Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 25, 2019 | Jun. 30, 2018 | |
Class of Stock [Line Items] | |||
Entity Registrant Name | Colony Capital, Inc. | ||
Trading Symbol | CLNY | ||
Entity Central Index Key | 1,679,688 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,000 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 482,619,359 | ||
Class B Common Stock | |||
Class of Stock [Line Items] | |||
Entity Common Stock, Shares Outstanding | 733,931 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 461,912 | $ 921,822 |
Restricted cash | 366,758 | 471,078 |
Real estate, net | 13,619,014 | 14,464,258 |
Loans receivable, net ($0 and $45,423 at fair value, respectively) | 1,659,217 | 3,223,762 |
Equity investments ($142,130 and $363,901 at fair value, respectively) | 2,446,336 | 1,690,839 |
Debt securities, at fair value | 96,833 | 348,342 |
Goodwill | 1,534,561 | 1,534,561 |
Deferred leasing costs and intangible assets, net | 540,264 | 852,872 |
Assets held for sale ($269,145 and $49,498 at fair value, respectively) | 941,258 | 781,630 |
Other assets ($33,558 and $10,152 at fair value, respectively) | 503,317 | 444,968 |
Due from affiliates | 45,779 | 51,518 |
Total assets | 22,215,249 | 24,785,650 |
Liabilities | ||
Debt, net ($0 and $44,542 at fair value, respectively) | 10,039,957 | 10,827,810 |
Accrued and other liabilities ($141,711 and $212,267 at fair value, respectively) | 707,921 | 898,161 |
Intangible liabilities, net | 159,386 | 191,109 |
Liabilities related to assets held for sale | 68,217 | 273,298 |
Due to affiliates ($0 and $20,650 at fair value, respectively) | 0 | 23,534 |
Dividends and distributions payable | 84,013 | 188,202 |
Total liabilities | 11,059,494 | 12,402,114 |
Commitments and contingencies (Note 24) | ||
Redeemable noncontrolling interests | 9,385 | 34,144 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value per share; $1,436,605 and $1,636,605 liquidation preference, respectively; 250,000 shares authorized; 57,464 and 65,464 shares issued and outstanding, respectively | 1,407,495 | 1,606,966 |
Additional paid-in capital | 7,598,019 | 7,913,622 |
Distributions in excess of earnings | (2,018,302) | (1,165,412) |
Accumulated other comprehensive income | 13,999 | 47,316 |
Total stockholders’ equity | 7,006,052 | 8,407,925 |
Noncontrolling interests in investment entities | 3,779,728 | 3,539,072 |
Noncontrolling interests in Operating Company | 360,590 | 402,395 |
Total equity | 11,146,370 | 12,349,392 |
Total liabilities, redeemable noncontrolling interests and equity | 22,215,249 | 24,785,650 |
Class A, 949,000 shares authorized; 483,347 and 542,599 shares issued and outstanding, respectively | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value per share | 4,834 | 5,426 |
Class B, 1,000 shares authorized; 734 and 736 shares issued and outstanding, respectively | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value per share | $ 7 | $ 7 |
CONSOLIDATED BALANCE SHEETS (VI
CONSOLIDATED BALANCE SHEETS (VIE) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash | $ 461,912 | $ 921,822 |
Loans receivable, net | 1,659,217 | 3,223,762 |
Real estate, net | 13,619,014 | 14,464,258 |
Other assets | 503,317 | 444,968 |
Total assets | 22,215,249 | 24,785,650 |
Debt, net | 10,039,957 | 10,827,810 |
Other liabilities | 707,921 | 898,161 |
Total liabilities | 11,059,494 | 12,402,114 |
Variable Interest Entity, Primary Beneficiary | ||
Cash | 8,116 | 10,969 |
Restricted cash | 0 | 40,084 |
Loans receivable, net | 0 | 546,306 |
Equity securities, at fair value | 24,829 | 35,600 |
Debt securities, at fair value | 0 | 214,926 |
Real estate, net | 0 | 8,073 |
Other assets | 9,786 | 13,671 |
Total assets | 42,731 | 869,629 |
Debt, net | 0 | 348,250 |
Other liabilities | 20,105 | 31,299 |
Total liabilities | $ 20,105 | $ 379,549 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans receivable at fair value | $ 0 | $ 45,423 |
Investments in unconsolidated ventures, fair value | 142,130 | 363,901 |
Other assets, fair value | 33,558 | 10,152 |
Due to affiliates, fair value | 0 | 20,650 |
Assets held for sale fair value | 269,145 | 49,498 |
Debt at fair value | 0 | 44,542 |
Accrued and other liabilities, at fair value | $ 141,711 | $ 212,267 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 1,436,605 | $ 1,636,605 |
Preferred stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Preferred stock, shares issued (in shares) | 57,464,000 | 65,464,000 |
Preferred stock, shares outstanding (in shares) | 57,464,000 | 65,464,000 |
Class A Common Stock | ||
Common stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 949,000,000 | 949,000,000 |
Common stock, shares issued (in shares) | 483,347,000 | 542,599,000 |
Common stock, shares outstanding (in shares) | 483,347,000 | 542,599,000 |
Class B Common Stock | ||
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) | 734,000 | 736,000 |
Common stock, shares outstanding (in shares) | 734,000 | 736,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Interest income | $ 215,367 | $ 416,625 | $ 385,851 |
Total revenues | 2,665,276 | 2,796,734 | 838,857 |
Expenses | |||
Property operating expense | 1,233,659 | 1,113,509 | 118,461 |
Interest expense | 595,551 | 574,822 | 170,083 |
Investment and servicing expense | 67,420 | 67,597 | 23,666 |
Transaction costs | 7,266 | 95,859 | 40,605 |
Placement fees | 7,849 | 2,474 | 900 |
Depreciation and amortization | 572,406 | 617,779 | 171,682 |
Provision for loan loss | 43,034 | 19,741 | 35,005 |
Impairment loss | 588,223 | 420,360 | 11,717 |
Compensation expense | 225,038 | 346,885 | 111,838 |
Carried interest and incentive compensation | 12,181 | 0 | 0 |
Administrative expenses | 97,000 | 110,982 | 50,799 |
Total expenses | 3,449,627 | 3,370,008 | 734,756 |
Gain on sale of real estate | 167,231 | 137,370 | 73,616 |
Other gain (loss), net | 51,706 | (25,814) | 18,416 |
Equity method earnings (losses) | (9,401) | 285,151 | 99,375 |
Equity method earnings—carried interest | 19,961 | 0 | 0 |
Income (loss) before income taxes | (554,854) | (176,567) | 295,508 |
Income tax benefit (expense) | 59,781 | 98,399 | (4,782) |
Income (loss) from continuing operations | (495,073) | (78,168) | 290,726 |
Income (loss) from discontinued operations | (102) | 13,555 | 0 |
Net income (loss) | (495,175) | (64,613) | 290,726 |
Redeemable noncontrolling interests | |||
Redeemable noncontrolling interests | (3,708) | 23,543 | 0 |
Investment entities | 67,994 | 129,996 | 163,084 |
Operating Company | (39,854) | (20,261) | 12,324 |
Net income (loss) attributable to Colony Capital, Inc. | (519,607) | (197,891) | 115,318 |
Preferred stock redemption (Note 16) | (3,995) | 4,530 | 0 |
Preferred stock dividends | 117,097 | 130,672 | 48,159 |
Net income (loss) attributable to common stockholders | $ (632,709) | $ (333,093) | $ 67,159 |
Basic earnings (loss) per share | |||
Income (loss) from continuing operations per basic common share (in dollars per share) | $ (1.28) | $ (0.66) | $ 0.39 |
Net income (loss) per basic common share (in dollars per share) | (1.28) | (0.64) | 0.39 |
Diluted earnings (loss) per share | |||
Income (loss) from continuing operations per diluted common share (in dollars per share) | (1.28) | (0.66) | 0.39 |
Net income (loss) per diluted common share (in dollars per share) | $ (1.28) | $ (0.64) | $ 0.39 |
Weighted average number of shares | |||
Basic (in shares) | 496,993 | 532,600 | 164,570 |
Diluted (in shares) | 496,993 | 532,600 | 164,570 |
Property operating income | |||
Revenues | |||
Income | $ 2,247,740 | $ 2,113,837 | $ 371,082 |
Fee income ($150,596, $184,914 and $67,731 from affiliates, respectively) | |||
Revenues | |||
Income | 151,821 | 220,789 | 67,731 |
Other income ($34,695, $25,630 and $4,296 from affiliates, respectively) | |||
Revenues | |||
Income | $ 50,348 | $ 45,483 | $ 14,193 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fee income | |||
Revenue from contract with customer | $ 151,821 | $ 220,789 | $ 67,731 |
Fee income | Affiliated Entity | |||
Revenue from contract with customer | 150,596 | 184,914 | 67,731 |
Cost reimbursements | Affiliated Entity | |||
Revenue from contract with customer | $ 34,695 | $ 25,630 | $ 4,296 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income (loss) | $ (495,175) | $ (64,613) | $ 290,726 |
Other comprehensive income (loss): | |||
Other comprehensive income (loss) from investments in unconsolidated ventures, net | (1,809) | 5,849 | 101 |
Net change in fair value of available-for-sale debt securities | (18,645) | 15,918 | (659) |
Net change in fair value of cash flow hedges | (487) | 0 | 389 |
Foreign currency translation adjustments: | |||
Foreign currency translation gain (loss) | (81,135) | 216,262 | (97,681) |
Change in fair value of net investment hedges | 33,747 | (70,661) | 35,833 |
Net foreign currency translation adjustments | (47,388) | 145,601 | (61,848) |
Other comprehensive income (loss) | (68,329) | 167,368 | (62,017) |
Comprehensive income (loss) | (563,504) | 102,755 | 228,709 |
Comprehensive income (loss) attributable to noncontrolling interests: | |||
Comprehensive income (loss) attributable to stockholders | (552,650) | (123,012) | 101,631 |
Investment entities | |||
Comprehensive income (loss) attributable to noncontrolling interests: | |||
Redeemable noncontrolling interests | (3,708) | 23,543 | 0 |
Comprehensive income attributable to noncontrolling interests | 34,573 | 218,013 | 117,241 |
Operating Company | |||
Comprehensive income (loss) attributable to noncontrolling interests: | |||
Comprehensive income attributable to noncontrolling interests | $ (41,719) | $ (15,789) | $ 9,837 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total Stockholders’ Equity | Preferred Stock | Common Stock | Additional Paid-in Capital | Distributions in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Investment Entities | Noncontrolling Interests in Operating Company | Colony NorthStar | Colony NorthStarTotal Stockholders’ Equity | Colony NorthStarPreferred Stock | Preferred Stock | Preferred StockTotal Stockholders’ Equity | Class A Common Stock | Class A Common StockTotal Stockholders’ Equity | Class A Common StockCommon Stock | Class A Common StockAdditional Paid-in Capital | Class A Common StockNoncontrolling Interests in Operating Company |
Beginning 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 | 290,726 | 115,318 | 115,318 | ||||||||||||||||
Other comprehensive income | (62,017) | (13,687) | (13,687) | (45,843) | (2,487) | ||||||||||||||
Redemption of preferred stock | (19,998) | (19,998) | (19,998) | ||||||||||||||||
Contribution of preferred stock to an affiliate | 19,998 | 19,998 | 19,998 | ||||||||||||||||
Equity-based compensation | 13,638 | 13,638 | 15 | 13,623 | |||||||||||||||
Redemption of OP Units for cash and class A common | (2,557) | 18,571 | 14 | 18,557 | (21,128) | ||||||||||||||
Shares canceled for tax withholdings 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) | ||||||||||||||||
Acquisition of noncontrolling interests | (3,963) | 725 | 725 | (4,688) | |||||||||||||||
Payment of accrued dividends on preferred stock assumed in Merger | (48,159) | (48,159) | (48,159) | ||||||||||||||||
Common stock dividends declared | (181,945) | (181,945) | (181,945) | ||||||||||||||||
Reallocation of equity (Notes 2 and 17) | 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 | 129,996 | |||||||||||||||||
Operating Company | (20,261) | (20,261) | |||||||||||||||||
Net income | (88,156) | (197,891) | (197,891) | ||||||||||||||||
Other comprehensive income | 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 | ||||||||||||||
Fair value of noncontrolling interests assumed in Merger | 513,847 | 505,685 | 8,162 | ||||||||||||||||
Issuance of Cumulative Redeemable Perpetual Preferred Stock | $ 660,000 | $ 660,000 | $ 660,000 | ||||||||||||||||
Offering costs | (21,900) | (21,900) | (21,900) | ||||||||||||||||
Redemption of preferred stock | 8 | (8) | (635,785) | (635,785) | (635,785) | ||||||||||||||
Common stock repurchases | (300,177) | (300,177) | (234) | (299,943) | |||||||||||||||
Equity-based compensation | 154,429 | 104,374 | 81 | 104,293 | 50,055 | ||||||||||||||
Redemption of OP Units for cash and class A common | (21,800) | $ (5,085) | $ 22,831 | $ 17 | $ 22,814 | $ (27,916) | |||||||||||||
Exchange of notes for Class A common stock | $ 3,279 | $ 3,279 | 2 | 3,277 | |||||||||||||||
Shares canceled for tax withholdings on vested stock awards | (5,668) | (5,668) | (4) | (5,664) | |||||||||||||||
Settlement of call spread option | 6,900 | 6,900 | 6,900 | ||||||||||||||||
Costs of noncontrolling equity | (9,209) | (9,209) | (9,209) | ||||||||||||||||
Deconsolidation of investment entity | (4,000) | (4,000) | |||||||||||||||||
Contributions from noncontrolling interests | 1,190,383 | 1,190,383 | |||||||||||||||||
Distributions to noncontrolling interests | (879,889) | (844,502) | (35,387) | ||||||||||||||||
Payment of accrued dividends on preferred stock assumed in Merger | (138,196) | (138,196) | (138,196) | $ (12,869) | $ (12,869) | (12,869) | |||||||||||||
Common stock dividends declared | (583,261) | (583,261) | (583,261) | ||||||||||||||||
Reallocation of equity (Notes 2 and 17) | 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 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Investment entities | 67,994 | 67,994 | |||||||||||||||||
Operating Company | (39,854) | (39,854) | |||||||||||||||||
Net income | (491,467) | (519,607) | (519,607) | ||||||||||||||||
Other comprehensive income | (68,329) | (33,043) | (33,043) | (33,421) | (1,865) | ||||||||||||||
Redemption of preferred stock | (529) | $ (199,471) | $ (200,000) | $ (200,000) | |||||||||||||||
Common stock repurchases | (350,710) | (350,710) | (614) | (350,096) | |||||||||||||||
Equity-based compensation | 41,606 | 39,706 | 34 | 39,672 | 486 | 1,414 | |||||||||||||
Redemption of OP Units for cash and class A common | (4,830) | 29,034 | (34,100) | $ 20 | $ 29,014 | $ (33,864) | |||||||||||||
Shares canceled for tax withholdings on vested stock awards | (34,203) | (34,203) | (33) | (34,170) | |||||||||||||||
Reclassification of contingent consideration out of liability at end of measurement period | 12,539 | 12,539 | 12,539 | ||||||||||||||||
Issuance of OP Units and common stock—contingent consideration | 24,609 | 1 | 1 | 24,608 | |||||||||||||||
Deconsolidation of investment entity | (330,980) | (330,980) | |||||||||||||||||
Contributions from noncontrolling interests | 1,059,891 | 1,059,891 | |||||||||||||||||
Distributions to noncontrolling interests | (503,054) | (489,261) | (13,793) | ||||||||||||||||
Payment of accrued dividends on preferred stock assumed in Merger | (115,019) | (115,019) | (115,019) | ||||||||||||||||
Common stock dividends declared | (217,246) | (217,246) | (217,246) | ||||||||||||||||
Reallocation of equity (Notes 2 and 17) | (24,609) | (12,105) | (12,033) | (72) | (34,053) | 21,549 | |||||||||||||
Ending balance at Dec. 31, 2018 | $ 11,146,370 | $ 7,006,052 | $ 1,407,495 | $ 4,841 | $ 7,598,019 | $ (2,018,302) | $ 13,999 | $ 3,779,728 | $ 360,590 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.27 | $ 0.24 | $ 0.44 | $ 1.08 | $ 1.08 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ (495,175) | $ (64,613) | $ 290,726 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of discount and net origination fees on loans receivable and debt securities | (23,194) | (55,059) | (27,038) |
Accretion in excess of cash receipts on purchased credit-impaired loan | 0 | 0 | (8,515) |
Paid-in-kind interest added to loan principal, net of interest received | (38,408) | (25,152) | (29,844) |
Straight-line rents | (29,330) | (32,664) | (12,617) |
Amortization of above- and below-market lease values, net | (6,862) | (15,319) | 2,045 |
Amortization of deferred financing costs and debt discount and premium | 89,639 | 83,719 | 28,936 |
Equity method earnings | (10,560) | (285,151) | (99,375) |
Distributions of income from equity method investments | 79,995 | 72,197 | 79,361 |
Provision for loan loss | 43,034 | 19,741 | 35,005 |
Allowance for doubtful accounts | 26,860 | 14,602 | 3,314 |
Impairment of real estate and intangibles | 588,223 | 104,360 | 11,717 |
Goodwill impairment | 0 | 316,000 | 0 |
Depreciation and amortization | 572,406 | 617,779 | 171,682 |
Equity-based compensation | 41,876 | 154,429 | 13,638 |
Change in fair value of contingent consideration—Internalization | (1,730) | (20,600) | (11,740) |
Gain on sales of real estate, net | (167,231) | (135,262) | (73,616) |
Deferred income tax benefit | (69,430) | (138,459) | (7,618) |
Other (gain) loss, net | (49,976) | 45,360 | 0 |
Increase in other assets and due from affiliates | (40,123) | (66,287) | 2,053 |
Decrease in accrued and other liabilities and due to affiliates | (470) | (11,169) | 45,365 |
Other adjustments, net | (2,579) | 4,094 | (8,307) |
Net cash provided by operating activities | 506,965 | 582,546 | 405,172 |
Cash Flows from Investing Activities | |||
Contributions to investments in unconsolidated ventures | (548,163) | (522,935) | (226,665) |
Return of capital from equity method investments | 433,144 | 225,477 | 113,491 |
Acquisition of loans receivable and securities | (104,247) | (590,536) | (199,638) |
Cash and restricted cash assumed in Merger, net of payments for merger-related liabilities (Note 3) | 0 | 132,377 | 0 |
Net disbursements on originated loans | (317,952) | (392,790) | (385,702) |
Repayments of loans receivable | 143,360 | 831,074 | 732,393 |
Proceeds from sales of loans receivable and securities | 225,607 | 117,540 | 220,900 |
Cash receipts in excess of accretion on purchased credit-impaired loans | 159,229 | 357,423 | 140,057 |
Acquisition of and additions to real estate, related intangibles and leasing commissions | (1,349,467) | (1,325,122) | (501,221) |
Proceeds from sales of real estate, net of debt assumed by buyers | 864,347 | 1,607,806 | 390,943 |
Proceeds from paydown and maturity of securities | 43,625 | 112,939 | 0 |
Cash and restricted cash contributed to Colony Credit (Note 4) | (141,153) | 0 | 0 |
Proceeds from sale of investments in unconsolidated ventures (Notes 7 and 22) | 231,040 | 553,327 | 0 |
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 15) | 142,270 | 0 | 0 |
Proceeds from syndication of investment, net of cash and restricted cash deconsolidated | 0 | 156,897 | 0 |
Proceeds from sale of Townsend, net of cash assumed by buyer (Note 17) | 0 | 454,579 | 0 |
Acquisition of CPI, net of cash and restricted cash acquired (Note 3) | 0 | (23,111) | 0 |
Acquisition of THL Hotel Portfolio, net of cash and restricted cash acquired (Note 3) | 0 | (8,976) | 0 |
Investment deposits | (34,314) | (480) | (67,693) |
Receipt (return) of borrower escrow deposits | 0 | (20,237) | (34,260) |
Net (payments) receipts on settlement of derivative instruments | (15,954) | (11,800) | 34,471 |
Other investing activities, net | 415 | 12,935 | (1,619) |
Net cash provided by (used in) investing activities | (268,213) | 1,666,387 | 215,457 |
Cash Flows from Financing Activities | |||
Proceeds from issuance of preferred stock, net | 0 | 638,100 | 0 |
Dividends paid to preferred stockholders | (120,702) | (130,182) | (48,372) |
Dividends paid to common stockholders | (310,519) | (482,156) | (181,172) |
Repurchase of common stock | (343,143) | (300,177) | 0 |
Borrowings from corporate credit facility | 685,000 | 1,041,000 | 694,000 |
Repayment of borrowings from corporate credit facility | (735,000) | (1,413,600) | (586,400) |
Borrowings from secured debt | 1,791,021 | 4,573,099 | 1,072,556 |
Repayments of secured debt | (1,985,990) | (4,733,640) | (1,601,423) |
Payment of deferred financing costs | (28,630) | (96,069) | (22,464) |
Contributions from noncontrolling interests | 1,019,888 | 1,173,432 | 819,033 |
Distributions to and redemptions of noncontrolling interests | (518,864) | (970,615) | (627,629) |
Redemption of preferred stock | (200,000) | (635,785) | (19,998) |
Reissuance of preferred stock to an equity method investee | 0 | 0 | 19,998 |
Shares canceled for tax withholdings on vested stock awards | (34,203) | (5,837) | (2,860) |
Redemption of OP Units for cash | (4,830) | (5,085) | (2,557) |
Acquisition of noncontrolling interests | 0 | 0 | (3,963) |
Repurchase of exchangeable senior notes | 0 | (15,455) | 0 |
Other financing activities, net | (2,432) | (1,411) | 0 |
Net cash used in financing activities | (788,404) | (1,364,381) | (491,251) |
Effect of exchange rates on cash, cash equivalents and restricted cash | (11,538) | 11,482 | (4,554) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (561,190) | 896,034 | 124,824 |
Cash, cash equivalents and restricted cash, beginning of period | 1,393,920 | 497,886 | 373,062 |
Cash, cash equivalents and restricted cash, end of period | 832,730 | 1,393,920 | 497,886 |
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets | |||
Cash and cash equivalents | 921,822 | 376,005 | 185,854 |
Restricted cash | 471,078 | 111,959 | 187,208 |
Cash and restricted cash included in assets held for sale | 1,020 | 9,922 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 1,393,920 | 497,886 | 373,062 |
Cash and cash equivalents | 461,912 | 921,822 | 376,005 |
Restricted cash | 366,758 | 471,078 | 111,959 |
Cash and restricted cash included in assets held for sale | 4,060 | 1,020 | 9,922 |
Cash, cash equivalents and restricted cash, end of period | $ 832,730 | $ 1,393,920 | $ 497,886 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company") is a leading global investment management firm with approximately $43 billion of assets under management. 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 has significant holdings in: (a) the healthcare, industrial and hospitality property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe, Corp (NYSE: NRE) which are both externally managed by subsidiaries of the Company; and (c) various other equity and debt investments. The Company was organized in May 2016 as a Maryland corporation, and elected 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 . Effective June 25, 2018, the Company changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and its ticker symbol on the NYSE from "CLNS" to "CLNY." 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”) . At December 31, 2018 , the Company owned 93.9% of the OP , as its sole managing member. The remaining 6.1% is owned primarily by certain employees of the Company as noncontrolling interests. Merger The Company was formed through a tri-party merger (the “Merger”) among Colony Capital, Inc. (“Colony”), NorthStar Asset Management Group Inc. (“NSAM”) and NorthStar Realty Finance Corp. (“NRF”) in an all-stock exchange on January 10, 2017 ("Closing Date"). The Merger was 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, the results of operations of the Company may not be comparable as the first ten days of 2017 and full year 2016 reflect only the pre-Merger activity of Colony. Details of the Merger are described more fully in Note 3 and the accounting treatment thereof in Note 2 . Colony Credit On August 25, 2017, as amended and restated on November 20, 2017, certain subsidiaries of the Company entered into a combination agreement with NorthStar Real Estate Income Trust, Inc. (“NorthStar I”) and NorthStar Real Estate Income II, Inc. (“NorthStar 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 CLNY Contributed Portfolio (as defined in Note 4 ), represented by the Company's ownership interests ranging from 38% to 100% in certain investment entities ("CLNY Investment Entities"), to Colony Credit Real Estate, Inc. (formerly Colony NorthStar Credit Real Estate, Inc.) ("Colony Credit") and its operating company, and NorthStar I and NorthStar II agreed to merge in all-stock mergers with and into Colony Credit (collectively, the “Combination”). On January 18, 2018, the Combination was approved by the stockholders of NorthStar I and NorthStar II. The Combination closed on January 31, 2018. On June 25, 2018, Colony Credit changed its name from Colony NorthStar Credit Real Estate, Inc. to Colony Credit Real Estate, Inc. See additional information in Note 4 . Corporate Restructuring Following a strategic review process, in November 2018, the Company announced a corporate restructuring and reorganization plan aimed at reducing its annual compensation and administrative expenses over the next 12 months. The restructuring plan was designed to match resources that further align the Company's increasing focus on its investment management business. In the fourth quarter of 2018, the Company incurred $19.3 million of restructuring costs, which were primarily $14.5 million of severance costs and $4.7 million of accelerated equity-based compensation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies 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 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. 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. Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM was 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 was the legal entity which initiated the transaction and issued its shares to consummate the Merger, the fact that the senior management of the Company 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 the Company was 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 the Company 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 were incorporated into the Company effective from January 11, 2017. 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 either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. 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 the related party 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 a consolidated open-end fund sponsored by the Company, and during 2017, an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"). 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 to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities —This represents predominantly 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. 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 the 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 the 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 date of the most recent balance sheet presented. 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 to account for certain equity method investments at fair value. Prior to deconsolidation in May 2018, the Company had 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. Business Combinations Definition of a Business —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 costs, 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. Asset Acquisitions —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. Business Combinations —The Company accounts for acquisitions that qualify as 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 an 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. Contingent Consideration —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. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. 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) 5 to 51 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 6 to 20 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 real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, 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. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Real Estate 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. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. 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. 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 the 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 collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are 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 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. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Merger with NSAM and NRF The Company was created through the Merger of NSAM, Colony and NRF in an all-stock exchange on the Closing Date. The Merger was accomplished through a series of transactions. On the Closing Date, NSAM merged with and into the Company 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 the Company, and the merger of Colony into the Company, with the Company surviving as the combined entity. Upon the closing of the Merger, NSAM outstanding common stock was converted into the Company's 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 the Company 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 the Company's 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 the Company's 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 the Company's 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 the Company's 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 the Company, on a fully diluted basis, excluding the effect of certain equity-based awards issued in 2017 in connection with the Merger. The Merger was 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 was 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 the Company 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 the Company 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 the Company through the conversion of such equity awards into comparable equity awards of the Company with substantially the same vesting terms pre-Merger. The portion of the replacement awards attributable to pre-Merger services was deemed part of the merger consideration, while the portion attributable to post-Merger services is recognized prospectively as compensation expense of the Company in the post-Merger period. The Company's 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. Cash and restricted cash assumed of $437.4 million is presented net of these payments as an investing cash inflow 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 the Company's 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 the Company's 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 the Company's common stock. (iii) Fair value of the Company's 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 the Company's 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 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. Final Amounts at December 31, 2017 (In thousands) NSAM NRF Total Assets Cash and cash equivalents $ 152,858 $ 107,751 $ 260,609 Restricted cash 18,052 158,762 176,814 Real estate — 9,874,406 9,874,406 Loans receivable 28,485 331,056 359,541 Investments in unconsolidated ventures 76,671 544,111 620,782 Securities 3,065 427,560 430,625 Identifiable intangible assets 661,556 352,551 1,014,107 Management agreement between NSAM and NRF 1,514,085 — 1,514,085 Assets held for sale — 2,096,671 2,096,671 Other assets 93,455 681,003 774,458 Total assets 2,548,227 14,573,871 17,122,098 Liabilities Debt — 6,723,222 6,723,222 Intangible liabilities — 213,218 213,218 Management agreement between NSAM and NRF — 1,514,085 1,514,085 Liabilities related to assets held for sale — 1,281,406 1,281,406 Tax liabilities 169,387 60,446 229,833 Accrued and other liabilities 979,969 307,450 1,287,419 Total liabilities 1,149,356 10,099,827 11,249,183 Redeemable noncontrolling interests 78,843 — 78,843 Noncontrolling interests—investment entities — 505,685 505,685 Noncontrolling interests—Operating Company 8,162 — 8,162 Fair value of net assets acquired $ 1,311,866 $ 3,968,359 $ 5,280,225 Merger consideration 2,752,095 3,968,359 6,720,454 Goodwill $ 1,440,229 $ — $ 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 the Company 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 measured 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. 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 allocation to assets acquired and liabilities assumed. (In thousands) Final Amounts at December 31, 2017 Consideration Carrying value of loans receivable outstanding at the time of restructuring $ 182,644 Cash 49,537 Total consideration $ 232,181 Identifiable assets acquired and liabilities assumed Cash $ 303 Restricted cash 12,600 Real estate 543,649 Real estate held for sale 21,605 Lease intangibles and other assets 27,685 Debt (277,590 ) Tax liabilities (32,078 ) Lease intangibles and other liabilities (61,205 ) Liabilities related to assets held for sale (2,788 ) Fair value of net assets acquired $ 232,181 Fair value of assets acquired and liabilities assumed were measured as follows: Real Estate and Related Intangibles —Fair value of real estate was based upon a direct capitalization analysis or a discounted cash flow analysis with weighted average capitalization rate of 6.6% . 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. 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 the final allocation to assets acquired and liabilities assumed. The estimated fair values and allocation were subject to retrospective adjustments during the measurement period, not to exceed twelve months, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the six months ended June 30, 2018, adjustments were made to the allocation of values among real estate held for sale, real estate held for investment, intangible assets and intangible liabilities. Included in the consolidated statement of operations for the six months ended June 30, 2018 was a $1.8 million decrease to depreciation expense and an immaterial increase to ground lease expense to reflect the effects of the measurement period adjustments as of the acquisition date on July 1, 2017. (In thousands) Final Amounts at June 30, 2018 Consideration Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure $ 310,932 Cash 43,643 Contingent consideration (Note 14) 6,771 Total consideration $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 16,188 Restricted cash 18,479 Real estate 1,184,447 Real estate held for sale 69,676 Intangible and other assets 26,711 Debt (907,867 ) Intangible and other liabilities (46,288 ) Fair value of net assets acquired $ 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 12.0% (weighted average rate of 8.9% ) as well as discount rates between 8.0% and 13.5% (weighted average rate of 10.4% ), 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 above-market and 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. |
Colony Credit
Colony Credit | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Colony Credit | Colony Credit The contribution of the CLNY Contributed Portfolio (as described in Note 1 ) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018. Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony Credit on a fully diluted basis. The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony Credit's class B-3 common stock and 3,075,623 common membership units in Colony Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNY Contributed Portfolio to Colony Credit. The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Each share of Colony Credit's class B-3 common stock automatically converted into Colony 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 Credit’s Class A common stock on a one -for-one basis, in the sole discretion of Colony Credit. In connection with the merger of NorthStar I and NorthStar II with and into Colony Credit, their respective stockholders received shares of Colony Credit's class A common stock based on pre-determined exchange ratios. As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I in the original principal amount of $150.2 million was not transferred to Colony Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust and subsequently distributed to NorthStar I stockholders. As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 9 ). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit. Upon closing of the Combination, the Company's contribution of the CLNY Contributed Portfolio to Colony Credit, and the merger of Colony Credit with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 The Company measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations. The Company does not control Colony Credit as the Company's role as the external manager of Colony Credit is under the supervision and direction of the board of directors of Colony Credit, the majority of whom are independent directors. However, the Company has significant influence over Colony Credit through its representation on the board of directors and through its role as the external manager. Accordingly, the Company accounts for its investment in Colony Credit under the equity method. Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2018 December 31, 2017 Assets Restricted cash $ 4,060 $ 1,020 Real estate, net 852,402 720,686 Goodwill (1) — 20,000 Intangible assets, net 41,590 37,337 Other assets 43,206 2,587 Total assets held for sale $ 941,258 $ 781,630 Liabilities Secured debt, net (2) $ — $ 196,905 Lease intangibles and other liabilities, net 68,217 76,393 Total liabilities related to assets held for sale $ 68,217 $ 273,298 __________ (1) Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017 . The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset. Other than properties acquired through business combinations that qualified as held for sale upon acquisition as discussed in Note 18 , no assets and liabilities held for sale constituted discontinued operations. 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 of a manufactured housing portfolio acquired through the Merger in January 2017 and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017. 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. The properties held for sale in the THL Hotel Portfolio that constituted discontinued operations were fully disposed in the second quarter of 2018. Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016 . Year Ended December 31, (In thousands) 2018 2017 Revenues Property operating income $ 1,186 $ 43,269 Other income — 2,352 Expenses Property operating expenses 1,159 20,530 Interest expense — 9,028 Loss on sale of real estate assets — 2,108 Other expenses 129 400 Net income (loss) from discontinued operations (102 ) 13,555 Income tax expense — — Net income (loss) from discontinued operations after tax (102 ) 13,555 Net income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (45 ) 427 Noncontrolling interests in Operating Company (4 ) 31 Net income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (53 ) $ 13,097 |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate | Real Estate As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, including $219.7 million of primarily net lease properties. The Company's real estate held for investment was as follows: (In thousands) December 31, 2018 December 31, 2017 Land $ 1,950,412 $ 2,011,794 Buildings and improvements 11,895,642 12,403,794 Tenant improvements 163,397 134,709 Furniture, fixtures and equipment 389,969 383,855 Construction in progress 155,511 108,403 14,554,931 15,042,555 Less: Accumulated depreciation (935,917 ) (578,297 ) Real estate assets, net $ 13,619,014 $ 14,464,258 Real Estate Sales Results from sales of real estate were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Proceeds from sales of real estate $ 864,347 $ 1,607,806 $ 390,943 Gain on sale of real estate 167,231 137,370 73,616 Real estate sold or classified as held for sale during the years ended December 31, 2018 and 2017 did not constitute discontinued operations, other than the sale of a manufactured housing portfolio in 2017 that was acquired through the Merger and certain properties in the THL Hotel Portfolio which qualified as held for sale upon acquisition in July 2017, as discussed in Note 18 . Real estate held for sale is presented in Note 10 . 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 (1) 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, 2018 Asset Acquisitions (2) September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,506 $ 12,458 $ 1,480 $ — November Office and Industrial—France 220 478,844 125,949 314,661 38,234 — Various Industrial—Various in U.S. (4) 40 569,442 131,334 412,900 30,183 (4,975 ) $ 1,072,730 $ 267,789 $ 740,019 $ 69,897 $ (4,975 ) Year Ended Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (5) 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 ) ($ in thousands) Purchase Price Allocation (1) 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 Ended December 31, 2016 Business Combinations (6) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. 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 using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles. (3) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance. (4) Includes acquisition of $13.1 million of land for co-development with operating partners. (5) 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 interest retained by the Company is reflected as an equity method investment. (6) Prior to 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. Depreciation and Impairment Depreciation expense on real estate was $471.6 million , $453.3 million and $108.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Refer to Note 14 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) 2018 2017 2016 Rental income $ 623,785 $ 672,292 $ 276,404 Tenant reimbursements 143,759 138,433 65,657 Resident fee income (1) 275,911 286,818 — Hotel operating income 1,204,285 1,016,294 29,021 $ 2,247,740 $ 2,113,837 $ 371,082 __________ (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”) allow 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 2061. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2018 are as follows. Year Ending December 31, (In thousands) 2019 $ 495,765 2020 464,229 2021 413,416 2022 372,432 2023 327,836 2024 and thereafter 1,123,879 Total (1) $ 3,197,557 __________ (1) Excludes hotel operating income and rents from short-term leases. Commitments and Contractual Obligations Purchase Commitments— At December 31, 2018 , the Company had funded aggregate deposits of $6.1 million with remaining unfunded purchase commitments totaling $1.3 billion for the acquisition of 61 buildings in the industrial segment, of which four are under construction. The Company also funded a deposit of $25.1 million with remaining unfunded purchase commitment of $0.3 billion for the acquisition of a distressed hotel operator and its portfolio of six hotels in France alongside the Company's sponsored credit fund. 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 2027 and 2032 . In the event of default or termination of the franchise agreements, the Company is liable for liquidated damages not to exceed $81 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. Rents on certain ground leases are paid directly by the tenants or operators. Ground rent expense, including contingent rent, was $8.2 million , $6.7 million and $0.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Year Ending December 31, (In thousands) 2019 $ 5,236 2020 5,318 2021 5,487 2022 5,877 2023 5,821 2024 and thereafter 89,276 Total $ 117,015 |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, including $1.29 billion of loans receivable. The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans: December 31, 2018 December 31, 2017 ($ 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 $ 643,973 $ 667,590 10.7 % 2.2 $ 1,081,030 $ 1,082,513 9.1 % 2.8 Securitized loans (1) — — — % N/A 35,566 36,603 5.9 % 16.8 Mezzanine loans 357,590 354,326 12.5 % 1.5 459,433 456,463 12.2 % 2.3 Corporate loans 108,944 107,796 12.3 % 5.8 46,840 46,592 9.9 % 10.0 1,110,507 1,129,712 1,622,869 1,622,171 Variable rate Mortgage loans 178,650 179,711 4.3 % 0.1 414,428 423,199 6.0 % 1.7 Securitized loans (1) — — — % N/A 461,489 462,203 6.4 % 3.5 Mezzanine loans 27,772 27,417 13.4 % 2.5 34,391 34,279 9.8 % 1.3 206,422 207,128 910,308 919,681 1,316,929 1,336,840 2,533,177 2,541,852 PCI Loans Mortgage loans 1,324,287 351,646 1,865,423 682,125 Securitized loans — 23,298 3,400 Mezzanine loans 7,425 3,671 7,425 3,671 1,331,712 355,317 1,896,146 689,196 Allowance for loan losses (32,940 ) (52,709 ) 2,648,641 1,659,217 4,429,323 3,178,339 Loans at fair value Securitized loans (2) — — 72,511 45,423 Total loans receivable $ 2,648,641 $ 1,659,217 $ 4,501,834 $ 3,223,762 __________ (1) Represents loans held in securitization trusts consolidated by the Company (Note 15 ). The Company contributed its interests in three securitization trusts to Colony Credit in January 2018 and sold its interests in a remaining securitization trust to a third party in June 2018, resulting in the deconsolidation of these securitization trusts along with their underlying mortgage loans and bonds payable. (2) Represents loans held by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company at December 31, 2017 . The Company had 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 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ) along with the securitization trust consolidated by the N-Star CDO. 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, 2018 $ 1,052,303 $ — $ 44,392 $ 240,145 $ 1,336,840 December 31, 2017 2,268,599 145,986 9,410 117,857 2,541,852 Troubled Debt Restructuring During the year ended December 31, 2016, there was one loan with a carrying value of $37.6 million before allowance for loan loss that was modified as a TDR, in which the Company provided the borrower, who was experiencing financial difficulties, with concessions in interest rate and payment terms. During the years ended December 31, 2018 , 2017 and 2016, there were no loans modified as TDRs. At December 31, 2018 and 2017 , carrying value of existing TDR loans before allowance for loan losses was $37.8 million and $66.4 million , respectively. At December 31, 2018 , the one outstanding TDR loan was in maturity default, for which the Company recorded an allowance for loan loss. The Company has no additional lending commitment on this TDR loan. 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, 2018 $ 280,337 $ 75,179 $ 206,628 $ 281,807 $ 18,304 December 31, 2017 383,594 138,136 248,759 386,895 7,424 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. Year Ended December 31, (In thousands) 2018 2017 2016 Average carrying value before allowance for loan losses $ 282,325 $ 202,397 $ 90,447 Total interest income recognized during the period impaired 7,127 10,192 3,929 Cash basis interest income recognized 1,190 — — 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. 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. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, is not recognized as an adjustment of yield, loss accrual or valuation allowance. There were no PCI loans acquired in the year ended December 31, 2018 : 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) 2018 2017 2016 Beginning accretable yield $ 42,435 $ 52,572 $ 66,639 Additions — 23,594 22,493 Dispositions (5,484 ) — — Changes in accretable yield 1,882 25,720 31,171 Accretion recognized in earnings (27,911 ) (61,809 ) (65,911 ) Deconsolidation (991 ) — — Effect of changes in foreign exchange rates (311 ) 2,358 (1,820 ) Ending accretable yield $ 9,620 $ 42,435 $ 52,572 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 $175.6 million at December 31, 2018 and $196.5 million at December 31, 2017 , 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, 2018 December 31, 2017 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 18,304 $ 75,179 $ 7,424 $ 138,136 PCI loans 14,636 54,440 45,285 169,789 $ 32,940 $ 129,619 $ 52,709 $ 307,925 Changes in allowance for loan losses is presented below: Year Ended December 31, (In thousands) 2018 2017 2016 Allowance for loan losses at January 1 $ 52,709 $ 67,980 $ 37,571 Contribution to Colony Credit (Note 4) (518 ) — — Deconsolidation (5,983 ) — — Provision for loan losses, net 43,034 19,741 34,864 Charge-off (56,302 ) (35,012 ) (4,455 ) Allowance for loan losses at December 31 $ 32,940 $ 52,709 $ 67,980 Provision for loan losses by loan type is as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Non-PCI loans $ 22,557 $ 7,534 $ 5,815 PCI loans (1) 20,477 12,207 29,190 Total provision for loan losses, net $ 43,034 $ 19,741 $ 35,005 __________ (1) Net of recoveries in provision for loan losses on PCI loans of $4.1 million and $6.3 million for the year ended December 31, 2018 and 2017 , respectively. There were no recoveries in provision for loan losses on PCI loans for the year ended December 31, 2016. 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, 2018 , total unfunded lending commitments was $180.9 million , of which the Company's share was $77.8 million , net of amounts attributable to noncontrolling interests. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | Equity Investments As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, which included interests in third party private funds and acquisition, development and construction or ADC loans with a combined carrying value of approximately $208.7 million . In consideration for its contribution, the Company received equity interest in Colony Credit, accounted for under the equity method. The Company's investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected, as follows: (In thousands) December 31, 2018 December 31, 2017 Equity method investments Investment ventures $ 2,151,847 $ 1,297,180 Private funds 138,248 229,874 2,290,095 1,527,054 Other equity investments Marketable equity securities of consolidated funds 26,754 35,600 Investment ventures 95,196 89,261 Private funds and retail companies 34,291 38,924 $ 2,446,336 $ 1,690,839 Equity Method Investments The Company owns significant interests in Colony Credit and NRE, both publicly-traded REITs that it manages. The Company accounts for its investments under the equity method as it exercises significant influence over operating and financial policies of these entities through a combination of its ownership interest, its role as the external manager and board representation, but does not control these entities. The Company also owns equity method investments that 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 Company elected the fair value option to account for its interests in certain investment ventures and limited partnership interests in third party private equity funds acquired through the Merger (see Note 14 ). 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 either the Company or 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. The Company’s exposure to the investment entities is limited to its equity method investment balance. The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below: ($ in thousands) Ownership Interest at December 31, 2018 (1) Carrying Value at Investments Description December 31, 2018 December 31, 2017 Colony Credit Real Estate, Inc. Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (2) 36.6% $ 1,037,754 $ — NorthStar Realty Europe Corp Common equity in publicly traded equity REIT managed by the Company (2) 11.2% 87,696 73,578 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 95,418 105,082 Preferred equity Preferred equity investments with underlying real estate (3) NA 219,913 440,704 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 481,477 331,268 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) Various 110,610 25,101 Private funds—carried interest Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles Various 21,730 — Other investment ventures Interests in 18 investments, each with no more than $66 million carrying value at December 31, 2018 Various 154,412 187,420 Fair value option Interests in initial stage or real estate development ventures and limited partnership interests in private equity funds Various 81,085 363,901 $ 2,290,095 $ 1,527,054 __________ (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) These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and 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. (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 without a stated ownership interest in other ADC investments. Significant Sale of Investments —In 2017, the Company had an investment in the single family residential business through its equity method investee, Starwood Waypoint Homes (formerly, Colony Starwood Homes). The Company monetized its investment through a sale of all of its shares in Starwood Waypoint Homes in March 2017 and June 2017 for total net proceeds of $500.5 million and recognized a gain of $191.2 million in aggregate, included in earnings from investments in unconsolidated ventures. Impairment —The Company evaluated its equity method investments for OTTI and determined that certain equity method investments were other-than-temporarily impaired and recorded aggregate impairment in equity method earnings of $61.2 million and $6.8 million for the years ended December 31, 2018 and 2017 , respectively. In making these assessments, the Company considered a variety of factors and assumptions specific to each investment, including: offer prices on the Company's investment; expected payoffs from sales of the underlying business of the investee; estimated fair values or sale proceeds of the underlying real estate held by the investee; estimated enterprise value of the investee; or discounted cash flows from the investment. As discussed in Note 4 , the Company had measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. Colony Credit’s class A common stock had traded between $15.56 and $23.23 per share in 2018, and closed at $15.79 per share on December 31, 2018 . At December 31, 2018 , the carrying value of the Company's investment in Colony Credit was $21.65 per share. As of December 31, 2018 , the Company determined that its investment in Colony Credit was not other-than-temporarily impaired as the Company believes that the carrying value of its investment in Colony Credit is recoverable in the near term. If Colony Credit's common stock continues to trade below the Company's carrying value for a prolonged period of time, an other-than-temporary impairment may be recognized in the future. Combined Financial Information of Equity Method Investees The following tables present selected combined financial information of the Company's equity method investees: Selected Combined Balance Sheet Information (In thousands) December 31, 2018 December 31, 2017 Total assets $ 15,499,159 $ 9,537,068 Total liabilities 9,803,705 5,357,936 Owners' equity 5,511,548 3,662,764 Noncontrolling interests 183,906 516,368 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2018 2017 2016 Total revenues $ 1,486,511 $ 1,519,728 $ 819,726 Net income (loss) 220,191 174,222 (32,493 ) Net income (loss) attributable to noncontrolling interests 23,878 (18,381 ) (3,494 ) Net income (loss) attributable to owners 196,313 192,603 (28,999 ) Other Equity Investments Other equity investments that do not qualify for equity method accounting consist of the following: Marketable Equity Securities —These are publicly traded equity securities held by a consolidated investment company and a consolidated private open-end fund. 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. Investment Ventures —This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which was initially recorded at cost and prior to 2018, adjusted for distributions in excess of cumulative earnings. There were no adjustments for any impairment or observable price changes in 2018. Retail Companies —At December 31, 2018 , the Company has an interest in its sponsored non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and an investment in a third party managed open-end mutual fund for which the Company applies the NAV practical expedient (see Note 14 ). Another sponsored non-traded REIT, NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR NY Metro") terminated its offering period effective March 31, 2018 and was subsequently liquidated in October 2018, whereby the Company, together with its co-sponsor, RXR Realty LLC, had their shares redeemed for $0.01 per share, effectively forfeiting their investments. As a result, the Company wrote off its $1.5 million equity investment in NorthStar/RXR NY Metro in the third quarter of 2018. Private Funds —This represents a limited partnership interest in a third party private fund sponsored by an equity method investee for which the Company elected the NAV practical expedient (see Note 14 ). Investment 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, 2018 , the Company’s share of these commitments was $47.8 million . Private Funds— At December 31, 2018 , the Company has unfunded commitments of $288.3 million to funds sponsored or co-sponsored by the Company that are accounted for as equity method investments. |
Debt Securities
Debt Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | Debt Securities The following table summarizes the Company's investment in debt securities. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2018 Available-for-sale debt securities: N-Star CDO bonds $ 67,513 $ 1,565 $ (4,951 ) $ 64,127 CMBS of consolidated fund 32,706 $ 96,833 December 31, 2017 Available-for-sale debt securities: CRE securities of consolidated N-Star CDOs (2) : CMBS $ 144,476 $ 3,999 $ (530 ) $ 147,945 Other securities (3) 61,302 5,994 (313 ) 66,983 N-Star CDO bonds 88,374 2,778 (219 ) 90,933 CMBS and other securities (1) 13,829 3,739 (186 ) 17,382 307,981 16,510 (1,248 ) 323,243 CMBS of consolidated fund 25,099 $ 348,342 __________ (1) Other securities include a trust preferred security and certain investments in other third party CDO bonds. (2) Carrying value of CDO bonds in consolidated N-Star CDOs was $215.5 million at December 31, 2017 . (3) Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities. N-Star CDOs and N-Star CDO Bonds —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 were 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 December 31, 2018 , the Company no longer has any consolidated CDOs as the remaining assets of one CDO was liquidated, and the Company sold all of its interest in another CDO which resulted in the deconsolidation of that CDO. A gain of $10.9 million was recorded upon deconsolidation, included in other gain on the consolidated statement of operations. 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 of the legacy NRF sponsored 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 debt securities are predominantly commercial mortgage-backed securities (“CMBS”), including investments in mezzanine positions. At December 31, 2018 , the contractual maturities of CRE securities ranged from 8 to 43 years . The expected maturity, on a weighted average basis, was 5 years . CMBS of Consolidated Fund —These are CMBS held by a consolidated investment company, that are accounted for at fair value through earnings. Disposition of Debt Securities Realized gains (losses) from sale of debt securities are recorded in other gain (loss), as follows. Year Ended December 31, (In thousands) 2018 2017 Available-for-sale debt securities: Proceeds from sale $ 78,197 $ 30,279 Gross realized gain 11,304 951 Gross realized (loss) (592 ) — Impairment of AFS Debt Securities The following table presents AFS debt securities in a gross unrealized loss position: December 31, 2018 December 31, 2017 Less Than 12 Months Less Than 12 Months (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 54,459 (4,951 ) 13,392 (219 ) CMBS and other securities — — 12,956 (186 ) $ 54,459 $ (4,951 ) $ 36,795 $ (1,248 ) At December 31, 2018 and 2017 , there were no AFS debt securities in an unrealized loss position for more than 12 months. The Company recorded $8.2 million and $33.0 million of OTTI loss in other gain (loss) for the year ended December 31, 2018 and 2017 , respectively. The OTTI loss was due to an adverse change in expected cash flows on N-Star CDO bonds as well as CMBS held by consolidated N-Star CDOs (such N-Star CDOs were deconsolidated in the second quarter of 2018) as the Company believed that it was not likely that it would recover the amortized cost on those securities prior to selling them. At December 31, 2018 , the Company believes that the remaining AFS securities with unrealized loss in accumulated other comprehensive income were not other than temporarily impaired as it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. At December 31, 2017 , there were no AFS securities with unrealized loss in accumulated other comprehensive income that have not otherwise been other than temporarily impaired. Purchased Credit-Impaired Debt Securities Certain debt securities acquired by the Company through the Merger, consisting of certain N-Star CDOs, other CDOs and CMBS securities, were considered to be credit-impaired at acquisition, with the following outstanding balance: (In thousands) December 31, 2018 December 31, 2017 Outstanding principal $ 213,929 $ 411,174 Amortized cost 2,757 26,761 Carrying value 3,619 31,789 PCI debt securities 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. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, reflects the estimated future credit losses expected to be incurred over the life of the security and 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. 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 following table presents changes in accretable yield related to these PCI debt securities. Year Ended December 31, (In thousands) 2018 2017 Beginning accretable yield $ 44,610 $ — Assumed through the Merger — 70,283 Accretion recognized in earnings (3,489 ) (12,461 ) Reduction due to payoffs, disposals or deconsolidation (17,081 ) (8,963 ) Net reclassifications to nonaccretable difference (1) (24,040 ) (4,249 ) Ending accretable yield $ — $ 44,610 __________ (1) Includes reclassifications to nonaccretable difference for PCI securities for which cash flows can no longer be reasonably estimated. |
Goodwill, Deferred Leasing Cost
Goodwill, Deferred Leasing Costs and Other Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Deferred Leasing Costs and Other Intangibles | Goodwill, Deferred Leasing Costs and Other Intangibles Goodwill The following tables present changes in the carrying value of goodwill and the goodwill balance by reportable segment. Year Ended December 31, (In thousands) 2018 2017 2016 Beginning balance $ 1,534,561 $ 680,127 $ 678,267 Business combinations (1) — 1,440,229 1,860 Transfer to held for sale (2) — (20,000 ) — Disposition (3) — (249,795 ) — Impairment — (316,000 ) — Ending balance (4) $ 1,534,561 $ 1,534,561 $ 680,127 __________ (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 in 2017 (Note 10 ). The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (3) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, subsequently transferred to held for sale and sold on December 29, 2017. (4) Total goodwill amount is not deductible for income tax purposes. (In thousands) December 31, 2018 December 31, 2017 Balance by reportable segment: Industrial $ 20,000 $ 20,000 Investment management 1,514,561 1,514,561 $ 1,534,561 $ 1,534,561 Impairment 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. Industrial For all years presented, the Company performed qualitative assessments and determined that goodwill in the industrial segment was not impaired. Investment Management For its annual evaluation of goodwill for impairment, the Company performed a quantitative assessment in 2018 and 2017 and a qualitative assessment in 2016. 2018 —In 2018, the Company determined that the carrying value of its investment management reporting unit, including goodwill, was not in excess of its estimated fair value and concluded that the investment management goodwill was not impaired. 2017 —The Company's quantitative assessment in 2017 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 2017. In determining the carrying value of the investment management reporting unit for goodwill impairment testing in 2017, the Company used the net book value of its investment management subsidiary at October 1, 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 I and NorthStar II as a result of the Combination in 2018. The fair value of the investment management reporting unit in 2017 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. 2016 —The Company's qualitative assessment in 2016 indicated 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, 2018 December 31, 2017 (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 $ 267,221 $ (112,673 ) $ 154,548 $ 243,037 $ (98,021 ) $ 145,016 Above-market lease values 129,079 (43,412 ) 85,667 166,571 (34,968 ) 131,603 Below-market ground lease obligations 16,258 (984 ) 15,274 29,625 (316 ) 29,309 Deferred leasing costs 111,486 (46,666 ) 64,820 121,765 (38,389 ) 83,376 Lease incentives 14,576 (1,381 ) 13,195 14,565 (298 ) 14,267 Trade name (2) 15,500 — 15,500 79,700 (3,131 ) 76,569 Investment management contracts 194,698 (92,618 ) 102,080 342,127 (70,394 ) 271,733 Customer relationships 49,291 (15,027 ) 34,264 59,400 (10,421 ) 48,979 Other (3) 59,157 (4,241 ) 54,916 54,061 (2,041 ) 52,020 Total deferred leasing costs and intangible assets $ 857,266 $ (317,002 ) $ 540,264 $ 1,110,851 $ (257,979 ) $ 852,872 Intangible Liabilities Below-market lease values $ 204,066 $ (59,180 ) $ 144,886 $ 214,833 $ (36,426 ) $ 178,407 Above-market ground lease obligations 16,080 (1,580 ) 14,500 13,417 (715 ) 12,702 Total intangible liabilities $ 220,146 $ (60,760 ) $ 159,386 $ 228,250 $ (37,141 ) $ 191,109 __________ (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 twelve months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Amounts are presented net of impairments and write-offs, including contracts written off in connection with the Combination (Notes 4 and 14 ). (2) The Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. The NorthStar trade name, prior to its write-off in June 2018, was amortized over an estimated useful life of 20 years. (3) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with certain hotel properties which are subject to amortization over the term of the respective agreements. Impairment Investment Management Contracts —In 2018, $147.4 million of impairment was recorded on investment management contract intangibles related to non-traded REITs. This consisted of $139.0 million write-off of the NorthStar I and NorthStar II management contract intangibles as the contracts were terminated upon closing of the Combination, $1.4 million write off of the NorthStar/RXR NY Metro management contract intangible in consideration of the termination of its offering period (see Note 7 ), and $7.0 million impairment on the NorthStar Healthcare management contract intangible resulting from a decrease in expected fees, with fair value estimated based upon future net cash flows, discounted at 10% . In the fourth quarter of 2017, impairment of $59.1 million was recorded on investment management contract intangibles of non-traded REITs, including $55.3 million on NorthStar Healthcare following an amendment to its advisory agreement and $3.7 million on NorthStar/RXR NY Metro based on revised capital raising projections. Fair value of these management contract intangibles were estimated based upon an analysis of future net cash flows, discounted at 9% . Customer Relationships —In 2018, the remaining value of the retail customer relationship intangible of $10.1 million was written off based on a reassessment of future capital raising for retail vehicles. Trade Name —In June 2018, the Company changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and the remaining value of the NorthStar trade name of $59.5 million was written off. Amortization of Intangible Assets and Liabilities The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities: Year Ended December 31, (In thousands) 2018 2017 2016 Above-market lease values $ (29,444 ) $ (25,235 ) $ (8,658 ) Below-market lease values 35,919 40,079 7,089 Lease incentives (1,085 ) (218 ) — Net increase (decrease) to rental income $ 5,390 $ 14,626 $ (1,569 ) Above-market ground lease obligations $ (925 ) $ (752 ) $ 482 Below-market ground lease obligations 669 854 (6 ) Net increase (decrease) to ground rent expense $ (256 ) $ 102 $ 476 In-place lease values $ 45,718 $ 74,560 $ 30,193 Deferred leasing costs 17,749 19,046 13,777 Trade name 1,606 3,682 — Investment management contracts 22,386 38,640 11,446 Customer relationships 4,606 12,514 3,343 Other 2,291 10,215 — Amortization expense $ 94,356 $ 158,657 $ 58,759 The following table presents the effect of future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale: Year Ending December 31, (In thousands) 2019 2020 2021 2022 2023 2024 and Thereafter Total Net increase (decrease) to rental income $ 10,761 $ 9,553 $ 9,769 $ 8,811 $ 9,003 $ (1,873 ) $ 46,024 Net increase (decrease) to rent expense (226 ) (224 ) (219 ) (216 ) (224 ) 1,883 774 Amortization expense 133,063 56,409 44,376 36,186 31,563 79,913 381,510 |
