30, 2017 Measurement Period Adjustments As Reported At December 31, 2017 Consideration Carrying value of loans receivable outstanding at the time of restructuring $ 182,644 $ — $ 182,644 Cash 49,537 — 49,537 Total consideration $ 232,181 $ — $ 232,181 Identifiable assets acquired and liabilities assumed Cash $ 303 $ — $ 303 Real estate 544,407 (758 ) 543,649 Real estate held for sale 21,605 — 21,605 Lease intangibles and other assets 39,967 318 40,285 Debt (277,590 ) — (277,590 ) Tax liabilities (32,938 ) 860 (32,078 ) Lease intangibles and other liabilities (60,785 ) (420 ) (61,205 ) Liabilities related to assets held for sale (2,788 ) — (2,788 ) Fair value of net assets acquired $ 232,181 $ — $ 232,181
THL Hotel Portfolio
Business Acquisition [Line Items]
Schedule of Contributions From Prior Business	Results of operations of the THL Hotel Portfolio as included in the Company's consolidated statement of operations and in other equity and debt segment for segment reporting were as follows: (In thousands) Year Ended Total revenues $ 194,097 Net loss attributable to Colony NorthStar, Inc. (7,292 )
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed	The following table summarizes the consideration and preliminary allocation to assets acquired and liabilities assumed. The estimated fair values and preliminary purchase price allocation were based on information available at the time of acquisition and the Company continues to evaluate the underlying inputs and assumptions. Accordingly, these preliminary estimates are subject to retrospective adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the fourth quarter of 2017, adjustments were made to the allocation of values between franchise intangible assets and real estate. (In thousands) As Reported At September 30, 2017 Measurement Period Adjustments As Reported At December 31, 2017 Consideration Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure $ 310,932 — $ 310,932 Cash 43,643 — 43,643 Contingent consideration (Note 13) 6,771 — 6,771 Total consideration $ 361,346 $ — $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 16,188 — $ 16,188 Real estate 1,190,613 2,592 1,193,205 Real estate held for sale 69,099 (474 ) 68,625 Intangible and other assets 37,031 (2,118 ) 34,913 Debt (907,867 ) — (907,867 ) Other liabilities (43,718 ) — (43,718 ) Fair value of net assets acquired $ 361,346 $ — $ 361,346
Management Internalization
Business Acquisition [Line Items]
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed	The following table summarizes the total consideration and allocation to assets acquired and liabilities assumed at April 2, 2015. (In thousands) Final Amounts At March 31, 2016 Consideration Cash $ 61,350 Class A and Class B common stock issued 52,160 OP Units issued 558,794 Estimated fair value of contingent consideration 69,500 $ 741,804 Identifiable assets acquired and liabilities assumed Cash $ 5,015 Other assets 69,696 Intangible asset: Investment management contracts 44,100 Customer relationships 46,800 Trade name 15,500 Notes payable (44,337 ) Deferred tax liability (35,191 ) Other liabilities (19,906 ) 81,677 Goodwill 660,127 $ 741,804

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of Components of Real Estates	Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 13 to 44 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of useful life or remaining life of the building Land improvements 8 to 30 years Tenant improvements Lesser of useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 20 years The Company's real estate, including foreclosed properties, were as follows: December 31, (In thousands) 2017 2016 Land $ 2,011,794 $ 630,540 Buildings and improvements 12,403,794 2,693,507 Tenant improvements 134,709 87,643 Furniture, fixtures and equipment 383,855 7 Construction in progress 108,403 8,856 15,042,555 3,420,553 Less: Accumulated depreciation (578,297 ) (176,922 ) Real estate assets, net $ 14,464,258 $ 3,243,631
Schedule of Proceeds From Sales of Real Estate	Real Estate Sales Results from sales of real estate were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Proceeds from sales of real estate $ 1,607,806 $ 390,943 $ 323,430 Gain on sale of real estate 137,370 73,616 8,962
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . ($ in thousands) Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2017 Asset Acquisitions (2) January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—California, U.S. (3) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) Year Ended December 31, 2016 Business Combinations (4) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. (5) 1 34,900 5,235 27,731 1,934 — May Office—France 1 18,203 14,150 3,815 388 (150 ) Various Industrial—Various in U.S. 18 201,635 36,974 151,689 16,063 (3,091 ) Asset Acquisitions Various Industrial—Various in U.S. 12 113,200 20,749 84,724 8,398 (671 ) $ 462,341 $ 110,373 $ 324,544 $ 32,101 $ (4,677 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. Transaction costs are included in purchase price for asset acquisitions and excluded for business combinations. (2) Useful life of real estate acquired in 2017 (excluding real estate deconsolidated as of December 31, 2017) ranges from 26 to 34 years for buildings, 7 to 14 years for site improvements, 2 to 9 years for tenant improvements and 2 to 11 years for lease intangibles. (3) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The Company's remaining interest is reflected as an equity method investment. (4) Prior to the adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination. (5) Real estate was sold in August 2016.
Schedule of Components of Property Operating Income	Property Operating Income The components of property operating income were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Rental income $ 672,292 $ 276,404 $ 193,293 Tenant reimbursements 138,433 65,657 51,530 Resident fee income (1) 286,818 — — Hotel operating income 1,016,294 29,021 55,048 $ 2,113,837 $ 371,082 $ 299,871 __________ (1) Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) permits us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses.
Schedule of Future Minimum Rental Payments for Operating Leases	Future Minimum Rents The Company has operating leases with tenants that expire at various dates through 2070. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2017 are as follows. Amounts include $77.5 million of future contractual minimum rents related to certain net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018. Year Ending December 31, (In thousands) 2018 $ 514,763 2019 473,016 2020 431,663 2021 370,236 2022 322,460 2023 and thereafter 1,196,270 Total (1) $ 3,308,408 __________ (1) Excludes hotel operating income, as well as resident fee income from healthcare properties and rental income from multifamily properties, both of which are subject to short-term leases. At December 31, 2017 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Amounts include $12.8 million of future minimum rental payments on noncancelable ground leases related to certain net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018. Year Ending December 31, (In thousands) 2018 $ 6,495 2019 6,429 2020 6,465 2021 6,551 2022 6,970 2023 and thereafter 152,125 Total (1) $ 185,035 __________ (1) Includes automatically-renewed ground leases related to the Company's hotel properties. Future contractual minimum rental payments for office leases at December 31, 2017 are as follows: Year Ending December 31, (In thousands) 2018 7,443 2019 8,059 2020 7,724 2021 7,287 2022 7,298 2023 and thereafter 36,387 Total $ 74,198

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Company Loans Receivable	The following table provides a summary of the Company’s loans held for investment: December 31, 2017 December 31, 2016 (Dollars in thousands) Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Loans at amortized cost Non-PCI Loans Fixed rate Mortgage loans $ 1,081,030 $ 1,082,513 9.1 % 2.8 $ 894,232 $ 881,755 9.0 % 3.5 Securitized loans (1) 35,566 36,603 5.9 % 16.8 105,586 107,609 6.4 % 15.4 Mezzanine loans 459,433 456,463 12.2 % 2.3 372,247 369,207 12.3 % 2.8 Corporate loans 46,840 46,592 9.9 % 10.0 — — — % — 1,622,869 1,622,171 1,372,065 1,358,571 Variable rate Mortgage loans 414,428 423,199 6.0 % 1.7 494,797 487,651 8.2 % 0.8 Securitized loans (1) 461,489 462,203 6.4 % 3.5 775,963 776,156 5.7 % 2.7 Mezzanine loans 34,391 34,279 9.8 % 1.3 348,035 347,469 11.2 % 0.6 910,308 919,681 1,618,795 1,611,276 2,533,177 2,541,852 2,990,860 2,969,847 PCI Loans Mortgage loans 1,865,423 682,125 748,930 521,905 Securitized loans 23,298 3,400 8,146 6,836 Mezzanine loans 7,425 3,671 — — 1,896,146 689,196 757,076 528,741 Allowance for loan losses (52,709 ) (67,980 ) 4,429,323 3,178,339 3,747,936 3,430,608 Loans at fair value Securitized loans (2) 72,511 45,423 — — Total loans receivable $ 4,501,834 $ 3,223,762 $ 3,747,936 $ 3,430,608 __________ (1) Represents loans transferred into securitization trusts that are consolidated by the Company (Note 14 ). (2) Represents loans held by a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust. (Note 13 )
Summary of Past Due Loans	The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses, excluding loans carried at fair value. (In thousands) Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due and Nonaccrual Total Non-PCI Loans December 31, 2017 $ 2,268,599 $ 145,986 $ 9,410 $ 117,857 $ 2,541,852 December 31, 2016 2,912,023 7,379 1,172 49,273 2,969,847
Schedule of Troubled Debt Restructuring	The following table provides a summary of non-PCI loans, excluding loans carried at fair value, that were modified and classified as TDRs, in which the Company provided the borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. There were no loans modified as TDRs during the year ended December 31, 2017 . Year ended December 31, (Dollars in thousands) 2016 2015 Loans modified as TDRs during the period: Number of loans 1 1 Carrying value of loans before allowance for loan losses $ 37,611 $ 26,667 Loss incurred $ 1,687 $ 278
Impaired Loans	The following table summarizes non-PCI impaired loans: Unpaid Principal Balance Gross Carrying Value Allowance for Loan Losses (In thousands) With Allowance for Loan Losses Without Allowance for Loan Losses Total December 31, 2017 $ 383,594 $ 138,136 $ 248,759 $ 386,895 $ 7,425 December 31, 2016 116,881 56,650 60,025 116,675 6,287 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. There was no cash basis interest income recognized on non-PCI impaired loans in all periods presented. Year Ended December 31, (In thousands) 2017 2016 2015 Average carrying value before allowance for loan losses $ 202,397 $ 90,447 $ 19,676 Total interest income recognized during the period impaired 10,192 3,929 766
Loans Acquired Through Consolidation of Investment Entities	In January 2017, the Company acquired additional PCI loans through the Merger as well as part of a loan portfolio secured by commercial properties in Ireland. Information about these PCI loans at the time of their acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 1,154,596 Less: Nonaccretable difference (878,257 ) Cash flows expected to be collected 276,339 Less: Accretable yield (23,594 ) Fair value of loans acquired $ 252,745
Changes in Accretable Yield for the PCI loans	Changes in accretable yield of PCI loans were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Beginning accretable yield $ 52,572 $ 66,639 $ 98,523 Additions 23,594 22,493 — Changes in accretable yield 25,720 31,171 12,199 Accretion recognized in earnings (61,809 ) (65,911 ) (158,468 ) Consolidation of PCI loans held by investment entities (Note 3) — — 121,130 Effect of changes in foreign exchange rates 2,358 (1,820 ) (6,745 ) Ending accretable yield $ 42,435 $ 52,572 $ 66,639
Impairment and Allowance for Loan Losses	The allowance for loan losses and related carrying values of loans held for investment, excluding loans carried at fair value, were as follows: December 31, 2017 December 31, 2016 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 7,424 $ 135,902 $ 6,287 $ 56,650 PCI loans 45,285 169,789 61,693 243,155 $ 52,709 $ 305,691 $ 67,980 $ 299,805 Changes in allowance for loan losses is presented below: Year Ended December 31, (In thousands) 2017 2016 2015 Allowance for loan losses at January 1 $ 67,980 $ 37,571 $ 197 Provision for loan losses, net 19,741 34,864 39,859 Charge-off (35,012 ) (4,455 ) (2,485 ) Allowance for loan losses at December 31 $ 52,709 $ 67,980 $ 37,571

Investments in Unconsolidated44

Investments in Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	The Company's investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows: December 31, (In thousands) 2017 2016 Equity method investments Investment ventures $ 1,138,052 $ 933,262 Private funds and retail companies 25,101 19,997 1,163,153 953,259 Cost method investments Investment venture 89,261 99,736 Private fund and retail companies 38,924 — 128,185 99,736 Investments under fair value option Private funds 204,773 — Investment ventures 159,128 — 363,901 — $ 1,655,239 $ 1,052,995
Equity Method Investments, Selected Combined Financial Information	The following tables present selected combined financial information of the Company's equity method investees: Selected Combined Balance Sheet Information December 31, (In thousands) 2017 2016 Total assets $ 9,537,068 $ 9,319,122 Total liabilities 5,357,936 5,517,514 Owners' equity 3,662,777 3,473,358 Noncontrolling interests 516,368 328,269 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2017 2016 2015 Total revenues $ 1,519,728 $ 819,726 $ 518,085 Net income (loss) 174,222 (32,493 ) (40,372 ) Net income (loss) attributable to noncontrolling interests (18,381 ) (3,494 ) (433 ) Net income (loss) attributable to owners 192,603 (28,999 ) (39,939 )
Equity Method Investments	The Company’s investments accounted for under the equity method are summarized below: (Dollars in thousands) Ownership Interest (1) at Carrying Value at December 31, 2017 December 31, Investments Description 2017 2016 Starwood Waypoint Homes Common equity in operating company of single family residential REIT —% $ — $ 316,113 Colony American Finance Common equity in specialty finance company that lends to owners of single family homes for rent —% — 57,754 NorthStar Realty Europe Corp Common equity in publicly traded REIT managed by the Company (2) 10.2% 73,578 — RXR Realty Common equity in investment venture with a real estate owner, developer and investment manager (2) 27.2% 105,082 — Preferred equity Preferred equity investments with underlying real estate (3) NA 440,704 188,255 ADC investments Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures (4) Various 331,268 271,649 Private funds General partner and/or limited partner interests in private funds Various 25,101 19,997 Other investment ventures Interests in 15 investments, each with less than $62 million carrying value at December 31, 2017 Various 187,420 99,491 $ 1,163,153 $ 953,259 __________ (1) The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements. (2) The Company has significant influence over the investees through its voting rights and/or representation on the investees' board of directors or equivalent committee. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests in real estate ventures without a stated ownership interest in other ADC investments.

Securities (Tables)

Securities (Tables)	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The following table summarizes the Company's investment in debt securities classified as available-for-sale and equity securities held by a consolidated fund that are accounted for at fair value through earnings. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2017 Available-for-sale debt securities: CRE securities of consolidated N-Star CDOs (1) : CMBS $ 144,476 $ 3,999 $ (530 ) $ 147,945 Other securities (2) 61,302 5,994 (313 ) 66,983 N-Star CDO bonds (3) 88,374 2,778 (219 ) 90,933 CMBS and other securities (4) 38,928 3,739 (186 ) 42,481 333,080 16,510 (1,248 ) 348,342 Equity securities of consolidated fund 35,600 $ 383,942 December 31, 2016 Available-for-sale debt securities: CMBS $ 24,103 $ — $ (657 ) $ 23,446 __________ (1) As of December 31, 2017 , the carrying value of CDO bonds payable in consolidated N-Star CDOs is $215.5 million . (2) Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities. (3) Excludes $140.1 million principal amount of N-Star CDO bonds held by the Company in its consolidated CDOs that are eliminated upon consolidation. (4) Includes $25.1 million of CMBS held by a sponsored investment company, which as of December 31, 2017 , is consolidated by the Company through its seed capital. Other securities include a trust preferred security and certain investments in other third party CDO bonds.
Realized gains recorded in other gain, net	recorded in other gain (loss) for the year ended December 31, 2017 , as follows. There were no sales of securities in the year ended December 31, 2016 and the Company did not hold any securities in the year ended December 31, 2015 . (In thousands) Year Ended December 31, 2017 Available-for-sale debt securities: Proceeds from sale $ 30,279 Gross realized gain (including $0.4 million of unrealized gains transferred from AOCI) 951 Equity securities of consolidated fund: Realized gain, net 155
AFS securities in a gross unrealized loss position	The following table presents AFS securities in a gross unrealized loss position for less than 12 months: December 31, 2017 December 31, 2016 (In thousands) Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss CRE securities of consolidated N-Star CDOs: CMBS $ 2,229 $ (530 ) $ — $ — Other securities 8,218 (313 ) — — N-Star CDO bonds 13,392 (219 ) — — CMBS and other securities 12,956 (186 ) 23,446 (657 )
Purchased credit-impaired debt securities	Certain debt securities acquired by the Company through the Merger were considered to be credit-impaired at time of acquisition, with the following outstanding balance at December 31, 2017 : (In thousands) December 31, 2017 Outstanding principal $ 411,174 Amortized cost 26,761 Carrying value 31,789 Information about these PCI debt securities upon acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 574,088 Less: Nonaccretable difference (449,261 ) Cash flows expected to be collected 124,827 Less: Accretable yield (70,283 ) Fair value of PCI debt securities acquired $ 54,544 The table below presents changes in accretable yield related to these PCI debt securities: (In thousands) Year Ended December 31, 2017 Beginning accretable yield $ — Assumed through the Merger 70,283 Accretion recognized in earnings (12,461 ) Reduction due to payoffs or disposals (8,963 ) Net reclassifications to nonaccretable difference (4,249 ) Ending accretable yield $ 44,610

Goodwill, Deferred Leasing Co46

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents changes in the carrying value of goodwill and the goodwill balance by reporting segment. December 31, (In thousands) 2017 2016 2015 Balance at January 1 $ 680,127 $ 678,267 $ 20,000 Business combinations (1) 1,440,229 1,860 658,267 Transfer to held for sale (2) (20,000 ) — — Disposition (3) (249,795 ) — — Impairment (316,000 ) — — Balance at December 31 (4) $ 1,534,561 $ 680,127 $ 678,267 Balance by reporting segment: Industrial $ 20,000 $ 20,000 $ 20,000 Investment management 1,514,561 660,127 658,267 $ 1,534,561 $ 680,127 $ 678,267 __________ (1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination. (2) Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale as of December 31, 2017. (3) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger and sold on December 29, 2017. (4) Total goodwill amount is not deductible for income tax purposes.
Schedule of Goodwill, Deferred Leasing Costs and Other Intangibles	The Company's deferred leasing costs, other intangible assets and intangible liabilities are as follows: December 31, 2017 December 31, 2016 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 243,037 $ (98,021 ) $ 145,016 $ 149,301 $ (52,489 ) $ 96,812 Above-market lease values 166,571 (34,968 ) 131,603 27,731 (13,705 ) 14,026 Below-market ground lease obligations 29,625 (316 ) 29,309 34,241 (411 ) 33,830 Deferred leasing costs 121,765 (38,389 ) 83,376 88,470 (25,415 ) 63,055 Lease incentives 14,565 (298 ) 14,267 409 (87 ) 322 Trade name (2) 79,700 (3,131 ) 76,569 15,500 NA 15,500 Investment management contracts 342,127 (70,394 ) 271,733 39,646 (25,400 ) 14,246 Customer relationships 59,400 (10,421 ) 48,979 46,800 (5,850 ) 40,950 Other (3) 54,061 (2,041 ) 52,020 — — — Total deferred leasing costs and intangible assets $ 1,110,851 $ (257,979 ) $ 852,872 $ 402,098 $ (123,357 ) $ 278,741 Intangible Liabilities Below-market lease values $ 214,833 $ (36,426 ) $ 178,407 $ 30,507 $ (10,690 ) $ 19,817 Above-market ground lease obligations 13,417 (715 ) 12,702 172 (12 ) 160 Total intangible liabilities $ 228,250 $ (37,141 ) $ 191,109 $ 30,679 $ (10,702 ) $ 19,977 __________ (1) For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed one year from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. (2) The NSAM trade name is amortized over its useful life of 20 years , while Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. (3) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized, franchise agreements associated with certain hotel properties which are amortized over 10 to 15 years and the NorthStar Securities broker-dealer license which is not amortized.
Schedule of Expected Annual Amortization Expenses	The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities: Year Ended December 31, (In thousands) 2017 2016 2015 Above-market lease values $ (25,235 ) $ (8,658 ) $ (7,647 ) Below-market lease values 40,079 7,089 4,427 Lease incentives (218 ) — — Net increase (decrease) to rental income $ 14,626 $ (1,569 ) $ (3,220 ) Above-market ground lease obligations $ (835 ) $ 482 $ 25 Below-market ground lease obligations 7,493 (6 ) (5 ) Net increase to ground rent expense $ 6,658 $ 476 $ 20 In-place lease values $ 74,560 $ 30,193 $ 25,865 Deferred leasing costs 19,046 13,777 12,130 Trade name 3,682 — — Investment management contracts 38,640 11,446 13,985 Customer relationships 12,514 3,343 2,507 Other 10,215 — — Amortization expense $ 158,657 $ 58,759 $ 54,487
Schedule of Estimated Annual Amortization Expense	The following table presents future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets held for sale: Year Ending December 31, (In thousands) 2018 2019 2020 2021 2022 2023 and Thereafter Total Above-market lease values $ (19,065 ) $ (17,337 ) $ (16,421 ) $ (15,625 ) $ (12,885 ) $ (50,270 ) $ (131,603 ) Below-market lease values 25,305 23,777 21,575 19,960 18,472 69,318 178,407 Lease incentives 1,059 1,059 1,063 1,125 1,125 8,836 14,267 Increase to rental income $ 7,299 $ 7,499 $ 6,217 $ 5,460 $ 6,712 $ 27,884 $ 61,071 Above-market ground lease obligations $ (773 ) $ (773 ) $ (773 ) $ (773 ) $ (773 ) $ (8,837 ) $ (12,702 ) Below-market ground lease obligations 697 707 707 709 707 25,782 29,309 Increase to rent expense $ (76 ) $ (66 ) $ (66 ) $ (64 ) $ (66 ) $ 16,945 $ 16,607 In-place lease values $ 28,455 $ 20,495 $ 15,987 $ 11,623 $ 9,121 $ 59,335 $ 145,016 Deferred leasing costs 16,799 14,009 11,464 8,928 7,042 25,134 83,376 Trade name 3,214 3,214 3,214 3,214 3,214 44,999 61,069 Investment management contracts 32,172 30,360 29,520 28,911 28,493 122,277 271,733 Customer relationships 4,607 4,607 4,607 4,607 4,607 25,944 48,979 Other 2,339 1,879 2,027 2,027 2,027 14,038 24,337 Amortization expense $ 87,586 $ 74,564 $ 66,819 $ 59,310 $ 54,504 $ 291,727 $ 634,510

Assets and Related Liabilitie47

Assets and Related Liabilities Held For Sale (Tables)	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long Lived Assets Held-for-sale	The Company's assets and related liabilities held for sale are summarized below: December 31, (In thousands) 2017 2016 Assets Real estate, net $ 720,686 $ 223,954 Loans receivable, net — 29,353 Goodwill (1) 20,000 — Intangible assets, net 37,337 21,239 Other assets 3,607 18,378 Total assets held for sale $ 781,630 $ 292,924 Liabilities Secured debt, net (2) $ 196,905 $ — Lease intangibles and other liabilities, net 76,393 14,296 Total liabilities related to assets held for sale $ 273,298 $ 14,296 __________ (1) Associated with the broker-dealer business that is held for sale. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset.

Restricted Cash, Other Assets48

Restricted Cash, Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Schedule of Restricted Cash	The following table summarizes the Company's restricted cash balance: December 31, (In thousands) 2017 2016 Capital expenditures reserves (1) $ 249,612 $ 1,502 Real estate escrow reserves (2) 42,420 13,116 Borrower escrow deposits 41,545 61,744 Working capital and other reserves (3) 23,043 27,768 Tenant lock boxes (4) 16,486 — Cash of consolidated N-Star CDOs (5) 13,656 — Other 84,316 7,829 Total restricted cash $ 471,078 $ 111,959 __________ (1) Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets. (2) Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets. (3) Represents reserves for working capital and property development expenditures, as well as in connection with letter of credit provisions, as required in joint venture arrangements with the Federal Deposit Insurance Corporation. (4) Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt. (5) Represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs .
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets: December 31, (In thousands) 2017 2016 Interest receivable $ 21,529 $ 42,296 Straight-line rents 45,598 22,352 Hotel-related reserves (1) 29,208 — Investment deposits and pending deal costs 1,706 66,310 Deferred financing costs, net (2) 10,068 10,533 Contingent consideration escrow account (3) 15,730 10,836 Derivative assets (Note 12) 10,152 36,101 Prepaid taxes and deferred tax assets, net (4) 79,063 — Receivables from resolution of investments (5) 15,215 — Contributions receivable (6) 25,501 — Accounts receivable (7) 87,744 19,986 Prepaid expenses 29,526 3,864 Other assets 20,296 2,852 Fixed assets, net 53,632 45,455 Total other assets $ 444,968 $ 260,585 __________ (1) Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Contingent consideration escrow account holds certificates of deposit and cash for dividends paid on OP units held in escrow for the contingent consideration that may be earned by certain executives in connection with the acquisition of the investment management business of Colony's former manager (Notes 3 and 13). Upon settlement of the contingent consideration in connection with the Internalization at the end of the earnout period on June 30, 2018, dividends that were paid on OP units earned will be paid to the executives. (4) Presented net of valuation allowance of $23.9 million and $0.7 million on deferred tax assets at December 31, 2017 and 2016, respectively (Note 22 ). (5) Represents primarily proceeds from loan payoffs held in escrow at December 31, 2017 . (6) Represents contributions receivable from noncontrolling interests in investment entities as a result of a capital call made in December 2017 for which cash was received in January 2018. (7) Includes receivables for hotel operating income and resident fees as well as rent and other tenant receivables. Presented net of total allowance for bad debt of $5.6 million and $1.7 million at December 31, 2017 and 2016, respectively.
Schedule of Accrued and Other Liabilities	The following table summarizes the Company's accrued and other liabilities: December 31, (In thousands) 2017 2016 Tenant security deposits $ 27,560 $ 12,105 Borrower escrow deposits 46,231 64,118 Deferred income 42,457 27,575 Interest payable 42,462 19,399 Derivative liabilities (Note 12) 204,848 5,448 Contingent consideration—THL Hotel Portfolio (Note 3) 7,419 — Current and deferred income tax liability 166,276 41,462 Accrued compensation 77,483 39,697 Accrued real estate and other taxes 77,060 23,310 Other accrued expenses 107,508 43,975 Accounts payable and other liabilities 98,857 9,863 Total accrued and other liabilities $ 898,161 $ 286,952

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consists of the following components: (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured and Unsecured Debt (2) Securitization Bonds Payable Junior Subordinated Notes Total Debt December 31, 2017 Debt at amortized cost Principal $ 50,000 $ 616,105 $ 9,792,169 $ 391,231 $ 280,117 $ 11,129,622 Premium (discount), net NA 3,131 (78,634 ) (87,319 ) (83,064 ) (245,886 ) Deferred financing costs NA (8,905 ) (91,360 ) (203 ) — (100,468 ) 50,000 610,331 9,622,175 303,709 197,053 10,783,268 Debt at fair value (3) — — — 44,542 — 44,542 $ 50,000 $ 610,331 $ 9,622,175 $ 348,251 $ 197,053 $ 10,827,810 December 31, 2016 Debt at amortized cost Principal $ 422,600 $ 602,500 $ 2,235,022 $ 497,525 $ — $ 3,757,647 Premium (discount), net NA 1,385 (3,560 ) — — (2,175 ) Deferred financing costs NA (11,059 ) (25,765 ) (3,030 ) — (39,854 ) $ 422,600 $ 592,826 $ 2,205,697 $ 494,495 $ — $ 3,715,618 __________ (1) Deferred financing costs related to the corporate credit facility is recorded in other assets. (2) At December 31, 2017 and 2016, debt with carrying value of $202.8 million and $108.8 million , respectively, was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 9 ). (3) Represents a securitization trust that is consolidated by a NorthStar CDO. The NorthStar CDO is in turn consolidated by the Company. The Company elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 13 ). The following table summarizes certain information about the different components of debt carried at amortized cost: Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity December 31, 2017 Recourse Corporate credit facility $ — — % — $ 50,000 3.51 % 3.0 $ 50,000 3.51 % 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 4.0 — — % — 616,105 4.27 % 4.0 Junior subordinated debt — — % — 280,117 4.56 % 18.4 280,117 4.56 % 18.4 Secured debt (1) 39,219 5.02 % 7.9 — — % — 39,219 5.02 % 7.9 655,324 330,117 985,441 Non-recourse Securitization bonds payable 30,132 3.45 % 29.9 361,099 3.02 % 28.4 391,231 3.05 % 28.5 Secured debt (2) Healthcare 2,168,936 4.65 % 2.9 1,119,320 5.75 % 2.0 3,288,256 5.03 % 2.6 Industrial 1,014,229 3.50 % 11.4 — — % 0.0 1,014,229 3.50 % 11.4 Hospitality 9,038 11.00 % 0.6 2,599,681 4.67 % 1.1 2,608,719 4.69 % 1.1 Other Real Estate Equity 374,789 4.07 % 5.5 1,841,209 4.02 % 2.3 2,215,998 4.03 % 2.8 Real Estate Debt — — % — 625,748 4.05 % 2.6 625,748 4.05 % 2.6 3,597,124 6,547,057 10,144,181 Total debt $ 4,252,448 $ 6,877,174 $ 11,129,622 Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity December 31, 2016 Recourse Corporate credit facility $ — — % — $ 422,600 3.02 % 3.2 $ 422,600 3.02 % 3.2 Convertible senior notes 602,500 4.25 % 4.8 — — % — 602,500 4.25 % 4.8 Secured debt (1) 41,148 5.02 % 8.9 45,458 3.36 % 0.9 86,606 4.15 % 4.7 643,648 468,058 1,111,706 Non-recourse Securitization bonds payable 94,408 2.54 % 33.2 403,117 2.92 % 15.2 497,525 2.85 % 18.6 Secured debt (2) Industrial 597,502 3.77 % 16.7 413,012 3.02 % 2.9 1,010,514 3.46 % 11.0 Other Real Estate Equity 487,320 3.74 % 8.1 421,177 3.47 % 2.4 908,497 3.62 % 5.5 Real Estate Debt — — % — 229,405 3.27 % 1.7 229,405 3.27 % 1.7 1,179,230 1,466,711 2,645,941 Total debt $ 1,822,878 $ 1,934,769 $ 3,757,647 __________ (1) The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft, while the variable rate recourse debt at December 31, 2016 represents outstanding amounts from warehouse facilities that were terminated upon full payoff in 2017. (2) At December 31, 2017 , mortgage debt with aggregate outstanding principal of $384.5 million in the healthcare and other real estate equity segments, was either in payment default, including maturity default, or was not in compliance with certain covenants. The Company is negotiating with the various lenders to restructure the respective financing arrangements, as applicable. At December 31, 2016 , outstanding principal of $83.0 million on seller-provided financing on a portfolio of properties in the other real estate equity segment was in payment default. The default was cured through a debt modification in 2017.
Convertible Senior Notes Issued	Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (2) (In Shares) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal (in thousands) December 31, 2017 2016 5.00% Convertible Notes April 2013 April 15, 2023 5.00 $ 15.76 63.4700 12,694 April 22, 2020 $ 200,000 $ 200,000 3.875% Convertible Notes January and June 2014 January 15, 2021 3.875 16.57 60.3431 24,288 January 22, 2019 402,500 402,500 5.375% Exchangeable Notes June 2013 (1) June 15, 2033 5.375 12.04 83.0837 1,155 June 15, 2023 13,605 — $ 616,105 $ 602,500 __________ (1) Represents the initial date of issuance of exchangeable senior notes by NRF prior to the Merger. (2) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note.
Schedule of Principal Payments Due Under Financing Agreements	The following table summarizes future scheduled minimum principal payments of debt carried at amortized cost at December 31, 2017 , generally based on current contractual maturity. Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral. Future minimum principal payments at December 31, 2017 include $463.0 million related to debt financing on certain loans receivable and net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018. (In thousands) Credit Facilities Convertible and Exchangeable Senior Notes Secured and Unsecured Debt Securitization Bonds Payable (2) Junior Subordinated Notes Total Year Ending December 31, 2018 (1) $ — $ — $ 335,868 $ — $ — $ 335,868 2019 — — 3,114,899 — — 3,114,899 2020 — — 427,990 — — 427,990 2021 50,000 402,500 1,157,120 — — 1,609,620 2022 — — 3,002,972 — — 3,002,972 2023 and thereafter — 213,605 1,753,320 391,231 280,117 2,638,273 Total $ 50,000 $ 616,105 $ 9,792,169 $ 391,231 $ 280,117 $ 11,129,622 __________ (1) At December 31, 2017 , $1,512.5 million in outstanding principal of secured and unsecured debt maturing in 2018 have met their respective qualifying conditions for extension of maturity. (2) For securitization bonds payable, principal may be repaid earlier if proceeds from underlying loans and securities are repaid by borrowers. Future estimated principal payments on securitization bonds payable at December 31, 2017 , if based on reasonable expectations of cash flows from underlying loans and securities, would be as follows: (In thousands) Securitization Bonds Payable Year Ending December 31, 2018 $ 188,180 2019 147,634 2020 53,800 2021 1,617 Total $ 391,231

