DigitalBridge (DBRG) 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-37980
Entity Registrant Name	COLONY CAPITAL, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4591526
Entity Address, Address Line One	515 South Flower Street
Entity Address, Address Line Two	44th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90071
City Area Code	310
Local Phone Number	282-8820
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		486,966,409
Class A Common Stock | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Class A Common Stock, $0.01 par value
Trading Symbol(s)	CLNY
Name of Each Exchange on Which Registered	NYSE
Series B | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 8.25% Series B Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRB
Name of Each Exchange on Which Registered	NYSE
Series E | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 8.75% Series E Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRE
Name of Each Exchange on Which Registered	NYSE
Series G | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.50% Series G Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRG
Name of Each Exchange on Which Registered	NYSE
Series I | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRI
Name of Each Exchange on Which Registered	NYSE
Series H | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRH
Name of Each Exchange on Which Registered	NYSE
Series J | New York Stock Exchange
Entity Information [Line Items]
Title of Class	Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
Trading Symbol(s)	CLNY.PRJ
Name of Each Exchange on Which Registered	NYSE
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		733,931

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	[1]
Assets
Cash and cash equivalents	$ 353,984	$ 461,912
Restricted cash	336,491	364,605
Real estate, net	10,348,430	10,826,010
Loans receivable, net	1,487,611	1,659,217
Equity and debt investments ($413,887 and $238,963 at fair value, respectively)	2,373,690	2,529,747
Goodwill	1,514,561	1,514,561
Deferred leasing costs and intangible assets, net	372,351	445,930
Assets held for sale	5,205,340	3,967,345
Other assets ($20,953 and $33,558 at fair value, respectively)	621,673	400,143
Due from affiliates	44,407	45,779
Total assets	22,658,538	22,215,249
Liabilities
Debt, net	8,739,667	8,975,372
Accrued and other liabilities ($398,083 and $141,711 at fair value, respectively)	1,020,709	634,144
Intangible liabilities, net	100,730	147,470
Liabilities related to assets held for sale	2,168,168	1,218,495
Dividends and distributions payable	84,221	84,013
Total liabilities	12,113,495	11,059,494
Commitments and contingencies (Note 20)
Redeemable noncontrolling interests	7,945	9,385
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,436,605 liquidation preference; 250,000 shares authorized; 57,464 shares issued and outstanding	1,407,495	1,407,495
Additional paid-in capital	7,621,655	7,598,019
Distributions in excess of earnings	(2,699,276)	(2,018,302)
Accumulated other comprehensive income	26,967	13,999
Total stockholders’ equity	6,361,718	7,006,052
Noncontrolling interests in investment entities	3,861,047	3,779,728
Noncontrolling interests in Operating Company	314,333	360,590
Total equity	10,537,098	11,146,370
Total liabilities, redeemable noncontrolling interests and equity	22,658,538	22,215,249
Class A, 949,000 shares authorized; 487,013 and 483,347 shares issued and outstanding, respectively
Stockholders’ equity:
Common stock, $0.01 par value per share	4,870	4,834
Class B, 1,000 shares authorized; 734 shares issued and outstanding
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	[1]
Equity and debt investments, fair value disclosure	$ 413,887	$ 238,963
Other assets, fair value	20,953	33,558
Accrued and other liabilities, at fair value	$ 398,083	$ 141,711
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,436,605	$ 1,436,605
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	57,464,000	57,464,000
Preferred stock, shares outstanding (in shares)	57,464,000	57,464,000
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)	487,013,000	483,347,000
Common stock, shares outstanding (in shares)	487,013,000	483,347,000
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	734,000
Common stock, shares outstanding (in shares)	734,000	734,000
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	[1]	Jun. 30, 2019	Jun. 30, 2018	[1]
Revenues
Interest income	$ 35,055	$ 44,121		$ 81,125	$ 107,443
Total revenues	573,439	615,488		1,121,498	1,212,085
Expenses
Property operating expense	279,240	300,191		549,982	585,150
Interest expense	141,738	142,453		276,627	281,152
Investment and servicing expense	20,017	25,891		38,466	44,470
Transaction costs	318	2,641		2,822	3,357
Placement fees	0	1,170		309	1,293
Depreciation and amortization	109,382	105,414		220,734	220,174
Provision for loan loss	15,003	13,933		18,614	19,308
Impairment loss	84,695	69,660		110,317	223,058
Compensation expense—cash and equity-based	42,430	52,527		73,947	99,616
Compensation expense—carried interest	1,146	0		2,418	0
Administrative expenses	20,146	23,536		42,531	46,969
Total expenses	714,115	737,416		1,336,767	1,524,547
Gain on sale of real estate	6,077	42,702		35,530	58,853
Other gain (loss), net	(89,506)	28,798		(138,575)	104,054
Equity method earnings (losses)	(259,288)	(775)		(225,225)	29,307
Equity method earnings—carried interest	1,836	0		6,732	0
Loss from continuing operations before income taxes	(481,557)	(51,203)		(536,807)	(120,248)
Income tax benefit (expense)	(2,585)	531		(3,783)	33,324
Loss from continuing operations	(484,142)	(50,672)		(540,590)	(86,924)
Income (loss) from discontinued operations	(504)	7,764		25,789	16,858
Net loss	(484,646)	(42,908)		(514,801)	(70,066)
Redeemable noncontrolling interests
Redeemable noncontrolling interests	509	1,873		1,953	1,177
Investment entities	(13,414)	26,360		36,574	45,603
Operating Company	(29,989)	(5,728)		(36,600)	(10,106)
Net loss attributable to Colony Capital, Inc.	(441,752)	(65,413)		(516,728)	(106,740)
Preferred stock redemption (Note 13)	0	(3,995)		0	(3,995)
Preferred stock dividends	27,138	31,388		54,275	62,775
Net loss attributable to common stockholders	$ (468,890)	$ (92,806)		$ (571,003)	$ (165,520)
Basic loss per share
Loss from continuing operations per basic common share (in dollars per share)	$ (0.98)	$ (0.20)		$ (1.21)	$ (0.35)
Net loss per basic common share (in dollars per share)	(0.98)	(0.19)		(1.19)	(0.33)
Diluted loss per share
Loss from continuing operations per diluted common share (in dollars per share)	(0.98)	(0.20)		(1.21)	(0.35)
Net loss per diluted common share (in dollars per share)	$ (0.98)	$ (0.19)		$ (1.19)	$ (0.33)
Weighted average number of shares
Basic (in shares)	479,228	488,676		479,577	509,562
Diluted (in shares)	479,228	488,676		479,577	509,562
Dividends declared per common share (in dollars per share)	$ 0.11	$ 0.11		$ 0.22	$ 0.22
Property operating income
Revenues
Income	$ 488,788	$ 518,953		$ 947,686	$ 1,006,046
Fee income ($33,267, $38,000, $64,118 and $73,458 from affiliates, respectively)
Revenues
Income	35,433	38,290		66,461	73,818
Other income ($11,339, $10,094, $21,184 and $16,887 from affiliates, respectively)
Revenues
Income	$ 14,163	$ 14,124		$ 26,226	$ 24,778
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Fee income
Income	$ 35,433	$ 38,290	[1]	$ 66,461	$ 73,818	[1]
Fee income | Affiliated Entity
Income	33,267	38,000		64,118	73,458
Other Income
Income	14,163	14,124	[1]	26,226	24,778	[1]
Other Income | Affiliated Entity
Income	$ 11,339	$ 10,094		$ 21,184	$ 16,887
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Net loss	$ (484,646)	$ (42,908)	[1]	$ (514,801)	$ (70,066)	[1]
Other comprehensive income (loss):
Other comprehensive income from investments in unconsolidated ventures, net	4,409	999		9,319	2,098
Net change in fair value of available-for-sale debt securities	(766)	1,632		1,298	(19,086)
Net change in fair value of cash flow hedges	(6,187)	0		(6,850)	0
Foreign currency translation adjustments:
Foreign currency translation gain (loss)	7,574	(103,050)		(20,672)	(26,649)
Change in fair value of net investment hedges	3,606	37,937		16,470	13,559
Net foreign currency translation adjustments	11,180	(65,113)		(4,202)	(13,090)
Other comprehensive income (loss)	8,636	(62,482)		(435)	(30,078)
Comprehensive loss	(476,010)	(105,390)		(515,236)	(100,144)
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive loss attributable to stockholders	(436,933)	(90,648)		(503,864)	(129,798)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	509	1,873		1,953	1,177
Comprehensive income attributable to noncontrolling interests	(9,906)	(9,329)		22,453	40,021
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (29,680)	$ (7,286)		$ (35,778)	$ (11,544)
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