Assets and Related Liabilities
Assets and Related Liabilities Held For Sale | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Related Liabilities Held For Sale | Colony Credit The contribution of the CLNY Contributed Portfolio (as described in Note 1 ) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018. Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony Credit on a fully diluted basis. The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony Credit's class B-3 common stock and 3,075,623 common membership units in Colony Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNY Contributed Portfolio to Colony Credit. The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Each share of Colony Credit's class B-3 common stock automatically converted into Colony 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 Credit’s Class A common stock on a one -for-one basis, in the sole discretion of Colony Credit. In connection with the merger of NorthStar I and NorthStar II with and into Colony Credit, their respective stockholders received shares of Colony Credit's class A common stock based on pre-determined exchange ratios. As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I in the original principal amount of $150.2 million was not transferred to Colony Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust and subsequently distributed to NorthStar I stockholders. As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 9 ). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit. Upon closing of the Combination, the Company's contribution of the CLNY Contributed Portfolio to Colony Credit, and the merger of Colony Credit with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 The Company measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations. The Company does not control Colony Credit as the Company's role as the external manager of Colony Credit is under the supervision and direction of the board of directors of Colony Credit, the majority of whom are independent directors. However, the Company has significant influence over Colony Credit through its representation on the board of directors and through its role as the external manager. Accordingly, the Company accounts for its investment in Colony Credit under the equity method. Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2018 December 31, 2017 Assets Restricted cash $ 4,060 $ 1,020 Real estate, net 852,402 720,686 Goodwill (1) — 20,000 Intangible assets, net 41,590 37,337 Other assets 43,206 2,587 Total assets held for sale $ 941,258 $ 781,630 Liabilities Secured debt, net (2) $ — $ 196,905 Lease intangibles and other liabilities, net 68,217 76,393 Total liabilities related to assets held for sale $ 68,217 $ 273,298 __________ (1) Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017 . The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset. Other than properties acquired through business combinations that qualified as held for sale upon acquisition as discussed in Note 18 , no assets and liabilities held for sale constituted discontinued operations. 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 of a manufactured housing portfolio acquired through the Merger in January 2017 and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017. 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. The properties held for sale in the THL Hotel Portfolio that constituted discontinued operations were fully disposed in the second quarter of 2018. Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016 . Year Ended December 31, (In thousands) 2018 2017 Revenues Property operating income $ 1,186 $ 43,269 Other income — 2,352 Expenses Property operating expenses 1,159 20,530 Interest expense — 9,028 Loss on sale of real estate assets — 2,108 Other expenses 129 400 Net income (loss) from discontinued operations (102 ) 13,555 Income tax expense — — Net income (loss) from discontinued operations after tax (102 ) 13,555 Net income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (45 ) 427 Noncontrolling interests in Operating Company (4 ) 31 Net income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (53 ) $ 13,097 |
Restricted Cash, Other Assets a
Restricted Cash, Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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: (In thousands) December 31, 2018 December 31, 2017 Capital expenditures reserves (1) $ 215,366 $ 249,612 Real estate escrow reserves (2) 51,352 42,420 Borrower escrow deposits 10,412 41,545 Working capital and other reserves (3) 19,586 23,043 Tenant lock boxes (4) 15,666 16,486 Restricted cash of consolidated N-Star CDOs (5) — 13,656 Other 54,376 84,316 Total restricted cash $ 366,758 $ 471,078 __________ (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) Balance at December 31, 2017 represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs. The Company sold all of its interest in the sponsored N-Star CDOs in May 2018 and deconsolidated the N-Star CDOs. Other Assets The following table summarizes the Company's other assets: (In thousands) December 31, 2018 December 31, 2017 Interest receivable $ 14,005 $ 21,529 Straight-line rents 61,196 45,598 Hotel-related reserves (1) 21,636 29,208 Investment deposits and pending deal costs 34,179 1,706 Deferred financing costs, net (2) 7,870 10,068 Contingent consideration escrow account (3) — 15,730 Derivative assets (Note 13) 33,558 10,152 Prepaid taxes and deferred tax assets, net 71,656 79,063 Receivables from resolution of investments (4) 30,770 15,215 Contributions receivable (5) 55,252 25,501 Accounts receivable (6) 67,005 87,744 Prepaid expenses 26,991 29,526 Other assets 31,267 20,296 Fixed assets, net 47,932 53,632 Total other assets $ 503,317 $ 444,968 __________ (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 (Note 14 ). Upon final measurement of the contingent consideration at the end of its earnout period on June 30, 2018, the final amount of dividends on class A common stock and OP Units payable to the executives was determined to be $6.4 million , which was settled in August 2018, and the remaining escrow balance was released back to the Company. (4) Represents primarily proceeds from loan repayments held in escrow and sales of marketable equity securities pending settlement. (5) Represents contributions receivable from noncontrolling interests in investment entities as a result of capital calls made at period end. (6) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) December 31, 2018 December 31, 2017 Tenant security deposits and payable $ 29,070 $ 27,560 Borrower escrow deposits 13,001 46,231 Deferred income (1) 40,156 42,457 Interest payable 40,648 42,462 Derivative liabilities (Note 13) 132,808 204,848 Contingent consideration—THL Hotel Portfolio (Note 3) 8,903 7,419 Share repurchase payable (2) 7,567 — Current and deferred income tax liability 93,174 166,276 Accrued compensation 81,911 77,483 Accrued carried interest and contractual incentive fee compensation 12,182 — Accrued real estate and other taxes 64,440 77,060 Other accrued expenses 89,745 107,508 Accounts payable and other liabilities 94,316 98,857 Total accrued and other liabilities $ 707,921 $ 898,161 __________ (1) Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $3.2 million at December 31, 2018 and $2.7 million at December 31, 2017 , which will be recognized as fee income on a straight-line basis through 2025 . Adoption of the new revenue recognition standard had resulted in approximately $1.6 million increase to deferred management fee income on January 1, 2018. For the year ended December 31, 2018 , $0.6 million relating to the deferred asset management fee balance at January 1, 2018 was recognized as fee income. (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, which included $379.9 million 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 (3) Junior Subordinated Notes Total Debt December 31, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 9,352,902 $ — $ 280,117 $ 10,249,124 Premium (discount), net — 2,697 (41,217 ) — (81,031 ) (119,551 ) Deferred financing costs — (6,652 ) (82,964 ) — — (89,616 ) $ — $ 612,150 $ 9,228,721 $ — $ 199,086 $ 10,039,957 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 — 3,131 (78,634 ) (87,319 ) (83,064 ) (245,886 ) Deferred financing costs — (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 (4) — — — 44,542 — 44,542 $ 50,000 $ 610,331 $ 9,622,175 $ 348,251 $ 197,053 $ 10,827,810 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $425.9 million at December 31, 2018 and $216.6 million at December 31, 2017 was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 10 ). (3) Represents bonds payable issued by securitization trusts consolidated by the Company at December 31, 2017 (Note 15 ). Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. The Company contributed its interests in three securitization trusts to Colony Credit upon closing of the Combination in the first quarter of 2018. In the second quarter of 2018, the Company sold its equity interests in two securitization trusts to third parties, resulting in a deconsolidation of these securitization trusts, while the underlying assets of the remaining securitization trust was liquidated. At December 31, 2018 , the Company no longer has any consolidated securitization trusts. (4) Debt at fair value at December 31, 2017 represents a securitization trust that was consolidated by a N-Star CDO and the N-Star CDO was in turn consolidated by the Company. The Company had elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. Fixed Rate Variable Rate Total ($ 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, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.0 $ — N/A 2.0 Convertible and exchangeable senior notes 616,105 4.27 % 3.0 — N/A N/A 616,105 4.27 % 3.0 Junior subordinated debt — N/A N/A 280,117 5.66 % 17.4 280,117 5.66 % 17.4 Secured debt (1) 37,199 5.02 % 6.9 — N/A N/A 37,199 5.02 % 6.9 653,304 280,117 933,421 Non-recourse Secured debt (2) Healthcare (3) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 Industrial 1,071,721 3.83 % 10.6 5,474 5.27 % 4.2 1,077,195 3.84 % 10.6 Hospitality 12,019 12.99 % 2.6 2,636,053 5.68 % 3.8 2,648,072 5.71 % 3.8 Other Real Estate Equity 200,814 4.02 % 3.8 1,789,431 4.43 % 3.6 1,990,245 4.39 % 3.7 Real Estate Debt — N/A N/A 359,511 4.50 % 2.4 359,511 4.50 % 2.4 3,415,553 5,900,150 9,315,703 $ 4,068,857 $ 6,180,267 $ 10,249,124 December 31, 2017 Recourse Corporate credit facility $ — N/A N/A $ 50,000 3.51 % 3.0 $ 50,000 3.51 % 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 4.0 — N/A N/A 616,105 4.27 % 4.0 Junior subordinated debt — N/A N/A 280,117 4.56 % 18.4 280,117 4.56 % 18.4 Secured debt (1) 39,219 5.02 % 7.9 — N/A N/A 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 % 3.0 3,288,256 5.03 % 3.0 Industrial 1,014,229 3.50 % 11.4 — N/A N/A 1,014,229 3.50 % 11.4 Hospitality 9,038 11.00 % 3.6 2,599,681 4.67 % 3.7 2,608,719 4.69 % 3.7 Other Real Estate Equity 374,789 4.07 % 5.5 1,841,209 4.02 % 4.4 2,215,998 4.03 % 4.6 Real Estate Debt — N/A N/A 625,748 4.05 % 3.3 625,748 4.05 % 3.3 3,597,124 6,547,057 10,144,181 $ 4,252,448 $ 6,877,174 $ 11,129,622 __________ (1) The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft. (2) Mortgage debt in the healthcare segment and other real estate equity segment with an aggregate outstanding principal of $538.5 million at December 31, 2018 and $384.5 million at December 31, 2017 was either in payment default or was not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders and the tenants to restructure the debt and leases, as applicable, or otherwise refinance the debt. (3) In November 2018, the Company applied proceeds from the refinancing of a select portfolio of medical office buildings to repay in full a $100.5 million floating rate component of a $1.8 billion non-recourse mortgage debt on certain properties in the U.S. healthcare portfolio. The remaining $1.7 billion fixed rate component of the debt is scheduled to mature in December 2019. The Company is currently evaluating its options in connection with the scheduled debt maturity. In the fourth quarter of 2018, the Company impaired the real estate collateralizing the debt by $109.1 million based on a reassessment of the expected hold period, taking into consideration the upcoming debt maturity (see Note 14 ). In pursuing the options available to the Company in connection with the scheduled debt maturity, the Company will continue to re-evaluate certain assumptions, including with respect to the holding period of the real estate collateralizing the debt, which could result in further impairment of the underlying real estate in a future period. At December 31, 2018 , carrying value of the real estate collateralizing the remaining debt maturing in December 2019 was $2.5 billion . Corporate Credit Facility On January 10, 2017, the OP entered into an amended and restated credit agreement (the “Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent. The 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 Credit Agreement). At December 31, 2018 , the borrowing base was sufficient to permit borrowings up to the full $1.0 billion commitment. Advances under the Credit Agreement accrue interest at a per annum rate equal to the sum of one-month London Inter-bank Offered Rate ("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, 2018 ), depending upon the amount of facility utilization. Some of the Company’s subsidiaries guarantee the obligations of the Company under the Credit Agreement. As security for the advances under the 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 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 Credit Agreement. At December 31, 2018 , the Company was in compliance with all of the financial covenants. The 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 senior notes and exchangeable senior notes (assumed from NRF at fair value in the Merger) are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis. 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 December 31, 2018 December 31, 2017 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 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) Represents 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. 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 at December 31, 2018 , based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. 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. (In thousands) Corporate Credit Facility Convertible and Exchangeable Senior Notes Secured Debt Junior Subordinated Notes Total Year Ending December 31, 2019 $ — $ — $ 2,468,980 $ — $ 2,468,980 2020 — — 626,552 — 626,552 2021 — 402,500 945,987 — 1,348,487 2022 — — 2,826,948 — 2,826,948 2023 — 200,000 192,667 — 392,667 2024 and thereafter — 13,605 2,291,768 280,117 2,585,490 Total $ — $ 616,105 $ 9,352,902 $ 280,117 $ 10,249,124 Interest Incurred Total interest incurred on the Company's debt, including interest capitalized on real estate under development or construction beginning in 2018, was as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Interest expensed $ 595,551 $ 574,822 $ 170,083 Interest capitalized 5,554 — — Total interest incurred $ 601,105 $ 574,822 $ 170,083 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
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”). Fair value of derivative assets and derivative liabilities were as follows: December 31, 2018 December 31, 2017 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 31,127 $ 1,069 $ 32,196 $ 8,009 $ 975 $ 8,984 Interest rate contracts 862 500 1,362 — 1,168 1,168 Included in other assets $ 31,989 $ 1,569 $ 33,558 $ 8,009 $ 2,143 $ 10,152 Derivative Liabilities Foreign exchange contracts $ 6,193 $ 211 $ 6,404 $ 39,101 $ 5,307 $ 44,408 Interest rate contracts — 126,404 126,404 — 160,440 160,440 Included in accrued and other liabilities $ 6,193 $ 126,615 $ 132,808 $ 39,101 $ 165,747 $ 204,848 Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had $0.8 million and $1.9 million of cash collateral on deposit as of December 31, 2018 and 2017 , respectively, included in other assets. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2018 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 84,549 € 114 Min $1.06/ Max $1.53 October 2019 to November 2020 GBP FX Collar £ 39,881 £ 2,309 Min $1.45 / Max $1.82 June 2019 to December 2019 EUR FX Forward € 431,874 € 14,944 Min $1.10 / Max $1.38 January 2019 to December 2023 GBP FX Forward £ 88,313 £ 26,257 Min $1.24 / Max $1.29 May 2019 to December 2020 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures were €614.0 million and £235.7 million , or a total of $1.0 billion at December 31, 2018 , and €499.2 million , £250.6 million and NOK771.2 million , or a total of $1.1 billion at December 31, 2017 . 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. Foreign exchange contracts are used to protect the Company’s foreign denominated investments 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 ("AOCI") 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 AOCI to other gain (loss) as summarized below. Year Ended December 31, (In thousands) 2018 2017 2016 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 7,426 $ (3,931 ) 62 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. Any unrealized gain or loss on the dedesignated portion of net investment hedges is recorded in other gain (loss). Year Ended December 31, (In thousands) 2018 2017 2016 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ 3,726 $ (3,928 ) 1,600 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, 2018 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Expiration Interest rate swap (1) $ — $ 2,000,000 3-Month LIBOR 3.39% December 2019 Interest rate caps $ — $ 4,009,957 1-Month LIBOR 3.0% - 4.5% January 2019 to December 2020 Interest rate caps $ — $ 52,155 3-Month LIBOR 2.24% March 2019 Interest rate caps € 247,513 € 441,151 3-Month EURIBOR 0.75% - 1.5% October 2019 to November 2023 Interest rate caps £ — £ 363,716 3-Month GBP LIBOR 1.5% - 2.5% November 2019 to February 2020 Deliverable swap futures $ — $ 19,000 (2) (2) March 2019 __________ (1) Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019. (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. The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts: Year Ended December 31, (In thousands) 2018 2017 2016 Unrealized gain (loss): Cash flow hedge ineffectiveness $ — $ — $ (401 ) Non-designated interest rate contracts 33,307 (15,080 ) (1,455 ) 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 Pledged December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 ) 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 ) |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Recurring Fair Values The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected but excluding financial assets under the NAV practical expedient. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Equity securities of consolidated funds 26,754 — — 26,754 Debt securities available for sale — N-Star CDO bonds — — 64,127 64,127 CMBS of consolidated fund — 32,706 — 32,706 Other assets—derivative assets — 33,558 — 33,558 Liabilities Other liabilities — derivative liabilities — 132,808 — 132,808 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,903 8,903 Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Loans receivable—securitized loans $ — $ — $ 45,423 $ 45,423 Equity method investments — — 363,901 363,901 Equity securities of consolidated fund 35,600 — — 35,600 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 — — 17,382 17,382 CMBS of consolidated fund — 25,099 — 25,099 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 Equity Method Investments Equity method investments for which fair value option was elected are carried at fair value on a recurring basis. This includes investments in private equity funds acquired in connection with the Merger. Fair values are determined using either discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, applying revenue multiples, based on transaction price for recently acquired investments, or pending or comparable market sales price on an investment, as applicable. In valuing the Company's investment in third party private equity funds, the Company considers cash flows provided by the general partners of the funds and the implied yields of the funds. The Company has not elected the practical expedient to measure the fair value of its investments in these private equity funds using NAV of the underlying funds. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy, unless investments are valued based on contracted sales prices which are classified as Level 2 of the fair value hierarchy. Changes in fair value of equity method investments under the fair value option are recorded in equity method earnings. Equity Securities Fair value of equity securities held by consolidated funds are based on listed prices in active markets and classified as Level 1 of the fair value hierarchy. Debt 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. 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 Company's acquisition of the investment management business and operations of its former manager in April 2015 (the "Internalization"), contingent consideration is payable to certain senior management personnel of the Company. The contingent consideration is payable 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 4.40 million OP Units, measured based on multi-year performance targets for achievement of a contractually-defined funds from operations ("Benchmark FFO") per share target, as well as real estate and non-real estate capital-raising thresholds from the funds management business, to the extent these targets are met. 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. At December 31, 2017 , the contingent consideration had been remeasured at fair value using a third party valuation service provider and classified as Level 3 of the fair value hierarchy, with the change in fair value recorded in other gain (loss) in the consolidated statement of operations. Fair value of the contingent consideration was 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, adjusted for certain targets that had not been met and that had expired. The Company's class A common stock price and related equity volatilities were applied to convert the contingent consideration payout into shares. At June 30, 2018, the end of the measurement period for the contingent consideration, and in accordance with the terms of the contribution agreement for the Internalization, it was determined that one of the prescribed performance targets was met, specifically the real estate capital raising target. As a result, the contingent consideration was settled with certain senior management personnel of the Company in a combination of approximately 15,000 shares of class A common stock, 40,000 shares of class B common stock and 1.95 million OP Units. At June 30, 2018, as the contingency was resolved and the number of shares and units to be issued was no longer variable, the payable of $12.5 million , valued based on the closing price of the Company's class A common stock on June 29, 2018, the last trading day of the second quarter, was reclassified out of liabilities into equity, while the associated dividends payable of approximately $6.4 million remained in liabilities. The contingent consideration and associated dividends were fully settled in August 2018. 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. Securitized Loans and Securitized Bonds Payable The Company had elected the fair value option for loans receivable and bonds payable issued by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company. In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ) along with the securitization trust consolidated by the N-Star CDO. Prior to deconsolidation, the Company had 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 represented the more observable fair value. As such, the net gain or loss that was reflected in earnings was limited to changes in fair value of the beneficial interest held by the Company in the previously consolidated securitization trust, and not as a result of a remeasurement of the loans receivable and bonds payable held by third parties in the previously consolidated securitization trust. Fair value of the bonds payable issued by the securitization trust was determined based on broker quotes, which were 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 was also classified as Level 3. Management determined that the quotes were representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market. Level 3 Recurring 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, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously 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 recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, 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, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) Not applicable Not applicable Not applicable Equity method investments—other 21,831 Discounted cash flows Discount rate 17.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.8x Increase Equity method investments—other 28,346 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 64,127 Discounted cash flows Discount rate 21.6% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,903 Discounted cash flows Discount rate 20.0% Decrease December 31, 2017 Level 3 Assets Equity method investments—third party private equity funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Equity method investments—other 26,408 Discounted cash flows Discount rate 14.2% Decrease Equity method investments—other 132,719 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Level 3 Liabilities Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (4) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease __________ (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) Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag. (3) Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales. (4) 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. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Equity Method Investments Securities Debt Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain in earnings — — — — 11,740 — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Unrealized gain related to balance recorded 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, contributions or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized losses in earnings — — (38,885 ) — — — Unrealized gains: 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 $ 363,901 $ 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 (loss) $ — $ — $ 15,261 $ — $ — $ — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 61,113 21,049 — — — Paydowns, distributions or sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities into equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to Colony Credit (Note 4) — (26,134 ) — — — — Realized gains in earnings — 3,208 3,877 — — — Unrealized gains (losses): In earnings (715 ) (67 ) — 57 1,730 (1,484 ) In other comprehensive income (loss) — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) In other comprehensive income (loss) $ — $ — $ (3,386 ) $ — $ — $ — Transfers of Level 3 Assets and Liabilities Transfers of assets and liabilities into or out of Level 3 are presented at their fair values as measured at the end of the reporting period. Assets transferred out of Level 3 represent investments in third party private equity funds that were valued based on their contracted sales price in June 2018 and sold in September 2018. Liabilities transferred out of Level 3 represent dividends earned on the final number of shares of class A common stock and OP Units determined as of June 30, 2018, the end of the measurement period of the contingent consideration associated with the Internalization, and which were paid out in August 2018. Investments Carried at Fair Value Using Net Asset Value Investments in retail companies, which include a Company-sponsored non-traded REIT and a third party managed open-end mutual fund, as well as limited partnership interest in a third party private fund are valued using NAV of the respective vehicles effective January 1, 2018. December 31, 2018 (In thousands) Fair Value Unfunded Commitments Private fund—real estate $ 12,617 $ 13,658 Retail Companies—real estate 21,674 — The Company's limited partnership interest in the private fund is not subject to redemption, with distributions to be received through liquidation of underlying investments of the fund. The private fund has an expected life of eight years from its inception in 2017, which may be extended in one year increments up to two years at the discretion of its general partner, an equity method investee of the Company. There are no restrictions on the Company's ability to redeem its investment in the third party managed open-end fund. No secondary market currently exists for shares of the non-traded REIT and the Company does not currently expect to seek liquidity of its shares of the non-traded REIT. Subject to then-existing market conditions, the board of directors of the non-traded REIT, along with the Company, as sponsor, expects to consider alternatives for providing liquidity to the non-traded REIT shares beginning five years from completion of the offering stage in January 2016, but with no definitive date by which it must do so. In addition, the Company has agreed that any right to have its shares redeemed is subordinated to third party stockholders for so long as its advisory agreement is in effect. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment. The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. December 31, 2018 December 31, 2017 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 68,864 $ 200,281 $ 269,145 $ 13,252 $ 36,246 $ 49,498 Real estate held for investment — 416,272 416,272 — 224,935 224,935 Intangible assets—investment management contracts — 36,400 36,400 — 51,100 51,100 Equity method investments — 32,761 32,761 — 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) 2018 2017 2016 Impairment loss Real estate held for sale $ 77,211 $ 25,619 $ 11,334 Real estate held for investment 280,418 19,668 57 Intangible assets—lease intangibles 12,744 — — Intangible assets—investment management contracts 147,429 59,073 320 Intangible assets—customer relationships 10,109 — — Intangible assets—trade name 59,464 — — Equity method earnings 61,182 6,774 — Impairment is discussed in Note 6 for loans receivable, Note 7 for equity method investments and Note 9 for goodwill and investment management intangible assets. Real Estate Held For Sale —At December 31, 2018 , real estate held for sale carried at fair value consisted primarily of properties in the European portfolio, valued using either broker price opinions, or a combination of market information, including third-party appraisals and indicative selling prices, adjusted as deemed appropriate by management to account for the inherent risk associated with the properties, and net of 5% selling cost, classified as Level 3. Other significant real estate held for sale carried at fair value at December 31, 2018 comprised of certain hotels in the hospitality segment for which the Company previously held a long term hold strategy but in the third quarter of 2018, adopted a sales strategy. The majority of these hotels were classified as held for sale in the fourth quarter of 2018. Impairment was mostly recorded when the hotels were classified as held for investment, based on broker price opinions and net of 3% selling cost, classified as Level 3. Additionally, real estate held for sale carried at fair value at December 31, 2018 include multi tenant office buildings and certain hotels in the THL Hotel Portfolio. These properties were valued based on either broker quotes, classified as Level 3, or auction prices or contracted sales prices, classified as Level 2, and in all cases, net of 1.5% or 2% selling costs. At December 31, 2017 , real estate held for sale carried at fair value were made up of properties in the healthcare and European portfolios as well as foreclosed properties. Real Estate Held For Investment —At December 31, 2018 , real estate held for investment carried at fair value consisted of $282.4 million of healthcare properties that were impaired in the fourth quarter of 2018, driven by shorter hold periods. In the fourth quarter of 2018, the Company reassessed the hold period on its healthcare properties, taking into consideration the Company's ability to refinance the related debt with upcoming maturities. The Company considered the possibility of shorter hold periods to be an indicator of impairment, among other factors. For properties for which indicators of impairment were identified, the Company compared their carrying values to the undiscounted future net cash flows expected to be generated by these properties over their hold periods, with terminal values estimated based on indicative capitalization rates, adjusted as appropriate for risk characteristics of each property. In performing this analysis, the Company considered the likelihood of possible outcomes under various hold period scenarios depending on its ability to refinance the related debt and applied a probability-weighted approach to different hold periods for each property. For properties where carrying value exceeded undiscounted future net cash flows, the carrying value was determined to not be recoverable. Fair values were estimated for these properties based on the income capitalization approach, using net operating income for each property and applying capitalization rates ranging from 5.5% to 11% . Impairment was measured as the excess of carrying value over fair value, totaling $212.0 million . As the impairment assessment involved subjectivity and judgment, actual results may differ if changes occur in the assumptions used and/or in market conditions and accordingly, negative changes to these variables would result in further impairment charge in the future. Other significant real estate held for investment carried at fair value at December 31, 2018 pertained to certain healthcare properties and THL Hotel Portfolio that were damaged by hurricanes or fire in 2017, and further impaired in 2018, with impairment based on estimates from insurance appraisers. At December 31, 2017 , impaired real estate held for investment also included properties in the European portfolio which have mostly been transferred to held for sale or sold in 2018, as well as certain RIDEA properties that were converted into net lease properties in the healthcare segment. Lease Intangible Assets —These represent lease intangibles that were evaluated and impaired in connection with the related healthcare properties that were impaired in the fourth quarter of 2018, consisting predominantly of above-market leases. 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. 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. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Loans at amortized cost $ — $ — $ 1,667,892 $ 1,667,892 $ 1,659,217 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 547,300 13,095 — 560,395 612,150 Secured debt — — 9,218,692 9,218,692 9,228,721 Junior subordinated debt — — 169,619 169,619 199,086 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 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 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 values of the corporate credit facility and 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 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. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Other —The carrying values of cash, due from and to affiliates, other receivables and other payables 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, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 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. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the 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, 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 previously securitized loans receivable and CRE debt securities using VIEs. Upon securitization, the Company had retained beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. The Company also acquired securities issued by securitization trusts that are VIEs. The securitization vehicles were 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 were 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 did not have any recourse to the general credit of the Company and its other subsidiaries. Consolidated Securitizations —Prior to June 30, 2018, the Company consolidated securitization trusts for which it had a retained interest and for which it acted as special servicer or collateral manager or otherwise, its interest in the trust may have become the controlling class or directing holder. As special servicer, the Company had the power to direct activities during the loan workout process on defaulted and delinquent loans. As collateral manager of certain N-Star CDOs, the Company had the power to invest in additional or replacement collateral during the investment period and subsequent to the investment period, had the power to identify an asset as distressed or credit risk and sell certain distressed collateral. As directing holder or controlling class representative, the Company had the right to appoint or remove the third party special servicer. As a result, the Company's role as special servicer, collateral manager or as controlling class or directing holder provided the Company with the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, and together with the interests previously retained by the Company in the securitization vehicles, the Company was deemed to be the primary beneficiary and consolidated these securitization vehicles. Accordingly, these securitizations did not qualify as sale transactions and were accounted for as secured financing with the underlying mortgage loans and debt securities pledged as collateral. As of June 30, 2018, the Company no longer has any consolidated securitization trusts. The Company contributed its interests in three consolidated securitization trusts to Colony Credit upon closing of the Combination and sold its interests in two consolidated securitization trusts to third parties in the second quarter of 2018, resulting in a deconsolidation of these securitization trusts. The Company has retained its role as special servicer or as collateral manager in these securitization trusts. However, the Company may be removed as special servicer by the controlling class interest holders and may be removed as collateral manager through a right of removal provided to the buyer. Additionally, as of June 30, 2018, the underlying assets of the Company's remaining consolidated securitization trust has been liquidated. The Company’s exposure to the obligations of its previously consolidated securitization vehicles was generally limited to its investment in these entities, which was $490.1 million at December 31, 2017 . The Company was not obligated to provide any financial support to these securitization vehicles, although it could, in its sole discretion, provide support such as protective and other advances as it deemed appropriate. The Company did not provide any such financial support to these securitization vehicles in 2018 prior to their deconsolidation nor in 2017. Unconsolidated Securitizations —The Company does not consolidate the assets and liabilities of CDOs in which the Company has an interest but does not retain the collateral management function. NRF had previously delegated the collateral management rights for certain sponsored N-Star CDOs and 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 represent 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 the Company is not the primary beneficiary of such CDOs and does not consolidate these CDOs. The Company’s exposure to loss is limited to its investment in these unconsolidated CDOs, comprising CDO equity and CDO bonds, which aggregate to $67.5 million at December 31, 2018 and $102.2 million at December 31, 2017 . Company-Sponsored Private Funds The Company sponsors 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 private funds are established as limited partnerships or equivalent structures. Limited partners of the private 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, which represent voting rights in a limited partnership, results in the private 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. Consolidated Company-Sponsored Private Fund —The Company currently consolidates a sponsored private fund where it has more than insignificant equity interest in the fund as general partner during the early stages of the fund while additional third party capital is being raised. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private fund of $13.2 million at December 31, 2018 and $10.2 million at December 31, 2017 . The Company, as general partner, is not obligated to provide any financial support to the consolidated private fund. Unconsolidated Company-Sponsored Private Funds —The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and these funds, or the Company may have capital commitments to its sponsored private funds that are satisfied directly through the co-investment joint ventures as an affiliate of the general partner. In these instances, the co-investment joint ventures are consolidated by the Company. As the Company's direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated sponsored private funds, totaling $117.3 million at December 31, 2018 and $6.9 million at December 31, 2017 , included within investments in unconsolidated ventures on the consolidated balance sheets. Trusts The Company, through the Merger, acquired the Trusts, 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 12 ). The Company owns all of the common stock of the Trusts but does not consolidate the Trusts as the holders of the preferred securities issued by the Trusts are the primary beneficiaries of 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, 2018 and 2017 , recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the Company's consolidated balance sheet. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
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 the Company's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all periods prior to January 10, 2017 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, 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 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units (4) — 2,074 — Shares issued for settlement of contingent consideration—Internalization (Note 14) — 15 40 Conversion of class B to class A common stock — 42 (42 ) Repurchase of common stock — (61,418 ) Equity-based compensation, net of forfeitures — 3,394 — Shares canceled for tax withholding on vested stock awards — (3,359 ) — Shares outstanding at December 31, 2018 57,464 483,347 734 __________ (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 the Company, as the surviving combined entity, as consideration for the Merger. However, as the Merger was 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 issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company 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. (4) Includes 572,567 shares of class A common stock issued upon redemption of an equivalent number of OP Units that were issued for settlement of the contingent consideration in connection with the Internalization (Note 17 ). 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, 2018 : 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 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 57,464 $ 575 $ 1,436,605 __________ (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 the Company are payable quarterly in arrears, in the case of the Series B 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. 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. In May 2018, the Company issued a notice of redemption for all outstanding Series D preferred stock, with the redemption settled in July 2018. All preferred stock redemptions were at $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to their respective redemption dates. The excess or deficit of the $25.00 per share liquidation preference over the carrying value of the respective preferred stock redeemed results in a decrease or increase to net income attributable to common stockholders, respectively. 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. Class B common stock was issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was previously controlled by the Company's Executive Chairman. 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. 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 May 23, 2018, the Company announced that its 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. The newly announced program is in addition to the $300 million share repurchase program the Company announced in February 2018, which program was completed in May 2018. During the year ended December 31, 2018 , the Company repurchased 61,417,755 shares of its class A common stock, at an aggregate cost of approximately $350.1 million (excluding commissions), or a weighted-average price of $5.70 per share. In 2017, the Company had a similar stock repurchase program in which the Company repurchased the full authorized amount of $300.0 million (excluding commissions) of its outstanding class A common stock, equivalent to a total of 23,371,071 shares, at 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 The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves the acquisition of the Company's class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of class A common stock acquired under the DRIP Plan in the form of new issuances during the years ended December 31, 2018 and 2017 . Call Spread Subsequent to the Merger, the Company guaranteed NSAM's obligation to a third party counterparty under a call option previously sold by NSAM, specifically a call spread transaction (the “Call Spread”) in which NSAM had previously purchased and sold a call option on its common stock. 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) 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, 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 Cumulative effect of adoption of new accounting pronouncements (202 ) — — — — (202 ) Other comprehensive income (loss) before reclassifications (1,785 ) (16,238 ) (91 ) (46,183 ) 34,113 (30,184 ) Amounts reclassified from AOCI — (3,951 ) — 6,870 (8,446 ) (5,527 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 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, 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 Other comprehensive income (loss) before reclassifications — (390 ) (39,621 ) 8,696 (31,315 ) Amounts reclassified from AOCI — — 73 (2,179 ) (2,106 ) AOCI at December 31, 2018 $ — $ (390 ) $ (600 ) $ 9,644 $ 8,654 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 2018 2017 2016 Realized gain (loss) on marketable securities $ 10,100 $ (5,285 ) $ 46 Other gain (loss), net Other-than-temporary impairment and write-offs of securities (6,149 ) (31,259 ) — Other gain (loss), net Deconsolidation of N-Star CDO (2,596 ) — — — Other gain (loss), net Unrealized gain on ineffective cash flow hedge — — (197 ) Other gain (loss), net Release of cumulative translation adjustments (6,870 ) 2,489 67 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 1,454 (1,829 ) 634 Other gain (loss), net Realized gain (loss) on net investment hedges 6,992 (3,718 ) 52 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures — (81 ) — Earnings from investments in unconsolidated ventures |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Redeemable Noncontrolling Interests This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company beginning in August 2017, and in Townsend for the period from January 10, 2017 through December 29, 2017, the date the Company sold its interest in Townsend. In connection with the Townsend sale, $20.0 million of the consideration received was allocated to certain members of Townsend management and the noncontrolling interests in Townsend were fully redeemed. The following table presents a summary of changes in redeemable noncontrolling interests: Year Ended December 31, (In thousands) 2018 2017 Beginning balance $ 34,144 $ — Assumed through the Merger — 78,843 Assumed through consolidation of sponsored private fund — 24,763 Contributions 354 8,550 Distributions and redemptions (21,405 ) (100,830 ) Net income (loss) (3,708 ) 23,543 Currency translation adjustment and other — (725 ) Ending balance $ 9,385 $ 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. The Company's investment in the real estate portfolio of its industrial segment is made alongside third party limited partners through a joint venture consolidated by the Company. Over time, additional capital contributions from limited partners reduce the Company's ownership interest in the joint venture. New limited partners are admitted at the net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of their contributions. For the years ended December 31, 2018 and 2017 , the difference between contributions received and the limited partners' share of the joint venture resulted in an increase to additional paid-in capital of $34.1 million and $21.8 million , respectively. 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. 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, 2018 , the Company redeemed 2,870,422 OP Units, of which 2,074,457 OP Units were redeemed in exchange for an equal number of shares of class A common stock on a one -for-one basis, and 795,965 OP Units were redeemed in exchange for cash of $4.8 million to satisfy the tax obligations of OP unitholders. The redemptions included 1.0 million OP Units issued for settlement of the contingent consideration in connection with the Internalization (Note 14 ). For the year ended December 31, 2017 , the Company redeemed 2,076,214 OP Units through the issuance of 1,684,170 shares of class A common stock (adjusted for the Merger exchange ratio) on a one -for-one basis and cash settlement of approximately $5.1 million to satisfy tax obligations of the OP unitholders. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Colony Credit The contribution of the CLNY Contributed Portfolio (as described in Note 1 ) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018. Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony Credit on a fully diluted basis. The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony Credit's class B-3 common stock and 3,075,623 common membership units in Colony Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNY Contributed Portfolio to Colony Credit. The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Each share of Colony Credit's class B-3 common stock automatically converted into Colony 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 Credit’s Class A common stock on a one -for-one basis, in the sole discretion of Colony Credit. In connection with the merger of NorthStar I and NorthStar II with and into Colony Credit, their respective stockholders received shares of Colony Credit's class A common stock based on pre-determined exchange ratios. As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I in the original principal amount of $150.2 million was not transferred to Colony Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust and subsequently distributed to NorthStar I stockholders. As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 9 ). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit. Upon closing of the Combination, the Company's contribution of the CLNY Contributed Portfolio to Colony Credit, and the merger of Colony Credit with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 The Company measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations. The Company does not control Colony Credit as the Company's role as the external manager of Colony Credit is under the supervision and direction of the board of directors of Colony Credit, the majority of whom are independent directors. However, the Company has significant influence over Colony Credit through its representation on the board of directors and through its role as the external manager. Accordingly, the Company accounts for its investment in Colony Credit under the equity method. Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2018 December 31, 2017 Assets Restricted cash $ 4,060 $ 1,020 Real estate, net 852,402 720,686 Goodwill (1) — 20,000 Intangible assets, net 41,590 37,337 Other assets 43,206 2,587 Total assets held for sale $ 941,258 $ 781,630 Liabilities Secured debt, net (2) $ — $ 196,905 Lease intangibles and other liabilities, net 68,217 76,393 Total liabilities related to assets held for sale $ 68,217 $ 273,298 __________ (1) Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017 . The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset. Other than properties acquired through business combinations that qualified as held for sale upon acquisition as discussed in Note 18 , no assets and liabilities held for sale constituted discontinued operations. 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 of a manufactured housing portfolio acquired through the Merger in January 2017 and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017. 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. The properties held for sale in the THL Hotel Portfolio that constituted discontinued operations were fully disposed in the second quarter of 2018. Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016 . Year Ended December 31, (In thousands) 2018 2017 Revenues Property operating income $ 1,186 $ 43,269 Other income — 2,352 Expenses Property operating expenses 1,159 20,530 Interest expense — 9,028 Loss on sale of real estate assets — 2,108 Other expenses 129 400 Net income (loss) from discontinued operations (102 ) 13,555 Income tax expense — — Net income (loss) from discontinued operations after tax (102 ) 13,555 Net income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (45 ) 427 Noncontrolling interests in Operating Company (4 ) 31 Net income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (53 ) $ 13,097 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Net income (loss) allocated to common stockholders Income (loss) from continuing operations $ (495,073 ) $ (78,168 ) $ 290,726 Income (loss) from discontinued operations (102 ) 13,555 — Net income (loss) (495,175 ) (64,613 ) 290,726 Net (income) loss attributable to noncontrolling interests: Redeemable noncontrolling interests 3,708 (23,543 ) — Investment entities (67,994 ) (129,996 ) (163,084 ) Operating Company 39,854 20,261 (12,324 ) Net income (loss) attributable to Colony Capital, Inc. (519,607 ) (197,891 ) 115,318 Preferred stock redemption 3,995 (4,530 ) — Preferred dividends (117,097 ) (130,672 ) (48,159 ) Net income (loss) attributable to common stockholders (632,709 ) (333,093 ) 67,159 Net income allocated to participating securities (2,504 ) (9,168 ) (2,293 ) Net income (loss) allocated to common stockholders—basic (635,213 ) (342,261 ) 64,866 Interest expense attributable to convertible notes (1) — — — Net income (loss) allocated to common stockholders—diluted $ (635,213 ) $ (342,261 ) $ 64,866 Weighted average common shares outstanding (2) Weighted average number of common shares outstanding—basic 496,993 532,600 164,570 Weighted average effect of dilutive shares (1)(3)(4) — — — Weighted average number of common shares outstanding—diluted 496,993 532,600 164,570 Basic earnings (loss) per share Income (loss) from continuing operations $ (1.28 ) $ (0.66 ) $ 0.39 Income from discontinued operations — 0.02 — Net income (loss) attributable to common stockholders per basic common share $ (1.28 ) $ (0.64 ) $ 0.39 Diluted earnings (loss) per share Income (loss) from continuing operations $ (1.28 ) $ (0.66 ) $ 0.39 Income from discontinued operations — 0.02 — Net income (loss) attributable to common stockholders per diluted common share $ (1.28 ) $ (0.64 ) $ 0.39 __________ (1) For the years ended December 31, 2018 , 2017 and 2016 , excluded from the calculation of diluted earnings per share is the effect of adding back $28.6 million , $28.9 million and $27.3 million of interest expense, respectively, and 38,112,100 , 38,564,400 and 36,582,700 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 the Company. Accordingly, the historical share counts used to calculate the weighted average number of shares post-Merger reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date. (3) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 571,500 , 534,100 and 0 for the years ended December 31, 2018 , 2017 and 2016 , as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 21 ) of 532,900 for the year ended December 31, 2018 , as the effect would be antidilutive. (4) 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, 2018 , 2017 and 2016 , there were 31,358,500 , 32,282,500 and 30,296,100 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. |
Fee Income
Fee Income | 12 Months Ended |
Dec. 31, 2018 | |