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross fair value of derivative assets and liabilities	Fair value of derivative assets and derivative liabilities were as follows: December 31, 2017 December 31, 2016 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 8,009 $ 975 $ 8,984 $ 34,715 $ 1,103 $ 35,818 Interest rate contracts — 1,168 1,168 — 283 283 Included in other assets $ 8,009 $ 2,143 $ 10,152 $ 34,715 $ 1,386 $ 36,101 Derivative Liabilities Foreign exchange contracts $ (39,101 ) $ (5,307 ) $ (44,408 ) $ (5,011 ) $ (437 ) $ (5,448 ) Interest rate contracts — (160,440 ) (160,440 ) — — — Included in accrued and other liabilities $ (39,101 ) $ (165,747 ) $ (204,848 ) $ (5,011 ) $ (437 ) $ (5,448 )
Schedule of foreign exchange contracts	The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2017 , along with certain key terms: Hedged Currency Instrument Type Notional Amount Range of Expiration Dates Designated Non-Designated FX Rates EUR FX Collar € 117,963 € — Min $1.06 / Max $1.53 December 2018 to January 2021 GBP FX Collar £ 51,977 £ 2,223 Min $1.45 / Max $1.82 December 2018 to December 2019 EUR FX Forward € 330,182 € 4,726 Range from $1.10 to $1.27 January 2018 to January 2022 GBP FX Forward £ 100,517 £ 42,633 Range from $1.23 to $1.28 December 2018 to December 2020 NOK FX Forward NOK 802,417 NOK 120,583 $0.12 February 2018 PEN Option PEN PEN 321,930 0.28 February 2018 CLP Option CLP CLP 64,635,000 0.0014 February 2018 COP Option COP COP 43,121,000 0.0003 February 2018
Offsetting derivative assets	At December 31, 2017 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Non-Designated Index Expiration Interest rate swaps $ 2,000,000 3-Month LIBOR 3.39% December 2029 Interest rate swaps $ 2,917 1-Month LIBOR 4.17% - 5.12% July 2018 to July 2023 Interest rate caps $ 5,351,682 1-Month LIBOR 2.46% - 5.70% June 2018 to November 2020 Interest rate caps $ 220,466 3-Month LIBOR 3.50% August 2018 to March 2019 Interest rate caps € 621,799 3-Month EURIBOR 0.75% - 1.50% October 2018 to September 2022 Interest rate caps £ 429,904 3-Month GBP LIBOR 2.0% - 2.5% November 2018 to February 2020 Basis swap $ 10,000 (1) (1) January 2019 Deliverable swap futures $ 14,735 (2) (2) March 2018 __________ (1) Basis swap is held by a consolidated N-Star CDO, paying 3-month LIBOR plus 1.95% and receiving 1-month LIBOR plus 1.88% , used to economically hedge the timing of payments between certain underlying securities and corresponding bonds issued by the consolidated N-Star CDO. (2) A consolidated sponsored investment company sold a 10-year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities. Amounts recorded in other gain (loss) were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Unrealized gain (loss): Cash flow hedge ineffectiveness $ — $ (401 ) $ (98 ) Non-designated interest rate contracts (15,080 ) (1,455 ) (841 ) Offsetting Assets and Liabilities The Company enters into agreements subject to enforceable master netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets. The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Received (Pledged) December 31, 2017 Derivative Assets Foreign exchange contracts $ 8,984 $ (8,944 ) $ — $ 40 Interest rate contracts 1,168 (4 ) — 1,164 $ 10,152 $ (8,948 ) $ — $ 1,204 Derivative Liabilities Foreign exchange contracts $ (44,408 ) $ 8,944 $ — $ (35,464 ) Interest rate contracts (160,440 ) 4 1,900 (158,536 ) $ (204,848 ) $ 8,948 $ 1,900 $ (194,000 ) December 31, 2016 Derivative Assets Foreign exchange contracts $ 35,818 $ (180 ) $ — $ 35,638 Interest rate contracts 283 — — 283 $ 36,101 $ (180 ) $ — $ 35,921 Derivative Liabilities Foreign exchange contracts $ (5,448 ) $ 180 $ — $ (5,268 ) Interest rate contracts — — — — $ (5,448 ) $ 180 $ — $ (5,268 )
Offsetting derivative liabilities	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Received (Pledged) December 31, 2017 Derivative Assets Foreign exchange contracts $ 8,984 $ (8,944 ) $ — $ 40 Interest rate contracts 1,168 (4 ) — 1,164 $ 10,152 $ (8,948 ) $ — $ 1,204 Derivative Liabilities Foreign exchange contracts $ (44,408 ) $ 8,944 $ — $ (35,464 ) Interest rate contracts (160,440 ) 4 1,900 (158,536 ) $ (204,848 ) $ 8,948 $ 1,900 $ (194,000 ) December 31, 2016 Derivative Assets Foreign exchange contracts $ 35,818 $ (180 ) $ — $ 35,638 Interest rate contracts 283 — — 283 $ 36,101 $ (180 ) $ — $ 35,921 Derivative Liabilities Foreign exchange contracts $ (5,448 ) $ 180 $ — $ (5,268 ) Interest rate contracts — — — — $ (5,448 ) $ 180 $ — $ (5,268 )

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below presents a summary of assets and liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Loans receivable—securitized loans $ — $ — $ 45,423 $ 45,423 Investments in unconsolidated ventures — — 363,901 363,901 Debt securities available for sale CRE securities of consolidated N-Star CDOs: CMBS — — 147,945 147,945 Other securities — — 66,983 66,983 N-Star CDO bonds — — 90,933 90,933 CMBS and other securities — 25,099 17,382 42,481 Equity securities of consolidated fund 35,600 — — 35,600 Other assets—derivative assets — 10,152 — 10,152 Liabilities Debt—securitization bonds payable — — 44,542 44,542 Other liabilities — derivative liabilities — 204,848 — 204,848 Other liabilities—contingent consideration for THL Hotel Portfolio — — 7,419 7,419 Due to affiliates—contingent consideration for Internalization — — 20,650 20,650 December 31, 2016 Assets Securities—CMBS $ — $ 23,446 $ — $ 23,446 Other assets—derivative assets — 36,101 — 36,101 Liabilities Other liabilities—derivative liabilities — 5,448 — 5,448 Due to affiliates—contingent consideration for Internalization — — 41,250 41,250
Schedule of Fair Value Assumptions Related to Contingent Consideration	The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, as well as for loans receivable and bonds payable issued by a consolidated securitization trust held by a consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates. Quantitative information about other recurring level 3 fair value measurements are as follows. Valuation Technique Key Unobservable Inputs Input Value Effect on Fair Value from Increase in Input Value (1) Financial Instrument Fair Value (In thousands) Weighted Average (Range) December 31, 2017 Investments in unconsolidated ventures—private funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Investments in unconsolidated ventures—others 26,408 Discounted cash flows Discount rate 14.2% Decrease Investments in unconsolidated ventures—others 132,719 Recent transaction price (2) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (3) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease December 31, 2016 Due to affiliates—contingent consideration for Internalization $ 41,250 Monte Carlo simulation Benchmark FFO volatility 16.1% Increase Equity volatility 32.5% Increase Correlation (3) 80.0% Increase __________ (1) Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures. (2) Represents transacted price for investments acquired in the fourth quarter of 2017. (3) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Any transfers in or out of Level 3 are assumed to occur at the beginning of the year. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Investments in Unconsolidated Ventures Securities Debt Due To Affiliates — Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2014 $ — $ — $ — $ — $ — $ — Acquired through Internalization — — — — (69,500 ) — Unrealized gain in earnings — — — — 16,510 — Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain on ending balance—in earnings $ — $ — $ — $ — $ 16,510 $ — Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain in earnings — — — — 11,740 — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Unrealized gain on ending balance—in earnings $ — $ — $ — $ — $ 11,740 $ — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Acquired through the Merger — 362,269 427,560 — — — Consideration for business combination — — — — — (6,771 ) Consolidation of securitization trust Consolidation of securitization trust 58,296 — — (56,928 ) — — Purchases / borrowings / amortization / contributions — 162,192 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized gains (losses) in earnings — — (38,885 ) — — — Unrealized gains (losses): In earnings (2,309 ) 6,104 — 1,822 20,600 (648 ) In other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,770 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Unrealized gains (losses) on ending balance: In earnings $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) In other comprehensive income $ — $ — $ 15,261 $ — $ — $ —
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Any transfers in or out of Level 3 are assumed to occur at the beginning of the year. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Investments in Unconsolidated Ventures Securities Debt Due To Affiliates — Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2014 $ — $ — $ — $ — $ — $ — Acquired through Internalization — — — — (69,500 ) — Unrealized gain in earnings — — — — 16,510 — Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain on ending balance—in earnings $ — $ — $ — $ — $ 16,510 $ — Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain in earnings — — — — 11,740 — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Unrealized gain on ending balance—in earnings $ — $ — $ — $ — $ 11,740 $ — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Acquired through the Merger — 362,269 427,560 — — — Consideration for business combination — — — — — (6,771 ) Consolidation of securitization trust Consolidation of securitization trust 58,296 — — (56,928 ) — — Purchases / borrowings / amortization / contributions — 162,192 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized gains (losses) in earnings — — (38,885 ) — — — Unrealized gains (losses): In earnings (2,309 ) 6,104 — 1,822 20,600 (648 ) In other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,770 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Unrealized gains (losses) on ending balance: In earnings $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) In other comprehensive income $ — $ — $ 15,261 $ — $ — $ —
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. Nonrecurring fair value measured during year ended December 31, (In thousands) 2017 2016 Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 13,252 $ 36,246 $ 49,498 $ 33,074 $ 33,960 $ 67,034 Real estate held for investment — 224,935 224,935 — 226 226 Intangible assets—investment management contracts — 51,100 51,100 — 2,181 2,181 Investments in unconsolidated ventures — 11,871 11,871 — — — The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Year Ended December 31, (In thousands) 2017 2016 Impairment loss Real estate held for sale $ 25,619 $ 11,334 Real estate held for investment 19,668 57 Intangible assets—investment management contracts 59,073 320 Earnings from investments in unconsolidated ventures 6,774 —
Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping	Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below: Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Loans at amortized cost $ — $ — $ 3,232,301 $ 3,232,301 $ 3,178,339 Liabilities Debt at amortized cost Corporate credit facility — 50,000 — 50,000 50,000 Convertible and exchangeable senior notes 608,491 13,979 — 622,470 610,331 Secured and unsecured debt — — 9,703,680 9,703,680 9,622,175 Securitization bonds payable — 132,815 169,908 302,723 303,709 Junior subordinated debt — — 216,316 216,316 197,053 December 31, 2016 Assets Loans at amortized cost $ — $ — $ 3,471,797 $ 3,471,797 $ 3,430,608 Liabilities Debt at amortized cost Corporate credit facility — 422,600 — 422,600 422,600 Convertible senior notes 606,698 — — 606,698 592,826 Secured and unsecured debt — — 2,163,094 2,163,094 2,205,697 Securitization bonds payable — 492,481 — 492,481 494,495

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Activity of Preferred and Common Stock	The table below summarizes the share activities of the Company's preferred and common stock. As a result of the Merger, each outstanding share of Colony's class A and class B common stock was converted into the right to receive 1.4663 shares of Colony NorthStar's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all prior periods presented have been adjusted to reflect the Colony exchange ratio of 1.4663 . Number of Shares (In thousands) Preferred Stock Class A Common Stock Class B Common Stock Shares outstanding at December 31, 2014 13,530 160,756 — Issuance of preferred stock 11,500 — — Issuance of class A common stock — 2,093 — Issuance of class B common stock — — 827 Conversion of class B to class A common stock — 26 (26 ) Equity-based compensation, net of forfeitures — 902 — Shares canceled for tax withholding on vested stock awards — — — Shares outstanding at December 31, 2015 25,030 163,777 801 Repurchase of preferred stock (1) (964 ) — — Contribution of preferred stock to an affiliate (1) 964 — — Shares issued upon redemption of OP units — 1,370 — Conversion of class B to class A common stock — 31 (31 ) Equity-based compensation, net of forfeitures — 1,478 — Shares canceled for tax withholding on vested stock awards — (216 ) — Shares outstanding at December 31, 2016 25,030 166,440 770 Consideration for the Merger (2) 39,466 392,120 — Issuance of preferred stock 26,400 — — Redemption of preferred stock (25,432 ) — — Shares canceled (3) — (2,984 ) — Shares issued upon redemption of OP Units — 1,684 — Conversion of class B to class A common stock — 34 (34 ) Repurchase of common stock — (23,371 ) — Exchange of notes for class A common stock — 233 — Equity-based compensation, net of forfeitures — 8,096 — Redemption of restricted stock units 775 Shares canceled for tax withholding on vested stock awards — (428 ) — Shares outstanding at December 31, 2017 65,464 542,599 736 __________ (1) In January 2016, the Company repurchased 963,718 shares in aggregate of its preferred stock for approximately $20.0 million . In March 2016, the Company contributed the preferred stock at its purchase price to an investment vehicle (the "REIT Securities Venture"), which is a joint venture with a private fund managed by the Company. The Company holds an approximate 4.4% interest in the REIT Securities Venture, accounted for under the equity method. The REIT Securities Venture invests in equity of publicly traded U.S. REITs, including securities of the Company. (2) Shares were legally issued by Colony NorthStar, as the surviving combined company, as consideration for the Merger. However, as the Merger is accounted for as a reverse acquisition, the consideration transferred was measured based upon the number of shares of common stock and preferred stock that Colony, as the accounting acquirer, would theoretically have to issue to the shareholders of NSAM and NRF to achieve the same ratio of ownership in Colony NorthStar upon completion of the Merger (Note 3 ). (3) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. Preferred Stock In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets. The table below summarizes the preferred stock issued and outstanding at December 31, 2017 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series B 8.25 % February 2007 (1) 6,114 $ 61 $ 152,855 Currently redeemable Series D 8.5 % April 2013 (1) 8,000 80 200,000 April 10, 2018 Series E 8.75 % May 2014 (1) 10,000 100 250,000 May 15, 2019 Series G 7.5 % June 2014 (1) 3,450 35 86,250 June 19, 2019 Series H 7.125 % April 2015 (1) 11,500 115 287,500 April 13, 2020 Series I 7.15 % June 2017 13,800 138 345,000 June 5, 2022 Series J 7.125 % September 2017 12,600 126 315,000 September 22, 2022 65,464 $ 655 $ 1,636,605 __________ (1) Represents initial issuance date pre-Merger by NRF or Colony, as applicable.
Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders	The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial. Changes in Components of AOCI—Stockholders (In thousands) Company's Share in AOCI of Equity Method Investments Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2014 $ 451 $ — $ (101 ) $ (52,643 ) $ 23,802 $ (28,491 ) Other comprehensive income (loss) before reclassifications (612 ) — (199 ) (56,676 ) 39,631 (17,856 ) Amounts reclassified from AOCI 161 — 55 67,194 (39,485 ) 27,925 AOCI at December 31, 2015 $ — $ — $ (245 ) $ (42,125 ) $ 23,948 $ (18,422 ) Other comprehensive income (loss) before reclassifications 131 (112 ) 7 (34,234 ) 21,123 (13,085 ) Amounts reclassified from AOCI (46 ) — 197 (67 ) (686 ) (602 ) AOCI at December 31, 2016 $ 85 $ (112 ) $ (41 ) $ (76,426 ) $ 44,385 $ (32,109 ) Other comprehensive income (loss) before reclassifications 5,450 (22,014 ) 41 124,846 (68,581 ) 39,742 Amounts reclassified from AOCI 81 36,544 — (2,489 ) 5,547 39,683 AOCI at December 31, 2017 $ 5,616 $ 14,418 $ — $ 45,931 $ (18,649 ) $ 47,316 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2014 $ — $ (52 ) $ (3,616 ) $ (1 ) $ (3,669 ) Other comprehensive income (loss) before reclassifications attributable to: — (137 ) (1,516 ) — (1,653 ) Amounts reclassified from AOCI attributable to: — 40 5,183 — 5,223 AOCI at December 31, 2015 $ — $ (149 ) $ 51 $ (1 ) $ (99 ) Other comprehensive income (loss) before reclassifications (527 ) — (56,479 ) 12,669 (44,337 ) Amounts reclassified from AOCI — 149 (785 ) (870 ) (1,506 ) AOCI at December 31, 2016 $ (527 ) $ — $ (57,213 ) $ 11,798 $ (45,942 ) Other comprehensive income (loss) before reclassifications 981 — 97,840 (10,659 ) 88,162 Amounts reclassified from AOCI (454 ) — (1,679 ) 1,988 (145 ) AOCI at December 31, 2017 $ — $ — $ 38,948 $ 3,127 $ 42,075
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Year ended December 31, Affected Line Item in the Component of AOCI reclassified into earnings 2017 2016 2015 Realized gain (loss) on marketable securities $ (5,285 ) $ 46 $ (161 ) Other gain (loss), net Other-than-temporary impairment (31,259 ) — — Other gain (loss), net Unrealized gain on ineffective cash flow hedge — (197 ) (55 ) Other gain (loss), net Release of cumulative translation adjustments 2,489 67 (21,787 ) Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges (1,829 ) 634 28 Other gain (loss), net Realization of gain (loss) on net investment hedges (3,718 ) 52 6,492 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures (81 ) — — Earnings from investments in unconsolidated ventures Release of cumulative translation adjustments — — (45,407 ) Gain on remeasurement of consolidated investment entities, net Realization of net gain on net investment hedges — — 32,965 Gain on remeasurement of consolidated investment entities, net

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents a summary of changes in redeemable noncontrolling interests: (In thousands) Balance at December 31, 2016 $ — Assumed through the Merger 78,843 Assumed through consolidation of sponsored fund 24,763 Contributions 8,550 Distributions (3,158 ) Net income 23,543 Redemption (97,672 ) Currency translation adjustment and other (725 ) Balance at December 31, 2017 $ 34,144

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations, Net Income (Loss)	Net income generated from operations of these held for sale asset groups for the year ended December 31, 2017 (or through their disposition dates, if earlier) is presented below. There were no discontinued operations in the years ended December 31, 2016 and 2015. (In thousands) Year Ended Revenues Property operating income $ 43,269 Other income 2,352 Expenses Property operating expenses (20,530 ) Interest expense (9,028 ) Loss on sale of real estate assets (2,108 ) Other expenses (400 ) Net income from discontinued operations 13,555 Net income from discontinued operations attributable to: Noncontrolling interests in investment entities (427 ) Noncontrolling interests in Operating Company (31 ) Net income from discontinued operations attributable to Colony NorthStar, Inc. $ 13,097

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share Reconciliation	The following table provides the basic and diluted earnings per common share computations: Year Ended December 31, (In thousands, except per share data) 2017 2016 2015 Net income (loss) allocated to common stockholders Income (loss) from continuing operations $ (78,168 ) $ 290,726 $ 256,036 Income from discontinued operations 13,555 — — Net income (loss) (64,613 ) 290,726 256,036 Net (income) loss attributable to noncontrolling interests: Redeemable noncontrolling interests (23,543 ) — — Investment entities (129,996 ) (163,084 ) (86,123 ) Operating Company 20,261 (12,324 ) (19,933 ) Net income (loss) attributable to Colony NorthStar, Inc. (197,891 ) 115,318 149,980 Preferred stock redemption (4,530 ) — — Preferred dividends (130,672 ) (48,159 ) (42,569 ) Net income (loss) attributable to common stockholders (333,093 ) 67,159 107,411 Net income allocated to participating securities (9,168 ) (2,293 ) (1,237 ) Net income (loss) allocated to common stockholders—basic (342,261 ) 64,866 106,174 Interest expense attributable to convertible notes (1) — — — Net income (loss) allocated to common stockholders—diluted $ (342,261 ) $ 64,866 $ 106,174 Weighted average common shares outstanding (2) Weighted average number of common shares outstanding—basic 532,600 164,570 162,658 Weighted average effect of dilutive shares (3) — — — Weighted average number of common shares outstanding—diluted 532,600 164,570 162,658 Basic earnings per share Income (loss) from continuing operations $ (0.66 ) $ 0.39 $ 0.65 Income from discontinued operations 0.02 0.00 0.00 Net income (loss) attributable to common stockholders per basic common share $ (0.64 ) $ 0.39 $ 0.65 Diluted earnings per share Income (loss) from continuing operations $ (0.66 ) $ 0.39 $ 0.65 Income from discontinued operations 0.02 0.00 0.00 Net income (loss) attributable to common stockholders per diluted common share $ (0.64 ) $ 0.39 $ 0.65 __________ (1) For the years ended December 31, 2017 , 2016 and 2015 , excluded from the calculation of diluted earnings per share is the effect of adding back $28.9 million , $27.3 million and $27.3 million of interest expense, respectively, and 38,564,400 , 36,582,700 and 36,210,000 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of Colony NorthStar. Accordingly, the historical data related to quarterly earnings per share for the periods ended before December 31, 2017 have been adjusted by the exchange ratio of 1.4663 . (3) For the year ended December 31, 2017, 534,100 weighted average unvested non-participating restricted shares were not included in the calculation of diluted earnings per share as their inclusion would be antidilutive. OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one -for-one basis. At December 31, 2017 , 2016 and 2015 , there were 32,282,500 , 30,296,100 and 31,890,600 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented. Excluded from the computation of diluted earnings per share are shares of the Company's class A common stock that are contingently issuable pursuant to the contingent consideration arrangement (Note 13 ) as the pre-defined performance thresholds would not have been met had the measurement period ended at December 31, 2017 .

Fee Income (Tables)

Fee Income (Tables)	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Schedule of Asset Management and Other Fees	Fee income earned by the Company consists of the following: Year Ended December 31, (In thousands) 2017 2016 2015 Base management fees ($165,436, $63,212 and $60,750 from affiliates, respectively) $ 183,838 $ 63,212 $ 61,082 Asset management fees—from affiliates 19,306 4,519 3,835 Incentive fees ($172, $0 and $0 from affiliates, respectively) 1,043 — — Other fee income 16,602 — 896 Total fee income $ 220,789 $ 67,731 $ 65,813

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Components of Share-Based Compensation	Equity-based compensation expense is included in the following line items in the consolidated statements of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Compensation expense $ 149,820 $ 13,638 $ 7,817 Management fee expense (1) — — 5,897 Earnings from investments in unconsolidated ventures 61 — — Investment, servicing and commission expense 4,070 — — $ 153,951 $ 13,638 $ 13,714 __________ (1) Represents equity-based compensation paid to the Company's former manager prior to the Internalization on April 2, 2015.
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan	Changes in the Company’s unvested equity awards are summarized below: Restricted Stock RSUs LTIP Units DSUs Total Weighted Average Grant Date Fair Value Unvested shares at December 31, 2016 (1) 2,089,007 — — — 2,089,007 $ 14.44 Awards assumed in the Merger 592,504 774,900 — — 1,367,404 14.68 Granted 8,231,848 — 3,506,387 111,622 11,849,857 14.37 Vested (1,628,151 ) (774,900 ) — (33,355 ) (2,436,406 ) 14.82 Forfeited (135,692 ) — — — (135,692 ) 14.71 Unvested shares at December 31, 2017 9,149,516 — 3,506,387 78,267 12,734,170 $ 14.53 __________ (1) The number of unvested shares at December 31, 2016 and weighted average grant date fair value have been adjusted to give effect to the Colony exchange ratio of 1.4663 at the individual award level.

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Summary of Related Party Disclosures	Amounts due from and due to affiliates consist of the following: December 31, (In thousands) 2017 2016 Due from affiliates Investment vehicles and unconsolidated ventures Fee income $ 19,366 $ 9,074 Cost reimbursements and recoverable expenses 30,749 606 N-Star CDOs 189 — Employees and other affiliates 1,214 291 $ 51,518 $ 9,971 Due to affiliates Investment vehicles and unconsolidated ventures $ 2,884 $ — Employees — contingent consideration for Internalization 20,650 41,250 $ 23,534 $ 41,250 Cost reimbursements, included in other income, were as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Retail Companies $ 19,545 $ — $ — Townsend 2,306 — — Other 3,779 4,296 4,843 $ 25,630 $ 4,296 $ 4,843

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income Tax Benefit (Expense) Year Ended December 31, (In thousands) 2017 2016 2015 Current Federal $ (20,316 ) $ (2,720 ) $ (451 ) State and local (3,606 ) (1,436 ) (397 ) Foreign (16,138 ) (8,244 ) (1,469 ) Total current tax expense (40,060 ) (12,400 ) (2,317 ) Deferred Federal 110,711 6,214 10,428 State and local 18,235 (713 ) 1,219 Foreign 9,513 2,117 (34 ) Total deferred tax benefit 138,459 7,618 11,613 Total income tax benefit (expense) $ 98,399 $ (4,782 ) $ 9,296
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows. Valuation allowance was established in 2017 and 2016 against net operating losses where it is more likely than not that these carry forward losses will not be utilized. The valuation allowance from 2016 was subsequently reversed in 2017 based on the Company's reassessment of recoverability. December 31, (In thousands) 2017 2016 Deferred tax assets Net operating and capital loss carry forwards (1) $ 30,019 $ 2,563 Equity-based compensation 28,071 5,630 Basis difference — investment in partnerships 11,769 4,535 Basis difference — real estate — 3,404 Foreign tax credits (2) 1,682 1,184 Straight-line and prepaid rent expense 3,601 693 Deferred income 1,932 815 Deferred interest expense 1,924 — Other 7,947 2,760 Gross deferred tax assets 86,945 21,584 Valuation allowance (3) (23,852 ) (692 ) Deferred tax assets, net of valuation allowance 63,093 20,892 Deferred tax liabilities Management contract intangibles (106,602 ) (25,186 ) Gain from remeasurement of consolidated investment entities, net (1,594 ) (2,530 ) Basis difference — real estate (68,687 ) (27,546 ) Other (1,643 ) (1,394 ) Gross deferred tax liabilities (178,526 ) (56,656 ) Net deferred tax liability $ (115,433 ) $ (35,764 ) __________ (1) At December 31, 2017 and 2016 , deferred tax asset was recognized on net operating losses of $95.3 million and $11.5 million , respectively. The net operating losses expire beginning 2030, other than those in the United Kingdom and Spain which can be carried forward indefinitely. (2) Foreign tax credits expire beginning 2025. (3) The ending balance of the valuation allowance at December 31, 2017 reflects a $12.3 million reduction resulting from the impact of the Tax Cuts and Jobs Acts.
Schedule of Effective Income Tax Rate Reconciliation	The Company's income tax benefit varied from the amount computed by applying the statutory income tax rate to income from continuing operations before income taxes. Income tax expense associated with income from discontinued operations was immaterial. A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows: Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Income (loss) from continuing and discontinued operations before income taxes $ (163,012 ) $ 295,508 $ 246,740 Pre-tax income attributable to pass-through subsidiaries (89,104 ) (306,644 ) (277,902 ) Pre-tax loss attributable to taxable subsidiaries (252,116 ) (11,136 ) (31,162 ) Federal tax benefit at statutory tax rate (35%) 88,241 3,365 10,907 State and local income taxes, net of federal income tax benefit 9,380 88 709 Foreign income tax differential 6 (5,441 ) (1,594 ) Nondeductible expenses (20,372 ) (1,128 ) — Excess inclusion income tax expense — (1,311 ) (203 ) Valuation allowance, net (3,555 ) (692 ) — Impact of Tax Cuts and Jobs Act 24,908 — — Other (209 ) 337 (523 ) Income tax benefit (expense) $ 98,399 $ (4,782 ) $ 9,296

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future Minimum Rents The Company has operating leases with tenants that expire at various dates through 2070. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2017 are as follows. Amounts include $77.5 million of future contractual minimum rents related to certain net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018. Year Ending December 31, (In thousands) 2018 $ 514,763 2019 473,016 2020 431,663 2021 370,236 2022 322,460 2023 and thereafter 1,196,270 Total (1) $ 3,308,408 __________ (1) Excludes hotel operating income, as well as resident fee income from healthcare properties and rental income from multifamily properties, both of which are subject to short-term leases. At December 31, 2017 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Amounts include $12.8 million of future minimum rental payments on noncancelable ground leases related to certain net lease properties that were contributed to Colony NorthStar Credit on January 31, 2018. Year Ending December 31, (In thousands) 2018 $ 6,495 2019 6,429 2020 6,465 2021 6,551 2022 6,970 2023 and thereafter 152,125 Total (1) $ 185,035 __________ (1) Includes automatically-renewed ground leases related to the Company's hotel properties. Future contractual minimum rental payments for office leases at December 31, 2017 are as follows: Year Ending December 31, (In thousands) 2018 7,443 2019 8,059 2020 7,724 2021 7,287 2022 7,298 2023 and thereafter 36,387 Total $ 74,198

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments: (In thousands) Healthcare Industrial Hospitality Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2017 Total revenues $ 613,169 $ 243,172 $ 815,831 $ 873,046 $ 244,654 $ 6,862 $ 2,796,734 Property operating expenses 274,528 67,196 537,884 233,901 — — 1,113,509 Interest expense 185,256 38,566 134,729 161,993 — 54,278 574,822 Depreciation and amortization 183,897 109,265 133,269 128,942 56,616 5,790 617,779 Provision for loan losses 1,588 — — 18,153 — — 19,741 Impairment loss 14,375 44 — 30,867 375,074 — 420,360 Gain on sale of real estate — 24,612 — 112,758 — — 137,370 Earnings from investments in unconsolidated ventures — 1,843 — 265,079 18,229 — 285,151 Income tax benefit (expense) (5,639 ) (2,252 ) (2,779 ) (3,950 ) 111,205 1,814 98,399 Income (loss) from continuing operations (64,767 ) 39,340 (9,863 ) 567,752 (172,011 ) (438,619 ) (78,168 ) Income from discontinued operations — — — 995 — 12,560 13,555 Net income (loss) (64,767 ) 39,340 (9,863 ) 568,747 (172,011 ) (426,059 ) (64,613 ) Net income (loss) attributable to Colony NorthStar, Inc. (51,428 ) 14,380 (9,199 ) 426,052 (183,881 ) (393,815 ) (197,891 ) Year Ended December 31, 2016 Total revenues $ — $ 196,357 $ — $ 569,780 $ 68,331 $ 4,389 $ 838,857 Property operating expenses — 55,924 — 62,537 — — 118,461 Interest expense — 44,834 — 80,503 — 44,746 170,083 Depreciation and amortization — 88,854 — 63,480 14,767 4,581 171,682 Provision for loan losses — — — 35,005 — — 35,005 Impairment loss — 407 — 10,990 320 — 11,717 Gain on sale of real estate — 2,888 — 70,728 — — 73,616 Earnings from investments in unconsolidated ventures — 27 — 97,188 2,160 — 99,375 Income tax benefit (expense) — (586 ) — (10,143 ) 6,608 (661 ) (4,782 ) Net income (loss) — (2,976 ) — 431,903 21,202 (159,403 ) 290,726 Net income (loss) attributable to Colony NorthStar, Inc. — (884 ) — 226,202 17,876 (127,876 ) 115,318 Year Ended December 31, 2015 Total revenues $ — $ 162,540 $ — $ 561,307 $ 65,594 $ 4,930 $ 794,371 Property operating expenses — 54,581 — 63,132 — — 117,713 Interest expense — 37,338 — 50,990 — 44,766 133,094 Depreciation and amortization — 82,447 — 38,704 16,498 3,328 140,977 Provision for loan losses — — — 39,859 — — 39,859 Impairment loss — 450 — 6,639 4,103 — 11,192 Gain on sale of real estate — 108 — 8,846 — 8 8,962 Earnings (losses) from investments in unconsolidated ventures — — — 49,210 (1,605 ) — 47,605 Income tax benefit (expense) — 484 — (3,796 ) 12,658 (50 ) 9,296 Net income (loss) — (21,178 ) — 376,110 21,023 (119,919 ) 256,036 Net income (loss) attributable to Colony NorthStar, Inc. — (9,560 ) — 243,636 17,645 (101,741 ) 149,980
Assets and Equity Method Investments of Reportable Segments	Total assets and equity method investments of the reportable segments are summarized as follows: (In thousands) Healthcare Industrial Hospitality Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total December 31, 2017 Total assets $ 5,813,552 $ 2,812,975 $ 4,094,596 $ 9,274,268 $ 2,689,695 $ 100,564 $ 24,785,650 Equity method investments (1) — 2,840 — 1,319,752 200,720 3,742 1,527,054 December 31, 2016 Total assets $ — $ 2,268,699 $ — $ 6,640,377 $ 781,852 $ 70,064 $ 9,760,992 Equity method investments — 1,027 — 939,045 13,187 — 953,259 __________ (1) Includes equity method investments for which fair value option was elected.
Revenue by Geographic Areas	Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Year Ended December 31, (In thousands) 2017 2016 2015 Total income by geography: United States $ 2,741,862 $ 732,928 $ 660,864 Europe 310,783 194,923 166,948 Other 3,610 6,083 9,367 Total (1) $ 3,056,255 $ 933,934 $ 837,179 Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates.
Long-lived Assets by Geographic Areas	Long-lived assets comprise real estate, real estate related intangible assets and fixed assets, and exclude financial instruments and assets held for sale. December 31, (In thousands) 2017 2016 Long-lived assets by geography: United States $ 13,224,197 $ 2,255,663 Europe 1,749,282 1,242,272 Total (2) $ 14,973,479 $ 3,497,935 __________ (1) Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates. (2) Long-lived assets comprise real estate, real estate related intangible assets and fixed assets, and exclude financial instruments and assets held for sale.