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	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, 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]
Net income (loss)		(26,462)		(41,327)				(41,327)
Investment Entities										19,243
Operating Company											(4,378)
Other comprehensive income (loss)		32,404		2,177					2,177	30,107	120
Common stock repurchases		(246,441)		(246,441)		(423)	(246,018)
Equity-based compensation		12,169		10,755		33	10,722			0	1,414
Redemption of OP Units for cash and class A common		(2,096)		24									$ 24	$ (2,120)
Shares canceled for tax withholdings on vested stock awards		(31,752)		(31,752)		(29)	(31,723)
Deconsolidation of investment entities		(330,980)								(330,980)
Contributions from noncontrolling interests		97,867								97,867
Distributions to noncontrolling interests		(86,063)								(82,512)	(3,551)
Preferred stock dividends		(31,387)		(31,387)				(31,387)
Common stock dividends declared		(55,852)		(55,852)				(55,852)
Reallocation of equity (Notes 2 and 14)		0		(11,929)			(11,675)		(254)	(5,822)	17,751
Ending balance at Mar. 31, 2018		11,679,579		8,000,973	1,606,966	5,014	7,634,952	(1,294,996)	49,037	3,266,975	411,631
Beginning 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	[1]	45,603
Operating Company	[1]	(10,106)
Other comprehensive income (loss)		(30,078)
Redemption of OP Units for cash and class A common							(21,100)
Ending balance at Jun. 30, 2018		11,384,284		7,609,531	1,407,495	4,905	7,616,918	(1,443,717)	23,930	3,392,062	382,691
Beginning balance at Mar. 31, 2018		11,679,579		8,000,973	1,606,966	5,014	7,634,952	(1,294,996)	49,037	3,266,975	411,631
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(44,781)		(65,413)				(65,413)
Investment Entities		26,360	[1]							26,360
Operating Company		(5,728)	[1]								(5,728)
Other comprehensive income (loss)		(62,482)		(25,235)					(25,235)	(35,689)	(1,558)
Redemption of preferred stock		(200,000)		(200,000)	(199,471)		(529)
Common stock repurchases		(72,588)		(72,588)		(125)	(72,463)
Equity-based compensation		9,194		9,194		1	9,193			0
Redemption of OP Units for cash and class A common		0		18,875								$ 15	18,860	(18,875)
Shares canceled for tax withholdings on vested stock awards		(298)		(298)		0	(298)
Reclassification of contingent consideration out of liability at end of measurement period		12,539		12,539			12,539
Contributions from noncontrolling interests		287,090								287,090
Distributions to noncontrolling interests		(140,661)								(137,317)	(3,344)
Preferred stock dividends		(29,356)		(29,356)				(29,356)
Common stock dividends declared		(53,952)		(53,952)				(53,952)
Reallocation of equity (Notes 2 and 14)		0		14,792			14,664		128	(15,357)	565
Ending balance at Jun. 30, 2018		11,384,284		7,609,531	1,407,495	4,905	7,616,918	(1,443,717)	23,930	3,392,062	382,691
Beginning balance at Dec. 31, 2018		11,146,370	[2]	7,006,052	1,407,495	4,841	7,598,019	(2,018,302)	13,999	3,779,728	360,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(31,599)		(74,976)				(74,976)
Investment Entities										49,988
Operating Company											(6,611)
Other comprehensive income (loss)		(9,071)		8,045					8,045	(17,629)	513
Common stock repurchases		(3,167)		(3,167)		(7)	(3,160)
Equity-based compensation		6,541		6,350		27	6,323			191
Redemption of OP Units for cash and class A common		0		33									33	(33)
Shares canceled for tax withholdings on vested stock awards		(3,007)		(3,007)		(6)	(3,001)
Contributions from noncontrolling interests		305,216								305,216
Distributions to noncontrolling interests		(110,827)								(107,377)	(3,450)
Preferred stock dividends		(27,137)		(27,137)				(27,137)
Common stock dividends declared		(53,410)		(53,410)				(53,410)
Reallocation of equity (Notes 2 and 14)		0		12,827			12,733		94	(12,533)	(294)
Ending balance at Mar. 31, 2019		11,215,441		6,868,705	1,407,495	4,855	7,610,947	(2,176,730)	22,138	3,996,206	350,530
Beginning balance at Dec. 31, 2018		11,146,370	[2]	7,006,052	1,407,495	4,841	7,598,019	(2,018,302)	13,999	3,779,728	360,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment Entities		36,574
Operating Company		(36,600)
Other comprehensive income (loss)		(435)
Redemption of OP Units for cash and class A common							(12,400)
Ending balance at Jun. 30, 2019		10,537,098		6,361,718	1,407,495	4,877	7,621,655	(2,699,276)	26,967	3,861,047	314,333
Beginning balance at Mar. 31, 2019		11,215,441		6,868,705	1,407,495	4,855	7,610,947	(2,176,730)	22,138	3,996,206	350,530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(485,155)		(441,752)				(441,752)
Investment Entities		(13,414)								(13,414)
Operating Company		(29,989)									(29,989)
Other comprehensive income (loss)		8,636		4,819					4,819	3,508	309
Equity-based compensation		7,937		7,740		20	7,720			197
Redemption of OP Units for cash and class A common		0		2,063									$ 2,061	$ (2,063)
Contributions from noncontrolling interests		87,304								87,304
Distributions to noncontrolling interests		(216,271)								(212,842)	(3,429)
Preferred stock dividends		(27,138)		(27,138)				(27,138)
Common stock dividends declared		(53,656)		(53,656)				(53,656)
Reallocation of equity (Notes 2 and 14)		0		937			927		10	88	(1,025)
Ending balance at Jun. 30, 2019		$ 10,537,098		$ 6,361,718	$ 1,407,495	$ 4,877	$ 7,621,655	$ (2,699,276)	$ 26,967	$ 3,861,047	$ 314,333
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).
[2]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended					6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018		Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	[1]	$ 0.11	$ 0.22	$ 0.22	[1]
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended			6 Months Ended				12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019		Jun. 30, 2018		Dec. 31, 2018
Statement of Cash Flows [Abstract]
Depreciation, Amortization and Accretion, Net				$ 305,539		$ 282,601
Cash Flows from Operating Activities
Net loss	$ (484,646)	$ (42,908)	[1]	(514,801)		(70,066)	[1]
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of discount and net origination fees on loans receivable and debt securities				(9,749)		(14,347)
Paid-in-kind interest added to loan principal, net of interest received				(25,028)		(16,615)
Straight-line rents				(12,502)		(14,754)
Amortization of above- and below-market lease values, net				(6,731)		(1,503)
Amortization of deferred financing costs and debt discount and premium				45,578		48,093
Equity method (earnings) losses				219,137		(34,140)
Distributions of income from equity method investments				54,744		34,924
Provision for loan loss	15,003	13,933	[1]	18,614		19,308	[1]
Allowance for doubtful accounts				4,419		22,104
Impairment of real estate and intangibles				110,317		223,232
Equity-based compensation				14,929		21,566
Change in fair value of contingent consideration—Internalization				0		(1,730)
Gain on sales of real estate, net				(58,925)		(61,146)
Payments of cash collateral on derivative, net of cash received				(106,399)		0
Deferred income tax expense (benefit)				247		(45,181)
Other (gain) loss, net				137,300		(102,324)
Increase in other assets and due from affiliates				(16,351)		(52,562)
Decrease in accrued and other liabilities and due to affiliates				(16,978)		(26,999)
Other adjustments, net				(4,209)		919
Net cash provided by operating activities				139,151		211,380
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments				(116,520)		(189,198)
Return of capital from equity method investments				118,548		230,128
Acquisition of loans receivable and debt securities				(771)		(82,477)
Net disbursements on originated loans				(40,415)		(88,543)
Repayments of loans receivable				226,888		57,434
Proceeds from sales of loans receivable and debt securities				28,920		125,733
Cash receipts in excess of accretion on purchased credit-impaired loans				10,145		44,155
Acquisition of and additions to real estate, related intangibles and leasing commissions				(1,590,459)		(542,572)
Proceeds from sales of real estate	147,990	316,000		442,657		428,562
Proceeds from paydown and maturity of debt securities				6,038		27,038
Cash and restricted cash contributed to Colony Credit				0		(141,153)
Proceeds from sale of equity investments				28,163		89,115
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 12)				0		142,270
Investment deposits				(20,253)		(14,224)
Net receipts (payments) on settlement of derivative instruments				29,793		(19,852)
Other investing activities, net				19,076		(3,059)
Net cash provided by (used in) investing activities				(858,190)		63,357
Cash Flows from Financing Activities
Dividends paid to preferred stockholders				(54,274)		(64,208)
Dividends paid to common stockholders				(106,836)		(202,552)
Repurchase of common stock				(10,734)		(319,029)
Borrowings from corporate credit facility				218,000		504,000
Repayment of borrowings from corporate credit facility				(133,000)		(554,000)
Borrowings from secured debt				3,026,410		432,408
Repayments of secured debt				(2,396,309)		(699,178)
Payment of deferred financing costs				(54,785)		(8,176)
Contributions from noncontrolling interests				446,936		405,381
Distributions to and redemptions of noncontrolling interests				(349,811)		(242,627)
Shares canceled for tax withholdings on vested stock awards				(3,007)		(32,050)
Redemption of OP Units for cash				0		(2,096)
Other financing activities, net				(2,855)		(350)
Net cash provided by (used in) financing activities				579,735		(782,477)
Effect of exchange rates on cash, cash equivalents and restricted cash				365		(4,920)
Net decrease in cash, cash equivalents and restricted cash				(138,939)		(512,660)
Cash, cash equivalents and restricted cash, beginning of period				832,730		1,393,920		$ 1,393,920
Cash, cash equivalents and restricted cash, end of period	693,791	881,260		693,791		881,260		832,730
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents				461,912	[2]	921,822		921,822
Restricted cash				364,605	[2]	466,912		466,912
Restricted cash included in assets held for sale				6,213		5,186		5,186
Cash, cash equivalents and restricted cash, beginning of period				832,730		1,393,920		1,393,920
Cash and cash equivalents	353,984	480,230		353,984		480,230		461,912	[2]
Restricted cash	336,491	395,842		336,491		395,842		364,605	[2]
Restricted cash included in assets held for sale	3,316	5,188		3,316		5,188		6,213
Cash, cash equivalents and restricted cash, end of period	$ 693,791	$ 881,260		$ 693,791		$ 881,260		$ 832,730
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).
[2]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company" and formerly, Colony NorthStar, Inc. prior to June 25, 2018) is a leading global investment management firm with $43 billion of assets under management as of June 30, 2019 . The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, and traded and non-traded real estate investment trusts ("REITs"). 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 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. The Company 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. 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 June 30, 2019 , the Company owned 94% of the OP , as its sole managing member. The remaining 6% is owned primarily by certain current and former employees of the Company as noncontrolling interests. Strategic Asset Review In February 2019, the Company announced the implementation of a series of changes designed to enhance its corporate governance, and entered into a cooperation agreement with Blackwells Capital LLC, a stockholder of the Company. In connection with the cooperation agreement, the Company's board of directors formed a Strategic Asset Review Committee, composed solely of independent directors, to review, evaluate and make recommendations to the board on issues relating to the Company's assets and business configuration. As part of a comprehensive review undertaken by the Company, together with its Strategic Asset Review Committee and an independent advisor, which was unanimously supported by the Company’s board of directors, the Company has undertaken certain strategic initiatives intended to build on core investment management competencies while focusing on high-growth businesses. A key component of this strategic evolution was the Company’s recent acquisition of Digital Bridge Holdings LLC (“DBH”), a leading investment manager of digital infrastructure investments dedicated to the next generation of mobile and internet connectivity (Note 23 ), which also addresses the Company's Chief Executive Officer succession plans. These previously announced and/or completed initiatives also include the anticipated termination of the Company’s management agreement with NRE in connection with the pending sale of NRE, a corporate restructuring and reorganization plan that is on track with its cost savings objectives, the stabilization of the capital structure of the healthcare portfolio, the acquisition of a high growth Latin American private equity platform, and the formation of investment management platforms addressing innovative energy investments and a data-driven REIT public securities platform. Additionally, the Company has engaged advisors to market the Company’s multi-billion dollar industrial portfolio for sale, which may include the related management platform. There has been significant appreciation in the value of the industrial portfolio driven by favorable operating fundamentals and strong investor demand for light industrial assets. As a result, a sale of the industrial portfolio may yield a price higher than the value that may be ascribed by the market to the industrial portfolio as part of the Company's overall valuation. The Company is seeking to complete a sale by the end of 2019, however, no assurances can be made that a sale can be completed within the time frame contemplated, or at all. If a sale is completed, the Company may redeploy a portion of the proceeds into higher total return strategies (e.g., digital infrastructure, emerging markets and energy) and may further consider the reduction of corporate leverage. The planned sale of the industrial segment, including its related management platform, represents a strategic shift that will have a major effect on the Company’s operations and financial results, and has met the criteria as held for sale and discontinued operations. Accordingly, for all current and prior periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 7 ) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 15 ). Colony Credit The Company owns an approximate 36.4% interest, on a fully diluted basis, in Colony Credit Real Estate, Inc. ("Colony Credit," formerly Colony NorthStar Credit Real Estate, Inc. prior to June 25, 2018). Colony Credit was formed on January 31, 2018 through a contribution of the CLNY Contributed Portfolio (as described below), represented by the Company's ownership interests ranging from 38% to 100% in certain investment entities ("CLNY Investment Entities"), and a concurrent all-stock merger 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 (the "Combination"). 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. Upon closing of the Combination, 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. 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 approximately 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, predominantly severance costs and accelerated equity-based compensation. In the first six months of 2019, an additional $0.9 million of restructuring costs were incurred.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
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, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for financial reporting purposes. 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 any comparative periods presented. 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. 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. 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. 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. 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. In April 2019, the Company acquired the private equity platform of The Abraaj Group in Latin America, which has been renamed Colony Latam Partners, for approximately $5.5 million . The acquisition was accounted for as a business combination. The Company acquired primarily management contracts and customer relationship intangible assets and limited partnership interest in a fund, with certain Abraaj employees becoming employees of the Company. 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 is reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The planned sale of the industrial segment, including its related management platform, represents a strategic shift that will have a major effect on the Company’s operations and financial results, and has met the criteria as held for sale and discontinued operations in June 2019. Accordingly, for all current and prior periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 7 ) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 15 ). Reclassifications In addition to reclassifications related to discontinued operations as discussed above, beginning in the fourth quarter of 2018, the portion of carried interests earned by the Company that is allocated to employees is presented 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 three and six months ended June 30, 2018 , reclassifications were made in the statement of operations from net income attributable to noncontrolling interests in investment entities to carried interest and incentive compensation within net income from discontinued operations of $1.1 million and $1.9 million , respectively, to conform to the current period presentation. The reclassification did not have an impact on net loss attributable to Colony Capital, Inc. and net loss attributable to common stockholders. Accounting Standards Adopted in 2019 Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases , which amended lease accounting standards. ASU 2016-02, along with several clarifying amendments were codified in Accounting Standards Codification ("ASC") Topic 842. The new standard primarily requires lessees to recognize their rights and obligations under most leases on balance sheet, to be capitalized as a right-of-use ("ROU") asset and a corresponding liability for future lease obligations. Targeted changes were made to lessor accounting, primarily to align to the lessee model and the new revenue recognition standard. ASC 842 also limits the definition of initial direct leasing costs to only the incremental costs of obtaining a lease, such as leasing commissions, for both lessee and lessor accounting. Indirect costs such as allocated overhead, certain legal fees and negotiation costs are no longer capitalized under the new standard. The application of ASC 842 on accounting for initial direct leasing costs did not have a material impact on the Company's statement of operations. The Company adopted the new lease standard and related amendments on January 1, 2019 using the modified retrospective method to leases existing or commencing on or after January 1, 2019, with a cumulative effect adjustment to beginning retained earnings. Comparative periods have not been restated and continue to be reported under the standards in effect for those prior periods. The Company applied the package of practical expedients, which exempts the Company from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company also elected the practical expedient related to land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements. The Company did not, however, elect the hindsight practical expedient to determine the lease terms for existing leases. Lessee Accounting —The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. A leasing arrangement is classified by the lessee either as a finance lease, which represents a financed purchase of the leased asset, or as an operating lease. The Company's operating leases relate primarily to ground leases in connection with its acquired real estate and leases for its corporate offices. For these ground and office leases, the Company has elected the accounting policy to combine lease and related nonlease components as a single lease component. ROU assets and lease liabilities are recognized at the lease commencement date based upon the present value of lease payments over the lease term. The ROU assets also include capitalized initial direct costs offset by lease incentives. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation or increases in property fair value, (ii) hotel ground leases with rental payments calculated based on a percentage of revenue over contractual levels, and/or (iii) nonlease services, such as common area maintenance in net leases. Variable lease payments are not included in lease liability and are instead recognized as lease expense when incurred. The Company made the accounting policy election to recognize lease payments from short-term leases on a straight-line basis over the lease term and will not record these leases on the balance sheet. Lease renewal or termination options are factored into the lease asset and lease liability only if it is reasonably certain that the option to extend or the option to terminate would be exercised. As the implicit rate is not readily determinable in most leases, the present value of the remaining lease payments is calculated for each lease using an estimated incremental borrowing rate, which is the interest rate that the Company would have to pay to borrow over the lease term on a collateralized basis. Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases. On January 1, 2019, the Company recognized operating lease ROU assets totaling $143.7 million in other assets and corresponding operating lease liabilities totaling $126.8 million in accrued and other liabilities for ground leases in its real estate portfolio and corporate office leases. There was no impact to beginning equity as a result of adoption related to lessee accounting as the difference between the asset and liability balance is attributable to the derecognition of pre- existing balances, including straight-line rent, lease incentives, prepaid or deferred rent and ground lease obligation intangibles. Lessor Accounting —The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. The Company has operating leases with property tenants that expire at various dates through 2038 with renewal options typically exercised at the lessee's election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. Lease revenue is composed of rental income, which includes the effect of minimum rent increases and rent abatements, resident fee income from healthcare properties, and tenant reimbursements, such as common area maintenance costs and other costs associated with the leases. As lessor, the Company made the accounting policy election to treat the lease and nonlease components in a contract as a single component to the extent that the timing and pattern of transfer are similar for the lease and nonlease components and the lease component qualifies as an operating lease. Nonlease components of tenant reimbursements for net leases and resident fee income qualify for the practical expedient to be combined with their respective lease component and accounted for as a single component under the lease standard as the lease component is predominant. Lease revenue is recognized on a straight-line basis over the remaining lease term and is included in property operating income on the consolidated statements of operations. The Company receives variable lease revenues from tenant reimbursements and resident fee income from ancillary services provided to nursing home residents. Under ASC 842, lessors are required to evaluate the collectability of all operating lease payments based upon the creditworthiness of the lessee. Lease revenue is recognized only to the extent collection of all rents over the life of the lease is determined to be probable. If collection is subsequently determined to no longer be probable, any previously accrued lease revenue that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease revenue and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. Upon adoption of ASC 842, the Company determined that collection of certain operating lease receivables, net of existing allowance for bad debts, is not probable and recorded a cumulative adjustment of $4.5 million to reduce beginning equity. Beginning January 1, 2019, the Company also made the accounting policy election to present on a net basis sales and similar taxes assessed by a governmental authority that is imposed on specific lease revenue producing transactions with related collections from lessees. Property taxes and insurance paid directly by lessees to third parties on behalf of the Company are no longer recognized in the statement of operations, while such amounts paid by the Company and reimbursed by lessees continue to be presented as gross property operating income and expenses. 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. The Company adopted the standard on its effective date of January 1, 2019. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company records 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 no hedge ineffectiveness is recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company has elected 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. There was no impact to the Company's financial condition and results of operations upon adoption of this standard. Future Application of Accounting Standards Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses , followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as ASC Topic 326. The multiple existing incurred loss models are replaced with a lifetime current expected credit loss ("CECL") model for off-balance sheet credit exposures that are not unconditionally cancellable by the lender and financial instruments carried at amortized cost, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in sales-type and direct financing leases, reinsurance and trade receivables. Targeted changes are also made to the impairment model of available-for-sale ("AFS") debt securities which are not within the scope of CECL. The CECL model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experience, current conditions and the effects of a reasonable and supportable expectation of changes in future macroeconomic conditions. For collateralized financial assets, measurement of credit losses under CECL is based on fair value of the collateral if foreclosure is probable or if the collateral-dependent practical expedient is elected for financial assets expected to be repaid substantially through operation or sale of the collateral when the borrower is experiencing financial difficulty. ASC 326 also requires expanded disclosures on credit risk, including credit quality indicators by vintage of financing receivables. Transitional relief is provided through the ability, upon adoption of the new standard, to elect the fair value option for eligible financial instruments within the scope of the new standard, except for HTM and AFS debt securities. Transition will generally be on a modified retrospective basis, including the election of the fair value option, with a cumulative effect adjustment to beginning retained earnings, except for prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASC 326 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company will adopt the new standard on its effective date of January 1, 2020. The Company expects that recognition of allowance for credit losses under the CECL model will generally be accelerated as it encompasses credit losses over the full remaining expected life of the affected financial instruments. The extent of any changes in allowance for credit losses will depend upon the composition and risk characteristics of the Company's financial instrument portfolio that are within the scope of ASC 326 at adoption date, and conditions prevailing and forecasted at that time. Evaluation of the impact of ASC 326 to the Company is ongoing. 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 net asset value ("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, throughout the VIE model, the evaluation of a decision maker's or service provider's fee held by a related party, whether or not they are under common control, in both the assessment of whether a fee qualifies as a variable interest and the determination of a primary beneficiary. Specifically, a decision maker or service provider considers interests in a VIE held by a related party under common control only if it has a direct interest in that related party under common control and considers such indirect interest in the VIE held by the related party under common control on a proportionate basis, rather than in its entirety. Transition is