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. On December 29, 2017, the Company sold its interest in Townsend, an investment management subsidiary acquired through the Merger. Upon closing of the Combination on January 31, 2018, the Company's management contracts with NorthStar I and NorthStar II were terminated; concurrently, the Company entered into a new management agreement with Colony Credit. On April 30, 2018, the Company combined NorthStar Securities, LLC ("NorthStar Securities"), the Company's captive broker-dealer platform that raises capital in the retail market, with a third party joint venture partner, S2K Financial Holdings, LLC ("S2K") to form Colony S2K Holdings, LLC ("Colony S2K"). Colony S2K distributes current and future investment products sponsored by the Company and S2K as well as third party sponsored products. Beginning in May 2018, the Company's share of income and expense from Colony S2K is reflected as earnings from investments in unconsolidated ventures. The Company's fee income is earned from the following sources: Year Ended December 31, (In thousands) 2018 2017 2016 Institutional funds $ 56,002 $ 60,988 $ 67,731 Non-traded REITs 29,597 88,081 — Public companies (Colony Credit, NRE) 65,258 14,003 — Broker-dealer, Townsend and other clients 964 57,717 — $ 151,821 $ 220,789 $ 67,731 The following table presents the Company's fee income by type: Year Ended December 31, (In thousands) 2018 2017 2016 Base management fees ($137,762, $165,436 and $63,212 from affiliates, respectively) $ 138,784 $ 183,838 $ 63,212 Asset management fees—from affiliates 2,078 3,069 4,519 Acquisition and disposition fees—from affiliates 1,922 16,237 — Incentive fees ($5,445, $172, $0 from affiliates, respectively) 5,445 1,043 — Other fee income ($3,389, $0 and $0 from affiliates, respectively) 3,592 16,602 — Total fee income $ 151,821 $ 220,789 $ 67,731 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, calculated as follows: • Private Funds — generally 1% per annum of the limited partners' net funded capital; • Non-Traded REITs— 1% to 1.25% per annum of gross assets for NorthStar/RXR NY Metro (through its liquidation in October 2018) and for NorthStar I and NorthStar II (through January 31, 2018 upon closing of the Combination), as well as 1.5% per annum of most recently published net asset value (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare. Effective January 1, 2018, $2.5 million per quarter of base management fee for NorthStar Healthcare will be paid in shares of NorthStar Healthcare common stock at a price per share equal to its most recently published NAV per share (as may be subsequently adjusted for any special distribution); • NRE — a variable fee of 1.5% per annum of NRE's reported European Public Real Estate Association Net Asset Value ("EPRA NAV" as defined in its management agreement) for EPRA NAV up to and including $2.0 billion , and 1.25% per annum for EPRA NAV amounts exceeding $2.0 billion . Prior to 2018, it was 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. The management agreement had provided for the Company's management of NRE through at least January 1, 2023. On November 7, 2018, NRE and the Company reached an agreement to terminate the management agreement upon a sale of NRE or, if no sale is consummated, upon internalization of the management of NRE. Such termination will result in a termination payment to the Company of $70 million , less any incentive fees. The strategic review committee of NRE's board of directors is in the process of evaluating strategic alternatives to maximize NRE's shareholder value, which includes the potential sale of NRE; and • Colony Credit — 1.5% per annum of Colony Credit's stockholders' equity (as defined in its management agreement). In 2017, the Company also earned base management fees from Townsend private funds at a fixed percentage of either assets under management, net asset value, total assets, committed capital or invested capital. Asset Management Fees — The Company earns asset management fees from its managed private funds, which represents 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. Acquisition and Disposition Fees — The Company earns an acquisition fee of 1% of the amount funded or allocated to originate or acquire an investment by NorthStar I and NorthStar II (through January 31, 2018 upon closing of the Combination) and a disposition fee of 1% to 2% of the contractual sales price for disposition of an investment by NorthStar I and NorthStar II (through January 31, 2018 upon closing of the Combination) and by NorthStar Healthcare (through December 31, 2017 following an amendment to its advisory agreement). Incentive Fees — The Company may earn incentive fees from NRE and Colony Credit (and in 2017, from Townsend segregated mandate accounts). 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. A portion of the incentive fees earned by the Company (generally 40% to 50% ) is allocable to senior management, investment professionals, certain other employees and former employees of the Company, included in carried interest and incentive fee compensation expense. Other Fee Income — Other fees include advisory fees from affiliated and/or unaffiliated third parties, and prior to May 2018, selling commission and dealer manager fees. The Company, through NorthStar Securities, had earned 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 8% for selling commissions and 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. In 2017, other income also included advisory fees from Townsend clients at a fixed annual retainer. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation Upon consummation of the Merger, each outstanding Colony employee restricted stock 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 restricted stock award of the Company, after giving effect to the Colony exchange ratio. As of January 2, 2017, all shares reserved under the Colony Equity Incentive Plan had been issued. While the Colony Equity Incentive Plan continues to exist following the Merger, no new awards will be granted under this plan. 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 and were settled through the issuance of 44,464 shares of the Company's class A common stock. The Colony Director Stock Plan was assumed by the Company upon closing of the Merger. 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 the Company's class A common stock based on their respective exchange ratios. All of the vested NSAM and NRF equity awards relate to pre-combination services and form part of the merger consideration. 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 — Restricted stock awards granted to Townsend’s management team, who were previously employees of the Company, did not vest by their terms in connection with the Merger and were converted into the Company's restricted stock awards on a one -for-one basis. 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"), 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, certain AHI employees were granted equity awards for a fixed dollar amount with a variable number of shares, classified as a liability award. The outstanding award to certain AHI employees did not vest in the Merger. In March 2017, $1.0 million or the equivalent of 70,261 shares of class A common stock were issued in settlement of the equity award to certain AHI employees, and the corresponding $1.0 million outstanding liability was relieved. This was a non-employee award, with equity-based compensation recorded in earnings from investments in unconsolidated ventures on the consolidated statement of operations Pursuant to a separate contractual arrangement entered into in connection with the investment in AHI, 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, 2018 , 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 Partnership — In January 2014, NRF entered into a partnership with James F. Flaherty, III, with the intention of expanding the Company’s healthcare business (“Healthcare 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. 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 the Company's RSU, after giving effect to the relevant Merger exchange ratios. As a non-employee award, the RSUs were 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 and servicing expense on the consolidated statement of operations and in equity on the consolidated balance sheet. In September 2017, the RSU award was fully vested upon the occurrence of a vesting event under the terms of the applicable award agreement. CLNY Equity Incentive Plan Following the Merger, the Company adopted the NSAM 2014 Stock Plan as the Company's successor equity incentive plan and named such plan the Colony NorthStar 2014 Omnibus Stock Incentive Plan, thereafter renamed Colony Capital 2014 Omnibus Stock Incentive Plan in June 2018 (the "CLNY Equity Incentive Plan"). The CLNY Equity Incentive Plan provides for the grant of restricted stock, performance stock units ("PSUs"), 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. Shares reserved for the issuance of awards under the CLNY Equity Incentive Plan are 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. At December 31, 2018 , an aggregate of 44.7 million shares of the Company's class A common stock were reserved for the issuance of awards under the CLNY Equity Incentive Plan. In 2017, the Company issued certain equity awards, which had 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 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. All of the replacement equity awards vested on January 10, 2018. Additionally, restricted stock awards were also granted to certain employees as retention awards, subject to graded vesting through January 2020. Restricted Stock — Restricted stock awards relating to the Company's class A common stock are granted to senior executives and certain employees, with a service condition only and generally subject to annual time-based vesting in equal tranches over a three -year period. Restricted stock is entitled to dividends declared and paid on the Company's class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company's class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three -year service period. Performance Stock Units ("PSUs") — PSUs are granted to senior executives and certain employees, and are subject to both a service condition and market condition. Following the end of the measurement period for the PSUs, the recipient of PSUs who remain employed will vest in, and be issued a number of shares of the Company's class A common stock, ranging from 0% to 200% of the number of PSUs granted, to be determined based upon the performance of the Company's class A common stock relative to that of a specified peer group over a three -year measurement period (such measurement metric the "total shareholder return"). In addition, recipients of PSUs who terminate after the first anniversary of the PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based on achievement of the total shareholder return metric otherwise applicable to the award. PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period. In February 2019, the PSUs issued in 2018 were modified to, among other things, reduce the potential maximum number of shares of the Company’s class A common stock to be issued upon final vesting from 200% to 125% of the number of PSUs granted. This modification is not expected to have a material impact on the Company’s financial condition or results of operations. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2018 PSU Grant Expected volatility of the Company's class A common stock (1) 38 % Expected annual dividend yield (2) 7.6 % Risk-free rate (per annum) (3) 2.44 % __________ (1) Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group. (2) Based on an average of the Company's current and historical dividend yields. (3) Based on the prevailing 3-year zero coupon US Treasury yield on grant date. Fair value of the PSU award on grant date, excluding dividend equivalent rights, is recognized on a straight-line basis over the three -year measurement period as compensation expense, and is not subject to reversal even if the market condition is not achieved. The dividend equivalent right is accounted for as a liability-classified award. The fair value of the dividend equivalent right is recognized as compensation expense on a straight-line basis over the measurement period, and is subject to adjustment to fair value at each reporting period. LTIP Units — LTIP units are designated as profits interests for federal income tax purposes. Unvested LTIP units do not accrue distributions. Each vested 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 17 ). LTIP units are valued based on the Company's class A common stock price on grant date, with equity-based compensation cost recognized on a straight-line basis over the service period and represent an allocation to noncontrolling interest in the Operating Company. Deferred Stock Units — Certain non-employee directors may elect to defer the receipt of annual base fees and/or restricted stock awards, and in lieu, receive awards of DSUs. DSUs awarded in lieu of annual base fees are fully vested on their grant date, while DSUs awarded in lieu of restricted stock awards vest one year from their grant date. DSUs are entitled to a dividend equivalent, in the form of additional DSUs based on dividends declared and paid on the Company's class A common stock. Any such additional DSUs will also be credited with additional DSUs as cash dividends are paid, subject to the same restrictions and vesting conditions, if any. Upon separation of service from the Company, vested DSUs are to be settled in shares of the Company’s class A common stock or cash, at the option of the Company. Fair value of DSUs are determined based on the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, otherwise, on a straight-line basis over the vesting period as equity based compensation expense and equity. Equity-based compensation expense is included in the following line items in the consolidated statements of operations: Year Ended December 31, (In thousands) 2018 2017 2016 Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right) $ 41,876 $ 149,820 $ 13,638 Earnings from investments in unconsolidated ventures — 61 — Investment and servicing expense — 4,070 — $ 41,876 $ 153,951 $ 13,638 Changes in the Company’s unvested equity awards are summarized below: Weighted Average Grant Date Fair Value Restricted Stock LTIP Units DSUs PSUs (1) Total PSUs All Other Awards Unvested shares and units at December 31, 2017 9,149,516 3,506,387 78,267 — 12,734,170 $ — $ 14.53 Granted 3,605,137 — 263,506 2,138,858 6,007,501 5.09 6.19 Vested (7,121,545 ) (3,506,387 ) (158,639 ) — (10,786,571 ) — 14.27 Forfeited (211,018 ) — — (94,909 ) (305,927 ) 5.09 11.42 Unvested shares and units at December 31, 2018 5,422,090 — 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 __________ (1) Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period. No PSUs were granted during 2017 and 2016. Fair value of equity awards that vested, determined based on their respective fair values at vesting date, was $111.2 million , $31.9 million and $9.9 million for the year ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , aggregate unrecognized compensation cost for all unvested equity awards was $35.7 million , which is expected to be recognized over a weighted-average period of 2.0 years. Awards Granted by Managed Companies In March 2018, NRE and Colony Credit issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). NRE awards generally have similar terms as the Company's stock awards, except that the NRE performance stock units measure NRE's stock performance against either an absolute total shareholder return threshold or relative to the performance of a specified market index. Employees are entitled to receive shares of NRE common stock if service conditions and/or market conditions are met. Colony Credit awards are primarily restricted stock grants that typically vest over a three -year period, subject to service conditions. Generally, the Company then grants the managed company awards that it receives in its capacity as manager to its employees with substantially the same terms and service requirements. Such grants are made at the discretion of the Company, and the Company may consult with the board of directors or compensation committees of the respective managed companies as to final allocation of awards to its employees. Managed company awards granted to the Company, pending the grant by the Company to its employees, are recognized based upon their fair value at grant date as an investment in unconsolidated ventures and other liabilities on the consolidated balance sheet. The deferred revenue liability is amortized into other income as the awards vest to the Company. Managed company awards granted to employees, directly by NRE or Colony Credit, or through the Company, are recorded as other asset and other liability, and amortized on a straight-line basis as equity-based compensation expense and as other income, respectively, as the awards vest to the employees. The other asset and other liability associated with managed company awards granted to employees are subject to adjustment to fair value at each reporting period, with changes reflected in equity-based compensation and other income, respectively. Equity-based compensation expense recognized in relation to managed company awards was $9.6 million for the year ended December 31, 2018 . A corresponding amount is recognized in other income for managed company awards granted to employees (Note 22 ). At December 31, 2018 , aggregate unrecognized compensation cost for unvested managed company awards was $14.4 million , which is expected to be recognized over a weighted-average period of 2.3 years. |
Transactions with Affiliates
Transactions with Affiliates | 12 Months Ended |
Dec. 31, 2018 | |
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: (In thousands) December 31, 2018 December 31, 2017 Due from Affiliates Investment vehicles and unconsolidated ventures Fee income $ 34,429 $ 19,366 Cost reimbursements and recoverable expenses 10,754 30,749 Employees and other affiliates 596 1,403 $ 45,779 $ 51,518 Due to Affiliates Investment vehicles and unconsolidated ventures $ — $ 2,884 Employees — 20,650 $ — $ 23,534 Transactions with affiliates include the following: Fee Income— Fee income earned from investment vehicles that the Company manages and/or sponsors, and may have an equity interest or co-investment, are presented in Note 20 . Cost Reimbursements— The Company received cost reimbursement income 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, investment companies and Colony Credit, with reimbursements for non-traded REITs limited to the greater of 2% of average invested assets or 25% of net income (net of base management fees); • Direct costs of personnel dedicated solely to NRE plus 20% of such personnel costs for related overhead charges, not to exceed, in aggregate, specified thresholds as set out in the NRE management agreement; • Costs incurred in performing investment due diligence for retail companies and private funds managed by the Company (presented gross on the consolidated statement of operations effective January 1, 2018); • Equity awards granted by NRE and Colony Credit to employees of the Company, which are presented gross on the consolidated statement of operations as other income and compensation expense (see Note 21 ); • Certain expenses incurred on behalf of the clients of Townsend such as legal, due diligence and investment advisory team travel expenses (in 2017 only); • 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 (through July 2017 only); and • Administrative services provided to certain senior executives of the Company. Cost reimbursements, included in other income, were as follows. These amounts include $4.0 million for the year ended December 31, 2018 of costs incurred by the Company and reimbursed by its managed private funds that are presented gross on the consolidated statement of operations beginning in 2018 pursuant to the new revenue recognition guidance (Note 2 ). Year Ended December 31, (In thousands) 2018 2017 2016 Retail companies $ 4,672 $ 19,545 $ — Public companies—NRE and Colony Credit 10,747 — — Private funds and other 9,198 3,779 4,296 Equity awards of NRE and Colony Credit (Note 21) 10,078 — — Townsend — 2,306 — $ 34,695 $ 25,630 $ 4,296 Recoverable Expenses— The Company pays organization and offering costs associated with the formation and capital raising of the retail companies and private funds sponsored by the Company, for which the Company recovers from these investment vehicles, up to specified thresholds for certain private funds and up to 1% of proceeds expected to be raised from the offering of retail companies (excluding shares offered pursuant to distribution reinvestment plans). NorthStar Healthcare 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 in December 2020, 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, 2018 and 2017 , there were no outstanding advances under the revolving credit facility. Liquidating Trust— In connection with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management services agreement with the liquidating trust that holds the NorthStar I Retained Asset (as discussed in Note 4 ). The Company was engaged as an advisor to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services to the liquidating trust on such terms and conditions as approved by the trustees for a management fee of 1.25% per annum of the net assets of the liquidating trust, amounting to $1.0 million for the year ended December 31, 2018 . Sales to Colony Credit— In May 2018, the Company sold a preferred equity investment sponsored by the Company's equity method investee, RXR Realty, to Colony Credit at the unpaid principal amount of the investment of $89.1 million . In July 2018, the Company sold to Colony Credit its interest in a subsidiary holding a net lease property in Norway that was partially financed by a non-callable bond for $121.5 million based on an appraised value of the property, resulting in a gain on sale of real estate of $28.6 million . Healthcare Partnership— The Healthcare Partnership was previously formed by NRF with the intention of expanding the Company’s healthcare business (see Note 21 ). The Healthcare 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. To date, no incentive fees have been earned by the Healthcare Partnership. American Healthcare Investors Joint Venture— The Company has an equity method investment in AHI, through a joint venture with the principals of AHI and Mr. Flaherty (see Note 21 ). AHI had previously provided certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare. The management agreement with AHI was terminated effective October 2018. For the years ended December 31, 2018 and 2017 , the Company incurred property management fees and sub-advisory fees to AHI totaling $4.1 million and $4.8 million , respectively. 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, 2018 and 2017 were immaterial and relate primarily to the Company's share of the fund's operating costs and deferred financing costs on borrowings of the fund. Contingent Consideration for Internalization —Contingent consideration for Internalization was payable to certain senior management personnel 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, amounting to $20.7 million at December 31, 2017 . As discussed in Note 14 , the final contingent consideration was measured at the end of its earnout period on June 30, 2018, with the common stock and OP Units issuable to the senior management personnel valued at $12.5 million reclassified out of liabilities into equity, while the associated dividends of approximately $6.4 million remained in due to affiliates liability. Contingent consideration, including the accrued dividends thereon, was settled in August 2018 in a combination of class A and class B common stock, OP Units and cash. Equity Awards of NRE and Colony Credit —As discussed in Note 21 , NRE and Colony Credit grant equity awards to the Company and certain of the Company's employees, either directly by NRE and Colony Credit, or indirectly through the Company, are recognized as a gross-up of equity-based compensation expense over the vesting period with a corresponding amount in other income. 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 sponsored by the Company, either directly in the vehicle or indirectly through the general partner entity. These investments are generally not subject to management fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At December 31, 2018 and 2017 , such investments amounted to $5.7 million and $4.8 million , respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the consolidated balance sheet. Their share of net income was $0.4 million for the year ended December 31, 2018 and was immaterial in 2017 . Corporate Aircraft— The Company, through its subsidiary, Colony Capital Advisors, LLC, has entered into a time sharing agreement with Thomas J. Barrack, Jr., the Company's Executive Chairman and Chief Executive Officer, under which Mr. Barrack may use the Company’s aircraft for personal travel. Under this arrangement, Mr. Barrack pays the Company for personal usage based on the incremental cost to the Company, including direct and indirect variable costs, but in no case more than the maximum reimbursement permitted by the Federal Aviation Regulations under the agreement. Mr. Barrack has reimbursed the Company $0.7 million , $1.9 million and $0.9 million for personal flights taken during the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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 its investment management business, operations of its hotel and healthcare portfolios as well as real estate and loan investments in Europe. 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% for U.S. federal corporate income tax purposes. During the fourth quarter of 2018, the Company completed its analysis of the Tax Cuts and Jobs Act, which resulted in the recognition of an additional $2.2 million of income tax benefit relating to the effects of the tax rate change on the Company's existing deferred tax balances. Income Tax Benefit (Expense) Year ended December 31, (In thousands) 2018 2017 2016 Current Federal $ 2,881 $ (20,316 ) $ (2,720 ) State and local 1,168 (3,606 ) (1,436 ) Foreign (13,698 ) (16,138 ) (8,244 ) Total current tax benefit (expense) (9,649 ) (40,060 ) (12,400 ) Deferred Federal 64,962 110,711 6,214 State and local 1,320 18,235 (713 ) Foreign 3,148 9,513 2,117 Total deferred tax benefit 69,430 138,459 7,618 Total income tax benefit (expense) $ 59,781 $ 98,399 $ (4,782 ) 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. 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 . Valuation allowances are established against net operating losses and capital losses when it is more likely than not that these carry forward losses will not be utilized. As of December 31, 2018 , the Company believes that it is more likely than not that the carry forward net operating losses on certain hotel portfolios will be utilized prior to their expiration based on the Company’s reassessment of expected future profitability on these portfolios, therefore the related valuation allowance that was previously established of $10.7 million was released in 2018. The components of deferred tax assets and deferred tax liabilities arising from temporary differences were as follows. (In thousands) December 31, 2018 December 31, 2017 Deferred tax assets Net operating and capital loss carry forwards (1) $ 56,609 $ 30,019 Equity-based compensation 17,162 28,071 Basis difference — investment in partnerships 7,745 — Foreign tax credits (2) 892 1,682 Straight-line and prepaid rent expense 7,850 3,601 Deferred income — 1,932 Deferred interest expense 472 1,924 Other 2,904 7,947 Gross deferred tax assets 93,634 75,176 Valuation allowance (3) (22,062 ) (23,852 ) Deferred tax assets, net of valuation allowance 71,572 51,324 Deferred tax liabilities Management contract intangibles 33,693 90,605 Basis difference — investment in partnerships — 5,822 Basis difference — real estate 63,901 68,687 Deferred income 1,263 — Other 108 1,643 Gross deferred tax liabilities 98,965 166,757 Net deferred tax liability $ (27,393 ) $ (115,433 ) __________ (1) At December 31, 2018 and 2017 , deferred tax asset was recognized on net operating losses of $251.2 million and $121.3 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2030 , or can be carried forward indefinitely. Net operating losses attributable to foreign operations can generally be carried forward indefinitely. (2) Foreign tax credits expire beginning 2026 . (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 Act. 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) 2018 2017 2016 Income (loss) from continuing and discontinued operations before income taxes $ (554,956 ) $ (163,012 ) $ 295,508 Pre-tax income attributable to pass-through subsidiaries 312,939 (89,104 ) (306,644 ) Pre-tax loss attributable to taxable subsidiaries (242,017 ) (252,116 ) (11,136 ) Federal tax benefit at statutory tax rate (21%, 35% and 35%, respectively) 50,824 88,241 3,365 State and local income taxes, net of federal income tax benefit 10,983 9,380 88 Foreign income tax differential (3,533 ) 6 (5,441 ) Nondeductible expenses (4,648 ) (20,372 ) (1,128 ) Excess inclusion income tax expense — — (1,311 ) Valuation allowance, net 2,874 (3,555 ) (692 ) Impact of Tax Cuts and Jobs Act 2,190 24,908 — Other 1,091 (209 ) 337 Income tax benefit (expense) $ 59,781 $ 98,399 $ (4,782 ) Tax Examinations 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 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments Office Leases— The Company leases office space under noncancelable operating leases. 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 $10.5 million , $13.7 million and $5.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Future contractual minimum rental payments for office leases at December 31, 2018 are as follows: Year Ending December 31, (In thousands) 2019 $ 9,380 2020 9,007 2021 8,617 2022 7,602 2023 7,045 2024 and thereafter 29,615 Total $ 71,266 Contingent Consideration 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 14 . Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of December 31, 2018 , 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, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company conducts its business through the following six reportable segments: • Healthcare— The Company's healthcare segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings, and hospitals. The Company earns rental income from senior housing, skilled nursing facilities and hospital assets that are under net leases to single tenants/operators and from medical office buildings which are both single tenant and multi-tenant. In addition, certain of the Company's senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which effectively allows the Company to gain financial exposure to underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement. • Industrial— The Company's industrial segment is composed of and primarily invests in light industrial assets throughout the U.S. that serve as the “last mile” of the logistics chain, which are vital for e-commerce and tenants that require increasingly quick delivery times. These properties are generally multi-tenant warehouses that are less than 250,000 square feet. • Hospitality— The Company's hospitality portfolio is composed of primarily extended stay and select service hotels located mainly in major metropolitan and high-demand suburban markets in the U.S., with the majority affiliated with top hotel brands such as Marriott and Hilton. • CLNC —This represents the Company's investment in Colony Credit, a commercial real estate credit REIT with a diverse portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net lease properties primarily in the U.S. • Other Equity and Debt— The Company's other equity and debt segment consists of a diversified group of strategic and non-strategic real estate and real estate-related debt and equity investments. Strategic investments include investments for which the Company acts as a general partner and/or manager (“GP Co-Investments”) and receives various forms of investment management economics on related third-party capital. Non-strategic investments are composed of those investments the Company does not intend to own for the long term including other real estate equity, real estate debt, and net leased assets, among other holdings. • Investment Management— The Company's investment management business raises, invests and manages funds on behalf of a diverse set of institutional and individual investors, for which the Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or carried interest based on the performance of the investment vehicles managed subject to the achievement of minimum return hurdles . In 2018, the Company determined that its equity interests in various investment vehicles as sponsor and general partner, which were previously included in the industrial and other equity and debt segments, would be part of its investment management segment. The reclassification of investments in unconsolidated ventures and corresponding earnings on investments in unconsolidated ventures was applied retrospectively to all prior periods presented. The reclassification was not material to segment results. Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets for administrative use, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with certain 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 CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2018 Total revenues $ 592,455 $ 290,956 $ 849,513 $ — $ 739,167 $ 183,946 $ 9,239 $ 2,665,276 Property operating expenses 271,166 83,003 563,453 — 316,037 — — 1,233,659 Interest expense 194,898 42,713 153,395 — 150,032 — 54,513 595,551 Depreciation and amortization 164,389 129,104 144,528 — 99,525 28,653 6,207 572,406 Provision for loan losses 213 — — — 42,821 — — 43,034 Impairment loss 217,524 948 72,469 — 79,432 217,850 — 588,223 Gain on sale of real estate — 7,633 — — 159,598 — — 167,231 Equity method earnings (losses) — — — (65,366 ) 99,400 (43,435 ) — (9,401 ) Equity method earnings—carried interest — — — — — 19,961 — 19,961 Income tax benefit (expense) (4,991 ) (40 ) 9,875 — (4,298 ) 59,030 205 59,781 Income (loss) from continuing operations (283,516 ) 26,749 (90,581 ) (65,366 ) 268,870 (128,255 ) (222,974 ) (495,073 ) Loss from discontinued operations — — — — (102 ) — — (102 ) Net income (loss) (283,516 ) 26,749 (90,581 ) (65,366 ) 268,768 (128,255 ) (222,974 ) (495,175 ) Net income (loss) attributable to Colony Capital, Inc. (199,277 ) 4,246 (82,798 ) (61,457 ) 143,065 (120,286 ) (203,100 ) (519,607 ) (In thousands) Healthcare Industrial Hospitality CLNC 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 Equity method earnings — — — — 265,079 20,072 — 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 ) 37,497 (9,863 ) — 567,752 (170,168 ) (438,619 ) (78,168 ) Income from discontinued operations — — — — 995 — 12,560 13,555 Net income (loss) (64,767 ) 37,497 (9,863 ) — 568,747 (170,168 ) (426,059 ) (64,613 ) Net income (loss) attributable to Colony Capital, Inc. (51,428 ) 12,537 (9,199 ) — 426,052 (182,038 ) (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 Equity method earnings — — — — 97,188 2,187 — 99,375 Income tax benefit (expense) — (586 ) — — (10,143 ) 6,608 (661 ) (4,782 ) Net income (loss) — (3,003 ) — — 431,903 21,229 (159,403 ) 290,726 Net income (loss) attributable to Colony Capital, Inc. — (911 ) — — 226,202 17,903 (127,876 ) 115,318 Total assets and equity method investments of the reportable segments are summarized as follows: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total December 31, 2018 Total assets $ 5,395,550 $ 3,185,906 $ 3,980,988 $ 1,037,754 $ 6,371,999 $ 1,983,911 $ 259,141 $ 22,215,249 Equity method investments — — — 1,037,754 1,054,295 194,304 3,742 2,290,095 December 31, 2017 Total assets $ 5,813,552 $ 2,810,135 $ 4,094,596 $ — $ 9,251,963 $ 2,714,840 $ 100,564 $ 24,785,650 Equity method investments — — — — 1,315,670 207,642 3,742 1,527,054 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) 2018 2017 2016 Total income by geography: United States $ 2,311,230 $ 2,741,862 $ 732,928 Europe 329,609 310,783 194,923 Other 302 3,610 6,083 Total (1) $ 2,641,141 $ 3,056,255 $ 933,934 (In thousands) December 31, 2018 December 31, 2017 Long-lived assets by geography: United States $ 12,454,871 $ 13,244,197 Europe 1,600,623 1,749,282 Total (2) $ 14,055,494 $ 14,993,479 __________ (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, assets held for sale and investment management related intangible assets. |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information Year Ended December 31, (In thousands) 2018 2017 2016 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized $ 507,495 $ 452,726 $ 118,365 Cash paid for income taxes, net of refunds 14,476 53,017 7,190 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 84,013 $ 188,202 $ 65,972 Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4) 936,547 — — Redemption of OP Units for common stock 29,034 22,831 18,571 Improvements in operating real estate in accrued and other liabilities 2,249 18,221 — Deconsolidation of net assets of securitization trusts (Note 15) 131,386 — — Increase in contributions receivable from noncontrolling interests 29,721 — — Assets held for sale contributed to equity method investee 20,350 — — Deferred tax liabilities assumed by buyer of related real estate 26,629 — — Debt assumed by buyer in sale of real estate 196,416 1,258,558 — Foreclosures and exchanges of loans receivable for real estate 47,097 54,615 128,124 Share repurchase payable 7,567 — — Proceeds from loan repayments and asset sales held in escrow 19,425 27,426 — Distributions payable to noncontrolling interests included in other liabilities 19,297 10,786 — Net assets of investment entity deconsolidated, net of cash and restricted cash contributed — 153,368 — Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — 66,020 — Assets acquired in Merger, net of cash and restricted cash assumed (Note 3) — 16,684,675 — 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 — Year Ended December 31, (In thousands) 2018 2017 2016 Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3) — 219,278 — Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed (Note 3) — 326,679 — Net assets of sponsored fund consolidated, net of cash and restricted cash assumed (Note 15) — 13,370 — Contributions receivable from noncontrolling interests 25,501 — Exchange of notes for class A common shares — 3,279 — Assets of consolidated securitization trust — 58,296 — Liabilities of consolidated securitization trust — 56,928 — Net settlement of redemption and investment in equity method investee — — 117,241 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Common Stock Repurchase Between January 1, 2019 and February 25, 2019, the Company repurchased 652,311 shares of its class A common stock at an aggregate cost of $3.2 million , excluding commissions, or a weighted average price of $4.84 per share. As of February 25, 2019, $246.7 million of the previously authorized $300 million was remaining in its stock repurchase program. Acquisition of Real Estate In February 2019, the Company acquired 54 buildings in its industrial segment (of which four buildings are under construction and expected to close over the next six months) at a purchase price of $1.16 billion , part of which includes the initiation of a new bulk industrial strategy that is expected to be complementary to, and synergistic with, the existing light industrial platform. In connection with the acquisition, the Company closed on a $500 million floating rate unsecured term debt and replaced the existing $400 million credit facility within its industrial segment with a $600 million facility that was $142 million drawn at closing. The combined financing is secured by the light industrial portfolio and is non-recourse to the Company. Separately, the Company also obtained a $235 million first mortgage debt secured by the bulk industrial portfolio. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2018, 2017 and 2016 The following table summarizes the activities in the allowance for doubtful accounts established on all of the Company's receivable balances, including non-interest receivables from borrowers, receivables from tenants including base rents, expense reimbursements and straight-line rents, receivables from hotel guest and city ledgers, resident fees, and fees and other receivables from managed companies and funds. The balances include allowances on receivables related to held for sale properties. Year Ended December 31, (In thousands) 2018 2017 2016 Balance at January 1 $ 6,869 $ 1,708 $ 1,786 Allowance for doubtful accounts 26,860 14,602 3,314 Charge-offs (19,155 ) (9,531 ) (3,316 ) Effect of changes in foreign exchange rates (60 ) 90 (76 ) Balance at December 31 $ 14,514 $ 6,869 $ 1,708 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulative Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition 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 $ 2,583 $ 1,469 $ 337 $ 4,052 $ 4,389 $ 233 $ 4,156 2017 Arizona 1 8,998 536 14,434 1,234 536 15,668 16,204 851 15,353 2017 California 5 36,361 12,157 76,393 809 12,157 77,202 89,359 4,151 85,208 2017 Colorado 2 104,052 7,734 138,276 2,228 7,734 140,504 148,238 7,574 140,664 2017 Florida 2 725 419 303 — 419 303 722 51 671 2017 Georgia 1 7,227 516 14,220 314 516 14,534 15,050 853 14,197 2017 Illinois 23 161,951 9,433 289,465 6,289 9,433 295,754 305,187 16,235 288,952 2017 Indiana 9 25,835 7,170 26,900 100 7,170 27,000 34,170 1,826 32,344 2017 Kansas 1 6,128 915 12,105 (5,203 ) 915 6,902 7,817 768 7,049 2017 Massachusetts 5 9,900 1,346 1,523 198 1,346 1,721 3,067 182 2,885 2017 Minnesota 11 31,436 3,763 66,922 (27,784 ) 3,763 39,138 42,901 3,669 39,232 2017 North Carolina 8 99,712 11,656 151,555 297 11,656 151,852 163,508 8,141 155,367 2017 Nebraska 1 2,602 559 3,161 104 559 3,265 3,824 207 3,617 2017 Ohio 30 186,107 16,108 247,227 2,705 16,108 249,932 266,040 14,253 251,787 2017 Oklahoma 5 10,580 1,419 17,467 1,400 1,419 18,867 20,286 1,370 18,916 2017 Oregon 25 181,352 20,905 269,521 (2,254 ) 20,905 267,267 288,172 15,364 272,808 2017 South Carolina 1 16,183 1,105 17,975 238 1,105 18,213 19,318 1,022 18,296 2017 Tennessee 2 12,269 2,179 24,880 735 2,179 25,615 27,794 1,487 26,307 2017 Texas 8 119,707 18,144 138,400 4,495 18,144 142,895 161,039 8,422 152,617 2017 Washington 6 45,483 3,765 68,188 757 3,765 68,945 72,710 3,824 68,886 2017 United Kingdom 45 272,529 124,664 492,612 20,957 124,664 513,569 638,233 25,107 613,126 2017-2018 Hospitals California 5 103,968 17,079 135,979 — 17,079 135,979 153,058 6,976 146,082 2017 Georgia 1 13,566 2,047 16,650 — 2,047 16,650 18,697 855 17,842 2017 Louisiana 1 11,993 1,591 13,991 — 1,591 13,991 15,582 713 14,869 2017 Missouri 3 31,264 3,586 22,684 — 3,586 22,684 26,270 1,209 25,061 2017 Oklahoma 1 11,499 536 15,954 — 536 15,954 16,490 811 15,679 2017 Texas 2 35,222 3,191 52,444 2,037 3,191 54,481 57,672 2,699 54,973 2017 Utah 1 14,464 2,151 7,073 — 2,151 7,073 9,224 374 8,850 2017 Medical Office Buildings Alabama 2 31,466 — 56,271 (23,484 ) — 32,787 32,787 3,116 29,671 2017 Arkansas 1 494 — 1,343 — — 1,343 1,343 200 1,143 2017 California 2 20,908 5,708 33,859 982 5,708 34,841 40,549 2,139 38,410 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Colorado 6 37,735 8,330 57,631 1,578 8,330 59,209 67,539 4,001 63,538 2017 Florida 3 23,299 2,119 41,291 (5,226 ) 2,119 36,065 38,184 2,470 35,714 2017 Georgia 13 58,308 12,976 100,200 2,249 12,976 102,449 115,425 6,486 108,939 2017 Hawaii 1 8,175 519 14,030 4 519 14,034 14,553 732 13,821 2017 Idaho 1 22,459 — 30,473 — — 30,473 30,473 1,769 28,704 2017 Illinois 6 63,246 9,809 97,777 43 9,809 97,820 107,629 6,018 101,611 2017 Indiana 27 178,317 18,106 297,968 (5,048 ) 18,106 292,920 311,026 19,388 291,638 2017 Louisiana 4 33,777 2,406 52,423 (5,421 ) 2,406 47,002 49,408 3,332 46,076 2017 Michigan 3 31,508 3,856 48,736 (9,680 ) 3,856 39,056 42,912 2,849 40,063 2017 Minnesota 2 6,828 1,144 9,348 126 1,144 9,474 10,618 598 10,020 2017 Mississippi 1 13,720 — 21,465 — — 21,465 21,465 1,353 20,112 2017 New Mexico 3 14,751 — 16,344 173 — 16,517 16,517 1,772 14,745 2017 Ohio 5 48,534 5,036 99,147 (10,879 ) 5,036 88,268 93,304 5,865 87,439 2017 Oklahoma 2 11,865 — 18,382 — — 18,382 18,382 1,114 17,268 2017 South Carolina 2 9,681 761 22,966 (5,174 ) 761 17,792 18,553 1,496 17,057 2017 Tennessee 2 11,342 449 20,215 (3,887 ) 449 16,328 16,777 1,201 15,576 2017 Texas 21 102,014 5,808 169,067 1,353 5,808 170,420 176,228 12,135 164,093 2017 Washington 1 22,470 998 47,052 89 998 47,141 48,139 2,647 45,492 2017 Skilled Nursing Facilities Alabama 1 9,074 433 7,169 — 433 7,169 7,602 474 7,128 2017 Arizona 1 10,781 1,043 17,013 — 1,043 17,013 18,056 984 17,072 2017 California 2 19,987 1,936 37,612 — 1,936 37,612 39,548 4,646 34,902 2017 Florida 24 173,422 25,304 347,560 — 25,304 347,560 372,864 19,902 352,962 2017 Georgia 7 100,169 12,140 130,707 — 12,140 130,707 142,847 7,270 135,577 2017 Illinois 4 54,744 6,546 137,591 (62,141 ) 6,546 75,450 81,996 7,871 74,125 2017 Indiana 19 95,295 5,634 132,921 — 5,634 132,921 138,555 8,404 130,151 2017 Kentucky 1 8,979 362 17,493 3,084 362 20,577 20,939 1,195 19,744 2017 Louisiana 1 18,866 1,068 28,675 — 1,068 28,675 29,743 1,637 28,106 2017 Massachusetts 3 17,145 6,179 8,966 (960 ) 6,179 8,006 14,185 434 13,751 2017 Maryland 1 6,908 1,219 14,556 — 1,219 14,556 15,775 836 14,939 2017 Michigan 2 8,188 1,717 13,988 1 1,717 13,989 15,706 857 14,849 2017 North Carolina 1 5,735 286 10,549 — 286 10,549 10,835 622 10,213 2017 Oregon 6 26,190 4,330 38,024 (6,359 ) 4,330 31,665 35,995 2,238 33,757 2017 Pennsylvania 11 188,683 20,010 240,922 — 20,010 240,922 260,932 13,747 247,185 2017 Tennessee 4 40,869 4,236 62,156 2,975 4,236 65,131 69,367 3,545 65,822 2017 Virginia 8 50,168 7,650 88,135 — 7,650 88,135 95,785 5,124 90,661 2017 Washington 3 13,927 3,647 16,108 (1,263 ) 3,647 14,845 18,492 1,062 17,430 2017 413 3,165,680 456,776 4,945,018 (115,740 ) 456,776 4,829,278 5,286,054 290,756 4,995,298 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Industrial Atlanta 50 200,821 52,210 345,503 11,278 52,210 356,781 408,991 43,624 365,367 2014-2018 Austin 6 — 9,174 60,537 955 9,174 61,492 70,666 6,066 64,600 2014-2017 Chicago 25 — 29,857 116,251 7,549 29,857 123,800 153,657 19,082 134,575 2014 Dallas 59 192,007 69,662 335,274 11,673 69,662 346,947 416,609 44,688 371,921 2014-2018 Denver 8 38,689 14,253 60,415 4,359 14,253 64,774 79,027 7,565 71,462 2014-2017 Houston 8 21,446 20,934 109,946 2,980 20,934 112,926 133,860 13,147 120,713 2014-2017 Jacksonville 13 5,474 21,565 103,560 12,400 21,565 115,960 137,525 3,755 133,770 2017-2018 Kansas City 14 49,000 13,423 75,709 3,635 13,423 79,344 92,767 9,902 82,865 2014-2017 Las Vegas 8 — 24,553 77,093 11,394 24,553 88,487 113,040 2,670 110,370 2017-2018 Maryland-BWI 20 113,198 51,042 170,623 1,537 51,042 172,160 223,202 11,158 212,044 2015-2018 Minneapolis 13 102,755 23,064 130,113 6,258 23,064 136,371 159,435 19,831 139,604 2014-2016 New Jersey, Northern 10 — 20,133 70,432 812 20,133 71,244 91,377 1,645 89,732 2018 New Jersey, South / Philadelphia 24 58,852 34,023 135,624 4,680 34,023 140,304 174,327 22,618 151,709 2014-2017 Oakland 2 60,000 20,648 74,993 1,660 20,648 76,653 97,301 1,907 95,394 2018 Orlando 16 131,500 27,610 180,144 5,996 27,610 186,140 213,750 17,726 196,024 2014-2017 Phoenix 22 59,000 31,983 181,795 5,068 31,983 186,863 218,846 16,429 202,417 2014-2018 Salt Lake City 15 44,453 18,892 85,594 3,131 18,892 88,725 107,617 10,206 97,411 2014-2017 San Antonio 3 — 11,045 61,638 459 11,045 62,097 73,142 1,596 71,546 2018 St. Louis 8 — 8,813 43,702 3,140 8,813 46,842 55,655 7,403 48,252 2014 Tampa 4 — 4,278 32,138 2,317 4,278 34,455 38,733 5,505 33,228 2014 328 1,077,195 507,162 2,451,084 101,281 507,162 2,552,365 3,059,527 266,523 2,793,004 Hospitality Extended Stay Arizona 1 12,861 1,897 15,843 249 1,897 16,092 17,989 1,146 16,843 2017 California 8 220,715 59,120 241,574 6,846 59,120 248,420 307,540 18,276 289,264 2017 Colorado 3 61,776 13,163 67,804 5,736 13,163 73,540 86,703 5,757 80,946 2017 Connecticut 2 25,056 3,454 30,231 1,498 3,454 31,729 35,183 2,356 32,827 2017 Florida 2 12,943 2,991 50,761 621 2,991 51,382 54,373 3,884 50,489 2017 Georgia 2 43,517 7,278 52,967 505 7,278 53,472 60,750 3,760 56,990 2017 Illinois 1 27,884 4,375 34,567 317 4,375 34,884 39,259 2,729 36,530 2017 Kentucky 2 16,809 2,956 29,407 (8,126 ) 2,956 21,281 24,237 2,169 22,068 2017 Louisiana 1 12,168 1,874 15,043 719 1,874 15,762 17,636 1,683 15,953 2017 Massachusetts 3 60,054 8,274 74,973 637 8,274 75,610 83,884 5,294 78,590 2017 Maryland 1 19,889 3,003 24,644 302 3,003 24,946 27,949 1,903 26,046 2017 Maine 1 13,346 1,572 15,610 1,735 1,572 17,345 18,917 1,426 17,491 2017 Michigan 2 32,982 4,521 39,797 1,776 4,521 41,573 46,094 2,880 43,214 2017 North Carolina 1 18,108 1,693 23,893 423 1,693 24,316 26,009 2,295 23,714 2017 New Hampshire 3 48,084 7,167 59,440 801 7,167 60,241 67,408 4,437 62,971 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total New Jersey 7 123,033 20,639 145,058 8,689 20,639 153,747 174,386 13,119 161,267 2017 New Mexico 1 17,594 2,125 22,446 733 2,125 23,179 25,304 2,262 23,042 2017 New York 3 39,657 4,108 48,124 3,584 4,108 51,708 55,816 3,606 52,210 2017 Ohio 1 8,761 575 11,747 235 575 11,982 12,557 1,080 11,477 2017 Pennsylvania 2 30,727 4,526 36,759 1,925 4,526 38,684 43,210 2,630 40,580 2017 Tennessee 1 23,898 4,118 28,471 912 4,118 29,383 33,501 2,150 31,351 2017 Texas 11 137,555 19,932 165,947 9,474 19,932 175,421 195,353 14,905 180,448 2017 Virginia 3 33,075 5,981 38,545 2,375 5,981 40,920 46,901 3,346 43,555 2017 Washington 4 102,182 22,388 116,391 3,036 22,388 119,427 141,815 7,931 133,884 2017 Full Service Florida 2 45,001 12,328 133,394 24,026 12,328 157,420 169,748 12,072 157,676 2017 Maryland 1 11,765 3,086 12,964 276 3,086 13,240 16,326 918 15,408 2017 New Jersey 1 39,893 16,282 35,308 3,786 16,282 39,094 55,376 3,118 52,258 2017 Select Service Alabama 1 14,962 1,134 19,213 651 1,134 19,864 20,998 1,404 19,594 2017 Arizona 2 30,561 7,831 34,616 585 7,831 35,201 43,032 3,009 40,023 2017 California 10 202,529 45,970 232,362 5,248 45,970 237,610 283,580 18,215 265,365 2017 Colorado 1 15,962 2,018 20,047 430 2,018 20,477 22,495 1,591 20,904 2017 Connecticut 3 53,877 6,735 67,148 1,696 6,735 68,844 75,579 5,013 70,566 2017 Florida 8 124,232 16,852 219,288 7,347 16,852 226,635 243,487 15,947 227,540 2017 Georgia 4 58,264 11,505 77,275 (6,466 ) 9,932 72,382 82,314 6,012 76,302 2017 Illinois 1 18,501 2,738 22,368 801 2,738 23,169 25,907 1,678 24,229 2017 Kentucky 1 29,201 6,660 31,618 2,456 6,660 34,074 40,734 2,483 38,251 2017 Louisiana 2 19,355 2,409 23,780 1,534 2,409 25,314 27,723 2,376 25,347 2017 Massachusetts 1 25,131 3,272 31,343 490 3,272 31,833 35,105 2,194 32,911 2017 Maryland 3 39,090 10,405 78,892 (34,838 ) 4,994 49,465 54,459 3,267 51,192 2017 Michigan 4 79,189 10,430 97,029 3,738 10,430 100,767 111,197 7,487 103,710 2017 North Carolina 6 100,253 13,689 123,653 3,224 13,689 126,877 140,566 9,260 131,306 2017 New Hampshire 3 41,159 6,092 50,557 854 6,092 51,411 57,503 3,601 53,902 2017 New Jersey 4 93,153 18,073 110,251 2,182 18,073 112,433 130,506 8,484 122,022 2017 New York 5 102,426 30,292 107,812 5,838 30,292 113,650 143,942 9,803 134,139 2017 Ohio 1 16,534 7,655 56,496 (40,120 ) 2,633 21,398 24,031 1,693 22,338 2017 Oklahoma 1 4,569 447 5,387 767 447 6,154 6,601 615 5,986 2017 Pennsylvania 3 41,918 7,469 47,626 3,641 7,469 51,267 58,736 3,841 54,895 2017 Tennessee 2 35,092 5,699 42,462 1,284 5,699 43,746 49,445 3,489 45,956 2017 Texas 15 132,938 27,974 177,156 (13,879 ) 24,389 166,862 191,251 16,039 175,212 2017 Virginia 6 101,057 23,071 140,115 (21,833 ) 17,577 123,776 141,353 9,009 132,344 2017 Washington 1 28,786 2,125 36,312 368 2,125 36,680 38,805 1,107 37,698 2017 158 2,648,072 509,971 3,424,514 (912 ) 488,886 3,444,687 3,933,573 264,749 3,668,824 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Other Equity and Debt Hotel—Arizona 5 41,363 10,917 43,884 7,124 10,917 51,008 61,925 3,596 58,329 2017 Hotel—California 21 290,323 57,970 274,907 19,254 57,970 294,161 352,131 20,202 331,929 2017 Hotel—Florida 3 25,822 8,508 24,764 4,281 8,508 29,045 37,553 2,051 35,502 2017 Hotel—Georgia 1 10,753 1,905 9,296 751 1,905 10,047 11,952 759 11,193 2017 Hotel—Iowa 3 17,346 — 15,832 71 — 15,903 15,903 1,066 14,837 2017 Hotel—Illinois 5 28,805 4,553 30,274 261 4,553 30,535 35,088 2,672 32,416 2017 Hotel—Indiana 1 9,183 1,232 9,325 410 1,232 9,735 10,967 693 10,274 2017 Hotel—Kansas 1 4,866 517 4,930 1,065 517 5,995 6,512 498 6,014 2017 Hotel—Kentucky 1 6,122 1,358 5,576 11 1,358 5,587 6,945 429 6,516 2017 Hotel—Massachusetts 1 9,183 1,152 9,261 1,846 1,152 11,107 12,259 721 11,538 2017 Hotel—Michigan 3 23,860 3,276 22,820 773 3,276 23,593 26,869 1,815 25,054 2017 Hotel—Missouri 1 4,788 471 5,597 561 471 6,158 6,629 509 6,120 2017 Hotel—Nevada 4 84,687 27,160 71,823 2,951 27,160 74,774 101,934 5,211 96,723 2017 Hotel—New Jersey 2 15,776 3,572 13,553 2,154 3,572 15,707 19,279 1,514 17,765 2017 Hotel—New York 8 28,962 3,791 25,267 6,863 3,791 32,130 35,921 2,991 32,930 2019 Hotel—Ohio 7 24,488 4,557 31,786 4,554 4,557 36,340 40,897 3,127 37,770 2017 Hotel—Oklahoma 1 2,826 — 4,751 42 — 4,793 4,793 488 4,305 2017 Hotel—Oregon 1 16,247 2,413 12,142 71 2,413 12,213 14,626 796 13,830 2017 Hotel—Pennsylvania 8 60,592 12,148 71,347 4,238 12,148 75,585 87,733 5,689 82,044 2017 Hotel—Rhode Island 1 6,750 910 7,017 972 910 7,989 8,899 728 8,171 2017 Hotel—Tennessee 1 9,575 2,020 8,803 58 2,020 8,861 10,881 713 10,168 2017 Hotel—Texas 14 115,140 16,720 90,428 10,909 16,720 101,337 118,057 6,738 111,319 2017 Hotel—Virginia 3 38,459 8,446 37,575 171 8,446 37,746 46,192 2,733 43,459 2017 Industrial—France 4 37,075 13,034 36,185 604 13,034 36,789 49,823 1,960 47,863 2017 Industrial—Spain 1 — — 2,346 9 — 2,355 2,355 146 2,209 2017 Mixed-Use—Italy 1 10,467 13,293 18,972 4,232 13,293 23,204 36,497 1,521 34,976 2015 Multifamily—US 1 — 1,659 269 14,156 1,659 14,425 16,084 392 15,692 2017 Office—France 33 142,126 60,301 139,169 15,448 60,301 154,617 214,918 7,573 207,345 2016-2017 Office—Spain 2 12,931 96,002 88,770 168 96,002 88,938 184,940 4,731 180,209 2017 Office—US 6 73,015 24,510 198,612 11,508 24,510 210,120 234,630 28,039 206,591 2013-2017 Office/Industrial—France 206 346,727 109,406 329,735 663 109,406 330,398 439,804 1,798 438,006 2018 Retail—France 1 11,349 4,876 8,871 62 4,876 8,933 13,809 427 13,382 2017 Retail—UK 1 8,405 911 11,766 (3,705 ) 911 8,061 8,972 1,563 7,409 2015 352 1,518,011 497,588 1,665,653 112,536 497,588 1,778,189 2,275,777 113,889 2,161,888 Real estate held for investment 1,251 $ 8,408,958 $ 1,971,497 $ 12,486,269 $ 97,165 $ 1,950,412 $ 12,604,519 $ 14,554,931 $ 935,917 13,619,014 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Real estate held for sale Hotel 69,699 2017 Industrial 131,400 2014 Other Equity & Debt—US 180,029 Various Other Equity & Debt—Europe 471,274 Various Total real estate assets $ 14,471,416 __________ (1) Includes adjustment for impairment of real estate. (2) Depreciation is calculated using a useful life ranging from 4 months based on the shortest remaining lease term for improvements and up to 51 years for buildings. (3) The aggregate gross cost of total real estate assets for federal income tax purposes is $13.2 billion at December 31, 2018 . (4) Properties consolidated upon the Internalization reflect an acquisition date of April 2, 2015, the effective date of consolidation. The following tables summarize the activity in real estate assets and accumulated depreciation: Year Ended December 31, (In thousands) 2018 2017 2016 Real Estate, at Gross Cost Basis Balance at January 1 $ 15,791,144 $ 3,656,094 $ 3,518,682 Assumed through the Merger — 11,730,087 — Foreclosures and exchanges of loans receivable for real estate 45,617 1,867,655 128,124 Acquisitions 984,844 1,027,889 434,266 Improvements and capitalized costs (1) 276,210 237,125 16,072 Deconsolidation of real estate held by investment entity (Note 4) (226,004 ) (407,653 ) — Dispositions (2) (933,217 ) (2,484,616 ) (313,982 ) Impairment (357,629 ) (59,652 ) (11,391 ) Measurement period adjustments for real estate acquired in 2015 business combination — — (16,688 ) Effect of changes in foreign exchange rates (80,163 ) 224,215 (98,989 ) Balance at December 31 15,500,802 15,791,144 3,656,094 Classified as held for sale, net (3) (945,871 ) (748,589 ) (235,541 ) Balance at December 31, held for investment $ 14,554,931 $ 15,042,555 $ 3,420,553 Year Ended December 31, (In thousands) 2018 2017 2016 Accumulated Depreciation Balance at January 1 $ 606,200 $ 188,509 $ 88,577 Depreciation 471,599 453,331 108,298 Deconsolidation of real estate held by investment entity (Note 4) (6,256 ) (3,212 ) — Dispositions (2) (42,873 ) (34,854 ) (6,025 ) Effect of changes in foreign exchange rates 716 2,426 (2,341 ) Balance at December 31 1,029,386 606,200 188,509 Classified as held for sale, net (3) (93,469 ) (27,903 ) (11,587 ) Balance at December 31, held for investment $ 935,917 $ 578,297 $ 176,922 __________ (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, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE December 31, 2018 (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—France 1 I/O 15.0% October 2020 $ — $ 19,254 $ 18,788 $ — Multifamily—Ireland 1 I/O 3.1% January 2018 — 83,220 83,218 83,220 Office—France 1 I/O 4.0% December 2018 — 866 732 — Office—Ireland 1 I/O 2.3% January 2018 — 45,220 45,216 45,220 Office—Ireland 1 I/O 12.5% December 2021 — 125,594 125,594 — Retail—Various, USA 1 I/O 8.6% May 2019 — 45,575 46,038 — Retail—France 1 I/O 3.5% June 2018 — 2,497 2,920 2,497 Hospitality—France 1 I/O 10.0% December 2021 — 91,652 91,470 — Hospitality—Spain 1 I/O 11.0% July 2019 — 42,692 44,392 — Healthcare—UK 5 I/O 7.5% March 2022 — 48,330 48,330 — Land—TX, USA 1 I/O 14.0% May 2019 — 34,745 34,639 — Other—France 3 I/O 3.5% - 15.0% June 2018 to December 2020 — 6,743 6,866 1,633 18 — 546,388 548,203 132,570 Subordinated mortgage and mezzanine: Multifamily—CA, USA 2 I/O 13.4% April 2021 to September 2021 — 27,772 27,417 — Office—Various, USA 2 I/O 8.0% - 12.0% July 2019 to April 2025 78,000 31,027 28,107 — Office—Ireland / France 1 I/O 11.0% January 2022 161,854 124,020 136,009 — Retail—NC, USA 1 P&I 5.7% December 2018 74,712 37,766 21,500 37,766 Retail—Germany 1 I/O 10.0% June 2020 126,485 114,449 123,282 — Retail—UK 1 I/O 12.0% August 2019 118,314 64,161 64,161 64,161 Mixed Use—CA, USA 1 I/O 12.9% July 2020 254,297 262,402 262,061 — 9 813,662 661,597 662,537 101,927 (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) Purchased credit-impaired loans (9) Residential—WI, USA 1 444 — — Multifamily—Various, USA 99 43,913 29,140 7,425 Multifamily—Ireland 2 5,360 739 — Industrial—Ireland 3 89,477 14,740 — Office—NC, USA 1 475 — — Office—France 1 6,032 4,578 — Office—Ireland 7 73,206 20,318 — Office—Ireland 1 182,569 168,940 182,569 Office—Spain 1 9,585 4,733 — Retail—VA, USA 1 19,555 19,455 — Retail—Ireland 7 101,862 22,168 — Hospitality—France 1 16,259 17,581 — Hospitality—Ireland 7 55,293 — — Land—Ireland 4 107,099 25,642 — Other—NY, USA 1 3,216 2,628 — Other—Bahamas 1 25,397 2,997 25,397 Other—Ireland 38 591,970 7,022 — 176 — 1,331,712 340,681 215,391 Corporate loans N/A (10) 2 I/O 8.0% - 13.0% March 2019 to January 2027 — 41,935 41,608 — N/A (10) 1 I/O 14.0% January 2025 — 67,009 66,188 — 3 — 108,944 107,796 — Total 206 $ 813,662 $ 2,648,641 $ 1,659,217 $ 449,888 __________ (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 at December 31, 2018 . (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, 2018 are presented net of $32.9 million of allowance for loan losses. (7) The aggregate cost basis of loans held for investment for federal income tax purposes was approximately $1.7 billion at December 31, 2018 . (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 meaningful for purchased credit-impaired loans. (10) Corporate loans are either unsecured or secured by the assets of the parent entities that own the underlying real estate operations but are not secured by mortgages on the real estate. Activity in loans held for investment is summarized below: Year Ended December 31, (In thousands) 2018 2017 2016 Balance at January 1 $ 3,223,762 $ 3,430,608 $ 4,046,093 Loans acquired in Merger — 359,541 — Loan acquisitions and originations 386,532 991,239 551,456 Paid-in-kind interest added to loan principal 52,234 56,131 43,864 Discount and net loan fee amortization 14,524 43,877 27,038 Loan repayments (166,267 ) (902,190 ) (735,162 ) Payments received from PCI loans (187,140 ) (419,232 ) (197,453 ) Accretion on PCI loans 27,911 61,809 65,911 Transfer to loans held for sale — (50,894 ) (56,357 ) Carrying value of loans sold (111,864 ) — (118,068 ) Transfer to real estate assets upon foreclosure (47,097 ) (515,055 ) (128,124 ) Loans receivable contributed to Colony Credit (Note 4) (1,287,994 ) — — Deconsolidation of loans receivable in securitization trusts (149,447 ) — — Provision for loan losses (43,034 ) (19,741 ) (34,864 ) Other loss — (2,309 ) — Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 6) — 58,296 — Effect of changes in foreign exchange rates (52,903 ) 131,682 (33,726 ) Balance at December 31 $ 1,659,217 $ 3,223,762 $ 3,430,608 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 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. |
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. |
Merger | Business Combinations Definition of a Business —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 costs, 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. Asset Acquisitions —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. Business Combinations —The Company accounts for acquisitions that qualify as 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 an 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. Contingent Consideration —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. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM was 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 was the legal entity which initiated the transaction and issued its shares to consummate the Merger, the fact that the senior management of the Company 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 the Company was 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 the Company 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 were incorporated into the Company effective from January 11, 2017. |
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 either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. 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 the related party 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 a consolidated open-end fund sponsored by the Company, and during 2017, an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"). 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 to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities —This represents predominantly 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. |
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 the 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 the 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 date of the most recent balance sheet presented. |
Fair Value Measurement | 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 | 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 to account for certain equity method investments at fair value. Prior to deconsolidation in May 2018, the Company had 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. |
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) 5 to 51 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 6 to 20 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 real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, 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. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Real Estate 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. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. 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. 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 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 the 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 collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are 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 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. Acquisition, Development and Construction ("ADC") 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. |
Equity Investments | Equity Investments A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value ("NAV") practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. Marketable equity securities are recorded as of trade date. Dividend income is recognized on the ex-dividend date and is included in other income. Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss). Equity Method Investments 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-proportionate earnings allocation formula or a preferred return to certain investors. 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 are reported as investing activities in the statement of cash flows under the cumulative earnings approach. Carried Interest —The Company's equity method investments include its interests as general partner or equivalent in investment vehicles that it sponsors or co-sponsors. The Company recognizes earnings based on its proportionate share of results from these investment vehicles and a disproportionate allocation of returns based on the extent to which cumulative performance exceeds minimum return hurdles pursuant to terms of their respective governing agreements (“carried interests”). To the extent the investment vehicles qualify for investment company accounting, their underlying results and consequently, the calculation of carried interests, reflect changes in fair value of their investments each period. The amount of carried interest recognized based on the cumulative performance of each investment vehicle if it were liquidated as of the reporting date may be subject to reversal until such time the carried interest, if any, is realized. Realization of carried interest generally occurs upon disposition of all underlying investments of an investment vehicle, or in part with each disposition, pursuant to the governing documents of the investment vehicles. Impairment Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee's underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market. For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment ("OTTI") involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company's ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in equity method earnings for equity method investments and in other gain (loss) for investments under the measurement alternative. |
Debt Securities | Debt Securities Debt securities are recorded as of the trade date. Debt 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 debt 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. 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 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 debt security or more likely than not will be required to sell the impaired debt security before recovery of its amortized cost, the entire impairment amount is recognized in earnings. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost, the Company further evaluates the debt 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 debt 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 debt 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 debt 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 debt 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 debt security as an adjustment to accretable yield. |
Identifiable Intangibles and Goodwill | 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. An indefinite-lived intangible is 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. Lease Intangibles —Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. 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 are 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 estimate 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. Investment Management Intangibles —Identifiable intangibles recognized in acquisition of an investment management business generally include management contracts, which represent contractual rights to future fee income from in-place management contracts, and customer relationships, which represent potential fee income generated from future reinvestment by existing investors, both of which generally have finite lives and are amortized over their individual useful lives. Impairment —Identifiable intangible assets are reviewed periodically to determine if circumstances exist which may indicate a potential impairment. If such circumstances are considered to exist, the Company evaluates if carrying value of the intangible asset is recoverable based upon an undiscounted cash flow analysis. Impairment loss is recognized for the excess, if any, of carrying value over estimated fair value of the intangible asset. An impairment establishes a new basis for the intangible asset and any impairment loss recognized is not subject to subsequent reversal. Impairment analysis on lease intangible assets is performed in connection with the impairment assessment of the related real estate. In evaluating investment management intangibles intangibles for impairment, such as management contracts and customer relationships, the Company considers various factors that may affect future fee income, including but not limited to, changes in fee basis, amendments to contractual fee terms, and projected capital raising for future vehicles. 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, including goodwill. 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, including goodwill. If so, a quantitative assessment is performed to identify both the existence of impairment and the amount of impairment loss. The Company may bypass the qualitative assessment and proceed directly to performing a quantitative assessment to compare the fair value of a reporting unit with its carrying value, including goodwill. Impairment is measured as the excess of carrying value over fair value of the reporting unit, with the loss recognized limited to the amount of goodwill assigned to that reporting unit. 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 its entirety, or a component of a financial asset which meets the definition of a participating interest with 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 requires 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. |
Derivative 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 undesignated 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 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 —The Company earns resident fee income from senior housing operating facilities that operate through management agreements with independent third-party operators. Resident fee income related to independent living and assisted living facilities is recorded when services are rendered based on the terms of their respective lease agreements. 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 administration of its managed private funds, and for the management of traded and non-traded REITs and investment companies, including management of their investments, which constitute a series of distinct services satisfied over time. Base management fees are recognized over the life of the investment vehicle as 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. The underlying services of managing the investments of the private funds consist of a series of distinct services satisfied over time, for which asset management fees are recognized ratably over the life of each investment as services are rendered. Acquisition and Disposition Fees —The Company 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 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 take the form of a contractual fee arrangement with the investment vehicles, and unlike carried interests, do not represent an allocation of returns among equity holders of the investment vehicles. Incentive fees are a form of variable consideration and are recognized when it is probable that a significant reversal of the cumulative revenue will not occur, which is generally at the end of the performance measurement period of the respective investment vehicles. Selling Commission and Dealer Manager Fees —Prior to May 2018, these fees were earned by the Company for selling equity in the non-traded REITs and investment companies, and 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. 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. Equity Awards Granted by Managed Companies —These are equity awards granted by publicly-traded REITs managed by the Company, NorthStar Realty Europe Corp ("NRE") and Colony Credit, to the Company to be granted to its employees or directly to certain employees of the Company. The initial grant is recorded as an other asset and deferred income liability on the balance sheet. The liability is amortized on a straight-line basis to other income over the initial vesting period of the award and equity-based compensation expense is recognized as the award vests to the recipient employee. 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. |