Supplemental Disclosure of Ca62

Supplemental Disclosure of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Year Ended December 31, (In thousands) 2017 2016 2015 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest $ 452,726 $ 118,365 $ 105,608 Cash paid for income taxes 53,017 7,190 2,078 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 188,202 $ 65,972 $ 65,688 Assets acquired in Merger (Note 3) 17,122,098 — — Liabilities assumed in Merger (Note 3) 11,249,183 — — Noncontrolling interests assumed in Merger (Note 3) 592,690 — — Common stock issued for acquisition of NSAM and NRF (Note 3) 5,710,134 — — Preferred stock issued for acquisition of NRF (Note 3) 1,010,320 — — Debt assumed by buyer in sale of manufactured housing portfolio (Note 17) 1,258,558 — — Net assets acquired in CPI restructuring (Note 3) 232,181 — — Net assets acquired in THL Hotel Portfolio (Note 3) 361,346 — — Year Ended December 31, (In thousands) 2017 2016 2015 Net assets of investment entity deconsolidated (Note 4) 156,491 — — Net assets of sponsored fund consolidated, net of cash assumed (Note 14) 13,370 — — Investment deposits applied to acquisition of loans receivable, real estate and CPI Group 66,020 — — Redemption of OP Units for common stock 22,831 18,571 — Foreclosures on collateral assets of originated or acquired loans receivable 54,615 128,124 — Improvements in operating real estate in accrued and other liabilities 18,221 — — Proceeds from loan repayments and asset sales held in escrow and restricted cash 27,426 — 11,300 Exchange of notes for class A common shares 3,279 — — Assets of consolidated securitization trust 58,296 — — Liabilities of consolidated securitization trust 56,928 — — Distributions payable to noncontrolling interest included in other liabilities 10,786 — — Contributions receivable from noncontrolling interests 25,501 — — Net settlement of redemption and investment in equity method investee — 117,241 — Release of restricted cash in lieu of cash distribution upon buyout of noncontrolling interests — 6,564 — Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed — — 407 Deferred tax liability assumed in a real estate acquisition — — 27,978 Settlement of debt through issuance of OP Units — — 10,000 Issuance of common stock for Internalization (Note 3) — — 52,160 Issuance of OP Units for Internalization (Note 3) — — 558,794 Assets of investment entities consolidated, net of cash assumed (Note 3) — — 2,985,572 Liabilities of investment entities consolidated (Note 3) — — 348,294 Noncontrolling interests in investment entities consolidated (Note 3) — — 1,700,114

Business and Organization (Deta

Business and Organization (Details)	12 Months Ended
	Dec. 31, 2017	Aug. 25, 2017
Parent | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent	94.40%
Certain Employees | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent	5.60%
Combination Agreement | Minimum
Business Acquisition [Line Items]
Ownership percentage		38.00%
Combination Agreement | Maximum
Business Acquisition [Line Items]
Ownership percentage		100.00%

Summary of Significant Accoun64

Summary of Significant Accounting Policies - Merger (Details)	Jan. 10, 2017	Dec. 31, 2017	Dec. 31, 2016
Colony NorthStar | Common Class A
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663	1.4663

Summary of Significant Accoun65

Summary of Significant Accounting Policies - Useful Life of Fixed Assets (Details)	12 Months Ended
	Dec. 31, 2017
Building (fee interest) | Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	15 years
Building (fee interest) | Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	44 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	8 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	30 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	5 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Real estate assets estimated useful life	15 years

Summary of Significant Accoun66

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Property, Plant and Equipment [Line Items]
OP Units to common stock, conversion ratio	1
Allowance for loan losses	$ 52,709	$ 67,980	$ 37,571	$ 197
Aircraft
Property, Plant and Equipment [Line Items]
Fixed assets useful life	15 years
Ground leases
Property, Plant and Equipment [Line Items]
Right-of-use liability	$ 185,035
Office leases
Property, Plant and Equipment [Line Items]
Right-of-use liability	$ 74,198
Minimum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	1 month
Minimum | Furniture, fixtures, equipment and capitalized software
Property, Plant and Equipment [Line Items]
Fixed assets useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments	3 months
Maximum | Furniture, fixtures, equipment and capitalized software
Property, Plant and Equipment [Line Items]
Fixed assets useful life	5 years
Restatement adjustment
Property, Plant and Equipment [Line Items]
Allowance for bad debt			(2,400)
Allowance for loan losses			$ 2,400

Summary of Significant Accoun67

Summary of Significant Accounting Policies - Adoption of New Revenue Recognition Guidance (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ (1,165,412)	$ (246,064)
Resident fee income | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	0
Hotel operating income | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	0
Base management fees | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	0
Asset management fees | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	(1,600)
Incentive fees | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ 0

Business Combinations - Merger

Business Combinations - Merger with NSAM and NRF (Narrative) (Details)	Jan. 10, 2017	Apr. 02, 2015	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Common stock, conversion ratio		1
Colony NorthStar | Class A common stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663		1.4663	1.4663
Colony NorthStar | Preferred stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1
Colony NorthStar | OP Units
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
NSAM | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	32.85%
NSAM | Colony NorthStar | Class A common stock
Business Acquisition [Line Items]
Common stock, conversion ratio	1
Business combination, stock exchange, conversion ratio	1.4663
Colony | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.25%
Colony | Colony NorthStar | Class A common stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
NRF | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.90%
NRF | Colony NorthStar | Class A common stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.0996

Business Combinations - Merge69

Business Combinations - Merger Consideration (Narrative) (Details) $ / shares in Units, $ in Thousands	Jan. 25, 2017	Jan. 10, 2017USD ($)$ / sharesshares	Jan. 31, 2016	Dec. 31, 2017USD ($)	Dec. 31, 2016	Sep. 30, 2017USD ($)
Minimum
Business Acquisition [Line Items]
Capitalization rate				4.40%
Minimum | Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate			8.00%
Weighted average useful life			2 years
Minimum | Vehicles
Business Acquisition [Line Items]
Weighted average useful life			20 years
Minimum | Trade name
Business Acquisition [Line Items]
Weighted average useful life			20 years
Management agreement, royalty rate			1.50%
Maximum
Business Acquisition [Line Items]
Capitalization rate				12.50%
Maximum | Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate			10.00%
Weighted average useful life			18 years
Maximum | Vehicles
Business Acquisition [Line Items]
Weighted average useful life			30 years
Maximum | Trade name
Business Acquisition [Line Items]
Weighted average useful life			30 years
Management agreement, royalty rate			2.00%
Colony NorthStar
Business Acquisition [Line Items]
Transaction costs				$ 86,242
Colony NorthStar | Minimum | Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life				6 years
Colony NorthStar | Minimum | Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life				1 year
Colony NorthStar | Maximum | Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life				90 years
Colony NorthStar | Maximum | Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life				17 years
NSAM
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Cash assumed						$ 152,858
Management agreement, off-market component, value						0
Management agreement, discount rate		10.00%
CPI
Business Acquisition [Line Items]
Cash assumed				$ 303		$ 303
Capitalization rate	13.50%
Weighted average discount rate	6.60%
CPI | Minimum
Business Acquisition [Line Items]
Management agreement, discount rate	1.25%
CPI | Maximum
Business Acquisition [Line Items]
Management agreement, discount rate	3.60%
NSAM | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired		32.85%
Colony NorthStar | Colony NorthStar
Business Acquisition [Line Items]
Dividend payable assumed in merger		$ 226,100
Payroll tax liability assumed in merger		$ 78,900
Class A common stock | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663		1.4663	1.4663
Class A common stock | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Share price (in dollars per share) | $ / shares		$ 21.52
Class A common stock | NSAM | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Class A common stock | NorthStar Realty Finance Corp. | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.3335
Preferred stock | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1
Preferred stock | Colony NorthStar | Colony NorthStar
Business Acquisition [Line Items]
Number of shares issued for each share held by acquiree | shares		1
Townsend | NSAM
Business Acquisition [Line Items]
Ownership interest acquired			84.00%

Business Combinations - Merger-

Business Combinations - Merger-Related Costs (Details) - Colony NorthStar $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Transaction costs	$ 86,242
Compensation expense	146,184
Merger-related costs	247,779
Fees to investment bankers contingent upon consummation of the Merger
Business Acquisition [Line Items]
Transaction costs	66,800
Other fees
Business Acquisition [Line Items]
Transaction costs	19,442
Equity-based compensation for replacement awards to NSAM executives
Business Acquisition [Line Items]
Compensation expense	116,725
Severance and other employee transition
Business Acquisition [Line Items]
Compensation expense	29,459
Administrative costs
Business Acquisition [Line Items]
Compensation expense	$ 15,353

Business Combinations - Schedul

Business Combinations - Schedule of Fair Value of Merger Consideration (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Jan. 10, 2017USD ($)$ / sharesshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015shares	Dec. 31, 2014shares
Business Acquisition [Line Items]
Total merger consideration | $	$ 6,720,454	$ 361,346	$ 462,341
Number of Shares Outstanding (in shares)	39,466	65,464	25,030
Fair Value | $	$ 1,010,320	$ 655
Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)		392,120
Preferred stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)		39,466
Number of Shares Outstanding (in shares)		65,464	25,030	25,030	13,530
Series A 8.75%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	2,467
Price Per Share (in dollars per share) | $ / shares	$ 25.61
Fair Value | $	$ 63,182
Series B 8.25%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	13,999	6,114
Price Per Share (in dollars per share) | $ / shares	$ 25.15
Fair Value | $	$ 352,004	$ 61
Series C 8.875%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	5,000
Price Per Share (in dollars per share) | $ / shares	$ 25.80
Fair Value | $	$ 128,995
Series D 8.50%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	8,000	8,000
Price Per Share (in dollars per share) | $ / shares	$ 25.82
Fair Value | $	$ 206,597	$ 80
Series E 8.75%
Business Acquisition [Line Items]
Number of Shares Outstanding (in shares)	10,000	10,000
Price Per Share (in dollars per share) | $ / shares	$ 25.95
Fair Value | $	$ 259,542	$ 100
Colony | Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	267,376
Fair value of stock issued | $	$ 5,753,929
Price Per Share (in dollars per share) | $ / shares	$ 21.52
Colony NorthStar | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 1,010,320
NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ (43,795)
NSAM | NRF
Business Acquisition [Line Items]
Shares of NRF common stock owned by NSAM prior to the Merger (in shares)	2,700
NRF
Business Acquisition [Line Items]
Closing price of NRF common stock (in dollars per share) | $ / shares	$ 16.13
NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,502
Exchange ratio	1.4663
Total merger consideration | $	$ 2,752,095
NSAM | Colony | Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	129,920
Fair value of stock issued | $	$ 2,795,890
Price Per Share (in dollars per share) | $ / shares	$ 21.52
NSAM | Colony NorthStar | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 0
NSAM | NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ (43,795)
NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,297
Exchange ratio	1.3335
Total merger consideration | $	$ 3,968,359
NRF | Colony | Class A common stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	137,456
Fair value of stock issued | $	$ 2,958,039
Price Per Share (in dollars per share) | $ / shares	$ 21.52
NRF | Colony NorthStar | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 1,010,320
NRF | NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ 0
Colony NorthStar | Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.4663	1.4663	1.4663
Colony NorthStar | Preferred stock
Business Acquisition [Line Items]
Exchange ratio	1
Colony NorthStar | Colony | Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar | NSAM | Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar | NorthStar Realty Finance Corp. | Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.3335
Colony NorthStar | NRF | Class A common stock
Business Acquisition [Line Items]
Exchange ratio	1.0996
Outstanding shares of common stock prior to closing of the Merger | NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,202
Outstanding shares of common stock prior to closing of the Merger | NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,147
Replacement equity-based awards attributable to pre-combination services | NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	300
Replacement equity-based awards attributable to pre-combination services | NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	150

Business Combinations - Sched72

Business Combinations - Schedule of Fair Values and Allocation of the Merger (Details) - USD ($) $ in Thousands	Jan. 10, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454		$ 361,346	$ 462,341
Assets
Identifiable intangible assets				32,101
Liabilities
Intangible liabilities				4,677
Goodwill		$ 1,534,561	1,534,561	$ 680,127		$ 678,267	$ 20,000
Measurement Period Adjustments
Real estate		2,592
Identifiable intangible assets		(2,118)
NSAM and NRF
Assets
Cash and cash equivalents		260,609	260,609		$ 260,609
Restricted cash		176,814	176,814		176,814
Real estate		9,874,406	9,874,406		9,874,912
Loans receivable		359,541	359,541		359,541
Investments in unconsolidated ventures		620,782	620,782		664,139
Securities		430,625	430,625		436,915
Identifiable intangible assets		1,014,107	1,014,107		1,013,292
Management agreement between NSAM and NRF		1,514,085	1,514,085		1,555,830
Assets held for sale		2,096,671	2,096,671		2,096,671
Other assets		774,458	774,458		775,792
Total assets		17,122,098	17,122,098		17,214,515
Liabilities
Debt		6,723,222	6,723,222		6,723,222
Intangible liabilities		213,218	213,218		213,218
Noncontrolling interests—investment entities		1,514,085	1,514,085		1,555,830
Liabilities related to assets held for sale		1,281,406	1,281,406		1,281,406
Tax liabilities		229,833	229,833		238,760
Accrued and other liabilities		1,287,419	1,287,419		1,287,419
Liabilities assumed		11,249,183	11,249,183		11,299,855
Redeemable noncontrolling interests		78,843	78,843		78,843
Noncontrolling interests—investment entities		505,685	505,685		505,685
Noncontrolling interests—Operating Company		8,162	8,162		8,162
Fair value of net assets acquired		5,280,225	5,280,225		5,321,970
Merger consideration		6,720,454	6,720,454		6,720,454
Goodwill		1,440,229	$ 1,440,229		1,398,484
NSAM
Business Acquisition [Line Items]
Total merger consideration	2,752,095
Assets
Cash and cash equivalents					152,858
Restricted cash					18,052
Real estate					0
Loans receivable					28,485
Investments in unconsolidated ventures					76,671
Securities					3,065
Identifiable intangible assets					661,556
Management agreement between NSAM and NRF					1,555,830
Assets held for sale					0
Other assets					93,455
Total assets					2,589,972
Liabilities
Debt					0
Intangible liabilities					0
Noncontrolling interests—investment entities					0
Liabilities related to assets held for sale					0
Tax liabilities					169,387
Accrued and other liabilities					979,969
Liabilities assumed					1,149,356
Redeemable noncontrolling interests					78,843
Noncontrolling interests—investment entities					0
Noncontrolling interests—Operating Company					8,162
Fair value of net assets acquired					1,353,611
Merger consideration					2,752,095
Goodwill					1,398,484
Measurement Period Adjustments
Real estate		0
Loans receivable		0
Investments in unconsolidated ventures		0
Securities		0
Identifiable intangible assets		0
Management agreement between NSAM and NRF		(41,745)
Other assets		0
Total assets		(41,745)
Debt		0
Intangible liabilities		0
Management agreement between NSAM and NRF		0
Tax liabilities		0
Accrued and other liabilities		0
Total liabilities		0
Noncontrolling interests—investment entities		0
Fair value of net assets acquired		(41,745)
Merger consideration		0
Goodwill		41,745
NRF
Business Acquisition [Line Items]
Total merger consideration	$ 3,968,359
Assets
Cash and cash equivalents					107,751
Restricted cash					158,762
Real estate					9,874,912
Loans receivable					331,056
Investments in unconsolidated ventures					587,468
Securities					433,850
Identifiable intangible assets					351,736
Management agreement between NSAM and NRF					0
Assets held for sale					2,096,671
Other assets					682,337
Total assets					14,624,543
Liabilities
Debt					6,723,222
Intangible liabilities					213,218
Noncontrolling interests—investment entities					1,555,830
Liabilities related to assets held for sale					1,281,406
Tax liabilities					69,373
Accrued and other liabilities					307,450
Liabilities assumed					10,150,499
Redeemable noncontrolling interests					0
Noncontrolling interests—investment entities					505,685
Noncontrolling interests—Operating Company					0
Fair value of net assets acquired					3,968,359
Merger consideration					3,968,359
Goodwill					$ 0
Measurement Period Adjustments
Real estate		(506)
Loans receivable		0
Investments in unconsolidated ventures		(43,357)
Securities		(6,290)
Identifiable intangible assets		815
Management agreement between NSAM and NRF		0
Other assets		(1,334)
Total assets		(50,672)
Debt		0
Intangible liabilities		0
Management agreement between NSAM and NRF		(41,745)
Tax liabilities		(8,927)
Accrued and other liabilities		0
Total liabilities		(50,672)
Noncontrolling interests—investment entities		0
Fair value of net assets acquired		0
Merger consideration		0
Goodwill		$ 0

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Pro forma total revenues	$ 2,821,212	$ 2,709,122
Pro forma net income (loss) attributable to Colony NorthStar, Inc.	(14,441)	(117,777)
Pro forma net income (loss) attributable to common stockholders	$ (151,983)	$ (250,174)
Pro forma net income (loss) per common share, basic (in dollars per share)	$ (0.29)	$ (0.48)
Pro forma net income (loss) per common share, diluted (in dollars per share)	$ (0.29)	$ (0.48)
CPI
Business Acquisition [Line Items]
Total revenues contributed from the legacy business of NSAM and NRF	$ 43,608
Net income (loss) attributable to Colony NorthStar, Inc., contributed from the legacy business of NSAM and NRF	(1,572)
NSAM
Business Acquisition [Line Items]
Total revenues contributed from the legacy business of NSAM and NRF	1,754,225
Net income (loss) attributable to Colony NorthStar, Inc., contributed from the legacy business of NSAM and NRF	$ (442,948)

Business Combinations - CPI Gro

Business Combinations - CPI Group (Details) - USD ($) $ in Thousands	Jan. 10, 2017	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454			$ 361,346	$ 462,341
Measurement Period Adjustments
Real estate		$ 2,592
Real estate held for sale		(474)
CPI
Business Acquisition [Line Items]
Carrying value of loans receivable outstanding at the time of restructuring			$ 182,644	182,644
Cash			49,537	49,537
Total merger consideration			232,181	232,181
Cash		303	303	303
Real estate		543,649	544,407	543,649
Real estate held for sale		21,605	21,605	21,605
Lease intangibles and other assets		40,285	39,967	40,285
Debt		(277,590)	(277,590)	(277,590)
Tax liabilities		(32,078)	(32,938)	(32,078)
Lease intangibles and other liabilities		(61,205)	(60,785)	(61,205)
Liabilities related to assets held for sale		(2,788)	(2,788)	(2,788)
Fair value of net assets acquired		232,181	$ 232,181	$ 232,181
Measurement Period Adjustments
Real estate		(758)
Real estate held for sale		0
Lease intangibles and other assets		318
Debt		0
Tax liabilities		860
Lease intangibles and other liabilities		(420)
Fair value of net assets acquired		$ 0

Business Combinations - THL Hot

Business Combinations - THL Hotel Portfolio (Details)	Jul. 01, 2017property	Jan. 10, 2017USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Contingent consideration, liability			$ 7,419,000		$ 7,419,000	$ 0
Total merger consideration		$ 6,720,454,000			361,346,000	$ 462,341,000
Measurement Period Adjustments
Real estate			2,592,000
Real estate held for sale			(474,000)
Intangible and other assets			(2,118,000)
THL Hotel Portfolio
Business Acquisition [Line Items]
Number of real estate properties acquired in foreclosure | property	148
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure				$ 310,932,000	310,932,000
Cash				43,643,000	43,643,000
Contingent consideration (Note 13)				6,771,000	6,771,000
Total merger consideration				361,346,000
Cash			16,188,000	16,188,000	16,188,000
Real estate			1,193,205,000	1,190,613,000	1,193,205,000
Real estate held for sale			68,625,000	69,099,000	68,625,000
Intangible and other assets			34,913,000	37,031,000	34,913,000
Debt			(907,867,000)	(907,867,000)	(907,867,000)
Other liabilities			(43,718,000)	(43,718,000)	(43,718,000)
Fair value of net assets acquired			361,346,000	$ 361,346,000	361,346,000
Results of Operations Included in Consolidated Statements
Total revenues					194,097,000
Net loss attributable to Colony NorthStar, Inc.					$ (7,292,000)
Maximum
Measurement Period Adjustments
Capitalization rate					12.50%
Maximum | THL Hotel Portfolio
Business Acquisition [Line Items]
Contingent consideration, liability			$ 13,000,000		$ 13,000,000
Measurement Period Adjustments
Capitalization rate	11.50%
Discount rate	13.00%
Minimum
Measurement Period Adjustments
Capitalization rate					4.40%
Minimum | THL Hotel Portfolio
Measurement Period Adjustments
Capitalization rate	7.00%
Discount rate	8.30%
Weighted Average | THL Hotel Portfolio
Measurement Period Adjustments
Capitalization rate	11.10%
Discount rate	9.50%

Business Combinations - Managem

Business Combinations - Management Internalization (Details) $ in Thousands	Jan. 10, 2017USD ($)	Apr. 02, 2015USD ($)entity	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454		$ 361,346	$ 462,341
Identifiable intangible assets				32,101
Goodwill			1,534,561	680,127	$ 678,267	$ 20,000
Management fees to former manager			0	0	15,062
Reimbursement to former manager of costs incurred					2,700
Number of entities consolidated upon management internalization | entity		52
Gain on remeasurement of consolidated investment entities, net (Note 3)			$ 0	$ 0	$ 41,486
Increase in assets upon consolidation of investment entities		$ 3,100,000
Increase in liabilities upon consolidation of investment entities		300,000
Increase in noncontrolling interests upon consolidation of investment entities		1,700,000
Management Internalization
Business Acquisition [Line Items]
Cash		61,350
Estimated fair value of contingent consideration		69,500
Total merger consideration		741,804
Cash		5,015
Other assets		69,696
Notes payable		(44,337)
Deferred tax liability		(35,191)
Lease intangibles and other liabilities		(19,906)
Fair value of net assets acquired		81,677
Goodwill		660,127
Merger consideration		741,804
Common Stock | Management Internalization
Business Acquisition [Line Items]
Equity issued		52,160
OP Units | Management Internalization
Business Acquisition [Line Items]
Equity issued		558,794
Investment management contracts | Management Internalization
Business Acquisition [Line Items]
Identifiable intangible assets		44,100
Customer relationships | Management Internalization
Business Acquisition [Line Items]
Identifiable intangible assets		46,800
Trade name | Management Internalization
Business Acquisition [Line Items]
Identifiable intangible assets		$ 15,500

Real Estate - Components of Rea

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 2,011,794	$ 630,540
Buildings and improvements	12,403,794	2,693,507
Tenant improvements	134,709	87,643
Furniture, fixtures and equipment	383,855	7
Construction in progress	108,403	8,856
Real estate held for investment at cost	15,042,555	3,420,553
Less: Accumulated depreciation	(578,297)	(176,922)
Real estate assets, net	$ 14,464,258	$ 3,243,631

Real Estate - Sales (Details)

Real Estate - Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Proceeds from sales of real estate	$ 1,607,806	$ 390,943	$ 323,430
Gain on sale of real estate	$ 137,370	$ 73,616	$ 8,962

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) $ in Thousands	Jan. 10, 2017USD ($)	Sep. 30, 2017	Jun. 30, 2017USD ($)	Jan. 31, 2017USD ($)property	May 31, 2016USD ($)property	Apr. 30, 2016USD ($)property	Jan. 31, 2016USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property
Business Acquisition [Line Items]
Total merger consideration	$ 6,720,454							$ 361,346	$ 462,341
Land and Improvements									110,373
Building and Improvements									324,544
Lease Intangible Assets									32,101
Lease Intangible Liabilities									$ (4,677)
Business Combinations | Industrial | SPAIN
Business Acquisition [Line Items]
Number of Buildings | property							23
Total merger consideration							$ 94,403
Land and Improvements							33,265
Building and Improvements							56,585
Lease Intangible Assets							5,318
Lease Intangible Liabilities							$ (765)
Business Combinations | Industrial | MASSACHUSETTS
Business Acquisition [Line Items]
Number of Buildings | property						1
Total merger consideration						$ 34,900
Land and Improvements						5,235
Building and Improvements						27,731
Lease Intangible Assets						1,934
Lease Intangible Liabilities						$ 0
Business Combinations | Light Industrial Platform | United States
Business Acquisition [Line Items]
Number of Buildings | property									18
Total merger consideration									$ 201,635
Land and Improvements									36,974
Building and Improvements									151,689
Lease Intangible Assets									16,063
Lease Intangible Liabilities									$ (3,091)
Business Combinations | Office | FRANCE
Business Acquisition [Line Items]
Number of Buildings | property					1
Total merger consideration					$ 18,203
Land and Improvements					14,150
Building and Improvements					3,815
Lease Intangible Assets					388
Lease Intangible Liabilities					$ (150)
Asset Acquisitions
Business Acquisition [Line Items]
Total merger consideration								1,102,763
Land and Improvements								234,437
Building and Improvements								792,901
Lease Intangible Assets								82,985
Lease Intangible Liabilities								$ (7,560)
Asset Acquisitions | Industrial | SPAIN
Business Acquisition [Line Items]
Number of Buildings | property				2
Total merger consideration				$ 10,374
Land and Improvements				3,855
Building and Improvements				5,564
Lease Intangible Assets				955
Lease Intangible Liabilities				$ 0
Asset Acquisitions | Light Industrial Platform | United States
Business Acquisition [Line Items]
Number of Buildings | property								55	12
Total merger consideration								$ 636,690	$ 113,200
Land and Improvements								137,005	20,749
Building and Improvements								472,747	84,724
Lease Intangible Assets								31,512	8,398
Lease Intangible Liabilities								$ (4,574)	$ (671)
Asset Acquisitions | Office | CALIFORNIA
Business Acquisition [Line Items]
Number of Buildings | property								1
Total merger consideration			$ 455,699
Land and Improvements								$ 93,577
Building and Improvements								314,590
Lease Intangible Assets								50,518
Lease Intangible Liabilities								$ (2,986)
Ownership interest syndicated		90.00%
Minimum | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life								15 years
Minimum | 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets								2 years
Minimum | 2017 Real Estate Acquisitions | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life								26 years
Minimum | 2017 Real Estate Acquisitions | Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life								7 years
Minimum | 2017 Real Estate Acquisitions | Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life								2 years
Maximum | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life								44 years
Maximum | 2017 Real Estate Acquisitions
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets								11 years
Maximum | 2017 Real Estate Acquisitions | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life								34 years
Maximum | 2017 Real Estate Acquisitions | Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life								14 years
Maximum | 2017 Real Estate Acquisitions | Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life								9 years

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Hurricanes
Business Acquisition [Line Items]
Loss from hurricanes		$ 1.2
Industrial | Three buildings in Florida
Business Acquisition [Line Items]
Deposit paid		0.5
Remaining minimum amount committed	$ 24.8	24.8
Other Equity and Debt | Hurricanes
Business Acquisition [Line Items]
Number of properties sustaining physical damage | property	25
TEXAS | Healthcare | Hurricanes
Business Acquisition [Line Items]
Number of properties sustaining physical damage, expected to reopen | property	1
FLORIDA | Other Equity and Debt | Hurricanes
Business Acquisition [Line Items]
Number of properties sustaining physical damage, expected to reopen | property	1
Guarantee of franchise obligations | THL Hotel Portfolio
Business Acquisition [Line Items]
Estimate of possible loss	$ 100	100
Noncancelable operating ground leases assumed in connection with business combinations
Business Acquisition [Line Items]
Rent expense		$ 6.7	$ 0.3	$ 0.1

Real Estate - Depreciation and

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate
Real Estate [Line Items]
Depreciation	$ 453.3	$ 108.3	$ 83.2

Real Estate - Components of Pro

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Rental income	$ 672,292	$ 276,404	$ 193,293
Tenant reimbursements	138,433	65,657	51,530
Resident fee income	286,818	0	0
Hotel operating income	1,016,294	29,021	55,048
Property operating income	$ 2,113,837	$ 371,082	$ 299,871

Real Estate - Future Minimum Re

Real Estate - Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Dec. 31, 2017
Ground leases
Future Minimum Rental Payments Due on Noncancellable Ground Leases:
2,018		$ 6,495
2,019		6,429
2,020		6,465
2,021		6,551
2,022		6,970
2023 and thereafter		152,125
Total		185,035
Real Estate Held for Investment
Future Contractual Minimum Rental Payments to be Received:
2,018		514,763
2,019		473,016
2,020		431,663
2,021		370,236
2,022		322,460
2023 and thereafter		1,196,270
Total		$ 3,308,408
Colony NorthStar Credit | Subsequent event | Ground leases
Future Minimum Rental Payments Due on Noncancellable Ground Leases:
Total	$ 12,800
Colony NorthStar Credit | Subsequent event | Real Estate Held for Investment
Future Contractual Minimum Rental Payments to be Received:
Total	$ 77,500

Loans Receivable - Company Loan

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 4,501,834	$ 3,747,936
Carrying Value	3,223,762	3,430,608
Allowance for loan losses	(52,709)	(67,980)	$ (37,571)	$ (197)
Fair Value | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	72,511	0
Carrying Value	45,423	0
Carrying Value
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	4,429,323	3,747,936
Loans receivable, net	3,178,339	3,430,608
Carrying Value | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,896,146	757,076
Carrying Value	689,196	528,741
Allowance for loan losses	(52,709)	(67,980)
Carrying Value | PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,865,423	748,930
Carrying Value	682,125	521,905
Carrying Value | PCI Loans | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	23,298	8,146
Carrying Value	3,400	6,836
Carrying Value | PCI Loans | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	7,425	0
Carrying Value	3,671	0
Carrying Value | Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	2,533,177	2,990,860
Carrying Value	2,541,852	2,969,847
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,622,869	1,372,065
Carrying Value	1,622,171	1,358,571
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,081,030	894,232
Carrying Value	$ 1,082,513	$ 881,755
Performing loans, weighted average coupon	9.10%	9.00%
Performing loans, weighted average maturity in years	2 years 9 months 18 days	3 years 6 months
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 35,566	$ 105,586
Carrying Value	$ 36,603	$ 107,609
Performing loans, weighted average coupon	5.90%	6.40%
Performing loans, weighted average maturity in years	16 years 9 months 18 days	15 years 5 months
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 459,433	$ 372,247
Carrying Value	$ 456,463	$ 369,207
Performing loans, weighted average coupon	12.20%	12.30%
Performing loans, weighted average maturity in years	2 years 3 months 18 days	2 years 9 months
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Corporate loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 46,840	$ 0
Carrying Value	$ 46,592	$ 0
Performing loans, weighted average coupon	9.90%	0.00%
Performing loans, weighted average maturity in years	10 years
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 910,308	$ 1,618,795
Carrying Value	919,681	1,611,276
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	414,428	494,797
Carrying Value	$ 423,199	$ 487,651
Performing loans, weighted average coupon	6.00%	8.20%
Performing loans, weighted average maturity in years	1 year 8 months 12 days	9 months
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 461,489	$ 775,963
Carrying Value	$ 462,203	$ 776,156
Performing loans, weighted average coupon	6.40%	5.70%
Performing loans, weighted average maturity in years	3 years 6 months	2 years 8 months
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 34,391	$ 348,035
Carrying Value	$ 34,279	$ 347,469
Performing loans, weighted average coupon	9.80%	11.20%
Performing loans, weighted average maturity in years	1 year 3 months 18 days	7 months