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate	Real Estate The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 7 . (In thousands) June 30, 2019 December 31, 2018 Land $ 1,427,032 $ 1,443,249 Buildings and improvements 9,058,689 9,442,442 Tenant improvements 100,912 96,740 Furniture, fixtures and equipment 409,510 389,969 Construction in progress 188,970 123,002 11,185,113 11,495,402 Less: Accumulated depreciation (836,683 ) (669,392 ) Real estate assets, net $ 10,348,430 $ 10,826,010 Real Estate Sales Results from sales of real estate, including discontinued operations, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Proceeds from sales of real estate $ 147,990 $ 316,000 $ 442,657 $ 428,562 Gain on sale of real estate 6,624 42,702 58,925 61,146 Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding any real estate acquired as part of business combinations. Light and bulk industrial properties acquired, as presented below, form part of the industrial segment which is classified as held for sale. ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Six Months Ended June 30, 2019 Asset Acquisitions (2) February Bulk industrial—Various in U.S. 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ (165 ) Various Light industrial—Various in U.S. (3) 79 1,015,182 218,738 755,990 45,342 (4,888 ) $ 1,388,364 $ 268,184 $ 1,052,338 $ 72,895 $ (5,053 ) Year Ended Ended December 31, 2018 Asset Acquisitions September Healthcare—United Kingdom (4) 1 $ 24,444 $ 10,231 $ 12,733 $ 1,480 $ — November Office and Industrial—France 220 478,844 109,858 330,752 38,234 — Various Light industrial—Various in U.S. (3) 40 569,442 111,194 433,040 30,183 (4,975 ) $ 1,072,730 $ 231,283 $ 776,525 $ 69,897 $ (4,975 ) __________ (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 2019 is 25 to 49 years for buildings, 9 to 14 years for site improvements, 4 to 11 years for tenant improvements and 1 to 15 years for lease intangibles (based on remaining lease terms). (3) Includes acquisition of land totaling $20.7 million in the six months ended June 30, 2019 and $13.1 million in the year ended December 31, 2018 for co-development with operating partners. (4) 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. Depreciation and Impairment Depreciation expense on real estate, excluding amounts related to discontinued operations (Note 15 ), was $92.7 million and $89.3 million for the three months ended June 30, 2019 and 2018 , respectively, and $184.9 million and $185.2 million and for the six months ended June 30, 2019 and 2018 , respectively. Refer to Note 11 for a discussion of impairment on real estate. Property Operating Income Property operating income presented below excludes amounts related to discontinued operations (Note 15 ). For the three and six months ended June 30, 2018 , property operating income was composed of $187.1 million and $390.1 million of total lease revenue, respectively, and $331.9 million and $615.9 million of hotel operating income, respectively. For the three and six months ended June 30, 2019 , the components of property operating income were as follows: (In thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease revenue: Fixed lease revenue $ 164,940 $ 335,354 Variable lease revenue 14,891 31,240 179,831 366,594 Hotel operating income 308,957 581,092 $ 488,788 $ 947,686 Future Fixed Lease Payments At June 30, 2019 , future fixed lease payments under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) Remaining 2019 $ 148,699 2020 290,769 2021 268,028 2022 258,594 2023 244,058 2024 and thereafter 944,777 Total (1) $ 2,154,925 __________ (1) Excludes future fixed lease payments for real estate in the industrial segment that is classified as held for sale totaling $1.34 billion through 2038 , of which $136.9 million relates to the remainder of 2019. At December 31, 2018, future contractual minimum lease payments to be received under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) 2019 $ 293,906 2020 285,051 2021 265,612 2022 254,881 2023 242,151 2024 and thereafter 961,591 Total (1) $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that is held for sale totaling $894.4 million . Commitments and Contractual Obligations Purchase Commitments— At June 30, 2019 , the Company had funded aggregate deposits of $13.1 million with remaining unfunded purchase commitments totaling $171.8 million for the acquisition of eight light industrial buildings which are under construction. These are real estate acquisitions in the industrial segment and will be classified as held for sale upon closing. Guarantee Agreements— In July 2017, the Company and certain investment vehicles managed by the Company took control of a portfolio of limited service hotels, primarily located across the Southwest and Midwest U.S. (the "THL Hotel Portfolio") through a consensual foreclosure following maturity default by the borrower on the junior mezzanine loan owned by the Company. In connection with the foreclosure, 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 $75 million

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table provides a summary of the Company’s loans held for investment, including PCI loans: June 30, 2019 December 31, 2018 ($ 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 $ 467,122 $ 488,296 10.6 % 1.9 $ 643,973 $ 667,590 10.7 % 2.2 Mezzanine loans 385,838 383,788 12.6 % 1.0 357,590 354,326 12.5 % 1.5 Corporate loans 106,923 106,131 12.4 % 6.1 108,944 107,796 12.3 % 5.8 959,883 978,215 1,110,507 1,129,712 Variable rate Mortgage loans 175,850 176,195 4.3 % 0.4 178,650 179,711 4.3 % 0.1 Mezzanine loans 42,009 41,700 13.4 % 2.1 27,772 27,417 13.4 % 2.5 217,859 217,895 206,422 207,128 1,177,742 1,196,110 1,316,929 1,336,840 PCI Loans Mortgage loans 1,302,214 338,768 1,324,287 351,646 Mezzanine loans 7,425 3,671 7,425 3,671 1,309,639 342,439 1,331,712 355,317 Allowance for loan losses (50,938 ) (32,940 ) Loans receivable, net $ 2,487,381 $ 1,487,611 $ 2,648,641 $ 1,659,217 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: (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 June 30, 2019 $ 919,295 $ — $ — $ 276,815 $ 1,196,110 December 31, 2018 1,052,303 — 44,392 240,145 1,336,840 Troubled Debt Restructuring During the six months ended June 30, 2019 and 2018 , there were no loans modified in a troubled debt restructuring ("TDR"), in which the Company provided borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. At both June 30, 2019 and December 31, 2018 , the Company had one existing TDR loan that was in maturity default, with a carrying value before allowance for loan loss of $37.8 million and an allowance for loan loss of $26.1 million and $12.8 million as of June 30, 2019 and December 31, 2018 , respectively. 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: Gross Carrying Value (In thousands) Unpaid Principal Balance With Allowance for Loan Losses Without Allowance for Loan Losses Total Allowance for Loan Losses June 30, 2019 $ 306,094 $ 71,754 $ 239,050 $ 310,804 $ 30,923 December 31, 2018 280,337 75,179 206,628 281,807 18,304 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Average carrying value before allowance for loan losses $ 310,914 $ 226,532 $ 298,092 $ 279,986 Total interest income recognized during the period impaired 1,289 1,279 4,292 1,308 Cash basis interest income recognized — — 447 — 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. 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. There were no PCI loans acquired in the six months ended June 30, 2019 and 2018 . Changes in accretable yield of PCI loans were as follows: Six Months Ended June 30, (In thousands) 2019 2018 Beginning accretable yield $ 9,620 $ 42,435 Dispositions — (4,001 ) Changes in accretable yield 407 3,109 Accretion recognized in earnings (5,924 ) (19,216 ) Deconsolidation — (991 ) Effect of changes in foreign exchange rates (15 ) (138 ) Ending accretable yield $ 4,088 $ 21,198 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 $172.4 million at June 30, 2019 and $175.6 million at December 31, 2018 , as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans. 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. Allowance for loan losses represents the estimated probable credit losses inherent in loans receivable at balance sheet date and 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 or an observable market price for the loan. For PCI loans, provision for loan losses is recorded if it is assessed that decreases in cash flows expected to be collected would result in a decrease in the estimated fair value of the loan below its amortized cost. The allowance for loan losses and related carrying values of loans held for investment were as follows: June 30, 2019 December 31, 2018 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 30,923 $ 71,754 $ 18,304 $ 75,179 PCI loans 20,015 86,138 14,636 54,440 $ 50,938 $ 157,892 $ 32,940 $ 129,619 Changes in allowance for loan losses are presented below: Six Months Ended June 30, (In thousands) 2019 2018 Allowance for loan losses at January 1 $ 32,940 $ 52,709 Contribution to Colony Credit — (518 ) Deconsolidation — (5,983 ) Provision for loan losses, net 18,614 19,308 Charge-off (616 ) (10,220 ) Allowance for loan losses at June 30 $ 50,938 $ 55,296 Provision for loan losses by loan type is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Non-PCI loans $ 12,807 $ 5,072 $ 12,807 $ 7,737 PCI loans 2,196 8,861 5,807 11,571 Total provision for loan losses, net $ 15,003 $ 13,933 $ 18,614 $ 19,308 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 June 30, 2019 , total unfunded lending commitments was $201.8 million , of which the Company's share was $94.6 million , net of amounts attributable to noncontrolling interests.

Equity and Debt Investments

Equity and Debt Investments	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity and Debt Investments	Equity and Debt Investments The Company's equity investments and debt securities are represented by the following: (In thousands) June 30, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 1,912,397 $ 2,151,847 Private funds 132,288 124,826 2,044,685 2,276,673 Other equity investments Marketable equity securities 132,781 36,438 Investment ventures 92,417 95,196 Private funds and non-traded REIT 36,307 24,607 Total equity investments 2,306,190 2,432,914 Debt Securities N-Star CDO bonds, available for sale 62,442 64,127 CMBS of consolidated fund, at fair value 5,058 32,706 Total debt securities 67,500 96,833 Equity and debt investments $ 2,373,690 $ 2,529,747 Equity Investments The Company's equity investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected. 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 (Note 11 ). The liabilities of the equity method investment entities may only be settled using the assets 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 June 30, 2019 (1) Carrying Value at Investments Description June 30, 2019 December 31, 2018 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) 36.4% $ 743,015 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) 11.1% 86,581 87,696 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 93,395 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 139,185 219,913 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 527,791 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 110,617 109,393 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 (5) Various 16,174 9,525 Other investment ventures Interests in 16 investments at June 30, 2019 Various 150,628 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 177,299 81,085 $ 2,044,685 $ 2,276,673 __________ (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 acquisition, development and construction ("ADC") arrangements as well as profit participation interests without a stated ownership interest in other ADC arrangements. (5) Excludes the Company's general partner equity, including carried interest associated with the open-end industrial fund, which is classified as held for sale for all periods presented (Note 7 ). Impairment of Equity Method Investments The Company evaluates its equity method investments for other-than-temporary impairment at each reporting period. Impairment totaling $247.8 million and $250.4 million were recorded in equity method earnings for the three and six months ended June 30, 2019 , respectively, driven by impairment on the Company's investment in Colony Credit, as discussed below. Other impairments resulted from a change in the Company's strategy as the Company terminated its future capital commitments to an investee, and separately, a write-down based upon a pending sale of the underlying real estate held by the investee. Impairment of $16.5 million was recorded during the three and six months ended June 30, 2018 . In making its assessment, 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; or estimated enterprise value of the investee. Colony Credit —In January 2018, the Company deconsolidated the CLNY Contributed Entities and measured its interest in Colony Credit based upon its proportionate share of Colony Credit's estimated 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 in the three months ended March 31, 2018. Since Colony Credit began trading on February 1, 2018 through June 30, 2019 , Colony Credit's common stock had traded between $15.10 and $23.23 per share. During this period, the carrying value of the Company's investment in Colony Credit ranged between $24.74 per share at inception and $21.43 at March 31, 2019. Based upon Colony Credit's closing stock price of $15.50 per share on June 28, 2019, the last trading day of the second quarter, the carrying value of the Company's investment in Colony Credit was $227.9 million in excess of its market value of $743.0 million . In connection with the preparation and review of the Company's financial statements, given the prolonged period of time that the carrying value of the Company's investment in Colony Credit has exceeded its market value, the Company determined that its investment in Colony Credit was other-than-temporarily impaired and recorded an impairment charge of $227.9 million as part of equity method loss in the second quarter of 2019. Other Equity Investments Other equity investments that do not qualify for equity method accounting consist of the following: Marketable Equity Securities —These are primarily equity investment in a third party managed mutual fund and publicly traded equity securities held by a consolidated private open-end fund. The equity securities of the consolidated fund comprise listed stocks 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. Private Funds and Non-Traded REIT —This represents interests in a Company-sponsored private fund and a non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare"), and 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 11 ). 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 June 30, 2019 , the Company’s share of these commitments was $12.8 million . Private Funds— At June 30, 2019 , the Company has unfunded commitments of $270.9 million to funds sponsored or co-sponsored by the Company that are accounted for as equity method investments. Debt Securities The Company's investment in debt securities is composed of N-Star CDO Bonds, classified as AFS and commercial mortgage-backed securities (“CMBS”) held by a consolidated sponsored investment company that is currently in liquidation, accounted for at fair value through earnings. AFS Debt Securities The N-Star CDO bonds are investment-grade subordinate bonds retained by NRF from its sponsored collateralized debt obligations ("CDOs"), and CDO bonds originally issued by NRF that were subsequently repurchased by NRF at a discount. These CDOs are collateralized primarily by commercial real estate ("CRE") debt and CRE securities. The following tables summarize the balance and activities of the N-Star CDO bonds. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value June 30, 2019 $ 64,394 $ 3,743 $ (5,695 ) $ 62,442 December 31, 2018 67,513 1,565 (4,951 ) 64,127 Results from disposition of N-Star CDO bonds, with realized gains (losses) recorded in other gain (loss), were as follows for the three and six months ended June 30, 2018 . There were no dispositions in the three and six months ended June 30, 2019 . (In thousands) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Proceeds from sale $ 15,012 $ 78,197 Gross realized gain 2,921 11,304 Gross realized loss (592 ) (592 ) Impairment of AFS Debt Securities The following table presents AFS debt securities that have been in a gross unrealized loss position: June 30, 2019 December 31, 2018 Less Than 12 Months More Than 12 Months Less Than 12 Months (In thousands) Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss N-Star CDO bonds $ 240 $ 12 $ 39,663 $ 5,683 $ 54,459 $ 4,951 The Company performs an assessment, at least quarterly, to determine whether a decline in fair value below amortized cost of AFS debt securities is other than temporary. Other-than-temporary impairment ("OTTI") exists when either (i) the holder has the intent to sell the impaired security, (ii) it is more likely than not the holder will be required to sell the security, or (iii) the holder does not expect to recover the entire amortized cost of the security. 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. The Company recorded $0.7 million of OTTI loss in other gain (loss) for both the three and six months ended June 30, 2019 , and $1.3 million and $7.2 million for the three and six months ended June 30, 2018 , respectively. The losses were due to an adverse change in expected cash flows on N-Star CDOs, and CMBS held by consolidated N-Star CDOs which were subsequently deconsolidated in the second quarter of 2018. The Company believed that it was not likely that it would recover the amortized cost on these securities prior to selling them. At June 30, 2019 and December 31, 2018