Compensation | Compensation Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, benefits, severance payments, equity-based compensation and performance-based compensation. Bonus is accrued over the employment period to which it relates. Carried Interest and Incentive Fee Compensation —This represents a portion of carried interest and incentive fees earned by the Company that are allocated (generally 40% to 50% ) to senior management, investment professionals and certain other employees of the Company. Carried interest and incentive fee compensation are generally recorded as the related carried interest and incentive fees are recognized in earnings by the Company. Carried interest compensation amounts may be reversed if there is a decline in the cumulative carried interest amounts previously recognized by the Company. Carried interest and incentive fee compensation are generally not paid to management or other employees until the related carried interest and incentive fee amounts are distributed by the investment vehicles to the Company. Equity-Based Compensation —Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. A modification in the terms or conditions of an award, unless the change is non-substantive, represents an exchange of the original award for a new award. The modified award is revalued and incremental compensation cost is recognized for the excess, if any, between fair value of the award upon modification and fair value of the award immediately prior to modification. Total compensation cost recognized for a modified award, however, cannot be less than its grant date fair value, unless at the time of modification, the service or performance condition of the original award was not expected to be satisfied. Liability-classified stock awards are remeasured at fair value at the end of each reporting period until the award is fully vested. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. 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 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. Additionally, the Company has invested in real estate assets in foreign countries for which related earnings or other measures are subject to income taxes in the respective foreign jurisdictions, and in some cases, the repatriation of earnings are subject to withholding taxes. 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. |
Reclassifications | Reclassifications In addition to reclassifications on the statements of cash flows resulting from the adoption of ASU No. 2016-18 as discussed below, certain prior period amounts have been reclassified as follows. On the balance sheet, marketable equity securities of a consolidated fund of $35.6 million at December 31, 2017 have been reclassified from securities to equity investments to conform to current period presentation. For the year ended December 31, 2018 , the Company presents the portion of carried interests earned by the Company that is allocated to employees as carried interest and incentive compensation on the statement of operations. Such amounts had previously been presented as net income attributable to noncontrolling interests in investment entities for the first three quarters of 2018, in each respective Quarterly Report on Form 10-Q. For the quarters ended September 30, June 30 and March 31, 2018, $3.5 million , $1.1 million , $0.9 million , respectively, were reclassified from net income attributable to noncontrolling interests in investment entities to compensation expense on the income statement. The reclassifications increased net loss by the amounts reclassified for each of the three quarterly periods but did not have an impact on net loss attributable to Colony Capital, Inc. and net loss attributable to common stockholders. The reclassification increased accrued and other liabilities and decreased noncontrolling interests in investment entities by the amount reclassified at the end of each period but did not have an impact on the balance sheet as of December 31, 2017 . Refer to the Company's accounting policy for carried interest compensation above in " Compensation—Carried Interest and Incentive Fee Compensation ." |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("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 FASB 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. The Company adopted the standard on January 1, 2018 using the modified retrospective approach, applied to contracts not yet completed as of January 1, 2018, with cumulative effect recognized in retained earnings. The Company evaluated the principal versus agent considerations under the guidance and determined that certain cost reimbursement arrangements with investment vehicles managed by the Company that were previously reported net on the statement of operations would be reported on a gross basis as reimbursement income and expenses on the statement of operations. Such reimbursements include travel and entertainment costs, third party due diligence costs, asset management costs, and other shared costs for which the Company is deemed to be the primary obligor, whether or not the payment is made directly by the investment vehicles or initially by the Company on behalf of the investment vehicles. The gross presentation has no impact on the Company's net income to the extent the expense incurred and corresponding cost reimbursement income are recognized in the same period (see Note 22 ). 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. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities and in 2017, from skilled nursing facilities that operate through management agreements with independent third-party operators. 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 over time as services are provided. The Company determined that there is no change to revenue recognition for such services provided within the skilled nursing facilities in 2017. In 2018, all of the Company's skilled nursing facilities are structured under net leases to healthcare operators and the Company no longer earns resident fee income from skilled nursing facilities, only rental income. Hotel Operating Income —Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no 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 is no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, for which revenue is recognized over the life of the fund as 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. Prior to the adoption of the revenue standard, a portion of asset management fees was recognized upon closing of an investment, with remaining fees deferred and recognized over the estimated life of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consists of a series of distinct services satisfied over time, for which revenue should be recognized ratably over the estimated life of each investment. As a result of the change in revenue recognition under the new standard, the Company recorded a cumulative impact of approximately $1.6 million as a decrease to retained earnings and an increase to deferred income liability on January 1, 2018. The impact of the change in revenue recognition for the year ended December 31, 2018 was an increase to asset management fees of $0.7 million . Acquisition and Disposition Fees —The Company receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there is 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. Performance-Related Fees —The Company may earn performance-related fees from its managed private funds, traded and non-traded REITs. Performance-related fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles. Performance-related fees that take the form of a contractual fee arrangement with the investment vehicle and do not represent an allocation of returns among equity holders of the investment vehicle (or “incentive fees”) are within the scope of the new revenue standard. The Company previously recognized incentive fees when they were fixed or determinable and related contingencies have been resolved, which was generally at the end of the incentive measurement period of the respective investment vehicles. Under the new revenue guidance, 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 previous policy. There was no cumulative impact as of January 1, 2018. Performance-related 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 equity method earnings on the statement of operations. Adoption of the new standard did not have an impact to the Company's recognition of carried interests. |
Recent Accounting Updates | Accounting Standards Adopted in 2018 Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("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 FASB 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. The Company adopted the standard on January 1, 2018 using the modified retrospective approach, applied to contracts not yet completed as of January 1, 2018, with cumulative effect recognized in retained earnings. The Company evaluated the principal versus agent considerations under the guidance and determined that certain cost reimbursement arrangements with investment vehicles managed by the Company that were previously reported net on the statement of operations would be reported on a gross basis as reimbursement income and expenses on the statement of operations. Such reimbursements include travel and entertainment costs, third party due diligence costs, asset management costs, and other shared costs for which the Company is deemed to be the primary obligor, whether or not the payment is made directly by the investment vehicles or initially by the Company on behalf of the investment vehicles. The gross presentation has no impact on the Company's net income to the extent the expense incurred and corresponding cost reimbursement income are recognized in the same period (see Note 22 ). 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. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities and in 2017, from skilled nursing facilities that operate through management agreements with independent third-party operators. 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 over time as services are provided. The Company determined that there is no change to revenue recognition for such services provided within the skilled nursing facilities in 2017. In 2018, all of the Company's skilled nursing facilities are structured under net leases to healthcare operators and the Company no longer earns resident fee income from skilled nursing facilities, only rental income. Hotel Operating Income —Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no 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 is no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, for which revenue is recognized over the life of the fund as 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. Prior to the adoption of the revenue standard, a portion of asset management fees was recognized upon closing of an investment, with remaining fees deferred and recognized over the estimated life of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consists of a series of distinct services satisfied over time, for which revenue should be recognized ratably over the estimated life of each investment. As a result of the change in revenue recognition under the new standard, the Company recorded a cumulative impact of approximately $1.6 million as a decrease to retained earnings and an increase to deferred income liability on January 1, 2018. The impact of the change in revenue recognition for the year ended December 31, 2018 was an increase to asset management fees of $0.7 million . Acquisition and Disposition Fees —The Company receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there is 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. Performance-Related Fees —The Company may earn performance-related fees from its managed private funds, traded and non-traded REITs. Performance-related fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles. Performance-related fees that take the form of a contractual fee arrangement with the investment vehicle and do not represent an allocation of returns among equity holders of the investment vehicle (or “incentive fees”) are within the scope of the new revenue standard. The Company previously recognized incentive fees when they were fixed or determinable and related contingencies have been resolved, which was generally at the end of the incentive measurement period of the respective investment vehicles. Under the new revenue guidance, 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 previous policy. There was no cumulative impact as of January 1, 2018. Performance-related 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 equity method earnings on the statement of operations. Adoption of the new standard did not have an impact to the Company's recognition of carried interests. Derecognition and Partial Sales of Nonfinancial Assets In February 2017, the FASB issued ASU No. 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 . The Company adopted this standard on January 1, 2018, concurrent with the 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 did not have an impact on the Company's financial statements. There were no sales of partial interests in real estate assets in the year ended December 31, 2018 or for the year ended December 31, 2017 . 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 for 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 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. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities, which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable fair values is applicable only when the measurement alternative is applied. ASU No. 2016-01 and ASU No. 2018-03 are to be applied retrospectively with cumulative effect as of the adoption date 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 adopted ASU No. 2016-01 and ASU No. 2018-03 on January 1, 2018, and recorded a cumulative adjustment to increase retained earnings by approximately $0.6 million . This includes $0.2 million of unrealized gains on available for sale equity securities held by an equity method investee that was reclassified from accumulated other comprehensive income. In connection with the adoption, the Company elected the NAV practical expedient to measure its previous cost method investments in non-traded REITs and limited partnership interest in a third party private fund based on their respective NAV per share. The new standard does not affect equity securities held by the Company's consolidated fund for which the Company has retained investment company accounting applied by the fund, and limited partnership interests in third party private funds for which the Company has elected the fair value option, as in both instances, unrealized fair value gains and losses are currently recorded in earnings. The Company's remaining cost method investments do not have readily determinable fair values. To the extent the Company becomes aware of observable price changes in the future, the Company will adjust the carrying value of these investments through earnings. 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. The Company adopted this guidance on January 1, 2018 on a retrospective basis and made an accounting policy election for classification of distributions from its equity method investees using the cumulative earnings approach, which is largely consistent with its previous accounting policy. The adoption of this standard did not have a material effect on the presentation of the Company's 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. As a result of the adoption of the new guidance, changes in restricted cash and restricted cash equivalents are no longer presented as separate activities 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, the ASU requires a reconciliation between the totals in the statement of cash flows and the related captions on the balance sheet. The new guidance also requires disclosure of the nature of 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. The Company adopted ASU 2016-18 on January 1, 2018. The retrospective application of this new standard resulted in changes to the previously reported statements of cash flows as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 (In thousands) As Previously Reported After Adoption of ASU 2016-18 As Previously Reported After Adoption of ASU 2016-18 Net cash provided by operating activities $ 549,617 $ 582,546 $ 408,361 $ 405,172 Net cash provided by investing activities 1,331,542 1,666,387 251,812 215,457 Net cash used in financing activities (1,346,505 ) (1,364,381 ) (465,957 ) (491,251 ) For the year ended December 31, 2017, the increase in net cash provided by investing activities is primarily due to restricted cash assumed in business combinations (Note 3 ), which were previously reported as noncash investing activities, and the restricted cash deposits capital expenditures with the lender in connection with a refinancing. For the year ended December 31, 2016, return of borrower funds from escrow deposits and distributions to noncontrolling interests from restricted working capital reserves are now reflected in cash flows from investing and financing activities, respectively. Share-Based Payments In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , which simplifies the accounting for share-based payments to nonemployees by generally aligning it with the accounting for share-based payments to employees, with certain exceptions. The new guidance applies to nonemployee awards issued in exchange for goods or services used in an entity’s own operations and to awards granted by an investor to an equity method investee, but does not apply to equity instruments issued to a lender or investor in a financing transaction or equity instruments issued when selling goods or services to customers, which is under the revenue recognition model. Key changes in the guidance include measuring nonemployee awards based on fair value of the equity instrument issued, rather than on fair value of goods or services received or equity instrument issued, whichever is more reliably measured. In terms of timing, equity-classified nonemployee awards that were previously remeasured through performance completion date will now have a fixed measurement on grant date, which will reduce volatility on the income statement. For nonemployee awards with performance conditions, compensation cost will be recognized when achievement of the performance condition is probable, rather than upon actual achievement of the performance condition. Similar to employee awards, forfeitures may be recognized as they occur or based on an estimate under an accounting policy election, but the guidance allows separate elections for employee and nonemployee awards. The accounting model for nonemployee awards, however, remains different for attribution of share-based payment costs over the vesting period, in which compensation cost for nonemployee awards continues to be recognized in the same period and in the same manner (i.e., capitalize or expense) as if the grantor had paid cash for the goods or services. No changes to disclosure requirements were prescribed. Transition is on a modified retrospective basis, with a remeasurement at fair value as of the adoption date through a cumulative effect adjustment to opening retained earnings, applied to all equity-classified nonemployee awards where a measurement date has not been established by the adoption date and unsettled liability-classified nonemployee awards. If the cost of a nonemployee award has been included in completed assets (such as finished goods inventory or fixed assets that have begun to be depreciated), the cost basis of those assets will not be remeasured. The transition provisions eliminate the need to retrospectively determine fair values at historical grant dates. ASU No. 2018-07 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted in an interim period for which financial statements have not been issued, with adjustments to be reflected as of the beginning of the fiscal year of adoption. The Company early adopted this standard on July 1, 2018. The adoption did not have an impact on the Company's financial statements. Future Application of Accounting Standards 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 a right of use asset and a corresponding liability for future lease obligations, and to a lesser extent, making targeted changes to lessor accounting. Under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by both lessor and lessee. For lessors of operating leases, if collection of lease-related receivables is subsequently assessed to not be probable, lease income is reversed if lease payments collected from the lessee are less than the income recognized to date. 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, beginning of the earliest comparative period presented. Full retrospective application is prohibited. In applying the modified retrospective approach, the standard provides the option to elect a package of practical expedients that exempts an entity 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. In July 2018, the FASB issued ASU No. 2018-11, Targeted Improvements to Topic 842, Leases, which provides the option of (i) applying 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 (ii) electing as practical expedient, by class of underlying asset, not to segregate lease and non-lease components in a contract but to account for it as a single component in accordance with either the new lease standard or the revenue standard depending on whether the lease or non-lease component is predominant. In December 2018, the FASB issued ASU No. 2018-20, Narrow Scope Improvements for Lessors, which provides certain practical expedients for lessor accounting. ASU No. 2018-20: (i) allows lessor to make an accounting policy election to present on a net basis sales and similar taxes arising from a leasing transaction with related collections from lessee (otherwise to present on a gross basis if lessor is determined to be the primary obligor); (ii) requires net presentation of lessor costs paid directly by lessee to a third party (for example, property taxes and insurance paid directly by lessee) and gross presentation of lessor costs that are paid by the lessor and reimbursed by the lessee (for example, property taxes and insurance initially paid by lessor and reimbursed by lessee); and (iii) requires allocation of variable payments to lease and non-lease components when applicable changes in facts and circumstances occur and that the non-lease component be subject to recognition under other applicable guidance, such as the revenue standard. The Company will adopt the new lease standard effective January 1, 2019 and will adopt the package of practical expedients as well as the transition option. As a result, the Company will apply the new lease standard prospectively to leases existing or commencing on or after January 1, 2019. Comparative periods presented will not be restated upon adoption. Similarly, new disclosures under the standard will be made for periods beginning January 1, 2019, and not for comparative periods. In addition, the Company, as lessor, will make accounting policy elections to: (i) treat the lease and non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of transfer are similar for the lease and non-lease components and the lease component qualifies as an operating lease; and (ii) to present on a net basis sales and similar taxes assessed by a governmental authority imposed on specific lease revenue producing transactions. The Company is in the process of finalizing the aggregation and evaluation of its leasing arrangements, and implementing a lease module in its accounting system to address the new accounting model for leases, including any transition adjustments. The most significant change to the Company, as lessee, will be the gross-up of the right of use asset and lease liability on the balance sheet. The lease liability is estimated to be between $55 million and $65 million for office leases and $65 million and $75 million for ground leases, discounted using estimated incremental borrowings rates ranging from 5.0% to 5.8% . The effect of the new standard to the Company, as lessor, is not expected to have a material effect on its financial condition or results of operations. 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 available-for-sale ("AFS") debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the other than temporary impairment ("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. 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, 2018. 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. Fair Value Disclosures In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurements . The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the NAV practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. ASU No. 2018-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted in an interim period for which financial statements have not been issued, and may be made only to provisions that eliminate or modify existing disclosures. The adoption of this standard is not expected to have a material effect on the Company's existing disclosures. Variable Interest Entities In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities . The ASU amends the VIE guidance to align the evaluation of a decision maker's or service provider's fee in assessing a variable interest with the guidance in the primary beneficiary test. Specifically, indirect interests held by a related party that is under common control will now be considered on a proportionate basis, rather than in their entirety, when assessing whether the fee qualifies as a variable interest. The proportionate basis approach is consistent with the treatment of indirect interests held by a related party under common control when evaluating the primary beneficiary of a VIE. This effectively means that when a decision maker or service provider has an interest in a related party, regardless of whether they are under common control, it will consider that related party's interest in a VIE on a proportionate basis throughout the VIE model, for bot |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives for Finite Lived Assets | 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) 5 to 51 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 6 to 20 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 held for investment was as follows: (In thousands) December 31, 2018 December 31, 2017 Land $ 1,950,412 $ 2,011,794 Buildings and improvements 11,895,642 12,403,794 Tenant improvements 163,397 134,709 Furniture, fixtures and equipment 389,969 383,855 Construction in progress 155,511 108,403 14,554,931 15,042,555 Less: Accumulated depreciation (935,917 ) (578,297 ) Real estate assets, net $ 13,619,014 $ 14,464,258 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The retrospective application of this new standard resulted in changes to the previously reported statements of cash flows as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 (In thousands) As Previously Reported After Adoption of ASU 2016-18 As Previously Reported After Adoption of ASU 2016-18 Net cash provided by operating activities $ 549,617 $ 582,546 $ 408,361 $ 405,172 Net cash provided by investing activities 1,331,542 1,666,387 251,812 215,457 Net cash used in financing activities (1,346,505 ) (1,364,381 ) (465,957 ) (491,251 ) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition [Line Items] | |
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed | 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 (1) 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, 2018 Asset Acquisitions (2) September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,506 $ 12,458 $ 1,480 $ — November Office and Industrial—France 220 478,844 125,949 314,661 38,234 — Various Industrial—Various in U.S. (4) 40 569,442 131,334 412,900 30,183 (4,975 ) $ 1,072,730 $ 267,789 $ 740,019 $ 69,897 $ (4,975 ) Year Ended Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (5) 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 ) ($ in thousands) Purchase Price Allocation (1) 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 Ended December 31, 2016 Business Combinations (6) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. 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 using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles. (3) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance. (4) Includes acquisition of $13.1 million of land for co-development with operating partners. (5) 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 interest retained by the Company is reflected as an equity method investment. |
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 the Company's 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 the Company's 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 the Company's common stock. (iii) Fair value of the Company's 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 the Company's 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 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 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. Final Amounts at December 31, 2017 (In thousands) NSAM NRF Total Assets Cash and cash equivalents $ 152,858 $ 107,751 $ 260,609 Restricted cash 18,052 158,762 176,814 Real estate — 9,874,406 9,874,406 Loans receivable 28,485 331,056 359,541 Investments in unconsolidated ventures 76,671 544,111 620,782 Securities 3,065 427,560 430,625 Identifiable intangible assets 661,556 352,551 1,014,107 Management agreement between NSAM and NRF 1,514,085 — 1,514,085 Assets held for sale — 2,096,671 2,096,671 Other assets 93,455 681,003 774,458 Total assets 2,548,227 14,573,871 17,122,098 Liabilities Debt — 6,723,222 6,723,222 Intangible liabilities — 213,218 213,218 Management agreement between NSAM and NRF — 1,514,085 1,514,085 Liabilities related to assets held for sale — 1,281,406 1,281,406 Tax liabilities 169,387 60,446 229,833 Accrued and other liabilities 979,969 307,450 1,287,419 Total liabilities 1,149,356 10,099,827 11,249,183 Redeemable noncontrolling interests 78,843 — 78,843 Noncontrolling interests—investment entities — 505,685 505,685 Noncontrolling interests—Operating Company 8,162 — 8,162 Fair value of net assets acquired $ 1,311,866 $ 3,968,359 $ 5,280,225 Merger consideration 2,752,095 3,968,359 6,720,454 Goodwill $ 1,440,229 $ — $ 1,440,229 |
CPI | |
Business Acquisition [Line Items] | |
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed | The following table summarizes the consideration and allocation to assets acquired and liabilities assumed. (In thousands) Final Amounts at December 31, 2017 Consideration Carrying value of loans receivable outstanding at the time of restructuring $ 182,644 Cash 49,537 Total consideration $ 232,181 Identifiable assets acquired and liabilities assumed Cash $ 303 Restricted cash 12,600 Real estate 543,649 Real estate held for sale 21,605 Lease intangibles and other assets 27,685 Debt (277,590 ) Tax liabilities (32,078 ) Lease intangibles and other liabilities (61,205 ) Liabilities related to assets held for sale (2,788 ) Fair value of net assets acquired $ 232,181 |
THL Hotel Portfolio | |
Business Acquisition [Line Items] | |
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed | The following table summarizes the consideration and the final allocation to assets acquired and liabilities assumed. The estimated fair values and allocation were subject to retrospective adjustments during the measurement period, not to exceed twelve months, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the six months ended June 30, 2018, adjustments were made to the allocation of values among real estate held for sale, real estate held for investment, intangible assets and intangible liabilities. Included in the consolidated statement of operations for the six months ended June 30, 2018 was a $1.8 million decrease to depreciation expense and an immaterial increase to ground lease expense to reflect the effects of the measurement period adjustments as of the acquisition date on July 1, 2017. (In thousands) Final Amounts at June 30, 2018 Consideration Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure $ 310,932 Cash 43,643 Contingent consideration (Note 14) 6,771 Total consideration $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 16,188 Restricted cash 18,479 Real estate 1,184,447 Real estate held for sale 69,676 Intangible and other assets 26,711 Debt (907,867 ) Intangible and other liabilities (46,288 ) Fair value of net assets acquired $ 361,346 |
Colony Credit (Tables)
Colony Credit (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Assets, Liabilities And Noncontrolling Interest In Deconsolidated Entity | The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016 . Year Ended December 31, (In thousands) 2018 2017 Revenues Property operating income $ 1,186 $ 43,269 Other income — 2,352 Expenses Property operating expenses 1,159 20,530 Interest expense — 9,028 Loss on sale of real estate assets — 2,108 Other expenses 129 400 Net income (loss) from discontinued operations (102 ) 13,555 Income tax expense — — Net income (loss) from discontinued operations after tax (102 ) 13,555 Net income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (45 ) 427 Noncontrolling interests in Operating Company (4 ) 31 Net income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (53 ) $ 13,097 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 5 to 51 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 6 to 20 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 held for investment was as follows: (In thousands) December 31, 2018 December 31, 2017 Land $ 1,950,412 $ 2,011,794 Buildings and improvements 11,895,642 12,403,794 Tenant improvements 163,397 134,709 Furniture, fixtures and equipment 389,969 383,855 Construction in progress 155,511 108,403 14,554,931 15,042,555 Less: Accumulated depreciation (935,917 ) (578,297 ) Real estate assets, net $ 13,619,014 $ 14,464,258 |
Schedule of Proceeds From Sales of Real Estate | Results from sales of real estate were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Proceeds from sales of real estate $ 864,347 $ 1,607,806 $ 390,943 Gain on sale of real estate 167,231 137,370 73,616 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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 (1) 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, 2018 Asset Acquisitions (2) September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,506 $ 12,458 $ 1,480 $ — November Office and Industrial—France 220 478,844 125,949 314,661 38,234 — Various Industrial—Various in U.S. (4) 40 569,442 131,334 412,900 30,183 (4,975 ) $ 1,072,730 $ 267,789 $ 740,019 $ 69,897 $ (4,975 ) Year Ended Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (5) 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 ) ($ in thousands) Purchase Price Allocation (1) 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 Ended December 31, 2016 Business Combinations (6) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. 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 using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles. (3) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance. (4) Includes acquisition of $13.1 million of land for co-development with operating partners. (5) 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 interest retained by the Company is reflected as an equity method investment. |
Schedule of Components of Property Operating Income | The components of property operating income were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Rental income $ 623,785 $ 672,292 $ 276,404 Tenant reimbursements 143,759 138,433 65,657 Resident fee income (1) 275,911 286,818 — Hotel operating income 1,204,285 1,016,294 29,021 $ 2,247,740 $ 2,113,837 $ 371,082 __________ (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”) allow us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses. |
Schedule Of Future Minimum Rental Payments Receivable For Operating Leases | The Company has operating leases with tenants that expire at various dates through 2061. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2018 are as follows. Year Ending December 31, (In thousands) 2019 $ 495,765 2020 464,229 2021 413,416 2022 372,432 2023 327,836 2024 and thereafter 1,123,879 Total (1) $ 3,197,557 __________ (1) Excludes hotel operating income and rents from short-term leases. |
Schedule of Future Minimum Rental Payments | At December 31, 2018 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Year Ending December 31, (In thousands) 2019 $ 5,236 2020 5,318 2021 5,487 2022 5,877 2023 5,821 2024 and thereafter 89,276 Total $ 117,015 Future contractual minimum rental payments for office leases at December 31, 2018 are as follows: Year Ending December 31, (In thousands) 2019 $ 9,380 2020 9,007 2021 8,617 2022 7,602 2023 7,045 2024 and thereafter 29,615 Total $ 71,266 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Company Loans Receivable | The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans: December 31, 2018 December 31, 2017 ($ 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 $ 643,973 $ 667,590 10.7 % 2.2 $ 1,081,030 $ 1,082,513 9.1 % 2.8 Securitized loans (1) — — — % N/A 35,566 36,603 5.9 % 16.8 Mezzanine loans 357,590 354,326 12.5 % 1.5 459,433 456,463 12.2 % 2.3 Corporate loans 108,944 107,796 12.3 % 5.8 46,840 46,592 9.9 % 10.0 1,110,507 1,129,712 1,622,869 1,622,171 Variable rate Mortgage loans 178,650 179,711 4.3 % 0.1 414,428 423,199 6.0 % 1.7 Securitized loans (1) — — — % N/A 461,489 462,203 6.4 % 3.5 Mezzanine loans 27,772 27,417 13.4 % 2.5 34,391 34,279 9.8 % 1.3 206,422 207,128 910,308 919,681 1,316,929 1,336,840 2,533,177 2,541,852 PCI Loans Mortgage loans 1,324,287 351,646 1,865,423 682,125 Securitized loans — 23,298 3,400 Mezzanine loans 7,425 3,671 7,425 3,671 1,331,712 355,317 1,896,146 689,196 Allowance for loan losses (32,940 ) (52,709 ) 2,648,641 1,659,217 4,429,323 3,178,339 Loans at fair value Securitized loans (2) — — 72,511 45,423 Total loans receivable $ 2,648,641 $ 1,659,217 $ 4,501,834 $ 3,223,762 __________ (1) Represents loans held in securitization trusts consolidated by the Company (Note 15 ). The Company contributed its interests in three securitization trusts to Colony Credit in January 2018 and sold its interests in a remaining securitization trust to a third party in June 2018, resulting in the deconsolidation of these securitization trusts along with their underlying mortgage loans and bonds payable. (2) Represents loans held by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company at December 31, 2017 . The Company had 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 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ) along with the securitization trust consolidated by the N-Star CDO. |
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, 2018 $ 1,052,303 $ — $ 44,392 $ 240,145 $ 1,336,840 December 31, 2017 2,268,599 145,986 9,410 117,857 2,541,852 |
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, 2018 $ 280,337 $ 75,179 $ 206,628 $ 281,807 $ 18,304 December 31, 2017 383,594 138,136 248,759 386,895 7,424 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. Year Ended December 31, (In thousands) 2018 2017 2016 Average carrying value before allowance for loan losses $ 282,325 $ 202,397 $ 90,447 Total interest income recognized during the period impaired 7,127 10,192 3,929 Cash basis interest income recognized 1,190 — — |
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) 2018 2017 2016 Beginning accretable yield $ 42,435 $ 52,572 $ 66,639 Additions — 23,594 22,493 Dispositions (5,484 ) — — Changes in accretable yield 1,882 25,720 31,171 Accretion recognized in earnings (27,911 ) (61,809 ) (65,911 ) Deconsolidation (991 ) — — Effect of changes in foreign exchange rates (311 ) 2,358 (1,820 ) Ending accretable yield $ 9,620 $ 42,435 $ 52,572 |
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, 2018 December 31, 2017 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 18,304 $ 75,179 $ 7,424 $ 138,136 PCI loans 14,636 54,440 45,285 169,789 $ 32,940 $ 129,619 $ 52,709 $ 307,925 Changes in allowance for loan losses is presented below: Year Ended December 31, (In thousands) 2018 2017 2016 Allowance for loan losses at January 1 $ 52,709 $ 67,980 $ 37,571 Contribution to Colony Credit (Note 4) (518 ) — — Deconsolidation (5,983 ) — — Provision for loan losses, net 43,034 19,741 34,864 Charge-off (56,302 ) (35,012 ) (4,455 ) Allowance for loan losses at December 31 $ 32,940 $ 52,709 $ 67,980 |
Provision For Loan Losses By Loan Type | Provision for loan losses by loan type is as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Non-PCI loans $ 22,557 $ 7,534 $ 5,815 PCI loans (1) 20,477 12,207 29,190 Total provision for loan losses, net $ 43,034 $ 19,741 $ 35,005 __________ (1) Net of recoveries in provision for loan losses on PCI loans of $4.1 million and $6.3 million for the year ended December 31, 2018 and 2017 , respectively. There were no recoveries in provision for loan losses on PCI loans for the year ended December 31, 2016. |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Ventures | The Company's investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected, as follows: (In thousands) December 31, 2018 December 31, 2017 Equity method investments Investment ventures $ 2,151,847 $ 1,297,180 Private funds 138,248 229,874 2,290,095 1,527,054 Other equity investments Marketable equity securities of consolidated funds 26,754 35,600 Investment ventures 95,196 89,261 Private funds and retail companies 34,291 38,924 $ 2,446,336 $ 1,690,839 |
Equity Method Investments | The following tables present selected combined financial information of the Company's equity method investees: Selected Combined Balance Sheet Information (In thousands) December 31, 2018 December 31, 2017 Total assets $ 15,499,159 $ 9,537,068 Total liabilities 9,803,705 5,357,936 Owners' equity 5,511,548 3,662,764 Noncontrolling interests 183,906 516,368 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2018 2017 2016 Total revenues $ 1,486,511 $ 1,519,728 $ 819,726 Net income (loss) 220,191 174,222 (32,493 ) Net income (loss) attributable to noncontrolling interests 23,878 (18,381 ) (3,494 ) Net income (loss) attributable to owners 196,313 192,603 (28,999 ) The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below: ($ in thousands) Ownership Interest at December 31, 2018 (1) Carrying Value at Investments Description December 31, 2018 December 31, 2017 Colony Credit Real Estate, Inc. Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (2) 36.6% $ 1,037,754 $ — NorthStar Realty Europe Corp Common equity in publicly traded equity REIT managed by the Company (2) 11.2% 87,696 73,578 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 95,418 105,082 Preferred equity Preferred equity investments with underlying real estate (3) NA 219,913 440,704 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 481,477 331,268 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) Various 110,610 25,101 Private funds—carried interest Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles Various 21,730 — Other investment ventures Interests in 18 investments, each with no more than $66 million carrying value at December 31, 2018 Various 154,412 187,420 Fair value option Interests in initial stage or real estate development ventures and limited partnership interests in private equity funds Various 81,085 363,901 $ 2,290,095 $ 1,527,054 __________ (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) These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and 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. (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 without a stated ownership interest in other ADC investments. |
Debt Securities (Tables)
Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The following table summarizes the Company's investment in debt securities. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2018 Available-for-sale debt securities: N-Star CDO bonds $ 67,513 $ 1,565 $ (4,951 ) $ 64,127 CMBS of consolidated fund 32,706 $ 96,833 December 31, 2017 Available-for-sale debt securities: CRE securities of consolidated N-Star CDOs (2) : CMBS $ 144,476 $ 3,999 $ (530 ) $ 147,945 Other securities (3) 61,302 5,994 (313 ) 66,983 N-Star CDO bonds 88,374 2,778 (219 ) 90,933 CMBS and other securities (1) 13,829 3,739 (186 ) 17,382 307,981 16,510 (1,248 ) 323,243 CMBS of consolidated fund 25,099 $ 348,342 __________ (1) Other securities include a trust preferred security and certain investments in other third party CDO bonds. (2) Carrying value of CDO bonds in consolidated N-Star CDOs was $215.5 million at December 31, 2017 . (3) Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities. |
Realized gains recorded in other gain, net | Realized gains (losses) from sale of debt securities are recorded in other gain (loss), as follows. Year Ended December 31, (In thousands) 2018 2017 Available-for-sale debt securities: Proceeds from sale $ 78,197 $ 30,279 Gross realized gain 11,304 951 Gross realized (loss) (592 ) — |
AFS securities in a gross unrealized loss position | The following table presents AFS debt securities in a gross unrealized loss position: December 31, 2018 December 31, 2017 Less Than 12 Months Less Than 12 Months (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 54,459 (4,951 ) 13,392 (219 ) CMBS and other securities — — 12,956 (186 ) $ 54,459 $ (4,951 ) $ 36,795 $ (1,248 ) |
Purchased credit-impaired debt securities | Certain debt securities acquired by the Company through the Merger, consisting of certain N-Star CDOs, other CDOs and CMBS securities, were considered to be credit-impaired at acquisition, with the following outstanding balance: (In thousands) December 31, 2018 December 31, 2017 Outstanding principal $ 213,929 $ 411,174 Amortized cost 2,757 26,761 Carrying value 3,619 31,789 PCI debt securities 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. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, reflects the estimated future credit losses expected to be incurred over the life of the security and 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. 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 following table presents changes in accretable yield related to these PCI debt securities. Year Ended December 31, (In thousands) 2018 2017 Beginning accretable yield $ 44,610 $ — Assumed through the Merger — 70,283 Accretion recognized in earnings (3,489 ) (12,461 ) Reduction due to payoffs, disposals or deconsolidation (17,081 ) (8,963 ) Net reclassifications to nonaccretable difference (1) (24,040 ) (4,249 ) Ending accretable yield $ — $ 44,610 __________ (1) Includes reclassifications to nonaccretable difference for PCI securities for which cash flows can no longer be reasonably estimated. |
Goodwill, Deferred Leasing Co_2
Goodwill, Deferred Leasing Costs and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following tables present changes in the carrying value of goodwill and the goodwill balance by reportable segment. Year Ended December 31, (In thousands) 2018 2017 2016 Beginning balance $ 1,534,561 $ 680,127 $ 678,267 Business combinations (1) — 1,440,229 1,860 Transfer to held for sale (2) — (20,000 ) — Disposition (3) — (249,795 ) — Impairment — (316,000 ) — Ending balance (4) $ 1,534,561 $ 1,534,561 $ 680,127 __________ (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 in 2017 (Note 10 ). The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (3) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, subsequently transferred to held for sale and sold on December 29, 2017. (4) Total goodwill amount is not deductible for income tax purposes. (In thousands) December 31, 2018 December 31, 2017 Balance by reportable segment: Industrial $ 20,000 $ 20,000 Investment management 1,514,561 1,514,561 $ 1,534,561 $ 1,534,561 |
Schedule of Deferred Leasing Costs and Other Intangibles | The Company's deferred leasing costs, other intangible assets and intangible liabilities are as follows. December 31, 2018 December 31, 2017 (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 $ 267,221 $ (112,673 ) $ 154,548 $ 243,037 $ (98,021 ) $ 145,016 Above-market lease values 129,079 (43,412 ) 85,667 166,571 (34,968 ) 131,603 Below-market ground lease obligations 16,258 (984 ) 15,274 29,625 (316 ) 29,309 Deferred leasing costs 111,486 (46,666 ) 64,820 121,765 (38,389 ) 83,376 Lease incentives 14,576 (1,381 ) 13,195 14,565 (298 ) 14,267 Trade name (2) 15,500 — 15,500 79,700 (3,131 ) 76,569 Investment management contracts 194,698 (92,618 ) 102,080 342,127 (70,394 ) 271,733 Customer relationships 49,291 (15,027 ) 34,264 59,400 (10,421 ) 48,979 Other (3) 59,157 (4,241 ) 54,916 54,061 (2,041 ) 52,020 Total deferred leasing costs and intangible assets $ 857,266 $ (317,002 ) $ 540,264 $ 1,110,851 $ (257,979 ) $ 852,872 Intangible Liabilities Below-market lease values $ 204,066 $ (59,180 ) $ 144,886 $ 214,833 $ (36,426 ) $ 178,407 Above-market ground lease obligations 16,080 (1,580 ) 14,500 13,417 (715 ) 12,702 Total intangible liabilities $ 220,146 $ (60,760 ) $ 159,386 $ 228,250 $ (37,141 ) $ 191,109 __________ (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 twelve months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Amounts are presented net of impairments and write-offs, including contracts written off in connection with the Combination (Notes 4 and 14 ). (2) The Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. The NorthStar trade name, prior to its write-off in June 2018, was amortized over an estimated useful life of 20 years. (3) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with certain hotel properties which are subject to amortization over the term of the respective agreements. |
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) 2018 2017 2016 Above-market lease values $ (29,444 ) $ (25,235 ) $ (8,658 ) Below-market lease values 35,919 40,079 7,089 Lease incentives (1,085 ) (218 ) — Net increase (decrease) to rental income $ 5,390 $ 14,626 $ (1,569 ) Above-market ground lease obligations $ (925 ) $ (752 ) $ 482 Below-market ground lease obligations 669 854 (6 ) Net increase (decrease) to ground rent expense $ (256 ) $ 102 $ 476 In-place lease values $ 45,718 $ 74,560 $ 30,193 Deferred leasing costs 17,749 19,046 13,777 Trade name 1,606 3,682 — Investment management contracts 22,386 38,640 11,446 Customer relationships 4,606 12,514 3,343 Other 2,291 10,215 — Amortization expense $ 94,356 $ 158,657 $ 58,759 |
Schedule of Estimated Annual Amortization Expense | The following table presents the effect of future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale: Year Ending December 31, (In thousands) 2019 2020 2021 2022 2023 2024 and Thereafter Total Net increase (decrease) to rental income $ 10,761 $ 9,553 $ 9,769 $ 8,811 $ 9,003 $ (1,873 ) $ 46,024 Net increase (decrease) to rent expense (226 ) (224 ) (219 ) (216 ) (224 ) 1,883 774 Amortization expense 133,063 56,409 44,376 36,186 31,563 79,913 381,510 |
Assets and Related Liabilitie_2
Assets and Related Liabilities Held For Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disclosure of Long Lived Assets and Liabilities Held-for-sale | The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2018 December 31, 2017 Assets Restricted cash $ 4,060 $ 1,020 Real estate, net 852,402 720,686 Goodwill (1) — 20,000 Intangible assets, net 41,590 37,337 Other assets 43,206 2,587 Total assets held for sale $ 941,258 $ 781,630 Liabilities Secured debt, net (2) $ — $ 196,905 Lease intangibles and other liabilities, net 68,217 76,393 Total liabilities related to assets held for sale $ 68,217 $ 273,298 __________ (1) Goodwill is associated with the broker-dealer business that was held for sale at December 31, 2017 . The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (2) Represents only debt that is expected to be assumed by the buyer upon sale of the related asset. |
Restricted Cash, Other Assets_2
Restricted Cash, Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash, Other Assets And Other Liabilities [Abstract] | |
Schedule of Restricted Cash | The following table summarizes the Company's restricted cash balance: (In thousands) December 31, 2018 December 31, 2017 Capital expenditures reserves (1) $ 215,366 $ 249,612 Real estate escrow reserves (2) 51,352 42,420 Borrower escrow deposits 10,412 41,545 Working capital and other reserves (3) 19,586 23,043 Tenant lock boxes (4) 15,666 16,486 Restricted cash of consolidated N-Star CDOs (5) — 13,656 Other 54,376 84,316 Total restricted cash $ 366,758 $ 471,078 __________ (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) Balance at December 31, 2017 represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs. The Company sold all of its interest in the sponsored N-Star CDOs in May 2018 and deconsolidated the N-Star CDOs. |
Schedule of Allowance for Doubtful Accounts | The following table summarizes the Company's accrued and other liabilities: (In thousands) December 31, 2018 December 31, 2017 Tenant security deposits and payable $ 29,070 $ 27,560 Borrower escrow deposits 13,001 46,231 Deferred income (1) 40,156 42,457 Interest payable 40,648 42,462 Derivative liabilities (Note 13) 132,808 204,848 Contingent consideration—THL Hotel Portfolio (Note 3) 8,903 7,419 Share repurchase payable (2) 7,567 — Current and deferred income tax liability 93,174 166,276 Accrued compensation 81,911 77,483 Accrued carried interest and contractual incentive fee compensation 12,182 — Accrued real estate and other taxes 64,440 77,060 Other accrued expenses 89,745 107,508 Accounts payable and other liabilities 94,316 98,857 Total accrued and other liabilities $ 707,921 $ 898,161 __________ (1) Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $3.2 million at December 31, 2018 and $2.7 million at December 31, 2017 , which will be recognized as fee income on a straight-line basis through 2025 . Adoption of the new revenue recognition standard had resulted in approximately $1.6 million increase to deferred management fee income on January 1, 2018. For the year ended December 31, 2018 , $0.6 million relating to the deferred asset management fee balance at January 1, 2018 was recognized as fee income. (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019. |
Schedule of the Company's Other Assets, Net | The following table summarizes the Company's other assets: (In thousands) December 31, 2018 December 31, 2017 Interest receivable $ 14,005 $ 21,529 Straight-line rents 61,196 45,598 Hotel-related reserves (1) 21,636 29,208 Investment deposits and pending deal costs 34,179 1,706 Deferred financing costs, net (2) 7,870 10,068 Contingent consideration escrow account (3) — 15,730 Derivative assets (Note 13) 33,558 10,152 Prepaid taxes and deferred tax assets, net 71,656 79,063 Receivables from resolution of investments (4) 30,770 15,215 Contributions receivable (5) 55,252 25,501 Accounts receivable (6) 67,005 87,744 Prepaid expenses 26,991 29,526 Other assets 31,267 20,296 Fixed assets, net 47,932 53,632 Total other assets $ 503,317 $ 444,968 __________ (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 (Note 14 ). Upon final measurement of the contingent consideration at the end of its earnout period on June 30, 2018, the final amount of dividends on class A common stock and OP Units payable to the executives was determined to be $6.4 million , which was settled in August 2018, and the remaining escrow balance was released back to the Company. (4) Represents primarily proceeds from loan repayments held in escrow and sales of marketable equity securities pending settlement. (5) Represents contributions receivable from noncontrolling interests in investment entities as a result of capital calls made at period end. (6) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 (3) Junior Subordinated Notes Total Debt December 31, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 9,352,902 $ — $ 280,117 $ 10,249,124 Premium (discount), net — 2,697 (41,217 ) — (81,031 ) (119,551 ) Deferred financing costs — (6,652 ) (82,964 ) — — (89,616 ) $ — $ 612,150 $ 9,228,721 $ — $ 199,086 $ 10,039,957 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 — 3,131 (78,634 ) (87,319 ) (83,064 ) (245,886 ) Deferred financing costs — (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 (4) — — — 44,542 — 44,542 $ 50,000 $ 610,331 $ 9,622,175 $ 348,251 $ 197,053 $ 10,827,810 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $425.9 million at December 31, 2018 and $216.6 million at December 31, 2017 was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 10 ). (3) Represents bonds payable issued by securitization trusts consolidated by the Company at December 31, 2017 (Note 15 ). Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. The Company contributed its interests in three securitization trusts to Colony Credit upon closing of the Combination in the first quarter of 2018. In the second quarter of 2018, the Company sold its equity interests in two securitization trusts to third parties, resulting in a deconsolidation of these securitization trusts, while the underlying assets of the remaining securitization trust was liquidated. At December 31, 2018 , the Company no longer has any consolidated securitization trusts. (4) Debt at fair value at December 31, 2017 represents a securitization trust that was consolidated by a N-Star CDO and the N-Star CDO was in turn consolidated by the Company. The Company had elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. Fixed Rate Variable Rate Total ($ 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, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.0 $ — N/A 2.0 Convertible and exchangeable senior notes 616,105 4.27 % 3.0 — N/A N/A 616,105 4.27 % 3.0 Junior subordinated debt — N/A N/A 280,117 5.66 % 17.4 280,117 5.66 % 17.4 Secured debt (1) 37,199 5.02 % 6.9 — N/A N/A 37,199 5.02 % 6.9 653,304 280,117 933,421 Non-recourse Secured debt (2) Healthcare (3) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 Industrial 1,071,721 3.83 % 10.6 5,474 5.27 % 4.2 1,077,195 3.84 % 10.6 Hospitality 12,019 12.99 % 2.6 2,636,053 5.68 % 3.8 2,648,072 5.71 % 3.8 Other Real Estate Equity 200,814 4.02 % 3.8 1,789,431 4.43 % 3.6 1,990,245 4.39 % 3.7 Real Estate Debt — N/A N/A 359,511 4.50 % 2.4 359,511 4.50 % 2.4 3,415,553 5,900,150 9,315,703 $ 4,068,857 $ 6,180,267 $ 10,249,124 December 31, 2017 Recourse Corporate credit facility $ — N/A N/A $ 50,000 3.51 % 3.0 $ 50,000 3.51 % 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 4.0 — N/A N/A 616,105 4.27 % 4.0 Junior subordinated debt — N/A N/A 280,117 4.56 % 18.4 280,117 4.56 % 18.4 Secured debt (1) 39,219 5.02 % 7.9 — N/A N/A 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 % 3.0 3,288,256 5.03 % 3.0 Industrial 1,014,229 3.50 % 11.4 — N/A N/A 1,014,229 3.50 % 11.4 Hospitality 9,038 11.00 % 3.6 2,599,681 4.67 % 3.7 2,608,719 4.69 % 3.7 Other Real Estate Equity 374,789 4.07 % 5.5 1,841,209 4.02 % 4.4 2,215,998 4.03 % 4.6 Real Estate Debt — N/A N/A 625,748 4.05 % 3.3 625,748 4.05 % 3.3 3,597,124 6,547,057 10,144,181 $ 4,252,448 $ 6,877,174 $ 11,129,622 __________ (1) The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft. (2) Mortgage debt in the healthcare segment and other real estate equity segment with an aggregate outstanding principal of $538.5 million at December 31, 2018 and $384.5 million at December 31, 2017 was either in payment default or was not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders and the tenants to restructure the debt and leases, as applicable, or otherwise refinance the debt. (3) In November 2018, the Company applied proceeds from the refinancing of a select portfolio of medical office buildings to repay in full a $100.5 million floating rate component of a $1.8 billion non-recourse mortgage debt on certain properties in the U.S. healthcare portfolio. The remaining $1.7 billion fixed rate component of the debt is scheduled to mature in December 2019. The Company is currently evaluating its options in connection with the scheduled debt maturity. In the fourth quarter of 2018, the Company impaired the real estate collateralizing the debt by $109.1 million based on a reassessment of the expected hold period, taking into consideration the upcoming debt maturity (see Note 14 ). In pursuing the options available to the Company in connection with the scheduled debt maturity, the Company will continue to re-evaluate certain assumptions, including with respect to the holding period of the real estate collateralizing the debt, which could result in further impairment of the underlying real estate in a future period. At December 31, 2018 , carrying value of the real estate collateralizing the remaining debt maturing in December 2019 was $2.5 billion . |
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 December 31, 2018 December 31, 2017 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 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) Represents 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 Future Minimum Principal Payment | The following table summarizes future scheduled minimum principal payments of debt at December 31, 2018 , based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. 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. (In thousands) Corporate Credit Facility Convertible and Exchangeable Senior Notes Secured Debt Junior Subordinated Notes Total Year Ending December 31, 2019 $ — $ — $ 2,468,980 $ — $ 2,468,980 2020 — — 626,552 — 626,552 2021 — 402,500 945,987 — 1,348,487 2022 — — 2,826,948 — 2,826,948 2023 — 200,000 192,667 — 392,667 2024 and thereafter — 13,605 2,291,768 280,117 2,585,490 Total $ — $ 616,105 $ 9,352,902 $ 280,117 $ 10,249,124 |
Schedule Of Interest Incurred And Capitalized On Real Estate Under Development Or Construction | Total interest incurred on the Company's debt, including interest capitalized on real estate under development or construction beginning in 2018, was as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Interest expensed $ 595,551 $ 574,822 $ 170,083 Interest capitalized 5,554 — — Total interest incurred $ 601,105 $ 574,822 $ 170,083 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 December 31, 2017 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 31,127 $ 1,069 $ 32,196 $ 8,009 $ 975 $ 8,984 Interest rate contracts 862 500 1,362 — 1,168 1,168 Included in other assets $ 31,989 $ 1,569 $ 33,558 $ 8,009 $ 2,143 $ 10,152 Derivative Liabilities Foreign exchange contracts $ 6,193 $ 211 $ 6,404 $ 39,101 $ 5,307 $ 44,408 Interest rate contracts — 126,404 126,404 — 160,440 160,440 Included in accrued and other liabilities $ 6,193 $ 126,615 $ 132,808 $ 39,101 $ 165,747 $ 204,848 |
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, 2018 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 84,549 € 114 Min $1.06/ Max $1.53 October 2019 to November 2020 GBP FX Collar £ 39,881 £ 2,309 Min $1.45 / Max $1.82 June 2019 to December 2019 EUR FX Forward € 431,874 € 14,944 Min $1.10 / Max $1.38 January 2019 to December 2023 GBP FX Forward £ 88,313 £ 26,257 Min $1.24 / Max $1.29 May 2019 to December 2020 |
Schedule of net investment hedges included in accumulated other comprehensive income (loss) | Release of accumulated other comprehensive income ("AOCI") 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 AOCI to other gain (loss) as summarized below. Year Ended December 31, (In thousands) 2018 2017 2016 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 7,426 $ (3,931 ) 62 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. Any unrealized gain or loss on the dedesignated portion of net investment hedges is recorded in other gain (loss). Year Ended December 31, (In thousands) 2018 2017 2016 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ 3,726 $ (3,928 ) 1,600 |
Schedule of interest rate derivatives | At December 31, 2018 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Expiration Interest rate swap (1) $ — $ 2,000,000 3-Month LIBOR 3.39% December 2019 Interest rate caps $ — $ 4,009,957 1-Month LIBOR 3.0% - 4.5% January 2019 to December 2020 Interest rate caps $ — $ 52,155 3-Month LIBOR 2.24% March 2019 Interest rate caps € 247,513 € 441,151 3-Month EURIBOR 0.75% - 1.5% October 2019 to November 2023 Interest rate caps £ — £ 363,716 3-Month GBP LIBOR 1.5% - 2.5% November 2019 to February 2020 Deliverable swap futures $ — $ 19,000 (2) (2) March 2019 __________ (1) Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019. (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. The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts: Year Ended December 31, (In thousands) 2018 2017 2016 Unrealized gain (loss): Cash flow hedge ineffectiveness $ — $ — $ (401 ) Non-designated interest rate contracts 33,307 (15,080 ) (1,455 ) |
Offsetting derivative assets | 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 Pledged December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 ) 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 ) |
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 Pledged December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 ) 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 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected but excluding financial assets under the NAV practical expedient. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Equity securities of consolidated funds 26,754 — — 26,754 Debt securities available for sale — N-Star CDO bonds — — 64,127 64,127 CMBS of consolidated fund — 32,706 — 32,706 Other assets—derivative assets — 33,558 — 33,558 Liabilities Other liabilities — derivative liabilities — 132,808 — 132,808 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,903 8,903 Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Loans receivable—securitized loans $ — $ — $ 45,423 $ 45,423 Equity method investments — — 363,901 363,901 Equity securities of consolidated fund 35,600 — — 35,600 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 — — 17,382 17,382 CMBS of consolidated fund — 25,099 — 25,099 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 |