Loans Receivable - Loan Maturit

Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 2,541,852	$ 2,969,847
Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	2,268,599	2,912,023
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	145,986	7,379
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	9,410	1,172
90 Days or More Past Due and Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 117,857	$ 49,273

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Financing Receivable, Modifications [Line Items]
Carrying value of loans before allowance for loan losses	$ 66,400	$ 66,200
Non-PCI Loans
Financing Receivable, Modifications [Line Items]
Number of loans | loan	0	1	1
Carrying value of loans before allowance for loan losses		$ 37,611	$ 26,667
Loss incurred		$ 1,687	$ 278

Loans Receivable - Non-PCI Impa

Loans Receivable - Non-PCI Impaired Loans (Details) - Non-PCI Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 383,594	$ 116,881
With Allowance for Loan Losses	138,136	56,650
Without Allowance for Loan Losses	248,759	60,025
Total	386,895	116,675
Allowance for Loan Losses	7,425	6,287
Average carrying value before allowance for loan losses	202,397	90,447	$ 19,676
Total interest income recognized during the period impaired	$ 10,192	$ 3,929	$ 766

Loans Receivable - Fair Value o

Loans Receivable - Fair Value of Loans Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Accretable yield	$ (42,435)		$ (52,572)	$ (66,639)	$ (98,523)
PCI Loans | Loans Acquired through Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractually required payments including interest		$ 1,154,596
Less: Nonaccretable difference		(878,257)
Cash flows expected to be collected		276,339
Less: Accretable yield		(23,594)
Fair value of loans acquired		$ 252,745

Loans Receivable - Changes in A

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 52,572	$ 66,639	$ 98,523
Additions	23,594	22,493	0
Changes in accretable yield	25,720	31,171	12,199
Accretion recognized in earnings	(61,809)	(65,911)	(158,468)
Consolidation of PCI loans held by investment entities (Note 3)	0	0	121,130
Effect of changes in foreign exchange rates	2,358	(1,820)	(6,745)
Ending accretable yield	$ 42,435	$ 52,572	$ 66,639

Loans Receivable - Nonaccrual L

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 196.5	$ 32

Loans Receivable - Allowance fo

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 67,980,000	$ 37,571,000	$ 197,000		$ 52,709,000	$ 67,980,000
Loans receivable, net					3,223,762,000	3,430,608,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	67,980,000	37,571,000	197,000
Provision for loan losses	19,741,000	34,864,000	39,859,000
Charge-off	(35,012,000)	(4,455,000)	(2,485,000)
Allowance for loan losses	52,709,000	67,980,000	37,571,000
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	67,980,000	67,980,000			52,709,000	67,980,000
Loans receivable, net					305,691,000	299,805,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	67,980,000
Allowance for loan losses	52,709,000	67,980,000
PCI Loans
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses	12,200,000	29,000,000	39,000,000
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	61,693,000	61,693,000			45,285,000	61,693,000
Loans receivable, net					169,789,000	243,155,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	61,693,000
Allowance for loan losses	45,285,000	61,693,000
Provision for loan losses, reversal	6,300,000	0	$ 0
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	6,287,000	6,287,000			7,424,000	6,287,000
Loans receivable, net					135,902,000	$ 56,650,000
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	6,287,000
Allowance for loan losses	$ 7,424,000	$ 6,287,000
Investment Commitments | Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments					112,400,000
Parent | Investment Commitments | Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments					$ 92,200,000
Subsequent event | Investment Commitments | Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments				$ 19,200,000
Subsequent event | Parent | Investment Commitments | Consolidated Real Estate Debt Investments
Allowance for Loan and Lease Losses [Roll Forward]
Other commitments				$ 18,200,000

Investments in Unconsolidated92

Investments in Unconsolidated Ventures - Narrative (Details) shares in Millions	Nov. 09, 2017	Jun. 30, 2017USD ($)shares	Mar. 31, 2017USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2017USD ($)companyshares	Jul. 31, 2017
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses and interest in affiliates					$ 50,000,000
Noncontrolling interest, ownership percentage by noncontrolling owners				28.70%	28.70%
Starwood Waypoint Homes
Schedule of Equity Method Investments [Line Items]
Ownership percentage				0.00%	0.00%
Number of shares issued | shares		7.5	7.6
Proceeds from share issuance		$ 261,400,000	$ 239,100,000
Gain in earnings of investments in unconsolidated ventures			$ 191,200,000
Colony American Finance
Schedule of Equity Method Investments [Line Items]
Ownership percentage				0.00%	0.00%
NRE
Schedule of Equity Method Investments [Line Items]
Ownership percentage				10.20%	10.20%
Co-Investment Partner
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses and interest in affiliates					$ 50,000,000
Proceeds from dividends received		$ 10,300,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Lending commitments					107,900,000
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment				$ 113,400,000	113,400,000
Third Party Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment				$ 14,500,000	$ 14,500,000
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership percentage				27.20%	27.20%
Private funds and retail companies
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment				$ 14,000,000	$ 14,000,000
Long-term purchase commitment, amount					10,000,000
Amended And Restated NRE Management Agreement | NRE
Schedule of Equity Method Investments [Line Items]
Maximum stock purchase eligibility, percent	45.00%
Shares owned in excess of threshold, threshold percent	25.00%
Distribution Support Agreement
Schedule of Equity Method Investments [Line Items]
Commitment to invest as distribution support					$ 10,000,000
Maximum number of new companies to have distribution support | company					5
Limited Partner | Minimum
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners				0.10%	0.10%
Limited Partner | Maximum
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners				22.20%	22.20%
Common Stock | NRE
Schedule of Equity Method Investments [Line Items]
Equity method investments, shares acquired | shares				5.4
Equity method investment, shares | shares				5.6	5.6
Disposal Group, Not Discontinued Operations | Colony American Finance
Schedule of Equity Method Investments [Line Items]
Ownership percentage						17.40%

Investments in Unconsolidated93

Investments in Unconsolidated Ventures - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,163,153	$ 953,259
Cost method investments	128,185	99,736
Investments under fair value option	363,901	0
Investments in Unconsolidated Ventures	1,655,239	1,052,995
Investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments	1,138,052	933,262
Cost method investments	89,261	99,736
Investments under fair value option	159,128	0
Private funds and retail companies
Schedule of Equity Method Investments [Line Items]
Equity method investments	25,101	19,997
Cost method investments	38,924	0
Private funds
Schedule of Equity Method Investments [Line Items]
Investments under fair value option	$ 204,773	$ 0

Investments in Unconsolidated94

Investments in Unconsolidated Ventures - Equity Method Investments (Details) $ in Thousands	Dec. 31, 2017USD ($)investment	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 1,163,153	$ 953,259
Starwood Waypoint Homes
Schedule of Equity Method Investments [Line Items]
Ownership Interest	0.00%
Equity method investments (less than for 17 individual other investments)	$ 0	316,113
Colony American Finance
Schedule of Equity Method Investments [Line Items]
Ownership Interest	0.00%
Equity method investments (less than for 17 individual other investments)	$ 0	57,754
NRE
Schedule of Equity Method Investments [Line Items]
Ownership Interest	10.20%
Equity method investments (less than for 17 individual other investments)	$ 73,578	0
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership Interest	27.20%
Equity method investments (less than for 17 individual other investments)	$ 105,082	0
Preferred equity
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	440,704	188,255
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	331,268	271,649
Private funds and retail companies
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	25,101	19,997
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 187,420	$ 99,491
Number of equity method investments | investment	15
Individual other investment venture
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 17 individual other investments)	$ 62,000

Investments in Unconsolidated95

Investments in Unconsolidated Ventures - Selected Combined Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance Sheet [Abstract]
Total assets	$ 9,537,068	$ 9,319,122
Total liabilities	5,357,936	5,517,514
Owners' equity	3,662,777	3,473,358
Noncontrolling interests	516,368	328,269
Income Statement [Abstract]
Total revenues	1,519,728	819,726	$ 518,085
Net income (loss)	174,222	(32,493)	(40,372)
Net income (loss) attributable to noncontrolling interests	(18,381)	(3,494)	(433)
Net income (loss) attributable to owners	$ 192,603	$ (28,999)	$ (39,939)

Securities - Available for Sale

Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 333,080
Gains	16,510
Losses	(1,248)
Fair Value	348,342
Securities, at fair value	383,942	$ 23,446
Bonds | Variable Interest Entity, Primary Beneficiary
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	215,500
CMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	144,476
Gains	3,999
Losses	(530)
Fair Value	147,945	23,446
Other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	61,302
Gains	5,994
Losses	(313)
Fair Value	66,983
N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	88,374
Gains	2,778
Losses	(219)
Fair Value	90,933
N-Star CDO | Variable Interest Entity, Not Primary Beneficiary
Schedule of Available-for-sale Securities [Line Items]
Principal amount eliminated in consolidation	140,100
CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	38,928	24,103
Gains	3,739	0
Losses	(186)	(657)
Fair Value	42,481	23,446
Investment owned, balance, principal amount	25,100
Equity securities of consolidated fund
Schedule of Available-for-sale Securities [Line Items]
Fair Value	35,600
Level 1 | CMBS
Schedule of Available-for-sale Securities [Line Items]
Fair Value	0	$ 0
Level 1 | Other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	0
Level 1 | N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Fair Value	0
Level 1 | CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	0
Level 1 | Equity securities of consolidated fund
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 35,600

Securities - Narrative (Details

Securities - Narrative (Details) - Commercial Real Estate, Securities - Colony NorthStar - N-Star CDO	12 Months Ended
	Dec. 31, 2017security
Schedule of Available-for-sale Securities [Line Items]
Weighted average maturity of securities acquired	6 years 6 months
Minimum
Schedule of Available-for-sale Securities [Line Items]
Contractual maturity period	6 months
Maximum
Schedule of Available-for-sale Securities [Line Items]
Contractual maturity period	43 years
Consolidated Properties
Schedule of Available-for-sale Securities [Line Items]
Number of securities acquired	2

Securities - Sale of Securities

Securities - Sale of Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Schedule of Available-for-sale Securities [Line Items]
Realized gain, net	$ 155
Colony | CMBS
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale	30,279
Gross realized gain (including $0.4 million of unrealized gains transferred from AOCI)	951
Available-for-sale securities, gross unrealized gain	$ 400

Securities - Impairment of AFS

Securities - Impairment of AFS Securities (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2017USD ($)security	Dec. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Number of securities in cumulative unrealized loss position, more than twelve months | security	0
OTTI loss	$ 33,000
CMBS
Schedule of Available-for-sale Securities [Line Items]
Fair Value	2,229	$ 0
Gross Unrealized Loss	(530)	0
Other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	8,218	0
Gross Unrealized Loss	(313)	0
N-Star CDO
Schedule of Available-for-sale Securities [Line Items]
Fair Value	13,392	0
Gross Unrealized Loss	(219)	0
CMBS and other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	12,956	23,446
Gross Unrealized Loss	$ (186)	$ (657)

Securities - Purchased Credit I

Securities - Purchased Credit Impaired Debt Securities (Details) - Colony NorthStar - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Outstanding principal	$ 411,174
Amortized cost	26,761
Carrying value	31,789
PCI Debt Securities Acquired During Period
Contractually required payments including interest		$ 574,088
Less: Nonaccretable difference		(449,261)
Cash flows expected to be collected		124,827
Less: Accretable yield		(70,283)
Fair value of PCI debt securities acquired		$ 54,544
Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	0
Assumed through the Merger	70,283
Accretion recognized in earnings	(12,461)
Reduction due to payoffs or disposals	(8,963)
Net reclassifications to nonaccretable difference	(4,249)
Ending accretable yield	$ 44,610

Goodwill, Deferred Leasing C101

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill	$ 680,127	$ 678,267	$ 20,000
Business combinations	1,440,229	1,860	658,267
Transfer to held for sale	(20,000)	0	0
Disposition	(249,795)	0	0
Impairment	(316,000)	0	0
Goodwill	1,534,561	680,127	678,267
Industrial
Goodwill [Roll Forward]
Goodwill	20,000	20,000
Goodwill	20,000	20,000	20,000
Investment management
Goodwill [Roll Forward]
Goodwill	660,127	658,267
Impairment	(316,000)
Goodwill	$ 1,514,561	$ 660,127	$ 658,267

Goodwill, Deferred Leasing C102

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 1,110,851	$ 402,098
Deferred leasing and other intangible assets, accumulated amortization	(257,979)	(123,357)
Deferred leasing and other intangible assets, net carrying amount	852,872	278,741
Intangible Liabilities
Below-market lease values, carrying amount	214,833	30,507
Below-market lease values, accumulated amortization	(36,426)	(10,690)
Below-market lease values	178,407	19,817
Above-market ground lease obligations, carrying amount	13,417	172
Above-market ground lease obligations, accumulated amortization	(715)	(12)
Above-market ground lease obligations	12,702	160
Intangible liabilities, carrying amount	228,250	30,679
Intangible liabilities, accumulated amortization	(37,141)	(10,702)
Total intangible liabilities	191,109	19,977
In-place lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	243,037	149,301
Deferred leasing and other intangible assets, accumulated amortization	(98,021)	(52,489)
Deferred leasing and other intangible assets, net carrying amount	145,016	96,812
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	166,571	27,731
Deferred leasing and other intangible assets, accumulated amortization	(34,968)	(13,705)
Deferred leasing and other intangible assets, net carrying amount	131,603	14,026
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	29,625	34,241
Deferred leasing and other intangible assets, accumulated amortization	(316)	(411)
Deferred leasing and other intangible assets, net carrying amount	29,309	33,830
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	121,765	88,470
Deferred leasing and other intangible assets, accumulated amortization	(38,389)	(25,415)
Deferred leasing and other intangible assets, net carrying amount	83,376	63,055
Lease incentives
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	14,565	409
Deferred leasing and other intangible assets, accumulated amortization	(298)	(87)
Deferred leasing and other intangible assets, net carrying amount	14,267	322
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	79,700	15,500
Deferred leasing and other intangible assets, accumulated amortization	(3,131)
Deferred leasing and other intangible assets, net carrying amount	$ 76,569	15,500
Intangible Liabilities
Useful life of finite-lived intangible assets	20 years
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	$ 342,127	39,646
Deferred leasing and other intangible assets, accumulated amortization	(70,394)	(25,400)
Deferred leasing and other intangible assets, net carrying amount	271,733	14,246
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	59,400	46,800
Deferred leasing and other intangible assets, accumulated amortization	(10,421)	(5,850)
Deferred leasing and other intangible assets, net carrying amount	48,979	40,950
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount	54,061	0
Deferred leasing and other intangible assets, accumulated amortization	(2,041)	0
Deferred leasing and other intangible assets, net carrying amount	$ 52,020	$ 0
Franchise agreements | Minimum
Intangible Liabilities
Useful life of finite-lived intangible assets	10 years
Franchise agreements | Maximum
Intangible Liabilities
Useful life of finite-lived intangible assets	15 years
Investment management | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Fee earnings multiple	6.5
Incentive fee multiple	3
Discount rate	900.00%
Investment management | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Fee earnings multiple	20
Incentive fee multiple	5
Discount rate	2500.00%

Goodwill, Deferred Leasing C103

Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	$ 15,319	$ (2,045)	$ (3,240)
Below-market lease values	40,079	7,089	4,427
Net increase (decrease) to rental income	14,626	(1,569)	(3,220)
Above-market ground lease obligations	(835)	482	25
Below-market ground lease obligations	7,493	(6)	(5)
Net increase to ground rent expense	6,658	476	20
Amortization expense	158,657	58,759	54,487
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(25,235)	(8,658)	(7,647)
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(218)	0	0
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization expense	74,560	30,193	25,865
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	19,046	13,777	12,130
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	3,682	0	0
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	38,640	11,446	13,985
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	12,514	3,343	2,507
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 10,215	$ 0	$ 0

Goodwill, Deferred Leasing C104

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Above Market Lease, Amortization Expense [Abstract]
2,018	$ (19,065)
2,018	(17,337)
2,019	(16,421)
2,020	(15,625)
2,021	(12,885)
2023 and Thereafter	(50,270)
Above-market lease values	(131,603)
Below-market lease values
Below-market lease values	178,407	$ 19,817
(Decrease) Increase to rental income
2,018	7,299
2,017	7,499
2,018	6,217
2,019	5,460
2,020	6,712
2023 and Thereafter	27,884
Increase to rental income	61,071
Deferred Leasing Costs and Intangible Assets
2,018	87,586
2,018	74,564
2,019	66,819
2,020	59,310
2,021	54,504
2023 and Thereafter	291,727
Net Carrying Amount	634,510
Net below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
2,018	(76)
2,018	(66)
2,019	(66)
2,020	(64)
2,021	(66)
2023 and Thereafter	16,945
Net Carrying Amount	16,607
Below-market lease values
Below-market lease values
2,018	25,305
2,018	23,777
2,019	21,575
2,020	19,960
2,021	18,472
2023 and Thereafter	69,318
Below-market lease values	178,407
Lease incentives
Lease incentives
2,018	1,059
2,019	1,059
2,020	1,063
2,021	1,125
2,022	1,125
2023 and Thereafter	8,836
Lease incentives	14,267
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
2,018	697
2,018	707
2,019	707
2,020	709
2,021	707
2023 and Thereafter	25,782
Net Carrying Amount	29,309
In-place lease values
Deferred Leasing Costs and Intangible Assets
2,018	28,455
2,018	20,495
2,019	15,987
2,020	11,623
2,021	9,121
2023 and Thereafter	59,335
Net Carrying Amount	145,016
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
2,018	16,799
2,018	14,009
2,019	11,464
2,020	8,928
2,021	7,042
2023 and Thereafter	25,134
Net Carrying Amount	83,376
Trade name
Deferred Leasing Costs and Intangible Assets
2,018	3,214
2,018	3,214
2,019	3,214
2,020	3,214
2,021	3,214
2023 and Thereafter	44,999
Net Carrying Amount	61,069
Investment management contracts
Deferred Leasing Costs and Intangible Assets
2,018	32,172
2,018	30,360
2,019	29,520
2,020	28,911
2,021	28,493
2023 and Thereafter	122,277
Net Carrying Amount	271,733
Customer relationships
Deferred Leasing Costs and Intangible Assets
2,018	4,607
2,018	4,607
2,019	4,607
2,020	4,607
2,021	4,607
2023 and Thereafter	25,944
Net Carrying Amount	48,979
Other
Deferred Leasing Costs and Intangible Assets
2,018	2,339
2,018	1,879
2,019	2,027
2,020	2,027
2,021	2,027
2023 and Thereafter	14,038
Net Carrying Amount	24,337
Leases Acquired In Place Above Market Ground Leases Adjustment [Member]
Above Market Ground Lease Obligations [Abstract]
Remaining 2,017	(773)
2,018	(773)
2,019	(773)
2,020	(773)
2,021	(773)
2022 and after	(8,837)
Above-market ground lease obligations	$ (12,702)

Assets and Related Liabiliti105

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Real estate, net	$ 720,686	$ 223,954
Loans receivable, net	0	29,353
Intangible assets, net	37,337	21,239
Other assets	3,607	18,378
Total assets held for sale	781,630	292,924
Liabilities
Secured debt	196,905	0
Lease intangibles and other liabilities, net	76,393	14,296
Total liabilities related to assets held for sale	273,298	14,296
Townsend
Assets
Goodwill	$ 20,000	$ 0

Restricted Cash, Other Asset106

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 471,078	$ 111,959
Variable Interest Entity, Primary Beneficiary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	13,656	0
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	249,612	1,502
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	42,420	13,116
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	41,545	61,744
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	23,043	27,768
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	16,486	0
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 84,316	$ 7,829

Restricted Cash, Other Asset107

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Interest receivable	$ 21,529	$ 42,296
Straight-line rents	45,598	22,352
Hotel-related reserves	29,208	0
Investment deposits and pending deal costs	1,706	66,310
Deferred financing costs, net	10,068	10,533
Contingent consideration account	15,730	10,836
Derivative assets (Note 12)	10,152	36,101
Prepaid taxes and deferred tax assets, net (4)	79,063	0
Receivables from resolution of investments	15,215	0
Contributions receivable	25,501	0
Accounts receivable	87,744	19,986
Prepaid expenses	29,526	3,864
Other assets	20,296	2,852
Fixed assets, net	53,632	45,455
Other assets	444,968	260,585
Deferred tax assets, valuation allowance	(23,852)	(692)
Allowance for unbilled receivables	$ 5,600	$ 1,700

Restricted Cash, Other Asset108

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Tenant security deposits	$ 27,560	$ 12,105
Borrower escrow deposits	46,231	64,118
Deferred income	42,457	27,575
Interest payable	42,462	19,399
Derivative liabilities (Note 12)	204,848	5,448
Contingent consideration—THL Hotel Portfolio (Note 3)	7,419	0
Current and deferred income tax liability	166,276	41,462
Accrued compensation	77,483	39,697
Accrued real estate and other taxes	77,060	23,310
Other accrued expenses	107,508	43,975
Accounts payable and other liabilities	98,857	9,863
Total	$ 898,161	$ 286,952

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal	$ 11,129,622	$ 3,757,647
Debt, net	10,827,810	3,715,618
Assets Held For Sale
Debt Instrument [Line Items]
Debt, net	202,800	108,800
Credit Facilities
Debt Instrument [Line Items]
Principal	50,000
Debt, net	50,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105
Debt, net	610,331
Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,792,169
Debt, net	9,622,175
Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	391,231
Debt, net	348,251
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117
Debt, net	197,053
Carrying Value
Debt Instrument [Line Items]
Principal	11,129,622	3,757,647
Premium (discount), net	(245,886)	(2,175)
Deferred financing costs	(100,468)	(39,854)
Debt, net	10,783,268	3,715,618
Carrying Value | Credit Facilities
Debt Instrument [Line Items]
Principal	50,000	422,600
Debt, net	50,000	422,600
Carrying Value | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105	602,500
Premium (discount), net	3,131	1,385
Deferred financing costs	(8,905)	(11,059)
Debt, net	610,331	592,826
Carrying Value | Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,792,169	2,235,022
Premium (discount), net	(78,634)	(3,560)
Deferred financing costs	(91,360)	(25,765)
Debt, net	9,622,175	2,205,697
Carrying Value | Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	391,231	497,525
Premium (discount), net	(87,319)	0
Deferred financing costs	(203)	(3,030)
Debt, net	303,709	494,495
Carrying Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	0
Premium (discount), net	(83,064)	0
Deferred financing costs	0	0
Debt, net	197,053	$ 0
Fair Value
Debt Instrument [Line Items]
Debt, net	44,542
Fair Value | Credit Facilities
Debt Instrument [Line Items]
Debt, net	0
Fair Value | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Debt, net	0
Fair Value | Secured and Unsecured Debt
Debt Instrument [Line Items]
Debt, net	0
Fair Value | Securitization Bonds Payable
Debt Instrument [Line Items]
Debt, net	44,542
Fair Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Debt, net	$ 0

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)instrument
Debt Instrument [Line Items]
Principal	$ 11,129,622	$ 3,757,647
Fixed Rate
Debt Instrument [Line Items]
Principal	4,252,448	1,822,878
Variable Rate
Debt Instrument [Line Items]
Principal	6,877,174	1,934,769
Credit Facilities
Debt Instrument [Line Items]
Principal	50,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117
Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	9,792,169
Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	391,231
Recourse
Debt Instrument [Line Items]
Principal	985,441	1,111,706
Recourse | Fixed Rate
Debt Instrument [Line Items]
Principal	655,324	$ 643,648
Number of secured promissory notes | instrument		2
Recourse | Variable Rate
Debt Instrument [Line Items]
Principal	330,117	$ 468,058
Recourse | Credit Facilities
Debt Instrument [Line Items]
Principal	$ 50,000	$ 422,600
Weighted Average Interest Rate (Per Annum)	3.51%	3.02%
Weighted Average Years Remaining to Maturity	3 years	3 years 2 months 12 days
Recourse | Credit Facilities | Fixed Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Recourse | Credit Facilities | Variable Rate
Debt Instrument [Line Items]
Principal	$ 50,000	$ 422,600
Weighted Average Interest Rate (Per Annum)	3.51%	3.02%
Weighted Average Years Remaining to Maturity	3 years	3 years 2 months 12 days
Recourse | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	$ 616,105	$ 602,500
Weighted Average Interest Rate (Per Annum)	4.27%	4.25%
Weighted Average Years Remaining to Maturity	4 years	4 years 9 months 18 days
Recourse | Convertible and Exchangeable Senior Notes | Fixed Rate
Debt Instrument [Line Items]
Principal	$ 616,105	$ 602,500
Weighted Average Interest Rate (Per Annum)	4.27%	4.25%
Weighted Average Years Remaining to Maturity	4 years	4 years 9 months 18 days
Recourse | Convertible and Exchangeable Senior Notes | Variable Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Recourse | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	$ 280,117
Weighted Average Interest Rate (Per Annum)	4.56%
Weighted Average Years Remaining to Maturity	18 years 4 months 24 days
Recourse | Junior Subordinated Notes | Fixed Rate
Debt Instrument [Line Items]
Principal	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%
Recourse | Junior Subordinated Notes | Variable Rate
Debt Instrument [Line Items]
Principal	$ 280,117
Weighted Average Interest Rate (Per Annum)	4.56%
Weighted Average Years Remaining to Maturity	18 years 4 months 24 days
Recourse | Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal	$ 39,219	$ 86,606
Weighted Average Interest Rate (Per Annum)	5.02%	4.15%
Weighted Average Years Remaining to Maturity	7 years 10 months 24 days	4 years 8 months 12 days
Recourse | Secured and Unsecured Debt | Fixed Rate
Debt Instrument [Line Items]
Principal	$ 39,219	$ 41,148
Weighted Average Interest Rate (Per Annum)	5.02%	5.02%
Weighted Average Years Remaining to Maturity	7 years 10 months 24 days	8 years 10 months 24 days
Recourse | Secured and Unsecured Debt | Variable Rate
Debt Instrument [Line Items]
Principal	$ 0	$ 45,458
Weighted Average Interest Rate (Per Annum)	0.00%	3.36%
Weighted Average Years Remaining to Maturity		10 months 24 days
Non-recourse
Debt Instrument [Line Items]
Principal	$ 10,144,181	$ 2,645,941
Non-recourse | Fixed Rate
Debt Instrument [Line Items]
Principal	3,597,124	1,179,230
Non-recourse | Variable Rate
Debt Instrument [Line Items]
Principal	6,547,057	1,466,711
Non-recourse | Secured and Unsecured Debt | Healthcare
Debt Instrument [Line Items]
Principal	$ 3,288,256
Weighted Average Interest Rate (Per Annum)	5.03%
Weighted Average Years Remaining to Maturity	2 years 7 months 6 days
Non-recourse | Secured and Unsecured Debt | Industrial
Debt Instrument [Line Items]
Principal	$ 1,014,229	$ 1,010,514
Weighted Average Interest Rate (Per Annum)	3.50%	3.46%
Weighted Average Years Remaining to Maturity	11 years 4 months 24 days	11 years
Non-recourse | Secured and Unsecured Debt | Hospitality
Debt Instrument [Line Items]
Principal	$ 2,608,719
Weighted Average Interest Rate (Per Annum)	4.69%
Weighted Average Years Remaining to Maturity	1 year 1 month 6 days
Non-recourse | Secured and Unsecured Debt | Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 2,215,998	$ 908,497
Weighted Average Interest Rate (Per Annum)	4.03%	3.62%
Weighted Average Years Remaining to Maturity	2 years 9 months 18 days	5 years 6 months
Non-recourse | Secured and Unsecured Debt | Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 625,748	$ 229,405
Weighted Average Interest Rate (Per Annum)	4.05%	3.27%
Weighted Average Years Remaining to Maturity	2 years 7 months 6 days	1 year 8 months 12 days
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Healthcare
Debt Instrument [Line Items]
Principal	$ 2,168,936
Weighted Average Interest Rate (Per Annum)	4.65%
Weighted Average Years Remaining to Maturity	2 years 10 months 24 days
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Industrial
Debt Instrument [Line Items]
Principal	$ 1,014,229	$ 597,502
Weighted Average Interest Rate (Per Annum)	3.50%	3.77%
Weighted Average Years Remaining to Maturity	11 years 4 months 24 days	16 years 8 months 12 days
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Hospitality
Debt Instrument [Line Items]
Principal	$ 9,038
Weighted Average Interest Rate (Per Annum)	11.00%
Weighted Average Years Remaining to Maturity	7 months 6 days
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 374,789	$ 487,320
Weighted Average Interest Rate (Per Annum)	4.07%	3.74%
Weighted Average Years Remaining to Maturity	5 years 6 months	8 years 1 month 6 days
Outstanding principal in payment default		$ 83,000
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 0	$ 0
Weighted Average Interest Rate (Per Annum)	0.00%	0.00%
Non-recourse | Secured and Unsecured Debt | Fixed Rate | Healthcare And Hospitality
Debt Instrument [Line Items]
Outstanding principal not in compliance with certain covenants	$ 384,500
Non-recourse | Secured and Unsecured Debt | Variable Rate | Healthcare
Debt Instrument [Line Items]
Principal	$ 1,119,320
Weighted Average Interest Rate (Per Annum)	5.75%
Weighted Average Years Remaining to Maturity	2 years
Non-recourse | Secured and Unsecured Debt | Variable Rate | Industrial
Debt Instrument [Line Items]
Principal	$ 0	$ 413,012
Weighted Average Interest Rate (Per Annum)	0.00%	3.02%
Weighted Average Years Remaining to Maturity	0 years	2 years 10 months 24 days
Non-recourse | Secured and Unsecured Debt | Variable Rate | Hospitality
Debt Instrument [Line Items]
Principal	$ 2,599,681
Weighted Average Interest Rate (Per Annum)	4.67%
Weighted Average Years Remaining to Maturity	1 year 1 month 6 days
Non-recourse | Secured and Unsecured Debt | Variable Rate | Other Real Estate Equity
Debt Instrument [Line Items]
Principal	$ 1,841,209	$ 421,177
Weighted Average Interest Rate (Per Annum)	4.02%	3.47%
Weighted Average Years Remaining to Maturity	2 years 3 months 18 days	2 years 4 months 24 days
Non-recourse | Secured and Unsecured Debt | Variable Rate | Real Estate Debt
Debt Instrument [Line Items]
Principal	$ 625,748	$ 229,405
Weighted Average Interest Rate (Per Annum)	4.05%	3.27%
Weighted Average Years Remaining to Maturity	2 years 7 months 6 days	1 year 8 months 12 days
Non-recourse | Securitization Bonds Payable
Debt Instrument [Line Items]
Principal	$ 391,231	$ 497,525
Weighted Average Interest Rate (Per Annum)	3.05%	2.85%
Weighted Average Years Remaining to Maturity	28 years 6 months	18 years 7 months 6 days
Non-recourse | Securitization Bonds Payable | Fixed Rate
Debt Instrument [Line Items]
Principal	$ 30,132	$ 94,408
Weighted Average Interest Rate (Per Annum)	3.45%	2.54%
Weighted Average Years Remaining to Maturity	29 years 10 months 24 days	33 years 2 months 12 days
Non-recourse | Securitization Bonds Payable | Variable Rate
Debt Instrument [Line Items]
Principal	$ 361,099	$ 403,117
Weighted Average Interest Rate (Per Annum)	3.02%	2.92%
Weighted Average Years Remaining to Maturity	28 years 4 months 24 days	15 years 2 months 12 days

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facility (Details) - Line of Credit - Revolving Credit Facility - JPMorgan Chase Bank, N.A.	Jan. 10, 2017USD ($)extension	Dec. 31, 2017USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 1,000,000,000
Number of extension options | extension	2
Extension term	6 months
Extension commitment fee	0.10%
Maximum amount available for draw		$ 1,000,000,000
Percentage of unused amount		0.35%
Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.25%
Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.35%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Accordion Feature
Line of Credit Facility [Line Items]
Maximum principal amount increase	$ 1,500,000,000