Goodwill, Deferred Leasing Cost

Goodwill, Deferred Leasing Costs and Other Intangibles	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Deferred Leasing Costs and Other Intangibles	Goodwill, Deferred Leasing Costs and Other Intangibles Goodwill Goodwill balance of $1.5 billion at June 30, 2019 and December 31, 2018 resides in the investment management segment. Goodwill assigned to the industrial segment of $20.0 million is classified as held for sale (Note 7 ). 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. Based upon the Company's most recent annual impairment test in 2018, the Company determined that its investment management goodwill was not impaired. Additionally, no impairment was recognized on the investment management goodwill during the six months ended June 30, 2019 . Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for sale, are as follows: June 30, 2019 December 31, 2018 (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 $ 154,466 $ (64,271 ) $ 90,195 $ 170,869 $ (55,103 ) $ 115,766 Above-market lease values 109,652 (34,616 ) 75,036 111,903 (29,497 ) 82,406 Below-market ground lease obligations (2) — — — 16,258 (984 ) 15,274 Deferred leasing costs 21,578 (6,584 ) 14,994 17,154 (4,465 ) 12,689 Lease incentives 14,169 (1,637 ) 12,532 14,169 (1,134 ) 13,035 Trade name (3) 15,500 — 15,500 15,500 — 15,500 Investment management contracts 196,698 (106,520 ) 90,178 194,698 (92,618 ) 102,080 Customer relationships 50,753 (16,698 ) 34,055 49,291 (15,027 ) 34,264 Other (4) 42,062 (2,201 ) 39,861 59,157 (4,241 ) 54,916 Total deferred leasing costs and intangible assets $ 604,878 $ (232,527 ) $ 372,351 $ 648,999 $ (203,069 ) $ 445,930 Intangible Liabilities Below-market lease values $ 146,358 $ (45,628 ) $ 100,730 $ 176,013 $ (42,895 ) $ 133,118 Above-market ground lease obligations (2) — — — 15,909 (1,557 ) 14,352 Total intangible liabilities $ 146,358 $ (45,628 ) $ 100,730 $ 191,922 $ (44,452 ) $ 147,470 __________ (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. (2) Upon adoption of the new lease standard on January 1, 2019, below-market and above-market ground lease obligations were reclassified as a component of operating lease right-of-use asset, included in other assets. (3) The Colony trade name is determined to have an indefinite useful life and is not currently subject to amortization. (4) 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 There was no impairment of identifiable intangible assets during the three and six months ended June 30, 2019 . The following impairment losses were recognized during the year ended December 31, 2018 : Investment Management Contracts — $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, and $1.4 million write off of the management contract intangible of the Company's sponsored non-traded REIT, NorthStar/RXR New York Metro Real Estate, Inc., in consideration of the termination of its offering period effective March 2018 and subsequent liquidation, both of which were recorded in the first quarter of 2018, and $7.0 million impairment in the third quarter of 2018 on the NorthStar Healthcare management contract intangible which was valued based upon future net cash flows, discounted at 10% . Customer Relationships —In the fourth quarter of 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 wrote off the remaining value of the NorthStar trade name of $59.5 million . Amortization of Intangible Assets and Liabilities The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 15 ): Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Above-market lease values $ (2,944 ) $ (15,470 ) $ (5,677 ) $ (19,962 ) Below-market lease values 5,034 14,405 9,922 20,374 Lease incentives (252 ) (252 ) (504 ) (493 ) Net increase (decrease) to rental income $ 1,838 $ (1,317 ) $ 3,741 $ (81 ) Above-market ground lease obligations $ — $ (247 ) $ — $ (467 ) Below-market ground lease obligations — 188 — 369 Net increase (decrease) to ground rent expense $ — $ (59 ) $ — $ (98 ) In-place lease values $ 7,075 $ 7,093 $ 14,899 $ 15,384 Deferred leasing costs 799 781 1,646 1,628 Trade name — 802 — 1,606 Investment management contracts 6,075 4,125 13,902 9,811 Customer relationships 836 1,151 1,672 2,303 Other 402 619 654 1,134 Amortization expense $ 15,187 $ 14,571 $ 32,773 $ 31,866 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) Remaining 2019 2020 2021 2022 2023 2024 and Thereafter Total Net increase (decrease) to rental income (1) $ 2,126 $ 4,599 $ 5,544 $ 5,114 $ 5,840 $ (10,061 ) $ 13,162 Amortization expense (1) 78,042 36,286 30,299 22,538 16,480 56,721 240,366 __________ (1) Excludes $10.8 million net increase to rental income and $150.2 million amortization expense related to deferred leasing costs and intangible assets and liabilities of the industrial segment that is held for sale.

Assets and Related Liabilities

Assets and Related Liabilities Held For Sale	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Assets and Related Liabilities Held For Sale	Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) June 30, 2019 December 31, 2018 Assets Restricted cash $ 3,316 $ 6,213 Real estate, net 4,885,515 3,645,406 Equity investment—private fund 12,748 13,422 Goodwill 20,000 20,000 Deferred leasing costs and intangible assets, net 176,707 135,924 Other assets 107,054 146,380 Total assets held for sale $ 5,205,340 $ 3,967,345 Liabilities Debt, net $ 2,004,201 $ 1,064,585 Lease intangibles and other liabilities, net 163,967 153,910 Total liabilities related to assets held for sale $ 2,168,168 $ 1,218,495 Assets and Liabilities Related to Discontinued Operations At June 30, 2019 and December 31, 2018 , assets totaling $4.4 billion and $3.0 billion , respectively, and liabilities totaling $2.1 billion and $1.2 billion , respectively, in connection with the industrial segment and related management platform, were classified as held for sale and discontinued operations. The industrial assets held for sale consisted primarily of real estate and related intangible assets of $4.3 billion at June 30, 2019 and $2.9 billion at December 31, 2018 , as well as goodwill associated with the industrial management platform and the Company's general partner interest in the industrial open-end fund, as presented in the table above. Debt classified as held for sale represents all outstanding debt of the industrial segment which is expected to be assumed by the buyer upon sale. At June 30, 2019 , the outstanding debt of the industrial segment was composed of $1.2 billion fixed rate and $0.8 billion variable rate, bearing an overall weighted average interest rate of 3.87% , and weighted average remaining maturity of 7.8 All of discontinued operations for 2019 and most of discontinued operations for 2018 represent the results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from the Company's general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. The first half of 2018 also includes loss from discontinued operations of $0.2 million related to certain properties in the THL Hotel Portfolio acquired in July 2017 that qualified as held for sale at the time of foreclosure. Such properties were fully disposed of in the second quarter of 2018. Income (loss) from discontinued operations is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Revenues Property operating income $ 91,741 $ 72,155 $ 172,973 $ 140,508 Fee income 2,978 1,634 5,449 2,948 Interest and other income 1,228 792 2,368 1,908 Revenues from discontinued operations 95,947 74,581 180,790 145,364 Expenses Property operating expense 25,669 21,054 48,007 42,453 Interest expense 19,726 10,856 34,352 21,046 Investment and servicing expense 8 178 538 263 Depreciation and amortization 45,360 32,482 84,805 62,427 Impairment loss — 174 — 174 Compensation expense—cash and equity-based (1) 3,680 2,632 6,339 5,027 Compensation expense—carried interest 561 1,060 340 1,919 Administrative expenses 1,386 1,084 3,016 2,391 Expenses from discontinued operations 96,390 69,520 177,397 135,700 Other income (loss) Gain from sale of real estate 547 — 23,395 2,293 Other loss, net (49 ) — (57 ) — Equity method earnings (losses) (173 ) 2,650 (644 ) 4,833 Income (loss) from discontinued operations before income taxes (118 ) 7,711 26,087 16,790 Income tax benefit (expense) (386 ) 53 (298 ) 68 Income (loss) from discontinued operations (504 ) 7,764 25,789 16,858 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities 674 3,709 17,983 8,728 Noncontrolling interests in Operating Company (71 ) 232 474 466 Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (1,107 ) $ 3,823 $ 7,332 $ 7,664 __________ (1) Includes equity-based compensation of $0.7 million for both the three months ended June 30, 2019 and 2018 , and $1.4 million and $1.1 million for the six months ended June 30, 2019 and 2018

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2019
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) June 30, 2019 December 31, 2018 Capital expenditures reserves (1) $ 141,812 $ 214,863 Real estate escrow reserves (2) 50,024 49,702 Borrower escrow deposits 13,864 10,412 Working capital and other reserves (3) 14,453 19,586 Tenant lock boxes (4) 12,226 15,666 Other 104,112 54,376 Total restricted cash $ 336,491 $ 364,605 __________ (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. Other Assets The following table summarizes the Company's other assets: (In thousands) June 30, 2019 December 31, 2018 Interest receivable $ 12,659 $ 14,005 Straight-line rents 36,945 34,931 Hotel-related deposits and reserves (1) 13,166 21,636 Investment deposits and pending deal costs 31,081 27,534 Deferred financing costs, net (2) 4,247 5,467 Derivative assets (Note 10) 20,953 33,558 Prepaid taxes and deferred tax assets, net 56,751 71,656 Receivables from resolution of investments (3) 1,462 30,770 Operating lease right-of-use asset, net 115,048 — Accounts receivable, net (4) 91,537 58,830 Prepaid expenses 33,565 23,771 Other assets 159,922 30,604 Fixed assets, net 44,337 47,381 Total other assets $ 621,673 $ 400,143 __________ (1) Represents working capital deposits and reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment expenditures. Funding of reserves is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Represents primarily proceeds from loan repayments held in escrow and sales of marketable equity securities pending settlement. (4) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables, net of allowance. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2019 December 31, 2018 Tenant security deposits and payable $ 18,326 $ 15,135 Borrower escrow deposits 13,822 13,001 Deferred income (1) 13,326 27,124 Interest payable 40,751 40,622 Derivative liabilities (Note 10) 388,338 132,808 Contingent consideration—THL Hotel Portfolio (Note 11) 9,745 8,903 Share repurchase payable (2) — 7,567 Current and deferred income tax liability 97,312 92,808 Operating lease liability (Note 20) 116,020 — Accrued compensation 45,068 79,320 Accrued carried interest and contractual incentive fee compensation 7,172 7,486 Accrued real estate and other taxes 46,717 38,714 Accounts payable and accrued expenses 96,220 91,244 Other liabilities 127,892 79,412 Total accrued and other liabilities $ 1,020,709 $ 634,144 __________ (1) Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $2.9 million at June 30, 2019 and $3.2 million at December 31, 2018 , which will be recognized as fee income on a straight-line basis through 2024 . (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is expected to be assumed by the buyer and included in liabilities related to assets held for sale (Note 7 ). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured Debt (2) Junior Subordinated Notes Total Debt June 30, 2019 Debt at amortized cost Principal $ 85,000 $ 616,105 $ 7,954,870 $ 280,117 $ 8,936,092 Premium (discount), net — 2,474 (20,311 ) (80,058 ) (97,895 ) Deferred financing costs — (5,487 ) (93,043 ) — (98,530 ) $ 85,000 $ 613,092 $ 7,841,516 $ 200,059 $ 8,739,667 December 31, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 8,275,707 $ 280,117 $ 9,171,929 Premium (discount), net — 2,697 (41,217 ) (81,031 ) (119,551 ) Deferred financing costs — (6,652 ) (70,354 ) — (77,006 ) $ — $ 612,150 $ 8,164,136 $ 199,086 $ 8,975,372 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $393.7 million at June 30, 2019 and $425.9 million at December 31, 2018 relates to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 7 ). The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of the balance sheet date and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ 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 June 30, 2019 Recourse Corporate credit facility $ — N/A N/A $ 85,000 4.65 % 2.5 $ 85,000 4.65 % 2.5 Convertible and exchangeable senior notes 616,105 4.27 % 2.5 — N/A N/A 616,105 4.27 % 2.5 Junior subordinated debt — N/A N/A 280,117 5.18 % 16.9 280,117 5.18 % 16.9 Secured debt (1) 36,143 5.02 % 6.4 — N/A N/A 36,143 5.02 % 6.6 652,248 365,117 1,017,365 Non-recourse Healthcare (2) (3) 405,980 4.55 % 5.6 2,616,766 5.99 % 4.2 3,022,746 5.80 % 4.4 Hospitality 12,960 13.01 % 2.1 2,646,602 5.52 % 3.5 2,659,562 5.56 % 3.5 Other Real Estate Equity (2) 167,035 4.14 % 3.5 1,766,128 4.20 % 3.1 1,933,163 4.20 % 3.1 Real Estate Debt — N/A N/A 303,256 4.56 % 2.3 303,256 4.56 % 2.3 585,975 7,332,752 7,918,727 $ 1,238,223 $ 7,697,869 $ 8,936,092 December 31, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 3.0 $ — N/A 3.0 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 Healthcare (2)(3) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 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 (2) 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 2,343,832 5,894,676 8,238,508 $ 2,997,136 $ 6,174,793 $ 9,171,929 __________ (1) The fixed rate recourse debt is secured by the Company's aircraft. (2) Mortgage debt in the healthcare and other real estate equity segment with an aggregate outstanding principal of $341.6 million at June 30, 2019 and $538.5 million at December 31, 2018 were either in payment default or were 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) At December 31, 2018 , included $1.725 billion outstanding principal of non-recourse fixed rate mortgage debt on certain properties in our U.S. healthcare portfolio that was scheduled to mature in December 2019. In June 2019, such debt was refinanced with $1.515 billion of variable rate debt, composed of $1.025 billion first mortgage debt and $490 million mezzanine debt, with a two-year initial term and three 1-year extension options. 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 provided 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. In April 2019, the Credit Agreement was amended to reduce the aggregate commitments available from $1.0 billion to $750 million , and the option to increase the borrowing commitments, subject to agreement by the lenders and customary closing conditions, from $1.5 billion to $1.125 billion . The amendment also provides that the Company may operate at below the minimum fixed charge coverage ratio, as defined in the Credit Agreement, for a reduced valuation of the borrowing base, and establishes a new floor for the minimum fixed charge coverage ratio beginning fiscal quarter ended March 31, 2019. 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). 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 June 30, 2019 ), 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 June 30, 2019 , 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 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 (in shares) (1) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal June 30, 2019 December 31, 2018 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 June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) 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. 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, NorthStar Realty Finance Trust 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 Trusts 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.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2019
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: June 30, 2019 December 31, 2018 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 16,717 $ 464 $ 17,181 $ 31,127 $ 1,069 $ 32,196 Interest rate contracts 81 121 202 862 500 1,362 Performance swaps — 3,570 3,570 — — — Included in other assets $ 16,798 $ 4,155 $ 20,953 $ 31,989 $ 1,569 $ 33,558 Derivative Liabilities Foreign exchange contracts $ 3,866 $ 221 $ 4,087 $ 6,193 $ 211 $ 6,404 Interest rate contracts 6,083 271,878 277,961 — 126,404 126,404 Forward contracts — 112,373 112,373 — — — Included in accrued and other liabilities $ 9,949 $ 384,472 $ 394,421 $ 6,193 $ 126,615 $ 132,808 Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had cash collateral on deposit of $116.7 million at June 30, 2019 and $0.8 million at December 31, 2018 , 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 June 30, 2019 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 71,986 € 177 Min $1.06 / Max $1.31 March 2020 to November 2020 GBP FX Collar £ 8,632 £ 708 Min $1.45 / Max $1.76 September 2019 to December 2019 EUR FX Forward € 443,169 € 32,763 Min $1.12 / Max $1.38 July 2019 to February 2024 GBP FX Forward £ 126,005 £ — Min $1.24 / Max $1.32 December 2019 to December 2020 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures were €601.4 million and £234.4 million , or a total of $1.0 billion at June 30, 2019 , and €614.0 million and £235.7 million , or a total of $1.0 billion at December 31, 2018 . 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. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 786 $ (247 ) $ 1,026 $ 2,336 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). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ 19 $ 4,120 $ (400 ) $ 1,239 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 June 30, 2019 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate swap (1) $ — $ 2,000,000 3-Month LIBOR 3.39% December 2019 Interest rate swap $ 300,000 $ — 1-Month LIBOR 2.15% February 2022 to February 2024 Interest rate caps $ — $ 5,942,714 1-Month LIBOR 3.0% - 6.26% August 2019 to June 2021 Interest rate caps € 247,513 € 541,151 3-Month EURIBOR 1.0% - 1.5% October 2019 to June 2024 Interest rate caps £ — £ 363,716 3-Month GBP LIBOR 1.5% - 2.5% November 2019 to February 2020 __________ (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. The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Unrealized gain (loss): Non-designated interest rate contracts $ 89,610 $ 24,720 $ 149,136 $ 81,377 Forward Contracts and Performance Swaps During December 2018 and January 2019, the Company entered into a series of forward contracts on a portfolio of shares in a real estate mutual fund with a counterparty in an aggregate notional amount of $100 million with a one year term to be settled, at the election of the Company, in cash or through delivery of the mutual fund shares. Concurrently with the forward contracts, the Company entered into a series of swap transactions with the same counterparty to pay the return of the Dow Jones U.S. Select REIT Total Return Index. The forward and swap transactions required a combined collateral deposit of $12 million , subject to daily net settlements in net fair value changes in excess of a predetermined threshold. The forwards and swaps are not designated as hedges for accounting purposes and are subject to fair value adjustments through earnings. For the three and six months ended June 30, 2019 , fair value loss in the forwards of $1.1 million and $12.4 million , respectively, and fair value gain on the swaps of $1.0 million and $3.6 million , respectively, are included in other gain (loss) in the Company’s statement of operations. The Company’s investment in the mutual fund is carried at fair value and is included in equity and debt investments on the balance sheet. Unrealized gain on the mutual fund shares of $1.1 million and $12.9 million for the three and six months ended June 30, 2019 , respectively, is included in other gain (loss). 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 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 June 30, 2019 Derivative Assets Foreign exchange contracts $ 17,181 $ (1,165 ) $ — $ 16,016 Interest rate contracts 202 (77 ) — 125 Performance swaps 3,570 (3,570 ) — — $ 20,953 $ (4,812 ) $ — $ 16,141 Derivative Liabilities Foreign exchange contracts $ (4,087 ) $ 1,165 $ — $ (2,922 ) Interest rate contracts (277,961 ) 77 108,269 (169,615 ) Forward contract (112,373 ) 3,570 8,470 (100,333 ) $ (394,421 ) $ 4,812 $ 116,739 $ (272,870 ) 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 )