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, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously 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 recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, 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, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) Not applicable Not applicable Not applicable Equity method investments—other 21,831 Discounted cash flows Discount rate 17.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.8x Increase Equity method investments—other 28,346 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 64,127 Discounted cash flows Discount rate 21.6% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,903 Discounted cash flows Discount rate 20.0% Decrease December 31, 2017 Level 3 Assets Equity method investments—third party private equity funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Equity method investments—other 26,408 Discounted cash flows Discount rate 14.2% Decrease Equity method investments—other 132,719 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Level 3 Liabilities Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (4) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease __________ (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) Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag. (3) Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales. (4) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2018 PSU Grant Expected volatility of the Company's class A common stock (1) 38 % Expected annual dividend yield (2) 7.6 % Risk-free rate (per annum) (3) 2.44 % __________ (1) Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group. (2) Based on an average of the Company's current and historical dividend yields. (3) Based on the prevailing 3-year zero coupon US Treasury yield on grant date. |
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. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Equity Method Investments Securities Debt Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain in earnings — — — — 11,740 — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Unrealized gain related to balance recorded 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, contributions or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized losses in earnings — — (38,885 ) — — — Unrealized gains: 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 $ 363,901 $ 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 (loss) $ — $ — $ 15,261 $ — $ — $ — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 61,113 21,049 — — — Paydowns, distributions or sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities into equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to Colony Credit (Note 4) — (26,134 ) — — — — Realized gains in earnings — 3,208 3,877 — — — Unrealized gains (losses): In earnings (715 ) (67 ) — 57 1,730 (1,484 ) In other comprehensive income (loss) — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) In other comprehensive income (loss) $ — $ — $ (3,386 ) $ — $ — $ — |
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. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Equity Method Investments Securities Debt Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain in earnings — — — — 11,740 — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Unrealized gain related to balance recorded 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, contributions or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized losses in earnings — — (38,885 ) — — — Unrealized gains: 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 $ 363,901 $ 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 (loss) $ — $ — $ 15,261 $ — $ — $ — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 61,113 21,049 — — — Paydowns, distributions or sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities into equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to Colony Credit (Note 4) — (26,134 ) — — — — Realized gains in earnings — 3,208 3,877 — — — Unrealized gains (losses): In earnings (715 ) (67 ) — 57 1,730 (1,484 ) In other comprehensive income (loss) — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) In other comprehensive income (loss) $ — $ — $ (3,386 ) $ — $ — $ — |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | Investments in retail companies, which include a Company-sponsored non-traded REIT and a third party managed open-end mutual fund, as well as limited partnership interest in a third party private fund are valued using NAV of the respective vehicles effective January 1, 2018. December 31, 2018 (In thousands) Fair Value Unfunded Commitments Private fund—real estate $ 12,617 $ 13,658 Retail Companies—real estate 21,674 — |
Fair Value Measurements, Nonrecurring | The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. December 31, 2018 December 31, 2017 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 68,864 $ 200,281 $ 269,145 $ 13,252 $ 36,246 $ 49,498 Real estate held for investment — 416,272 416,272 — 224,935 224,935 Intangible assets—investment management contracts — 36,400 36,400 — 51,100 51,100 Equity method investments — 32,761 32,761 — 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) 2018 2017 2016 Impairment loss Real estate held for sale $ 77,211 $ 25,619 $ 11,334 Real estate held for investment 280,418 19,668 57 Intangible assets—lease intangibles 12,744 — — Intangible assets—investment management contracts 147,429 59,073 320 Intangible assets—customer relationships 10,109 — — Intangible assets—trade name 59,464 — — Equity method earnings 61,182 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. 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. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Loans at amortized cost $ — $ — $ 1,667,892 $ 1,667,892 $ 1,659,217 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 547,300 13,095 — 560,395 612,150 Secured debt — — 9,218,692 9,218,692 9,228,721 Junior subordinated debt — — 169,619 169,619 199,086 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 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 the Company's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all periods prior to January 10, 2017 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, 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 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units (4) — 2,074 — Shares issued for settlement of contingent consideration—Internalization (Note 14) — 15 40 Conversion of class B to class A common stock — 42 (42 ) Repurchase of common stock — (61,418 ) Equity-based compensation, net of forfeitures — 3,394 — Shares canceled for tax withholding on vested stock awards — (3,359 ) — Shares outstanding at December 31, 2018 57,464 483,347 734 __________ (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 the Company, as the surviving combined entity, as consideration for the Merger. However, as the Merger was 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 issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company 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. (4) Includes 572,567 shares of class A common stock issued upon redemption of an equivalent number of OP Units that were issued for settlement of the contingent consideration in connection with the Internalization (Note 17 ). 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, 2018 : 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 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 57,464 $ 575 $ 1,436,605 __________ (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, 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 Cumulative effect of adoption of new accounting pronouncements (202 ) — — — — (202 ) Other comprehensive income (loss) before reclassifications (1,785 ) (16,238 ) (91 ) (46,183 ) 34,113 (30,184 ) Amounts reclassified from AOCI — (3,951 ) — 6,870 (8,446 ) (5,527 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 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, 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 Other comprehensive income (loss) before reclassifications — (390 ) (39,621 ) 8,696 (31,315 ) Amounts reclassified from AOCI — — 73 (2,179 ) (2,106 ) AOCI at December 31, 2018 $ — $ (390 ) $ (600 ) $ 9,644 $ 8,654 |
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 2018 2017 2016 Realized gain (loss) on marketable securities $ 10,100 $ (5,285 ) $ 46 Other gain (loss), net Other-than-temporary impairment and write-offs of securities (6,149 ) (31,259 ) — Other gain (loss), net Deconsolidation of N-Star CDO (2,596 ) — — — Other gain (loss), net Unrealized gain on ineffective cash flow hedge — — (197 ) Other gain (loss), net Release of cumulative translation adjustments (6,870 ) 2,489 67 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 1,454 (1,829 ) 634 Other gain (loss), net Realized gain (loss) on net investment hedges 6,992 (3,718 ) 52 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures — (81 ) — Earnings from investments in unconsolidated ventures |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The following table presents a summary of changes in redeemable noncontrolling interests: Year Ended December 31, (In thousands) 2018 2017 Beginning balance $ 34,144 $ — Assumed through the Merger — 78,843 Assumed through consolidation of sponsored private fund — 24,763 Contributions 354 8,550 Distributions and redemptions (21,405 ) (100,830 ) Net income (loss) (3,708 ) 23,543 Currency translation adjustment and other — (725 ) Ending balance $ 9,385 $ 34,144 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations, Net Income (Loss) | The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 Net income generated from operations of these held for sale asset groups is presented below. There were no discontinued operations during the year ended December 31, 2016 . Year Ended December 31, (In thousands) 2018 2017 Revenues Property operating income $ 1,186 $ 43,269 Other income — 2,352 Expenses Property operating expenses 1,159 20,530 Interest expense — 9,028 Loss on sale of real estate assets — 2,108 Other expenses 129 400 Net income (loss) from discontinued operations (102 ) 13,555 Income tax expense — — Net income (loss) from discontinued operations after tax (102 ) 13,555 Net income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities (45 ) 427 Noncontrolling interests in Operating Company (4 ) 31 Net income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (53 ) $ 13,097 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Net income (loss) allocated to common stockholders Income (loss) from continuing operations $ (495,073 ) $ (78,168 ) $ 290,726 Income (loss) from discontinued operations (102 ) 13,555 — Net income (loss) (495,175 ) (64,613 ) 290,726 Net (income) loss attributable to noncontrolling interests: Redeemable noncontrolling interests 3,708 (23,543 ) — Investment entities (67,994 ) (129,996 ) (163,084 ) Operating Company 39,854 20,261 (12,324 ) Net income (loss) attributable to Colony Capital, Inc. (519,607 ) (197,891 ) 115,318 Preferred stock redemption 3,995 (4,530 ) — Preferred dividends (117,097 ) (130,672 ) (48,159 ) Net income (loss) attributable to common stockholders (632,709 ) (333,093 ) 67,159 Net income allocated to participating securities (2,504 ) (9,168 ) (2,293 ) Net income (loss) allocated to common stockholders—basic (635,213 ) (342,261 ) 64,866 Interest expense attributable to convertible notes (1) — — — Net income (loss) allocated to common stockholders—diluted $ (635,213 ) $ (342,261 ) $ 64,866 Weighted average common shares outstanding (2) Weighted average number of common shares outstanding—basic 496,993 532,600 164,570 Weighted average effect of dilutive shares (1)(3)(4) — — — Weighted average number of common shares outstanding—diluted 496,993 532,600 164,570 Basic earnings (loss) per share Income (loss) from continuing operations $ (1.28 ) $ (0.66 ) $ 0.39 Income from discontinued operations — 0.02 — Net income (loss) attributable to common stockholders per basic common share $ (1.28 ) $ (0.64 ) $ 0.39 Diluted earnings (loss) per share Income (loss) from continuing operations $ (1.28 ) $ (0.66 ) $ 0.39 Income from discontinued operations — 0.02 — Net income (loss) attributable to common stockholders per diluted common share $ (1.28 ) $ (0.64 ) $ 0.39 __________ (1) For the years ended December 31, 2018 , 2017 and 2016 , excluded from the calculation of diluted earnings per share is the effect of adding back $28.6 million , $28.9 million and $27.3 million of interest expense, respectively, and 38,112,100 , 38,564,400 and 36,582,700 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 the Company. Accordingly, the historical share counts used to calculate the weighted average number of shares post-Merger reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date. (3) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 571,500 , 534,100 and 0 for the years ended December 31, 2018 , 2017 and 2016 , as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 21 ) of 532,900 for the year ended December 31, 2018 , as the effect would be antidilutive. (4) 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, 2018 , 2017 and 2016 , there were 31,358,500 , 32,282,500 and 30,296,100 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. |
Fee Income (Tables)
Fee Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Asset Management and Other Fees | The Company's fee income is earned from the following sources: Year Ended December 31, (In thousands) 2018 2017 2016 Institutional funds $ 56,002 $ 60,988 $ 67,731 Non-traded REITs 29,597 88,081 — Public companies (Colony Credit, NRE) 65,258 14,003 — Broker-dealer, Townsend and other clients 964 57,717 — $ 151,821 $ 220,789 $ 67,731 The following table presents the Company's fee income by type: Year Ended December 31, (In thousands) 2018 2017 2016 Base management fees ($137,762, $165,436 and $63,212 from affiliates, respectively) $ 138,784 $ 183,838 $ 63,212 Asset management fees—from affiliates 2,078 3,069 4,519 Acquisition and disposition fees—from affiliates 1,922 16,237 — Incentive fees ($5,445, $172, $0 from affiliates, respectively) 5,445 1,043 — Other fee income ($3,389, $0 and $0 from affiliates, respectively) 3,592 16,602 — Total fee income $ 151,821 $ 220,789 $ 67,731 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | 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, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously 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 recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, 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, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) Not applicable Not applicable Not applicable Equity method investments—other 21,831 Discounted cash flows Discount rate 17.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.8x Increase Equity method investments—other 28,346 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 64,127 Discounted cash flows Discount rate 21.6% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,903 Discounted cash flows Discount rate 20.0% Decrease December 31, 2017 Level 3 Assets Equity method investments—third party private equity funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Equity method investments—other 26,408 Discounted cash flows Discount rate 14.2% Decrease Equity method investments—other 132,719 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Level 3 Liabilities Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (4) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease __________ (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) Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag. (3) Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales. (4) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2018 PSU Grant Expected volatility of the Company's class A common stock (1) 38 % Expected annual dividend yield (2) 7.6 % Risk-free rate (per annum) (3) 2.44 % __________ (1) Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group. (2) Based on an average of the Company's current and historical dividend yields. (3) Based on the prevailing 3-year zero coupon US Treasury yield on grant date. |
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) 2018 2017 2016 Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right) $ 41,876 $ 149,820 $ 13,638 Earnings from investments in unconsolidated ventures — 61 — Investment and servicing expense — 4,070 — $ 41,876 $ 153,951 $ 13,638 |
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan | Changes in the Company’s unvested equity awards are summarized below: Weighted Average Grant Date Fair Value Restricted Stock LTIP Units DSUs PSUs (1) Total PSUs All Other Awards Unvested shares and units at December 31, 2017 9,149,516 3,506,387 78,267 — 12,734,170 $ — $ 14.53 Granted 3,605,137 — 263,506 2,138,858 6,007,501 5.09 6.19 Vested (7,121,545 ) (3,506,387 ) (158,639 ) — (10,786,571 ) — 14.27 Forfeited (211,018 ) — — (94,909 ) (305,927 ) 5.09 11.42 Unvested shares and units at December 31, 2018 5,422,090 — 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 __________ (1) Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period. No PSUs were granted during 2017 and 2016. |
Transactions with Affiliates (T
Transactions with Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Disclosures | Cost reimbursements, included in other income, were as follows. These amounts include $4.0 million for the year ended December 31, 2018 of costs incurred by the Company and reimbursed by its managed private funds that are presented gross on the consolidated statement of operations beginning in 2018 pursuant to the new revenue recognition guidance (Note 2 ). Year Ended December 31, (In thousands) 2018 2017 2016 Retail companies $ 4,672 $ 19,545 $ — Public companies—NRE and Colony Credit 10,747 — — Private funds and other 9,198 3,779 4,296 Equity awards of NRE and Colony Credit (Note 21) 10,078 — — Townsend — 2,306 — $ 34,695 $ 25,630 $ 4,296 Amounts due from and due to affiliates consist of the following: (In thousands) December 31, 2018 December 31, 2017 Due from Affiliates Investment vehicles and unconsolidated ventures Fee income $ 34,429 $ 19,366 Cost reimbursements and recoverable expenses 10,754 30,749 Employees and other affiliates 596 1,403 $ 45,779 $ 51,518 Due to Affiliates Investment vehicles and unconsolidated ventures $ — $ 2,884 Employees — 20,650 $ — $ 23,534 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income Tax Benefit (Expense) Year ended December 31, (In thousands) 2018 2017 2016 Current Federal $ 2,881 $ (20,316 ) $ (2,720 ) State and local 1,168 (3,606 ) (1,436 ) Foreign (13,698 ) (16,138 ) (8,244 ) Total current tax benefit (expense) (9,649 ) (40,060 ) (12,400 ) Deferred Federal 64,962 110,711 6,214 State and local 1,320 18,235 (713 ) Foreign 3,148 9,513 2,117 Total deferred tax benefit 69,430 138,459 7,618 Total income tax benefit (expense) $ 59,781 $ 98,399 $ (4,782 ) |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and deferred tax liabilities arising from temporary differences were as follows. (In thousands) December 31, 2018 December 31, 2017 Deferred tax assets Net operating and capital loss carry forwards (1) $ 56,609 $ 30,019 Equity-based compensation 17,162 28,071 Basis difference — investment in partnerships 7,745 — Foreign tax credits (2) 892 1,682 Straight-line and prepaid rent expense 7,850 3,601 Deferred income — 1,932 Deferred interest expense 472 1,924 Other 2,904 7,947 Gross deferred tax assets 93,634 75,176 Valuation allowance (3) (22,062 ) (23,852 ) Deferred tax assets, net of valuation allowance 71,572 51,324 Deferred tax liabilities Management contract intangibles 33,693 90,605 Basis difference — investment in partnerships — 5,822 Basis difference — real estate 63,901 68,687 Deferred income 1,263 — Other 108 1,643 Gross deferred tax liabilities 98,965 166,757 Net deferred tax liability $ (27,393 ) $ (115,433 ) __________ (1) At December 31, 2018 and 2017 , deferred tax asset was recognized on net operating losses of $251.2 million and $121.3 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2030 , or can be carried forward indefinitely. Net operating losses attributable to foreign operations can generally be carried forward indefinitely. (2) Foreign tax credits expire beginning 2026 . (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 Act. |
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) 2018 2017 2016 Income (loss) from continuing and discontinued operations before income taxes $ (554,956 ) $ (163,012 ) $ 295,508 Pre-tax income attributable to pass-through subsidiaries 312,939 (89,104 ) (306,644 ) Pre-tax loss attributable to taxable subsidiaries (242,017 ) (252,116 ) (11,136 ) Federal tax benefit at statutory tax rate (21%, 35% and 35%, respectively) 50,824 88,241 3,365 State and local income taxes, net of federal income tax benefit 10,983 9,380 88 Foreign income tax differential (3,533 ) 6 (5,441 ) Nondeductible expenses (4,648 ) (20,372 ) (1,128 ) Excess inclusion income tax expense — — (1,311 ) Valuation allowance, net 2,874 (3,555 ) (692 ) Impact of Tax Cuts and Jobs Act 2,190 24,908 — Other 1,091 (209 ) 337 Income tax benefit (expense) $ 59,781 $ 98,399 $ (4,782 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments | At December 31, 2018 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Year Ending December 31, (In thousands) 2019 $ 5,236 2020 5,318 2021 5,487 2022 5,877 2023 5,821 2024 and thereafter 89,276 Total $ 117,015 Future contractual minimum rental payments for office leases at December 31, 2018 are as follows: Year Ending December 31, (In thousands) 2019 $ 9,380 2020 9,007 2021 8,617 2022 7,602 2023 7,045 2024 and thereafter 29,615 Total $ 71,266 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2018 Total revenues $ 592,455 $ 290,956 $ 849,513 $ — $ 739,167 $ 183,946 $ 9,239 $ 2,665,276 Property operating expenses 271,166 83,003 563,453 — 316,037 — — 1,233,659 Interest expense 194,898 42,713 153,395 — 150,032 — 54,513 595,551 Depreciation and amortization 164,389 129,104 144,528 — 99,525 28,653 6,207 572,406 Provision for loan losses 213 — — — 42,821 — — 43,034 Impairment loss 217,524 948 72,469 — 79,432 217,850 — 588,223 Gain on sale of real estate — 7,633 — — 159,598 — — 167,231 Equity method earnings (losses) — — — (65,366 ) 99,400 (43,435 ) — (9,401 ) Equity method earnings—carried interest — — — — — 19,961 — 19,961 Income tax benefit (expense) (4,991 ) (40 ) 9,875 — (4,298 ) 59,030 205 59,781 Income (loss) from continuing operations (283,516 ) 26,749 (90,581 ) (65,366 ) 268,870 (128,255 ) (222,974 ) (495,073 ) Loss from discontinued operations — — — — (102 ) — — (102 ) Net income (loss) (283,516 ) 26,749 (90,581 ) (65,366 ) 268,768 (128,255 ) (222,974 ) (495,175 ) Net income (loss) attributable to Colony Capital, Inc. (199,277 ) 4,246 (82,798 ) (61,457 ) 143,065 (120,286 ) (203,100 ) (519,607 ) (In thousands) Healthcare Industrial Hospitality CLNC 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 Equity method earnings — — — — 265,079 20,072 — 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 ) 37,497 (9,863 ) — 567,752 (170,168 ) (438,619 ) (78,168 ) Income from discontinued operations — — — — 995 — 12,560 13,555 Net income (loss) (64,767 ) 37,497 (9,863 ) — 568,747 (170,168 ) (426,059 ) (64,613 ) Net income (loss) attributable to Colony Capital, Inc. (51,428 ) 12,537 (9,199 ) — 426,052 (182,038 ) (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 Equity method earnings — — — — 97,188 2,187 — 99,375 Income tax benefit (expense) — (586 ) — — (10,143 ) 6,608 (661 ) (4,782 ) Net income (loss) — (3,003 ) — — 431,903 21,229 (159,403 ) 290,726 Net income (loss) attributable to Colony Capital, Inc. — (911 ) — — 226,202 17,903 (127,876 ) 115,318 |
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 CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total December 31, 2018 Total assets $ 5,395,550 $ 3,185,906 $ 3,980,988 $ 1,037,754 $ 6,371,999 $ 1,983,911 $ 259,141 $ 22,215,249 Equity method investments — — — 1,037,754 1,054,295 194,304 3,742 2,290,095 December 31, 2017 Total assets $ 5,813,552 $ 2,810,135 $ 4,094,596 $ — $ 9,251,963 $ 2,714,840 $ 100,564 $ 24,785,650 Equity method investments — — — — 1,315,670 207,642 3,742 1,527,054 |
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) 2018 2017 2016 Total income by geography: United States $ 2,311,230 $ 2,741,862 $ 732,928 Europe 329,609 310,783 194,923 Other 302 3,610 6,083 Total (1) $ 2,641,141 $ 3,056,255 $ 933,934 (In thousands) December 31, 2018 December 31, 2017 Long-lived assets by geography: United States $ 12,454,871 $ 13,244,197 Europe 1,600,623 1,749,282 Total (2) $ 14,055,494 $ 14,993,479 __________ (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, assets held for sale and investment management related intangible assets. |
Long-lived Assets by Geographic Areas | (In thousands) December 31, 2018 December 31, 2017 Long-lived assets by geography: United States $ 12,454,871 $ 13,244,197 Europe 1,600,623 1,749,282 Total (2) $ 14,055,494 $ 14,993,479 __________ (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, assets held for sale and investment management related intangible assets. |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Year Ended December 31, (In thousands) 2018 2017 2016 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized $ 507,495 $ 452,726 $ 118,365 Cash paid for income taxes, net of refunds 14,476 53,017 7,190 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 84,013 $ 188,202 $ 65,972 Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4) 936,547 — — Redemption of OP Units for common stock 29,034 22,831 18,571 Improvements in operating real estate in accrued and other liabilities 2,249 18,221 — Deconsolidation of net assets of securitization trusts (Note 15) 131,386 — — Increase in contributions receivable from noncontrolling interests 29,721 — — Assets held for sale contributed to equity method investee 20,350 — — Deferred tax liabilities assumed by buyer of related real estate 26,629 — — Debt assumed by buyer in sale of real estate 196,416 1,258,558 — Foreclosures and exchanges of loans receivable for real estate 47,097 54,615 128,124 Share repurchase payable 7,567 — — Proceeds from loan repayments and asset sales held in escrow 19,425 27,426 — Distributions payable to noncontrolling interests included in other liabilities 19,297 10,786 — Net assets of investment entity deconsolidated, net of cash and restricted cash contributed — 153,368 — Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — 66,020 — Assets acquired in Merger, net of cash and restricted cash assumed (Note 3) — 16,684,675 — 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 — Year Ended December 31, (In thousands) 2018 2017 2016 Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3) — 219,278 — Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed (Note 3) — 326,679 — Net assets of sponsored fund consolidated, net of cash and restricted cash assumed (Note 15) — 13,370 — Contributions receivable from noncontrolling interests 25,501 — Exchange of notes for class A common shares — 3,279 — Assets of consolidated securitization trust — 58,296 — Liabilities of consolidated securitization trust — 56,928 — Net settlement of redemption and investment in equity method investee — — 117,241 |
Business and Organization (Deta
Business and Organization (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Aug. 25, 2017 | |
Business Acquisition [Line Items] | |||
Assets under management | $ 43,000 | $ 43,000 | |
Restructuring costs | 19.3 | ||
Parent | Colony Capital Operating Company, LLC | |||
Business Acquisition [Line Items] | |||
General partner ownership percent | 93.90% | ||
Certain Employees | Colony Capital Operating Company, LLC | |||
Business Acquisition [Line Items] | |||
Senior management ownership percent | 6.10% | ||
Combination Agreement | Minimum | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 38.00% | ||
Combination Agreement | Maximum | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 100.00% | ||
Employee Severance | |||
Business Acquisition [Line Items] | |||
Restructuring costs | 14.5 | ||
Accelerated Equity-Based Compensation | |||
Business Acquisition [Line Items] | |||
Restructuring costs | $ 4.7 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Merger (Details) | Jan. 10, 2017 | Jan. 10, 2017 | Dec. 31, 2018 |
Colony NorthStar | Class A Common Stock | |||
Business Acquisition [Line Items] | |||
Business combination, stock exchange, conversion ratio | 1.4663 | 1.4663 | 1.4663 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||||||
OP Units to common stock, conversion ratio | 1 | |||||
Marketable equity securities | $ 26,754 | $ 35,600 | ||||
Carried interest and incentive compensation | 12,181 | 0 | $ 0 | |||
Net income attributable to noncontrolling interests in investment entities | $ 67,994 | 129,996 | $ 163,084 | |||
Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Lag period for recording proportionate share of income for equity method investments | 1 month | |||||
Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Lag period for recording proportionate share of income for equity method investments | 3 months | |||||
Building, Fee Interest | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 15 years | |||||
Building, Fee Interest | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 45 years | |||||
Land Improvements | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 6 years | |||||
Land Improvements | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 20 years | |||||
Furniture, Fixtures and Equipment | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 3 years | |||||
Furniture, Fixtures and Equipment | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 20 years | |||||
Furniture, Fixtures, Equipment and Capitalized Software | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 3 years | |||||
Furniture, Fixtures, Equipment and Capitalized Software | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Aircraft | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 15 years | |||||
Incentive fees ($5,445, $172, $0 from affiliates, respectively) | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Percent of fees allocated to employees | 40.00% | |||||
Incentive fees ($5,445, $172, $0 from affiliates, respectively) | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Percent of fees allocated to employees | 50.00% | |||||
Scenario, Adjustment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Marketable equity securities | $ 35,600 | |||||
Carried interest and incentive compensation | $ 3,500 | $ 1,100 | $ 900 | |||
Net income attributable to noncontrolling interests in investment entities | $ 3,500 | $ 1,100 | $ 900 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Adoption of New Revenue Recognition Guidance (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred asset management fee income | $ 3,200 | $ 2,700 | |||
Retained earnings (accumulated deficit) | (2,018,302) | (1,165,412) | |||
Net cash provided by operating activities | 506,965 | 582,546 | $ 405,172 | ||
Net cash provided by (used in) investing activities | (268,213) | 1,666,387 | 215,457 | ||
Net cash used in financing activities | (788,404) | (1,364,381) | (491,251) | ||
Accounting Standards Update 2016-01 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings (accumulated deficit) | $ 600 | ||||
Available-for-sale securities, gross unrealized gain | 200 | ||||
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] | |||||
Deferred asset management fee income | $ 1,600 | ||||
Asset Management | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue from contract with customer | $ 700 | ||||
Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net cash provided by operating activities | 549,617 | 408,361 | |||
Net cash provided by (used in) investing activities | 1,331,542 | 251,812 | |||
Net cash used in financing activities | $ (1,346,505) | $ (465,957) | |||
Subsequent Event | Minimum | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Discounted estimated incremental borrowing rate | 5.00% | ||||
Subsequent Event | Maximum | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Discounted estimated incremental borrowing rate | 5.80% | ||||
Office leases | Subsequent Event | Minimum | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Lease liability, estimated adjustment | $ 55,000 | ||||
Office leases | Subsequent Event | Maximum | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Lease liability, estimated adjustment | 65,000 | ||||
Ground Leases | Subsequent Event | Minimum | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Lease liability, estimated adjustment | 65,000 | ||||
Ground Leases | Subsequent Event | Maximum | Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Lease liability, estimated adjustment | $ 75,000 |
Business Combinations - Merger
Business Combinations - Merger with NSAM and NRF (Narrative) (Details) | Jan. 10, 2017 | Jan. 10, 2017 | Apr. 02, 2015 | Dec. 31, 2018 |
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% | 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% | 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% | 33.90% | ||
NRF | Colony NorthStar | Class A Common Stock | ||||
Business Acquisition [Line Items] | ||||
Business combination, stock exchange, conversion ratio | 1.0996 |
Business Combinations - Merge_2
Business Combinations - Merger Consideration (Narrative) (Details) $ / shares in Units, $ in Thousands | Jan. 10, 2017USD ($)$ / sharesshares | Jan. 10, 2017USD ($)$ / shares | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 29, 2017 |
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 | 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 and NRF | |||||
Business Acquisition [Line Items] | |||||
Cash assumed | $ 437,400 | $ 437,400 | $ 260,609 | ||
Management agreement, off-market component, value | $ 1,500,000 | $ 1,500,000 | 1,514,085 | ||
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% | ||||
NSAM | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Ownership interest acquired | 32.85% | 32.85% | |||
Colony Capital, Inc. | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Dividend payable assumed in merger | $ 226,100 | $ 226,100 | |||
Payroll tax liability assumed in merger | $ 78,900 | $ 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 | $ 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 Capital, Inc. | 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% | 84.00% | 84.00% |
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 | Jan. 10, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015shares |
Business Acquisition [Line Items] | ||||||
Total merger consideration | $ | $ 6,720,454 | $ 1,102,763 | $ 462,341 | |||
Number of shares outstanding (in shares) | 39,466 | 39,466 | 57,464 | 65,464 | ||
Fair Value | $ | $ 1,010,320 | $ 1,010,320 | $ 575 | |||
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) | 57,464 | 65,464 | 25,030 | 25,030 | ||
Series A 8.75% | ||||||
Business Acquisition [Line Items] | ||||||
Price per share (in dollars per share) | $ / shares | $ 25.61 | $ 25.61 | ||||
Dividend rate per annum, preferred stock | 8.75% | |||||
Number of shares outstanding (in shares) | 2,467 | 2,467 | ||||
Fair Value | $ | $ 63,182 | $ 63,182 | ||||
Series B 8.25% | ||||||
Business Acquisition [Line Items] | ||||||
Price per share (in dollars per share) | $ / shares | $ 25.15 | $ 25.15 | ||||
Dividend rate per annum, preferred stock | 8.25% | |||||
Number of shares outstanding (in shares) | 13,999 | 13,999 | 6,114 | |||
Fair Value | $ | $ 352,004 | $ 352,004 | $ 61 | |||
Series C 8.875% | ||||||
Business Acquisition [Line Items] | ||||||
Price per share (in dollars per share) | $ / shares | $ 25.80 | $ 25.80 | ||||
Dividend rate per annum, preferred stock | 8.875% | |||||
Number of shares outstanding (in shares) | 5,000 | 5,000 | ||||
Fair Value | $ | $ 128,995 | $ 128,995 | ||||
Series D 8.50% | ||||||
Business Acquisition [Line Items] | ||||||
Price per share (in dollars per share) | $ / shares | $ 25.82 | $ 25.82 | ||||
Dividend rate per annum, preferred stock | 8.50% | |||||
Number of shares outstanding (in shares) | 8,000 | 8,000 | ||||
Fair Value | $ | $ 206,597 | $ 206,597 | ||||
Series E 8.75% | ||||||
Business Acquisition [Line Items] | ||||||
Price per share (in dollars per share) | $ / shares | $ 25.95 | $ 25.95 | ||||
Dividend rate per annum, preferred stock | 8.75% | |||||
Number of shares outstanding (in shares) | 10,000 | 10,000 | 10,000 | |||
Fair Value | $ | $ 259,542 | $ 259,542 | $ 100 | |||
Colony | Class A Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Equity issued as part of merger consideration (in shares) | 267,376 | |||||
Price per share (in dollars per share) | $ / shares | $ 21.52 | $ 21.52 | ||||
Fair value of stock issued | $ | $ 5,753,929 | |||||
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 | 2,700 | ||||
NRF | ||||||
Business Acquisition [Line Items] | ||||||
Closing price of NRF common stock (in dollars per share) | $ / shares | $ 16.13 | $ 16.13 | ||||
Colony Capital, Inc. | Preferred stock | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of stock issued | $ | $ 1,010,320 | |||||
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 | |||||
Price per share (in dollars per share) | $ / shares | $ 21.52 | 21.52 | ||||
Fair value of stock issued | $ | $ 2,795,890 | |||||
NSAM | NSAM | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of NRF stock owned by NSAM | $ | (43,795) | |||||
NSAM | Colony Capital, Inc. | Preferred stock | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of stock issued | $ | $ 0 | |||||
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 | |||||
Price per share (in dollars per share) | $ / shares | $ 21.52 | $ 21.52 | ||||
Fair value of stock issued | $ | $ 2,958,039 | |||||
NRF | NSAM | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of NRF stock owned by NSAM | $ | 0 | |||||
NRF | Colony Capital, Inc. | Preferred stock | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of stock issued | $ | $ 1,010,320 | |||||
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 - Sched_2
Business Combinations - Schedule of Fair Values and Allocation of the Merger (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 10, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||||
Identifiable intangible assets | $ 82,985 | $ 32,101 | |||
Liabilities | |||||
Intangible liabilities | 7,560 | 4,677 | |||
Goodwill | $ 1,534,561 | 1,534,561 | $ 680,127 | $ 678,267 | |
NSAM and NRF | |||||
Assets | |||||
Cash and cash equivalents | 260,609 | $ 437,400 | |||
Restricted cash | 176,814 | ||||
Real estate | 9,874,406 | ||||
Loans receivable | 359,541 | ||||
Investments in unconsolidated ventures | 620,782 | ||||
Securities | 430,625 | ||||
Identifiable intangible assets | 1,014,107 | ||||
Management agreement between NSAM and NRF | 1,514,085 | ||||
Assets held for sale | 2,096,671 | ||||
Other assets | 774,458 | ||||
Total assets | 17,122,098 | ||||
Liabilities | |||||
Debt | 6,723,222 | ||||
Intangible liabilities | 213,218 | ||||
Noncontrolling interests—investment entities | 1,514,085 | $ 1,500,000 | |||
Liabilities related to assets held for sale | 1,281,406 | ||||
Tax liabilities | 229,833 | ||||
Accrued and other liabilities | 1,287,419 | ||||
Liabilities assumed | 11,249,183 | ||||
Redeemable noncontrolling interests | 78,843 | ||||
Noncontrolling interests—investment entities | 505,685 | ||||
Noncontrolling interests—Operating Company | 8,162 | ||||
Fair value of net assets acquired | 5,280,225 | ||||
Merger consideration | 6,720,454 | ||||
Goodwill | 1,440,229 | ||||
NSAM | |||||
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 | 1,514,085 | ||||
Assets held for sale | 0 | ||||
Other assets | 93,455 | ||||
Total assets | 2,548,227 | ||||
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 | 1,311,866 | ||||
Merger consideration | 2,752,095 | ||||
Goodwill | 1,440,229 | ||||
NRF | |||||
Assets | |||||
Cash and cash equivalents | 107,751 | ||||
Restricted cash | 158,762 | ||||
Real estate | 9,874,406 | ||||
Loans receivable | 331,056 | ||||
Investments in unconsolidated ventures | 544,111 | ||||
Securities | 427,560 | ||||
Identifiable intangible assets | 352,551 | ||||
Management agreement between NSAM and NRF | 0 | ||||
Assets held for sale | 2,096,671 | ||||
Other assets | 681,003 | ||||
Total assets | 14,573,871 | ||||
Liabilities | |||||
Debt | 6,723,222 | ||||
Intangible liabilities | 213,218 | ||||
Noncontrolling interests—investment entities | 1,514,085 | ||||
Liabilities related to assets held for sale | 1,281,406 | ||||
Tax liabilities | 60,446 | ||||
Accrued and other liabilities | 307,450 | ||||
Liabilities assumed | 10,099,827 | ||||
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 |
Business Combinations - CPI Gro
Business Combinations - CPI Group (Details) - USD ($) $ in Thousands | Jan. 25, 2017 | Jan. 10, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Total merger consideration | $ 6,720,454 | $ 1,102,763 | $ 462,341 | |
CPI | ||||
Business Acquisition [Line Items] | ||||
Carrying value of loans receivable outstanding at the time of restructuring | 182,644 | |||
Cash | 49,537 | |||
Total merger consideration | 232,181 | |||
Cash | 303 | |||
Restricted cash | 12,600 | |||
Real estate | 543,649 | |||
Real estate held for sale | 21,605 | |||
Lease intangibles and other assets | 27,685 | |||
Debt | (277,590) | |||
Tax liabilities | (32,078) | |||
Lease intangibles and other liabilities | (61,205) | |||
Liabilities related to assets held for sale | (2,788) | |||
Fair value of net assets acquired | $ 232,181 | |||
Capitalization rate | 6.60% | |||
Minimum | ||||
Business Acquisition [Line Items] | ||||
Capitalization rate | 4.40% | |||
Minimum | CPI | ||||
Business Acquisition [Line Items] | ||||
Management agreement, discount rate | 1.25% | |||
Maximum | ||||
Business Acquisition [Line Items] | ||||
Capitalization rate | 12.50% | |||
Maximum | CPI | ||||
Business Acquisition [Line Items] | ||||
Management agreement, discount rate | 3.60% |
Business Combinations - THL Hot
Business Combinations - THL Hotel Portfolio (Details) | Jun. 30, 2018USD ($) | Jul. 01, 2017USD ($)property | Jan. 10, 2017USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Contingent consideration, liability | $ 8,903,000 | $ 7,419,000 | |||||
Total merger consideration | $ 6,720,454,000 | $ 1,102,763,000 | $ 462,341,000 | ||||
THL Hotel Portfolio | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties acquired in foreclosure | property | 148 | ||||||
Decrease in depreciation expense adjustment | $ 1,800,000 | ||||||
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure | $ 310,932,000 | ||||||
Cash | 43,643,000 | ||||||
Contingent consideration (Note 14) | 6,771,000 | ||||||
Total merger consideration | 361,346,000 | ||||||
Cash | 16,188,000 | 16,188,000 | |||||
Restricted cash | 18,479,000 | 18,479,000 | |||||
Real estate | 1,184,447,000 | 1,184,447,000 | |||||
Real estate held for sale | 69,676,000 | 69,676,000 | |||||
Intangible and other assets | 26,711,000 | 26,711,000 | |||||
Debt | (907,867,000) | (907,867,000) | |||||
Intangible and other liabilities | (46,288,000) | (46,288,000) | |||||
Fair value of net assets acquired | $ 361,346,000 | $ 361,346,000 | |||||
Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Capitalization rate | 12.50% | ||||||
Discount rate | 11.00% | ||||||
Maximum | THL Hotel Portfolio | |||||||
Business Acquisition [Line Items] | |||||||
Contingent consideration, liability | $ 13,000,000 | ||||||
Capitalization rate | 12.00% | ||||||
Discount rate | 13.50% | ||||||
Minimum | |||||||
Business Acquisition [Line Items] | |||||||
Capitalization rate | 4.40% | ||||||
Discount rate | 5.50% | ||||||
Minimum | THL Hotel Portfolio | |||||||
Business Acquisition [Line Items] | |||||||
Capitalization rate | 7.00% | ||||||
Discount rate | 8.00% | ||||||
Weighted Average | THL Hotel Portfolio | |||||||
Business Acquisition [Line Items] | |||||||
Capitalization rate | 8.90% | ||||||
Discount rate | 10.40% |
Colony Credit - Narrative (Deta
Colony Credit - Narrative (Details) $ in Thousands | Feb. 01, 2019 | Jan. 31, 2018USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loans receivable, net | $ 1,659,217 | $ 3,223,762 | |||
Other gain (loss), net | $ 51,706 | $ (25,814) | $ 18,416 | ||
Colony Credit | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership percentage | 36.60% | ||||
Equity Method Investment | Colony Credit | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Other gain (loss), net | $ 9,900 | ||||
NorthStar I Stockholders | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loans receivable, net | $ 150,200 | ||||
Commercial Real Estate Credit REIT (Combination) | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership percentage | 37.00% | ||||
Commercial Real Estate Credit REIT (Combination) | NorthStar I Stockholders | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership percentage | 32.00% | ||||
Commercial Real Estate Credit REIT (Combination) | NorthStar Income II Stockholders | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership percentage | 31.00% | ||||
Common Class B-3 | Equity Method Investment | Colony Credit | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Equity method investment, shares owned | shares | 44,399,444 | ||||
Common Membership Units | Equity Method Investment | Colony Credit | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Equity method investment, shares owned | shares | 3,075,623 | ||||
Senior Participation Interest | NorthStar I Excluded Asset | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Investments | $ 65,000 | ||||
Investment management contracts | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Write-off of intangible assets | $ 139,000 | ||||
Subsequent Event | Common Class B-3 | Commercial Real Estate Credit REIT (Combination) | Colony Credit | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Stock conversion ratio | 1 | ||||
Subsequent Event | Common Membership Units | Commercial Real Estate Credit REIT (Combination) | Colony Credit | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Stock conversion ratio | 1 |
Colony Credit - Assets, Liabili
Colony Credit - Assets, Liabilities and Noncontrollin ginterests of the CLNY Investment Entities (Details) - CLNY Contributed Portfolio - Discontinued Operations, Disposed of by Means Other than Sale $ in Thousands | Jan. 31, 2018USD ($) |
Assets | |
Cash and cash equivalents | $ 99,883 |
Restricted cash | 41,270 |
Real estate | 219,748 |
Loans receivable | 1,287,994 |
Investments in unconsolidated ventures | 208,738 |
Deferred leasing costs and intangible assets | 10,831 |
Other assets | 25,755 |
Total assets held for sale | 1,894,219 |
Liabilities | |
Debt | 379,927 |
Accrued and other liabilities | 41,318 |
Total liabilities related to assets held for sale | 421,245 |
Noncontrolling interests | 395,274 |
Equity attributable to Colony Capital, Inc. | 1,077,700 |
Noncontrolling Interests in Investment Entities | |
Liabilities | |
Noncontrolling interests | 330,980 |
Noncontrolling Interests in Operating Company | |
Liabilities | |
Noncontrolling interests | $ 64,294 |
Real Estate - Narrative (Detail
Real Estate - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)buildinghotel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2018USD ($) | |
Business Acquisition [Line Items] | ||||
Purchase commitment, number of hotels | hotel | 6 | |||
Guarantee of franchise obligations | THL Hotel Portfolio | ||||
Business Acquisition [Line Items] | ||||
Estimate of possible loss | $ 81,000 | |||
Noncancelable operating ground leases assumed in connection with business combinations | ||||
Business Acquisition [Line Items] | ||||
Rent expense | 8,200 | $ 6,700 | $ 300 | |
Discontinued Operations, Disposed of by Means Other than Sale | CLNY Contributed Portfolio | ||||
Business Acquisition [Line Items] | ||||
Real estate, net | $ 219,748 | |||
Industrial | ||||
Business Acquisition [Line Items] | ||||
Funded deposit | 6,100 | |||
Purchase commitment | $ 1,300,000 | |||
Purchase commitment, number of buildings to be purchased | building | 61 | |||
Purchase commitment, number of buildings under construction | building | 4 | |||
Commercial Real Estate Portfolio Segment | ||||
Business Acquisition [Line Items] | ||||
Funded deposit | $ 25,100 | |||
Purchase commitment | $ 300,000 |
Real Estate - Components of Rea
Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate [Abstract] | ||
Land | $ 1,950,412 | $ 2,011,794 |
Buildings and improvements | 11,895,642 | 12,403,794 |
Tenant improvements | 163,397 | 134,709 |
Furniture, fixtures and equipment | 389,969 | 383,855 |
Construction in progress | 155,511 | 108,403 |
Real estate held for investment at cost | 14,554,931 | 15,042,555 |
Less: Accumulated depreciation | (935,917) | (578,297) |
Real estate assets, net | $ 13,619,014 | $ 14,464,258 |
Real Estate - Sales (Details)
Real Estate - Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate [Abstract] | |||
Proceeds from sales of real estate | $ 864,347 | $ 1,607,806 | $ 390,943 |
Gain on sale of real estate | $ 167,231 | $ 137,370 | $ 73,616 |
Real Estate - Acquisitions (Det
Real Estate - Acquisitions (Details) $ in Thousands | Jan. 10, 2017USD ($) | Nov. 30, 2018USD ($)property | Sep. 30, 2018USD ($)property | Sep. 30, 2017 | Jun. 30, 2017USD ($)property | Jan. 31, 2017USD ($)property | May 31, 2016USD ($)property | Apr. 30, 2016USD ($)property | Jan. 31, 2016USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property |
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 6,720,454 | $ 1,102,763 | $ 462,341 | |||||||||
Land and Improvements | 234,437 | 110,373 | ||||||||||
Building and Improvements | 792,901 | 324,544 | ||||||||||
Lease Intangible Assets | 82,985 | 32,101 | ||||||||||
Lease Intangible Liabilities | $ (7,560) | $ (4,677) | ||||||||||
Asset Acquisitions | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 1,072,730 | |||||||||||
Land and Improvements | 267,789 | |||||||||||
Building and Improvements | 740,019 | |||||||||||
Lease Intangible Assets | 69,897 | |||||||||||
Lease Intangible Liabilities | $ (4,975) | |||||||||||
Asset Acquisitions | Healthcare | UNITED KINGDOM | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of Buildings | property | 1 | |||||||||||
Purchase price | $ 24,444 | |||||||||||
Land and Improvements | 10,506 | |||||||||||
Building and Improvements | 12,458 | |||||||||||
Lease Intangible Assets | 1,480 | |||||||||||
Lease Intangible Liabilities | $ 0 | |||||||||||
Asset Acquisitions | Office and Industrial | FRANCE | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of Buildings | property | 220 | |||||||||||
Purchase price | $ 478,844 | |||||||||||
Land and Improvements | 125,949 | |||||||||||
Building and Improvements | 314,661 | |||||||||||
Lease Intangible Assets | 38,234 | |||||||||||
Lease Intangible Liabilities | $ 0 | |||||||||||
Asset Acquisitions | Industrial | United States | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of Buildings | property | 40 | 55 | 12 | |||||||||
Purchase price | $ 569,442 | $ 636,690 | $ 113,200 | |||||||||
Land and Improvements | 131,334 | 137,005 | 20,749 | |||||||||
Building and Improvements | 412,900 | 472,747 | 84,724 | |||||||||
Lease Intangible Assets | 30,183 | 31,512 | 8,398 | |||||||||
Lease Intangible Liabilities | (4,975) | $ (4,574) | $ (671) | |||||||||
Asset Acquisitions | Industrial | SPAIN | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of Buildings | property | 2 | |||||||||||
Purchase price | $ 10,374 | |||||||||||
Land and Improvements | 3,855 | |||||||||||
Building and Improvements | 5,564 | |||||||||||
Lease Intangible Assets | 955 | |||||||||||
Lease Intangible Liabilities | $ 0 | |||||||||||
Asset Acquisitions | Office | CALIFORNIA | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of Buildings | property | 1 | |||||||||||
Purchase price | $ 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% | |||||||||||
Asset Acquisitions | Light Industrial Platform | United States | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Land and Improvements | $ 13,100 | |||||||||||
Business Combinations | Industrial | United States | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of Buildings | property | 18 | |||||||||||
Purchase price | $ 201,635 | |||||||||||
Land and Improvements | 36,974 | |||||||||||
Building and Improvements | 151,689 | |||||||||||
Lease Intangible Assets | 16,063 | |||||||||||
Lease Intangible Liabilities | $ (3,091) | |||||||||||
Business Combinations | Industrial | MASSACHUSETTS | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of Buildings | property | 1 | |||||||||||
Purchase price | $ 34,900 | |||||||||||
Land and Improvements | 5,235 | |||||||||||
Building and Improvements | 27,731 | |||||||||||
Lease Intangible Assets | 1,934 | |||||||||||
Lease Intangible Liabilities | $ 0 | |||||||||||
Business Combinations | Industrial | SPAIN | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of Buildings | property | 23 | |||||||||||
Purchase price | $ 94,403 | |||||||||||
Land and Improvements | 33,265 | |||||||||||
Building and Improvements | 56,585 | |||||||||||
Lease Intangible Assets | 5,318 | |||||||||||
Lease Intangible Liabilities | $ (765) | |||||||||||
Business Combinations | Office | FRANCE | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of Buildings | property | 1 | |||||||||||
Purchase price | $ 18,203 | |||||||||||
Land and Improvements | 14,150 | |||||||||||
Building and Improvements | 3,815 | |||||||||||
Lease Intangible Assets | 388 | |||||||||||
Lease Intangible Liabilities | $ (150) | |||||||||||
Minimum | 2018 Real Estate Acquisitions | Building | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Real estate assets estimated useful life | 5 years | |||||||||||
Minimum | 2018 Real Estate Acquisitions | Site Improvements | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Real estate assets estimated useful life | 6 years | |||||||||||
Minimum | 2018 Real Estate Acquisitions | Building Improvements | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Real estate assets estimated useful life | 4 months | |||||||||||
Maximum | 2018 Real Estate Acquisitions | Building | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Real estate assets estimated useful life | 51 years | |||||||||||
Maximum | 2018 Real Estate Acquisitions | Site Improvements | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Real estate assets estimated useful life | 14 years | |||||||||||
Maximum | 2018 Real Estate Acquisitions | Building Improvements | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Real estate assets estimated useful life | 10 years |
Real Estate - Depreciation and
Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate | |||
Real Estate [Line Items] | |||
Depreciation | $ 471.6 | $ 453.3 | $ 108.3 |
Real Estate - Components of Pro
Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property operating income | |||
Revenue from External Customer [Line Items] | |||
Revenue from contract with customer | $ 2,247,740 | $ 2,113,837 | $ 371,082 |
Rental income | |||
Revenue from External Customer [Line Items] | |||
Revenue from contract with customer | 623,785 | 672,292 | 276,404 |
Tenant reimbursements | |||
Revenue from External Customer [Line Items] | |||
Revenue from contract with customer | 143,759 | 138,433 | 65,657 |
Resident fee income | |||
Revenue from External Customer [Line Items] | |||
Revenue from contract with customer | 275,911 | 286,818 | 0 |
Hotel operating income | |||
Revenue from External Customer [Line Items] | |||
Revenue from contract with customer | $ 1,204,285 | $ 1,016,294 | $ 29,021 |
Real Estate - Future Minimum Le
Real Estate - Future Minimum Lease Payments, Operating (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Real Estate [Abstract] | |
2,019 | $ 495,765 |
2,020 | 464,229 |
2,021 | 413,416 |
2,022 | 372,432 |
2,023 | 327,836 |
2024 and thereafter | 1,123,879 |
Total | $ 3,197,557 |
Real Estate - Future Minimum _2
Real Estate - Future Minimum Lease Payments, Noncancelable Ground Leases (Details) - Noncancelable operating ground leases assumed in connection with business combinations $ in Thousands | Dec. 31, 2018USD ($) |
Other Commitments [Line Items] | |
2,019 | $ 5,236 |
2,020 | 5,318 |
2,021 | 5,487 |
2,022 | 5,877 |
2,023 | 5,821 |
2024 and thereafter | 89,276 |
Total | $ 117,015 |
Loans Receivable - Company Loan
Loans Receivable - Company Loan Receivable (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2018USD ($)securitization_trust | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | $ 2,648,641 | $ 4,501,834 | |||
Carrying Value | 1,659,217 | 3,223,762 | |||
Allowance for loan losses | (32,940) | (52,709) | $ (67,980) | $ (37,571) | |
Number of securitization trusts | securitization_trust | 3 | ||||
Number of securitization trusts held | securitization_trust | 3 | ||||
Carrying Value | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | 2,648,641 | 4,429,323 | |||
Loans receivable, net | 1,659,217 | 3,178,339 | |||
Carrying Value | Non-PCI Loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | 1,316,929 | 2,533,177 | |||
Carrying Value | 1,336,840 | 2,541,852 | |||
Carrying Value | PCI Loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | 1,331,712 | 1,896,146 | |||
Carrying Value | 355,317 | 689,196 | |||
Allowance for loan losses | (32,940) | (52,709) | |||
Carrying Value | PCI Loans | Mortgage loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | 1,324,287 | 1,865,423 | |||
Carrying Value | 351,646 | 682,125 | |||
Carrying Value | PCI Loans | Securitized loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | 0 | 23,298 | |||
Carrying Value | 3,400 | ||||
Carrying Value | PCI Loans | Mezzanine loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | 7,425 | 7,425 | |||
Carrying Value | 3,671 | 3,671 | |||
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | 1,110,507 | 1,622,869 | |||
Carrying Value | 1,129,712 | 1,622,171 | |||
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mortgage loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | 643,973 | 1,081,030 | |||
Carrying Value | $ 667,590 | $ 1,082,513 | |||
Weighted average coupon rate of loans | 10.70% | 9.10% | |||
Loans weighted average maturity in years | 2 years 2 months | 2 years 9 months 18 days | |||
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Securitized loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | $ 0 | $ 35,566 | |||
Carrying Value | $ 0 | $ 36,603 | |||
Weighted average coupon rate of loans | 0.00% | 5.90% | |||
Loans weighted average maturity in years | 16 years 9 months 18 days | ||||
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | $ 357,590 | $ 459,433 | |||
Carrying Value | $ 354,326 | $ 456,463 | |||
Weighted average coupon rate of loans | 12.50% | 12.20% | |||
Loans weighted average maturity in years | 1 year 5 months 15 days | 2 years 3 months 18 days | |||
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Corporate loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | $ 108,944 | $ 46,840 | |||
Carrying Value | $ 107,796 | $ 46,592 | |||
Weighted average coupon rate of loans | 12.30% | 9.90% | |||
Loans weighted average maturity in years | 5 years 10 months | 10 years | |||
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | $ 206,422 | $ 910,308 | |||
Carrying Value | 207,128 | 919,681 | |||
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mortgage loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | 178,650 | 414,428 | |||
Carrying Value | $ 179,711 | $ 423,199 | |||
Weighted average coupon rate of loans | 4.30% | 6.00% | |||
Loans weighted average maturity in years | 1 month | 1 year 8 months 12 days | |||
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Securitized loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | $ 0 | $ 461,489 | |||
Carrying Value | $ 0 | $ 462,203 | |||
Weighted average coupon rate of loans | 0.00% | 6.40% | |||
Loans weighted average maturity in years | 3 years 6 months | ||||
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | $ 27,772 | $ 34,391 | |||
Carrying Value | $ 27,417 | $ 34,279 | |||
Weighted average coupon rate of loans | 13.40% | 9.80% | |||
Loans weighted average maturity in years | 2 years 6 months | 1 year 3 months 18 days | |||
Fair Value | Securitized loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Unpaid Principal Balance | $ 0 | $ 72,511 | |||
Carrying Value | $ 0 | $ 45,423 | |||
CLNY Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Loans, deconsolidated | $ 1,287,994 |
Loans Receivable - Loan Maturit
Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan receivable past due | $ 1,336,840 | $ 2,541,852 |
Current or Less Than 30 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan receivable past due | 1,052,303 | 2,268,599 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan receivable past due | 0 | 145,986 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan receivable past due | 44,392 | 9,410 |
90 Days or More Past Due and Nonaccrual | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan receivable past due | $ 240,145 | $ 117,857 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)commitmentloan | Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Carrying value of loan | $ | $ 37.6 | ||
Carrying value of loans before allowance for loan losses | $ | $ 37.8 | $ 66.4 | |
Number of TDR contracts outstanding | commitment | 1 | ||
Number of lending commitments outstanding | loan | 0 | ||
Performing Financial Instruments | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | loan | 0 | 0 | 0 |
Loans Receivable - Non-PCI Impa
Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, net | $ 1,659,217 | $ 3,223,762 | ||
Allowance for Loan Losses | 32,940 | 52,709 | $ 67,980 | $ 37,571 |
Non-PCI Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid Principal Balance | 280,337 | 383,594 | ||
Average carrying value before allowance for loan losses | 282,325 | 202,397 | 90,447 | |
Total interest income recognized during the period impaired | 7,127 | 10,192 | 3,929 | |
Cash basis interest income recognized | 1,190 | 0 | $ 0 | |
Loans held for investment, net | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, net | 129,619 | 307,925 | ||
Allowance for Loan Losses | 32,940 | 52,709 | ||
Loans held for investment, net | Non-PCI Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, net | 75,179 | 138,136 | ||
Without Allowance for Loan Losses | 206,628 | 248,759 | ||
Total | 281,807 | 386,895 | ||
Allowance for Loan Losses | $ 18,304 | $ 7,424 |
Loans Receivable - Fair Value o
Loans Receivable - Fair Value of Loans Acquired (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: Accretable yield | $ (9,620) | $ (42,435) | $ (52,572) | $ (66,639) | |
PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans acquired | loan | 0 | ||||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Beginning accretable yield | $ 42,435 | $ 52,572 | $ 66,639 |
Additions | 0 | 23,594 | 22,493 |
Dispositions | (5,484) | 0 | 0 |
Changes in accretable yield | 1,882 | 25,720 | 31,171 |
Accretion recognized in earnings | (27,911) | (61,809) | (65,911) |
Deconsolidation | (991) | 0 | 0 |
Effect of changes in foreign exchange rates | (311) | 2,358 | (1,820) |
Ending accretable yield | $ 9,620 | $ 42,435 | $ 52,572 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
PCI Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | $ 175.6 | $ 196.5 |
Loans Receivable - Allowance fo
Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | $ 52,709 | $ 67,980 | $ 37,571 | $ 32,940 | $ 52,709 |
Loans receivable, net | 1,659,217 | 3,223,762 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 52,709 | 67,980 | 37,571 | ||
Contribution to Colony Credit (Note 4) | (518) | 0 | 0 | ||
Deconsolidation | (5,983) | 0 | 0 | ||
Provision for loan loss | 43,034 | 19,741 | 34,864 | ||
Charge-off | (56,302) | (35,012) | (4,455) | ||
Allowance for loan losses | 32,940 | 52,709 | $ 67,980 | ||
Loans held for investment, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 52,709 | 52,709 | 32,940 | 52,709 | |
Loans receivable, net | 129,619 | 307,925 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 52,709 | ||||
Allowance for loan losses | 32,940 | 52,709 | |||
Non-PCI Loans | Loans held for investment, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 7,424 | 7,424 | 18,304 | 7,424 | |
Loans receivable, net | 75,179 | 138,136 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 7,424 | ||||
Allowance for loan losses | 18,304 | 7,424 | |||
PCI Loans | Loans held for investment, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 45,285 | 45,285 | 14,636 | 45,285 | |
Loans receivable, net | $ 54,440 | $ 169,789 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 45,285 | ||||
Allowance for loan losses | $ 14,636 | $ 45,285 |
Loans Receivable - Provision Fo
Loans Receivable - Provision For Loan Losses by Loan Type and Lending Commitments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan loss | $ 43,034,000 | $ 19,741,000 | $ 35,005,000 |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan loss | 43,034,000 | 19,741,000 | 35,005,000 |
Non-PCI Loans | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan loss | 22,557,000 | 7,534,000 | 5,815,000 |
PCI Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan and lease loss, recovery of bad debts | 4,100,000 | 6,300,000 | 0 |
PCI Loans | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan loss | 20,477,000 | $ 12,207,000 | $ 29,190,000 |
Investment Commitments | Consolidated Real Estate Debt Investments | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other commitments | 180,900,000 | ||
Parent | Investment Commitments | Consolidated Real Estate Debt Investments | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other commitments | $ 77,800,000 |
Equity Investments - Narrative
Equity Investments - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Impairment loss | $ 588,223,000 | $ 420,360,000 | $ 11,717,000 | ||
Impairment loss | 588,223,000 | 104,360,000 | 11,717,000 | ||
Equity method investments | $ 2,290,095,000 | 2,290,095,000 | 1,527,054,000 | ||
Colony Starwood Homes | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from share issuance | 500,500,000 | ||||
Gain in earnings of investments in unconsolidated ventures | 191,200,000 | ||||
NorthStar RXR NY Metro | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Stock redeemed price paid per share (in dollars per share) | $ 0.01 | ||||
Noncontrolling interest, write off | $ 1,500,000 | ||||
ADC investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | 481,477,000 | 481,477,000 | 331,268,000 | ||
Lending commitments | 47,800,000 | ||||
Company Sponsored Funds | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Unfunded lending commitment | $ 288,300,000 | $ 288,300,000 | |||
Discontinued Operations, Disposed of by Means Other than Sale | CLNY Contributed Portfolio | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated ventures | $ 208,738,000 | ||||