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2017USD ($)shares	Dec. 31, 2017USD ($)dquarter$ / sharesshares	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes		$ 616,105	$ 602,500
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount		100.00%
Threshold percentage of stock price trigger		130.00%
Threshold trading days | d		20
Threshold consecutive trading days | d		30
Convertible and Exchangeable Senior Notes | 5.00% Convertible Notes
Debt Instrument [Line Items]
Interest Rate		5.00%
Conversion or Exchange Price (per share of common stock) | $ / shares		$ 15.76
Conversion or Exchange Ratio (In Shares per $1,000)		63.4700
Conversion or Exchange Shares (in shares) | shares		12,694,000
Convertible and exchangeable senior notes		$ 200,000	200,000
Convertible and Exchangeable Senior Notes | 3.875% Convertible Notes
Debt Instrument [Line Items]
Interest Rate		3.875%
Conversion or Exchange Price (per share of common stock) | $ / shares		$ 16.57
Conversion or Exchange Ratio (In Shares per $1,000)		60.3431
Conversion or Exchange Shares (in shares) | shares		24,288,000
Convertible and exchangeable senior notes		$ 402,500	402,500
Convertible and Exchangeable Senior Notes | 7.25% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate		7.25%
Repurchased face amount		$ 13,000
Repurchase amount		$ 13,400
Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate		5.375%
Conversion or Exchange Price (per share of common stock) | $ / shares		$ 12.04
Conversion or Exchange Ratio (In Shares per $1,000)		83.0837
Conversion or Exchange Shares (in shares) | shares		1,155,000
Convertible and exchangeable senior notes		$ 13,605	$ 0
Converted instrument, amount	$ 2,800
Original debt, interest rate	5.375%
Junior Subordinated Notes
Debt Instrument [Line Items]
Redemption period		5 years
Interest payment deferral, number of consecutive quarters | quarter		6
Common Class A
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) | shares		233,000
Common Class A | Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) | shares	232,669

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum and Estimated Principal Payments Due Under Financing Agreements (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Future scheduled minimum principal payments
Remaining 2,017		$ 335,868
2,018		3,114,899
2,019		427,990
2,020		1,609,620
2,021		3,002,972
2023 and thereafter		2,638,273
Total		11,129,622	$ 3,757,647
Credit Facilities
Future scheduled minimum principal payments
Remaining 2,017		0
2,018		0
2,019		0
2,020		50,000
2,021		0
2023 and thereafter		0
Total		50,000
Convertible and Exchangeable Senior Notes
Future scheduled minimum principal payments
Remaining 2,017		0
2,018		0
2,019		0
2,020		402,500
2,021		0
2023 and thereafter		213,605
Total		616,105
Secured and Unsecured Debt
Debt Instrument [Line Items]
Qualifying conditions for extension of maturity, amount		1,512,500
Future scheduled minimum principal payments
Remaining 2,017		335,868
2,018		3,114,899
2,019		427,990
2,020		1,157,120
2,021		3,002,972
2023 and thereafter		1,753,320
Total		9,792,169
Securitization Bonds Payable
Future scheduled minimum principal payments
Remaining 2,017		0
2,018		0
2,019		0
2,020		0
2,021		0
2023 and thereafter		391,231
Total		391,231
Estimated Principal Payments
2,018		188,180
2,018		147,634
2,019		53,800
2,020		1,617
Estimated Principal Payments		391,231
Junior Subordinated Notes
Future scheduled minimum principal payments
Remaining 2,017		0
2,018		0
2,019		0
2,020		0
2,021		0
2023 and thereafter		280,117
Total		$ 280,117
Subsequent event | Colony NorthStar Credit
Debt Instrument [Line Items]
Deferred financing costs	$ 463,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) € in Millions, £ in Millions, SFr in Millions, NOK in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017GBP (£)	Dec. 31, 2017EUR (€)	Dec. 31, 2017NOK	Jan. 10, 2017USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2016EUR (€)	Dec. 31, 2016CHF (SFr)	Dec. 31, 2016NOK
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	$ 204,848,000	$ 5,448,000
Deposits related to agreements included in other assets	1,900,000	0
Investments in unconsolidated joint ventures	1,655,239,000	1,052,995,000
Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation	3,900,000	1,600,000
Designated Hedges | Other gain (loss), net | Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges	3,900,000	62,000
Interest rate contracts | Colony NorthStar | Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount						$ 6,100,000,000
Derivative liabilities	160,400,000
Increase in fair value of interest rate	13,000,000
Forward contracts | Colony NorthStar | Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount						$ 2,000,000,000
Forward interest rate						3.39%
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	$ 1,139,000,000	$ 697,400,000	£ 250.6	€ 499.2	NOK 771.2		£ 106.2	€ 394.4	SFr 54.5	NOK 842.1

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 10,152	$ 36,101
Derivative Liabilities	(204,848)	(5,448)
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	10,152	36,101
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(204,848)	(5,448)
Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	8,009	34,715
Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(39,101)	(5,011)
Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	2,143	1,386
Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(165,747)	(437)
Foreign exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	8,984	35,818
Foreign exchange contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(44,408)	(5,448)
Foreign exchange contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	8,009	34,715
Foreign exchange contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(39,101)	(5,011)
Foreign exchange contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	975	1,103
Foreign exchange contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(5,307)	(437)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	1,168	283
Derivative Liabilities	(160,440)	0
Interest rate contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,168	283
Interest rate contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	(160,440)	0
Interest rate contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Interest rate contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Interest rate contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,168	283
Interest rate contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ (160,440)	$ 0

Derivatives - Schedule of Forei

Derivatives - Schedule of Foreign Exchange Contracts (Details) - Dec. 31, 2017 € in Thousands, £ in Thousands, PEN in Thousands, NOK in Thousands, COP in Thousands, CLP in Thousands

COP

$ / PEN

CLP

GBP (£)

$ / COP

EUR (€)

PEN

$ / CLP

NOK

$ / €

$ / NOK

$ / £

Maximum

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Forward exchange rate | $ / £

1.28

Foreign exchange collars | Minimum

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Exchange rate floor

1.06

1.45

Foreign exchange collars | Maximum

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Exchange rate cap

1.53

1.82

Foreign exchange contracts

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Forward exchange rate | $ / NOK

0.12

Foreign exchange contracts | Minimum

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Forward exchange rate

1.10

1.23

Foreign exchange contracts | Maximum

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Forward exchange rate | $ / €

1.27

Option

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Forward exchange rate

0.28

0.0003

0.0014

Designated Hedges | Foreign exchange collars

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

£ 51,977

€ 117,963

Designated Hedges | Foreign exchange contracts

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

100,517

330,182

NOK 802,417

Designated Hedges | Option

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

COP 0

CLP 0

PEN 0

Non-Designated Hedges | Foreign exchange collars

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

2,223

0

Non-Designated Hedges | Foreign exchange contracts

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

£ 42,633

€ 4,726

NOK 120,583

Non-Designated Hedges | Option

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Notional amount

COP 43,121,000

CLP 64,635,000

PEN 321,930

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)$ / £	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017GBP (£)$ / £	Dec. 31, 2017EUR (€)$ / £
Maximum
Derivative [Line Items]
Forward rate | $ / £	1.28			1.28	1.28
Non-Designated Hedges | Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	$ (15,080)	$ (1,455)	$ (841)
Non-Designated Hedges | Interest Rate Swap | Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,000,000
Forward rate	0.0339			0.0339	0.0339
Non-Designated Hedges | Interest Rate Swap | One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,917
Non-Designated Hedges | Interest Rate Swap | One-Month LIBOR | Minimum
Derivative [Line Items]
Forward rate	0.0417			0.0417	0.0417
Non-Designated Hedges | Interest Rate Swap | One-Month LIBOR | Maximum
Derivative [Line Items]
Forward rate	0.0512			0.0512	0.0512
Non-Designated Hedges | Basis Swap | Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 10,000
Forward rate	0.0195			0.0195	0.0195
Non-Designated Hedges | Basis Swap | One-Month LIBOR
Derivative [Line Items]
Strike rate	1.88%			1.88%	1.88%
Non-Designated Hedges | Interest Rate Cap | Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 220,466
Forward rate	0.0350			0.0350	0.0350
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 5,351,682
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR | Minimum
Derivative [Line Items]
Forward rate	0.0246			0.0246	0.0246
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR | Maximum
Derivative [Line Items]
Forward rate	0.0570			0.0570	0.0570
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor
Derivative [Line Items]
Notional amount | €					€ 621,799
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor | Minimum
Derivative [Line Items]
Forward rate	0.0075			0.0075	0.0075
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor | Maximum
Derivative [Line Items]
Forward rate	0.0150			0.0150	0.0150
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR
Derivative [Line Items]
Notional amount | £				£ 429,904
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | Minimum
Derivative [Line Items]
Forward rate	0.0200			0.0200	0.0200
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | Maximum
Derivative [Line Items]
Forward rate	0.0250			0.0250	0.0250
Non-Designated Hedges | Deliverable swap futures
Derivative [Line Items]
Notional amount	$ 14,735
Designated Hedges | Cash Flow Hedging | Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	$ 0	$ (401)	$ (98)

Derivatives - Derivative Nettin

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 10,152	$ 36,101
(Assets) Liabilities	(8,948)	(180)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	1,204	35,921
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(204,848)	(5,448)
(Assets) Liabilities	8,948	180
Cash Collateral Received (Pledged)	1,900	0
Net Amounts of Assets (Liabilities)	(194,000)	(5,268)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	8,984	35,818
(Assets) Liabilities	(8,944)	(180)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	40	35,638
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(44,408)	(5,448)
(Assets) Liabilities	8,944	180
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	(35,464)	(5,268)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	1,168	283
(Assets) Liabilities	(4)	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	1,164	283
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(160,440)	0
(Assets) Liabilities	4	0
Cash Collateral Received (Pledged)	1,900	0
Net Amounts of Assets (Liabilities)	$ (158,536)	$ 0

Fair Value - Fair Value of Ass

Fair Value - Fair Value of Assets and Liabilities (Details)	Jan. 10, 2017	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 363,901,000	$ 0
Fair Value		348,342,000
Derivative assets (Note 12)		10,152,000	36,101,000
Derivative liabilities (Note 12)		204,848,000	5,448,000
Contingent consideration—THL Hotel Portfolio (Note 3)		7,419,000	0
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		23,534,000	41,250,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (Note 12)		0	0
Derivative liabilities (Note 12)		0	0
Contingent consideration—THL Hotel Portfolio (Note 3)		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (Note 12)		10,152,000	36,101,000
Derivative liabilities (Note 12)		204,848,000	5,448,000
Contingent consideration—THL Hotel Portfolio (Note 3)		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (Note 12)		0	0
Derivative liabilities (Note 12)		0	$ 0
Contingent consideration—THL Hotel Portfolio (Note 3)		$ 7,419,000
Discount rate		20.00%
Equity volatility		18.70%	32.50%
Correlation		80.00%	80.00%
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 147,945,000	$ 23,446,000
CMBS | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0	0
CMBS | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0	23,446,000
CMBS | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		147,945,000	0
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		66,983,000
Other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Other securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		66,983,000
N-Star CDO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		90,933,000
N-Star CDO | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
N-Star CDO | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
N-Star CDO | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 90,933,000
Discount rate		24.00%
CMBS and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		$ 42,481,000	23,446,000
CMBS and other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
CMBS and other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		25,099,000
CMBS and other securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		17,382,000
Equity securities of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		35,600,000
Equity securities of consolidated fund | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		35,600,000
Equity securities of consolidated fund | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Equity securities of consolidated fund | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		20,650,000	41,250,000
Contingent consideration | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		0	0
Contingent consideration | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		$ 0	$ 0
Contingent consideration | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Benchmark FFO volatility		11.80%	16.10%
Colony NorthStar | Common Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663	1.4663
Colony NorthStar | Common Class A | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) | shares		1,290,000
Colony NorthStar | Common Class B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
Colony NorthStar | Common Class B | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) | shares		115,226
Colony NorthStar | OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, stock exchange, conversion ratio	1.4663
Colony NorthStar | OP Units | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) | shares		4,400,000
Minimum | N-Star CDO | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		10.80%
Maximum | N-Star CDO | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		87.40%
Maximum | THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 3)		$ 13,000,000
Private funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		14.60%
Private funds | Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		11.00%
Private funds | Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		20.00%
Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		12.80%
Other investment ventures | Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		8.80%
Other investment ventures | Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		14.80%
Loans receivable—securitized loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 45,423,000
Loans receivable—securitized loans | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Loans receivable—securitized loans | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Loans receivable—securitized loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		45,423,000
Investments in Unconsolidated Ventures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		363,901,000
Investments in Unconsolidated Ventures | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Investments in Unconsolidated Ventures | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		0
Investments in Unconsolidated Ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		363,901,000
Securitization Bonds Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured and unsecured debt		44,542,000
Securitization Bonds Payable | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured and unsecured debt		0
Securitization Bonds Payable | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured and unsecured debt		0
Securitization Bonds Payable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured and unsecured debt		44,542,000
Discounted cash flows | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 3)		7,419,000
Discounted cash flows | N-Star CDO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		90,933,000
Discounted cash flows | Private funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		204,774,000
Discounted cash flows | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		26,408,000
Monte Carlo simulation | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)		20,650,000
Monte Carlo simulation | Contingent consideration | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates ($20,650 and $41,250 at fair value, respectively)			$ 41,250,000
Recent Transaction Price | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures		$ 132,719,000

Fair Value - Changes in Fair V

Fair Value - Changes in Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Level 3 Assets
Consolidation of securitization trust	$ 58,296
Debt [Member] | Recurring | Level 3
Level 3 Liabilities
Fair Value, Liability Value	0	$ 0	$ 0
Consolidation of securitization trust	(56,928)
Purchases / borrowings / amortization / contributions	10,564
Unrealized gains (losses) in earnings	1,822
Fair Value, Liability Value	(44,542)	0	0
Due To Affiliates—Contingent Consideration for Internalization | Recurring | Level 3
Level 3 Liabilities
Fair Value, Liability Value	(41,250)	(52,990)	0
Acquired through Internalization			(69,500)
Unrealized gains (losses) in earnings	20,600	11,740	16,510
Fair Value, Liability Value	(20,650)	(41,250)	(52,990)
Loans Receivable | Recurring | Level 3
Level 3 Assets
Fair Value, Asset Value	0	0	0
Consolidation of securitization trust	58,296
Paydowns or distributions	(10,564)
Unrealized gains (losses) In earnings	(2,309)
Fair Value, Asset Value	45,423	0	0
Investments in Unconsolidated Ventures | Recurring | Level 3
Level 3 Assets
Fair Value, Asset Value	0	0	0
Acquired through the Merger	362,269
Purchases / borrowings / amortization / contributions	162,192
Paydowns or distributions	(166,795)
Unrealized gains (losses) In earnings	6,104	0
Fair Value, Asset Value	363,770	0	0
Securities | Recurring | Level 3
Level 3 Assets
Fair Value, Asset Value	0	0	0
Acquired through the Merger	427,560
Purchases / borrowings / amortization / contributions	40,035
Paydowns or distributions	(120,728)
Realized gains (losses) in earnings	(38,885)
Unrealized gains (losses) In earnings		0
Unrealized gains (losses) In accumulated other comprehensive income	15,261
Fair Value, Asset Value	323,243	0	0
THL Hotel Portfolio | Due To Affiliates—Contingent Consideration for Internalization | Recurring | Level 3
Level 3 Liabilities
Fair Value, Liability Value	0	0	0
Consideration for business combination	(6,771)
Unrealized gains (losses) in earnings	(648)
Fair Value, Liability Value	$ (7,419)	$ 0	$ 0

Fair Value - Nonrecurring Fair

Fair Value - Nonrecurring Fair Value (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	$ 49,498	$ 49,498	$ 67,034
Impairment loss		25,619	11,334
Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	224,935	224,935	226
Impairment loss		19,668	57
Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	51,100	51,100	2,181
Impairment loss		$ 59,073	$ 320
Discount rate		9.00%	8.00%
Investments in Unconsolidated Ventures | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	11,871	$ 11,871	$ 0
Impairment loss		6,774	0
Level 2 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	13,252	13,252	33,074
Level 2 | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	0	0
Level 2 | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	0	0
Level 2 | Investments in Unconsolidated Ventures | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	0	$ 0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		20.00%
Level 3 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	36,246	$ 36,246	33,960
Level 3 | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	224,935	224,935	226
Level 3 | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	51,100	51,100	2,181
Level 3 | Investments in Unconsolidated Ventures | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring	11,871	$ 11,871	$ 0
Level 3 | Minimum | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		5.60%
Selling costs		2.00%
Level 3 | Maximum | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		11.00%
Selling costs		8.00%
European Portfolio | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss		$ 14,100
Discount rate		10.00%
European Portfolio | Minimum | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal capitalization rate		8.00%
European Portfolio | Maximum | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal capitalization rate		13.00%
RIDEA Properties | European Portfolio | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties sold | property		3
NorthStar Healthcare | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	55,300
NorthStar RXR NY Metro | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	$ 3,700

Fair Value - Estimated Fair Va

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Loans at amortized cost	$ 45,423	$ 0
Level 1
Assets
Loans at amortized cost	0	0
Liabilities
Line of credit	0	0
Level 1 | Convertible senior notes
Liabilities
Secured and unsecured debt	608,491	606,698
Level 1 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Level 1 | Securitization Bonds Payable
Liabilities
Secured and unsecured debt	0	0
Level 1 | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0
Level 2
Assets
Loans at amortized cost	0	0
Liabilities
Line of credit	50,000	422,600
Level 2 | Convertible senior notes
Liabilities
Secured and unsecured debt	13,979	0
Level 2 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Level 2 | Securitization Bonds Payable
Liabilities
Secured and unsecured debt	132,815	492,481
Level 2 | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0
Level 3
Assets
Loans at amortized cost	3,232,301	3,471,797
Liabilities
Line of credit	0	0
Level 3 | Convertible senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,703,680	2,163,094
Level 3 | Securitization Bonds Payable
Liabilities
Secured and unsecured debt	169,908	0
Level 3 | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	216,316
Fair Value
Assets
Loans at amortized cost	3,232,301	3,471,797
Liabilities
Line of credit	50,000	422,600
Fair Value | Convertible senior notes
Liabilities
Secured and unsecured debt	622,470	606,698
Fair Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,703,680	2,163,094
Fair Value | Securitization Bonds Payable
Liabilities
Secured and unsecured debt	302,723	492,481
Fair Value | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	216,316
Carrying Value
Assets
Loans at amortized cost	3,178,339	3,430,608
Liabilities
Line of credit	50,000	422,600
Carrying Value | Convertible senior notes
Liabilities
Secured and unsecured debt	610,331	592,826
Carrying Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	9,622,175	2,205,697
Carrying Value | Securitization Bonds Payable
Liabilities
Secured and unsecured debt	303,709	$ 494,495
Carrying Value | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	$ 197,053

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	Dec. 31, 2017USD ($)investment	Dec. 31, 2016USD ($)
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 3.7
Consolidated open-end fund
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	6.9
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	10.2	$ 1.7
Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	490.1	$ 407
Securitization Vehicles | Variable Interest Entity, Unconsolidated
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 102.2
N-Star CDO | Securitization Vehicles
Variable Interest Entity [Line Items]
Number of securitization vehicles | investment	2

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Jan. 27, 2017$ / shares	Jan. 20, 2017$ / shares	Jan. 10, 2017	Jan. 10, 2017$ / shares	Apr. 02, 2015	Dec. 31, 2017USD ($)votequarterdirector$ / sharesshares	Dec. 31, 2016	Mar. 31, 2017USD ($)	Feb. 23, 2017USD ($)	Sep. 30, 2015USD ($)
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) | $ / shares						$ 25
Minimum period of dividend defaults providing preferred stockholders to voting rights (six or more) | quarter						6
Number of directors vote entitles | director						2
Minimum affirmative vote required for changes to any series of preferred stock						66.67%
Common stock conversion ratio for Class A to Class B / OP Units					1
Class A common stock acquired under the DRIP Plan | shares						0
Common Class A
Class of Stock [Line Items]
Voting rights per share of common stock | vote						1
Stock repurchase, authorized amount									$ 300,000,000
Stock repurchase, period for repurchase						1 year
Shares repurchased (in shares) | shares						23,371,071
Value of shares repurchased						$ 300,000,000
Weighted average price per share (in dollars per share) | $ / shares						$ 12.84
Common Class B
Class of Stock [Line Items]
Voting rights per share of common stock | vote						36.5
Colony NorthStar | Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) | $ / shares		$ 0.04444		$ 0.03
Colony NorthStar | Common Class A
Class of Stock [Line Items]
Exchange ratio			1.4663			1.4663	1.4663
Colony NorthStar | Common Class B
Class of Stock [Line Items]
Exchange ratio			1.4663
NSAM | Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) | $ / shares	$ 1.16
NSAM | Colony NorthStar | Common Class A
Class of Stock [Line Items]
Exchange ratio			1.4663
Common stock conversion ratio for Class A to Class B / OP Units			1
Call Spread | Common Class A
Class of Stock [Line Items]
Shares repurchased (in shares) | shares						2,150,120
Value of shares repurchased						$ 29,800,000
Short | Call Spread | NSAM | Common Stock
Class of Stock [Line Items]
Notional amount										$ 100,000,000
Settlement								$ 21,900,000
Cash pledged as collateral, released								$ 15,000,000

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) $ / shares in Units, $ in Thousands	Jan. 20, 2017$ / shares	Jan. 10, 2017shares	Jan. 10, 2017$ / sharesshares	Jan. 31, 2016USD ($)shares	Mar. 31, 2017$ / sharesshares	Mar. 31, 2017$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015$ / sharesshares
Class of Stock [Line Items]
Common stock, dividends, per share, declared (in dollars per share) | $ / shares					$ 0.24	$ 0.27	$ 1.08	$ 1.08	$ 0.81
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)			25,030,000		39,466,000	25,030,000	25,030,000
Preferred stock, shares outstanding (in shares)		39,466,000	39,466,000				65,464,000	25,030,000
Repurchase of preferred stock | $							$ 300,177	$ 19,998
REIT Securities Venture
Share Activities Of Preferred And Common Stock [Roll Forward]
Ownership percentage								4.40%
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)			25,030,000	25,030,000		25,030,000	25,030,000	25,030,000	13,530,000
Number of shares issued or issuable in a combination (in shares)							39,466,000
Issuance of shares (in shares)							26,400,000		11,500,000
Repurchase of stock (in shares)				(963,718)			(25,432,000)	(964,000)
Reissuance of preferred stock (in shares)								964,000
Preferred stock, shares outstanding (in shares)							65,464,000	25,030,000	25,030,000
Repurchase of preferred stock | $				$ 20,000
Common Class A
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)			166,440,000	163,777,000		166,440,000	166,440,000	163,777,000	160,756,000
Number of shares issued or issuable in a combination (in shares)							392,120,000
Shares canceled (in shares)							(2,984,000)
Issuance of shares (in shares)									2,093,000
Conversion of Class B to Class A common stock, Class A issued							34,000	31,000	26,000
Repurchase of stock (in shares)							(23,371,000)
Converted instrument, shares issued (in shares)							233,000
Share-based compensation, net of forfeitures (in shares)							8,096,000	1,478,000	902,000
Redemption of restricted stock units | $							$ 775
Shares canceled for tax withholding on vested stock awards (in shares)							(428,000)	(216,000)	0
Common stock, shares outstanding (in shares)							542,599,000	166,440,000	163,777,000
Shares repurchased (in shares)							23,371,071
Common Class A | Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)							1,684,000	1,370,000
Common Class B
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)			770,000	801,000		770,000	770,000	801,000	0
Number of shares issued or issuable in a combination (in shares)							0
Shares canceled (in shares)							0
Issuance of shares (in shares)									827,000
Conversion of Class B to Class A common stock, Class B converted							(34,000)	(31,000)	(26,000)
Repurchase of stock (in shares)							0
Share-based compensation, net of forfeitures (in shares)							0	0	0
Shares canceled for tax withholding on vested stock awards (in shares)							0	0	0
Common stock, shares outstanding (in shares)							736,000	770,000	801,000
Common Class B | Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)							0	0
Colony NorthStar | Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) | $ / shares	$ 0.04444		$ 0.03
Colony NorthStar | Preferred Stock
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio		1
Colony NorthStar | Common Class A
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio		1.4663					1.4663	1.4663
Colony NorthStar | Common Class B
Class of Stock [Line Items]
Business combination, stock exchange, conversion ratio		1.4663

Stockholders' Equity - Prefe126

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		65,464	25,030		39,466
Par Value (in dollars per share)		$ 655			$ 1,010,320
Preferred stock, liquidation preference		1,636,605	$ 625,750
Proceeds from issuance of preferred stock, net		$ 638,100	$ 0	$ 277,945
Series B
Class of Stock [Line Items]
Dividend Rate Per Annum		8.25%
Preferred stock, shares outstanding (in shares)		6,114			13,999
Par Value (in dollars per share)		$ 61			$ 352,004
Preferred stock, liquidation preference		$ 152,855
Series D
Class of Stock [Line Items]
Dividend Rate Per Annum		8.50%
Preferred stock, shares outstanding (in shares)		8,000			8,000
Par Value (in dollars per share)		$ 80			$ 206,597
Preferred stock, liquidation preference		$ 200,000
Series E
Class of Stock [Line Items]
Dividend Rate Per Annum		8.75%
Preferred stock, shares outstanding (in shares)		10,000			10,000
Par Value (in dollars per share)		$ 100			$ 259,542
Preferred stock, liquidation preference		$ 250,000
Series G
Class of Stock [Line Items]
Dividend Rate Per Annum		7.50%
Preferred stock, shares outstanding (in shares)		3,450
Par Value (in dollars per share)		$ 35
Preferred stock, liquidation preference		$ 86,250
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum		7.125%
Preferred stock, shares outstanding (in shares)		11,500
Par Value (in dollars per share)		$ 115
Preferred stock, liquidation preference		$ 287,500
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum	7.15%	7.15%
Preferred stock, shares outstanding (in shares)		13,800
Par Value (in dollars per share)		$ 138
Preferred stock, liquidation preference		345,000
Proceeds from issuance of preferred stock, net		$ 637,900
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%	7.125%
Preferred stock, shares outstanding (in shares)		12,600
Par Value (in dollars per share)		$ 126
Preferred stock, liquidation preference		$ 315,000

Stockholders' Equity - Redempti

Stockholders' Equity - Redemption and Issuance of Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		65,464	25,030
Preferred stock, shares outstanding (in shares)		65,464	25,030		39,466
Redemption amount per share (in dollars per share)		$ 25
Preferred stock redemption (Note 15)		$ 4,530	$ 0	$ 0
Series A
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)					2,467
Preferred stock redemptions payable		$ 644,900
Redemption amount per share (in dollars per share)		$ 25
Preferred stock redemption (Note 15)	$ 4,500
Liquidation preference per share (in dollars per share)		$ 25
Series I
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		13,800
Dividend rate per annum, preferred stock	7.15%	7.15%
Series J
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		12,600
Dividend rate per annum, preferred stock	7.125%	7.125%

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 5,616,927	$ 5,416,240	$ 2,935,793
Ending balance	12,349,392	5,616,927	5,416,240
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(32,109)	(18,422)	(28,491)
Other comprehensive income (loss) before reclassifications	39,742	(13,085)	(17,856)
Amounts reclassified from AOCI	39,683	(602)	27,925
Ending balance	47,316	(32,109)	(18,422)
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	85	0	451
Other comprehensive income (loss) before reclassifications	5,450	131	(612)
Amounts reclassified from AOCI	81	(46)	161
Ending balance	5,616	85	0
Gain (Loss) on Marketable Securities Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(112)	0	0
Other comprehensive income (loss) before reclassifications	(22,014)	(112)	0
Amounts reclassified from AOCI	36,544	0	0
Ending balance	14,418	(112)	0
Gain/(Loss) on Cash Flow Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(41)	(245)	(101)
Other comprehensive income (loss) before reclassifications	41	7	(199)
Amounts reclassified from AOCI	0	197	55
Ending balance	0	(41)	(245)
Foreign Currency Translation Gain/(Loss) Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(76,426)	(42,125)	(52,643)
Other comprehensive income (loss) before reclassifications	124,846	(34,234)	(56,676)
Amounts reclassified from AOCI	(2,489)	(67)	67,194
Ending balance	45,931	(76,426)	(42,125)
Gain/(Loss) on Net Investment Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	44,385	23,948	23,802
Other comprehensive income (loss) before reclassifications	(68,581)	21,123	39,631
Amounts reclassified from AOCI	5,547	(686)	(39,485)
Ending balance	(18,649)	44,385	23,948
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(45,942)	(99)	(3,669)
Other comprehensive income (loss) before reclassifications	88,162	(44,337)	(1,653)
Amounts reclassified from AOCI	(145)	(1,506)	5,223
Ending balance	42,075	(45,942)	(99)
Gain (Loss) on Marketable Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(527)	0	0
Other comprehensive income (loss) before reclassifications	981	(527)	0
Amounts reclassified from AOCI	(454)	0	0
Ending balance	0	(527)	0
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(149)	(52)
Other comprehensive income (loss) before reclassifications	0	0	(137)
Amounts reclassified from AOCI	0	149	40
Ending balance	0	0	(149)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(57,213)	51	(3,616)
Other comprehensive income (loss) before reclassifications	97,840	(56,479)	(1,516)
Amounts reclassified from AOCI	(1,679)	(785)	5,183
Ending balance	38,948	(57,213)	51
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	11,798	(1)	(1)
Other comprehensive income (loss) before reclassifications	(10,659)	12,669	0
Amounts reclassified from AOCI	1,988	(870)	0
Ending balance	$ 3,127	$ 11,798	$ (1)

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in net income	$ 285,151	$ 99,375	$ 47,605
Other gain (loss), net	(25,814)	18,416	(5,170)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in net income	(5,285)	46	(161)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Other-than-temporary impairment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(31,259)	0	0
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Unrealized gain on ineffective cash flow hedge
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	0	(197)	(55)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Release of cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	2,489	67	(21,787)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on dedesignated net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(1,829)	634	28
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Realization of gain (loss) on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(3,718)	52	6,492
Earnings from investments in unconsolidated ventures | Reclassification out of Accumulated Other Comprehensive Income | Release of equity in AOCI of unconsolidated ventures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(81)	0	0
Gain on remeasurement of consolidated investment entities, net | Reclassification out of Accumulated Other Comprehensive Income | Release of cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	0	0	(45,407)
Gain on remeasurement of consolidated investment entities, net | Reclassification out of Accumulated Other Comprehensive Income | Realization of gain (loss) on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ 0	$ 0	$ 32,965

Noncontrolling Interests - Chan

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	Dec. 29, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at December 31, 2016		$ 0
Assumed through		513,847
Distributions		(879,889)	$ (621,207)	$ (680,358)
Net income		23,543	0	$ 0
Redemption		(5,085)	(3,963)
Balance at December 31, 2017		34,144	$ 0
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions		8,550
Distributions		(3,158)
Net income		23,543
Redemption		(97,672)
Currency translation adjustment and other		(725)
Redeemable noncontrolling interests | Townsend
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through		78,843
Redeemable noncontrolling interests | Consolidation of sponsored fund
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through		$ 24,763
Townsend
Noncontrolling Interest [Line Items]
Proceeds from sale of interest, allocated	$ 20,000

Noncontrolling Interests - In I

Noncontrolling Interests - In Investment Entities and in Operating Company (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2017USD ($)	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)
Noncontrolling Interest [Line Items]
Noncontrolling interest, decrease from deconsolidation		$ 4,000
Noncontrolling interest, cost of new capital		$ 21,900		$ 9,406
Noncontrolling interest, ownership percentage by noncontrolling owners		28.70%
Acquisition of noncontrolling interests		$ 5,085	$ 3,963
OP Units to common stock, conversion ratio		1
Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests			$ 2,557
Issuance of shares (in shares) | shares			1,369,911
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio		1	1
OP units redeemed (in shares) | shares		2,076,214	1,594,475
OP Units redeemed for stock (in shares) | shares		1,684,170
OP Units redeemed for cash (in shares) | shares		392,044
OP units redeemed, cash settlement		$ 5,100	$ 2,600
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		21,800	(725)
Additional Paid-in Capital | Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ (22,814)	$ (18,557)
Healthcare
Noncontrolling Interest [Line Items]
Noncontrolling interest sold	18.70%
Noncontrolling interest, cost of new capital	$ 9,200
Healthcare | Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Noncontrolling interest, decrease from deconsolidation	$ 41,200