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2019
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, categorized into the following three tier hierarchy: 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. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total June 30, 2019 Assets Equity method investments $ — $ — $ 177,299 $ 177,299 Marketable equity securities 132,781 — — 132,781 Debt securities available for sale — N-Star CDO bonds — — 62,442 62,442 CMBS of consolidated fund — 5,058 — 5,058 Other assets—derivative assets — 20,953 — 20,953 Liabilities Other liabilities — derivative liabilities — 394,421 — 394,421 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,745 9,745 December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Marketable equity securities 36,438 — — 36,438 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 Equity Method Investments Equity method investments for which fair value option was elected are carried at fair value on a recurring basis. 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. Marketable Equity Securities Marketable equity securities consist primarily of investment in a third party managed mutual fund and equity securities held by a consolidated fund. These marketable equity securities are valued 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 of consolidated fund—Fair value is determined based on broker quotes or third party pricing services, classified as Level 2 of the fair value hierarchy. Derivatives Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider, except for exchange traded futures contracts which are Level 1 fair values. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Other Liabilities — Contingent Consideration for THL Hotel Portfolio In connection with the consensual foreclosure of the THL Hotel Portfolio (Note 3 ), contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million . 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. Level 3 Recurring Fair Value Measurements 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) June 30, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,498 Transaction price and NAV (2) N/A N/A N/A Equity method investments—other 18,722 Discounted cash flows Discount rate 13.7% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.5x (3) Equity method investments—other 128,079 Transaction price (4) N/A N/A N/A N-Star CDO bonds 62,442 Discounted cash flows Discount rate 21.8% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,745 Discounted cash flows Discount rate 20.0% Decrease December 31, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) N/A N/A N/A 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 (3) Equity method investments—other 28,346 Transaction price (4) N/A N/A N/A 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 __________ (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) Fair value is affected by change in revenue multiple relative to change in rate of revenue growth. (4) Valued based upon transaction price of investments recently acquired or offer prices on investments or underlying assets of investee pending sales. Transaction price approximates fair value for an investee engaged in real estate development during the development stage. 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) Securitized Loans Receivable Equity Method Investments Securities Debt—Securitized Bonds Payable Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 60,995 5,360 — — — Paydowns or distributions (638 ) (182,063 ) (108,924 ) 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 — (26,134 ) — — — — Realized gains in earnings — 2,697 4,787 — — — Unrealized gains (losses): In earnings (715 ) (2,298 ) — 57 1,730 (702 ) In other comprehensive loss — — (21,917 ) — — — Fair value at June 30, 2018 $ — $ 84,571 $ 78,205 $ — $ — $ (8,121 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (2,298 ) $ — $ 57 $ 1,730 $ (702 ) In other comprehensive income (loss) $ — $ — $ (3,827 ) $ — $ — $ — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions or accretion — 102,273 3,267 — — — Paydowns, distributions or sales — (8,005 ) (5,582 ) — — Realized gains in earnings — 752 (667 ) — — — Unrealized gains (losses): In earnings — 1,194 — — — (842 ) In other comprehensive income (loss) — — 1,297 — — — Fair value at June 30, 2019 $ — $ 177,299 $ 62,442 $ — $ — $ (9,745 ) Unrealized gains (losses) on ending balance: In earnings $ — $ 1,194 $ — $ — $ — $ (842 ) In other comprehensive income (loss) $ — $ — $ (2,087 ) $ — $ — $ — 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. 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. Securitized Loans and Securitized Bonds Payable Prior to May 2018, 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 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. 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 shares of class A common stock, shares of class B common stock and 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. Prior to June 30, 2018, 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). 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, 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. Investments Carried at Fair Value Using Net Asset Value Investments in a Company-sponsored private fund and a non-traded REIT, and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles. June 30, 2019 December 31, 2018 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 16,659 $ 10,153 $ 12,617 $ 13,658 Non-traded REIT—real estate 16,812 — 11,990 — Private fund—emerging market private equity 2,836 — — — The Company's interests in the private funds are not subject to redemption, with distributions to be received through liquidation of underlying investments of the funds. The private funds each have eight and ten year lives, respectively, at inception, both of which may be extended in one year increments up to two years . 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. June 30, 2019 December 31, 2018 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 173,907 $ 227,484 $ 401,391 $ 68,864 $ 200,281 $ 269,145 Real estate held for investment — 220,179 220,179 — 416,272 416,272 Intangible assets—lease intangibles — — — — 15,608 15,608 Intangible assets—investment management contracts — — — — 36,400 36,400 Equity method investments — 753,732 753,732 — 32,761 32,761 The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Impairment loss Real estate held for sale $ 42,998 $ 6,546 $ 68,181 $ 15,310 Real estate held for investment 41,048 2,975 41,487 7,181 Intangible assets—investment management contracts — — — 140,429 Intangible assets—trade name — 59,464 — 59,464 Equity method loss 247,812 16,467 250,434 16,467 Impairment is discussed in Note 4 for loans receivable, Note 5 for equity method investments and Note 6 for investment management intangible assets. Real Estate Held For Sale At June 30, 2019 and 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 2% to 3% selling costs. In the second quarter of 2019, three properties in the healthcare portfolio were written down based upon a negotiated purchase option exercised by a tenant. Other significant real estate held for sale carried at fair value 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. As of June 30, 2019 , certain hotels have been sold while others are classified as held for sale. Impairment was mostly recorded in 2018 when the hotels were classified as held for investment, based on broker price opinions and net of 2% to 3% selling costs. In the first six months of 2019, additional impairment was recorded on certain hotels based upon revised expected sales prices or final net proceeds from sale. Real estate held for sale carried at fair value also included U.S. multi-tenant office buildings, valued based on broker quotes, net of 2% selling costs. Additionally, at December 31, 2018 , certain properties in the THL Hotel Portfolio were impaired and valued based on auction prices or contracted sales prices, net of 2% selling costs. Real Estate Held For Investment At June 30, 2019 , real estate held for investment carried at fair value consisted primarily of certain net lease properties in the healthcare portfolio that were impaired based upon preliminary offers received by the Company, and certain properties in the THL Hotel Portfolio impacted by hurricanes in 2017 that were written down based upon revised insurance estimates. 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 had 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. 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 June 30, 2019 Assets Loans at amortized cost $ — $ — $ 1,494,716 $ 1,494,716 $ 1,487,611 Liabilities Debt at amortized cost Corporate credit facility — 85,000 — 85,000 85,000 Convertible and exchangeable senior notes 585,944 13,095 — 599,039 613,092 Secured debt — — 7,985,674 7,985,674 7,841,516 Secured and unsecured debt related to assets held for sale — — 2,029,096 2,029,096 2,004,201 Junior subordinated debt — — 197,766 197,766 200,059 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 — — 8,141,497 8,141,497 8,164,136 Secured debt related to assets held for sale — — 1,077,195 1,077,195 1,064,585 Junior subordinated debt — — 169,619 169,619 199,086 Loans Receivable —Loans receivable carried at amortized cost consist of first mortgages, subordinated mortgages and corporate loans. 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. 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	6 Months Ended
	Jun. 30, 2019
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. 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 in which it has more than an insignificant equity interest in the fund as general partner. 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 $16.7 million at June 30, 2019 and $13.2 million at December 31, 2018 . The Company, as general partner, is not obligated to provide any financial support to the consolidated private fund. The consolidated private fund had total assets of $24.6 million and immaterial liabilities at June 30, 2019 , and total assets of $42.7 million and total liabilities of $20.1 million at December 31, 2018 . Assets are made up primarily of marketable equity securities. 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 $111.4 million at June 30, 2019 and $117.3 million at December 31, 2018 , included within equity and debt investments and assets held for sale on the consolidated balance sheets. 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. 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. 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 was liquidated. 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 bonds, which aggregate to $64.4 million at June 30, 2019 and $67.5 million at December 31, 2018 . 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 9 ). 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 June 30, 2019 and December 31, 2018 , recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the consolidated balance sheet.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The table below summarizes the share activities of the Company's preferred and common stock. Number of Shares (In thousands) Preferred Stock Class A Common Stock Class B Common Stock Shares outstanding at December 31, 2017 65,464 542,599 736 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units — 1,488 — Conversion of class B to class A common stock — 28 (28 ) Repurchase of common stock — (54,813 ) — Equity-based compensation, net of forfeitures — 3,412 — Shares canceled for tax withholding on vested stock awards — (2,950 ) — Shares outstanding at June 30, 2018 57,464 489,764 708 Shares outstanding at December 31, 2018 57,464 483,347 734 Shares issued upon redemption of OP Units — 187 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 4,713 — Shares canceled for tax withholding on vested stock awards — (582 ) — Shares outstanding at June 30, 2019 57,464 487,013 734 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 June 30, 2019 : 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 6,114 $ 61 $ 152,855 Currently redeemable Series E 8.75 % May 2014 10,000 100 250,000 Currently redeemable Series G 7.5 % June 2014 3,450 35 86,250 Currently redeemable Series H 7.125 % April 2015 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 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. Redemption of Preferred Stock In May 2018, the Company redeemed all of its outstanding Series D preferred stock, with settlement in July 2018. The preferred stock redemption was at $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to the redemption date. The deficit of the $25.00 per share liquidation preference over the carrying value of the preferred stock redeemed resulted in an increase to net income attributable to common stockholders. 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 Chief Executive Officer. Each share of class B common stock shall convert automatically into one share of class A common stock if the Chief Executive Officer 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. Common Stock Repurchases During the six months ended June 30, 2019 , the Company repurchased 652,311 shares of its class A common stock, at an aggregate cost of approximately $3.2 million (excluding commissions), or a weighted average price of $4.84 per share pursuant to a $300 million share repurchase program authorized by its board of directors in May 2018, and extended in May 2019 for an additional one year term. 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. These repurchases were made pursuant to the Company's share repurchase programs authorized in February 2018 and in May 2018 of $300 million each. 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 three and six months ended June 30, 2019 and during the year ended December 31, 2018 . 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, 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 1,968 (15,807 ) — (21,612 ) 13,107 (22,344 ) Amounts reclassified from AOCI — (4,806 ) — 4,158 (2,788 ) (3,436 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at June 30, 2018 $ 7,382 $ (3,599 ) $ — $ 28,477 $ (8,330 ) $ 23,930 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Other comprehensive income (loss) before reclassifications 8,828 591 (2,063 ) (7,643 ) 14,766 14,479 Amounts reclassified from AOCI — 626 — (1,128 ) (1,009 ) (1,511 ) AOCI at June 30, 2019 $ 12,457 $ (1,958 ) $ (2,154 ) $ (2,153 ) $ 20,775 $ 26,967 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2017 $ — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — (12,639 ) 3,292 (9,347 ) Amounts reclassified from AOCI — 4,409 (644 ) 3,765 AOCI at June 30, 2018 $ — $ 30,718 $ 5,775 $ 36,493 AOCI at December 31, 2018 $ (390 ) $ (600 ) $ 9,644 $ 8,654 Other comprehensive income (loss) before reclassifications (4,656 ) (10,840 ) 1,392 (14,104 ) Amounts reclassified from AOCI — (465 ) 448 (17 ) AOCI at June 30, 2019 $ (5,046 ) $ (11,905 ) $ 11,484 $ (5,467 ) Reclassifications out of AOCI—Stockholders Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Component of AOCI reclassified into earnings 2019 2018 2019 2018 Realized gain (loss) on marketable securities $ — $ 2,194 $ — $ 10,100 Other gain (loss), net Other-than-temporary impairment and write-offs of securities — (1,188 ) (626 ) (5,294 ) Other gain (loss), net Deconsolidation of N-Star CDO — (2,596 ) — (2,596 ) Other gain (loss), net Release of cumulative translation adjustments 173 5 1,128 (4,158 ) Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 22 2,082 46 584 Other gain (loss), net Realized gain (loss) on net investment hedges 739 (232 ) 963 2,204 Other gain (loss), net

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests The following table presents the activity in redeemable noncontrolling interests in a consolidated open-end fund sponsored by the Company. Six Months Ended June 30, (In thousands) 2019 2018 Beginning balance $ 9,385 $ 34,144 Contributions — 305 Distributions and redemptions (3,393 ) (2,103 ) Net income (loss) 1,953 1,177 Ending balance $ 7,945 $ 33,523 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 partners. 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, capital contributions or redemptions from limited partners changes the Company's ownership interest in the joint venture. Limited partners are admitted or redeemed at the net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of their contributions or redemptions. For the six months ended June 30, 2019 and 2018 , the difference between contributions or redemptions and the respective limited partners' share of the joint venture resulted in a net increase to additional paid-in capital of $12.4 million and $21.1 million , respectively. Noncontrolling Interests in Operating Company Certain current and past 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. For the six months ended June 30, 2019 , the Company redeemed 187,187 OP Units with the issuance of an equal number of shares of class A common stock on a one -for-one basis. 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 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 11