Colony Credit | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Net asset value per share (in dollars per share) | $ 21.65 | $ 21.65 | |||
Class A Common Stock | Common Stock | Colony Credit | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Share price (in dollars per share) | $ 15.79 | $ 15.79 | |||
Investment ventures | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, impairment | $ 0 | ||||
Investment ventures | Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Assets, fair value | $ 61,182,000 | $ 61,182,000 | $ 6,774,000 | $ 0 | |
Albertsons/Safeway | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage by co-investment partner | 50.00% | 50.00% | |||
Minimum | Class A Common Stock | Common Stock | Colony Credit | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Share price (in dollars per share) | $ 15.56 | $ 15.56 | |||
Maximum | Class A Common Stock | Common Stock | Colony Credit | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Share price (in dollars per share) | $ 23.23 | $ 23.23 |
Equity Investments - Investment
Equity Investments - Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 2,290,095 | $ 1,527,054 |
Marketable securities | 26,754 | 35,600 |
Other equity investments | 96,833 | 348,342 |
Investments in Unconsolidated Ventures | 2,446,336 | 1,690,839 |
Investment ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 2,151,847 | 1,297,180 |
Other equity investments | 95,196 | 89,261 |
Private funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 138,248 | 229,874 |
Other equity investments | $ 34,291 | $ 38,924 |
Equity Investments - Equity Met
Equity Investments - Equity Method Investments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)investment | Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments (less than for 16 individual other investments) | $ 2,290,095 | $ 1,527,054 |
Colony Credit | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 36.60% | |
Equity method investments (less than for 16 individual other investments) | $ 1,037,754 | 0 |
NRE | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 11.20% | |
Equity method investments (less than for 16 individual other investments) | $ 87,696 | 73,578 |
RXR Realty | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 27.20% | |
Equity method investments (less than for 16 individual other investments) | $ 95,418 | 105,082 |
Preferred equity | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments (less than for 16 individual other investments) | 219,913 | 440,704 |
ADC investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments (less than for 16 individual other investments) | 481,477 | 331,268 |
Private funds and other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments (less than for 16 individual other investments) | 110,610 | 25,101 |
Private funds—carried interest | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments (less than for 16 individual other investments) | 21,730 | 0 |
Other investment ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments (less than for 16 individual other investments) | $ 154,412 | 187,420 |
Number of equity method investments | investment | 18 | |
Individual other investment venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments (less than for 16 individual other investments) | $ 66,000 | |
Fair value option | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments (less than for 16 individual other investments) | $ 81,085 | $ 363,901 |
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% |
Equity Investments - Combined F
Equity Investments - Combined Financial Information for Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Total assets | $ 15,499,159 | $ 9,537,068 | |
Total liabilities | 9,803,705 | 5,357,936 | |
Owners' equity | 5,511,548 | 3,662,764 | |
Noncontrolling interests | 183,906 | 516,368 | |
Total revenues | 1,486,511 | 1,519,728 | $ 819,726 |
Net income (loss) | 220,191 | 174,222 | (32,493) |
Net income (loss) attributable to noncontrolling interests | 23,878 | (18,381) | (3,494) |
Net income (loss) attributable to owners | $ 196,313 | $ 192,603 | $ (28,999) |
Debt Securities - Available for
Debt Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 307,981 | |
Gains | 16,510 | |
Losses | (1,248) | |
Fair Value | 323,243 | |
Debt securities, at fair value | $ 96,833 | 348,342 |
N-Star CDO bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 67,513 | 88,374 |
Gains | 1,565 | 2,778 |
Losses | (4,951) | (219) |
Fair Value | 64,127 | 90,933 |
CMBS and other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,829 | |
Gains | 3,739 | |
Losses | (186) | |
Fair Value | 17,382 | |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 144,476 | |
Gains | 3,999 | |
Losses | (530) | |
Fair Value | 147,945 | |
Debt securities, at fair value | $ 32,706 | 25,099 |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 61,302 | |
Gains | 5,994 | |
Losses | (313) | |
Fair Value | 66,983 | |
Bonds | Variable Interest Entity, Primary Beneficiary | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 215,500 |
Debt Securities - Narrative (De
Debt Securities - Narrative (Details) - N-Star CDO bonds $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)security | |
Debt Securities, Available-for-sale [Line Items] | |
Gain upon deconsolidation | $ | $ 10.9 |
Commercial Real Estate, Securities | Colony NorthStar | |
Debt Securities, Available-for-sale [Line Items] | |
Weighted average maturity of securities acquired | 5 years |
Commercial Real Estate, Securities | Colony NorthStar | Minimum | |
Debt Securities, Available-for-sale [Line Items] | |
Contractual maturity period | 8 years |
Commercial Real Estate, Securities | Colony NorthStar | Maximum | |
Debt Securities, Available-for-sale [Line Items] | |
Contractual maturity period | 43 years |
Consolidated Properties | Commercial Real Estate, Securities | Colony NorthStar | |
Debt Securities, Available-for-sale [Line Items] | |
Number of securities acquired | security | 2 |
Debt Securities - Sale of Secur
Debt Securities - Sale of Securities (Details) - Colony - CMBS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds from sale | $ 78,197 | $ 30,279 |
Gross realized gain | 11,304 | 951 |
Gross realized (loss) | $ (592) | $ 0 |
Debt Securities - Impairment of
Debt Securities - Impairment of AFS Securities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)security | Dec. 31, 2017USD ($)security | |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 54,459 | $ 36,795 |
Gross Unrealized Loss | $ (4,951) | $ (1,248) |
Number of securities in cumulative unrealized loss position, more than twelve months | security | 0 | 0 |
OTTI loss | $ 8,200 | $ 33,000 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 0 | 2,229 |
Gross Unrealized Loss | 0 | (530) |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 0 | 8,218 |
Gross Unrealized Loss | 0 | (313) |
N-Star CDO bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 54,459 | 13,392 |
Gross Unrealized Loss | (4,951) | (219) |
CMBS and other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 0 | 12,956 |
Gross Unrealized Loss | $ 0 | $ (186) |
Debt Securities - Purchased Cre
Debt Securities - Purchased Credit Impaired Debt Securities (Details) - Colony NorthStar - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Outstanding principal | $ 213,929 | $ 411,174 | |
Amortized cost | 2,757 | 26,761 | |
Carrying value | 3,619 | 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 | 44,610 | 0 | |
Assumed through the Merger | 0 | 70,283 | |
Accretion recognized in earnings | (3,489) | (12,461) | |
Reduction due to payoffs, disposals or deconsolidation | (17,081) | (8,963) | |
Net reclassifications to nonaccretable difference (1) | (24,040) | (4,249) | |
Ending accretable yield | $ 0 | $ 44,610 |
Goodwill, Deferred Leasing Co_3
Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |||
Goodwill | $ 1,534,561,000 | $ 680,127,000 | $ 678,267,000 |
Business combinations | 0 | 1,440,229,000 | 1,860,000 |
Transfer to held for sale | 0 | (20,000,000) | 0 |
Disposition | 0 | (249,795,000) | 0 |
Impairment | 0 | (316,000,000) | 0 |
Goodwill | 1,534,561,000 | 1,534,561,000 | 680,127,000 |
Industrial | |||
Goodwill [Roll Forward] | |||
Goodwill | 20,000,000 | ||
Impairment | 0 | 0 | |
Goodwill | 20,000,000 | 20,000,000 | |
Investment management | |||
Goodwill [Roll Forward] | |||
Goodwill | 1,514,561,000 | ||
Impairment | 0 | 0 | $ 0 |
Goodwill | $ 1,514,561,000 | $ 1,514,561,000 | |
Minimum | |||
Goodwill [Roll Forward] | |||
Terminal year residual multiples | 6.5 | ||
Incentive fee multiples | 3 | ||
Discount rate percentage | 9.00% | ||
Maximum | |||
Goodwill [Roll Forward] | |||
Terminal year residual multiples | 20 | ||
Incentive fee multiples | 5 | ||
Discount rate percentage | 25.00% |
Goodwill, Deferred Leasing Co_4
Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | $ 1,110,851 | $ 857,266 | $ 1,110,851 | |||
Deferred leasing and other intangible assets, accumulated amortization | (257,979) | (317,002) | (257,979) | |||
Deferred leasing and other intangible assets, net carrying amount | 852,872 | 540,264 | 852,872 | |||
Intangible Liabilities | ||||||
Below-market lease values, carrying amount | 214,833 | 204,066 | 214,833 | |||
Below-market lease values, accumulated amortization | (36,426) | (59,180) | (36,426) | |||
Below-market lease values | 178,407 | 144,886 | 178,407 | |||
Above-market ground lease obligations, carrying amount | 13,417 | 16,080 | 13,417 | |||
Above-market ground lease obligations, accumulated amortization | (715) | (1,580) | (715) | |||
Above-market ground lease obligations | 12,702 | 14,500 | 12,702 | |||
Intangible liabilities, carrying amount | 228,250 | 220,146 | 228,250 | |||
Intangible liabilities, accumulated amortization | (37,141) | (60,760) | (37,141) | |||
Total intangible liabilities | 191,109 | 159,386 | 191,109 | |||
Impairment loss | 588,223 | 104,360 | $ 11,717 | |||
Impairment loss | 588,223 | 420,360 | 11,717 | |||
In-place lease values | ||||||
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | 243,037 | 267,221 | 243,037 | |||
Deferred leasing and other intangible assets, accumulated amortization | (98,021) | (112,673) | (98,021) | |||
Deferred leasing and other intangible assets, net carrying amount | 145,016 | 154,548 | 145,016 | |||
Above-market lease values | ||||||
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | 166,571 | 129,079 | 166,571 | |||
Deferred leasing and other intangible assets, accumulated amortization | (34,968) | (43,412) | (34,968) | |||
Deferred leasing and other intangible assets, net carrying amount | 131,603 | 85,667 | 131,603 | |||
Below-market ground lease obligations | ||||||
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | 29,625 | 16,258 | 29,625 | |||
Deferred leasing and other intangible assets, accumulated amortization | (316) | (984) | (316) | |||
Deferred leasing and other intangible assets, net carrying amount | 29,309 | 15,274 | 29,309 | |||
Deferred leasing costs | ||||||
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | 121,765 | 111,486 | 121,765 | |||
Deferred leasing and other intangible assets, accumulated amortization | (38,389) | (46,666) | (38,389) | |||
Deferred leasing and other intangible assets, net carrying amount | 83,376 | 64,820 | 83,376 | |||
Lease incentives | ||||||
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | 14,565 | 14,576 | 14,565 | |||
Deferred leasing and other intangible assets, accumulated amortization | (298) | (1,381) | (298) | |||
Deferred leasing and other intangible assets, net carrying amount | 14,267 | 13,195 | 14,267 | |||
Trade name | ||||||
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | 79,700 | 15,500 | 79,700 | |||
Deferred leasing and other intangible assets, accumulated amortization | (3,131) | 0 | (3,131) | |||
Deferred leasing and other intangible assets, net carrying amount | 76,569 | $ 15,500 | 76,569 | |||
Intangible Liabilities | ||||||
Useful life of finite-lived intangible assets | 20 years | |||||
Impairment loss | $ 59,464 | 0 | 0 | |||
Investment management contracts | ||||||
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | 342,127 | 194,698 | 342,127 | |||
Deferred leasing and other intangible assets, accumulated amortization | (70,394) | (92,618) | (70,394) | |||
Deferred leasing and other intangible assets, net carrying amount | 271,733 | 102,080 | 271,733 | |||
Intangible Liabilities | ||||||
Impairment loss | 147,429 | 59,073 | 320 | |||
Customer relationships | ||||||
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | 59,400 | 49,291 | 59,400 | |||
Deferred leasing and other intangible assets, accumulated amortization | (10,421) | (15,027) | (10,421) | |||
Deferred leasing and other intangible assets, net carrying amount | 48,979 | 34,264 | 48,979 | |||
Intangible Liabilities | ||||||
Impairment loss | 10,109 | 0 | $ 0 | |||
Other | ||||||
Deferred Leasing Costs and Intangible Assets | ||||||
Deferred leasing and other intangible assets, carrying amount | 54,061 | 59,157 | 54,061 | |||
Deferred leasing and other intangible assets, accumulated amortization | (2,041) | (4,241) | (2,041) | |||
Deferred leasing and other intangible assets, net carrying amount | 52,020 | $ 54,916 | $ 52,020 | |||
NorthStar I And NorthStar II | Investment management contracts | ||||||
Intangible Liabilities | ||||||
Write-off of intangible assets | $ 139,000 | |||||
NorthStar RXR NY Metro | Investment management contracts | ||||||
Intangible Liabilities | ||||||
Write-off of intangible assets | $ 7,000 | $ 1,400 | ||||
Estimated future cash flows, discount rate | 10.00% | |||||
Investment management contracts | Nonrecurring | NorthStar RXR NY Metro | ||||||
Intangible Liabilities | ||||||
Impairment loss | $ 3,700 | |||||
Investment management contracts | Nonrecurring | NorthStar RXR NY Metro | Discount rate | ||||||
Intangible Liabilities | ||||||
Discount rate | 9.00% | |||||
Investment management contracts | Nonrecurring | NorthStar Healthcare | ||||||
Intangible Liabilities | ||||||
Impairment loss | $ 55,300 |
Goodwill, Deferred Leasing Co_5
Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Above-market lease values | $ 6,862 | $ 15,319 | $ (2,045) |
Below-market lease values | 35,919 | 40,079 | 7,089 |
Net increase (decrease) to rental income | 5,390 | 14,626 | (1,569) |
Above-market ground lease obligations | (925) | (752) | 482 |
Below-market ground lease obligations | 669 | 854 | (6) |
Net increase (decrease) to ground rent expense | (256) | 102 | 476 |
Amortization expense | 94,356 | 158,657 | 58,759 |
Above-market lease values | |||
Finite-Lived Intangible Assets [Line Items] | |||
Above-market lease values | (29,444) | (25,235) | (8,658) |
Lease incentives | |||
Finite-Lived Intangible Assets [Line Items] | |||
Above-market lease values | (1,085) | (218) | 0 |
In-place lease values | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 45,718 | 74,560 | 30,193 |
Deferred leasing costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 17,749 | 19,046 | 13,777 |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 1,606 | 3,682 | 0 |
Investment management contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 22,386 | 38,640 | 11,446 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 4,606 | 12,514 | 3,343 |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 2,291 | $ 10,215 | $ 0 |
Goodwill, Deferred Leasing Co_6
Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2018USD ($) |
(Decrease) Increase to rental income | |
2,019 | $ 10,761 |
2,020 | 9,553 |
2,021 | 9,769 |
2,022 | 8,811 |
2,023 | 9,003 |
2024 and Thereafter | (1,873) |
Net increase (decrease) to rental income | 46,024 |
Deferred Leasing Costs and Intangible Assets | |
2,019 | 133,063 |
2,020 | 56,409 |
2,021 | 44,376 |
2,022 | 36,186 |
2,023 | 31,563 |
2024 and Thereafter | 79,913 |
Net Carrying Amount | 381,510 |
Net below-market ground lease obligations | |
Deferred Leasing Costs and Intangible Assets | |
2,019 | (226) |
2,020 | (224) |
2,021 | (219) |
2,022 | (216) |
2,023 | (224) |
2024 and Thereafter | 1,883 |
Net Carrying Amount | $ 774 |
Assets and Related Liabilitie_3
Assets and Related Liabilities Held For Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Restricted cash | $ 4,060 | $ 1,020 |
Real estate, net | 852,402 | 720,686 |
Goodwill | 0 | 20,000 |
Intangible assets, net | 41,590 | 37,337 |
Other assets | 43,206 | 2,587 |
Total assets held for sale | 941,258 | 781,630 |
Liabilities | ||
Debt | 0 | 196,905 |
Lease intangibles and other liabilities, net | 68,217 | 76,393 |
Total liabilities related to assets held for sale | $ 68,217 | $ 273,298 |
Restricted Cash, Other Assets_3
Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 366,758 | $ 471,078 | $ 111,959 | $ 187,208 |
Variable Interest Entity, Primary Beneficiary | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 13,656 | ||
Capital expenditures reserves | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 215,366 | 249,612 | ||
Real estate escrow reserves | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 51,352 | 42,420 | ||
Borrower escrow deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 10,412 | 41,545 | ||
Working capital and other reserves | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 19,586 | 23,043 | ||
Tenant lock boxes | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 15,666 | 16,486 | ||
Other | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 54,376 | $ 84,316 |
Restricted Cash, Other Assets_4
Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||||
Interest receivable | $ 14,005 | $ 21,529 | ||
Straight-line rents | 61,196 | 45,598 | ||
Hotel-related reserves | 21,636 | 29,208 | ||
Investment deposits and pending deal costs | 34,179 | 1,706 | ||
Deferred financing costs, net | 7,870 | 10,068 | ||
Contingent consideration account | 0 | 15,730 | ||
Derivative assets (Note 13) | 33,558 | 10,152 | ||
Prepaid taxes and deferred tax assets, net | 71,656 | 79,063 | ||
Receivables from resolution of investments | 30,770 | 15,215 | ||
Contributions receivable | 55,252 | 25,501 | ||
Accounts receivable | 67,005 | 87,744 | ||
Prepaid expenses | 26,991 | 29,526 | ||
Other assets | 31,267 | 20,296 | ||
Fixed assets, net | 47,932 | 53,632 | ||
Total other assets | 503,317 | 444,968 | ||
Dividends payable | $ 84,013 | $ 188,202 | $ 65,972 | |
Executive Officer | Common Stock And OP Units | ||||
Class of Stock [Line Items] | ||||
Dividends payable | $ 6,400 |
Restricted Cash, Other Assets_5
Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Tenant security deposits and payable | $ 29,070 | $ 27,560 | ||
Borrower escrow deposits | 13,001 | 46,231 | ||
Deferred income | 40,156 | 42,457 | ||
Interest payable | 40,648 | 42,462 | ||
Other liabilities—derivative liabilities | 132,808 | 204,848 | ||
Contingent consideration—THL Hotel Portfolio (Note 3) | 8,903 | 7,419 | ||
Share repurchase payable | 7,567 | 0 | $ 0 | |
Current and deferred income tax liability | 93,174 | 166,276 | ||
Accrued compensation | 81,911 | 77,483 | ||
Accrued carried interest and contractual incentive fee compensation | 12,182 | 0 | ||
Accrued real estate and other taxes | 64,440 | 77,060 | ||
Other accrued expenses | 89,745 | 107,508 | ||
Accounts payable and other liabilities | 94,316 | 98,857 | ||
Total | 707,921 | 898,161 | ||
Deferred asset management fee income | 3,200 | $ 2,700 | ||
Asset management fees | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue recognized | $ 600 | |||
Difference between revenue guidance in effect before and after Topic 606 | Asset management fees | ASU 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred asset management fee income | $ 1,600 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2018USD ($)securitization_trust | Jun. 30, 2018securitization_trust | Dec. 31, 2018USD ($)securitization_trust | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Principal | $ 10,249,124 | $ 11,129,622 | ||
Long-term debt | $ 10,039,957 | 10,827,810 | ||
Number of securitization vehicles contributed | securitization_trust | 3 | |||
Number of securitization vehicles sold | securitization_trust | 2 | |||
Number of securitization vehicles held | securitization_trust | 0 | |||
Assets Held For Sale | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 425,900 | 216,600 | ||
Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Principal | 0 | |||
Long-term debt | 0 | 50,000 | ||
Convertible and Exchangeable Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 612,150 | 610,331 | ||
Secured and Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 9,228,721 | 9,622,175 | ||
Securitization bonds payable | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | 348,251 | ||
Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 199,086 | 197,053 | ||
Carrying Value | ||||
Debt Instrument [Line Items] | ||||
Principal | 10,249,124 | 11,129,622 | ||
Premium (discount), net | (119,551) | (245,886) | ||
Deferred financing costs | (89,616) | (100,468) | ||
Long-term debt | 10,783,268 | |||
Carrying Value | Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Principal | 0 | 50,000 | ||
Premium (discount), net | 0 | 0 | ||
Deferred financing costs | 0 | 0 | ||
Long-term debt | 50,000 | |||
Carrying Value | Convertible and Exchangeable Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal | 616,105 | 616,105 | ||
Premium (discount), net | 2,697 | 3,131 | ||
Deferred financing costs | (6,652) | (8,905) | ||
Long-term debt | 610,331 | |||
Carrying Value | Secured and Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Principal | 9,352,902 | 9,792,169 | ||
Premium (discount), net | (41,217) | (78,634) | ||
Deferred financing costs | (82,964) | (91,360) | ||
Long-term debt | 9,622,175 | |||
Carrying Value | Securitization bonds payable | ||||
Debt Instrument [Line Items] | ||||
Principal | 0 | 391,231 | ||
Premium (discount), net | 0 | (87,319) | ||
Deferred financing costs | 0 | (203) | ||
Long-term debt | 303,709 | |||
Carrying Value | Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Principal | 280,117 | 280,117 | ||
Premium (discount), net | (81,031) | (83,064) | ||
Deferred financing costs | $ 0 | 0 | ||
Long-term debt | 197,053 | |||
Fair Value | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 44,542 | |||
Fair Value | Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Fair Value | Convertible and Exchangeable Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Fair Value | Secured and Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Fair Value | Securitization bonds payable | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 44,542 | |||
Fair Value | Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 0 | |||
CLNY Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 379,927 | |||
Colony Credit | ||||
Debt Instrument [Line Items] | ||||
Number of securitization vehicles contributed | securitization_trust | 3 | |||
Number of securitization vehicles held | securitization_trust | 0 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Nov. 30, 2018USD ($) | Dec. 31, 2018USD ($)instrument | Dec. 31, 2018USD ($)instrument | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Principal | $ 10,249,124 | $ 10,249,124 | $ 11,129,622 | |
Mortgage loans, floating rate, amount | $ 100,500 | |||
Amount of impairment on real estate assets | 109,100 | |||
Far value of real estate pledged as collateral | 2,500,000 | 2,500,000 | ||
Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | 4,068,857 | 4,068,857 | 4,252,448 | |
Variable Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | 6,180,267 | 6,180,267 | 6,877,174 | |
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Principal | 0 | 0 | ||
Non-Recourse | ||||
Debt Instrument [Line Items] | ||||
Non-recourse debt | $ 1,800,000 | |||
Recourse | ||||
Debt Instrument [Line Items] | ||||
Principal | 933,421 | 933,421 | 985,441 | |
Recourse | Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 653,304 | $ 653,304 | 655,324 | |
Number of secured promissory notes | instrument | 2 | 2 | ||
Recourse | Variable Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 280,117 | $ 280,117 | 330,117 | |
Recourse | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Principal | 0 | $ 0 | $ 50,000 | |
Weighted Average Interest Rate (Per Annum) | 3.51% | |||
Weighted Average Years Remaining to Maturity | 2 years | 3 years | ||
Recourse | Line of Credit | Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | 0 | $ 0 | $ 0 | |
Recourse | Line of Credit | Variable Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | 0 | $ 0 | $ 50,000 | |
Weighted Average Interest Rate (Per Annum) | 3.51% | |||
Weighted Average Years Remaining to Maturity | 2 years | 3 years | ||
Recourse | Convertible and Exchangeable Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 616,105 | $ 616,105 | $ 616,105 | |
Weighted Average Interest Rate (Per Annum) | 4.27% | 4.27% | 4.27% | |
Weighted Average Years Remaining to Maturity | 3 years | 4 years | ||
Recourse | Convertible and Exchangeable Senior Notes | Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 616,105 | $ 616,105 | $ 616,105 | |
Weighted Average Interest Rate (Per Annum) | 4.27% | 4.27% | 4.27% | |
Weighted Average Years Remaining to Maturity | 3 years | 4 years | ||
Recourse | Convertible and Exchangeable Senior Notes | Variable Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 0 | $ 0 | $ 0 | |
Recourse | Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 280,117 | $ 280,117 | $ 280,117 | |
Weighted Average Interest Rate (Per Annum) | 5.66% | 5.66% | 4.56% | |
Weighted Average Years Remaining to Maturity | 17 years 5 months | 18 years 4 months 24 days | ||
Recourse | Junior Subordinated Notes | Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 0 | $ 0 | $ 0 | |
Recourse | Junior Subordinated Notes | Variable Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 280,117 | $ 280,117 | $ 280,117 | |
Weighted Average Interest Rate (Per Annum) | 5.66% | 5.66% | 4.56% | |
Weighted Average Years Remaining to Maturity | 17 years 5 months | 18 years 4 months 24 days | ||
Recourse | Secured and Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 37,199 | $ 37,199 | $ 39,219 | |
Weighted Average Interest Rate (Per Annum) | 5.02% | 5.02% | 5.02% | |
Weighted Average Years Remaining to Maturity | 6 years 11 months | 7 years 10 months 24 days | ||
Recourse | Secured and Unsecured Debt | Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 37,199 | $ 37,199 | $ 39,219 | |
Weighted Average Interest Rate (Per Annum) | 5.02% | 5.02% | 5.02% | |
Weighted Average Years Remaining to Maturity | 6 years 11 months | 7 years 10 months 24 days | ||
Recourse | Secured and Unsecured Debt | Variable Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 0 | $ 0 | $ 0 | |
Non-Recourse | ||||
Debt Instrument [Line Items] | ||||
Principal | 9,315,703 | 9,315,703 | 10,144,181 | |
Non-Recourse | Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | 3,415,553 | 3,415,553 | 3,597,124 | |
Non-Recourse | Variable Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | 5,900,150 | 5,900,150 | 6,547,057 | |
Non-Recourse | Securitization bonds payable | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 391,231 | |||
Weighted Average Interest Rate (Per Annum) | 3.05% | |||
Weighted Average Years Remaining to Maturity | 28 years 6 months | |||
Non-Recourse | Securitization bonds payable | Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 30,132 | |||
Weighted Average Interest Rate (Per Annum) | 3.45% | |||
Weighted Average Years Remaining to Maturity | 29 years 10 months 24 days | |||
Non-Recourse | Securitization bonds payable | Variable Rate | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 361,099 | |||
Weighted Average Interest Rate (Per Annum) | 3.02% | |||
Weighted Average Years Remaining to Maturity | 28 years 4 months 24 days | |||
Non-Recourse | Secured and Unsecured Debt | Healthcare | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 3,240,680 | $ 3,240,680 | $ 3,288,256 | |
Weighted Average Interest Rate (Per Annum) | 5.31% | 5.31% | 5.03% | |
Weighted Average Years Remaining to Maturity | 2 years 2 months | 3 years | ||
Non-Recourse | Secured and Unsecured Debt | Industrial | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 1,077,195 | $ 1,077,195 | $ 1,014,229 | |
Weighted Average Interest Rate (Per Annum) | 3.84% | 3.84% | 3.50% | |
Weighted Average Years Remaining to Maturity | 10 years 7 months | 11 years 4 months 24 days | ||
Non-Recourse | Secured and Unsecured Debt | Hospitality | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 2,648,072 | $ 2,648,072 | $ 2,608,719 | |
Weighted Average Interest Rate (Per Annum) | 5.71% | 5.71% | 4.69% | |
Weighted Average Years Remaining to Maturity | 3 years 9 months | 3 years 8 months | ||
Non-Recourse | Secured and Unsecured Debt | Other Real Estate Equity | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 1,990,245 | $ 1,990,245 | $ 2,215,998 | |
Weighted Average Interest Rate (Per Annum) | 4.39% | 4.39% | 4.03% | |
Weighted Average Years Remaining to Maturity | 3 years 8 months | 4 years 7 months | ||
Non-Recourse | Secured and Unsecured Debt | Real Estate Debt | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 359,511 | $ 359,511 | $ 625,748 | |
Weighted Average Interest Rate (Per Annum) | 4.50% | 4.50% | 4.05% | |
Weighted Average Years Remaining to Maturity | 2 years 5 months | 3 years 3 months | ||
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Healthcare | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 2,130,999 | $ 2,130,999 | $ 2,168,936 | |
Weighted Average Interest Rate (Per Annum) | 4.62% | 4.62% | 4.65% | |
Weighted Average Years Remaining to Maturity | 1 year 11 months | 2 years 10 months 24 days | ||
Long-term debt, repayment of principal in next twelve months | $ 1,700,000 | $ 1,700,000 | ||
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Industrial | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 1,071,721 | $ 1,071,721 | $ 1,014,229 | |
Weighted Average Interest Rate (Per Annum) | 3.83% | 3.83% | 3.50% | |
Weighted Average Years Remaining to Maturity | 10 years 7 months | 11 years 4 months 24 days | ||
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Hospitality | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 12,019 | $ 12,019 | $ 9,038 | |
Weighted Average Interest Rate (Per Annum) | 12.99% | 12.99% | 11.00% | |
Weighted Average Years Remaining to Maturity | 2 years 7 months | 3 years 7 months | ||
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Other Real Estate Equity | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 200,814 | $ 200,814 | $ 374,789 | |
Weighted Average Interest Rate (Per Annum) | 4.02% | 4.02% | 4.07% | |
Weighted Average Years Remaining to Maturity | 3 years 9 months | 5 years 6 months | ||
Outstanding principal in payment default | $ 384,500 | |||
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Real Estate Debt | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 0 | $ 0 | 0 | |
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Healthcare And Hospitality | ||||
Debt Instrument [Line Items] | ||||
Outstanding principal not in compliance with certain covenants | 538,500 | 538,500 | ||
Non-Recourse | Secured and Unsecured Debt | Variable Rate | Healthcare | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 1,109,681 | $ 1,109,681 | $ 1,119,320 | |
Weighted Average Interest Rate (Per Annum) | 6.64% | 6.64% | 5.75% | |
Weighted Average Years Remaining to Maturity | 2 years 8 months | 3 years | ||
Non-Recourse | Secured and Unsecured Debt | Variable Rate | Industrial | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 5,474 | $ 5,474 | $ 0 | |
Weighted Average Interest Rate (Per Annum) | 5.27% | 5.27% | ||
Weighted Average Years Remaining to Maturity | 4 years 2 months | |||
Non-Recourse | Secured and Unsecured Debt | Variable Rate | Hospitality | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 2,636,053 | $ 2,636,053 | $ 2,599,681 | |
Weighted Average Interest Rate (Per Annum) | 5.68% | 5.68% | 4.67% | |
Weighted Average Years Remaining to Maturity | 3 years 9 months | 3 years 8 months | ||
Non-Recourse | Secured and Unsecured Debt | Variable Rate | Other Real Estate Equity | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 1,789,431 | $ 1,789,431 | $ 1,841,209 | |
Weighted Average Interest Rate (Per Annum) | 4.43% | 4.43% | 4.02% | |
Weighted Average Years Remaining to Maturity | 3 years 7 months | 4 years 5 months | ||
Non-Recourse | Secured and Unsecured Debt | Variable Rate | Real Estate Debt | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 359,511 | $ 359,511 | $ 625,748 | |
Weighted Average Interest Rate (Per Annum) | 4.50% | 4.50% | 4.05% | |
Weighted Average Years Remaining to Maturity | 2 years 5 months | 3 years 3 months |
Debt - Corporate Credit Facilit
Debt - Corporate Credit Facility (Details) - Credit Facilities - Revolving Credit Facility - JPMorgan Chase Bank, N.A. | Jan. 10, 2017USD ($)extension | Dec. 31, 2018USD ($) |
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, percent | 2.25% | |
Base Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate, percent | 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) | 4 Months Ended | 12 Months Ended | ||
Nov. 30, 2017USD ($)shares | Dec. 31, 2018USD ($)dquarter$ / sharesshares | Dec. 31, 2017USD ($)shares | Jul. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Convertible and exchangeable senior notes | $ 616,105,000 | $ 616,105,000 | ||
Convertible senior notes | 5.00% Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Converted instrument, amount | $ 1,000 | |||
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 | $ 200,000,000 | 200,000,000 | ||
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 | $ 402,500,000 | 402,500,000 | ||
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 | 1,130,000 | |||
Convertible and exchangeable senior notes | $ 13,605,000 | $ 13,605,000 | ||
Converted instrument, amount | $ 2,800,000 | |||
Original debt, interest rate | 5.375% | |||
Convertible and Exchangeable Senior Notes | 7.25% Exchangeable Notes | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 7.25% | |||
Repurchased face amount | $ 13,000,000 | |||
Repurchase amount | $ 13,400,000 | |||
Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Redemption period | 5 years | |||
Interest payment deferral, number of consecutive quarters | quarter | 6 | |||
Class A Common Stock | ||||
Debt Instrument [Line Items] | ||||
Converted instrument, shares issued (in shares) | shares | 233,000 | |||
Class A Common Stock | Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes | ||||
Debt Instrument [Line Items] | ||||
Converted instrument, shares issued (in shares) | shares | 232,669 |
Debt - Future Minimum Principal
Debt - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
2,019 | $ 2,468,980 | |
2,020 | 626,552 | |
2,021 | 1,348,487 | |
2,022 | 2,826,948 | |
2,023 | 392,667 | |
2024 and thereafter | 2,585,490 | |
Total | 10,249,124 | $ 11,129,622 |
Recourse Debt | ||
Debt Instrument [Line Items] | ||
Total | 933,421 | 985,441 |
Credit Facilities | ||
Debt Instrument [Line Items] | ||
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
2024 and thereafter | 0 | |
Total | 0 | |
Credit Facilities | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Total | 0 | 50,000 |
Convertible and Exchangeable Senior Notes | Recourse Debt | ||
Debt Instrument [Line Items] | ||
2,019 | 0 | |
2,020 | 0 | |
2,021 | 402,500 | |
2,022 | 0 | |
2,023 | 200,000 | |
2024 and thereafter | 13,605 | |
Total | 616,105 | 616,105 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
2,019 | 2,468,980 | |
2,020 | 626,552 | |
2,021 | 945,987 | |
2,022 | 2,826,948 | |
2,023 | 192,667 | |
2024 and thereafter | 2,291,768 | |
Total | 9,352,902 | |
Junior Subordinated Notes | Recourse Debt | ||
Debt Instrument [Line Items] | ||
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
2024 and thereafter | 280,117 | |
Total | $ 280,117 | $ 280,117 |
Debt - Interest Incurred and Ca
Debt - Interest Incurred and Capitalized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 595,551 | $ 574,822 | $ 170,083 |
Interest capitalized | 5,554 | 0 | 0 |
Total interest incurred | $ 601,105 | $ 574,822 | $ 170,083 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) $ in Thousands, € in Millions, £ in Millions, kr in Millions | 12 Months Ended | |||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018EUR (€) | Dec. 31, 2017GBP (£) | Dec. 31, 2017EUR (€) | Dec. 31, 2017NOK (kr) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Deposits related to agreements included in other assets | $ 800 | $ 1,900 | ||||||
Investments in unconsolidated joint ventures | 2,446,336 | 1,690,839 | ||||||
Net Investment Hedging | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation | $ 1,600 | |||||||
Non-Designated Hedges | Net Investment Hedging | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation | 3,726 | (3,928) | ||||||
Designated Hedges | Other gain (loss), net | Net Investment Hedging | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Realization of net gain on net investment hedges | 7,426 | (3,931) | $ 62 | |||||
Foreign currency risk | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Investments in unconsolidated joint ventures | $ 1,000,000 | $ 1,100,000 | £ 235.7 | € 614 | £ 250.6 | € 499.2 | kr 771.2 |
Derivatives - Fair Value of Der
Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 33,558 | $ 10,152 |
Derivative Liabilities | 132,808 | 204,848 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 33,558 | 10,152 |
Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 132,808 | 204,848 |
Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 31,989 | 8,009 |
Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 6,193 | 39,101 |
Non-Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,569 | 2,143 |
Non-Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 126,615 | 165,747 |
Foreign exchange contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 32,196 | 8,984 |
Foreign exchange contracts | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 6,404 | 44,408 |
Foreign exchange contracts | Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 31,127 | 8,009 |
Foreign exchange contracts | Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 6,193 | 39,101 |
Foreign exchange contracts | Non-Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,069 | 975 |
Foreign exchange contracts | Non-Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 211 | 5,307 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,362 | 1,168 |
Derivative Liabilities | 126,404 | 160,440 |
Interest rate contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,362 | 1,168 |
Interest rate contracts | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 126,404 | 160,440 |
Interest rate contracts | Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 862 | 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 | 500 | 1,168 |
Interest rate contracts | Non-Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 126,404 | $ 160,440 |
Derivatives - Schedule of Forei
Derivatives - Schedule of Foreign Exchange Contracts (Details) - Dec. 31, 2018 € in Thousands, £ in Thousands | GBP (£) | EUR (€) | $ / € | $ / £ |
Maximum | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Forward exchange rate | $ / ÂŁ | 1.29 | |||
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 | Minimum | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Forward exchange rate | 1.10 | 1.24 | ||
Foreign exchange contracts | Maximum | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Forward exchange rate | $ / € | 1.38 | |||
Designated Hedges | Foreign exchange collars | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | £ 39,881 | € 84,549 | ||
Designated Hedges | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | 88,313 | 431,874 | ||
Non-Designated Hedges | Foreign exchange collars | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | 2,309 | 114 | ||
Non-Designated Hedges | Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | £ 26,257 | € 14,944 |
Derivatives - Schedule of Inter
Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)$ / £ | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018GBP (£)$ / £ | Dec. 31, 2018EUR (€)$ / £ | |
Maximum | |||||
Derivative [Line Items] | |||||
Forward rate | $ / ÂŁ | 1.29 | 1.29 | 1.29 | ||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Term of interest rate swap | 10 years | ||||
Designated Hedges | Cash flow hedging | Other gain (loss), net | |||||
Derivative [Line Items] | |||||
Cash flow hedge ineffectiveness | $ 0 | $ 0 | $ (401) | ||
Designated Hedges | Interest Rate Swap | Three-Month LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | 0 | ||||
Designated Hedges | Interest Rate Cap | Three-Month LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | 0 | ||||
Designated Hedges | Interest Rate Cap | One-Month LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | 0 | ||||
Designated Hedges | Interest Rate Cap | Three-Month Euribor | |||||
Derivative [Line Items] | |||||
Notional amount | € | € 247,513 | ||||
Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | ÂŁ | ÂŁ 0 | ||||
Designated Hedges | Deliverable swap futures | |||||
Derivative [Line Items] | |||||
Notional amount | 0 | ||||
Non-Designated Hedges | Interest rate contracts | Other gain (loss), net | |||||
Derivative [Line Items] | |||||
Cash flow hedge ineffectiveness | 33,307 | $ (15,080) | $ (1,455) | ||
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 Cap | Three-Month LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | $ 52,155 | ||||
Forward rate | 0.0224 | 0.0224 | 0.0224 | ||
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | $ 4,009,957 | ||||
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR | Minimum | |||||
Derivative [Line Items] | |||||
Forward rate | 0.030 | 0.030 | 0.030 | ||
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR | Maximum | |||||
Derivative [Line Items] | |||||
Forward rate | 0.045 | 0.045 | 0.045 | ||
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor | |||||
Derivative [Line Items] | |||||
Notional amount | € | € 441,151 | ||||
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor | Minimum | |||||
Derivative [Line Items] | |||||
Forward rate | 0.008 | 0.008 | 0.008 | ||
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor | Maximum | |||||
Derivative [Line Items] | |||||
Forward rate | 0.015 | 0.015 | 0.015 | ||
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | ÂŁ | ÂŁ 363,716 | ||||
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | Minimum | |||||
Derivative [Line Items] | |||||
Forward rate | 0.015 | 0.015 | 0.015 | ||
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | Maximum | |||||
Derivative [Line Items] | |||||
Forward rate | 0.025 | 0.025 | 0.025 | ||
Non-Designated Hedges | Deliverable swap futures | |||||
Derivative [Line Items] | |||||
Notional amount | $ 19,000 |
Derivatives - Derivative Nettin
Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | $ 33,558 | $ 10,152 |
(Assets) Liabilities | (2,566) | (8,948) |
Cash Collateral Received (Pledged) | 0 | 0 |
Net Amounts of Assets (Liabilities) | 30,992 | 1,204 |
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (132,808) | (204,848) |
(Assets) Liabilities | 2,566 | 8,948 |
Cash Collateral Received (Pledged) | 840 | 1,900 |
Net Amounts of Assets (Liabilities) | (129,402) | (194,000) |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | 32,196 | 8,984 |
(Assets) Liabilities | (1,743) | (8,944) |
Cash Collateral Received (Pledged) | 0 | 0 |
Net Amounts of Assets (Liabilities) | 30,453 | 40 |
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (6,404) | (44,408) |
(Assets) Liabilities | 1,743 | 8,944 |
Cash Collateral Received (Pledged) | 0 | 0 |
Net Amounts of Assets (Liabilities) | (4,661) | (35,464) |
Interest rate contracts | ||
Derivative [Line Items] | ||
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | 1,362 | 1,168 |
(Assets) Liabilities | (823) | (4) |
Cash Collateral Received (Pledged) | 0 | 0 |
Net Amounts of Assets (Liabilities) | 539 | 1,164 |
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (126,404) | (160,440) |
(Assets) Liabilities | 823 | 4 |
Cash Collateral Received (Pledged) | 840 | 1,900 |
Net Amounts of Assets (Liabilities) | $ (124,741) | $ (158,536) |
Fair Value - Fair Value of Asse
Fair Value - Fair Value of Assets and Liabilities (Details) | Jun. 30, 2018USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Jul. 01, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity method investments | $ 81,085,000 | $ 363,901,000 | ||
Debt securities, at fair value | 96,833,000 | 348,342,000 | ||
Fair Value | 323,243,000 | |||
Other assets—derivative assets | 33,558,000 | 10,152,000 | ||
Other liabilities—derivative liabilities | 132,808,000 | 204,848,000 | ||
Contingent consideration—THL Hotel Portfolio (Note 3) | 8,903,000 | 7,419,000 | ||
Due to affiliates—contingent consideration for Internalization | 0 | 23,534,000 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity method investments | 0 | 0 | ||
Other assets—derivative assets | 0 | 0 | ||
Other liabilities—derivative liabilities | 0 | 0 | ||
Contingent consideration—THL Hotel Portfolio (Note 3) | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity method investments | 0 | 0 | ||
Other assets—derivative assets | 33,558,000 | 10,152,000 | ||
Other liabilities—derivative liabilities | 132,808,000 | 204,848,000 | ||
Contingent consideration—THL Hotel Portfolio (Note 3) | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity method investments | 81,085,000 | 363,901,000 | ||
Other assets—derivative assets | 0 | 0 | ||
Other liabilities—derivative liabilities | 0 | 0 | ||
Contingent consideration—THL Hotel Portfolio (Note 3) | 8,903,000 | 7,419,000 | ||
CMBS | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, at fair value | 32,706,000 | 25,099,000 | ||
Fair Value | 147,945,000 | |||
CMBS | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, at fair value | 0 | 0 | ||
Fair Value | 0 | |||
CMBS | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, at fair value | 32,706,000 | 25,099,000 | ||
Fair Value | 0 | |||
CMBS | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, at fair value | 0 | 0 | ||
Fair Value | 147,945,000 | |||
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 bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 64,127,000 | 90,933,000 | ||
N-Star CDO bonds | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
N-Star CDO bonds | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
N-Star CDO bonds | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 64,127,000 | 90,933,000 | ||
CMBS and other securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 17,382,000 | |||
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 | 0 | |||
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] | ||||
Debt securities, at fair value | 26,754,000 | 35,600,000 | ||
Equity securities of consolidated fund | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, at 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] | ||||
Debt securities, at fair value | 0 | 0 | ||
Equity securities of consolidated fund | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities, at fair value | $ 0 | 0 | ||
Contingent consideration | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Due to affiliates—contingent consideration for Internalization | 20,650,000 | |||
Contingent consideration | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Due to affiliates—contingent consideration for Internalization | 0 | |||
Contingent consideration | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Due to affiliates—contingent consideration for Internalization | 0 | |||
Colony NorthStar | Class A Common Stock | 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 | Class B Common Stock | 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 | 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 | |||
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 | |||
Loans receivable—securitized loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 45,423,000 | |||
Loans receivable—securitized loans | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 0 | |||
Loans receivable—securitized loans | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 0 | |||
Loans receivable—securitized loans | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 45,423,000 | |||
Securitization bonds payable | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt—securitization bonds payable | 44,542,000 | |||
Securitization bonds payable | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt—securitization bonds payable | 0 | |||
Securitization bonds payable | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt—securitization bonds payable | 0 | |||
Securitization bonds payable | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt—securitization bonds payable | 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 bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 64,127,000 | 90,933,000 | ||
Discounted cash flows | Private funds and other | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 5,908,000 | 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, Fair Value Disclosure | 21,831,000 | 26,408,000 | ||
Multiple | Other investment ventures | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | $ 25,000,000 | |||
Measurement input | 5.8 | |||
Monte Carlo simulation | Contingent consideration | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Due to affiliates—contingent consideration for Internalization | 20,650,000 | |||
Recent Transaction Price | Other investment ventures | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | $ 28,346,000 | $ 132,719,000 | ||
Recurring | Contingent consideration | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfer out of liabilities into equity | 12,539,000 | |||
Transfers out of Level 3 | $ 6,381,000 | |||
Discount rate | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.200 | 0.200 | ||
Discount rate | N-Star CDO bonds | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.216 | 0.24 | ||
Discount rate | Minimum | N-Star CDO bonds | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.136 | 0.108 | ||
Discount rate | Maximum | N-Star CDO bonds | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.565 | 0.874 | ||
Discount rate | Private funds and other | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.146 | |||
Discount rate | Private funds and other | Minimum | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.110 | |||
Discount rate | Private funds and other | Maximum | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.200 | |||
Discount rate | Other investment ventures | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.175 | 0.142 | ||
Discount rate | Other investment ventures | Minimum | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.091 | 0.088 | ||
Discount rate | Other investment ventures | Maximum | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.184 | 0.148 | ||
Benchmark FFO volatility | Contingent consideration | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.118 | |||
Equity volatility | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.187 | |||
Correlation | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.800 | |||
Common Stock | Contingent consideration | Class A Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of additional shares to be paid (in shares) | shares | 15,000 | |||
Common Stock | Contingent consideration | Class B Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of additional shares to be paid (in shares) | shares | 40,000 | |||
Senior Management | Contingent consideration | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Due to affiliates—contingent consideration for Internalization | $ 0 | $ 20,650,000 | ||
Senior Management | Recurring | Contingent consideration | Contingent consideration | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers out of Level 3 | $ 6,400,000 | |||
Senior Management | Common Stock And OP Units | Affiliated Entity | Contingent consideration | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfer out of liabilities into equity | $ 12,500,000 | |||
Settlement Of Contingent Consideration | OP Units | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Units issued (in units) | shares | 1,950,000 |
Fair Value - Changes in Fair Va
Fair Value - Changes in Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt | Recurring | Level 3 | ||||
Level 3 Liabilities | ||||
Fair value, liability value | $ (44,542) | $ 0 | $ 0 | |
Unrealized gain related to balance recorded in earnings | 57 | 1,822 | ||
Consolidation of securitization trust | (56,928) | |||
Purchases, contributions, or accretions, liabilities | 10,564 | |||
Unrealized gains (losses) on ending balance in earnings | 57 | 1,822 | ||
Paydowns, distributions or sales | 638 | |||
Deconsolidation | 43,847 | |||
Fair value, liability value | 0 | (44,542) | 0 | |
Due to Affiliates—Contingent Consideration for Internalization | Recurring | Level 3 | ||||
Level 3 Liabilities | ||||
Fair value, liability value | (20,650) | (41,250) | (52,990) | |
Unrealized gain in earnings | 11,740 | |||
Unrealized gain related to balance recorded in earnings | 1,730 | 20,600 | 11,740 | |
Acquired through the Merger | 0 | |||
Unrealized gains (losses) on ending balance in earnings | 1,730 | 20,600 | ||
Transfer out of liabilities into equity | 12,539 | |||
Transfers out of Level 3 | 6,381 | |||
Fair value, liability value | 0 | (20,650) | (41,250) | |
Loans Receivable | Recurring | Level 3 | ||||
Level 3 Assets | ||||
Fair value, asset value | 45,423 | 0 | 0 | |
Unrealized gains (losses) In earnings | (715) | (2,309) | ||
Consolidation of securitization trust | 58,296 | |||
Paydowns, distributions or sales | (638) | (10,564) | ||
Unrealized gains (losses) on ending balance in earnings | (715) | (2,309) | ||
Deconsolidation | (44,070) | |||
Fair value, asset value | 0 | 45,423 | 0 | |
Equity Method Investments | Recurring | Level 3 | ||||
Level 3 Assets | ||||
Fair value, asset value | 363,901 | 0 | 0 | |
Unrealized gains (losses) In earnings | (67) | 6,104 | 0 | |
Acquired through the Merger | 362,269 | |||
Purchases, contributions or accretion | 61,113 | 162,323 | ||
Paydowns, distributions or sales | (188,409) | (166,795) | ||
Realized gains in earnings | 3,208 | |||
Unrealized gains (losses) on ending balance in earnings | (67) | 6,104 | ||
Transfers out of Level 3 | (132,527) | |||
Contribution to Colony Credit (Note 4) | (26,134) | |||
Fair value, asset value | 81,085 | 363,901 | 0 | |
Securities | Recurring | Level 3 | ||||
Level 3 Assets | ||||
Fair value, asset value | 323,243 | 0 | 0 | |
Unrealized gains (losses) In earnings | 0 | |||
Acquired through the Merger | 427,560 | |||
Purchases, contributions or accretion | 21,049 | 40,035 | ||
Paydowns, distributions or sales | (138,261) | (120,728) | ||
Realized gains in earnings | 3,877 | (38,885) | ||
Unrealized gains (losses) In accumulated other comprehensive income | (21,437) | 15,261 | ||
Unrealized gains (losses) on ending balance in earnings | 0 | 0 | ||
Deconsolidation | (124,344) | |||
Unrealized gains (losses) on ending balance in other comprehensive income (loss) | (3,386) | |||
Fair value, asset value | 64,127 | 323,243 | 0 | |
THL Hotel Portfolio | Due to Affiliates—Contingent Consideration for Internalization | Recurring | Level 3 | ||||
Level 3 Liabilities | ||||
Fair value, liability value | (7,419) | 0 | 0 | |
Unrealized gain related to balance recorded in earnings | (1,484) | (648) | ||
Consideration for business combination | (6,771) | |||
Unrealized gains (losses) on ending balance in earnings | (1,484) | (648) | ||
Fair value, liability value | $ (8,903) | $ (7,419) | $ 0 | |
Senior Management | Due to Affiliates—Contingent Consideration for Internalization | Due to Affiliates—Contingent Consideration for Internalization | Recurring | Level 3 | ||||
Level 3 Liabilities | ||||
Transfers out of Level 3 | $ 6,400 | |||
Affiliated Entity | Common Stock And OP Units | Senior Management | Due to Affiliates—Contingent Consideration for Internalization | ||||
Level 3 Liabilities | ||||
Transfer out of liabilities into equity | $ 12,500 |
Fair Value - Investments Carrie
Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Private fund—real estate | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Expected life of investment | 8 years | |
Expected life of investment, extension increment period | 1 year | |
Expected life of investment, extension period threshold | 2 years | |
Recurring | Fair Value Measured at Net Asset Value Per Share | Private fund—real estate | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 12,617 | |
Unfunded Commitments | 13,658 | |
Recurring | Fair Value Measured at Net Asset Value Per Share | Retail Companies—real estate | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 21,674 | |
Unfunded Commitments | $ 0 |
Fair Value - Nonrecurring Fair
Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | $ 588,223 | $ 420,360 | $ 11,717 |
Impairment loss | 588,223 | 104,360 | 11,717 |
Equity method investments | 81,085 | 363,901 | |
Real estate held for sale | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 269,145 | 49,498 | |
Impairment loss | 77,211 | 25,619 | 11,334 |
Real estate held for investment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 282,400 | ||
Impairment loss | 212,000 | ||
Real estate held for investment | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 416,272 | 224,935 | |
Impairment loss | 280,418 | 19,668 | 57 |
Intangible assets—investment management contracts | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 36,400 | 51,100 | |
Equity Method Investments | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 61,182 | 6,774 | 0 |
Equity method investments | $ 32,761 | 11,871 | |
Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rate | 11.00% | ||
Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rate | 5.50% | ||
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | $ 0 | 0 | |
Level 2 | Real estate held for sale | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 68,864 | 13,252 | |
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 | |
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 | |
Level 2 | Equity Method Investments | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | 0 | 0 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | 81,085 | 363,901 | |
Level 3 | Real estate held for sale | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 200,281 | 36,246 | |
Level 3 | Real estate held for investment | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 416,272 | 224,935 | |
Level 3 | Intangible assets—investment management contracts | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 36,400 | 51,100 | |
Level 3 | Equity Method Investments | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | 32,761 | 11,871 | |
Lease Intangibles | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | 12,744 | 0 | 0 |
Investment management contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | 147,429 | 59,073 | 320 |
Customer relationships | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | 10,109 | 0 | 0 |
Trade name | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | $ 59,464 | $ 0 | $ 0 |
Primarily European Portfolio | Real estate held for sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Selling costs | 5.00% | ||
Certain Hotels In The Hospitality Segment | Level 3 | Maximum | Real estate held for sale | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Selling costs | 3.00% | ||
Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio | Level 3 | Maximum | Real estate held for sale | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Selling costs | 2.00% | ||
Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio | Level 3 | Minimum | Real estate held for sale | Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Selling costs | 1.50% |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Loans at amortized cost | $ 0 | $ 45,423 |
Level 1 | ||
Assets | ||
Loans at amortized cost | 0 | 0 |
Liabilities | ||
Line of credit | 0 | |
Level 1 | Convertible senior notes | ||
Liabilities | ||
Secured and unsecured debt | 547,300 | 608,491 |
Level 1 | Secured debt | ||
Liabilities | ||
Secured and unsecured debt | 0 | |
Level 1 | Secured and Unsecured Debt | ||
Liabilities | ||
Secured and unsecured debt | 0 | |
Level 1 | Securitization bonds payable | ||
Liabilities | ||
Secured and unsecured debt | 0 | |
Level 1 | Junior Subordinated Notes | ||
Liabilities | ||
Secured and unsecured debt | 0 | 0 |
Level 2 | ||
Assets | ||
Loans at amortized cost | 0 | 0 |
Liabilities | ||
Line of credit | 50,000 | |
Level 2 | Convertible senior notes | ||
Liabilities | ||
Secured and unsecured debt | 13,095 | 13,979 |
Level 2 | Secured debt | ||
Liabilities | ||
Secured and unsecured debt | 0 | |
Level 2 | Secured and Unsecured Debt | ||
Liabilities | ||
Secured and unsecured debt | 0 | |
Level 2 | Securitization bonds payable | ||
Liabilities | ||
Secured and unsecured debt | 132,815 | |
Level 2 | Junior Subordinated Notes | ||
Liabilities | ||
Secured and unsecured debt | 0 | 0 |
Level 3 | ||
Assets | ||
Loans at amortized cost | 1,667,892 | 3,232,301 |
Liabilities | ||
Line of credit | 0 | |
Level 3 | Convertible senior notes | ||
Liabilities | ||
Secured and unsecured debt | 0 | 0 |
Level 3 | Secured debt | ||
Liabilities | ||
Secured and unsecured debt | 9,218,692 | |
Level 3 | Secured and Unsecured Debt | ||
Liabilities | ||
Secured and unsecured debt | 9,703,680 | |
Level 3 | Securitization bonds payable | ||
Liabilities | ||
Secured and unsecured debt | 169,908 | |
Level 3 | Junior Subordinated Notes | ||
Liabilities | ||
Secured and unsecured debt | 169,619 | 216,316 |
Fair Value | ||
Assets | ||
Loans at amortized cost | 1,667,892 | 3,232,301 |
Liabilities | ||
Line of credit | 50,000 | |
Fair Value | Convertible senior notes | ||
Liabilities | ||
Secured and unsecured debt | 560,395 | 622,470 |
Fair Value | Secured debt | ||
Liabilities | ||
Secured and unsecured debt | 9,218,692 | |
Fair Value | Secured and Unsecured Debt | ||
Liabilities | ||
Secured and unsecured debt | 9,703,680 | |
Fair Value | Securitization bonds payable | ||
Liabilities | ||
Secured and unsecured debt | 302,723 | |
Fair Value | Junior Subordinated Notes | ||
Liabilities | ||
Secured and unsecured debt | 169,619 | 216,316 |
Carrying Value | ||
Assets | ||
Loans at amortized cost | 1,659,217 | 3,178,339 |
Liabilities | ||
Line of credit | 50,000 | |
Carrying Value | Convertible senior notes | ||
Liabilities | ||
Secured and unsecured debt | 612,150 | 610,331 |
Carrying Value | Secured debt | ||
Liabilities | ||
Secured and unsecured debt | 9,228,721 | |
Carrying Value | Secured and Unsecured Debt | ||
Liabilities | ||
Secured and unsecured debt | 9,622,175 | |
Carrying Value | Securitization bonds payable | ||
Liabilities | ||
Secured and unsecured debt | 303,709 | |
Carrying Value | Junior Subordinated Notes | ||
Liabilities | ||
Secured and unsecured debt | $ 199,086 | $ 197,053 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2018securitization_trust | Jun. 30, 2018securitization_trust | Dec. 31, 2018USD ($)securitization_trust | Dec. 31, 2017USD ($) | |
Variable Interest Entity [Line Items] | ||||
Number of securitization vehicles held | securitization_trust | 0 | |||
Number of securitization vehicles contributed | securitization_trust | 3 | |||
Number of securitization vehicles sold | securitization_trust | 2 | |||
Company Sponsored Funds | ||||
Variable Interest Entity [Line Items] | ||||
Exposure to the obligations of the investment entities | $ | $ 13.2 | $ 10.2 | ||
Consolidated open-end fund | ||||
Variable Interest Entity [Line Items] | ||||
Exposure to the obligations of the investment entities | $ | 117.3 | 6.9 | ||
Trust | ||||
Variable Interest Entity [Line Items] | ||||
Exposure to the obligations of the investment entities | $ | 3.7 | 3.7 | ||
Securitization Vehicles | ||||
Variable Interest Entity [Line Items] | ||||
Exposure to the obligations of the investment entities | $ | 490.1 | |||
Securitization Vehicles | Variable Interest Entity, Unconsolidated | ||||
Variable Interest Entity [Line Items] | ||||
Exposure to the obligations of the investment entities | $ | $ 67.5 | $ 102.2 | ||
Colony Credit | ||||
Variable Interest Entity [Line Items] | ||||
Number of securitization vehicles held | securitization_trust | 0 | |||
Number of securitization vehicles contributed | securitization_trust | 3 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | Jan. 27, 2017$ / shares | Jan. 20, 2017$ / shares | Jan. 10, 2017shares | Jan. 10, 2017$ / sharesshares | Apr. 02, 2015 | Mar. 31, 2017USD ($) | Mar. 31, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2018USD ($)votequarterdirector$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | May 23, 2018USD ($) | Feb. 26, 2018USD ($) | Sep. 01, 2017USD ($) | Feb. 23, 2017USD ($) | Dec. 31, 2015shares |
Class of Stock [Line Items] | ||||||||||||||||
Redemption amount per share (in dollars per share) | $ / shares | $ 25 | |||||||||||||||
Number of directors vote entitles | director | 2 | |||||||||||||||
Preferred stock, shares outstanding (in shares) | shares | 39,466,000 | 39,466,000 | 57,464,000 | 65,464,000 | ||||||||||||
Proceeds from issuance of preferred stock, net | $ 0 | $ 638,100,000 | $ 0 | |||||||||||||
Common stock conversion ratio for Class A to Class B / OP Units | 1 | |||||||||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ / shares | $ 0.24 | $ 0.27 | $ 0.44 | $ 1.08 | $ 1.08 | |||||||||||
Class A common stock acquired under the DRIP Plan (in shares) | shares | 0 | 0 | ||||||||||||||
Minimum affirmative vote required for changes to any series of preferred stock | 66.67% | |||||||||||||||
Minimum period of dividend defaults providing preferred stockholders to voting rights | quarter | 6 | |||||||||||||||
Class A Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock repurchase, authorized amount | $ 300,000,000 | $ 300,000,000 | ||||||||||||||
Stock repurchase, period for repurchase | 1 year | |||||||||||||||
Shares repurchased (in shares) | shares | 61,417,755 | |||||||||||||||
Value of shares repurchased | $ 350,100,000 | |||||||||||||||
Weighted average price per share (in dollars per share) | $ / shares | $ 5.70 | |||||||||||||||
Voting rights attributable to each share | vote | 1 | |||||||||||||||
Class B Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Voting rights attributable to each share | vote | 36.5 | |||||||||||||||
Series I | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares outstanding (in shares) | shares | 13,800,000 | |||||||||||||||