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 10, 2017
Expenses
Net income from discontinued operations		$ 13,555	$ 0	$ 0
Discontinued Operations, Held-for-sale
Revenues
Property operating income		43,269
Other income		2,352
Expenses
Property operating expenses		(20,530)
Interest expense		(9,028)
Loss on sale of real estate assets		(2,108)
Other expenses		(400)
Net income from discontinued operations		13,555
Net income loss from discontinued operations attributable to Colony NorthStar, Inc.		13,097
Manufactured Housing | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price					$ 2,000,000
Mortgage financing assumed by buyer	$ 1,300,000
Proceeds from sale of real estate	$ 664,400
Noncontrolling Interests in Investment Entities | Discontinued Operations, Held-for-sale
Expenses
Net income from discontinued operations attributable to:		(427)
Noncontrolling Interests in Operating Company | Discontinued Operations, Held-for-sale
Expenses
Net income from discontinued operations attributable to:		$ (31)

Earnings per Share (Details)

Earnings per Share (Details) $ / shares in Units, $ in Thousands	Jan. 10, 2017	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
OP Units to common stock, conversion ratio		1
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations		$ (78,168)	$ 290,726	$ 256,036
Net income (loss) from discontinued operations after tax		13,555	0	0
Net income (loss)		(64,613)	290,726	256,036
Net (income) loss attributable to noncontrolling interests:
Redeemable noncontrolling interests		(23,543)	0	0
Investment entities		(129,996)	(163,084)	(86,123)
Operating Company		20,261	(12,324)	(19,933)
Net income (loss) attributable to Colony NorthStar, Inc.		(197,891)	115,318	149,980
Preferred stock redemption		(4,530)	0	0
Preferred dividends		(130,672)	(48,159)	(42,569)
Net income (loss) attributable to common stockholders		(333,093)	67,159	107,411
Net income allocated to participating securities		(9,168)	(2,293)	(1,237)
Net income (loss) allocated to common stockholders—basic		(342,261)	64,866	106,174
Interest expense attributable to convertible senior notes		0	0	0
Net income (loss) allocated to common stockholders—diluted		$ (342,261)	$ 64,866	$ 106,174
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) | shares		532,600,000	164,570,000	162,658,000
Weighted average effect of dilutive shares (in shares) | shares		0	0	0
Diluted weighted average number of common shares outstanding (in shares) | shares		532,600,000	164,570,000	162,658,000
Basic earnings per share
Net income from continuing operations (in dollars per share) | $ / shares		$ (0.66)	$ 0.39	$ 0.65
Income from discontinued operations (in dollars per share) | $ / shares		0.02	0	0
Basic (in dollars per share) | $ / shares		(0.64)	0.39	0.65
Diluted earnings per share
Net income from continuing operations (in dollars per share) | $ / shares		(0.66)	0.39	0.65
Income from discontinued operations (in dollars per share) | $ / shares		0.02	0	0
Diluted (in dollars per share) | $ / shares		$ (0.64)	$ 0.39	$ 0.65
Colony NorthStar | Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exchange ratio	1.4663	1.4663	1.4663
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS		$ 28,900	$ 27,300	$ 27,300
Weighted average dilutive common share | shares		38,564,400	36,582,700	36,210,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share | shares		534,100
Operating Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average dilutive common share | shares		32,282,500	30,296,100	31,890,600
OP Units to common stock, conversion ratio		1

Fee Income - Earned (Details)

Fee Income - Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Base management fees ($165,436, $63,212 and $60,750 from affiliates, respectively)	$ 183,838	$ 63,212	$ 61,082
Asset management fees—from affiliates	19,306	4,519	3,835
Incentive fees ($172, $0 and $0 from affiliates, respectively)	1,043	0	0
Other fee income	16,602	0	896
Fee income	220,789	67,731	65,813
Affiliated Entity
Related Party Transaction [Line Items]
Base management fees ($165,436, $63,212 and $60,750 from affiliates, respectively)	154,370	63,212	60,750
Incentive fees ($172, $0 and $0 from affiliates, respectively)	153	0	0
Fee income	$ 184,914	$ 67,731	$ 64,585

Fee Income - Additional Informa

Fee Income - Additional Information (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Management Fee Income [Line Items]
Fee income		$ 220,789	$ 67,731	$ 65,813
Asset management fees
Management Fee Income [Line Items]
Percent of limited partner net funded capital		0.50%
Asset management fees | Minimum
Management Fee Income [Line Items]
Percent of amount funded or allocated to originate or acquire investment		1.00%
Percent of contractual sales price for disposition of investment		1.00%
Asset management fees | Maximum
Management Fee Income [Line Items]
Percent of amount funded or allocated to originate or acquire investment		2.25%
Percent of contractual sales price for disposition of investment		2.00%
Selling Commissions or Dealer Manager Fees
Management Fee Income [Line Items]
Percent of selling commissions		7.00%
Percent of dealer manager fees		3.00%
Private Funds | Fee income
Management Fee Income [Line Items]
Percent of limited partner net funded capital		1.00%
Non Traded REIT | Fee income
Management Fee Income [Line Items]
Percent of gross assets or equity		1.00%
Non Traded REIT | Fee income | Maximum
Management Fee Income [Line Items]
Percent of gross assets or equity		2.00%
Registered Investment Companies | Fee income
Management Fee Income [Line Items]
Percent of average net assets		1.25%
NRE | Fee income
Management Fee Income [Line Items]
Fee income		$ 14,200
Percent increase per year		1.50%
Subsequent event | Non Traded REIT | Fee income
Management Fee Income [Line Items]
Percent of net asset value	1.50%
Fee income	$ 2,500

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	Jan. 10, 2017	Mar. 31, 2017USD ($)shares	Jan. 31, 2017$ / sharesshares	Dec. 31, 2014USD ($)	Jan. 31, 2014	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares						$ 660,000
Fair value of shares vested						$ 31,900	$ 9,900	$ 12,400
Granted (USD per share) | $ / shares						$ 14.37	$ 13.14	$ 16.65
Aggregate unrecognized compensation cost related to restricted stock granted						$ 44,600
Weighted average period of expected cost						1 year 9 months 18 days
RSUs | NRF Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					5 years
LTIP Units | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of units, conversion ratio						1
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) | shares								2,093,000
Issuance of shares								$ 37,389
Common Class A | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized | shares						19,401,095
Number of shares authorized, percent increase						2.00%
Colony NorthStar | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio	1.4663					1.4663	1.4663
Colony NorthStar | Common Class A | Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio						1.4663
Issuance of shares (in shares) | shares						44,464
Colony NorthStar | Common Class A | Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio						1.4663
Townsend | Restricted Stock | NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, conversion ratio						1
American Healthcare Investors, LLC | NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage				43.00%
Common stock, value outstanding				$ 1,000
NSAM and NRF | Colony NorthStar | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio						1.0996
NSAM | RSUs | NRF Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio					1
NRF | RSUs | NRF Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, stock exchange, conversion ratio					1.0996
Executive Officer | Restricted Stock | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) | shares			4,669,518
Vesting period			1 year
Volume weighted average price of stock, number of trading days			5 days
Floor price (USD per share) | $ / shares			$ 15
Executive Officer | LTIP Units | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) | shares			3,506,387
Certain Employees | American Healthcare Investors, LLC | NSAM Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares to be issued under the plan				$ 2,000
Shares to be issued under the plan, period				2 years
Certain Employees | American Healthcare Investors, LLC | Common Class A | CLNS Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares) | shares		70,261
Issuance of shares		$ 1,000

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 153,951	$ 13,638	$ 13,714
Compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	149,820	13,638	7,817
Management fee expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	0	0	5,897
Earnings from investments in unconsolidated ventures
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	61	0	0
Investment, servicing and commission expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 4,070	$ 0	$ 0

Equity-Based Compensation - Non

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details)	Jan. 10, 2017	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / shares
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		2,089,007
Awards assumed through the Merger (shares)		1,367,404
Granted (shares)		11,849,857
Vested (shares)		(2,436,406)
Forfeited (shares)		(135,692)
Nonvested shares at period end (shares)		12,734,170	2,089,007
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share) | $ / shares		$ 14.44
Awards assumed through the Merger (USD per share) | $ / shares		14.68
Granted (USD per share) | $ / shares		14.37	$ 13.14	$ 16.65
Vested (USD per share) | $ / shares		14.82
Forfeited (USD per share) | $ / shares		14.71
Nonvested shares at period end (USD per share) | $ / shares		$ 14.53	$ 14.44
Colony NorthStar | Common Class A
Weighted Average Grant Date Fair Value [Roll Forward]
Exchange ratio	1.4663	1.4663	1.4663
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		2,089,007
Awards assumed through the Merger (shares)		592,504
Granted (shares)		8,231,848
Vested (shares)		(1,628,151)
Forfeited (shares)		(135,692)
Nonvested shares at period end (shares)		9,149,516	2,089,007
RSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Awards assumed through the Merger (shares)		774,900
Granted (shares)		0
Vested (shares)		(774,900)
Forfeited (shares)		0
Nonvested shares at period end (shares)		0	0
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Awards assumed through the Merger (shares)		0
Granted (shares)		3,506,387
Vested (shares)		0
Forfeited (shares)		0
Nonvested shares at period end (shares)		3,506,387	0
Deferred Stock Units [Member]
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)		0
Awards assumed through the Merger (shares)		0
Granted (shares)		111,622
Vested (shares)		(33,355)
Forfeited (shares)		0
Nonvested shares at period end (shares)		78,267	0

Transactions with Affiliates -

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from affiliates	$ 51,518	$ 9,971
Due to affiliates	23,534	41,250
Fee income
Related Party Transaction [Line Items]
Due from affiliates	19,366	9,074
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	30,749	606
N-Star CDOs
Related Party Transaction [Line Items]
Due from affiliates	189	0
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	1,214	291
Investment vehicles and unconsolidated ventures
Related Party Transaction [Line Items]
Due to affiliates	2,884	0
Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates	$ 20,650	$ 41,250

Transactions with Affiliates140

Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Cost reimbursements	$ 25,630	$ 4,296	$ 4,843
Retail Companies
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs	2.00%
Expected reimbursable direct and indirect operating costs, percent of net income	25.00%
Cost reimbursements	$ 19,545	0	0
NRE
Related Party Transaction [Line Items]
Percent of combined general and administrative costs	20.00%
Townsend
Related Party Transaction [Line Items]
Cost reimbursements	$ 2,306	0	0
Other
Related Party Transaction [Line Items]
Cost reimbursements	$ 3,779	$ 4,296	$ 4,843
Minimum | Retail Companies
Related Party Transaction [Line Items]
Percent of asset management fees	1.00%
Reimbursement percent for organization and offering costs	1.00%
Maximum | Retail Companies
Related Party Transaction [Line Items]
Percent of asset management fees	1.25%

Transactions with Affiliates141

Transactions with Affiliates - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Cost reimbursements	$ 25,630,000	$ 4,296,000	$ 4,843,000
Distribution Support Agreement
Related Party Transaction [Line Items]
Commitment to invest as distribution support	10,000,000
Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Cost reimbursements	1,900,000	$ 900,000	$ 400,000
American Healthcare Investors, LLC | Management and Advisory Fees
Related Party Transaction [Line Items]
Property management and sub-advisory fees	$ 4,800,000
Minimum | Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage	20.00%
Maximum | Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee percentage	25.00%
NorthStar Healthcare | Revolving Credit Facility | Line of Credit | Affiliated Entity
Related Party Transaction [Line Items]
Maximum principal amount of credit facility	$ 35,000,000
Extension option, term	6 months
Unused borrowing capacity, fee	$ 0
Outstanding advances	$ 0
LIBOR | NorthStar Healthcare | Revolving Credit Facility | Line of Credit | Affiliated Entity
Related Party Transaction [Line Items]
Basis spread on variable rate	3.50%
Redeemable noncontrolling interests | Investment Vehicles | Affiliated Entity
Related Party Transaction [Line Items]
Investments	$ 4,800,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Income Tax Contingency [Line Items]
Tax Cuts and Jobs Act, incomplete accounting, change in tax rate, provisional income tax expense (benefit)	$ (24.9)
Colony NorthStar
Income Tax Contingency [Line Items]
Deferred tax liabilities assumed	218.2
Deferred taxes, business combination, valuation allowance	$ 31.9

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current
Federal	$ (20,316)	$ (2,720)	$ (451)
State and local	(3,606)	(1,436)	(397)
Foreign	(16,138)	(8,244)	(1,469)
Total current tax expense	(40,060)	(12,400)	(2,317)
Deferred
Federal	110,711	6,214	10,428
State and local	18,235	(713)	1,219
Foreign	9,513	2,117	(34)
Total deferred tax benefit	138,459	7,618	11,613
Total income tax (expense)	$ 98,399	$ (4,782)	$ 9,296

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets
Net operating and capital loss carry forwards	$ 30,019	$ 2,563
Equity-based compensation	28,071	5,630
Basis difference—investment in partnerships	11,769	4,535
Basis difference—real estate	0	3,404
Foreign tax credits	1,682	1,184
Straight-line and prepaid rent expense	3,601	693
Deferred income	1,932	815
Deferred interest expense	1,924	0
Other	7,947	2,760
Gross deferred tax assets	86,945	21,584
Valuation allowance	(23,852)	(692)
Deferred tax assets, net of valuation allowance	63,093	20,892
Deferred tax liabilities
Management contract intangibles	(106,602)	(25,186)
Gain from remeasurement of consolidated investment entities, net	(1,594)	(2,530)
Basis difference—real estate	(68,687)	(27,546)
Other	(1,643)	(1,394)
Gross deferred tax liabilities	(178,526)	(56,656)
Net deferred tax liability	(115,433)	(35,764)
Deferred tax assets, operating loss carryforwards, foreign	95,300	$ 11,500
Reduction in valuation allowance	$ 12,300

Income Taxes - Effective Income

Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory tax rate (35%)	35.00%	35.00%	35.00%
Income (loss) from continuing and discontinued operations before income taxes	$ (163,012)	$ 295,508	$ 246,740
Pre-tax income attributable to pass-through subsidiaries	(89,104)	(306,644)	(277,902)
Pre-tax loss attributable to taxable subsidiaries	(252,116)	(11,136)	(31,162)
Federal tax benefit at statutory tax rate (35%)	88,241	3,365	10,907
State and local income taxes, net of federal income tax benefit	9,380	88	709
Foreign income tax differential	6	(5,441)	(1,594)
Nondeductible expenses	(20,372)	(1,128)	0
Excess inclusion income tax expense	0	(1,311)	(203)
Valuation allowance, net	(3,555)	(692)	0
Impact of Tax Cuts and Jobs Act	24,908	0	0
Current excess inclusion income tax	(209)	337	(523)
Total income tax (expense)	$ 98,399	$ (4,782)	$ 9,296

Commitments and Contingencie146

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leased Assets [Line Items]
Contingent consideration, liability	$ 7,419	$ 0
Office leases
Operating Leased Assets [Line Items]
Rent expense	13,700	$ 5,600	$ 4,300
2,018	7,443
2,019	8,059
2,020	7,724
2,021	7,287
2,022	7,298
2023 and thereafter	36,387
Total	$ 74,198

Segment Reporting - Summary of

Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	5
Total revenues	$ 2,796,734	$ 838,857	$ 794,371
Property operating expenses	1,113,509	118,461	117,713
Interest expense	574,822	170,083	133,094
Depreciation and amortization	617,779	171,682	140,977
Provision for loan loss	19,741	35,005	39,859
Impairment loss	420,360	11,717	11,192
Gain on sale of real estate	137,370	73,616	8,962
Earnings from investments in unconsolidated ventures	285,151	99,375	47,605
Income tax benefit (expense)	98,399	(4,782)	9,296
Income (loss) from continuing operations	(78,168)	290,726	256,036
Net income (loss) from discontinued operations after tax	13,555	0	0
Net income (loss)	(64,613)	290,726	256,036
Net income (loss) attributable to Colony NorthStar, Inc.	(197,891)	115,318	149,980
Operating Segments | Healthcare
Segment Reporting Information [Line Items]
Total revenues	613,169	0	0
Property operating expenses	274,528	0	0
Interest expense	185,256	0	0
Depreciation and amortization	183,897	0	0
Provision for loan loss	1,588	0	0
Impairment loss	14,375	0	0
Gain on sale of real estate	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0
Income tax benefit (expense)	(5,639)	0	0
Income (loss) from continuing operations	(64,767)
Net income (loss) from discontinued operations after tax	0
Net income (loss)	(64,767)	0	0
Net income (loss) attributable to Colony NorthStar, Inc.	(51,428)	0	0
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total revenues	243,172	196,357	162,540
Property operating expenses	67,196	55,924	54,581
Interest expense	38,566	44,834	37,338
Depreciation and amortization	109,265	88,854	82,447
Provision for loan loss	0	0	0
Impairment loss	44	407	450
Gain on sale of real estate	24,612	2,888	108
Earnings from investments in unconsolidated ventures	1,843	27	0
Income tax benefit (expense)	(2,252)	(586)	484
Income (loss) from continuing operations	39,340
Net income (loss) from discontinued operations after tax	0
Net income (loss)	39,340	(2,976)	(21,178)
Net income (loss) attributable to Colony NorthStar, Inc.	14,380	(884)	(9,560)
Operating Segments | Hospitality
Segment Reporting Information [Line Items]
Total revenues	815,831	0	0
Property operating expenses	537,884	0	0
Interest expense	134,729	0	0
Depreciation and amortization	133,269	0	0
Provision for loan loss	0	0	0
Impairment loss	0	0	0
Gain on sale of real estate	0	0	0
Earnings from investments in unconsolidated ventures	0	0	0
Income tax benefit (expense)	(2,779)	0	0
Income (loss) from continuing operations	(9,863)
Net income (loss) from discontinued operations after tax	0
Net income (loss)	(9,863)	0	0
Net income (loss) attributable to Colony NorthStar, Inc.	(9,199)	0	0
Operating Segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	873,046	569,780	561,307
Property operating expenses	233,901	62,537	63,132
Interest expense	161,993	80,503	50,990
Depreciation and amortization	128,942	63,480	38,704
Provision for loan loss	18,153	35,005	39,859
Impairment loss	30,867	10,990	6,639
Gain on sale of real estate	112,758	70,728	8,846
Earnings from investments in unconsolidated ventures	265,079	97,188	49,210
Income tax benefit (expense)	(3,950)	(10,143)	(3,796)
Income (loss) from continuing operations	567,752
Net income (loss) from discontinued operations after tax	995
Net income (loss)	568,747	431,903	376,110
Net income (loss) attributable to Colony NorthStar, Inc.	426,052	226,202	243,636
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Total revenues	244,654	68,331	65,594
Property operating expenses	0	0	0
Interest expense	0	0	0
Depreciation and amortization	56,616	14,767	16,498
Provision for loan loss	0	0	0
Impairment loss	375,074	320	4,103
Gain on sale of real estate	0	0	0
Earnings from investments in unconsolidated ventures	18,229	2,160	(1,605)
Income tax benefit (expense)	111,205	6,608	12,658
Income (loss) from continuing operations	(172,011)
Net income (loss) from discontinued operations after tax	0
Net income (loss)	(172,011)	21,202	21,023
Net income (loss) attributable to Colony NorthStar, Inc.	(183,881)	17,876	17,645
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	6,862	4,389	4,930
Property operating expenses	0	0	0
Interest expense	54,278	44,746	44,766
Depreciation and amortization	5,790	4,581	3,328
Provision for loan loss	0	0	0
Impairment loss	0	0	0
Gain on sale of real estate	0	0	8
Earnings from investments in unconsolidated ventures	0	0	0
Income tax benefit (expense)	1,814	(661)	(50)
Income (loss) from continuing operations	(438,619)
Net income (loss) from discontinued operations after tax	12,560
Net income (loss)	(426,059)	(159,403)	(119,919)
Net income (loss) attributable to Colony NorthStar, Inc.	$ (393,815)	$ (127,876)	$ (101,741)

Segment Reporting - Assets and

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 24,785,650	$ 9,760,992
Equity method investments, including fair value option investments	1,527,054
Equity method investments	1,163,153	953,259
Total income by geography	3,056,255	933,934	$ 837,179
Long-lived assets by geography	14,973,479	3,497,935
United States
Segment Reporting Information [Line Items]
Total income by geography	2,741,862	732,928	660,864
Long-lived assets by geography	13,224,197	2,255,663
Europe
Segment Reporting Information [Line Items]
Total income by geography	310,783	194,923	166,948
Long-lived assets by geography	1,749,282	1,242,272
Other
Segment Reporting Information [Line Items]
Total income by geography	3,610	6,083	$ 9,367
Operating Segments | Healthcare
Segment Reporting Information [Line Items]
Total assets	5,813,552	0
Equity method investments, including fair value option investments	0
Equity method investments		0
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	2,812,975	2,268,699
Equity method investments, including fair value option investments	2,840
Equity method investments		1,027
Operating Segments | Hospitality
Segment Reporting Information [Line Items]
Total assets	4,094,596	0
Equity method investments, including fair value option investments	0
Equity method investments		0
Operating Segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total assets	9,274,268	6,640,377
Equity method investments, including fair value option investments	1,319,752
Equity method investments		939,045
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Total assets	2,689,695	781,852
Equity method investments, including fair value option investments	200,720
Equity method investments		13,187
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total assets	100,564	70,064
Equity method investments, including fair value option investments	$ 3,742
Equity method investments		$ 0

Supplemental Disclosure of C149

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$ 452,726	$ 118,365	$ 105,608
Cash paid for income taxes	53,017	7,190	2,078
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	188,202	65,972	65,688
Assets acquired in Merger (Note 3)	17,122,098	0	0
Liabilities assumed in Merger (Note 3)	11,249,183	0	0
Noncontrolling interests assumed in Merger (Note 3)	592,690	0	0
Common stock issued for acquisition of NSAM and NRF (Note 3)	5,710,134	0	0
Preferred stock issued for acquisition of NRF (Note 3)	1,010,320	0	0
Debt assumed by buyer in sale of manufactured housing portfolio (Note 17)	1,258,558	0	0
Net assets acquired in CPI restructuring (Note 3)	232,181	0	0
Net assets acquired in THL Hotel Portfolio (Note 3)	361,346	0	0
Net assets of investment entity deconsolidated (Note 4)	156,491	0	0
Net assets of sponsored fund consolidated, net of cash assumed (Note 14)	13,370	0	0
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group	66,020	0	0
Redemption of OP Units for common stock	22,831	18,571	0
Foreclosures on collateral assets of originated or acquired loans receivable	54,615	128,124	0
Improvements in operating real estate in accrued and other liabilities	18,221	0	0
Proceeds from loan repayments and asset sales held in escrow and restricted cash	27,426	0	11,300
Exchange of notes for class A common shares	3,279	0	0
Consolidation of securitization trust	58,296
Assets of consolidated securitization trust		0	0
Liabilities of consolidated securitization trust	56,928	0	0
Distributions payable to noncontrolling interest included in other liabilities	10,786	0	0
Contributions receivable from noncontrolling interests	25,501	0	0
Net settlement of redemption and investment in equity method investee	0	117,241	0
Release of restricted cash in lieu of cash distribution upon buyout of noncontrolling interests	0	6,564	0
Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed	0	0	407
Deferred tax liability assumed in a real estate acquisition	0	0	27,978
Settlement of debt through issuance of OP Units	0	0	10,000
Issuance of common stock for Internalization (Note 3)	0	0	52,160
Issuance of OP Units for Internalization (Note 3)	0	0	558,794
Assets of investment entities consolidated, net of cash assumed (Note 3)	0	0	2,985,572
Liabilities of investment entities consolidated (Note 3)	0	0	348,294
Noncontrolling interests in investment entities consolidated (Note 3)	$ 0	$ 0	$ 1,700,114

Subsequent Events - Commercial

Subsequent Events - Commercial Real Estate Credit REIT (Details) - USD ($) $ in Thousands, shares in Millions	Jan. 18, 2018	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Assets			$ (24,785,650)	$ (9,760,992)
Liabilities			(12,402,114)	$ (4,144,065)
Commercial Real Estate Credit REIT (Combination) | Subsequent event
Subsequent Event [Line Items]
Transfer of stock to non affiliates limitation period	1 year
Ownership percentage	37.00%
Base management fee	1.50%
Management agreement, initial term	3 years
Commercial Real Estate Credit REIT (Combination) | Common Class B-3 | Subsequent event
Subsequent Event [Line Items]
Issuance of shares (in shares)	44.4
Colony NorthStar Credit | Commercial Real Estate Credit REIT (Combination) | Subsequent event
Subsequent Event [Line Items]
Management agreement, renewal term	1 year
Colony NorthStar Credit | Commercial Real Estate Credit REIT (Combination) | Common Class B-3 | Subsequent event
Subsequent Event [Line Items]
Conversion of stock, conversion ratio	1
Colony NorthStar Credit | Commercial Real Estate Credit REIT (Combination) | Common Membership Units | Subsequent event
Subsequent Event [Line Items]
Issuance of shares (in shares)	3.1
Conversion of stock, conversion ratio	1
NorthStar Income I Stockholders | Commercial Real Estate Credit REIT (Combination) | Subsequent event
Subsequent Event [Line Items]
Ownership percentage	32.00%
NorthStar Income II Stockholders | Commercial Real Estate Credit REIT (Combination) | Subsequent event
Subsequent Event [Line Items]
Ownership percentage	31.00%
Pro Forma | Commercial Real Estate Credit REIT (Combination)
Subsequent Event [Line Items]
Assets			1,900,000
Liabilities			400,000
Noncontrolling interest			$ 300,000
Investment management contracts | Commercial Real Estate Credit REIT (Combination) | Subsequent event
Subsequent Event [Line Items]
Write off of intangible asset		$ 140,000

Subsequent Events - Common Stoc

Subsequent Events - Common Stock Repurchase (Details) - Common Class A - USD ($)	Feb. 26, 2018	Dec. 31, 2017	Feb. 23, 2017
Subsequent Event [Line Items]
Stock repurchase, authorized amount			$ 300,000,000
Stock repurchase, period for repurchase		1 year
Subsequent event
Subsequent Event [Line Items]
Stock repurchase, authorized amount	$ 300,000,000
Stock repurchase, period for repurchase	1 year

Subsequent Events - Digital Rea

Subsequent Events - Digital Real Estate Infrastructure Fund (Details) - Digital Real Estate Infrastructure Fund Commitments - Real Estate Funds - Digital Bridge - Subsequent event $ in Millions	Feb. 28, 2018USD ($)
Subsequent Event [Line Items]
Callable commitments	$ 1,400
Capital commitments	$ 117