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) June 30, 2019 December 31, 2018 Assets Restricted cash $ 3,316 $ 6,213 Real estate, net 4,885,515 3,645,406 Equity investment—private fund 12,748 13,422 Goodwill 20,000 20,000 Deferred leasing costs and intangible assets, net 176,707 135,924 Other assets 107,054 146,380 Total assets held for sale $ 5,205,340 $ 3,967,345 Liabilities Debt, net $ 2,004,201 $ 1,064,585 Lease intangibles and other liabilities, net 163,967 153,910 Total liabilities related to assets held for sale $ 2,168,168 $ 1,218,495 Assets and Liabilities Related to Discontinued Operations At June 30, 2019 and December 31, 2018 , assets totaling $4.4 billion and $3.0 billion , respectively, and liabilities totaling $2.1 billion and $1.2 billion , respectively, in connection with the industrial segment and related management platform, were classified as held for sale and discontinued operations. The industrial assets held for sale consisted primarily of real estate and related intangible assets of $4.3 billion at June 30, 2019 and $2.9 billion at December 31, 2018 , as well as goodwill associated with the industrial management platform and the Company's general partner interest in the industrial open-end fund, as presented in the table above. Debt classified as held for sale represents all outstanding debt of the industrial segment which is expected to be assumed by the buyer upon sale. At June 30, 2019 , the outstanding debt of the industrial segment was composed of $1.2 billion fixed rate and $0.8 billion variable rate, bearing an overall weighted average interest rate of 3.87% , and weighted average remaining maturity of 7.8 All of discontinued operations for 2019 and most of discontinued operations for 2018 represent the results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from the Company's general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. The first half of 2018 also includes loss from discontinued operations of $0.2 million related to certain properties in the THL Hotel Portfolio acquired in July 2017 that qualified as held for sale at the time of foreclosure. Such properties were fully disposed of in the second quarter of 2018. Income (loss) from discontinued operations is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Revenues Property operating income $ 91,741 $ 72,155 $ 172,973 $ 140,508 Fee income 2,978 1,634 5,449 2,948 Interest and other income 1,228 792 2,368 1,908 Revenues from discontinued operations 95,947 74,581 180,790 145,364 Expenses Property operating expense 25,669 21,054 48,007 42,453 Interest expense 19,726 10,856 34,352 21,046 Investment and servicing expense 8 178 538 263 Depreciation and amortization 45,360 32,482 84,805 62,427 Impairment loss — 174 — 174 Compensation expense—cash and equity-based (1) 3,680 2,632 6,339 5,027 Compensation expense—carried interest 561 1,060 340 1,919 Administrative expenses 1,386 1,084 3,016 2,391 Expenses from discontinued operations 96,390 69,520 177,397 135,700 Other income (loss) Gain from sale of real estate 547 — 23,395 2,293 Other loss, net (49 ) — (57 ) — Equity method earnings (losses) (173 ) 2,650 (644 ) 4,833 Income (loss) from discontinued operations before income taxes (118 ) 7,711 26,087 16,790 Income tax benefit (expense) (386 ) 53 (298 ) 68 Income (loss) from discontinued operations (504 ) 7,764 25,789 16,858 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities 674 3,709 17,983 8,728 Noncontrolling interests in Operating Company (71 ) 232 474 466 Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (1,107 ) $ 3,823 $ 7,332 $ 7,664 __________ (1) Includes equity-based compensation of $0.7 million for both the three months ended June 30, 2019 and 2018 , and $1.4 million and $1.1 million for the six months ended June 30, 2019 and 2018

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table provides the basic and diluted earnings per common share computations: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2019 2018 2019 2018 Net income (loss) allocated to common stockholders Loss from continuing operations $ (484,142 ) $ (50,672 ) $ (540,590 ) $ (86,924 ) (Income) loss from continuing operations attributable to noncontrolling interests 43,497 (18,564 ) 16,530 (27,480 ) Loss from continuing operations attributable to Colony Capital, Inc. (440,645 ) (69,236 ) (524,060 ) (114,404 ) Income (loss) from discontinued operations attributable to Colony Capital, Inc. (1,107 ) 3,823 7,332 7,664 Net loss attributable to Colony Capital, Inc. (441,752 ) (65,413 ) (516,728 ) (106,740 ) Preferred stock redemption — 3,995 — 3,995 Preferred dividends (27,138 ) (31,388 ) (54,275 ) (62,775 ) Net loss attributable to common stockholders (468,890 ) (92,806 ) (571,003 ) (165,520 ) Net income allocated to participating securities (953 ) (643 ) (1,673 ) (1,272 ) Net loss allocated to common stockholders—basic (469,843 ) (93,449 ) (572,676 ) (166,792 ) Interest expense attributable to convertible notes (1) — — — — Net loss allocated to common stockholders—diluted $ (469,843 ) $ (93,449 ) $ (572,676 ) $ (166,792 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 479,228 488,676 479,577 509,562 Weighted average effect of dilutive shares (1)(2)(3) — — — — Weighted average number of common shares outstanding—diluted 479,228 488,676 479,577 509,562 Basic loss per share Loss from continuing operations $ (0.98 ) $ (0.20 ) $ (1.21 ) $ (0.35 ) Income from discontinued operations — 0.01 0.02 0.02 Net loss attributable to common stockholders per basic common share $ (0.98 ) $ (0.19 ) $ (1.19 ) $ (0.33 ) Diluted loss per share Loss from continuing operations $ (0.98 ) $ (0.20 ) $ (1.21 ) $ (0.35 ) Income from discontinued operations — 0.01 0.02 0.02 Net loss attributable to common stockholders per diluted common share $ (0.98 ) $ (0.19 ) $ (1.19 ) $ (0.33 ) __________ (1) For both the three months ended June 30, 2019 and 2018 , excluded from the calculation of diluted earnings per share is the effect of adding back $7.1 million of interest expense and 38,112,100 weighted average diluted common share equivalents for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. For both the six months ended June 30, 2019 and 2018 , excluded from the calculation of diluted earnings per share is the effect of adding back $14.3 million of interest expense and 38,112,100 weighted average dilutive common share equivalents for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 92,700 and 605,800 for the three months ended June 30, 2019 and 2018 , respectively, and 115,200 and 634,200 for the six months ended June 30, 2019 and 2018 , respectively, as the effect would be antidilutive. The calculation of diluted earnings per share also excludes the effect of weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 18 ) of 459,800 and 2,137,500 for the three months ended June 30, 2019 and 2018 , respectively, and 755,700 and 1,074,700 for the six months ended June 30, 2019 and 2018 , respectively. (3) 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 June 30, 2019 and 2018 , there were 31,171,300 and 30,426,900

Fee Income

Fee Income	6 Months Ended
	Jun. 30, 2019
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, and traded and non-traded REITs, 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. Fee income for all periods presented excludes management fees from the Company's open-end industrial fund which is classified as held for sale. Such fees are included in income from discontinued operations (Note 15 ). The Company's fee income is earned from the following sources. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Institutional funds $ 13,033 $ 15,537 $ 23,671 $ 27,364 Public companies (Colony Credit, NRE) 15,038 16,219 30,144 28,391 Non-traded REITs 4,989 6,244 10,095 17,703 Other 2,373 290 2,551 360 $ 35,433 $ 38,290 $ 66,461 $ 73,818 The following table presents the Company's fee income by type: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Base management fees ($32,418, $33,850, $62,620 and $66,712 from affiliates, respectively) $ 32,612 $ 34,116 $ 62,976 $ 66,978 Asset management fees ($601, $761, $1,236 and $1,435 from affiliates, respectively) 1,230 761 1,865 1,435 Acquisition and disposition fees—from affiliates — — — 1,922 Other fee income ($248, $3,389, $262 and $3,389 from affiliates, respectively) 1,591 3,413 1,620 3,483 Total fee income $ 35,433 $ 38,290 $ 66,461 $ 73,818 Base Management Fees — The Company earns base management fees for the day-to-day operations and administration of its managed private funds and traded and non-traded REITs, calculated as follows: • Private Funds—generally 1% per annum of limited partners' net funded capital or 1.75% per annum of (i) total commitments during commitment period and (ii) thereafter, invested capital; • Colony Credit— 1.5% per annum of Colony Credit's stockholders' equity (as defined in its management agreement); • Non-Traded REITs— 1.5% per annum of most recently published net asset value (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare, and prior to closing of the Combination on January 31, 2018, 1% to 1.25% per annum of gross assets for NorthStar I and NorthStar II. $2.5 million per quarter of base management fee for NorthStar Healthcare is 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); and • 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 . The management agreement had provided for the Company's management of NRE through at least January 1, 2023. In November 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 , inclusive of incentive fees earned through termination, of which $5.4 million has been received for fiscal year 2018. In July 2019, following a comprehensive review by NRE's Strategic Review Committee and approval by its Board of Directors, NRE entered into an agreement to sell all of its outstanding common stock for an estimated price of $17.03 per share based on three-month forward foreign exchange rates. The sale is expected to close in the fourth quarter of 2019, subject to customary closing conditions, including approval of a majority of NRE's stockholders. 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 — P rior to closing of the Combination on January 31, 2018, the Company earned from NorthStar I and NorthStar II an acquisition fee of 1% of the amount funded or allocated to originate or acquire an investment, and a disposition fee of 1% to 2% of the contractual sales price for disposition of an investment. Incentive Fees —The Company may earn incentive fees from NRE and Colony Credit, 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 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 and certain other employees of the Company, included in carried interest and incentive fee compensation expense. Other Fee Income —Other fees include advisory fees, licensing fee related to the Colony Capital Fundamental U.S. Real Estate Index, a rules-based strategy that invests in common stock of REITs, and prior to May 2018, selling commission and dealer manager fees through its broker-dealer platform for selling equity in certain classes of shares in the retail companies. In April 2018, the Company combined its broker-dealer platform with a third party to form a joint venture to distribute future investment products. The Company's share of earnings or losses from the joint venture is reflected in equity method earnings.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation The Colony Capital, Inc. 2014 Omnibus Stock Incentive Plan (the "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 to the Company's officers, directors (including non-employee directors), employees, co-employees, consultants or advisors of the Company or of any parent or subsidiary who provides services to the Company. Shares reserved for the issuance of awards under the 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 June 30, 2019 , an aggregate of 54.4 million shares of the Company's class A common stock were reserved for the issuance of awards under the Equity Incentive Plan. Restricted Stock — Restricted stock awards relating to the Company's class A common stock are granted to senior executives, directors and certain employees, with a service condition only and are 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 recipients 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 either relative to that of a specified peer group or against a target stock price over a three -year measurement period (such measurement metric the "total shareholder return"). In addition, recipients of PSUs whose employment is terminated 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. The incremental value resulting from the modification was immaterial. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2019 PSU Grants 2018 PSU Grant (4) Expected volatility of the Company's class A common stock (1) 26.2% 29.0% Expected annual dividend yield (2) 8.5% - 8.7% 7.3% Risk-free rate (per annum) (3) 2.2% - 2.4% 2.1% __________ (1) Based upon historical volatility of the Company's stock, and where applicable, a combination of historical volatility and implied volatility on actively traded stock options of a specified peer group. (2) Based upon a combination of historical dividend yields and the current annualized dividends. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date. (4) Reflects assumptions applied in valuing the award upon modification in February 2019. Fair value of PSU awards, excluding dividend equivalent rights, is recognized on a straight-line basis over their 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 14 ). 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. 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, or on a straight-line basis over the vesting period as equity based compensation expense and equity. Equity-based compensation expense, excluding amounts related to the industrial segment that is presented as discontinued operations (Note 15 ), is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Compensation expense (including $315, $181, $432 and $203 amortization of fair value of dividend equivalent right) $ 7,577 $ 8,716 $ 13,491 $ 20,429 Changes in the Company’s unvested equity awards are summarized below: Weighted Average Grant Date Fair Value Restricted Stock DSUs PSUs (1) Total PSUs All Other Awards Unvested shares and units at December 31, 2018 5,422,090 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 Granted 4,869,734 315,961 3,760,864 8,946,559 2.92 5.20 Vested (1,658,735 ) (244,111 ) — (1,902,846 ) — 10.67 Forfeited (157,165 ) — (24,071 ) (181,236 ) 4.53 6.60 Unvested shares and units at June 30, 2019 8,475,924 254,984 5,780,742 14,511,650 $ 3.68 $ 6.67 __________ (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. Fair value of equity awards that vested, determined based on their respective fair values at vesting date, was $1.3 million and $1.5 million for the three months ended June 30, 2019 and 2018 , respectively, and $9.8 million and $106.5 million for the six months ended June 30, 2019 and 2018 , respectively. At June 30, 2019 , aggregate unrecognized compensation cost for all unvested equity awards was $58.0 million , which is expected to be recognized over a weighted average period of 2.2 years . Awards Granted by Managed Companies Colony Credit and NRE, both managed by the Company, issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). Colony Credit awards are primarily restricted stock grants that typically vest over a three -year period, subject to service conditions. 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. 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 related to managed company awards was $3.6 million and $4.2 million for the three months ended June 30, 2019 and 2018 , respectively, and $6.4 million and $5.0 million for the six months ended June 30, 2019 and 2018 , respectively. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 19 ). At June 30, 2019 , aggregate unrecognized compensation cost for unvested managed company awards was $32.8 million , which is expected to be recognized over a weighted average period of 2.3 years .