Dividend rate per annum, preferred stock | 7.15% | |||||||||||||||
Series J | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares outstanding (in shares) | shares | 12,600,000 | |||||||||||||||
Dividend rate per annum, preferred stock | 7.125% | |||||||||||||||
Series I and J Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from issuance of preferred stock, net | $ 637,900,000 | |||||||||||||||
Series A, B, C, F Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock redemptions payable | $ 644,900,000 | |||||||||||||||
Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redemption amount per share (in dollars per share) | $ / shares | $ 25 | |||||||||||||||
Preferred stock, shares outstanding (in shares) | shares | 57,464,000 | 65,464,000 | 25,030,000 | 25,030,000 | ||||||||||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25 | |||||||||||||||
Colony NorthStar | Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends paid (in dollars per share) | $ / shares | $ 0.04444 | $ 0.03 | ||||||||||||||
Colony NorthStar | Class A Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Exchange ratio | 1.4663 | 1.4663 | 1.4663 | |||||||||||||
Colony NorthStar | Class B Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Exchange ratio | 1.4663 | |||||||||||||||
Colony NorthStar | Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Exchange ratio | 1 | |||||||||||||||
NSAM | Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends paid (in dollars per share) | $ / shares | $ 1.16 | |||||||||||||||
NSAM | Colony NorthStar | Class A Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Exchange ratio | 1.4663 | |||||||||||||||
Common stock conversion ratio for Class A to Class B / OP Units | 1 | |||||||||||||||
Call Spread | Class A Common Stock | ||||||||||||||||
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] | ||||||||||||||||
Settlement | $ 21,900,000 | |||||||||||||||
Cash pledged as collateral, released | $ 15,000,000 | |||||||||||||||
Share Repurchase Program | Class A Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock repurchase, authorized amount | $ 300,000,000 | |||||||||||||||
Shares repurchased (in shares) | shares | 23,371,071 | |||||||||||||||
Weighted average price per share (in dollars per share) | $ / shares | $ 12.84 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - USD ($) $ in Thousands | Jan. 10, 2017 | Jan. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
Preferred stock, shares outstanding (in shares) | 65,464,000 | ||||
Contribution of preferred stock to an affiliate (in shares) | 964,000 | ||||
Preferred stock, shares outstanding (in shares) | 39,466,000 | 57,464,000 | 65,464,000 | ||
Repurchase of preferred stock | $ 350,710 | $ 300,177 | |||
REIT Security 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 | 65,464,000 | 25,030,000 | 25,030,000 | |
Repurchase of stock (in shares) | (963,718) | (8,000,000) | (25,432,000) | (964,000) | |
Number of shares issued or issuable in a combination (in shares) | 39,466,000 | ||||
Issuance of shares (in shares) | 26,400,000 | ||||
Preferred stock, shares outstanding (in shares) | 57,464,000 | 65,464,000 | 25,030,000 | ||
Repurchase of preferred stock | $ 20,000 | ||||
Class A Common Stock | |||||
Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
Common stock, shares outstanding (in shares) | 163,777,000 | 542,599,000 | 166,440,000 | 163,777,000 | |
Repurchase of stock (in shares) | (61,418,000) | (23,371,000) | |||
Number of shares issued or issuable in a combination (in shares) | 392,120,000 | ||||
Shares issued for settlement of contingent consideration—Internalization (Note 14) (in shares) | 15,000 | ||||
Shares canceled (in shares) | (2,984,000) | ||||
Conversion of stock, shares issued (in shares) | 42,000 | 34,000 | 31,000 | ||
Converted instrument, shares issued (in shares) | 233,000 | ||||
Share-based compensation, net of forfeitures (in shares) | 3,394,000 | 8,096,000 | 1,478,000 | ||
Redemption of restricted stock units (in shares) | 775,000 | ||||
Shares canceled for tax withholding on vested stock awards (in shares) | (3,359,000) | (428,000) | (216,000) | ||
Common stock, shares outstanding (in shares) | 483,347,000 | 542,599,000 | 166,440,000 | ||
Class A Common Stock | Operating Partnership Unit | |||||
Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
Issuance of shares (in shares) | 2,074,000 | 1,684,000 | 1,370,000 | ||
Shares issued upon redemption of OP Units (in shares) | 572,567 | ||||
Class B Common Stock | |||||
Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
Common stock, shares outstanding (in shares) | 801,000 | 736,000 | 770,000 | 801,000 | |
Repurchase of stock (in shares) | 0 | ||||
Number of shares issued or issuable in a combination (in shares) | 0 | ||||
Shares issued for settlement of contingent consideration—Internalization (Note 14) (in shares) | 40,000 | ||||
Shares canceled (in shares) | 0 | ||||
Conversion of stock, shares converted (in shares) | (42,000) | (34,000) | (31,000) | ||
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) | 734,000 | 736,000 | 770,000 | ||
Class B Common Stock | Operating Partnership Unit | |||||
Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
Issuance of shares (in shares) | 0 | 0 | 0 |
Stockholders' Equity - Prefer_2
Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 10, 2017 | |
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding (in shares) | 57,464 | 65,464 | 39,466 |
Par value (in dollars per share) | $ 575 | $ 1,010,320 | |
Preferred stock, liquidation preference | $ 1,436,605 | $ 1,636,605 | |
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 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% | ||
Preferred stock, shares outstanding (in shares) | 13,800 | ||
Par value (in dollars per share) | $ 138 | ||
Preferred stock, liquidation preference | $ 345,000 | ||
Series J | |||
Class of Stock [Line Items] | |||
Dividend Rate Per Annum | 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 - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 12,349,392 | $ 5,616,927 | $ 5,416,240 |
Ending balance | 11,146,370 | 12,349,392 | 5,616,927 |
AOCI - Stockholders | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 47,316 | (32,109) | (18,422) |
Other comprehensive income (loss) before reclassifications | (30,184) | 39,742 | (13,085) |
Cumulative effect of adoption of new accounting pronouncements (Note 2) | (202) | ||
Amounts reclassified from AOCI | (5,527) | 39,683 | (602) |
Deconsolidation of N-Star CDO | 2,596 | ||
Ending balance | 13,999 | 47,316 | (32,109) |
Company's Share in AOCI of Equity Method Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 5,616 | 85 | 0 |
Other comprehensive income (loss) before reclassifications | (1,785) | 5,450 | 131 |
Cumulative effect of adoption of new accounting pronouncements (Note 2) | (202) | ||
Amounts reclassified from AOCI | 0 | 81 | (46) |
Deconsolidation of N-Star CDO | 0 | ||
Ending balance | 3,629 | 5,616 | 85 |
Unrealized Gain (Loss) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 14,418 | (112) | 0 |
Other comprehensive income (loss) before reclassifications | (16,238) | (22,014) | (112) |
Cumulative effect of adoption of new accounting pronouncements (Note 2) | 0 | ||
Amounts reclassified from AOCI | (3,951) | 36,544 | 0 |
Deconsolidation of N-Star CDO | 2,596 | ||
Ending balance | (3,175) | 14,418 | (112) |
Unrealized Gain (Loss) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (41) | (245) |
Other comprehensive income (loss) before reclassifications | (91) | 41 | 7 |
Cumulative effect of adoption of new accounting pronouncements (Note 2) | 0 | ||
Amounts reclassified from AOCI | 0 | 0 | 197 |
Deconsolidation of N-Star CDO | 0 | ||
Ending balance | (91) | 0 | (41) |
Foreign Currency Translation Gain (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 45,931 | (76,426) | (42,125) |
Other comprehensive income (loss) before reclassifications | (46,183) | 124,846 | (34,234) |
Cumulative effect of adoption of new accounting pronouncements (Note 2) | 0 | ||
Amounts reclassified from AOCI | 6,870 | (2,489) | (67) |
Deconsolidation of N-Star CDO | 0 | ||
Ending balance | 6,618 | 45,931 | (76,426) |
Unrealized Gain (Loss) on Net Investment Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (18,649) | 44,385 | 23,948 |
Other comprehensive income (loss) before reclassifications | 34,113 | (68,581) | 21,123 |
Cumulative effect of adoption of new accounting pronouncements (Note 2) | 0 | ||
Amounts reclassified from AOCI | (8,446) | 5,547 | (686) |
Deconsolidation of N-Star CDO | 0 | ||
Ending balance | 7,018 | (18,649) | 44,385 |
AOCI Attributable to Noncontrolling Interest in Investment Entities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 42,075 | (45,942) | (99) |
Other comprehensive income (loss) before reclassifications | (31,315) | 88,162 | (44,337) |
Amounts reclassified from AOCI | (2,106) | (145) | (1,506) |
Ending balance | 8,654 | 42,075 | (45,942) |
Unrealized Gain (Loss) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (527) | 0 |
Other comprehensive income (loss) before reclassifications | 0 | 981 | (527) |
Amounts reclassified from AOCI | 0 | (454) | 0 |
Ending balance | 0 | 0 | (527) |
Unrealized Gain (Loss) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | (149) |
Other comprehensive income (loss) before reclassifications | (390) | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 149 |
Ending balance | (390) | 0 | 0 |
Foreign Currency Translation Gain (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 38,948 | (57,213) | 51 |
Other comprehensive income (loss) before reclassifications | (39,621) | 97,840 | (56,479) |
Amounts reclassified from AOCI | 73 | (1,679) | (785) |
Ending balance | (600) | 38,948 | (57,213) |
Unrealized Gain (Loss) on Net Investment Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 3,127 | 11,798 | (1) |
Other comprehensive income (loss) before reclassifications | 8,696 | (10,659) | 12,669 |
Amounts reclassified from AOCI | (2,179) | 1,988 | (870) |
Ending balance | $ 9,644 | $ 3,127 | $ 11,798 |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other gain (loss), net | $ 51,706 | $ (25,814) | $ 18,416 | |
Earnings from investments in unconsolidated ventures | (9,401) | 285,151 | 99,375 | |
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] | ||||
Other gain (loss), net | 10,100 | (5,285) | ||
Earnings from investments in unconsolidated ventures | 46 | |||
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Other-than-temporary impairment and write-offs of securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other gain (loss), net | (6,149) | (31,259) | 0 | |
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Deconsolidation of N-Star CDO | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other gain (loss), net | $ 0 | (2,596) | 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 | 0 | (197) | |
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 | (6,870) | 2,489 | 67 | |
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 | 1,454 | (1,829) | 634 | |
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on net investment hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other gain (loss), net | 6,992 | (3,718) | 52 | |
Earnings from investments in unconsolidated ventures | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on marketable securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other gain (loss), net | $ 0 | |||
Earnings from investments in unconsolidated ventures | $ 0 | $ (81) |
Noncontrolling Interests - Chan
Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | $ 34,144 | $ 0 | ||
Assumed through | 513,847 | |||
Distributions and redemptions | (503,054) | (879,889) | $ (621,207) | |
Net income (loss) | (3,708) | 23,543 | 0 | |
Ending balance | 9,385 | 34,144 | $ 0 | |
Redeemable noncontrolling interests | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Contributions | 354 | 8,550 | ||
Distributions and redemptions | (21,405) | (100,830) | ||
Net income (loss) | (3,708) | 23,543 | ||
Currency translation adjustment and other | 0 | (725) | ||
Redeemable noncontrolling interests | Townsend | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Assumed through | 0 | 78,843 | ||
Redeemable noncontrolling interests | Consolidated open-end fund | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Assumed through | $ 0 | $ 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 ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | |
Noncontrolling Interest [Line Items] | ||||
Acquisition of noncontrolling interests | $ 4,830 | $ 2,557 | ||
Noncontrolling interest, decrease from deconsolidation | $ 330,980 | $ 4,000 | ||
OP Units to common stock, conversion ratio | 1 | |||
Class A Common Stock | ||||
Noncontrolling Interest [Line Items] | ||||
Acquisition of noncontrolling interests | $ 5,085 | |||
Issuance of shares (in shares) | shares | 2,074,457 | 1,684,170 | ||
OP Units | ||||
Noncontrolling Interest [Line Items] | ||||
OP Units to common stock, conversion ratio | 1 | 1 | ||
OP units redeemed (in shares) | shares | 2,870,422 | 2,076,214 | ||
Partners' capital account, units redeemed for cash (in shares) | shares | 795,965 | |||
OP units redeemed, cash settlement | $ 4,800 | $ 5,100 | ||
Additional Paid-in Capital | ||||
Noncontrolling Interest [Line Items] | ||||
Acquisition of noncontrolling interests | 34,100 | 21,800 | $ (18,557) | |
Additional Paid-in Capital | Class A Common Stock | ||||
Noncontrolling Interest [Line Items] | ||||
Acquisition of noncontrolling interests | $ (29,014) | $ (22,814) | ||
Healthcare | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest sold, percentage | 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 | |||
Settlement Of Contingent Consideration | OP Units | ||||
Noncontrolling Interest [Line Items] | ||||
OP units redeemed (in shares) | shares | 1,000,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2017 | |
Expenses | |||||
Net income (loss) from discontinued operations after tax | $ (102) | $ 13,555 | $ 0 | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale | |||||
Revenues | |||||
Property operating income | 1,186 | 43,269 | |||
Other income | 0 | 2,352 | |||
Expenses | |||||
Property operating expenses | 1,159 | 20,530 | |||
Interest expense | 0 | 9,028 | |||
Loss on sale of real estate assets | 0 | 2,108 | |||
Other expenses | 129 | 400 | |||
Net income (loss) from discontinued operations | (102) | 13,555 | |||
Income tax expense | 0 | 0 | |||
Net income (loss) from discontinued operations after tax | (102) | 13,555 | |||
Net income loss from discontinued operations attributable to Colony NorthStar, Inc. | (53) | 13,097 | |||
Manufactured Housing | Discontinued Operations, Held-for-sale or Disposed of by 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 or Disposed of by Sale | |||||
Expenses | |||||
Net income (loss) from discontinued operations attributable to: | (45) | 427 | |||
Noncontrolling Interests in Operating Company | Discontinued Operations, Held-for-sale or Disposed of by Sale | |||||
Expenses | |||||
Net income (loss) from discontinued operations attributable to: | $ (4) | $ 31 |
Earnings per Share (Details)
Earnings per Share (Details) $ / shares in Units, $ in Thousands | Jan. 10, 2017 | Jan. 10, 2017 | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Net income (loss) allocated to common stockholders | |||||
Income (loss) from continuing operations | $ (495,073) | $ (78,168) | $ 290,726 | ||
Net income (loss) from discontinued operations after tax | (102) | 13,555 | 0 | ||
Net income (loss) | (495,175) | (64,613) | 290,726 | ||
Net (income) loss attributable to noncontrolling interests: | |||||
Redeemable noncontrolling interests | 3,708 | (23,543) | 0 | ||
Investment entities | (67,994) | (129,996) | (163,084) | ||
Operating Company | 39,854 | 20,261 | (12,324) | ||
Net income (loss) attributable to Colony Capital, Inc. | (519,607) | (197,891) | 115,318 | ||
Preferred stock redemption | 3,995 | (4,530) | 0 | ||
Preferred dividends | (117,097) | (130,672) | (48,159) | ||
Net income (loss) attributable to common stockholders | (632,709) | (333,093) | 67,159 | ||
Net income allocated to participating securities | (2,504) | (9,168) | (2,293) | ||
Net income (loss) allocated to common stockholders—basic | (635,213) | (342,261) | 64,866 | ||
Interest expense attributable to convertible senior notes | 0 | 0 | 0 | ||
Net income (loss) allocated to common stockholders—diluted | $ (635,213) | $ (342,261) | $ 64,866 | ||
Weighted average common shares outstanding | |||||
Basic weighted average number of common shares outstanding (in shares) | shares | 496,993,000 | 532,600,000 | 164,570,000 | ||
Weighted average effect of dilutive shares (in shares) | shares | 0 | 0 | 0 | ||
Diluted weighted average number of common shares outstanding (in shares) | shares | 496,993,000 | 532,600,000 | 164,570,000 | ||
Basic earnings (loss) per share | |||||
Net income from continuing operations (in dollars per share) | $ / shares | $ (1.28) | $ (0.66) | $ 0.39 | ||
Income from discontinued operations (in dollars per share) | $ / shares | 0 | 0.02 | 0 | ||
Basic (in dollars per share) | $ / shares | (1.28) | (0.64) | 0.39 | ||
Diluted earnings (loss) per share | |||||
Net income from continuing operations (in dollars per share) | $ / shares | (1.28) | (0.66) | 0.39 | ||
Income from discontinued operations (in dollars per share) | $ / shares | 0 | 0.02 | 0 | ||
Diluted (in dollars per share) | $ / shares | $ (1.28) | $ (0.64) | $ 0.39 | ||
OP Units to common stock, conversion ratio | 1 | ||||
Colony NorthStar | Class A Common Stock | |||||
Diluted earnings (loss) per share | |||||
Exchange ratio | 1.4663 | 1.4663 | 1.4663 | ||
Convertible Debt Securities | |||||
Diluted earnings (loss) per share | |||||
Interest expense on convertible note excluded from diluted EPS | $ 28,600 | $ 28,900 | $ 27,300 | ||
Weighted average dilutive common share | shares | 38,112,100 | 38,564,400 | 36,582,700 | ||
Restricted Stock | |||||
Diluted earnings (loss) per share | |||||
Weighted average dilutive common share | shares | 571,500 | 534,100 | 0 | ||
Performance Shares | |||||
Diluted earnings (loss) per share | |||||
Weighted average dilutive common share | shares | 532,900 | ||||
Operating Partnership Unit | |||||
Diluted earnings (loss) per share | |||||
Weighted average dilutive common share | shares | 31,358,500 | 32,282,500 | 30,296,100 | ||
OP Units to common stock, conversion ratio | 1 |
Fee Income - Earned (Details)
Fee Income - Earned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | $ 151,821 | $ 220,789 | $ 67,731 |
Fee income | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 150,596 | 184,914 | 67,731 |
Base management fees ($137,762, $165,436 and $63,212 from affiliates, respectively) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 138,784 | 183,838 | 63,212 |
Base management fees ($137,762, $165,436 and $63,212 from affiliates, respectively) | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 137,762 | 165,436 | 63,212 |
Asset management fees—from affiliates | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 2,078 | 3,069 | 4,519 |
Acquisition and disposition fees—from affiliates | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 1,922 | 16,237 | 0 |
Incentive fees ($5,445, $172, $0 from affiliates, respectively) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 5,445 | 1,043 | 0 |
Incentive fees ($5,445, $172, $0 from affiliates, respectively) | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 5,445 | 172 | 0 |
Other fee income ($3,389, $0 and $0 from affiliates, respectively) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 3,592 | 16,602 | 0 |
Other fee income ($3,389, $0 and $0 from affiliates, respectively) | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 3,389 | 0 | 0 |
Institutional funds | Fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 56,002 | 60,988 | 67,731 |
Non Traded REIT | Fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 29,597 | 88,081 | 0 |
Public companies (Colony Credit, NRE) | Fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 65,258 | 14,003 | 0 |
Broker-dealer, Townsend and other clients | Fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | $ 964 | $ 57,717 | $ 0 |
Fee Income - Additional Informa
Fee Income - Additional Information (Details) - USD ($) $ in Thousands | Nov. 07, 2018 | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Management Fee Income [Line Items] | |||||
Management fee, percent of net asset value | 1.25% | ||||
Base Management Fees | |||||
Management Fee Income [Line Items] | |||||
Revenue from contract with customer | $ 138,784 | $ 183,838 | $ 63,212 | ||
Base Management Fees | Private funds and other | Fee income | |||||
Management Fee Income [Line Items] | |||||
Percent of limited partner net funded capital | 1.00% | ||||
Base Management Fees | Non Traded REIT | Fee income | |||||
Management Fee Income [Line Items] | |||||
Percent of gross assets or equity | 1.00% | ||||
Revenue from contract with customer | $ 2,500 | ||||
Base Management Fees | Non Traded REIT | Fee income | Maximum | |||||
Management Fee Income [Line Items] | |||||
Percent of gross assets or equity | 1.50% | ||||
Base Management Fees | Registered Investment Companies | Fee income | |||||
Management Fee Income [Line Items] | |||||
Percent of average net assets | 1.25% | ||||
Base Management Fees | NRE | Fee income | |||||
Management Fee Income [Line Items] | |||||
Revenue from contract with customer | $ 14,200 | ||||
Management fee, percent of net asset value | 1.50% | ||||
Management fee percentage, threshold amount | $ 2,000,000 | ||||
Percent of net asset value in excess of fixed fee amount | 1.25% | ||||
Percent increase per year | 1.50% | ||||
Termination agreement payment | $ 70,000 | ||||
Base Management Fees | Colony Credit | Fee income | |||||
Management Fee Income [Line Items] | |||||
Percent of stockholders' equity | 1.50% | ||||
Asset Management Fees | Asset management fees | |||||
Management Fee Income [Line Items] | |||||
Percent of limited partner net funded capital | 0.50% | ||||
Acquisition and Disposition Fees | 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% | ||||
Acquisition and Disposition Fees | Asset management fees | Maximum | |||||
Management Fee Income [Line Items] | |||||
Percent of contractual sales price for disposition of investment | 2.00% | ||||
Incentive Fees | |||||
Management Fee Income [Line Items] | |||||
Revenue from contract with customer | $ 5,445 | $ 1,043 | 0 | ||
Incentive Fees | Minimum | |||||
Management Fee Income [Line Items] | |||||
Percent of fees allocated to employees | 40.00% | ||||
Incentive Fees | Maximum | |||||
Management Fee Income [Line Items] | |||||
Percent of fees allocated to employees | 50.00% | ||||
Other Fee Income | |||||
Management Fee Income [Line Items] | |||||
Revenue from contract with customer | $ 3,592 | $ 16,602 | $ 0 | ||
Other Fee Income | Selling commissions or dealer manager fees | |||||
Management Fee Income [Line Items] | |||||
Percent of selling commissions | 8.00% |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2018USD ($)shares | Feb. 28, 2019 | Mar. 31, 2017USD ($)shares | Jan. 31, 2017$ / sharesshares | Jan. 28, 2017 | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of shares vested | $ 111,200 | $ 31,900 | $ 9,900 | ||||||
Aggregate unrecognized compensation cost related to restricted stock granted | $ 35,700 | $ 35,700 | |||||||
Weighted average period of expected cost | 2 years | ||||||||
Share-based compensation expenses | $ 41,876 | 153,951 | $ 13,638 | ||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Service period | 3 years | ||||||||
PSU | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
LTIP Units | CLNS Equity Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock, shares reserved for future issuance, annual increase, percent | 2.00% | 2.00% | |||||||
Common stock, shares reserved for future issuance | shares | 44,700,000 | 44,700,000 | |||||||
Conversion of units, conversion ratio | 1 | ||||||||
DSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | ||||||||
Managed Company Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate unrecognized compensation cost related to restricted stock granted | $ 14,400 | $ 14,400 | |||||||
Weighted average period of expected cost | 2 years 4 months | ||||||||
Share-based compensation expenses | $ 9,600 | ||||||||
Class A Common Stock | PSU | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Measurement period | 3 years | ||||||||
Colony NorthStar | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Issuance of shares | $ 660,000 | ||||||||
Colony NorthStar | Class A Common Stock | Director Stock Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Issuance of shares (in shares) | shares | 44,464 | ||||||||
Townsend | Restricted Stock | NSAM Stock Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Conversion of stock, conversion ratio | 1 | ||||||||
Certain Employees | American Healthcare Investors, LLC | Class A Common Stock | 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 | ||||||||
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 | ||||||||
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 | ||||||||
Minimum | Class A Common Stock | PSU | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued, percent of PSU granted | 0.00% | ||||||||
Maximum | Class A Common Stock | PSU | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued, percent of PSU granted | 200.00% | 200.00% | |||||||
American Healthcare Investors, LLC | American Healthcare Investors, LLC | NSAM Stock Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Ownership percentage | 43.00% | ||||||||
Subsequent Event | Maximum | Class A Common Stock | PSU | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued, percent of PSU granted | 125.00% |
Equity-Based Compensation - Val
Equity-Based Compensation - Valuation Technique (Details) - PSU | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected volatility of the Company's class A common stock, percentage | 38.00% |
Expected annual dividend yield, percentage | 7.60% |
Risk-free rate (per annum), percentage | 2.44% |
Equity-Based Compensation - Com
Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expenses | $ 41,876 | $ 153,951 | $ 13,638 |
Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expenses | 41,876 | 149,820 | 13,638 |
Amortization of fair value of dividend equivalent right | 270 | 0 | 0 |
Earnings from investments in unconsolidated ventures | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expenses | 0 | 61 | 0 |
Investment and servicing expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expenses | $ 0 | $ 4,070 | $ 0 |
Equity-Based Compensation - Non
Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares [Roll Forward] | |||
Nonvested shares at beginning period (shares) | 12,734,170 | ||
Granted (shares) | 6,007,501 | ||
Vested (shares) | (10,786,571) | ||
Forfeited (shares) | (305,927) | ||
Nonvested shares at period end (shares) | 7,649,173 | 12,734,170 | |
Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested shares at beginning period (USD per share) | $ 14.53 | ||
Granted (USD per share) | 6.19 | ||
Vested (USD per share) | 14.27 | ||
Forfeited (USD per share) | 11.42 | ||
Nonvested shares at period end (USD per share) | $ 9.39 | $ 14.53 | |
Restricted Stock | |||
Number of Shares [Roll Forward] | |||
Nonvested shares at beginning period (shares) | 9,149,516 | ||
Granted (shares) | 3,605,137 | ||
Vested (shares) | (7,121,545) | ||
Forfeited (shares) | (211,018) | ||
Nonvested shares at period end (shares) | 5,422,090 | 9,149,516 | |
LTIP Units | |||
Number of Shares [Roll Forward] | |||
Nonvested shares at beginning period (shares) | 3,506,387 | ||
Granted (shares) | 0 | ||
Vested (shares) | (3,506,387) | ||
Forfeited (shares) | 0 | ||
Nonvested shares at period end (shares) | 0 | 3,506,387 | |
DSUs | |||
Number of Shares [Roll Forward] | |||
Nonvested shares at beginning period (shares) | 78,267 | ||
Granted (shares) | 263,506 | ||
Vested (shares) | (158,639) | ||
Forfeited (shares) | 0 | ||
Nonvested shares at period end (shares) | 183,134 | 78,267 | |
PSUs | |||
Number of Shares [Roll Forward] | |||
Nonvested shares at beginning period (shares) | 0 | ||
Granted (shares) | 2,138,858 | 0 | 0 |
Vested (shares) | 0 | ||
Forfeited (shares) | (94,909) | ||
Nonvested shares at period end (shares) | 2,043,949 | 0 | |
Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested shares at beginning period (USD per share) | $ 0 | ||
Granted (USD per share) | 5.09 | ||
Vested (USD per share) | 0 | ||
Forfeited (USD per share) | 5.09 | ||
Nonvested shares at period end (USD per share) | $ 5.09 | $ 0 |
Transactions with Affiliates -
Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Due from affiliates | $ 45,779 | $ 51,518 |
Due to Affiliates | 0 | 23,534 |
Fee income | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 34,429 | 19,366 |
Cost reimbursements and recoverable expenses | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 10,754 | 30,749 |
Employees and other affiliates | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 596 | 1,403 |
Investment vehicles and unconsolidated ventures | ||
Related Party Transaction [Line Items] | ||
Due to Affiliates | 0 | 2,884 |
Employees | ||
Related Party Transaction [Line Items] | ||
Due to Affiliates | 20,650 | |
Senior Management | Employees | ||
Related Party Transaction [Line Items] | ||
Due to Affiliates | $ 0 | $ 20,650 |
Transactions with Affiliates _2
Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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% | ||
NRE | |||
Related Party Transaction [Line Items] | |||
Percent of combined general and administrative costs | 20.00% | ||
Minimum | Retail companies | |||
Related Party Transaction [Line Items] | |||
Reimbursement percent for organization and offering costs | 1.00% | ||
Cost reimbursements | Company Managed Private Funds | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | $ 4,000 | ||
Cost reimbursements | Retail companies | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 4,672 | $ 19,545 | $ 0 |
Cost reimbursements | Public companies—NRE and Colony Credit | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 10,747 | 0 | 0 |
Cost reimbursements | Private funds and other | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 9,198 | 3,779 | 4,296 |
Cost reimbursements | Equity awards of NRE and Colony Credit (Note 21) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 10,078 | 0 | 0 |
Cost reimbursements | Townsend | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 0 | 2,306 | 0 |
Cost reimbursements | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | $ 34,695 | $ 25,630 | $ 4,296 |
Transactions with Affiliates _3
Transactions with Affiliates - Narrative (Details) - USD ($) | Jun. 30, 2018 | Jul. 31, 2018 | May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||||||
Management fee, percent of net asset value | 1.25% | |||||
Management fee, amount | $ 1,000,000 | |||||
Proceeds from sale of equity method investments | 142,270,000 | $ 0 | $ 0 | |||
Gain on sale of real estate | 167,231,000 | 137,370,000 | 73,616,000 | |||
Due to affiliates—contingent consideration for Internalization | 0 | 23,534,000 | ||||
Contingent consideration | ||||||
Related Party Transaction [Line Items] | ||||||
Due to affiliates—contingent consideration for Internalization | 20,650,000 | |||||
American Healthcare Investors, LLC | Management and Advisory Fees | ||||||
Related Party Transaction [Line Items] | ||||||
Property management and sub-advisory fees | $ 4,100,000 | 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 | |||||
Outstanding advances | $ 0 | 0 | ||||
Colony Credit | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Proceeds from sale of equity method investments | $ 89,100,000 | |||||
Proceeds from sale of real estate | $ 121,500,000 | |||||
Gain on sale of real estate | $ 28,600,000 | |||||
LIBOR | NorthStar Healthcare | Revolving Credit Facility | Line of Credit | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Basis spread on variable rate, percent | 3.50% | |||||
Redeemable noncontrolling interests | Investment Vehicles | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Investments | $ 5,700,000 | 4,800,000 | ||||
Net income attributable to noncontrolling interest | 400,000 | |||||
Senior Management | Contingent consideration | ||||||
Related Party Transaction [Line Items] | ||||||
Due to affiliates—contingent consideration for Internalization | 0 | 20,650,000 | ||||
Common Stock And OP Units | Senior Management | Affiliated Entity | Contingent consideration | ||||||
Related Party Transaction [Line Items] | ||||||
Transfer out of liabilities into equity | $ 12,500,000 | |||||
Cost reimbursements | Corporate Aircraft Use Reimbursement | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from contract with customer | 700,000 | 1,900,000 | 900,000 | |||
Cost reimbursements | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from contract with customer | 34,695,000 | $ 25,630,000 | $ 4,296,000 | |||
Contingent consideration | Level 3 | Recurring | ||||||
Related Party Transaction [Line Items] | ||||||
Transfer out of liabilities into equity | 12,539,000 | |||||
Transfers out of Level 3 | $ 6,381,000 | |||||
Contingent consideration | Level 3 | Recurring | Senior Management | Contingent consideration | ||||||
Related Party Transaction [Line Items] | ||||||
Transfers out of Level 3 | $ 6,400,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 10, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Tax Cuts and Jobs Act, incomplete accounting, change in tax rate, provisional income tax expense (benefit) | $ 24,900 | ||||
Tax Cuts And Jobs Act Of 2017, change in tax rate, income tax expense | $ 2,200 | ||||
Impact of Tax Cuts and Jobs Act | $ (2,190) | $ (24,908) | $ 0 | ||
Deferred tax liabilities assumed | $ 218,200 | ||||
Deferred taxes, business combination, valuation allowance | $ 31,900 | ||||
Valuation allowance related to certain hotels, amount released | $ 10,700 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||
Federal | $ 2,881 | $ (20,316) | $ (2,720) |
State and local | 1,168 | (3,606) | (1,436) |
Foreign | (13,698) | (16,138) | (8,244) |
Total current tax benefit (expense) | (9,649) | (40,060) | (12,400) |
Deferred | |||
Federal | 64,962 | 110,711 | 6,214 |
State and local | 1,320 | 18,235 | (713) |
Foreign | 3,148 | 9,513 | 2,117 |
Total deferred tax benefit | 69,430 | 138,459 | 7,618 |
Income tax benefit (expense) | $ 59,781 | $ 98,399 | $ (4,782) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Deferred tax assets | ||
Net operating and capital loss carry forwards | $ 30,019 | $ 56,609 |
Equity-based compensation | 28,071 | 17,162 |
Basis difference—investment in partnerships | 0 | 7,745 |
Foreign tax credits | 1,682 | 892 |
Straight-line and prepaid rent expense | 3,601 | 7,850 |
Deferred income | 1,932 | 0 |
Deferred interest expense | 1,924 | 472 |
Other | 7,947 | 2,904 |
Gross deferred tax assets | 75,176 | 93,634 |
Valuation allowance | (23,852) | (22,062) |
Deferred tax assets, net of valuation allowance | 51,324 | 71,572 |
Deferred tax liabilities | ||
Management contract intangibles | 90,605 | 33,693 |
Basis difference—investment in partnerships | 5,822 | 0 |
Basis difference—real estate | 68,687 | 63,901 |
Deferred income | 0 | 1,263 |
Other | 1,643 | 108 |
Gross deferred tax liabilities | 166,757 | 98,965 |
Net deferred tax liability | (115,433) | (27,393) |
Deferred tax assets, operating loss carryforwards, foreign | 121,300 | $ 251,200 |
Reduction in valuation allowance | $ 12,300 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) from continuing and discontinued operations before income taxes | $ (554,956) | $ (163,012) | $ 295,508 |
Pre-tax income attributable to pass-through subsidiaries | 312,939 | (89,104) | (306,644) |
Pre-tax loss attributable to taxable subsidiaries | (242,017) | (252,116) | (11,136) |
Federal tax benefit at statutory tax rate (35%) | 50,824 | 88,241 | 3,365 |
State and local income taxes, net of federal income tax benefit | 10,983 | 9,380 | 88 |
Foreign income tax differential | (3,533) | 6 | (5,441) |
Nondeductible expenses | (4,648) | (20,372) | (1,128) |
Excess inclusion income tax expense | 0 | 0 | (1,311) |
Valuation allowance, net | 2,874 | (3,555) | (692) |
Impact of Tax Cuts and Jobs Act | 2,190 | 24,908 | 0 |
Other | 1,091 | (209) | 337 |
Income tax benefit (expense) | $ 59,781 | $ 98,399 | $ (4,782) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 01, 2017 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
Contingent consideration, liability | $ 8,903,000 | $ 7,419,000 | ||
Office leases | ||||
Operating Leased Assets [Line Items] | ||||
Rent expense | 10,500,000 | $ 13,700,000 | $ 5,600,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2,019 | 9,380,000 | |||
2,020 | 9,007,000 | |||
2,021 | 8,617,000 | |||
2,022 | 7,602,000 | |||
2,023 | 7,045,000 | |||
2024 and thereafter | 29,615,000 | |||
Total | $ 71,266,000 | |||
THL Hotel Portfolio | Maximum | ||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
Contingent consideration, liability | $ 13,000,000 |
Segment Reporting - Summary of
Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 6 | ||
Total revenues | $ 2,665,276 | $ 2,796,734 | $ 838,857 |
Property operating expenses | 1,233,659 | 1,113,509 | 118,461 |
Interest expense | 595,551 | 574,822 | 170,083 |
Depreciation and amortization | 572,406 | 617,779 | 171,682 |
Provision for loan loss | 43,034 | 19,741 | 35,005 |
Impairment loss | 588,223 | 420,360 | 11,717 |
Impairment loss | 588,223 | 104,360 | 11,717 |
Gain on sale of real estate | 167,231 | 137,370 | 73,616 |
Equity method earnings (losses) | (9,401) | 285,151 | 99,375 |
Equity method earnings—carried interest | 19,961 | 0 | 0 |
Income tax benefit (expense) | 59,781 | 98,399 | (4,782) |
Income (loss) from continuing operations | (495,073) | (78,168) | 290,726 |
Net income (loss) from discontinued operations after tax | (102) | 13,555 | 0 |
Net income (loss) | (495,175) | (64,613) | 290,726 |
Net income (loss) attributable to Colony Capital, Inc. | (519,607) | (197,891) | 115,318 |
Operating segments | Healthcare | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 592,455 | 613,169 | 0 |
Property operating expenses | 271,166 | 274,528 | 0 |
Interest expense | 194,898 | 185,256 | 0 |
Depreciation and amortization | 164,389 | 183,897 | 0 |
Provision for loan loss | 213 | 1,588 | 0 |
Impairment loss | 14,375 | ||
Impairment loss | 217,524 | 0 | |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | 0 | 0 | 0 |
Equity method earnings—carried interest | 0 | ||
Income tax benefit (expense) | (4,991) | (5,639) | 0 |
Income (loss) from continuing operations | (283,516) | (64,767) | |
Net income (loss) from discontinued operations after tax | 0 | 0 | |
Net income (loss) | (283,516) | (64,767) | 0 |
Net income (loss) attributable to Colony Capital, Inc. | (199,277) | (51,428) | 0 |
Operating segments | Industrial | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 290,956 | 243,172 | 196,357 |
Property operating expenses | 83,003 | 67,196 | 55,924 |
Interest expense | 42,713 | 38,566 | 44,834 |
Depreciation and amortization | 129,104 | 109,265 | 88,854 |
Provision for loan loss | 0 | 0 | 0 |
Impairment loss | 44 | ||
Impairment loss | 948 | 407 | |
Gain on sale of real estate | 7,633 | 24,612 | 2,888 |
Equity method earnings (losses) | 0 | 0 | 0 |
Equity method earnings—carried interest | 0 | ||
Income tax benefit (expense) | (40) | (2,252) | (586) |
Income (loss) from continuing operations | 26,749 | 37,497 | |
Net income (loss) from discontinued operations after tax | 0 | 0 | |
Net income (loss) | 26,749 | 37,497 | (3,003) |
Net income (loss) attributable to Colony Capital, Inc. | 4,246 | 12,537 | (911) |
Operating segments | Hospitality | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 849,513 | 815,831 | 0 |
Property operating expenses | 563,453 | 537,884 | 0 |
Interest expense | 153,395 | 134,729 | 0 |
Depreciation and amortization | 144,528 | 133,269 | 0 |
Provision for loan loss | 0 | 0 | 0 |
Impairment loss | 0 | ||
Impairment loss | 72,469 | 0 | |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | 0 | 0 | 0 |
Equity method earnings—carried interest | 0 | ||
Income tax benefit (expense) | 9,875 | (2,779) | 0 |
Income (loss) from continuing operations | (90,581) | (9,863) | |
Net income (loss) from discontinued operations after tax | 0 | 0 | |
Net income (loss) | (90,581) | (9,863) | 0 |
Net income (loss) attributable to Colony Capital, Inc. | (82,798) | (9,199) | 0 |
Operating segments | CLNC | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Property operating expenses | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Provision for loan loss | 0 | 0 | 0 |
Impairment loss | 0 | ||
Impairment loss | 0 | 0 | |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | (65,366) | 0 | 0 |
Equity method earnings—carried interest | 0 | ||
Income tax benefit (expense) | 0 | 0 | 0 |
Income (loss) from continuing operations | (65,366) | 0 | |
Net income (loss) from discontinued operations after tax | 0 | 0 | |
Net income (loss) | (65,366) | 0 | 0 |
Net income (loss) attributable to Colony Capital, Inc. | (61,457) | 0 | 0 |
Operating segments | Other Equity and Debt | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 739,167 | 873,046 | 569,780 |
Property operating expenses | 316,037 | 233,901 | 62,537 |
Interest expense | 150,032 | 161,993 | 80,503 |
Depreciation and amortization | 99,525 | 128,942 | 63,480 |
Provision for loan loss | 42,821 | 18,153 | 35,005 |
Impairment loss | 30,867 | ||
Impairment loss | 79,432 | 10,990 | |
Gain on sale of real estate | 159,598 | 112,758 | 70,728 |
Equity method earnings (losses) | 99,400 | 265,079 | 97,188 |
Equity method earnings—carried interest | 0 | ||
Income tax benefit (expense) | (4,298) | (3,950) | (10,143) |
Income (loss) from continuing operations | 268,870 | 567,752 | |
Net income (loss) from discontinued operations after tax | (102) | 995 | |
Net income (loss) | 268,768 | 568,747 | 431,903 |
Net income (loss) attributable to Colony Capital, Inc. | 143,065 | 426,052 | 226,202 |
Operating segments | Investment Management | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 183,946 | 244,654 | 68,331 |
Property operating expenses | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Depreciation and amortization | 28,653 | 56,616 | 14,767 |
Provision for loan loss | 0 | 0 | 0 |
Impairment loss | 375,074 | ||
Impairment loss | 217,850 | 320 | |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | (43,435) | 20,072 | 2,187 |
Equity method earnings—carried interest | 19,961 | ||
Income tax benefit (expense) | 59,030 | 111,205 | 6,608 |
Income (loss) from continuing operations | (128,255) | (170,168) | |
Net income (loss) from discontinued operations after tax | 0 | 0 | |
Net income (loss) | (128,255) | (170,168) | 21,229 |
Net income (loss) attributable to Colony Capital, Inc. | (120,286) | (182,038) | 17,903 |
Amounts not allocated to segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 9,239 | 6,862 | 4,389 |
Property operating expenses | 0 | 0 | 0 |
Interest expense | 54,513 | 54,278 | 44,746 |
Depreciation and amortization | 6,207 | 5,790 | 4,581 |
Provision for loan loss | 0 | 0 | 0 |
Impairment loss | 0 | ||
Impairment loss | 0 | 0 | |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | 0 | 0 | 0 |
Equity method earnings—carried interest | 0 | ||
Income tax benefit (expense) | 205 | 1,814 | (661) |
Income (loss) from continuing operations | (222,974) | (438,619) | |
Net income (loss) from discontinued operations after tax | 0 | 12,560 | |
Net income (loss) | (222,974) | (426,059) | (159,403) |
Net income (loss) attributable to Colony Capital, Inc. | $ (203,100) | $ (393,815) | $ (127,876) |
Segment Reporting - Assets and
Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 22,215,249 | $ 24,785,650 | |
Equity method investments | 2,290,095 | 1,527,054 | |
Total income by geography: | 2,641,141 | 3,056,255 | $ 933,934 |
Long-lived assets by geography: | 14,055,494 | 14,993,479 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Total income by geography: | 2,311,230 | 2,741,862 | 732,928 |
Long-lived assets by geography: | 12,454,871 | 13,244,197 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total income by geography: | 329,609 | 310,783 | 194,923 |
Long-lived assets by geography: | 1,600,623 | 1,749,282 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Total income by geography: | 302 | 3,610 | $ 6,083 |
Operating segments | Healthcare | |||
Segment Reporting Information [Line Items] | |||
Total assets | 5,395,550 | 5,813,552 | |
Equity method investments | 0 | 0 | |
Operating segments | Industrial | |||
Segment Reporting Information [Line Items] | |||
Total assets | 3,185,906 | 2,810,135 | |
Equity method investments | 0 | 0 | |
Operating segments | Hospitality | |||
Segment Reporting Information [Line Items] | |||
Total assets | 3,980,988 | 4,094,596 | |
Equity method investments | 0 | 0 | |
Operating segments | CLNC | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,037,754 | 0 | |
Equity method investments | 1,037,754 | 0 | |
Operating segments | Other Equity and Debt | |||
Segment Reporting Information [Line Items] | |||
Total assets | 6,371,999 | 9,251,963 | |
Equity method investments | 1,054,295 | 1,315,670 | |
Operating segments | Investment Management | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,983,911 | 2,714,840 | |
Equity method investments | 194,304 | 207,642 | |
Amounts not allocated to segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 259,141 | 100,564 | |
Equity method investments | $ 3,742 | $ 3,742 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | $ 507,495 | $ 452,726 | $ 118,365 |
Cash paid for income taxes, net of refunds | 14,476 | 53,017 | 7,190 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Dividends and distributions payable | 84,013 | 188,202 | 65,972 |
Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4) | 936,547 | 0 | 0 |
Redemption of OP Units for common stock | 29,034 | 22,831 | 18,571 |
Improvements in operating real estate in accrued and other liabilities | 2,249 | 18,221 | 0 |
Deconsolidation of net assets of securitization trusts (Note 15) | 131,386 | 0 | 0 |
Increase in contributions receivable from noncontrolling interests | 29,721 | 0 | 0 |
Assets held for sale contributed to equity method investee | 20,350 | 0 | 0 |
Deferred tax liabilities assumed by buyer of related real estate | 26,629 | 0 | 0 |
Debt assumed by buyer in sale of real estate | 196,416 | 1,258,558 | 0 |
Foreclosures and exchanges of loans receivable for real estate | 47,097 | 54,615 | 128,124 |
Share repurchase payable | 7,567 | 0 | 0 |
Proceeds from loan repayments and asset sales held in escrow | 19,425 | 27,426 | 0 |
Distributions payable to noncontrolling interests included in other liabilities | 19,297 | 10,786 | 0 |
Net assets of investment entity deconsolidated, net of cash and restricted cash contributed | 0 | 153,368 | 0 |
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group | 0 | 66,020 | 0 |
Assets acquired in Merger, net of cash and restricted cash assumed (Note 3) | 0 | 16,684,675 | 0 |
Liabilities assumed in Merger (Note 3) | 0 | 11,249,183 | 0 |
Noncontrolling interests assumed in Merger (Note 3) | 0 | 592,690 | 0 |
Common stock issued for acquisition of NSAM and NRF (Note 3) | 0 | 5,710,134 | 0 |
Preferred stock issued for acquisition of NRF (Note 3) | 0 | 1,010,320 | 0 |
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3) | 0 | 219,278 | 0 |
Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed (Note 3) | 0 | 326,679 | 0 |
Net assets of sponsored fund consolidated, net of cash and restricted cash assumed (Note 15) | 0 | 13,370 | 0 |
Contributions receivable from noncontrolling interests | 25,501 | 0 | |
Exchange of notes for class A common shares | 0 | 3,279 | 0 |
Assets of consolidated securitization trust | 0 | 58,296 | 0 |
Liabilities of consolidated securitization trust | 0 | 56,928 | 0 |
Net settlement of redemption and investment in equity method investee | $ 0 | $ 0 | $ 117,241 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Feb. 28, 2019USD ($)building | Feb. 25, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jan. 31, 2019USD ($) | May 23, 2018USD ($) | Feb. 26, 2018USD ($) | |
Subsequent Event [Line Items] | |||||||
Repurchase of common stock | $ 350,710,000 | $ 300,177,000 | |||||
Class A Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Repurchase of stock (in shares) | shares | 61,418,000 | 23,371,000 | |||||
Stock repurchase, authorized amount | $ 300,000,000 | $ 300,000,000 | |||||
Industrial | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Stock repurchase, authorized amount | $ 246,700,000 | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 300,000,000 | ||||||
Number of buildings acquired | building | 54 | ||||||
Number of buildings expected to close | building | 4 | ||||||
Acquisition price, buildings | $ 1,160,000,000 | ||||||
Line of credit,current borrowing capacity | 142,000,000 | ||||||
First mortgage debt secured by bulk industrial portfolio | 235,000,000 | ||||||
Industrial | Class A Common Stock | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Repurchase of stock (in shares) | shares | 652,311 | ||||||
Repurchase of common stock | $ 3,200,000 | ||||||
Stock repurchased, weighted average share price (USD per share) | $ / shares | $ 4.84 | ||||||
Term Loan | Industrial | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Floating rate unsecured term debt | 500,000,000 | ||||||
Line of Credit | Industrial | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Maximum principal amount of credit facility | $ 600,000,000 | $ 400,000,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1 | $ 6,869 | $ 1,708 | $ 1,786 |
Allowance for doubtful accounts | 26,860 | 14,602 | 3,314 |
Charge-offs | (19,155) | (9,531) | (3,316) |
Effect of changes in foreign exchange rates | (60) | 90 | (76) |
Balance at December 31 | $ 14,514 | $ 6,869 | $ 1,708 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulative Depreciation - Net Carrying Amount (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Gross Cost Basis at December 31, 2018 | ||||
Total | $ 15,500,802 | $ 15,791,144 | $ 3,656,094 | $ 3,518,682 |
Accumulated Depreciation | 1,029,386 | $ 606,200 | $ 188,509 | $ 88,577 |
Net Carrying Amount | 14,471,416 | |||
Real Estate tax basis | $ 13,200,000 | |||
Minimum | Improvements and buildings | ||||
Gross Cost Basis at December 31, 2018 | ||||
Useful life used for depreciation | 4 months | |||
Maximum | Improvements and buildings | ||||
Gross Cost Basis at December 31, 2018 | ||||
Useful life used for depreciation | 51 years | |||
Real Estate Held for Investment | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1,251 | |||
Initial Cost | ||||
Encumbrances | $ 8,408,958 | |||
Land | 1,971,497 | |||
Buildings and Improvements | 12,486,269 | |||
Costs Capitalized | 97,165 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,950,412 | |||
Buildings and Improvements | 12,604,519 | |||
Total | 14,554,931 | |||
Accumulated Depreciation | 935,917 | |||
Net Carrying Amount | $ 13,619,014 | |||
Real Estate Held for Investment | Hospitals [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 413 | |||
Initial Cost | ||||
Encumbrances | $ 3,165,680 | |||
Land | 456,776 | |||
Buildings and Improvements | 4,945,018 | |||
Costs Capitalized | (115,740) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 456,776 | |||
Buildings and Improvements | 4,829,278 | |||
Total | 5,286,054 | |||
Accumulated Depreciation | 290,756 | |||
Net Carrying Amount | $ 4,995,298 | |||
Real Estate Held for Investment | Hotel [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 158 | |||
Initial Cost | ||||
Encumbrances | $ 2,648,072 | |||
Land | 509,971 | |||
Buildings and Improvements | 3,424,514 | |||
Costs Capitalized | (912) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 488,886 | |||
Buildings and Improvements | 3,444,687 | |||
Total | 3,933,573 | |||
Accumulated Depreciation | 264,749 | |||
Net Carrying Amount | $ 3,668,824 | |||
Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 328 | |||
Initial Cost | ||||
Encumbrances | $ 1,077,195 | |||
Land | 507,162 | |||
Buildings and Improvements | 2,451,084 | |||
Costs Capitalized | 101,281 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 507,162 | |||
Buildings and Improvements | 2,552,365 | |||
Total | 3,059,527 | |||
Accumulated Depreciation | 266,523 | |||
Net Carrying Amount | $ 2,793,004 | |||
Real Estate Held for Investment | Hotel, Mixed, Industrial, Leisure, Multifamily, Office, Retail And Residential - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 352 | |||
Initial Cost | ||||
Encumbrances | $ 1,518,011 | |||
Land | 497,588 | |||
Buildings and Improvements | 1,665,653 | |||
Costs Capitalized | 112,536 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 497,588 | |||
Buildings and Improvements | 1,778,189 | |||
Total | 2,275,777 | |||
Accumulated Depreciation | 113,889 | |||
Net Carrying Amount | 2,161,888 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel [Member] | ||||
Gross Cost Basis at December 31, 2018 | ||||
Net Carrying Amount | 69,699 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Industrial Property | ||||
Gross Cost Basis at December 31, 2018 | ||||
Net Carrying Amount | $ 131,400 | |||
ALABAMA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 4,540 | |||
Land | 337 | |||
Buildings and Improvements | 2,583 | |||
Costs Capitalized | 1,469 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 337 | |||
Buildings and Improvements | 4,052 | |||
Total | 4,389 | |||
Accumulated Depreciation | 233 | |||
Net Carrying Amount | $ 4,156 | |||
ALABAMA | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 31,466 | |||
Land | 0 | |||
Buildings and Improvements | 56,271 | |||
Costs Capitalized | (23,484) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 0 | |||
Buildings and Improvements | 32,787 | |||
Total | 32,787 | |||
Accumulated Depreciation | 3,116 | |||
Net Carrying Amount | $ 29,671 | |||
ALABAMA | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 9,074 | |||
Land | 433 | |||
Buildings and Improvements | 7,169 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 433 | |||
Buildings and Improvements | 7,169 | |||
Total | 7,602 | |||
Accumulated Depreciation | 474 | |||
Net Carrying Amount | $ 7,128 | |||
ALABAMA | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 14,962 | |||
Land | 1,134 | |||
Buildings and Improvements | 19,213 | |||
Costs Capitalized | 651 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,134 | |||
Buildings and Improvements | 19,864 | |||
Total | 20,998 | |||
Accumulated Depreciation | 1,404 | |||
Net Carrying Amount | $ 19,594 | |||
ARIZONA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 8,998 | |||
Land | 536 | |||
Buildings and Improvements | 14,434 | |||
Costs Capitalized | 1,234 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 536 | |||
Buildings and Improvements | 15,668 | |||
Total | 16,204 | |||
Accumulated Depreciation | 851 | |||
Net Carrying Amount | $ 15,353 | |||
ARIZONA | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 10,781 | |||
Land | 1,043 | |||
Buildings and Improvements | 17,013 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,043 | |||
Buildings and Improvements | 17,013 | |||
Total | 18,056 | |||
Accumulated Depreciation | 984 | |||
Net Carrying Amount | $ 17,072 | |||
ARIZONA | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 12,861 | |||
Land | 1,897 | |||
Buildings and Improvements | 15,843 | |||
Costs Capitalized | 249 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,897 | |||
Buildings and Improvements | 16,092 | |||
Total | 17,989 | |||
Accumulated Depreciation | 1,146 | |||
Net Carrying Amount | $ 16,843 | |||
ARIZONA | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 30,561 | |||
Land | 7,831 | |||
Buildings and Improvements | 34,616 | |||
Costs Capitalized | 585 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 7,831 | |||
Buildings and Improvements | 35,201 | |||
Total | 43,032 | |||
Accumulated Depreciation | 3,009 | |||
Net Carrying Amount | $ 40,023 | |||
ARIZONA | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Initial Cost | ||||
Encumbrances | $ 41,363 | |||
Land | 10,917 | |||
Buildings and Improvements | 43,884 | |||
Costs Capitalized | 7,124 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 10,917 | |||
Buildings and Improvements | 51,008 | |||
Total | 61,925 | |||
Accumulated Depreciation | 3,596 | |||
Net Carrying Amount | $ 58,329 | |||
California | Real Estate Held for Investment | Hospitals [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Initial Cost | ||||
Encumbrances | $ 103,968 | |||
Land | 17,079 | |||
Buildings and Improvements | 135,979 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 17,079 | |||
Buildings and Improvements | 135,979 | |||
Total | 153,058 | |||
Accumulated Depreciation | 6,976 | |||
Net Carrying Amount | $ 146,082 | |||
California | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Initial Cost | ||||
Encumbrances | $ 36,361 | |||
Land | 12,157 | |||
Buildings and Improvements | 76,393 | |||
Costs Capitalized | 809 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 12,157 | |||
Buildings and Improvements | 77,202 | |||
Total | 89,359 | |||
Accumulated Depreciation | 4,151 | |||
Net Carrying Amount | $ 85,208 | |||
California | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 20,908 | |||
Land | 5,708 | |||
Buildings and Improvements | 33,859 | |||
Costs Capitalized | 982 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 5,708 | |||
Buildings and Improvements | 34,841 | |||
Total | 40,549 | |||
Accumulated Depreciation | 2,139 | |||
Net Carrying Amount | $ 38,410 | |||
California | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 19,987 | |||
Land | 1,936 | |||
Buildings and Improvements | 37,612 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,936 | |||
Buildings and Improvements | 37,612 | |||
Total | 39,548 | |||
Accumulated Depreciation | 4,646 | |||
Net Carrying Amount | $ 34,902 | |||
California | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 220,715 | |||
Land | 59,120 | |||
Buildings and Improvements | 241,574 | |||
Costs Capitalized | 6,846 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 59,120 | |||
Buildings and Improvements | 248,420 | |||
Total | 307,540 | |||
Accumulated Depreciation | 18,276 | |||
Net Carrying Amount | $ 289,264 | |||
California | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 10 | |||
Initial Cost | ||||
Encumbrances | $ 202,529 | |||
Land | 45,970 | |||
Buildings and Improvements | 232,362 | |||
Costs Capitalized | 5,248 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 45,970 | |||
Buildings and Improvements | 237,610 | |||
Total | 283,580 | |||
Accumulated Depreciation | 18,215 | |||
Net Carrying Amount | $ 265,365 | |||
California | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 21 | |||
Initial Cost | ||||
Encumbrances | $ 290,323 | |||
Land | 57,970 | |||
Buildings and Improvements | 274,907 | |||
Costs Capitalized | 19,254 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 57,970 | |||
Buildings and Improvements | 294,161 | |||
Total | 352,131 | |||
Accumulated Depreciation | 20,202 | |||
Net Carrying Amount | $ 331,929 | |||
COLORADO | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 104,052 | |||
Land | 7,734 | |||
Buildings and Improvements | 138,276 | |||
Costs Capitalized | 2,228 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 7,734 | |||
Buildings and Improvements | 140,504 | |||
Total | 148,238 | |||
Accumulated Depreciation | 7,574 | |||
Net Carrying Amount | $ 140,664 | |||
COLORADO | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Initial Cost | ||||
Encumbrances | $ 37,735 | |||
Land | 8,330 | |||
Buildings and Improvements | 57,631 | |||
Costs Capitalized | 1,578 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 8,330 | |||
Buildings and Improvements | 59,209 | |||
Total | 67,539 | |||
Accumulated Depreciation | 4,001 | |||
Net Carrying Amount | $ 63,538 | |||
COLORADO | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 61,776 | |||
Land | 13,163 | |||
Buildings and Improvements | 67,804 | |||
Costs Capitalized | 5,736 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 13,163 | |||
Buildings and Improvements | 73,540 | |||
Total | 86,703 | |||
Accumulated Depreciation | 5,757 | |||
Net Carrying Amount | $ 80,946 | |||
COLORADO | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 15,962 | |||
Land | 2,018 | |||
Buildings and Improvements | 20,047 | |||
Costs Capitalized | 430 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,018 | |||
Buildings and Improvements | 20,477 | |||
Total | 22,495 | |||
Accumulated Depreciation | 1,591 | |||
Net Carrying Amount | $ 20,904 | |||
FLORIDA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 725 | |||
Land | 419 | |||
Buildings and Improvements | 303 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 419 | |||
Buildings and Improvements | 303 | |||
Total | 722 | |||
Accumulated Depreciation | 51 | |||
Net Carrying Amount | $ 671 | |||
FLORIDA | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 23,299 | |||
Land | 2,119 | |||
Buildings and Improvements | 41,291 | |||
Costs Capitalized | (5,226) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,119 | |||
Buildings and Improvements | 36,065 | |||
Total | 38,184 | |||
Accumulated Depreciation | 2,470 | |||
Net Carrying Amount | $ 35,714 | |||
FLORIDA | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 24 | |||
Initial Cost | ||||
Encumbrances | $ 173,422 | |||
Land | 25,304 | |||
Buildings and Improvements | 347,560 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 25,304 | |||
Buildings and Improvements | 347,560 | |||
Total | 372,864 | |||
Accumulated Depreciation | 19,902 | |||
Net Carrying Amount | $ 352,962 | |||
FLORIDA | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 12,943 | |||
Land | 2,991 | |||
Buildings and Improvements | 50,761 | |||
Costs Capitalized | 621 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,991 | |||
Buildings and Improvements | 51,382 | |||
Total | 54,373 | |||
Accumulated Depreciation | 3,884 | |||
Net Carrying Amount | $ 50,489 | |||
FLORIDA | Real Estate Held for Investment | Hotel Full Service | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 45,001 | |||
Land | 12,328 | |||
Buildings and Improvements | 133,394 | |||
Costs Capitalized | 24,026 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 12,328 | |||
Buildings and Improvements | 157,420 | |||
Total | 169,748 | |||
Accumulated Depreciation | 12,072 | |||
Net Carrying Amount | $ 157,676 | |||
FLORIDA | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 124,232 | |||
Land | 16,852 | |||
Buildings and Improvements | 219,288 | |||
Costs Capitalized | 7,347 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 16,852 | |||
Buildings and Improvements | 226,635 | |||
Total | 243,487 | |||
Accumulated Depreciation | 15,947 | |||
Net Carrying Amount | $ 227,540 | |||
FLORIDA | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 25,822 | |||
Land | 8,508 | |||
Buildings and Improvements | 24,764 | |||
Costs Capitalized | 4,281 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 8,508 | |||
Buildings and Improvements | 29,045 | |||
Total | 37,553 | |||
Accumulated Depreciation | 2,051 | |||
Net Carrying Amount | $ 35,502 | |||
GEORGIA | Real Estate Held for Investment | Hospitals [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 13,566 | |||
Land | 2,047 | |||
Buildings and Improvements | 16,650 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,047 | |||
Buildings and Improvements | 16,650 | |||
Total | 18,697 | |||
Accumulated Depreciation | 855 | |||
Net Carrying Amount | $ 17,842 | |||
GEORGIA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 7,227 | |||
Land | 516 | |||
Buildings and Improvements | 14,220 | |||
Costs Capitalized | 314 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 516 | |||
Buildings and Improvements | 14,534 | |||
Total | 15,050 | |||
Accumulated Depreciation | 853 | |||
Net Carrying Amount | $ 14,197 | |||
GEORGIA | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 13 | |||
Initial Cost | ||||
Encumbrances | $ 58,308 | |||
Land | 12,976 | |||
Buildings and Improvements | 100,200 | |||
Costs Capitalized | 2,249 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 12,976 | |||
Buildings and Improvements | 102,449 | |||
Total | 115,425 | |||
Accumulated Depreciation | 6,486 | |||
Net Carrying Amount | $ 108,939 | |||
GEORGIA | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 7 | |||
Initial Cost | ||||
Encumbrances | $ 100,169 | |||
Land | 12,140 | |||
Buildings and Improvements | 130,707 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 12,140 | |||
Buildings and Improvements | 130,707 | |||
Total | 142,847 | |||
Accumulated Depreciation | 7,270 | |||
Net Carrying Amount | $ 135,577 | |||
GEORGIA | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 43,517 | |||
Land | 7,278 | |||
Buildings and Improvements | 52,967 | |||
Costs Capitalized | 505 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 7,278 | |||
Buildings and Improvements | 53,472 | |||
Total | 60,750 | |||
Accumulated Depreciation | 3,760 | |||
Net Carrying Amount | $ 56,990 | |||
GEORGIA | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 58,264 | |||
Land | 11,505 | |||
Buildings and Improvements | 77,275 | |||
Costs Capitalized | (6,466) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 9,932 | |||
Buildings and Improvements | 72,382 | |||
Total | 82,314 | |||
Accumulated Depreciation | 6,012 | |||
Net Carrying Amount | $ 76,302 | |||
GEORGIA | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 10,753 | |||
Land | 1,905 | |||
Buildings and Improvements | 9,296 | |||
Costs Capitalized | 751 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,905 | |||
Buildings and Improvements | 10,047 | |||
Total | 11,952 | |||
Accumulated Depreciation | 759 | |||
Net Carrying Amount | $ 11,193 | |||
ILLINOIS | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 23 | |||
Initial Cost | ||||
Encumbrances | $ 161,951 | |||
Land | 9,433 | |||
Buildings and Improvements | 289,465 | |||
Costs Capitalized | 6,289 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 9,433 | |||
Buildings and Improvements | 295,754 | |||
Total | 305,187 | |||
Accumulated Depreciation | 16,235 | |||
Net Carrying Amount | $ 288,952 | |||
ILLINOIS | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Initial Cost | ||||