Schedule III - Real Estate a153

Schedule III - Real Estate and Accumulative Depreciation - Net Carrying Amount (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Gross Cost Basis at December 31, 2017
Total	$ 15,791,144	$ 3,656,094	$ 3,518,682	$ 1,650,418
Accumulated Depreciation	606,200	188,509	$ 88,577	$ 6,421
Net Carrying Amount	15,184,944
Real estate held for sale	720,686	$ 223,954
Real Estate tax basis	$ 14,400,000
Buildings and improvements | Minimum
Gross Cost Basis at December 31, 2017
Useful life used for depreciation	3 years
Buildings and improvements | Maximum
Gross Cost Basis at December 31, 2017
Useful life used for depreciation	44 years
Real Estate Held for Investment
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1,261
Initial Cost
Encumbrances	$ 8,551,185
Land	2,015,153
Buildings and Improvements	12,815,702
Costs Capitalized	211,700
Gross Cost Basis at December 31, 2017
Land	2,011,794
Buildings and Improvements	13,030,761
Total	15,042,555
Accumulated Depreciation	578,297
Net Carrying Amount	$ 14,464,258
Hospitals
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	406
Initial Cost
Encumbrances	$ 3,081,236
Land	449,109
Buildings and Improvements	4,981,005
Costs Capitalized	9,806
Gross Cost Basis at December 31, 2017
Land	449,285
Buildings and Improvements	4,990,635
Total	5,439,920
Accumulated Depreciation	141,748
Net Carrying Amount	$ 5,298,172
Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	167
Initial Cost
Encumbrances	$ 2,608,719
Land	509,971
Buildings and Improvements	3,424,514
Costs Capitalized	78,651
Gross Cost Basis at December 31, 2017
Land	509,971
Buildings and Improvements	3,503,165
Total	4,013,136
Accumulated Depreciation	131,279
Net Carrying Amount	$ 3,881,857
Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	324
Initial Cost
Encumbrances	$ 1,014,230
Land	427,267
Buildings and Improvements	2,117,693
Costs Capitalized	96,978
Gross Cost Basis at December 31, 2017
Land	427,267
Buildings and Improvements	2,214,671
Total	2,641,938
Accumulated Depreciation	190,847
Net Carrying Amount	$ 2,451,091
Hotel, Mixed, Industrial, Leisure, Multifamily, Office, Retail And Residential - Other Equity and Debt
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	364
Initial Cost
Encumbrances	$ 1,847,000
Land	628,806
Buildings and Improvements	2,292,490
Costs Capitalized	26,265
Gross Cost Basis at December 31, 2017
Land	625,271
Buildings and Improvements	2,322,290
Total	2,947,561
Accumulated Depreciation	114,423
Net Carrying Amount	$ 2,833,138
United States | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 0
Land	667
Buildings and Improvements	7,678
Costs Capitalized	4
Gross Cost Basis at December 31, 2017
Land	667
Buildings and Improvements	7,682
Total	8,349
Accumulated Depreciation	276
Net Carrying Amount	$ 8,073
United States | Multifamily
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 0
Land	2,833
Buildings and Improvements	24,462
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	2,833
Buildings and Improvements	24,462
Total	27,295
Accumulated Depreciation	0
Net Carrying Amount	$ 27,295
United States | Office
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	21
Initial Cost
Encumbrances	$ 222,760
Land	61,952
Buildings and Improvements	462,271
Costs Capitalized	24,033
Gross Cost Basis at December 31, 2017
Land	61,952
Buildings and Improvements	486,304
Total	548,256
Accumulated Depreciation	35,954
Net Carrying Amount	$ 512,302
United States | Retail
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	9
Initial Cost
Encumbrances	$ 0
Land	2,543
Buildings and Improvements	65,962
Costs Capitalized	1,825
Gross Cost Basis at December 31, 2017
Land	2,543
Buildings and Improvements	67,787
Total	70,330
Accumulated Depreciation	1,831
Net Carrying Amount	$ 68,499
ALABAMA | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 4,540
Land	337
Buildings and Improvements	3,095
Costs Capitalized	96
Gross Cost Basis at December 31, 2017
Land	337
Buildings and Improvements	3,191
Total	3,528
Accumulated Depreciation	95
Net Carrying Amount	$ 3,433
ALABAMA | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 31,893
Land	0
Buildings and Improvements	56,271
Costs Capitalized	1
Gross Cost Basis at December 31, 2017
Land	0
Buildings and Improvements	56,272
Total	56,272
Accumulated Depreciation	1,569
Net Carrying Amount	$ 54,703
ALABAMA | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 9,197
Land	433
Buildings and Improvements	7,169
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	433
Buildings and Improvements	7,169
Total	7,602
Accumulated Depreciation	237
Net Carrying Amount	$ 7,365
ALABAMA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	7
Initial Cost
Encumbrances	$ 50,000
Land	12,446
Buildings and Improvements	47,503
Costs Capitalized	229
Gross Cost Basis at December 31, 2017
Land	12,446
Buildings and Improvements	47,732
Total	60,178
Accumulated Depreciation	1,319
Net Carrying Amount	$ 58,859
ALABAMA | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 16,165
Land	1,134
Buildings and Improvements	19,213
Costs Capitalized	200
Gross Cost Basis at December 31, 2017
Land	1,134
Buildings and Improvements	19,413
Total	20,547
Accumulated Depreciation	676
Net Carrying Amount	$ 19,871
ARKANSAS | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 501
Land	0
Buildings and Improvements	1,343
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	0
Buildings and Improvements	1,343
Total	1,343
Accumulated Depreciation	100
Net Carrying Amount	$ 1,243
ARIZONA | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 8,998
Land	536
Buildings and Improvements	14,478
Costs Capitalized	70
Gross Cost Basis at December 31, 2017
Land	536
Buildings and Improvements	14,548
Total	15,084
Accumulated Depreciation	403
Net Carrying Amount	$ 14,681
ARIZONA | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 10,927
Land	1,043
Buildings and Improvements	17,013
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	1,043
Buildings and Improvements	17,013
Total	18,056
Accumulated Depreciation	493
Net Carrying Amount	$ 17,563
ARIZONA | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 13,511
Land	1,897
Buildings and Improvements	15,843
Costs Capitalized	186
Gross Cost Basis at December 31, 2017
Land	1,897
Buildings and Improvements	16,029
Total	17,926
Accumulated Depreciation	562
Net Carrying Amount	$ 17,364
ARIZONA | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 27,417
Land	7,831
Buildings and Improvements	34,616
Costs Capitalized	370
Gross Cost Basis at December 31, 2017
Land	7,831
Buildings and Improvements	34,986
Total	42,817
Accumulated Depreciation	1,469
Net Carrying Amount	$ 41,348
Phoenix | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	22
Initial Cost
Encumbrances	$ 59,000
Land	31,118
Buildings and Improvements	175,210
Costs Capitalized	5,300
Gross Cost Basis at December 31, 2017
Land	31,118
Buildings and Improvements	180,510
Total	211,628
Accumulated Depreciation	10,123
Net Carrying Amount	$ 201,505
California | Hospitals
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 105,381
Land	17,079
Buildings and Improvements	135,979
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	17,079
Buildings and Improvements	135,979
Total	153,058
Accumulated Depreciation	3,490
Net Carrying Amount	$ 149,568
California | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 37,773
Land	12,157
Buildings and Improvements	76,411
Costs Capitalized	389
Gross Cost Basis at December 31, 2017
Land	12,159
Buildings and Improvements	76,798
Total	88,957
Accumulated Depreciation	2,045
Net Carrying Amount	$ 86,912
California | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 21,192
Land	5,708
Buildings and Improvements	33,879
Costs Capitalized	406
Gross Cost Basis at December 31, 2017
Land	5,708
Buildings and Improvements	34,285
Total	39,993
Accumulated Depreciation	1,026
Net Carrying Amount	$ 38,967
California | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 20,775
Land	1,936
Buildings and Improvements	37,612
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	1,936
Buildings and Improvements	37,612
Total	39,548
Accumulated Depreciation	2,295
Net Carrying Amount	$ 37,253
California | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	22
Initial Cost
Encumbrances	$ 303,120
Land	60,568
Buildings and Improvements	265,127
Costs Capitalized	1,277
Gross Cost Basis at December 31, 2017
Land	60,568
Buildings and Improvements	266,404
Total	326,972
Accumulated Depreciation	7,490
Net Carrying Amount	$ 319,482
California | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	8
Initial Cost
Encumbrances	$ 239,822
Land	59,120
Buildings and Improvements	241,574
Costs Capitalized	5,689
Gross Cost Basis at December 31, 2017
Land	59,120
Buildings and Improvements	247,263
Total	306,383
Accumulated Depreciation	8,817
Net Carrying Amount	$ 297,566
California | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	10
Initial Cost
Encumbrances	$ 166,037
Land	45,970
Buildings and Improvements	232,362
Costs Capitalized	2,400
Gross Cost Basis at December 31, 2017
Land	45,970
Buildings and Improvements	234,762
Total	280,732
Accumulated Depreciation	8,865
Net Carrying Amount	$ 271,867
COLORADO | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 104,963
Land	7,734
Buildings and Improvements	138,635
Costs Capitalized	668
Gross Cost Basis at December 31, 2017
Land	7,734
Buildings and Improvements	139,303
Total	147,037
Accumulated Depreciation	3,679
Net Carrying Amount	$ 143,358
COLORADO | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 38,247
Land	8,330
Buildings and Improvements	58,591
Costs Capitalized	1,088
Gross Cost Basis at December 31, 2017
Land	8,330
Buildings and Improvements	59,679
Total	68,009
Accumulated Depreciation	1,960
Net Carrying Amount	$ 66,049
COLORADO | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 60,994
Land	13,163
Buildings and Improvements	67,804
Costs Capitalized	3,695
Gross Cost Basis at December 31, 2017
Land	13,163
Buildings and Improvements	71,499
Total	84,662
Accumulated Depreciation	2,636
Net Carrying Amount	$ 82,026
COLORADO | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 15,169
Land	2,018
Buildings and Improvements	20,047
Costs Capitalized	367
Gross Cost Basis at December 31, 2017
Land	2,018
Buildings and Improvements	20,414
Total	22,432
Accumulated Depreciation	762
Net Carrying Amount	$ 21,670
Denver | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	9
Initial Cost
Encumbrances	$ 38,689
Land	14,910
Buildings and Improvements	63,489
Costs Capitalized	4,066
Gross Cost Basis at December 31, 2017
Land	14,910
Buildings and Improvements	67,555
Total	82,465
Accumulated Depreciation	5,510
Net Carrying Amount	$ 76,955
CONNECTICUT | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 16,780
Land	3,454
Buildings and Improvements	30,231
Costs Capitalized	305
Gross Cost Basis at December 31, 2017
Land	3,454
Buildings and Improvements	30,536
Total	33,990
Accumulated Depreciation	1,109
Net Carrying Amount	$ 32,881
CONNECTICUT | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 36,878
Land	6,735
Buildings and Improvements	67,148
Costs Capitalized	1,131
Gross Cost Basis at December 31, 2017
Land	6,735
Buildings and Improvements	68,279
Total	75,014
Accumulated Depreciation	2,412
Net Carrying Amount	$ 72,602
FLORIDA | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 23,616
Land	2,119
Buildings and Improvements	41,527
Costs Capitalized	61
Gross Cost Basis at December 31, 2017
Land	2,119
Buildings and Improvements	41,588
Total	43,707
Accumulated Depreciation	1,171
Net Carrying Amount	$ 42,536
FLORIDA | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	24
Initial Cost
Encumbrances	$ 176,863
Land	25,722
Buildings and Improvements	348,368
Costs Capitalized	111
Gross Cost Basis at December 31, 2017
Land	25,722
Buildings and Improvements	348,479
Total	374,201
Accumulated Depreciation	9,734
Net Carrying Amount	$ 364,467
FLORIDA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 26,320
Land	8,514
Buildings and Improvements	25,666
Costs Capitalized	124
Gross Cost Basis at December 31, 2017
Land	8,514
Buildings and Improvements	25,790
Total	34,304
Accumulated Depreciation	722
Net Carrying Amount	$ 33,582
FLORIDA | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 29,929
Land	2,991
Buildings and Improvements	50,761
Costs Capitalized	3,788
Gross Cost Basis at December 31, 2017
Land	2,991
Buildings and Improvements	54,549
Total	57,540
Accumulated Depreciation	1,888
Net Carrying Amount	$ 55,652
FLORIDA | Hotel Full Service
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 78,163
Land	12,328
Buildings and Improvements	133,394
Costs Capitalized	7,520
Gross Cost Basis at December 31, 2017
Land	12,328
Buildings and Improvements	140,914
Total	153,242
Accumulated Depreciation	5,187
Net Carrying Amount	$ 148,055
FLORIDA | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	8
Initial Cost
Encumbrances	$ 131,859
Land	16,852
Buildings and Improvements	219,288
Costs Capitalized	6,226
Gross Cost Basis at December 31, 2017
Land	16,852
Buildings and Improvements	225,514
Total	242,366
Accumulated Depreciation	7,684
Net Carrying Amount	$ 234,682
Jacksonville | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 0
Land	4,993
Buildings and Improvements	22,108
Costs Capitalized	280
Gross Cost Basis at December 31, 2017
Land	4,993
Buildings and Improvements	22,388
Total	27,381
Accumulated Depreciation	296
Net Carrying Amount	$ 27,085
Orlando | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	16
Initial Cost
Encumbrances	$ 131,500
Land	27,610
Buildings and Improvements	175,055
Costs Capitalized	8,432
Gross Cost Basis at December 31, 2017
Land	27,610
Buildings and Improvements	183,487
Total	211,097
Accumulated Depreciation	10,204
Net Carrying Amount	$ 200,893
Tampa | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 0
Land	4,278
Buildings and Improvements	31,104
Costs Capitalized	2,301
Gross Cost Basis at December 31, 2017
Land	4,278
Buildings and Improvements	33,405
Total	37,683
Accumulated Depreciation	4,082
Net Carrying Amount	$ 33,601
GEORGIA | Hospitals
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 13,750
Land	2,047
Buildings and Improvements	16,650
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	2,047
Buildings and Improvements	16,650
Total	18,697
Accumulated Depreciation	428
Net Carrying Amount	$ 18,269
GEORGIA | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 7,436
Land	516
Buildings and Improvements	14,220
Costs Capitalized	47
Gross Cost Basis at December 31, 2017
Land	516
Buildings and Improvements	14,267
Total	14,783
Accumulated Depreciation	408
Net Carrying Amount	$ 14,375
GEORGIA | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	13
Initial Cost
Encumbrances	$ 57,803
Land	12,976
Buildings and Improvements	100,515
Costs Capitalized	730
Gross Cost Basis at December 31, 2017
Land	12,976
Buildings and Improvements	101,245
Total	114,221
Accumulated Depreciation	3,077
Net Carrying Amount	$ 111,144
GEORGIA | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	7
Initial Cost
Encumbrances	$ 101,530
Land	12,140
Buildings and Improvements	130,707
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	12,140
Buildings and Improvements	130,707
Total	142,847
Accumulated Depreciation	3,638
Net Carrying Amount	$ 139,209
GEORGIA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 10,960
Land	2,055
Buildings and Improvements	6,614
Costs Capitalized	32
Gross Cost Basis at December 31, 2017
Land	2,055
Buildings and Improvements	6,646
Total	8,701
Accumulated Depreciation	217
Net Carrying Amount	$ 8,484
GEORGIA | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 37,756
Land	7,278
Buildings and Improvements	52,967
Costs Capitalized	362
Gross Cost Basis at December 31, 2017
Land	7,278
Buildings and Improvements	53,329
Total	60,607
Accumulated Depreciation	1,845
Net Carrying Amount	$ 58,762
GEORGIA | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 50,480
Land	11,505
Buildings and Improvements	77,275
Costs Capitalized	1,883
Gross Cost Basis at December 31, 2017
Land	11,505
Buildings and Improvements	79,158
Total	90,663
Accumulated Depreciation	3,265
Net Carrying Amount	$ 87,398
Atlanta | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	54
Initial Cost
Encumbrances	$ 201,628
Land	47,488
Buildings and Improvements	310,492
Costs Capitalized	14,723
Gross Cost Basis at December 31, 2017
Land	47,488
Buildings and Improvements	325,215
Total	372,703
Accumulated Depreciation	36,034
Net Carrying Amount	$ 336,669
HAWAII | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 8,286
Land	519
Buildings and Improvements	14,055
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	519
Buildings and Improvements	14,055
Total	14,574
Accumulated Depreciation	390
Net Carrying Amount	$ 14,184
IDAHO | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 22,765
Land	0
Buildings and Improvements	30,473
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	0
Buildings and Improvements	30,473
Total	30,473
Accumulated Depreciation	887
Net Carrying Amount	$ 29,586
IOWA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 23,920
Land	2,053
Buildings and Improvements	34,698
Costs Capitalized	167
Gross Cost Basis at December 31, 2017
Land	2,053
Buildings and Improvements	34,865
Total	36,918
Accumulated Depreciation	910
Net Carrying Amount	$ 36,008
ILLINOIS | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	22
Initial Cost
Encumbrances	$ 165,026
Land	11,434
Buildings and Improvements	289,526
Costs Capitalized	1,087
Gross Cost Basis at December 31, 2017
Land	11,530
Buildings and Improvements	290,517
Total	302,047
Accumulated Depreciation	7,481
Net Carrying Amount	$ 294,566
ILLINOIS | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 64,105
Land	9,809
Buildings and Improvements	98,224
Costs Capitalized	546
Gross Cost Basis at December 31, 2017
Land	9,809
Buildings and Improvements	98,770
Total	108,579
Accumulated Depreciation	2,939
Net Carrying Amount	$ 105,640
ILLINOIS | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	7
Initial Cost
Encumbrances	$ 70,568
Land	6,546
Buildings and Improvements	137,591
Costs Capitalized	20
Gross Cost Basis at December 31, 2017
Land	6,546
Buildings and Improvements	137,611
Total	144,157
Accumulated Depreciation	3,883
Net Carrying Amount	$ 140,274
ILLINOIS | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	10
Initial Cost
Encumbrances	$ 54,320
Land	11,010
Buildings and Improvements	50,522
Costs Capitalized	244
Gross Cost Basis at December 31, 2017
Land	11,010
Buildings and Improvements	50,766
Total	61,776
Accumulated Depreciation	1,769
Net Carrying Amount	$ 60,007
ILLINOIS | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 19,755
Land	4,375
Buildings and Improvements	34,567
Costs Capitalized	284
Gross Cost Basis at December 31, 2017
Land	4,375
Buildings and Improvements	34,851
Total	39,226
Accumulated Depreciation	1,342
Net Carrying Amount	$ 37,884
ILLINOIS | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 9,319
Land	2,738
Buildings and Improvements	22,368
Costs Capitalized	226
Gross Cost Basis at December 31, 2017
Land	2,738
Buildings and Improvements	22,594
Total	25,332
Accumulated Depreciation	809
Net Carrying Amount	$ 24,523
Chicago | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	26
Initial Cost
Encumbrances	$ 0
Land	30,586
Buildings and Improvements	117,616
Costs Capitalized	6,937
Gross Cost Basis at December 31, 2017
Land	30,586
Buildings and Improvements	124,553
Total	155,139
Accumulated Depreciation	14,898
Net Carrying Amount	$ 140,241
INDIANA | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	9
Initial Cost
Encumbrances	$ 0
Land	7,165
Buildings and Improvements	26,950
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	7,165
Buildings and Improvements	26,950
Total	34,115
Accumulated Depreciation	901
Net Carrying Amount	$ 33,214
INDIANA | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	28
Initial Cost
Encumbrances	$ 183,985
Land	18,106
Buildings and Improvements	300,919
Costs Capitalized	1
Gross Cost Basis at December 31, 2017
Land	18,106
Buildings and Improvements	300,920
Total	319,026
Accumulated Depreciation	9,675
Net Carrying Amount	$ 309,351
INDIANA | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	19
Initial Cost
Encumbrances	$ 0
Land	5,636
Buildings and Improvements	132,825
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	5,636
Buildings and Improvements	132,825
Total	138,461
Accumulated Depreciation	4,151
Net Carrying Amount	$ 134,310
INDIANA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 9,360
Land	1,339
Buildings and Improvements	9,779
Costs Capitalized	47
Gross Cost Basis at December 31, 2017
Land	1,339
Buildings and Improvements	9,826
Total	11,165
Accumulated Depreciation	239
Net Carrying Amount	$ 10,926
KANSAS | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 6,306
Land	915
Buildings and Improvements	12,105
Costs Capitalized	27
Gross Cost Basis at December 31, 2017
Land	921
Buildings and Improvements	12,126
Total	13,047
Accumulated Depreciation	354
Net Carrying Amount	$ 12,693
KANSAS | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 4,960
Land	541
Buildings and Improvements	7,323
Costs Capitalized	35
Gross Cost Basis at December 31, 2017
Land	541
Buildings and Improvements	7,358
Total	7,899
Accumulated Depreciation	194
Net Carrying Amount	$ 7,705
KENTUCKY | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 9,097
Land	361
Buildings and Improvements	21,528
Costs Capitalized	34
Gross Cost Basis at December 31, 2017
Land	361
Buildings and Improvements	21,562
Total	21,923
Accumulated Depreciation	557
Net Carrying Amount	$ 21,366
KENTUCKY | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 9,200
Land	2,214
Buildings and Improvements	10,133
Costs Capitalized	49
Gross Cost Basis at December 31, 2017
Land	2,214
Buildings and Improvements	10,182
Total	12,396
Accumulated Depreciation	283
Net Carrying Amount	$ 12,113
KENTUCKY | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 19,145
Land	2,956
Buildings and Improvements	29,407
Costs Capitalized	1,061
Gross Cost Basis at December 31, 2017
Land	2,956
Buildings and Improvements	30,468
Total	33,424
Accumulated Depreciation	985
Net Carrying Amount	$ 32,439
KENTUCKY | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 31,272
Land	6,660
Buildings and Improvements	31,618
Costs Capitalized	774
Gross Cost Basis at December 31, 2017
Land	6,660
Buildings and Improvements	32,392
Total	39,052
Accumulated Depreciation	1,164
Net Carrying Amount	$ 37,888
LOUISIANA | Hospitals
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 12,156
Land	1,591
Buildings and Improvements	13,991
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	1,591
Buildings and Improvements	13,991
Total	15,582
Accumulated Depreciation	357
Net Carrying Amount	$ 15,225
LOUISIANA | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 33,273
Land	2,406
Buildings and Improvements	52,171
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	2,406
Buildings and Improvements	52,171
Total	54,577
Accumulated Depreciation	1,679
Net Carrying Amount	$ 52,898
LOUISIANA | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 19,122
Land	1,068
Buildings and Improvements	28,675
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	1,068
Buildings and Improvements	28,675
Total	29,743
Accumulated Depreciation	819
Net Carrying Amount	$ 28,924
LOUISIANA | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 12,931
Land	1,874
Buildings and Improvements	15,043
Costs Capitalized	539
Gross Cost Basis at December 31, 2017
Land	1,874
Buildings and Improvements	15,582
Total	17,456
Accumulated Depreciation	816
Net Carrying Amount	$ 16,640
LOUISIANA | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 32,220
Land	2,409
Buildings and Improvements	23,780
Costs Capitalized	313
Gross Cost Basis at December 31, 2017
Land	2,409
Buildings and Improvements	24,093
Total	26,502
Accumulated Depreciation	1,145
Net Carrying Amount	$ 25,357
MASSACHUSETTS | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 10,035
Land	1,336
Buildings and Improvements	13,520
Costs Capitalized	39
Gross Cost Basis at December 31, 2017
Land	1,336
Buildings and Improvements	13,559
Total	14,895
Accumulated Depreciation	379
Net Carrying Amount	$ 14,516
MASSACHUSETTS | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 17,378
Land	2,179
Buildings and Improvements	2,006
Costs Capitalized	220
Gross Cost Basis at December 31, 2017
Land	2,179
Buildings and Improvements	2,226
Total	4,405
Accumulated Depreciation	63
Net Carrying Amount	$ 4,342
MASSACHUSETTS | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 9,360
Land	1,209
Buildings and Improvements	9,910
Costs Capitalized	47
Gross Cost Basis at December 31, 2017
Land	1,209
Buildings and Improvements	9,957
Total	11,166
Accumulated Depreciation	242
Net Carrying Amount	$ 10,924
MASSACHUSETTS | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 53,162
Land	8,274
Buildings and Improvements	74,973
Costs Capitalized	600
Gross Cost Basis at December 31, 2017
Land	8,274
Buildings and Improvements	75,573
Total	83,847
Accumulated Depreciation	2,593
Net Carrying Amount	$ 81,254
MASSACHUSETTS | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 26,525
Land	3,272
Buildings and Improvements	31,343
Costs Capitalized	507
Gross Cost Basis at December 31, 2017
Land	3,272
Buildings and Improvements	31,850
Total	35,122
Accumulated Depreciation	1,077
Net Carrying Amount	$ 34,045
MAINE | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 8,850
Land	1,572
Buildings and Improvements	15,610
Costs Capitalized	1,555
Gross Cost Basis at December 31, 2017
Land	1,572
Buildings and Improvements	17,165
Total	18,737
Accumulated Depreciation	662
Net Carrying Amount	$ 18,075
MARYLAND | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 7,060
Land	1,219
Buildings and Improvements	14,556
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	1,219
Buildings and Improvements	14,556
Total	15,775
Accumulated Depreciation	412
Net Carrying Amount	$ 15,363
MARYLAND | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 19,069
Land	3,003
Buildings and Improvements	24,644
Costs Capitalized	305
Gross Cost Basis at December 31, 2017
Land	3,003
Buildings and Improvements	24,949
Total	27,952
Accumulated Depreciation	932
Net Carrying Amount	$ 27,020
MARYLAND | Hotel Full Service
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 8,085
Land	3,086
Buildings and Improvements	12,964
Costs Capitalized	127
Gross Cost Basis at December 31, 2017
Land	3,086
Buildings and Improvements	13,091
Total	16,177
Accumulated Depreciation	449
Net Carrying Amount	$ 15,728
MARYLAND | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 48,565
Land	10,405
Buildings and Improvements	78,892
Costs Capitalized	1,097
Gross Cost Basis at December 31, 2017
Land	10,405
Buildings and Improvements	79,989
Total	90,394
Accumulated Depreciation	2,659
Net Carrying Amount	$ 87,735
Las Vegas | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 0
Land	3,666
Buildings and Improvements	29,078
Costs Capitalized	280
Gross Cost Basis at December 31, 2017
Land	3,666
Buildings and Improvements	29,358
Total	33,024
Accumulated Depreciation	476
Net Carrying Amount	$ 32,548
MICHIGAN | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 31,936
Land	3,856
Buildings and Improvements	48,738
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	3,856
Buildings and Improvements	48,738
Total	52,594
Accumulated Depreciation	1,423
Net Carrying Amount	$ 51,171
MICHIGAN | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 8,368
Land	1,116
Buildings and Improvements	13,887
Costs Capitalized	128
Gross Cost Basis at December 31, 2017
Land	1,116
Buildings and Improvements	14,015
Total	15,131
Accumulated Depreciation	680
Net Carrying Amount	$ 14,451
MICHIGAN | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 36,160
Land	5,565
Buildings and Improvements	42,031
Costs Capitalized	202
Gross Cost Basis at December 31, 2017
Land	5,565
Buildings and Improvements	42,233
Total	47,798
Accumulated Depreciation	1,125
Net Carrying Amount	$ 46,673
MICHIGAN | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 27,611
Land	4,521
Buildings and Improvements	39,797
Costs Capitalized	605
Gross Cost Basis at December 31, 2017
Land	4,521
Buildings and Improvements	40,402
Total	44,923
Accumulated Depreciation	1,373
Net Carrying Amount	$ 43,550
MICHIGAN | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 59,759
Land	10,430
Buildings and Improvements	97,029
Costs Capitalized	2,935
Gross Cost Basis at December 31, 2017
Land	10,430
Buildings and Improvements	99,964
Total	110,394
Accumulated Depreciation	3,583
Net Carrying Amount	$ 106,811
MISSOURI | Hospitals
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 31,688
Land	3,586
Buildings and Improvements	22,684
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	3,586
Buildings and Improvements	22,684
Total	26,270
Accumulated Depreciation	605
Net Carrying Amount	$ 25,665
MISSOURI | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 24,400
Land	2,699
Buildings and Improvements	23,497
Costs Capitalized	113
Gross Cost Basis at December 31, 2017
Land	2,699
Buildings and Improvements	23,610
Total	26,309
Accumulated Depreciation	867
Net Carrying Amount	$ 25,442
Kansas City | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	14
Initial Cost
Encumbrances	$ 49,000
Land	13,423
Buildings and Improvements	74,379
Costs Capitalized	3,940
Gross Cost Basis at December 31, 2017
Land	13,423
Buildings and Improvements	78,319
Total	91,742
Accumulated Depreciation	6,718
Net Carrying Amount	$ 85,024
St Louis | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	8
Initial Cost
Encumbrances	$ 0
Land	8,813
Buildings and Improvements	42,942
Costs Capitalized	3,772
Gross Cost Basis at December 31, 2017
Land	8,813
Buildings and Improvements	46,714
Total	55,527
Accumulated Depreciation	5,498
Net Carrying Amount	$ 50,029
MINNESOTA | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	11
Initial Cost
Encumbrances	$ 35,333
Land	3,767
Buildings and Improvements	66,853
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	3,767
Buildings and Improvements	66,853
Total	70,620
Accumulated Depreciation	1,811
Net Carrying Amount	$ 68,809
MINNESOTA | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 6,920
Land	1,144
Buildings and Improvements	9,363
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	1,144
Buildings and Improvements	9,363
Total	10,507
Accumulated Depreciation	299
Net Carrying Amount	$ 10,208
MINNESOTA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 7,920
Land	3,988
Buildings and Improvements	8,206
Costs Capitalized	39
Gross Cost Basis at December 31, 2017
Land	3,988
Buildings and Improvements	8,245
Total	12,233
Accumulated Depreciation	326
Net Carrying Amount	$ 11,907
Minneapolis | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	17
Initial Cost
Encumbrances	$ 102,755
Land	26,311
Buildings and Improvements	137,780
Costs Capitalized	10,200
Gross Cost Basis at December 31, 2017
Land	26,311
Buildings and Improvements	147,980
Total	174,291
Accumulated Depreciation	15,496
Net Carrying Amount	$ 158,795
MISSISSIPPI | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 11,500
Land	0
Buildings and Improvements	21,465
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	0
Buildings and Improvements	21,465
Total	21,465
Accumulated Depreciation	677
Net Carrying Amount	$ 20,788
MONTANA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 7,520
Land	1,476
Buildings and Improvements	3,402
Costs Capitalized	16
Gross Cost Basis at December 31, 2017
Land	1,476
Buildings and Improvements	3,418
Total	4,894
Accumulated Depreciation	170
Net Carrying Amount	$ 4,724
NEVADA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 86,320
Land	19,553
Buildings and Improvements	59,912
Costs Capitalized	289
Gross Cost Basis at December 31, 2017
Land	19,553
Buildings and Improvements	60,201
Total	79,754
Accumulated Depreciation	1,504
Net Carrying Amount	$ 78,250
NEW HAMPSHIRE | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 43,092
Land	7,167
Buildings and Improvements	59,440
Costs Capitalized	764
Gross Cost Basis at December 31, 2017
Land	7,167
Buildings and Improvements	60,204
Total	67,371
Accumulated Depreciation	2,171
Net Carrying Amount	$ 65,200
NEW HAMPSHIRE | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 35,996
Land	6,092
Buildings and Improvements	50,557
Costs Capitalized	575
Gross Cost Basis at December 31, 2017
Land	6,092
Buildings and Improvements	51,132
Total	57,224
Accumulated Depreciation	1,753
Net Carrying Amount	$ 55,471
NEW JERSEY | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 16,080
Land	3,120
Buildings and Improvements	13,316
Costs Capitalized	64
Gross Cost Basis at December 31, 2017
Land	3,120
Buildings and Improvements	13,380
Total	16,500
Accumulated Depreciation	498
Net Carrying Amount	$ 16,002
NEW JERSEY | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	7
Initial Cost
Encumbrances	$ 112,673
Land	20,639
Buildings and Improvements	145,058
Costs Capitalized	4,000
Gross Cost Basis at December 31, 2017
Land	20,639
Buildings and Improvements	149,058
Total	169,697
Accumulated Depreciation	6,277
Net Carrying Amount	$ 163,420
NEW JERSEY | Hotel Full Service
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 36,535
Land	16,282
Buildings and Improvements	35,308
Costs Capitalized	924
Gross Cost Basis at December 31, 2017
Land	16,282
Buildings and Improvements	36,232
Total	52,514
Accumulated Depreciation	1,494
Net Carrying Amount	$ 51,020
NEW JERSEY | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 81,536
Land	18,073
Buildings and Improvements	110,251
Costs Capitalized	1,068
Gross Cost Basis at December 31, 2017
Land	18,073
Buildings and Improvements	111,319
Total	129,392
Accumulated Depreciation	4,075
Net Carrying Amount	$ 125,317
New Jersey, South / Philadelphia | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	32
Initial Cost
Encumbrances	$ 58,852
Land	39,440
Buildings and Improvements	163,839
Costs Capitalized	7,338
Gross Cost Basis at December 31, 2017
Land	39,440
Buildings and Improvements	171,177
Total	210,617
Accumulated Depreciation	20,019
Net Carrying Amount	$ 190,598
NEW MEXICO | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 14,952
Land	0
Buildings and Improvements	16,587
Costs Capitalized	49
Gross Cost Basis at December 31, 2017
Land	0
Buildings and Improvements	16,636
Total	16,636
Accumulated Depreciation	879
Net Carrying Amount	$ 15,757
NEW MEXICO | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 5,520
Land	1,264
Buildings and Improvements	7,183
Costs Capitalized	35
Gross Cost Basis at December 31, 2017
Land	1,264
Buildings and Improvements	7,218
Total	8,482
Accumulated Depreciation	301
Net Carrying Amount	$ 8,181
NEW MEXICO | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 18,899
Land	2,125
Buildings and Improvements	22,446
Costs Capitalized	697
Gross Cost Basis at December 31, 2017
Land	2,125
Buildings and Improvements	23,143
Total	25,268
Accumulated Depreciation	1,101
Net Carrying Amount	$ 24,167
New York | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	9
Initial Cost
Encumbrances	$ 32,960
Land	4,298
Buildings and Improvements	47,919
Costs Capitalized	231
Gross Cost Basis at December 31, 2017
Land	4,298
Buildings and Improvements	48,150
Total	52,448
Accumulated Depreciation	1,699
Net Carrying Amount	$ 50,749
New York | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 36,466
Land	4,108
Buildings and Improvements	48,124
Costs Capitalized	627
Gross Cost Basis at December 31, 2017
Land	4,108
Buildings and Improvements	48,751
Total	52,859
Accumulated Depreciation	1,717
Net Carrying Amount	$ 51,142
New York | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 95,850
Land	30,292
Buildings and Improvements	107,812
Costs Capitalized	2,675
Gross Cost Basis at December 31, 2017
Land	30,292
Buildings and Improvements	110,487
Total	140,779
Accumulated Depreciation	4,401
Net Carrying Amount	$ 136,378
NEBRASKA | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 2,677
Land	559
Buildings and Improvements	3,161
Costs Capitalized	11
Gross Cost Basis at December 31, 2017
Land	559
Buildings and Improvements	3,172
Total	3,731
Accumulated Depreciation	113
Net Carrying Amount	$ 3,618
NORTH CAROLINA | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	8
Initial Cost
Encumbrances	$ 100,916
Land	11,656
Buildings and Improvements	151,558
Costs Capitalized	22
Gross Cost Basis at December 31, 2017
Land	11,656
Buildings and Improvements	151,580
Total	163,236
Accumulated Depreciation	4,006
Net Carrying Amount	$ 159,230
NORTH CAROLINA | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 5,810
Land	286
Buildings and Improvements	10,957
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	286
Buildings and Improvements	10,957
Total	11,243
Accumulated Depreciation	316
Net Carrying Amount	$ 10,927
NORTH CAROLINA | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 22,380
Land	1,693
Buildings and Improvements	23,893
Costs Capitalized	341
Gross Cost Basis at December 31, 2017
Land	1,693
Buildings and Improvements	24,234
Total	25,927
Accumulated Depreciation	1,120
Net Carrying Amount	$ 24,807
NORTH CAROLINA | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 85,156
Land	13,689
Buildings and Improvements	123,653
Costs Capitalized	1,966
Gross Cost Basis at December 31, 2017
Land	13,689
Buildings and Improvements	125,619
Total	139,308
Accumulated Depreciation	4,494
Net Carrying Amount	$ 134,814
NORTH DAKOTA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 1,840
Land	913
Buildings and Improvements	4,011
Costs Capitalized	19
Gross Cost Basis at December 31, 2017
Land	913
Buildings and Improvements	4,030
Total	4,943
Accumulated Depreciation	178
Net Carrying Amount	$ 4,765
OHIO | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	30
Initial Cost
Encumbrances	$ 189,008
Land	15,609
Buildings and Improvements	245,730
Costs Capitalized	3,846
Gross Cost Basis at December 31, 2017
Land	15,681
Buildings and Improvements	249,504
Total	265,185
Accumulated Depreciation	6,257
Net Carrying Amount	$ 258,928
OHIO | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 26,635
Land	5,036
Buildings and Improvements	99,979
Costs Capitalized	274
Gross Cost Basis at December 31, 2017
Land	5,036
Buildings and Improvements	100,253
Total	105,289
Accumulated Depreciation	2,866
Net Carrying Amount	$ 102,423
OHIO | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	10
Initial Cost
Encumbrances	$ 34,880
Land	5,838
Buildings and Improvements	43,358
Costs Capitalized	209
Gross Cost Basis at December 31, 2017
Land	5,838
Buildings and Improvements	43,567
Total	49,405
Accumulated Depreciation	1,533
Net Carrying Amount	$ 47,872
OHIO | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 8,952
Land	575
Buildings and Improvements	11,747
Costs Capitalized	228
Gross Cost Basis at December 31, 2017
Land	575
Buildings and Improvements	11,975
Total	12,550
Accumulated Depreciation	526
Net Carrying Amount	$ 12,024
OHIO | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 34,464
Land	7,655
Buildings and Improvements	56,496
Costs Capitalized	876
Gross Cost Basis at December 31, 2017
Land	7,655
Buildings and Improvements	57,372
Total	65,027
Accumulated Depreciation	2,151
Net Carrying Amount	$ 62,876
OKLAHOMA | Hospitals
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 11,656
Land	536
Buildings and Improvements	15,954
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	536
Buildings and Improvements	15,954
Total	16,490
Accumulated Depreciation	406
Net Carrying Amount	$ 16,084
OKLAHOMA | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 11,228
Land	0
Buildings and Improvements	18,382
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	0
Buildings and Improvements	18,382
Total	18,382
Accumulated Depreciation	557
Net Carrying Amount	$ 17,825
OKLAHOMA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	5
Initial Cost
Encumbrances	$ 13,040
Land	1,701
Buildings and Improvements	22,242
Costs Capitalized	107
Gross Cost Basis at December 31, 2017
Land	1,701
Buildings and Improvements	22,349
Total	24,050
Accumulated Depreciation	729
Net Carrying Amount	$ 23,321
OKLAHOMA | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 7,631
Land	447
Buildings and Improvements	5,387
Costs Capitalized	52
Gross Cost Basis at December 31, 2017
Land	447
Buildings and Improvements	5,439
Total	5,886
Accumulated Depreciation	297
Net Carrying Amount	$ 5,589
OREGON | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	25
Initial Cost
Encumbrances	$ 181,661
Land	20,905
Buildings and Improvements	270,198
Costs Capitalized	739
Gross Cost Basis at December 31, 2017
Land	20,905
Buildings and Improvements	270,937
Total	291,842
Accumulated Depreciation	7,443
Net Carrying Amount	$ 284,399
OREGON | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 26,546
Land	4,330
Buildings and Improvements	38,024
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	4,330
Buildings and Improvements	38,024
Total	42,354
Accumulated Depreciation	1,120
Net Carrying Amount	$ 41,234
OREGON | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 16,560
Land	2,599
Buildings and Improvements	9,627
Costs Capitalized	47
Gross Cost Basis at December 31, 2017
Land	2,599
Buildings and Improvements	9,674
Total	12,273
Accumulated Depreciation	231
Net Carrying Amount	$ 12,042
PENNSYLVANIA | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	11
Initial Cost
Encumbrances	$ 191,139
Land	20,010
Buildings and Improvements	240,922
Costs Capitalized	1
Gross Cost Basis at December 31, 2017
Land	20,010
Buildings and Improvements	240,923
Total	260,933
Accumulated Depreciation	6,879
Net Carrying Amount	$ 254,054
PENNSYLVANIA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	9
Initial Cost
Encumbrances	$ 62,640
Land	10,875
Buildings and Improvements	72,772
Costs Capitalized	350
Gross Cost Basis at December 31, 2017
Land	10,875
Buildings and Improvements	73,122
Total	83,997
Accumulated Depreciation	1,990
Net Carrying Amount	$ 82,007
PENNSYLVANIA | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 20,136
Land	4,526
Buildings and Improvements	36,759
Costs Capitalized	305
Gross Cost Basis at December 31, 2017
Land	4,526
Buildings and Improvements	37,064
Total	41,590
Accumulated Depreciation	1,289
Net Carrying Amount	$ 40,301
PENNSYLVANIA | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 40,717
Land	7,469
Buildings and Improvements	47,626
Costs Capitalized	2,143
Gross Cost Basis at December 31, 2017
Land	7,469
Buildings and Improvements	49,769
Total	57,238
Accumulated Depreciation	1,775
Net Carrying Amount	$ 55,463
RHODE ISLAND | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 6,880
Land	955
Buildings and Improvements	6,428
Costs Capitalized	31
Gross Cost Basis at December 31, 2017
Land	955
Buildings and Improvements	6,459
Total	7,414
Accumulated Depreciation	223
Net Carrying Amount	$ 7,191
SOUTH CAROLINA | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 16,183
Land	1,105
Buildings and Improvements	18,133
Costs Capitalized	38
Gross Cost Basis at December 31, 2017
Land	1,105
Buildings and Improvements	18,171
Total	19,276
Accumulated Depreciation	493
Net Carrying Amount	$ 18,783
SOUTH CAROLINA | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 9,812
Land	761
Buildings and Improvements	22,972
Costs Capitalized	376
Gross Cost Basis at December 31, 2017
Land	761
Buildings and Improvements	23,348
Total	24,109
Accumulated Depreciation	735
Net Carrying Amount	$ 23,374
TENNESSEE | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 12,462
Land	2,179
Buildings and Improvements	24,880
Costs Capitalized	276
Gross Cost Basis at December 31, 2017
Land	2,179
Buildings and Improvements	25,156
Total	27,335
Accumulated Depreciation	743
Net Carrying Amount	$ 26,592
TENNESSEE | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 11,496
Land	449
Buildings and Improvements	20,376
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	449
Buildings and Improvements	20,376
Total	20,825
Accumulated Depreciation	590
Net Carrying Amount	$ 20,235
TENNESSEE | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 41,534
Land	4,236
Buildings and Improvements	62,156
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	4,236
Buildings and Improvements	62,156
Total	66,392
Accumulated Depreciation	1,763
Net Carrying Amount	$ 64,629
TENNESSEE | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 9,760
Land	1,680
Buildings and Improvements	7,359
Costs Capitalized	35
Gross Cost Basis at December 31, 2017
Land	1,680
Buildings and Improvements	7,394
Total	9,074
Accumulated Depreciation	204
Net Carrying Amount	$ 8,870
TENNESSEE | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 21,137
Land	4,118
Buildings and Improvements	28,471
Costs Capitalized	307
Gross Cost Basis at December 31, 2017
Land	4,118
Buildings and Improvements	28,778
Total	32,896
Accumulated Depreciation	1,026
Net Carrying Amount	$ 31,870
TENNESSEE | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 29,242
Land	5,699
Buildings and Improvements	42,462
Costs Capitalized	593
Gross Cost Basis at December 31, 2017
Land	5,699
Buildings and Improvements	43,055
Total	48,754
Accumulated Depreciation	1,675
Net Carrying Amount	$ 47,079
TEXAS | Hospitals
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 35,700
Land	3,191
Buildings and Improvements	48,904
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	3,191
Buildings and Improvements	48,904
Total	52,095
Accumulated Depreciation	1,357
Net Carrying Amount	$ 50,738
TEXAS | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	7
Initial Cost
Encumbrances	$ 119,813
Land	18,493
Buildings and Improvements	138,653
Costs Capitalized	6
Gross Cost Basis at December 31, 2017
Land	18,493
Buildings and Improvements	138,659
Total	157,152
Accumulated Depreciation	3,546
Net Carrying Amount	$ 153,606
TEXAS | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	20
Initial Cost
Encumbrances	$ 103,400
Land	5,339
Buildings and Improvements	169,565
Costs Capitalized	55
Gross Cost Basis at December 31, 2017
Land	5,339
Buildings and Improvements	169,620
Total	174,959
Accumulated Depreciation	6,258
Net Carrying Amount	$ 168,701
TEXAS | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	16
Initial Cost
Encumbrances	$ 119,760
Land	21,553
Buildings and Improvements	100,458
Costs Capitalized	484
Gross Cost Basis at December 31, 2017
Land	21,553
Buildings and Improvements	100,942
Total	122,495
Accumulated Depreciation	2,862
Net Carrying Amount	$ 119,633
TEXAS | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	11
Initial Cost
Encumbrances	$ 150,347
Land	19,932
Buildings and Improvements	165,947
Costs Capitalized	3,970
Gross Cost Basis at December 31, 2017
Land	19,932
Buildings and Improvements	169,917
Total	189,849
Accumulated Depreciation	7,111
Net Carrying Amount	$ 182,738
TEXAS | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	17
Initial Cost
Encumbrances	$ 179,478
Land	27,974
Buildings and Improvements	177,156
Costs Capitalized	3,017
Gross Cost Basis at December 31, 2017
Land	27,974
Buildings and Improvements	180,173
Total	208,147
Accumulated Depreciation	8,596
Net Carrying Amount	$ 199,551
Austin | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 0
Land	9,174
Buildings and Improvements	59,387
Costs Capitalized	1,746
Gross Cost Basis at December 31, 2017
Land	9,174
Buildings and Improvements	61,133
Total	70,307
Accumulated Depreciation	3,690
Net Carrying Amount	$ 66,617
Dallas | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	63
Initial Cost
Encumbrances	$ 192,007
Land	71,648
Buildings and Improvements	342,762
Costs Capitalized	16,317
Gross Cost Basis at December 31, 2017
Land	71,648
Buildings and Improvements	359,079
Total	430,727
Accumulated Depreciation	33,268
Net Carrying Amount	$ 397,459
Houston | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	11
Initial Cost
Encumbrances	$ 21,446
Land	27,634
Buildings and Improvements	133,200
Costs Capitalized	5,125
Gross Cost Basis at December 31, 2017
Land	27,634
Buildings and Improvements	138,325
Total	165,959
Accumulated Depreciation	12,375
Net Carrying Amount	$ 153,584
UTAH | Hospitals
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 14,660
Land	2,151
Buildings and Improvements	7,073
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	2,151
Buildings and Improvements	7,073
Total	9,224
Accumulated Depreciation	187
Net Carrying Amount	$ 9,037
VIRGINIA | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	8
Initial Cost
Encumbrances	$ 50,963
Land	7,650
Buildings and Improvements	88,135
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	7,650
Buildings and Improvements	88,135
Total	95,785
Accumulated Depreciation	2,550
Net Carrying Amount	$ 93,235
VIRGINIA | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 39,200
Land	8,665
Buildings and Improvements	36,804
Costs Capitalized	178
Gross Cost Basis at December 31, 2017
Land	8,665
Buildings and Improvements	36,982
Total	45,647
Accumulated Depreciation	886
Net Carrying Amount	$ 44,761
VIRGINIA | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 23,707
Land	5,981
Buildings and Improvements	38,545
Costs Capitalized	1,512
Gross Cost Basis at December 31, 2017
Land	5,981
Buildings and Improvements	40,057
Total	46,038
Accumulated Depreciation	1,587
Net Carrying Amount	$ 44,451
VIRGINIA | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	8
Initial Cost
Encumbrances	$ 99,748
Land	23,071
Buildings and Improvements	140,115
Costs Capitalized	4,440
Gross Cost Basis at December 31, 2017
Land	23,071
Buildings and Improvements	144,555
Total	167,626
Accumulated Depreciation	5,233
Net Carrying Amount	$ 162,393
WASHINGTON | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 45,664
Land	3,764
Buildings and Improvements	68,226
Costs Capitalized	243
Gross Cost Basis at December 31, 2017
Land	3,764
Buildings and Improvements	68,469
Total	72,233
Accumulated Depreciation	1,847
Net Carrying Amount	$ 70,386
WASHINGTON | Medical Office Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 21,197
Land	998
Buildings and Improvements	47,054
Costs Capitalized	24
Gross Cost Basis at December 31, 2017
Land	998
Buildings and Improvements	47,078
Total	48,076
Accumulated Depreciation	1,308
Net Carrying Amount	$ 46,768
WASHINGTON | Skilled Nursing Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 14,116
Land	3,647
Buildings and Improvements	16,108
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	3,647
Buildings and Improvements	16,108
Total	19,755
Accumulated Depreciation	532
Net Carrying Amount	$ 19,223
WASHINGTON | Hotel Extended Stay
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 101,902
Land	22,388
Buildings and Improvements	116,391
Costs Capitalized	2,248
Gross Cost Basis at December 31, 2017
Land	22,388
Buildings and Improvements	118,639
Total	141,027
Accumulated Depreciation	3,840
Net Carrying Amount	$ 137,187
WASHINGTON | Hotel Select Services
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 25,447
Land	2,125
Buildings and Improvements	36,312
Costs Capitalized	273
Gross Cost Basis at December 31, 2017
Land	2,125
Buildings and Improvements	36,585
Total	38,710
Accumulated Depreciation	804
Net Carrying Amount	$ 37,906
WISCONSIN | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	3
Initial Cost
Encumbrances	$ 17,040
Land	1,554
Buildings and Improvements	17,083
Costs Capitalized	82
Gross Cost Basis at December 31, 2017
Land	1,554
Buildings and Improvements	17,165
Total	18,719
Accumulated Depreciation	502
Net Carrying Amount	$ 18,217
UNITED KINGDOM | Assisted Living Facilities
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	44
Initial Cost
Encumbrances	$ 291,716
Land	121,647
Buildings and Improvements	532,750
Costs Capitalized	(1,923)
Gross Cost Basis at December 31, 2017
Land	121,647
Buildings and Improvements	530,827
Total	652,474
Accumulated Depreciation	12,727
Net Carrying Amount	$ 639,747
UNITED KINGDOM | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 8,986
Land	0
Buildings and Improvements	11,890
Costs Capitalized	1,135
Gross Cost Basis at December 31, 2017
Land	0
Buildings and Improvements	13,025
Total	13,025
Accumulated Depreciation	1,192
Net Carrying Amount	$ 11,833
UNITED KINGDOM | Leisure
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 29,508
Land	14,144
Buildings and Improvements	32,469
Costs Capitalized	(4,268)
Gross Cost Basis at December 31, 2017
Land	12,482
Buildings and Improvements	29,863
Total	42,345
Accumulated Depreciation	3,161
Net Carrying Amount	$ 39,184
UNITED KINGDOM | Office
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	11
Initial Cost
Encumbrances	$ 72,808
Land	21,732
Buildings and Improvements	89,159
Costs Capitalized	2,110
Gross Cost Basis at December 31, 2017
Land	21,732
Buildings and Improvements	91,269
Total	113,001
Accumulated Depreciation	10,231
Net Carrying Amount	$ 102,770
UNITED KINGDOM | Retail
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 82,393
Land	8,640
Buildings and Improvements	115,655
Costs Capitalized	(3,959)
Gross Cost Basis at December 31, 2017
Land	8,341
Buildings and Improvements	111,995
Total	120,336
Accumulated Depreciation	9,609
Net Carrying Amount	$ 110,727
SPAIN | Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	2
Initial Cost
Encumbrances	$ 16,412
Land	49,026
Buildings and Improvements	102,654
Costs Capitalized	359
Gross Cost Basis at December 31, 2017
Land	49,026
Buildings and Improvements	103,013
Total	152,039
Accumulated Depreciation	2,824
Net Carrying Amount	$ 149,215
SPAIN | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	37
Initial Cost
Encumbrances	$ 85,406
Land	54,730
Buildings and Improvements	103,773
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	54,730
Buildings and Improvements	103,773
Total	158,503
Accumulated Depreciation	9,502
Net Carrying Amount	$ 149,001
SPAIN | Retail
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	33
Initial Cost
Encumbrances	$ 14,094
Land	58,079
Buildings and Improvements	29,449
Costs Capitalized	54
Gross Cost Basis at December 31, 2017
Land	58,079
Buildings and Improvements	29,503
Total	87,582
Accumulated Depreciation	685
Net Carrying Amount	$ 86,897
FRANCE | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 26,286
Land	8,682
Buildings and Improvements	17,389
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	8,682
Buildings and Improvements	17,389
Total	26,071
Accumulated Depreciation	469
Net Carrying Amount	$ 25,602
FRANCE | Office
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	38
Initial Cost
Encumbrances	$ 196,105
Land	77,110
Buildings and Improvements	183,867
Costs Capitalized	2,750
Gross Cost Basis at December 31, 2017
Land	77,110
Buildings and Improvements	186,617
Total	263,727
Accumulated Depreciation	5,321
Net Carrying Amount	$ 258,406
FRANCE | Retail
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 5,650
Land	729
Buildings and Improvements	6,236
Costs Capitalized	0
Gross Cost Basis at December 31, 2017
Land	729
Buildings and Improvements	6,236
Total	6,965
Accumulated Depreciation	167
Net Carrying Amount	$ 6,798
ITALY | Office/Retail
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 6,125
Land	7,346
Buildings and Improvements	7,692
Costs Capitalized	(218)
Gross Cost Basis at December 31, 2017
Land	7,346
Buildings and Improvements	7,474
Total	14,820
Accumulated Depreciation	589
Net Carrying Amount	$ 14,231
ITALY | Office
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	7
Initial Cost
Encumbrances	$ 4,666
Land	6,456
Buildings and Improvements	5,001
Costs Capitalized	(772)
Gross Cost Basis at December 31, 2017
Land	6,183
Buildings and Improvements	4,502
Total	10,685
Accumulated Depreciation	438
Net Carrying Amount	$ 10,247
ITALY | Retail
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	33
Initial Cost
Encumbrances	$ 19,565
Land	36,963
Buildings and Improvements	11,070
Costs Capitalized	(1,735)
Gross Cost Basis at December 31, 2017
Land	36,091
Buildings and Improvements	10,207
Total	46,298
Accumulated Depreciation	1,077
Net Carrying Amount	$ 45,221
ITALY | Residential
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	1
Initial Cost
Encumbrances	$ 328
Land	551
Buildings and Improvements	253
Costs Capitalized	(609)
Gross Cost Basis at December 31, 2017
Land	122
Buildings and Improvements	73
Total	195
Accumulated Depreciation	6
Net Carrying Amount	$ 189
ITALY | Residential/Retail
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	4
Initial Cost
Encumbrances	$ 2,007
Land	2,464
Buildings and Improvements	2,463
Costs Capitalized	(98)
Gross Cost Basis at December 31, 2017
Land	2,464
Buildings and Improvements	2,365
Total	4,829
Accumulated Depreciation	262
Net Carrying Amount	$ 4,567
ITALY | Mixed/Retail
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	6
Initial Cost
Encumbrances	$ 13,901
Land	13,914
Buildings and Improvements	20,214
Costs Capitalized	872
Gross Cost Basis at December 31, 2017
Land	13,914
Buildings and Improvements	21,086
Total	35,000
Accumulated Depreciation	1,616
Net Carrying Amount	33,384
ITALY | Other Property | Real Estate Held-for-Sale
Gross Cost Basis at December 31, 2017
Real estate held for sale	427,471
NORWAY | Other Property | Real Estate Held-for-Sale
Gross Cost Basis at December 31, 2017
Real estate held for sale	$ 293,215
Maryland-BWI | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	18
Initial Cost
Encumbrances	$ 113,198
Land	46,293
Buildings and Improvements	152,898
Costs Capitalized	2,445
Gross Cost Basis at December 31, 2017
Land	46,293
Buildings and Improvements	155,343
Total	201,636
Accumulated Depreciation	4,869
Net Carrying Amount	$ 196,767
Salt Lake City | Industrial
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Number of Units | property	18
Initial Cost
Encumbrances	$ 46,155
Land	19,882
Buildings and Improvements	86,354
Costs Capitalized	3,776
Gross Cost Basis at December 31, 2017
Land	19,882
Buildings and Improvements	90,130
Total	110,012
Accumulated Depreciation	7,291
Net Carrying Amount	$ 102,721