Transactions with Affiliates

Transactions with Affiliates	6 Months Ended
	Jun. 30, 2019
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 affiliates consist of the following: (In thousands) June 30, 2019 December 31, 2018 Investment vehicles and unconsolidated ventures Fee income $ 34,795 $ 34,429 Cost reimbursements and recoverable expenses 8,924 10,754 Employees and other affiliates 688 596 $ 44,407 $ 45,779 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 17 . 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 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; • Equity awards granted by Colony Credit and NRE to employees of the Company, which are presented gross as other income and compensation expense (Note 18 ); • Services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties, and services to the Company's joint venture with DBH which manages the Company's digital infrastructure investment vehicle; and • Administrative services provided to certain senior executives of the Company. Cost reimbursements, included in other income, were as follows. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Retail companies $ 689 $ 484 $ 1,427 $ 2,871 Public companies (Colony Credit, NRE) 2,663 2,944 5,295 4,694 Private funds and other 4,344 2,416 7,879 4,260 Equity awards of Colony Credit and NRE (Note 18) 3,643 4,250 6,583 5,062 $ 11,339 $ 10,094 $ 21,184 $ 16,887 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 June 30, 2019 and December 31, 2018 , there were no outstanding advances under the revolving credit facility. Liquidating Trust— As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I was not transferred to Colony Credit, for which the Company acquired a senior participation interest at par, and the remaining junior participation interest ("NorthStar I Retained Asset") was transferred to a liquidating trust. T he Company entered into a management services agreement with the liquidating trust to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services 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. Such fee amount is immaterial. Sales to Colony Credit— There were no such sales in the six months ended June 30, 2019 . 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 $28.6 million . Healthcare Partnership— The Healthcare Partnership was previously formed by NRF with the intention of expanding the Company’s healthcare business (Note 18 ). 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 American Healthcare Investors, LLC (“AHI"). Prior to the termination of its management agreement in October 2018, AHI had provided certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare. For the three and six months ended June 30, 2018 , the Company incurred property management fees and sub-advisory fees to AHI totaling $1.3 million and $2.6 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 three and six months ended June 30, 2019 and 2018 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. Equity Awards of NRE and Colony Credit —As discussed in Note 18 , 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 June 30, 2019 and December 31, 2018 , such investments amounted to $6.7 million and $5.7 million , respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income was $0.5 million and $1.6 million for the three months ended June 30, 2019 and 2018 , respectively, and $1.0 million and $2.8 million for the six months ended June 30, 2019 and 2018, respectively. 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 $0.4 million and $0.3 million for personal flights taken during the three months ended June 30, 2019 and 2018 , respectively, and $0.6 million and $0.4 million during the six months ended June 30, 2019 and 2018

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases The Company's operating leases, as lessee, are primarily ground leases assumed through its real estate acquisitions and leases for its corporate offices. Equipment leases are generally short term leases of less than 12 months or constitute immaterial lease payments. At June 30, 2019 , the weighted average remaining lease terms were 20.7 years for ground leases and 7.9 years for office leases. For the three and six months ended June 30, 2018 , lease expense, including variable lease expense, was $1.8 million and $3.8 million for ground leases, respectively, and $2.5 million and $5.2 million for office leases, respectively. For the three and six months ended June 30, 2019 , the following table summarizes lease expense for ground leases, included in property operating expense, and office leases, included in administrative expense. Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (In thousands) Ground Leases Office Leases Ground Leases Office Leases Operating lease expense: Fixed lease expense $ 2,254 $ 2,063 $ 4,189 $ 4,210 Variable lease expense 506 669 1,079 1,036 $ 2,760 $ 2,732 $ 5,268 $ 5,246 Operating Lease Commitments The operating lease liability was determined using a weighted average discount rate of 5.5% . At June 30, 2019 , the Company's future operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows. (In thousands) Year Ending December 31, Ground Leases Office Leases Total Remaining 2019 $ 3,179 $ 4,715 $ 7,894 2020 6,275 8,926 15,201 2021 5,922 8,537 14,459 2022 5,959 7,524 13,483 2023 5,912 6,986 12,898 2024 and thereafter 67,979 29,615 97,594 Total lease payments 95,226 66,303 161,529 Present value discount (45,509 ) Operating lease liability (Note 8) $ 116,020 At December 31, 2018 , the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Total 2019 $ 5,149 $ 9,380 $ 14,529 2020 5,217 9,007 14,224 2021 5,386 8,617 14,003 2022 5,776 7,602 13,378 2023 5,720 7,045 12,765 2024 and thereafter 87,150 29,615 116,765 Total lease payments $ 114,398 $ 71,266 $ 185,664 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 (Note 11 ). Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of June 30, 2019 , 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	6 Months Ended
	Jun. 30, 2019
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 primarily light industrial assets throughout the U.S. Light industrial properties serve as the “last mile” of the logistics chain, which are vital for e-commerce and tenants that require increasingly quick delivery times. In addition, in February 2019, the Company entered into the bulk industrial market as bulk assets remain integral to highly functional distribution networks. Driven by significant appreciation in the value of the Company's industrial portfolio, in June 2019, the Company engaged advisors to market its industrial portfolio for sale, which may include the related management platform. As the planned sale represents a strategic shift that will have a major effect on the Company’s operations and financial results, the operating results of the industrial business are presented as discontinued operations on the consolidated statements of operations (Note 15 ). • 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 . The potential sale of the industrial segment includes the Company's general partner interest in the industrial investment vehicles and related management contracts, reported under the investment management segment. 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 corporate level 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. Results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from our general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment, are presented as discontinued operations for all current and prior periods presented (Note 15 ). (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2019 Total revenues $ 145,896 $ — $ 227,080 $ — $ 152,066 $ 43,802 $ 4,595 $ 573,439 Property operating expenses 63,924 — 144,691 — 70,625 — — 279,240 Interest expense 57,135 — 41,591 — 29,216 — 13,796 141,738 Depreciation and amortization 40,778 — 37,008 — 23,166 6,918 1,512 109,382 Provision for loan loss — — — — 15,003 — — 15,003 Impairment loss 51,324 — 420 — 32,302 — 649 84,695 Gain on sale of real estate — — 140 — 5,937 — — 6,077 Equity method earnings (losses) — — — (267,912 ) 25,757 (17,133 ) — (259,288 ) Equity method earnings—carried interest — — — — — 1,836 — 1,836 Income tax benefit (expense) (596 ) — (2,006 ) — (406 ) 266 157 (2,585 ) Income (loss) from continuing operations (81,520 ) — (3,505 ) (267,912 ) (4 ) 1,850 (133,051 ) (484,142 ) Income (loss) from discontinued operations — (2,663 ) — — — 2,159 — (504 ) Net income (loss) (81,520 ) (2,663 ) (3,505 ) (267,912 ) (4 ) 4,009 (133,051 ) (484,646 ) Net income (loss) attributable to Colony Capital, Inc. (58,616 ) (3,135 ) (3,330 ) (251,792 ) (5,841 ) 4,351 (123,389 ) (441,752 ) Three Months Ended June 30, 2018 Total revenues $ 145,419 $ — $ 229,373 $ — $ 190,950 $ 47,909 $ 1,837 $ 615,488 Property operating expenses 69,983 — 143,321 — 86,887 — — 300,191 Interest expense 45,179 — 36,494 — 46,476 — 14,304 142,453 Depreciation and amortization 38,229 — 35,925 — 23,521 6,204 1,535 105,414 Provision for loan loss — — — — 13,933 — — 13,933 Impairment loss 1,982 — — — 7,366 60,312 — 69,660 Gain on sale of real estate — — — — 42,702 — — 42,702 Equity method earnings (losses) — — — 5,413 7,767 (13,955 ) — (775 ) Income tax benefit (expense) (355 ) — (1,556 ) — (262 ) 2,791 (87 ) 531 Income (loss) from continuing operations (20,080 ) — 6,771 5,413 61,853 (53,075 ) (51,554 ) (50,672 ) Income (loss) from discontinued operations — 4,668 — — (219 ) 3,315 — 7,764 Net income (loss) (20,080 ) 4,668 6,771 5,413 61,634 (49,760 ) (51,554 ) (42,908 ) Net income (loss) attributable to Colony Capital, Inc. (14,356 ) 810 5,767 5,104 31,333 (47,070 ) (47,001 ) (65,413 ) Six Months Ended June 30, 2019 Total revenues $ 291,670 $ — $ 423,695 $ — $ 314,754 $ 83,807 $ 7,572 $ 1,121,498 Property operating expenses 128,226 — 281,036 — 140,720 — — 549,982 Interest expense 104,662 — 83,656 — 61,069 — 27,240 276,627 Depreciation and amortization 80,909 — 73,256 — 47,949 15,587 3,033 220,734 Provision for loan losses — — — — 18,614 — — 18,614 Impairment loss 51,324 — 4,270 — 54,074 — 649 110,317 Gain on sale of real estate — — 279 — 35,251 — — 35,530 Equity method earnings (losses) — — — (262,399 ) 50,365 (13,191 ) — (225,225 ) Equity method earnings—carried interest — — — — — 6,732 — 6,732 Income tax benefit (expense) 1,278 — (2,842 ) — (2,480 ) 360 (99 ) (3,783 ) Income (loss) from continuing operations (88,726 ) — (29,582 ) (262,399 ) 59,559 22,488 (241,930 ) (540,590 ) Income from discontinued operations — 21,491 — — — 4,298 — 25,789 Net income (loss) (88,726 ) 21,491 (29,582 ) (262,399 ) 59,559 26,786 (241,930 ) (514,801 ) Net income (loss) attributable to Colony Capital, Inc. (66,078 ) 3,293 (26,311 ) (246,614 ) 18,081 24,899 (223,998 ) (516,728 ) (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2018 Total revenues $ 298,014 $ — $ 425,155 $ — $ 396,104 $ 89,116 $ 3,696 $ 1,212,085 Property operating expenses 136,949 — 279,416 — 168,785 — — 585,150 Interest expense 96,120 — 70,855 — 86,756 — 27,421 281,152 Depreciation and amortization 79,356 — 71,382 — 52,490 13,880 3,066 220,174 Provision for loan losses — — — — 19,308 — — 19,308 Impairment loss 5,762 — — — 16,555 200,741 — 223,058 Gain on sale of real estate — — — — 58,853 — — 58,853 Equity method earnings (losses) — — — 1,759 34,984 (7,436 ) — 29,307 Income tax benefit (expense) (1,353 ) — (75 ) — (4,801 ) 39,576 (23 ) 33,324 Income (loss) from continuing operations (32,614 ) — (5,115 ) 1,759 130,284 (141,214 ) (40,024 ) (86,924 ) Income (loss) from discontinued operations — 10,989 — — (102 ) 5,971 — 16,858 Net income (loss) (32,614 ) 10,989 (5,115 ) 1,759 130,182 (135,243 ) (40,024 ) (70,066 ) Net income (loss) attributable to Colony Capital, Inc. (24,716 ) 2,088 (4,283 ) 1,658 80,442 (127,590 ) (34,339 ) (106,740 ) 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 June 30, 2019 Total assets $ 5,309,607 $ 4,385,617 $ 3,960,218 $ 743,015 $ 6,039,486 $ 1,964,655 $ 255,940 $ 22,658,538 Equity method investments (1) — — — 743,015 1,122,053 175,875 3,742 2,044,685 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) — — — 1,037,754 1,054,295 180,882 3,742 2,276,673 _________ (1) Excludes the Company's general partner equity, including carried interest allocation, in connection with its open-end industrial fund that is classified as held for sale (Note 7 ). 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. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Total income by geography: United States $ 221,425 $ 535,407 $ 712,340 $ 1,076,818 Europe 81,245 69,212 167,503 147,385 Other 1,978 — 1,978 302 Total (1) $ 304,648 $ 604,619 $ 881,821 $ 1,224,505 (In thousands) June 30, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,327,317 $ 9,566,982 Europe 1,411,534 1,600,623 Total (2) $ 10,738,851 $ 11,167,605 __________ (1) Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale as of June 30, 2019 include $4.6 billion located in the United States and $0.5 billion

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information Six Months Ended June 30, (In thousands) 2019 2018 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized of $1,588 and $1,864 $ 263,096 $ 258,626 Cash received for income tax refunds (paid for income taxes), net 14,960 (9,217 ) Cash paid for operating lease liabilities 7,652 — SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations $ 95,142 $ 75,831 Net cash used in investing activities of discontinued operations (1,315,308 ) (444,626 ) Net cash provided by financing activities of discontinued operations 1,165,015 297,226 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 84,221 $ 86,656 Improvements in operating real estate in accrued and other liabilities 17,049 13,064 Redemption of OP Units for common stock 2,096 18,899 ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption 129,488 — Proceeds from loan repayments and asset sales held in escrow 1,392 — Deconsolidation of net assets of securitization trusts (Note 15) — 131,386 Assets held for sale contributed to equity method investee — 20,350 Preferred stock redemptions payable — 200,000 Assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed — 1,753,066 Liabilities of CLNY Investment Entities deconsolidated — 421,245 Noncontrolling interests of CLNY Investment Entities deconsolidated — 395,274

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2019, the Company acquired DBH for $325 million , in a combination of cash and OP Units. Following the issuance of these OP Units, the Company's ownership in OP is approximately 90.3%