Encumbrances | $ 63,246 | |||
Land | 9,809 | |||
Buildings and Improvements | 97,777 | |||
Costs Capitalized | 43 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 9,809 | |||
Buildings and Improvements | 97,820 | |||
Total | 107,629 | |||
Accumulated Depreciation | 6,018 | |||
Net Carrying Amount | $ 101,611 | |||
ILLINOIS | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 54,744 | |||
Land | 6,546 | |||
Buildings and Improvements | 137,591 | |||
Costs Capitalized | (62,141) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 6,546 | |||
Buildings and Improvements | 75,450 | |||
Total | 81,996 | |||
Accumulated Depreciation | 7,871 | |||
Net Carrying Amount | $ 74,125 | |||
ILLINOIS | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 27,884 | |||
Land | 4,375 | |||
Buildings and Improvements | 34,567 | |||
Costs Capitalized | 317 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,375 | |||
Buildings and Improvements | 34,884 | |||
Total | 39,259 | |||
Accumulated Depreciation | 2,729 | |||
Net Carrying Amount | $ 36,530 | |||
ILLINOIS | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 18,501 | |||
Land | 2,738 | |||
Buildings and Improvements | 22,368 | |||
Costs Capitalized | 801 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,738 | |||
Buildings and Improvements | 23,169 | |||
Total | 25,907 | |||
Accumulated Depreciation | 1,678 | |||
Net Carrying Amount | $ 24,229 | |||
ILLINOIS | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Initial Cost | ||||
Encumbrances | $ 28,805 | |||
Land | 4,553 | |||
Buildings and Improvements | 30,274 | |||
Costs Capitalized | 261 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,553 | |||
Buildings and Improvements | 30,535 | |||
Total | 35,088 | |||
Accumulated Depreciation | 2,672 | |||
Net Carrying Amount | $ 32,416 | |||
INDIANA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 9 | |||
Initial Cost | ||||
Encumbrances | $ 25,835 | |||
Land | 7,170 | |||
Buildings and Improvements | 26,900 | |||
Costs Capitalized | 100 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 7,170 | |||
Buildings and Improvements | 27,000 | |||
Total | 34,170 | |||
Accumulated Depreciation | 1,826 | |||
Net Carrying Amount | $ 32,344 | |||
INDIANA | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 27 | |||
Initial Cost | ||||
Encumbrances | $ 178,317 | |||
Land | 18,106 | |||
Buildings and Improvements | 297,968 | |||
Costs Capitalized | (5,048) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 18,106 | |||
Buildings and Improvements | 292,920 | |||
Total | 311,026 | |||
Accumulated Depreciation | 19,388 | |||
Net Carrying Amount | $ 291,638 | |||
INDIANA | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 19 | |||
Initial Cost | ||||
Encumbrances | $ 95,295 | |||
Land | 5,634 | |||
Buildings and Improvements | 132,921 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 5,634 | |||
Buildings and Improvements | 132,921 | |||
Total | 138,555 | |||
Accumulated Depreciation | 8,404 | |||
Net Carrying Amount | $ 130,151 | |||
INDIANA | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 9,183 | |||
Land | 1,232 | |||
Buildings and Improvements | 9,325 | |||
Costs Capitalized | 410 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,232 | |||
Buildings and Improvements | 9,735 | |||
Total | 10,967 | |||
Accumulated Depreciation | 693 | |||
Net Carrying Amount | $ 10,274 | |||
KANSAS | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 6,128 | |||
Land | 915 | |||
Buildings and Improvements | 12,105 | |||
Costs Capitalized | (5,203) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 915 | |||
Buildings and Improvements | 6,902 | |||
Total | 7,817 | |||
Accumulated Depreciation | 768 | |||
Net Carrying Amount | $ 7,049 | |||
KANSAS | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 4,866 | |||
Land | 517 | |||
Buildings and Improvements | 4,930 | |||
Costs Capitalized | 1,065 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 517 | |||
Buildings and Improvements | 5,995 | |||
Total | 6,512 | |||
Accumulated Depreciation | 498 | |||
Net Carrying Amount | $ 6,014 | |||
MASSACHUSETTS | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Initial Cost | ||||
Encumbrances | $ 9,900 | |||
Land | 1,346 | |||
Buildings and Improvements | 1,523 | |||
Costs Capitalized | 198 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,346 | |||
Buildings and Improvements | 1,721 | |||
Total | 3,067 | |||
Accumulated Depreciation | 182 | |||
Net Carrying Amount | $ 2,885 | |||
MASSACHUSETTS | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 17,145 | |||
Land | 6,179 | |||
Buildings and Improvements | 8,966 | |||
Costs Capitalized | (960) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 6,179 | |||
Buildings and Improvements | 8,006 | |||
Total | 14,185 | |||
Accumulated Depreciation | 434 | |||
Net Carrying Amount | $ 13,751 | |||
MASSACHUSETTS | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 60,054 | |||
Land | 8,274 | |||
Buildings and Improvements | 74,973 | |||
Costs Capitalized | 637 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 8,274 | |||
Buildings and Improvements | 75,610 | |||
Total | 83,884 | |||
Accumulated Depreciation | 5,294 | |||
Net Carrying Amount | $ 78,590 | |||
MASSACHUSETTS | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 25,131 | |||
Land | 3,272 | |||
Buildings and Improvements | 31,343 | |||
Costs Capitalized | 490 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,272 | |||
Buildings and Improvements | 31,833 | |||
Total | 35,105 | |||
Accumulated Depreciation | 2,194 | |||
Net Carrying Amount | $ 32,911 | |||
MASSACHUSETTS | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 9,183 | |||
Land | 1,152 | |||
Buildings and Improvements | 9,261 | |||
Costs Capitalized | 1,846 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,152 | |||
Buildings and Improvements | 11,107 | |||
Total | 12,259 | |||
Accumulated Depreciation | 721 | |||
Net Carrying Amount | $ 11,538 | |||
MINNESOTA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 11 | |||
Initial Cost | ||||
Encumbrances | $ 31,436 | |||
Land | 3,763 | |||
Buildings and Improvements | 66,922 | |||
Costs Capitalized | (27,784) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,763 | |||
Buildings and Improvements | 39,138 | |||
Total | 42,901 | |||
Accumulated Depreciation | 3,669 | |||
Net Carrying Amount | $ 39,232 | |||
MINNESOTA | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 6,828 | |||
Land | 1,144 | |||
Buildings and Improvements | 9,348 | |||
Costs Capitalized | 126 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,144 | |||
Buildings and Improvements | 9,474 | |||
Total | 10,618 | |||
Accumulated Depreciation | 598 | |||
Net Carrying Amount | $ 10,020 | |||
NORTH CAROLINA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 99,712 | |||
Land | 11,656 | |||
Buildings and Improvements | 151,555 | |||
Costs Capitalized | 297 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 11,656 | |||
Buildings and Improvements | 151,852 | |||
Total | 163,508 | |||
Accumulated Depreciation | 8,141 | |||
Net Carrying Amount | $ 155,367 | |||
NORTH CAROLINA | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 5,735 | |||
Land | 286 | |||
Buildings and Improvements | 10,549 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 286 | |||
Buildings and Improvements | 10,549 | |||
Total | 10,835 | |||
Accumulated Depreciation | 622 | |||
Net Carrying Amount | $ 10,213 | |||
NORTH CAROLINA | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 18,108 | |||
Land | 1,693 | |||
Buildings and Improvements | 23,893 | |||
Costs Capitalized | 423 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,693 | |||
Buildings and Improvements | 24,316 | |||
Total | 26,009 | |||
Accumulated Depreciation | 2,295 | |||
Net Carrying Amount | $ 23,714 | |||
NORTH CAROLINA | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Initial Cost | ||||
Encumbrances | $ 100,253 | |||
Land | 13,689 | |||
Buildings and Improvements | 123,653 | |||
Costs Capitalized | 3,224 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 13,689 | |||
Buildings and Improvements | 126,877 | |||
Total | 140,566 | |||
Accumulated Depreciation | 9,260 | |||
Net Carrying Amount | $ 131,306 | |||
NEBRASKA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 2,602 | |||
Land | 559 | |||
Buildings and Improvements | 3,161 | |||
Costs Capitalized | 104 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 559 | |||
Buildings and Improvements | 3,265 | |||
Total | 3,824 | |||
Accumulated Depreciation | 207 | |||
Net Carrying Amount | $ 3,617 | |||
OHIO | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 30 | |||
Initial Cost | ||||
Encumbrances | $ 186,107 | |||
Land | 16,108 | |||
Buildings and Improvements | 247,227 | |||
Costs Capitalized | 2,705 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 16,108 | |||
Buildings and Improvements | 249,932 | |||
Total | 266,040 | |||
Accumulated Depreciation | 14,253 | |||
Net Carrying Amount | $ 251,787 | |||
OHIO | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Initial Cost | ||||
Encumbrances | $ 48,534 | |||
Land | 5,036 | |||
Buildings and Improvements | 99,147 | |||
Costs Capitalized | (10,879) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 5,036 | |||
Buildings and Improvements | 88,268 | |||
Total | 93,304 | |||
Accumulated Depreciation | 5,865 | |||
Net Carrying Amount | $ 87,439 | |||
OHIO | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 8,761 | |||
Land | 575 | |||
Buildings and Improvements | 11,747 | |||
Costs Capitalized | 235 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 575 | |||
Buildings and Improvements | 11,982 | |||
Total | 12,557 | |||
Accumulated Depreciation | 1,080 | |||
Net Carrying Amount | $ 11,477 | |||
OHIO | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 16,534 | |||
Land | 7,655 | |||
Buildings and Improvements | 56,496 | |||
Costs Capitalized | (40,120) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,633 | |||
Buildings and Improvements | 21,398 | |||
Total | 24,031 | |||
Accumulated Depreciation | 1,693 | |||
Net Carrying Amount | $ 22,338 | |||
OHIO | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 7 | |||
Initial Cost | ||||
Encumbrances | $ 24,488 | |||
Land | 4,557 | |||
Buildings and Improvements | 31,786 | |||
Costs Capitalized | 4,554 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,557 | |||
Buildings and Improvements | 36,340 | |||
Total | 40,897 | |||
Accumulated Depreciation | 3,127 | |||
Net Carrying Amount | $ 37,770 | |||
OKLAHOMA | Real Estate Held for Investment | Hospitals [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 11,499 | |||
Land | 536 | |||
Buildings and Improvements | 15,954 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 536 | |||
Buildings and Improvements | 15,954 | |||
Total | 16,490 | |||
Accumulated Depreciation | 811 | |||
Net Carrying Amount | $ 15,679 | |||
OKLAHOMA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Initial Cost | ||||
Encumbrances | $ 10,580 | |||
Land | 1,419 | |||
Buildings and Improvements | 17,467 | |||
Costs Capitalized | 1,400 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,419 | |||
Buildings and Improvements | 18,867 | |||
Total | 20,286 | |||
Accumulated Depreciation | 1,370 | |||
Net Carrying Amount | $ 18,916 | |||
OKLAHOMA | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 11,865 | |||
Land | 0 | |||
Buildings and Improvements | 18,382 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 0 | |||
Buildings and Improvements | 18,382 | |||
Total | 18,382 | |||
Accumulated Depreciation | 1,114 | |||
Net Carrying Amount | $ 17,268 | |||
OKLAHOMA | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 4,569 | |||
Land | 447 | |||
Buildings and Improvements | 5,387 | |||
Costs Capitalized | 767 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 447 | |||
Buildings and Improvements | 6,154 | |||
Total | 6,601 | |||
Accumulated Depreciation | 615 | |||
Net Carrying Amount | $ 5,986 | |||
OKLAHOMA | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 2,826 | |||
Land | 0 | |||
Buildings and Improvements | 4,751 | |||
Costs Capitalized | 42 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 0 | |||
Buildings and Improvements | 4,793 | |||
Total | 4,793 | |||
Accumulated Depreciation | 488 | |||
Net Carrying Amount | $ 4,305 | |||
OREGON | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 25 | |||
Initial Cost | ||||
Encumbrances | $ 181,352 | |||
Land | 20,905 | |||
Buildings and Improvements | 269,521 | |||
Costs Capitalized | (2,254) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 20,905 | |||
Buildings and Improvements | 267,267 | |||
Total | 288,172 | |||
Accumulated Depreciation | 15,364 | |||
Net Carrying Amount | $ 272,808 | |||
OREGON | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Initial Cost | ||||
Encumbrances | $ 26,190 | |||
Land | 4,330 | |||
Buildings and Improvements | 38,024 | |||
Costs Capitalized | (6,359) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,330 | |||
Buildings and Improvements | 31,665 | |||
Total | 35,995 | |||
Accumulated Depreciation | 2,238 | |||
Net Carrying Amount | $ 33,757 | |||
OREGON | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 16,247 | |||
Land | 2,413 | |||
Buildings and Improvements | 12,142 | |||
Costs Capitalized | 71 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,413 | |||
Buildings and Improvements | 12,213 | |||
Total | 14,626 | |||
Accumulated Depreciation | 796 | |||
Net Carrying Amount | $ 13,830 | |||
SOUTH CAROLINA | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 16,183 | |||
Land | 1,105 | |||
Buildings and Improvements | 17,975 | |||
Costs Capitalized | 238 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,105 | |||
Buildings and Improvements | 18,213 | |||
Total | 19,318 | |||
Accumulated Depreciation | 1,022 | |||
Net Carrying Amount | $ 18,296 | |||
SOUTH CAROLINA | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 9,681 | |||
Land | 761 | |||
Buildings and Improvements | 22,966 | |||
Costs Capitalized | (5,174) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 761 | |||
Buildings and Improvements | 17,792 | |||
Total | 18,553 | |||
Accumulated Depreciation | 1,496 | |||
Net Carrying Amount | $ 17,057 | |||
TENNESSEE | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 12,269 | |||
Land | 2,179 | |||
Buildings and Improvements | 24,880 | |||
Costs Capitalized | 735 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,179 | |||
Buildings and Improvements | 25,615 | |||
Total | 27,794 | |||
Accumulated Depreciation | 1,487 | |||
Net Carrying Amount | $ 26,307 | |||
TENNESSEE | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 11,342 | |||
Land | 449 | |||
Buildings and Improvements | 20,215 | |||
Costs Capitalized | (3,887) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 449 | |||
Buildings and Improvements | 16,328 | |||
Total | 16,777 | |||
Accumulated Depreciation | 1,201 | |||
Net Carrying Amount | $ 15,576 | |||
TENNESSEE | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 40,869 | |||
Land | 4,236 | |||
Buildings and Improvements | 62,156 | |||
Costs Capitalized | 2,975 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,236 | |||
Buildings and Improvements | 65,131 | |||
Total | 69,367 | |||
Accumulated Depreciation | 3,545 | |||
Net Carrying Amount | $ 65,822 | |||
TENNESSEE | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 23,898 | |||
Land | 4,118 | |||
Buildings and Improvements | 28,471 | |||
Costs Capitalized | 912 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,118 | |||
Buildings and Improvements | 29,383 | |||
Total | 33,501 | |||
Accumulated Depreciation | 2,150 | |||
Net Carrying Amount | $ 31,351 | |||
TENNESSEE | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 35,092 | |||
Land | 5,699 | |||
Buildings and Improvements | 42,462 | |||
Costs Capitalized | 1,284 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 5,699 | |||
Buildings and Improvements | 43,746 | |||
Total | 49,445 | |||
Accumulated Depreciation | 3,489 | |||
Net Carrying Amount | $ 45,956 | |||
TENNESSEE | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 9,575 | |||
Land | 2,020 | |||
Buildings and Improvements | 8,803 | |||
Costs Capitalized | 58 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,020 | |||
Buildings and Improvements | 8,861 | |||
Total | 10,881 | |||
Accumulated Depreciation | 713 | |||
Net Carrying Amount | $ 10,168 | |||
TEXAS | Real Estate Held for Investment | Hospitals [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 35,222 | |||
Land | 3,191 | |||
Buildings and Improvements | 52,444 | |||
Costs Capitalized | 2,037 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,191 | |||
Buildings and Improvements | 54,481 | |||
Total | 57,672 | |||
Accumulated Depreciation | 2,699 | |||
Net Carrying Amount | $ 54,973 | |||
TEXAS | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 119,707 | |||
Land | 18,144 | |||
Buildings and Improvements | 138,400 | |||
Costs Capitalized | 4,495 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 18,144 | |||
Buildings and Improvements | 142,895 | |||
Total | 161,039 | |||
Accumulated Depreciation | 8,422 | |||
Net Carrying Amount | $ 152,617 | |||
TEXAS | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 21 | |||
Initial Cost | ||||
Encumbrances | $ 102,014 | |||
Land | 5,808 | |||
Buildings and Improvements | 169,067 | |||
Costs Capitalized | 1,353 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 5,808 | |||
Buildings and Improvements | 170,420 | |||
Total | 176,228 | |||
Accumulated Depreciation | 12,135 | |||
Net Carrying Amount | $ 164,093 | |||
TEXAS | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 11 | |||
Initial Cost | ||||
Encumbrances | $ 137,555 | |||
Land | 19,932 | |||
Buildings and Improvements | 165,947 | |||
Costs Capitalized | 9,474 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 19,932 | |||
Buildings and Improvements | 175,421 | |||
Total | 195,353 | |||
Accumulated Depreciation | 14,905 | |||
Net Carrying Amount | $ 180,448 | |||
TEXAS | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 15 | |||
Initial Cost | ||||
Encumbrances | $ 132,938 | |||
Land | 27,974 | |||
Buildings and Improvements | 177,156 | |||
Costs Capitalized | (13,879) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 24,389 | |||
Buildings and Improvements | 166,862 | |||
Total | 191,251 | |||
Accumulated Depreciation | 16,039 | |||
Net Carrying Amount | $ 175,212 | |||
TEXAS | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 14 | |||
Initial Cost | ||||
Encumbrances | $ 115,140 | |||
Land | 16,720 | |||
Buildings and Improvements | 90,428 | |||
Costs Capitalized | 10,909 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 16,720 | |||
Buildings and Improvements | 101,337 | |||
Total | 118,057 | |||
Accumulated Depreciation | 6,738 | |||
Net Carrying Amount | $ 111,319 | |||
WASHINGTON | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Initial Cost | ||||
Encumbrances | $ 45,483 | |||
Land | 3,765 | |||
Buildings and Improvements | 68,188 | |||
Costs Capitalized | 757 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,765 | |||
Buildings and Improvements | 68,945 | |||
Total | 72,710 | |||
Accumulated Depreciation | 3,824 | |||
Net Carrying Amount | $ 68,886 | |||
WASHINGTON | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 22,470 | |||
Land | 998 | |||
Buildings and Improvements | 47,052 | |||
Costs Capitalized | 89 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 998 | |||
Buildings and Improvements | 47,141 | |||
Total | 48,139 | |||
Accumulated Depreciation | 2,647 | |||
Net Carrying Amount | $ 45,492 | |||
WASHINGTON | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 13,927 | |||
Land | 3,647 | |||
Buildings and Improvements | 16,108 | |||
Costs Capitalized | (1,263) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,647 | |||
Buildings and Improvements | 14,845 | |||
Total | 18,492 | |||
Accumulated Depreciation | 1,062 | |||
Net Carrying Amount | $ 17,430 | |||
WASHINGTON | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 102,182 | |||
Land | 22,388 | |||
Buildings and Improvements | 116,391 | |||
Costs Capitalized | 3,036 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 22,388 | |||
Buildings and Improvements | 119,427 | |||
Total | 141,815 | |||
Accumulated Depreciation | 7,931 | |||
Net Carrying Amount | $ 133,884 | |||
WASHINGTON | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 28,786 | |||
Land | 2,125 | |||
Buildings and Improvements | 36,312 | |||
Costs Capitalized | 368 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,125 | |||
Buildings and Improvements | 36,680 | |||
Total | 38,805 | |||
Accumulated Depreciation | 1,107 | |||
Net Carrying Amount | $ 37,698 | |||
UNITED KINGDOM | Real Estate Held for Investment | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 45 | |||
Initial Cost | ||||
Encumbrances | $ 272,529 | |||
Land | 124,664 | |||
Buildings and Improvements | 492,612 | |||
Costs Capitalized | 20,957 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 124,664 | |||
Buildings and Improvements | 513,569 | |||
Total | 638,233 | |||
Accumulated Depreciation | 25,107 | |||
Net Carrying Amount | $ 613,126 | |||
UNITED KINGDOM | Real Estate Held for Investment | Retail - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 8,405 | |||
Land | 911 | |||
Buildings and Improvements | 11,766 | |||
Costs Capitalized | (3,705) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 911 | |||
Buildings and Improvements | 8,061 | |||
Total | 8,972 | |||
Accumulated Depreciation | 1,563 | |||
Net Carrying Amount | $ 7,409 | |||
LOUISIANA | Real Estate Held for Investment | Hospitals [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 11,993 | |||
Land | 1,591 | |||
Buildings and Improvements | 13,991 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,591 | |||
Buildings and Improvements | 13,991 | |||
Total | 15,582 | |||
Accumulated Depreciation | 713 | |||
Net Carrying Amount | $ 14,869 | |||
LOUISIANA | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 33,777 | |||
Land | 2,406 | |||
Buildings and Improvements | 52,423 | |||
Costs Capitalized | (5,421) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,406 | |||
Buildings and Improvements | 47,002 | |||
Total | 49,408 | |||
Accumulated Depreciation | 3,332 | |||
Net Carrying Amount | $ 46,076 | |||
LOUISIANA | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 18,866 | |||
Land | 1,068 | |||
Buildings and Improvements | 28,675 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,068 | |||
Buildings and Improvements | 28,675 | |||
Total | 29,743 | |||
Accumulated Depreciation | 1,637 | |||
Net Carrying Amount | $ 28,106 | |||
LOUISIANA | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 12,168 | |||
Land | 1,874 | |||
Buildings and Improvements | 15,043 | |||
Costs Capitalized | 719 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,874 | |||
Buildings and Improvements | 15,762 | |||
Total | 17,636 | |||
Accumulated Depreciation | 1,683 | |||
Net Carrying Amount | $ 15,953 | |||
LOUISIANA | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 19,355 | |||
Land | 2,409 | |||
Buildings and Improvements | 23,780 | |||
Costs Capitalized | 1,534 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,409 | |||
Buildings and Improvements | 25,314 | |||
Total | 27,723 | |||
Accumulated Depreciation | 2,376 | |||
Net Carrying Amount | $ 25,347 | |||
MISSOURI | Real Estate Held for Investment | Hospitals [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 31,264 | |||
Land | 3,586 | |||
Buildings and Improvements | 22,684 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,586 | |||
Buildings and Improvements | 22,684 | |||
Total | 26,270 | |||
Accumulated Depreciation | 1,209 | |||
Net Carrying Amount | $ 25,061 | |||
MISSOURI | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 4,788 | |||
Land | 471 | |||
Buildings and Improvements | 5,597 | |||
Costs Capitalized | 561 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 471 | |||
Buildings and Improvements | 6,158 | |||
Total | 6,629 | |||
Accumulated Depreciation | 509 | |||
Net Carrying Amount | $ 6,120 | |||
UTAH | Real Estate Held for Investment | Hospitals [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 14,464 | |||
Land | 2,151 | |||
Buildings and Improvements | 7,073 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,151 | |||
Buildings and Improvements | 7,073 | |||
Total | 9,224 | |||
Accumulated Depreciation | 374 | |||
Net Carrying Amount | $ 8,850 | |||
ARKANSAS | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 494 | |||
Land | 0 | |||
Buildings and Improvements | 1,343 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 0 | |||
Buildings and Improvements | 1,343 | |||
Total | 1,343 | |||
Accumulated Depreciation | 200 | |||
Net Carrying Amount | $ 1,143 | |||
HAWAII | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 8,175 | |||
Land | 519 | |||
Buildings and Improvements | 14,030 | |||
Costs Capitalized | 4 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 519 | |||
Buildings and Improvements | 14,034 | |||
Total | 14,553 | |||
Accumulated Depreciation | 732 | |||
Net Carrying Amount | $ 13,821 | |||
IDAHO | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 22,459 | |||
Land | 0 | |||
Buildings and Improvements | 30,473 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 0 | |||
Buildings and Improvements | 30,473 | |||
Total | 30,473 | |||
Accumulated Depreciation | 1,769 | |||
Net Carrying Amount | $ 28,704 | |||
MICHIGAN | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 31,508 | |||
Land | 3,856 | |||
Buildings and Improvements | 48,736 | |||
Costs Capitalized | (9,680) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,856 | |||
Buildings and Improvements | 39,056 | |||
Total | 42,912 | |||
Accumulated Depreciation | 2,849 | |||
Net Carrying Amount | $ 40,063 | |||
MICHIGAN | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 8,188 | |||
Land | 1,717 | |||
Buildings and Improvements | 13,988 | |||
Costs Capitalized | 1 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,717 | |||
Buildings and Improvements | 13,989 | |||
Total | 15,706 | |||
Accumulated Depreciation | 857 | |||
Net Carrying Amount | $ 14,849 | |||
MICHIGAN | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 32,982 | |||
Land | 4,521 | |||
Buildings and Improvements | 39,797 | |||
Costs Capitalized | 1,776 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,521 | |||
Buildings and Improvements | 41,573 | |||
Total | 46,094 | |||
Accumulated Depreciation | 2,880 | |||
Net Carrying Amount | $ 43,214 | |||
MICHIGAN | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 79,189 | |||
Land | 10,430 | |||
Buildings and Improvements | 97,029 | |||
Costs Capitalized | 3,738 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 10,430 | |||
Buildings and Improvements | 100,767 | |||
Total | 111,197 | |||
Accumulated Depreciation | 7,487 | |||
Net Carrying Amount | $ 103,710 | |||
MICHIGAN | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 23,860 | |||
Land | 3,276 | |||
Buildings and Improvements | 22,820 | |||
Costs Capitalized | 773 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,276 | |||
Buildings and Improvements | 23,593 | |||
Total | 26,869 | |||
Accumulated Depreciation | 1,815 | |||
Net Carrying Amount | $ 25,054 | |||
MISSISSIPPI | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 13,720 | |||
Land | 0 | |||
Buildings and Improvements | 21,465 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 0 | |||
Buildings and Improvements | 21,465 | |||
Total | 21,465 | |||
Accumulated Depreciation | 1,353 | |||
Net Carrying Amount | $ 20,112 | |||
NEW MEXICO | Real Estate Held for Investment | Medical Office Buildings | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 14,751 | |||
Land | 0 | |||
Buildings and Improvements | 16,344 | |||
Costs Capitalized | 173 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 0 | |||
Buildings and Improvements | 16,517 | |||
Total | 16,517 | |||
Accumulated Depreciation | 1,772 | |||
Net Carrying Amount | $ 14,745 | |||
NEW MEXICO | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 17,594 | |||
Land | 2,125 | |||
Buildings and Improvements | 22,446 | |||
Costs Capitalized | 733 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,125 | |||
Buildings and Improvements | 23,179 | |||
Total | 25,304 | |||
Accumulated Depreciation | 2,262 | |||
Net Carrying Amount | $ 23,042 | |||
KENTUCKY | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 8,979 | |||
Land | 362 | |||
Buildings and Improvements | 17,493 | |||
Costs Capitalized | 3,084 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 362 | |||
Buildings and Improvements | 20,577 | |||
Total | 20,939 | |||
Accumulated Depreciation | 1,195 | |||
Net Carrying Amount | $ 19,744 | |||
KENTUCKY | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 16,809 | |||
Land | 2,956 | |||
Buildings and Improvements | 29,407 | |||
Costs Capitalized | (8,126) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 2,956 | |||
Buildings and Improvements | 21,281 | |||
Total | 24,237 | |||
Accumulated Depreciation | 2,169 | |||
Net Carrying Amount | $ 22,068 | |||
KENTUCKY | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 29,201 | |||
Land | 6,660 | |||
Buildings and Improvements | 31,618 | |||
Costs Capitalized | 2,456 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 6,660 | |||
Buildings and Improvements | 34,074 | |||
Total | 40,734 | |||
Accumulated Depreciation | 2,483 | |||
Net Carrying Amount | $ 38,251 | |||
KENTUCKY | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 6,122 | |||
Land | 1,358 | |||
Buildings and Improvements | 5,576 | |||
Costs Capitalized | 11 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,358 | |||
Buildings and Improvements | 5,587 | |||
Total | 6,945 | |||
Accumulated Depreciation | 429 | |||
Net Carrying Amount | $ 6,516 | |||
MARYLAND | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 6,908 | |||
Land | 1,219 | |||
Buildings and Improvements | 14,556 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,219 | |||
Buildings and Improvements | 14,556 | |||
Total | 15,775 | |||
Accumulated Depreciation | 836 | |||
Net Carrying Amount | $ 14,939 | |||
MARYLAND | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 19,889 | |||
Land | 3,003 | |||
Buildings and Improvements | 24,644 | |||
Costs Capitalized | 302 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,003 | |||
Buildings and Improvements | 24,946 | |||
Total | 27,949 | |||
Accumulated Depreciation | 1,903 | |||
Net Carrying Amount | $ 26,046 | |||
MARYLAND | Real Estate Held for Investment | Hotel Full Service | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 11,765 | |||
Land | 3,086 | |||
Buildings and Improvements | 12,964 | |||
Costs Capitalized | 276 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,086 | |||
Buildings and Improvements | 13,240 | |||
Total | 16,326 | |||
Accumulated Depreciation | 918 | |||
Net Carrying Amount | $ 15,408 | |||
MARYLAND | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 39,090 | |||
Land | 10,405 | |||
Buildings and Improvements | 78,892 | |||
Costs Capitalized | (34,838) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,994 | |||
Buildings and Improvements | 49,465 | |||
Total | 54,459 | |||
Accumulated Depreciation | 3,267 | |||
Net Carrying Amount | $ 51,192 | |||
PENNSYLVANIA | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 11 | |||
Initial Cost | ||||
Encumbrances | $ 188,683 | |||
Land | 20,010 | |||
Buildings and Improvements | 240,922 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 20,010 | |||
Buildings and Improvements | 240,922 | |||
Total | 260,932 | |||
Accumulated Depreciation | 13,747 | |||
Net Carrying Amount | $ 247,185 | |||
PENNSYLVANIA | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 30,727 | |||
Land | 4,526 | |||
Buildings and Improvements | 36,759 | |||
Costs Capitalized | 1,925 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,526 | |||
Buildings and Improvements | 38,684 | |||
Total | 43,210 | |||
Accumulated Depreciation | 2,630 | |||
Net Carrying Amount | $ 40,580 | |||
PENNSYLVANIA | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 41,918 | |||
Land | 7,469 | |||
Buildings and Improvements | 47,626 | |||
Costs Capitalized | 3,641 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 7,469 | |||
Buildings and Improvements | 51,267 | |||
Total | 58,736 | |||
Accumulated Depreciation | 3,841 | |||
Net Carrying Amount | $ 54,895 | |||
PENNSYLVANIA | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 60,592 | |||
Land | 12,148 | |||
Buildings and Improvements | 71,347 | |||
Costs Capitalized | 4,238 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 12,148 | |||
Buildings and Improvements | 75,585 | |||
Total | 87,733 | |||
Accumulated Depreciation | 5,689 | |||
Net Carrying Amount | $ 82,044 | |||
VIRGINIA | Real Estate Held for Investment | Skilled Nursing Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 50,168 | |||
Land | 7,650 | |||
Buildings and Improvements | 88,135 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 7,650 | |||
Buildings and Improvements | 88,135 | |||
Total | 95,785 | |||
Accumulated Depreciation | 5,124 | |||
Net Carrying Amount | $ 90,661 | |||
VIRGINIA | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 33,075 | |||
Land | 5,981 | |||
Buildings and Improvements | 38,545 | |||
Costs Capitalized | 2,375 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 5,981 | |||
Buildings and Improvements | 40,920 | |||
Total | 46,901 | |||
Accumulated Depreciation | 3,346 | |||
Net Carrying Amount | $ 43,555 | |||
VIRGINIA | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Initial Cost | ||||
Encumbrances | $ 101,057 | |||
Land | 23,071 | |||
Buildings and Improvements | 140,115 | |||
Costs Capitalized | (21,833) | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 17,577 | |||
Buildings and Improvements | 123,776 | |||
Total | 141,353 | |||
Accumulated Depreciation | 9,009 | |||
Net Carrying Amount | $ 132,344 | |||
VIRGINIA | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 38,459 | |||
Land | 8,446 | |||
Buildings and Improvements | 37,575 | |||
Costs Capitalized | 171 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 8,446 | |||
Buildings and Improvements | 37,746 | |||
Total | 46,192 | |||
Accumulated Depreciation | 2,733 | |||
Net Carrying Amount | $ 43,459 | |||
Atlanta | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 50 | |||
Initial Cost | ||||
Encumbrances | $ 200,821 | |||
Land | 52,210 | |||
Buildings and Improvements | 345,503 | |||
Costs Capitalized | 11,278 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 52,210 | |||
Buildings and Improvements | 356,781 | |||
Total | 408,991 | |||
Accumulated Depreciation | 43,624 | |||
Net Carrying Amount | $ 365,367 | |||
Austin, TX | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Initial Cost | ||||
Encumbrances | $ 0 | |||
Land | 9,174 | |||
Buildings and Improvements | 60,537 | |||
Costs Capitalized | 955 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 9,174 | |||
Buildings and Improvements | 61,492 | |||
Total | 70,666 | |||
Accumulated Depreciation | 6,066 | |||
Net Carrying Amount | $ 64,600 | |||
Chicago | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 25 | |||
Initial Cost | ||||
Encumbrances | $ 0 | |||
Land | 29,857 | |||
Buildings and Improvements | 116,251 | |||
Costs Capitalized | 7,549 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 29,857 | |||
Buildings and Improvements | 123,800 | |||
Total | 153,657 | |||
Accumulated Depreciation | 19,082 | |||
Net Carrying Amount | $ 134,575 | |||
Dallas | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 59 | |||
Initial Cost | ||||
Encumbrances | $ 192,007 | |||
Land | 69,662 | |||
Buildings and Improvements | 335,274 | |||
Costs Capitalized | 11,673 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 69,662 | |||
Buildings and Improvements | 346,947 | |||
Total | 416,609 | |||
Accumulated Depreciation | 44,688 | |||
Net Carrying Amount | $ 371,921 | |||
Denver CO | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 38,689 | |||
Land | 14,253 | |||
Buildings and Improvements | 60,415 | |||
Costs Capitalized | 4,359 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 14,253 | |||
Buildings and Improvements | 64,774 | |||
Total | 79,027 | |||
Accumulated Depreciation | 7,565 | |||
Net Carrying Amount | $ 71,462 | |||
Houston | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 21,446 | |||
Land | 20,934 | |||
Buildings and Improvements | 109,946 | |||
Costs Capitalized | 2,980 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 20,934 | |||
Buildings and Improvements | 112,926 | |||
Total | 133,860 | |||
Accumulated Depreciation | 13,147 | |||
Net Carrying Amount | $ 120,713 | |||
Jacksonville | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 13 | |||
Initial Cost | ||||
Encumbrances | $ 5,474 | |||
Land | 21,565 | |||
Buildings and Improvements | 103,560 | |||
Costs Capitalized | 12,400 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 21,565 | |||
Buildings and Improvements | 115,960 | |||
Total | 137,525 | |||
Accumulated Depreciation | 3,755 | |||
Net Carrying Amount | $ 133,770 | |||
Kansas City | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 14 | |||
Initial Cost | ||||
Encumbrances | $ 49,000 | |||
Land | 13,423 | |||
Buildings and Improvements | 75,709 | |||
Costs Capitalized | 3,635 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 13,423 | |||
Buildings and Improvements | 79,344 | |||
Total | 92,767 | |||
Accumulated Depreciation | 9,902 | |||
Net Carrying Amount | $ 82,865 | |||
Las Vegas | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 0 | |||
Land | 24,553 | |||
Buildings and Improvements | 77,093 | |||
Costs Capitalized | 11,394 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 24,553 | |||
Buildings and Improvements | 88,487 | |||
Total | 113,040 | |||
Accumulated Depreciation | 2,670 | |||
Net Carrying Amount | $ 110,370 | |||
Maryland-BWI | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 20 | |||
Initial Cost | ||||
Encumbrances | $ 113,198 | |||
Land | 51,042 | |||
Buildings and Improvements | 170,623 | |||
Costs Capitalized | 1,537 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 51,042 | |||
Buildings and Improvements | 172,160 | |||
Total | 223,202 | |||
Accumulated Depreciation | 11,158 | |||
Net Carrying Amount | $ 212,044 | |||
Minneapolis | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 13 | |||
Initial Cost | ||||
Encumbrances | $ 102,755 | |||
Land | 23,064 | |||
Buildings and Improvements | 130,113 | |||
Costs Capitalized | 6,258 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 23,064 | |||
Buildings and Improvements | 136,371 | |||
Total | 159,435 | |||
Accumulated Depreciation | 19,831 | |||
Net Carrying Amount | $ 139,604 | |||
New Jersey, Northern | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 10 | |||
Initial Cost | ||||
Encumbrances | $ 0 | |||
Land | 20,133 | |||
Buildings and Improvements | 70,432 | |||
Costs Capitalized | 812 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 20,133 | |||
Buildings and Improvements | 71,244 | |||
Total | 91,377 | |||
Accumulated Depreciation | 1,645 | |||
Net Carrying Amount | $ 89,732 | |||
New Jersey, South Philadelphia | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 24 | |||
Initial Cost | ||||
Encumbrances | $ 58,852 | |||
Land | 34,023 | |||
Buildings and Improvements | 135,624 | |||
Costs Capitalized | 4,680 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 34,023 | |||
Buildings and Improvements | 140,304 | |||
Total | 174,327 | |||
Accumulated Depreciation | 22,618 | |||
Net Carrying Amount | $ 151,709 | |||
Oakland | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 60,000 | |||
Land | 20,648 | |||
Buildings and Improvements | 74,993 | |||
Costs Capitalized | 1,660 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 20,648 | |||
Buildings and Improvements | 76,653 | |||
Total | 97,301 | |||
Accumulated Depreciation | 1,907 | |||
Net Carrying Amount | $ 95,394 | |||
Orlando | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 16 | |||
Initial Cost | ||||
Encumbrances | $ 131,500 | |||
Land | 27,610 | |||
Buildings and Improvements | 180,144 | |||
Costs Capitalized | 5,996 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 27,610 | |||
Buildings and Improvements | 186,140 | |||
Total | 213,750 | |||
Accumulated Depreciation | 17,726 | |||
Net Carrying Amount | $ 196,024 | |||
Phoenix | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 22 | |||
Initial Cost | ||||
Encumbrances | $ 59,000 | |||
Land | 31,983 | |||
Buildings and Improvements | 181,795 | |||
Costs Capitalized | 5,068 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 31,983 | |||
Buildings and Improvements | 186,863 | |||
Total | 218,846 | |||
Accumulated Depreciation | 16,429 | |||
Net Carrying Amount | $ 202,417 | |||
Salt Lake City | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 15 | |||
Initial Cost | ||||
Encumbrances | $ 44,453 | |||
Land | 18,892 | |||
Buildings and Improvements | 85,594 | |||
Costs Capitalized | 3,131 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 18,892 | |||
Buildings and Improvements | 88,725 | |||
Total | 107,617 | |||
Accumulated Depreciation | 10,206 | |||
Net Carrying Amount | $ 97,411 | |||
San Antonio | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 0 | |||
Land | 11,045 | |||
Buildings and Improvements | 61,638 | |||
Costs Capitalized | 459 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 11,045 | |||
Buildings and Improvements | 62,097 | |||
Total | 73,142 | |||
Accumulated Depreciation | 1,596 | |||
Net Carrying Amount | $ 71,546 | |||
St Louis, MO | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 0 | |||
Land | 8,813 | |||
Buildings and Improvements | 43,702 | |||
Costs Capitalized | 3,140 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 8,813 | |||
Buildings and Improvements | 46,842 | |||
Total | 55,655 | |||
Accumulated Depreciation | 7,403 | |||
Net Carrying Amount | $ 48,252 | |||
Tampa | Real Estate Held for Investment | Industrial Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 0 | |||
Land | 4,278 | |||
Buildings and Improvements | 32,138 | |||
Costs Capitalized | 2,317 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,278 | |||
Buildings and Improvements | 34,455 | |||
Total | 38,733 | |||
Accumulated Depreciation | 5,505 | |||
Net Carrying Amount | $ 33,228 | |||
CONNECTICUT | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 25,056 | |||
Land | 3,454 | |||
Buildings and Improvements | 30,231 | |||
Costs Capitalized | 1,498 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,454 | |||
Buildings and Improvements | 31,729 | |||
Total | 35,183 | |||
Accumulated Depreciation | 2,356 | |||
Net Carrying Amount | $ 32,827 | |||
CONNECTICUT | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 53,877 | |||
Land | 6,735 | |||
Buildings and Improvements | 67,148 | |||
Costs Capitalized | 1,696 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 6,735 | |||
Buildings and Improvements | 68,844 | |||
Total | 75,579 | |||
Accumulated Depreciation | 5,013 | |||
Net Carrying Amount | $ 70,566 | |||
MAINE | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 13,346 | |||
Land | 1,572 | |||
Buildings and Improvements | 15,610 | |||
Costs Capitalized | 1,735 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,572 | |||
Buildings and Improvements | 17,345 | |||
Total | 18,917 | |||
Accumulated Depreciation | 1,426 | |||
Net Carrying Amount | $ 17,491 | |||
NEW HAMPSHIRE | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 48,084 | |||
Land | 7,167 | |||
Buildings and Improvements | 59,440 | |||
Costs Capitalized | 801 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 7,167 | |||
Buildings and Improvements | 60,241 | |||
Total | 67,408 | |||
Accumulated Depreciation | 4,437 | |||
Net Carrying Amount | $ 62,971 | |||
NEW HAMPSHIRE | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 41,159 | |||
Land | 6,092 | |||
Buildings and Improvements | 50,557 | |||
Costs Capitalized | 854 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 6,092 | |||
Buildings and Improvements | 51,411 | |||
Total | 57,503 | |||
Accumulated Depreciation | 3,601 | |||
Net Carrying Amount | $ 53,902 | |||
NEW JERSEY | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 7 | |||
Initial Cost | ||||
Encumbrances | $ 123,033 | |||
Land | 20,639 | |||
Buildings and Improvements | 145,058 | |||
Costs Capitalized | 8,689 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 20,639 | |||
Buildings and Improvements | 153,747 | |||
Total | 174,386 | |||
Accumulated Depreciation | 13,119 | |||
Net Carrying Amount | $ 161,267 | |||
NEW JERSEY | Real Estate Held for Investment | Hotel Full Service | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 39,893 | |||
Land | 16,282 | |||
Buildings and Improvements | 35,308 | |||
Costs Capitalized | 3,786 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 16,282 | |||
Buildings and Improvements | 39,094 | |||
Total | 55,376 | |||
Accumulated Depreciation | 3,118 | |||
Net Carrying Amount | $ 52,258 | |||
NEW JERSEY | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 93,153 | |||
Land | 18,073 | |||
Buildings and Improvements | 110,251 | |||
Costs Capitalized | 2,182 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 18,073 | |||
Buildings and Improvements | 112,433 | |||
Total | 130,506 | |||
Accumulated Depreciation | 8,484 | |||
Net Carrying Amount | $ 122,022 | |||
NEW JERSEY | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 15,776 | |||
Land | 3,572 | |||
Buildings and Improvements | 13,553 | |||
Costs Capitalized | 2,154 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,572 | |||
Buildings and Improvements | 15,707 | |||
Total | 19,279 | |||
Accumulated Depreciation | 1,514 | |||
Net Carrying Amount | $ 17,765 | |||
NEW YORK | Real Estate Held for Investment | Hotel Extended Stay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 39,657 | |||
Land | 4,108 | |||
Buildings and Improvements | 48,124 | |||
Costs Capitalized | 3,584 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,108 | |||
Buildings and Improvements | 51,708 | |||
Total | 55,816 | |||
Accumulated Depreciation | 3,606 | |||
Net Carrying Amount | $ 52,210 | |||
NEW YORK | Real Estate Held for Investment | Hotel Select Services | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Initial Cost | ||||
Encumbrances | $ 102,426 | |||
Land | 30,292 | |||
Buildings and Improvements | 107,812 | |||
Costs Capitalized | 5,838 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 30,292 | |||
Buildings and Improvements | 113,650 | |||
Total | 143,942 | |||
Accumulated Depreciation | 9,803 | |||
Net Carrying Amount | $ 134,139 | |||
NEW YORK | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Initial Cost | ||||
Encumbrances | $ 28,962 | |||
Land | 3,791 | |||
Buildings and Improvements | 25,267 | |||
Costs Capitalized | 6,863 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 3,791 | |||
Buildings and Improvements | 32,130 | |||
Total | 35,921 | |||
Accumulated Depreciation | 2,991 | |||
Net Carrying Amount | $ 32,930 | |||
IOWA | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 17,346 | |||
Land | 0 | |||
Buildings and Improvements | 15,832 | |||
Costs Capitalized | 71 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 0 | |||
Buildings and Improvements | 15,903 | |||
Total | 15,903 | |||
Accumulated Depreciation | 1,066 | |||
Net Carrying Amount | $ 14,837 | |||
NEVADA | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 84,687 | |||
Land | 27,160 | |||
Buildings and Improvements | 71,823 | |||
Costs Capitalized | 2,951 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 27,160 | |||
Buildings and Improvements | 74,774 | |||
Total | 101,934 | |||
Accumulated Depreciation | 5,211 | |||
Net Carrying Amount | $ 96,723 | |||
RHODE ISLAND | Real Estate Held for Investment | Hotel - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 6,750 | |||
Land | 910 | |||
Buildings and Improvements | 7,017 | |||
Costs Capitalized | 972 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 910 | |||
Buildings and Improvements | 7,989 | |||
Total | 8,899 | |||
Accumulated Depreciation | 728 | |||
Net Carrying Amount | $ 8,171 | |||
FRANCE | Real Estate Held for Investment | Industrial - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Initial Cost | ||||
Encumbrances | $ 37,075 | |||
Land | 13,034 | |||
Buildings and Improvements | 36,185 | |||
Costs Capitalized | 604 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 13,034 | |||
Buildings and Improvements | 36,789 | |||
Total | 49,823 | |||
Accumulated Depreciation | 1,960 | |||
Net Carrying Amount | $ 47,863 | |||
FRANCE | Real Estate Held for Investment | Office - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 33 | |||
Initial Cost | ||||
Encumbrances | $ 142,126 | |||
Land | 60,301 | |||
Buildings and Improvements | 139,169 | |||
Costs Capitalized | 15,448 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 60,301 | |||
Buildings and Improvements | 154,617 | |||
Total | 214,918 | |||
Accumulated Depreciation | 7,573 | |||
Net Carrying Amount | $ 207,345 | |||
FRANCE | Real Estate Held for Investment | Office/Industrial - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 206 | |||
Initial Cost | ||||
Encumbrances | $ 346,727 | |||
Land | 109,406 | |||
Buildings and Improvements | 329,735 | |||
Costs Capitalized | 663 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 109,406 | |||
Buildings and Improvements | 330,398 | |||
Total | 439,804 | |||
Accumulated Depreciation | 1,798 | |||
Net Carrying Amount | $ 438,006 | |||
FRANCE | Real Estate Held for Investment | Retail - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 11,349 | |||
Land | 4,876 | |||
Buildings and Improvements | 8,871 | |||
Costs Capitalized | 62 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 4,876 | |||
Buildings and Improvements | 8,933 | |||
Total | 13,809 | |||
Accumulated Depreciation | 427 | |||
Net Carrying Amount | $ 13,382 | |||
SPAIN | Real Estate Held for Investment | Industrial - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 0 | |||
Land | 0 | |||
Buildings and Improvements | 2,346 | |||
Costs Capitalized | 9 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 0 | |||
Buildings and Improvements | 2,355 | |||
Total | 2,355 | |||
Accumulated Depreciation | 146 | |||
Net Carrying Amount | $ 2,209 | |||
SPAIN | Real Estate Held for Investment | Office - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 12,931 | |||
Land | 96,002 | |||
Buildings and Improvements | 88,770 | |||
Costs Capitalized | 168 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 96,002 | |||
Buildings and Improvements | 88,938 | |||
Total | 184,940 | |||
Accumulated Depreciation | 4,731 | |||
Net Carrying Amount | $ 180,209 | |||
ITALY | Real Estate Held for Investment | Mixed - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 10,467 | |||
Land | 13,293 | |||
Buildings and Improvements | 18,972 | |||
Costs Capitalized | 4,232 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 13,293 | |||
Buildings and Improvements | 23,204 | |||
Total | 36,497 | |||
Accumulated Depreciation | 1,521 | |||
Net Carrying Amount | $ 34,976 | |||
United States | Real Estate Held for Investment | Multifamily - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 0 | |||
Land | 1,659 | |||
Buildings and Improvements | 269 | |||
Costs Capitalized | 14,156 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 1,659 | |||
Buildings and Improvements | 14,425 | |||
Total | 16,084 | |||
Accumulated Depreciation | 392 | |||
Net Carrying Amount | $ 15,692 | |||
United States | Real Estate Held for Investment | Office - Other Equity and Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Initial Cost | ||||
Encumbrances | $ 73,015 | |||
Land | 24,510 | |||
Buildings and Improvements | 198,612 | |||
Costs Capitalized | 11,508 | |||
Gross Cost Basis at December 31, 2018 | ||||
Land | 24,510 | |||
Buildings and Improvements | 210,120 | |||
Total | 234,630 | |||
Accumulated Depreciation | 28,039 | |||
Net Carrying Amount | 206,591 | |||
United States | Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel, Mixed, Industrial, Leisure, Multifamily, Office, Retail And Residential - Other Equity and Debt | ||||
Gross Cost Basis at December 31, 2018 | ||||
Net Carrying Amount | 180,029 | |||
Europe | Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel, Mixed, Industrial, Leisure, Multifamily, Office, Retail And Residential - Other Equity and Debt | ||||
Gross Cost Basis at December 31, 2018 | ||||
Net Carrying Amount | $ 471,274 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total Investment in Real Estate Assets, at Gross Cost Basis | |||
Balance at January 1 | $ 15,791,144 | $ 3,656,094 | $ 3,518,682 |
Assumed through the Merger | 0 | 11,730,087 | 0 |
Assumed through foreclosures or restructuring of mortgage loans | 45,617 | 1,867,655 | 128,124 |
Acquisitions | 984,844 | 1,027,889 | 434,266 |
Improvements and capitalized costs | 276,210 | 237,125 | 16,072 |
Deconsolidation of real estate held by investment entity (Note 4) | (226,004) | (407,653) | 0 |
Dispositions | (933,217) | (2,484,616) | (313,982) |
Impairment | (357,629) | (59,652) | (11,391) |
Measurement period adjustments for real estate acquired in business combination | 0 | 0 | (16,688) |
Effect of changes in foreign exchange rates | (80,163) | 224,215 | (98,989) |
Balance at December 31 | 15,500,802 | 15,791,144 | 3,656,094 |
Classified as held for sale, net | (945,871) | (748,589) | (235,541) |
Balance at December 31, before reclassification to held for sale | $ 14,554,931 | $ 15,042,555 | $ 3,420,553 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Depreciation | |||
Balance at January 1 | $ 606,200 | $ 188,509 | $ 88,577 |
Depreciation | 471,599 | 453,331 | 108,298 |
Deconsolidation of real estate held by investment entity (Note 4) | (6,256) | (3,212) | 0 |
Dispositions | (42,873) | (34,854) | (6,025) |
Effect of changes in foreign exchange rates | 716 | 2,426 | (2,341) |
Balance at December 31, held for investment | 1,029,386 | 606,200 | 188,509 |
Classified as held for sale, net | (93,469) | (27,903) | (11,587) |
Balance at December 31, before reclassification to held for sale | $ 935,917 | $ 578,297 | $ 176,922 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate - Carrying Amount (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 206 | |||
Prior Liens | $ 813,662 | |||
Unpaid Principal Balance | 2,648,641 | |||
Carrying Amount | 1,659,217 | $ 3,223,762 | $ 3,430,608 | $ 4,046,093 |
Principal Amount Subject to Delinquent Principal or Interest | $ 449,888 | |||
Threshold for aggregation (less than) | 3.00% | |||
Allowance for loan losses | $ 32,940 | 52,709 | $ 67,980 | $ 37,571 |
Aggregate cost basis of loans for federal income tax purposes | 1,700,000 | |||
Loans held for investment, net | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Allowance for loan losses | $ 32,940 | $ 52,709 | ||
First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 18 | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 546,388 | |||
Carrying Amount | 548,203 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 132,570 | |||
Subordinated Debt and Mezzanine | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 9 | |||
Prior Liens | $ 813,662 | |||
Unpaid Principal Balance | 661,597 | |||
Carrying Amount | 662,537 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 101,927 | |||
Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 176 | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 1,331,712 | |||
Carrying Amount | 340,681 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 215,391 | |||
Corporate loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 3 | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 108,944 | |||
Carrying Amount | 107,796 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Retail | Corporate loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 14.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 67,009 | |||
Carrying Amount | 66,188 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Corporate | Corporate loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 2 | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 41,935 | |||
Carrying Amount | 41,608 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Corporate | Corporate loans | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.00% | |||
Corporate | Corporate loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 13.00% | |||
Various, USA | Multifamily | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 99 | |||
Unpaid Principal Balance | $ 43,913 | |||
Carrying Amount | 29,140 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 7,425 | |||
Various, USA | Office | Subordinated Debt and Mezzanine | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 2 | |||
Prior Liens | $ 78,000 | |||
Unpaid Principal Balance | 31,027 | |||
Carrying Amount | 28,107 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Various, USA | Office | Subordinated Debt and Mezzanine | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.00% | |||
Various, USA | Office | Subordinated Debt and Mezzanine | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Various, USA | Retail | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 8.60% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 45,575 | |||
Carrying Amount | 46,038 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
California | Multifamily | Subordinated Debt and Mezzanine | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 2 | |||
Interest Rate | 13.40% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 27,772 | |||
Carrying Amount | 27,417 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
California | Mixed Use | Subordinated Debt and Mezzanine | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 12.90% | |||
Prior Liens | $ 254,297 | |||
Unpaid Principal Balance | 262,402 | |||
Carrying Amount | 262,061 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
New York | Other | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Unpaid Principal Balance | $ 3,216 | |||
Carrying Amount | 2,628 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
North Carolina | Office | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Unpaid Principal Balance | $ 475 | |||
Carrying Amount | 0 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
North Carolina | Retail | Subordinated Debt and Mezzanine | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 5.70% | |||
Prior Liens | $ 74,712 | |||
Unpaid Principal Balance | 37,766 | |||
Carrying Amount | 21,500 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 37,766 | |||
Texas | Land | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 14.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 34,745 | |||
Carrying Amount | 34,639 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Virginia | Retail | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Unpaid Principal Balance | $ 19,555 | |||
Carrying Amount | 19,455 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Wisconsin | Residential | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Unpaid Principal Balance | $ 444 | |||
Carrying Amount | 0 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
IRELAND / FRANCE | Office | Subordinated Debt and Mezzanine | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 11.00% | |||
Prior Liens | $ 161,854 | |||
Unpaid Principal Balance | 124,020 | |||
Carrying Amount | 136,009 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
FRANCE | Residential | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 15.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 19,254 | |||
Carrying Amount | 18,788 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
FRANCE | Office | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 4.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 866 | |||
Carrying Amount | 732 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
FRANCE | Office | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Unpaid Principal Balance | $ 6,032 | |||
Carrying Amount | 4,578 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
FRANCE | Retail | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 3.50% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 2,497 | |||
Carrying Amount | 2,920 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 2,497 | |||
FRANCE | Hospitality | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 10.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 91,652 | |||
Carrying Amount | 91,470 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
FRANCE | Hospitality | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Unpaid Principal Balance | $ 16,259 | |||
Carrying Amount | 17,581 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
FRANCE | Other | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 3 | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 6,743 | |||
Carrying Amount | 6,866 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 1,633 | |||
FRANCE | Other | First Mortgage | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 3.50% | |||
FRANCE | Other | First Mortgage | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 15.00% | |||
IRELAND | Multifamily | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 3.10% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 83,220 | |||
Carrying Amount | 83,218 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 83,220 | |||
IRELAND | Multifamily | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 2 | |||
Unpaid Principal Balance | $ 5,360 | |||
Carrying Amount | 739 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
IRELAND | Office | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 2.30% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 45,220 | |||
Carrying Amount | 45,216 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 45,220 | |||
IRELAND | Office | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 7 | |||
Unpaid Principal Balance | $ 73,206 | |||
Carrying Amount | 20,318 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
IRELAND | Retail | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 7 | |||
Unpaid Principal Balance | $ 101,862 | |||
Carrying Amount | 22,168 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
IRELAND | Hospitality | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 7 | |||
Unpaid Principal Balance | $ 55,293 | |||
Carrying Amount | 0 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
IRELAND | Industrial | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 3 | |||
Unpaid Principal Balance | $ 89,477 | |||
Carrying Amount | 14,740 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
IRELAND | Land | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 4 | |||
Unpaid Principal Balance | $ 107,099 | |||
Carrying Amount | 25,642 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
IRELAND | Other | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 38 | |||
Unpaid Principal Balance | $ 591,970 | |||
Carrying Amount | 7,022 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Ireland Two | Office | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 12.50% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 125,594 | |||
Carrying Amount | 125,594 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Ireland Two | Office | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Unpaid Principal Balance | $ 182,569 | |||
Carrying Amount | 168,940 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 182,569 | |||
SPAIN | Office | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Unpaid Principal Balance | $ 9,585 | |||
Carrying Amount | 4,733 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
SPAIN | Hospitality | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 11.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 42,692 | |||
Carrying Amount | 44,392 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
GERMANY | Retail | Subordinated Debt and Mezzanine | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 10.00% | |||
Prior Liens | $ 126,485 | |||
Unpaid Principal Balance | 114,449 | |||
Carrying Amount | 123,282 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
UNITED KINGDOM | Retail | Subordinated Debt and Mezzanine | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Interest Rate | 12.00% | |||
Prior Liens | $ 118,314 | |||
Unpaid Principal Balance | 64,161 | |||
Carrying Amount | 64,161 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 64,161 | |||
UNITED KINGDOM | Healthcare | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 5 | |||
Interest Rate | 7.50% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 48,330 | |||
Carrying Amount | 48,330 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
BAHAMAS | Other | Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 1 | |||
Unpaid Principal Balance | $ 25,397 | |||
Carrying Amount | 2,997 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 25,397 |
Schedule IV - Mortgage Loans _3
Schedule IV - Mortgage Loans on Real Estate - Activity in Loans Held for Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at January 1 | $ 3,223,762 | $ 3,430,608 | $ 4,046,093 |
Loans acquired in Merger | 0 | 359,541 | 0 |
Loan acquisitions and originations | 386,532 | 991,239 | 551,456 |
Paid-in-kind interest added to loan principal | 52,234 | 56,131 | 43,864 |
Discount and net loan fee amortization | 14,524 | 43,877 | 27,038 |
Loan repayments | (166,267) | (902,190) | (735,162) |
Payments received from PCI loans | (187,140) | (419,232) | (197,453) |
Accretion on PCI loans | 27,911 | 61,809 | 65,911 |
Transfer to loans held for sale | 0 | (50,894) | (56,357) |
Carrying value of loans sold | (111,864) | 0 | (118,068) |
Transfer to real estate assets upon foreclosure | (47,097) | (515,055) | (128,124) |
Loans receivable contributed to Colony Credit (Note 4) | (1,287,994) | 0 | 0 |
Deconsolidation of loans receivable in securitization trusts | (149,447) | 0 | 0 |
Provision for loan losses | (43,034) | (19,741) | (34,864) |
Other loss | 0 | (2,309) | 0 |
Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 5) | 0 | 58,296 | 0 |
Effect of changes in foreign exchange rates | (52,903) | 131,682 | (33,726) |
Balance at December 31 | $ 1,659,217 | $ 3,223,762 | $ 3,430,608 |
Uncategorized Items - clny-2018
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,220,000) |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (202,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,018,000) |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,220,000) |