Schedule III - Real Estate a154

Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total Investment in Real Estate Assets, at Gross Cost Basis
Balance at January 1	$ 3,656,094	$ 3,518,682	$ 1,650,418
Assumed through the Merger	11,730,087	0	0
Assumed through foreclosures or restructuring of mortgage loans	1,867,655	128,124	155,035
Acquisitions	1,027,889	434,266	1,223,452
Improvements and capitalized costs	237,125	16,072	55,993
Consolidation of real estate held by investment entities (Note 3)	0	0	812,672
Deconsolidation of real estate held by investment entity (Note 4)	(407,653)	0	0
Dispositions	(2,484,616)	(313,982)	(321,173)
Impairment	(59,652)	(11,391)	(7,089)
Measurement period adjustments for real estate acquired in business combination	0	(16,688)	0
Effect of changes in foreign exchange rates	224,215	(98,989)	(50,626)
Balance at December 31	15,791,144	3,656,094	3,518,682
Classified as held for sale, net	(748,589)	(235,541)	(300,244)
Balance at December 31, before reclassification to held for sale	$ 15,042,555	$ 3,420,553	$ 3,218,438

Schedule III - Real Estate a155

Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Depreciation
Balance at January 1	$ 188,509	$ 88,577	$ 6,421
Depreciation	453,331	108,298	83,156
Deconsolidation of real estate held by investment entity (Note 4)	(3,212)	0	0
Dispositions	(34,854)	(6,025)	(389)
Effect of changes in foreign exchange rates	2,426	(2,341)	(611)
Balance at December 31, held for investment	606,200	188,509	88,577
Classified as held for sale, net	(27,903)	(11,587)	(2,357)
Balance at December 31, before reclassification to held for sale	$ 578,297	$ 176,922	$ 86,220

Schedule IV - Mortgage Loans156

Schedule IV - Mortgage Loans on Real Estate - Carrying Amount (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	977
Prior Liens	$ 1,038,707
Unpaid Principal Balance	4,501,834
Carrying Amount	3,223,762
Principal Amount Subject to Delinquent Principal or Interest	$ 424,539
Threshold for aggregation (less than)	3.00%
Allowance for loan losses	$ 52,709	$ 67,980	$ 37,571	$ 197
Aggregate cost basis of loans for federal income tax purposes	3,200,000
Loans held for investment, net
Mortgage Loans on Real Estate [Line Items]
Allowance for loan losses	$ 52,709	$ 67,980
First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	200
Prior Liens	$ 0
Unpaid Principal Balance	1,566,897
Carrying Amount	1,559,432
Principal Amount Subject to Delinquent Principal or Interest	$ 45,429
Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	24
Prior Liens	$ 1,038,707
Unpaid Principal Balance	919,440
Carrying Amount	928,404
Principal Amount Subject to Delinquent Principal or Interest	$ 71,879
Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	736
Prior Liens	$ 0
Unpaid Principal Balance	1,896,146
Carrying Amount	643,911
Principal Amount Subject to Delinquent Principal or Interest	$ 259,992
Corporate loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	7
Prior Liens	$ 0
Unpaid Principal Balance	46,840
Carrying Amount	46,592
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Loans at fair value
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	10
Prior Liens	$ 0
Unpaid Principal Balance	72,511
Carrying Amount	45,423
Principal Amount Subject to Delinquent Principal or Interest	$ 47,239
Loans at fair value | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.50%
Loans at fair value | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.60%
Various, USA | Residential | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	64
Prior Liens	$ 0
Unpaid Principal Balance	22,840
Carrying Amount	14,619
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Multifamily | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	155
Prior Liens	$ 0
Unpaid Principal Balance	294,519
Carrying Amount	289,026
Principal Amount Subject to Delinquent Principal or Interest	$ 14,749
Various, USA | Multifamily | First Mortgage | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	2.90%
Various, USA | Multifamily | First Mortgage | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.90%
Various, USA | Multifamily | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Prior Liens	$ 151,729
Unpaid Principal Balance	29,843
Carrying Amount	30,043
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Multifamily | Subordinated Debt and Mezzanine | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Various, USA | Multifamily | Subordinated Debt and Mezzanine | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.00%
Various, USA | Multifamily | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	249
Prior Liens	$ 0
Unpaid Principal Balance	131,521
Carrying Amount	92,247
Principal Amount Subject to Delinquent Principal or Interest	$ 7,766
Various, USA | Office | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	11
Prior Liens	$ 0
Unpaid Principal Balance	190,211
Carrying Amount	190,699
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Office | First Mortgage | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.20%
Various, USA | Office | First Mortgage | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.50%
Various, USA | Office | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Prior Liens	$ 92,686
Unpaid Principal Balance	36,817
Carrying Amount	33,450
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Office | Subordinated Debt and Mezzanine | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
Various, USA | Office | Subordinated Debt and Mezzanine | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.00%
Various, USA | Office | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	23
Prior Liens	$ 0
Unpaid Principal Balance	22,387
Carrying Amount	12,156
Principal Amount Subject to Delinquent Principal or Interest	$ 288
Various, USA | Retail | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	11
Prior Liens	$ 0
Unpaid Principal Balance	255,763
Carrying Amount	255,911
Principal Amount Subject to Delinquent Principal or Interest	$ 26,500
Various, USA | Retail | First Mortgage | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.00%
Various, USA | Retail | First Mortgage | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.90%
Various, USA | Retail | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Prior Liens	$ 191,597
Unpaid Principal Balance	54,032
Carrying Amount	52,292
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Retail | Subordinated Debt and Mezzanine | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.70%
Various, USA | Retail | Subordinated Debt and Mezzanine | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.50%
Various, USA | Retail | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	53
Prior Liens	$ 0
Unpaid Principal Balance	85,063
Carrying Amount	63,477
Principal Amount Subject to Delinquent Principal or Interest	$ 6,247
Various, USA | Retail | Corporate loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	5
Prior Liens	$ 0
Unpaid Principal Balance	355
Carrying Amount	437
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Retail | Corporate loans | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.80%
Various, USA | Retail | Corporate loans | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.00%
Various, USA | Hospitality | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	6
Prior Liens	$ 93,262
Unpaid Principal Balance	153,452
Carrying Amount	153,340
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Hospitality | Subordinated Debt and Mezzanine | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.70%
Various, USA | Hospitality | Subordinated Debt and Mezzanine | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	15.00%
Various, USA | Hospitality | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	32
Prior Liens	$ 0
Unpaid Principal Balance	27,362
Carrying Amount	16,654
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Industrial | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	50
Prior Liens	$ 0
Unpaid Principal Balance	39,246
Carrying Amount	25,937
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Land | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Prior Liens	$ 0
Unpaid Principal Balance	65,775
Carrying Amount	64,344
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Land | First Mortgage | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
Various, USA | Land | First Mortgage | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.00%
Various, USA | Land | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	109
Prior Liens	$ 0
Unpaid Principal Balance	83,105
Carrying Amount	11,513
Principal Amount Subject to Delinquent Principal or Interest	$ 21,273
Various, USA | Other | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	10.90%
Prior Liens	$ 0
Unpaid Principal Balance	28,618
Carrying Amount	28,614
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Other | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	81
Prior Liens	$ 0
Unpaid Principal Balance	39,553
Carrying Amount	13,428
Principal Amount Subject to Delinquent Principal or Interest	$ 1,699
Various, USA | Corporate | Corporate loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Prior Liens	$ 0
Unpaid Principal Balance	46,485
Carrying Amount	46,155
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Corporate | Corporate loans | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
Various, USA | Corporate | Corporate loans | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.00%
California | Residential | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.10%
Prior Liens	$ 0
Unpaid Principal Balance	29,090
Carrying Amount	29,032
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California | Residential | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Prior Liens	$ 55,842
Unpaid Principal Balance	36,070
Carrying Amount	36,051
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California | Residential | Subordinated Debt and Mezzanine | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.00%
California | Residential | Subordinated Debt and Mezzanine | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	15.00%
California | Other | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	12.00%
Prior Liens	$ 33,866
Unpaid Principal Balance	111,451
Carrying Amount	111,872
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California | Other | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	12.50%
Prior Liens	$ 15,568
Unpaid Principal Balance	51,234
Carrying Amount	50,680
Principal Amount Subject to Delinquent Principal or Interest	$ 0
New York | Hospitality | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	2.80%
Prior Liens	$ 0
Unpaid Principal Balance	50,314
Carrying Amount	288,225
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Texas | Hospitality | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	7.50%
Prior Liens	$ 0
Unpaid Principal Balance	295,000
Carrying Amount	50,314
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Texas | Land | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	14.00%
Prior Liens	$ 2,251
Unpaid Principal Balance	37,545
Carrying Amount	37,439
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Virginia | Healthcare | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	7.30%
Prior Liens	$ 0
Unpaid Principal Balance	4,180
Carrying Amount	2,592
Principal Amount Subject to Delinquent Principal or Interest	$ 4,180
IRELAND / FRANCE | Office | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.00%
Prior Liens	$ 30,000
Unpaid Principal Balance	124,709
Carrying Amount	133,099
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Residential | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	15.00%
Prior Liens	$ 0
Unpaid Principal Balance	28,511
Carrying Amount	27,833
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Residential | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Prior Liens	$ 0
Unpaid Principal Balance	3,036
Carrying Amount	1,083
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Office | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	4.00%
Prior Liens	$ 0
Unpaid Principal Balance	10,159
Carrying Amount	10,395
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Office | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Prior Liens	$ 0
Unpaid Principal Balance	6,314
Carrying Amount	4,617
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Retail | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	3.50%
Prior Liens	$ 0
Unpaid Principal Balance	3,076
Carrying Amount	2,980
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Hospitality | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	10.00%
Prior Liens	$ 0
Unpaid Principal Balance	66,786
Carrying Amount	65,982
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Hospitality | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Prior Liens	$ 0
Unpaid Principal Balance	16,891
Carrying Amount	17,064
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Other | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Prior Liens	$ 0
Unpaid Principal Balance	8,382
Carrying Amount	8,367
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Other | First Mortgage | Minimum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
FRANCE | Other | First Mortgage | Maximum
Mortgage Loans on Real Estate [Line Items]
Interest Rate	15.00%
IRELAND | Multifamily | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	2.10%
Prior Liens	$ 0
Unpaid Principal Balance	78,754
Carrying Amount	86,938
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Multifamily | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Prior Liens	$ 0
Unpaid Principal Balance	5,902
Carrying Amount	919
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Office | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	2.00%
Prior Liens	$ 0
Unpaid Principal Balance	47,121
Carrying Amount	47,007
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Office | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	9
Prior Liens	$ 0
Unpaid Principal Balance	349,414
Carrying Amount	268,111
Principal Amount Subject to Delinquent Principal or Interest	$ 197,318
IRELAND | Retail | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	7
Prior Liens	$ 0
Unpaid Principal Balance	113,853
Carrying Amount	32,957
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Hospitality | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	7
Prior Liens	$ 0
Unpaid Principal Balance	57,892
Carrying Amount	5,409
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Industrial | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Prior Liens	$ 0
Unpaid Principal Balance	93,657
Carrying Amount	20,970
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Land | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	4
Prior Liens	$ 0
Unpaid Principal Balance	112,102
Carrying Amount	27,277
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Other | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	38
Prior Liens	$ 0
Unpaid Principal Balance	629,368
Carrying Amount	7,290
Principal Amount Subject to Delinquent Principal or Interest	$ 0
SPAIN | Office | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Prior Liens	$ 0
Unpaid Principal Balance	31,239
Carrying Amount	5,183
Principal Amount Subject to Delinquent Principal or Interest	$ 0
SPAIN | Hospitality | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.00%
Prior Liens	$ 0
Unpaid Principal Balance	42,678
Carrying Amount	43,113
Principal Amount Subject to Delinquent Principal or Interest	$ 0
GERMANY | Retail | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	10.00%
Prior Liens	$ 112,389
Unpaid Principal Balance	119,795
Carrying Amount	124,131
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED KINGDOM | Retail | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	12.00%
Prior Liens	$ 134,926
Unpaid Principal Balance	71,879
Carrying Amount	71,879
Principal Amount Subject to Delinquent Principal or Interest	$ 71,879
UNITED KINGDOM | Healthcare | First Mortgage
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	6
Interest Rate	7.50%
Prior Liens	$ 0
Unpaid Principal Balance	67,960
Carrying Amount	68,060
Principal Amount Subject to Delinquent Principal or Interest	$ 0
GREECE | Hospitality | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.00%
Prior Liens	$ 34,591
Unpaid Principal Balance	52,613
Carrying Amount	52,960
Principal Amount Subject to Delinquent Principal or Interest	$ 0
MEXICO | Hospitality | Subordinated Debt and Mezzanine
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.50%
Prior Liens	$ 90,000
Unpaid Principal Balance	40,000
Carrying Amount	41,168
Principal Amount Subject to Delinquent Principal or Interest	$ 0
BAHAMAS | Other | Purchased Credit-Impaired Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Prior Liens	$ 0
Unpaid Principal Balance	25,401
Carrying Amount	3,000
Principal Amount Subject to Delinquent Principal or Interest	$ 25,401

Schedule IV - Mortgage Loans157

Schedule IV - Mortgage Loans on Real Estate - Activity in Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 3,430,608	$ 4,046,093	$ 2,131,134
Loans acquired in Merger	359,541	0	0
Loan acquisitions and originations	991,239	551,456	1,145,704
Paid-in-kind interest added to loan principal	56,131	43,864	30,211
Discount and net loan fee amortization	43,877	27,038	17,062
Loan repayments	(902,190)	(735,162)	(346,246)
Payments received from PCI loans	(419,232)	(197,453)	(514,818)
Accretion on PCI loans	61,809	65,911	158,468
Transfer to loans held for sale	(50,894)	(56,357)	0
Carrying value of loans sold	0	(118,068)	0
Transfer to real estate assets upon foreclosure	(515,055)	(128,124)	(155,035)
Provision for loan losses	(19,741)	(34,864)	(39,638)
Other gain (loss)	(2,309)	0	0
Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 5)	58,296	0	1,629,496
Effect of changes in foreign exchange rates	131,682	(33,726)	(10,245)
Balance at December 31	$ 3,223,762	$ 3,430,608	$ 4,046,093