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
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.
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 and Business Combinations	Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for financial reporting purposes. 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 any comparative periods presented. 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. 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. 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. In April 2019, the Company acquired the private equity platform of The Abraaj Group in Latin America, which has been renamed Colony Latam Partners, for approximately $5.5 million . The acquisition was accounted for as a business combination. The Company acquired primarily management contracts and customer relationship intangible assets and limited partnership interest in a fund, with certain Abraaj employees becoming employees of the Company.
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. 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.
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 is reported as discontinued operations, regardless of whether it meets the strategic shift criteria.
Reclassifications	Reclassifications
Accounting Standards Adopted in 2019 and Future Application of Accounting Standards	Accounting Standards Adopted in 2019 Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases , which amended lease accounting standards. ASU 2016-02, along with several clarifying amendments were codified in Accounting Standards Codification ("ASC") Topic 842. The new standard primarily requires lessees to recognize their rights and obligations under most leases on balance sheet, to be capitalized as a right-of-use ("ROU") asset and a corresponding liability for future lease obligations. Targeted changes were made to lessor accounting, primarily to align to the lessee model and the new revenue recognition standard. ASC 842 also limits the definition of initial direct leasing costs to only the incremental costs of obtaining a lease, such as leasing commissions, for both lessee and lessor accounting. Indirect costs such as allocated overhead, certain legal fees and negotiation costs are no longer capitalized under the new standard. The application of ASC 842 on accounting for initial direct leasing costs did not have a material impact on the Company's statement of operations. The Company adopted the new lease standard and related amendments on January 1, 2019 using the modified retrospective method to leases existing or commencing on or after January 1, 2019, with a cumulative effect adjustment to beginning retained earnings. Comparative periods have not been restated and continue to be reported under the standards in effect for those prior periods. The Company applied the package of practical expedients, which exempts the Company from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company also elected the practical expedient related to land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements. The Company did not, however, elect the hindsight practical expedient to determine the lease terms for existing leases. Lessee Accounting —The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. A leasing arrangement is classified by the lessee either as a finance lease, which represents a financed purchase of the leased asset, or as an operating lease. The Company's operating leases relate primarily to ground leases in connection with its acquired real estate and leases for its corporate offices. For these ground and office leases, the Company has elected the accounting policy to combine lease and related nonlease components as a single lease component. ROU assets and lease liabilities are recognized at the lease commencement date based upon the present value of lease payments over the lease term. The ROU assets also include capitalized initial direct costs offset by lease incentives. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation or increases in property fair value, (ii) hotel ground leases with rental payments calculated based on a percentage of revenue over contractual levels, and/or (iii) nonlease services, such as common area maintenance in net leases. Variable lease payments are not included in lease liability and are instead recognized as lease expense when incurred. The Company made the accounting policy election to recognize lease payments from short-term leases on a straight-line basis over the lease term and will not record these leases on the balance sheet. Lease renewal or termination options are factored into the lease asset and lease liability only if it is reasonably certain that the option to extend or the option to terminate would be exercised. As the implicit rate is not readily determinable in most leases, the present value of the remaining lease payments is calculated for each lease using an estimated incremental borrowing rate, which is the interest rate that the Company would have to pay to borrow over the lease term on a collateralized basis. Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases. On January 1, 2019, the Company recognized operating lease ROU assets totaling $143.7 million in other assets and corresponding operating lease liabilities totaling $126.8 million in accrued and other liabilities for ground leases in its real estate portfolio and corporate office leases. There was no impact to beginning equity as a result of adoption related to lessee accounting as the difference between the asset and liability balance is attributable to the derecognition of pre- existing balances, including straight-line rent, lease incentives, prepaid or deferred rent and ground lease obligation intangibles. Lessor Accounting —The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. The Company has operating leases with property tenants that expire at various dates through 2038 with renewal options typically exercised at the lessee's election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. Lease revenue is composed of rental income, which includes the effect of minimum rent increases and rent abatements, resident fee income from healthcare properties, and tenant reimbursements, such as common area maintenance costs and other costs associated with the leases. As lessor, the Company made the accounting policy election to treat the lease and nonlease components in a contract as a single component to the extent that the timing and pattern of transfer are similar for the lease and nonlease components and the lease component qualifies as an operating lease. Nonlease components of tenant reimbursements for net leases and resident fee income qualify for the practical expedient to be combined with their respective lease component and accounted for as a single component under the lease standard as the lease component is predominant. Lease revenue is recognized on a straight-line basis over the remaining lease term and is included in property operating income on the consolidated statements of operations. The Company receives variable lease revenues from tenant reimbursements and resident fee income from ancillary services provided to nursing home residents. Under ASC 842, lessors are required to evaluate the collectability of all operating lease payments based upon the creditworthiness of the lessee. Lease revenue is recognized only to the extent collection of all rents over the life of the lease is determined to be probable. If collection is subsequently determined to no longer be probable, any previously accrued lease revenue that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease revenue and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. Upon adoption of ASC 842, the Company determined that collection of certain operating lease receivables, net of existing allowance for bad debts, is not probable and recorded a cumulative adjustment of $4.5 million to reduce beginning equity. Beginning January 1, 2019, the Company also made the accounting policy election to present on a net basis sales and similar taxes assessed by a governmental authority that is imposed on specific lease revenue producing transactions with related collections from lessees. Property taxes and insurance paid directly by lessees to third parties on behalf of the Company are no longer recognized in the statement of operations, while such amounts paid by the Company and reimbursed by lessees continue to be presented as gross property operating income and expenses. 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. The Company adopted the standard on its effective date of January 1, 2019. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company records 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 no hedge ineffectiveness is recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company has elected 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. There was no impact to the Company's financial condition and results of operations upon adoption of this standard. Future Application of Accounting Standards Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses , followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as ASC Topic 326. The multiple existing incurred loss models are replaced with a lifetime current expected credit loss ("CECL") model for off-balance sheet credit exposures that are not unconditionally cancellable by the lender and financial instruments carried at amortized cost, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in sales-type and direct financing leases, reinsurance and trade receivables. Targeted changes are also made to the impairment model of available-for-sale ("AFS") debt securities which are not within the scope of CECL. The CECL model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experience, current conditions and the effects of a reasonable and supportable expectation of changes in future macroeconomic conditions. For collateralized financial assets, measurement of credit losses under CECL is based on fair value of the collateral if foreclosure is probable or if the collateral-dependent practical expedient is elected for financial assets expected to be repaid substantially through operation or sale of the collateral when the borrower is experiencing financial difficulty. ASC 326 also requires expanded disclosures on credit risk, including credit quality indicators by vintage of financing receivables. Transitional relief is provided through the ability, upon adoption of the new standard, to elect the fair value option for eligible financial instruments within the scope of the new standard, except for HTM and AFS debt securities. Transition will generally be on a modified retrospective basis, including the election of the fair value option, with a cumulative effect adjustment to beginning retained earnings, except for prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASC 326 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company will adopt the new standard on its effective date of January 1, 2020. The Company expects that recognition of allowance for credit losses under the CECL model will generally be accelerated as it encompasses credit losses over the full remaining expected life of the affected financial instruments. The extent of any changes in allowance for credit losses will depend upon the composition and risk characteristics of the Company's financial instrument portfolio that are within the scope of ASC 326 at adoption date, and conditions prevailing and forecasted at that time. Evaluation of the impact of ASC 326 to the Company is ongoing. 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 net asset value ("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, throughout the VIE model, the evaluation of a decision maker's or service provider's fee held by a related party, whether or not they are under common control, in both the assessment of whether a fee qualifies as a variable interest and the determination of a primary beneficiary. Specifically, a decision maker or service provider considers interests in a VIE held by a related party under common control only if it has a direct interest in that related party under common control and considers such indirect interest in the VIE held by the related party under common control on a proportionate basis, rather than in its entirety. Transition is

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Components of Real Estates	The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 7 . (In thousands) June 30, 2019 December 31, 2018 Land $ 1,427,032 $ 1,443,249 Buildings and improvements 9,058,689 9,442,442 Tenant improvements 100,912 96,740 Furniture, fixtures and equipment 409,510 389,969 Construction in progress 188,970 123,002 11,185,113 11,495,402 Less: Accumulated depreciation (836,683 ) (669,392 ) Real estate assets, net $ 10,348,430 $ 10,826,010
Schedule of Proceeds From Sales of Real Estate	Results from sales of real estate, including discontinued operations, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Proceeds from sales of real estate $ 147,990 $ 316,000 $ 442,657 $ 428,562 Gain on sale of real estate 6,624 42,702 58,925 61,146
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the Company's real estate acquisitions, excluding any real estate acquired as part of business combinations. Light and bulk industrial properties acquired, as presented below, form part of the industrial segment which is classified as held for sale. ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Six Months Ended June 30, 2019 Asset Acquisitions (2) February Bulk industrial—Various in U.S. 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ (165 ) Various Light industrial—Various in U.S. (3) 79 1,015,182 218,738 755,990 45,342 (4,888 ) $ 1,388,364 $ 268,184 $ 1,052,338 $ 72,895 $ (5,053 ) Year Ended Ended December 31, 2018 Asset Acquisitions September Healthcare—United Kingdom (4) 1 $ 24,444 $ 10,231 $ 12,733 $ 1,480 $ — November Office and Industrial—France 220 478,844 109,858 330,752 38,234 — Various Light industrial—Various in U.S. (3) 40 569,442 111,194 433,040 30,183 (4,975 ) $ 1,072,730 $ 231,283 $ 776,525 $ 69,897 $ (4,975 ) __________ (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 2019 is 25 to 49 years for buildings, 9 to 14 years for site improvements, 4 to 11 years for tenant improvements and 1 to 15 years for lease intangibles (based on remaining lease terms). (3) Includes acquisition of land totaling $20.7 million in the six months ended June 30, 2019 and $13.1 million in the year ended December 31, 2018 for co-development with operating partners. (4) 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.
Schedule of Components of Property Operating Income	Property operating income presented below excludes amounts related to discontinued operations (Note 15 ). For the three and six months ended June 30, 2018 , property operating income was composed of $187.1 million and $390.1 million of total lease revenue, respectively, and $331.9 million and $615.9 million of hotel operating income, respectively. For the three and six months ended June 30, 2019 , the components of property operating income were as follows: (In thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease revenue: Fixed lease revenue $ 164,940 $ 335,354 Variable lease revenue 14,891 31,240 179,831 366,594 Hotel operating income 308,957 581,092 $ 488,788 $ 947,686
Schedule of Future Minimum Operating Lease Payments to be Received (after adoption of ASC 842)	At June 30, 2019 , future fixed lease payments under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) Remaining 2019 $ 148,699 2020 290,769 2021 268,028 2022 258,594 2023 244,058 2024 and thereafter 944,777 Total (1) $ 2,154,925 __________ (1) Excludes future fixed lease payments for real estate in the industrial segment that is classified as held for sale totaling $1.34 billion through 2038 , of which $136.9 million relates to the remainder of 2019.
Schedule of Future Minimum Rental Payments for Operating Leases (prior to adoption of ASC 842)	At December 31, 2018, future contractual minimum lease payments to be received under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) 2019 $ 293,906 2020 285,051 2021 265,612 2022 254,881 2023 242,151 2024 and thereafter 961,591 Total (1) $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that is held for sale totaling $894.4 million . At December 31, 2018 , the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Total 2019 $ 5,149 $ 9,380 $ 14,529 2020 5,217 9,007 14,224 2021 5,386 8,617 14,003 2022 5,776 7,602 13,378 2023 5,720 7,045 12,765 2024 and thereafter 87,150 29,615 116,765 Total lease payments $ 114,398 $ 71,266 $ 185,664

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Company Loans Receivable	The following table provides a summary of the Company’s loans held for investment, including PCI loans: June 30, 2019 December 31, 2018 ($ 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 $ 467,122 $ 488,296 10.6 % 1.9 $ 643,973 $ 667,590 10.7 % 2.2 Mezzanine loans 385,838 383,788 12.6 % 1.0 357,590 354,326 12.5 % 1.5 Corporate loans 106,923 106,131 12.4 % 6.1 108,944 107,796 12.3 % 5.8 959,883 978,215 1,110,507 1,129,712 Variable rate Mortgage loans 175,850 176,195 4.3 % 0.4 178,650 179,711 4.3 % 0.1 Mezzanine loans 42,009 41,700 13.4 % 2.1 27,772 27,417 13.4 % 2.5 217,859 217,895 206,422 207,128 1,177,742 1,196,110 1,316,929 1,336,840 PCI Loans Mortgage loans 1,302,214 338,768 1,324,287 351,646 Mezzanine loans 7,425 3,671 7,425 3,671 1,309,639 342,439 1,331,712 355,317 Allowance for loan losses (50,938 ) (32,940 ) Loans receivable, net $ 2,487,381 $ 1,487,611 $ 2,648,641 $ 1,659,217
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: (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 June 30, 2019 $ 919,295 $ — $ — $ 276,815 $ 1,196,110 December 31, 2018 1,052,303 — 44,392 240,145 1,336,840
Non-PCI Impaired Loans	The following table summarizes non-PCI impaired loans: Gross Carrying Value (In thousands) Unpaid Principal Balance With Allowance for Loan Losses Without Allowance for Loan Losses Total Allowance for Loan Losses June 30, 2019 $ 306,094 $ 71,754 $ 239,050 $ 310,804 $ 30,923 December 31, 2018 280,337 75,179 206,628 281,807 18,304 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Average carrying value before allowance for loan losses $ 310,914 $ 226,532 $ 298,092 $ 279,986 Total interest income recognized during the period impaired 1,289 1,279 4,292 1,308 Cash basis interest income recognized — — 447 —
Changes in Accretable Yield for the PCI loans	Changes in accretable yield of PCI loans were as follows: Six Months Ended June 30, (In thousands) 2019 2018 Beginning accretable yield $ 9,620 $ 42,435 Dispositions — (4,001 ) Changes in accretable yield 407 3,109 Accretion recognized in earnings (5,924 ) (19,216 ) Deconsolidation — (991 ) Effect of changes in foreign exchange rates (15 ) (138 ) Ending accretable yield $ 4,088 $ 21,198
Impairment and Allowance for Loan Losses	The allowance for loan losses and related carrying values of loans held for investment were as follows: June 30, 2019 December 31, 2018 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 30,923 $ 71,754 $ 18,304 $ 75,179 PCI loans 20,015 86,138 14,636 54,440 $ 50,938 $ 157,892 $ 32,940 $ 129,619 Changes in allowance for loan losses are presented below: Six Months Ended June 30, (In thousands) 2019 2018 Allowance for loan losses at January 1 $ 32,940 $ 52,709 Contribution to Colony Credit — (518 ) Deconsolidation — (5,983 ) Provision for loan losses, net 18,614 19,308 Charge-off (616 ) (10,220 ) Allowance for loan losses at June 30 $ 50,938 $ 55,296
Provision For Loan Losses By Loan Type	Provision for loan losses by loan type is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Non-PCI loans $ 12,807 $ 5,072 $ 12,807 $ 7,737 PCI loans 2,196 8,861 5,807 11,571 Total provision for loan losses, net $ 15,003 $ 13,933 $ 18,614 $ 19,308

Equity and Debt Investments (Ta

Equity and Debt Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	The Company's equity investments and debt securities are represented by the following: (In thousands) June 30, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 1,912,397 $ 2,151,847 Private funds 132,288 124,826 2,044,685 2,276,673 Other equity investments Marketable equity securities 132,781 36,438 Investment ventures 92,417 95,196 Private funds and non-traded REIT 36,307 24,607 Total equity investments 2,306,190 2,432,914 Debt Securities N-Star CDO bonds, available for sale 62,442 64,127 CMBS of consolidated fund, at fair value 5,058 32,706 Total debt securities 67,500 96,833 Equity and debt investments $ 2,373,690 $ 2,529,747
Equity Method Investments	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 June 30, 2019 (1) Carrying Value at Investments Description June 30, 2019 December 31, 2018 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) 36.4% $ 743,015 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) 11.1% 86,581 87,696 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 93,395 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 139,185 219,913 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 527,791 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 110,617 109,393 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 (5) Various 16,174 9,525 Other investment ventures Interests in 16 investments at June 30, 2019 Various 150,628 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 177,299 81,085 $ 2,044,685 $ 2,276,673 __________ (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 acquisition, development and construction ("ADC") arrangements as well as profit participation interests without a stated ownership interest in other ADC arrangements. (5) Excludes the Company's general partner equity, including carried interest associated with the open-end industrial fund, which is classified as held for sale for all periods presented (Note 7 ).
Schedule of Available-for-sale Debt Securities	The following tables summarize the balance and activities of the N-Star CDO bonds. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value June 30, 2019 $ 64,394 $ 3,743 $ (5,695 ) $ 62,442 December 31, 2018 67,513 1,565 (4,951 ) 64,127 Results from disposition of N-Star CDO bonds, with realized gains (losses) recorded in other gain (loss), were as follows for the three and six months ended June 30, 2018 . There were no dispositions in the three and six months ended June 30, 2019 . (In thousands) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Proceeds from sale $ 15,012 $ 78,197 Gross realized gain 2,921 11,304 Gross realized loss (592 ) (592 ) Impairment of AFS Debt Securities The following table presents AFS debt securities that have been in a gross unrealized loss position: June 30, 2019 December 31, 2018 Less Than 12 Months More Than 12 Months Less Than 12 Months (In thousands) Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss N-Star CDO bonds $ 240 $ 12 $ 39,663 $ 5,683 $ 54,459 $ 4,951

Goodwill, Deferred Leasing Co_2

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Deferred Leasing Costs and Other Intangibles	Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for sale, are as follows: June 30, 2019 December 31, 2018 (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 $ 154,466 $ (64,271 ) $ 90,195 $ 170,869 $ (55,103 ) $ 115,766 Above-market lease values 109,652 (34,616 ) 75,036 111,903 (29,497 ) 82,406 Below-market ground lease obligations (2) — — — 16,258 (984 ) 15,274 Deferred leasing costs 21,578 (6,584 ) 14,994 17,154 (4,465 ) 12,689 Lease incentives 14,169 (1,637 ) 12,532 14,169 (1,134 ) 13,035 Trade name (3) 15,500 — 15,500 15,500 — 15,500 Investment management contracts 196,698 (106,520 ) 90,178 194,698 (92,618 ) 102,080 Customer relationships 50,753 (16,698 ) 34,055 49,291 (15,027 ) 34,264 Other (4) 42,062 (2,201 ) 39,861 59,157 (4,241 ) 54,916 Total deferred leasing costs and intangible assets $ 604,878 $ (232,527 ) $ 372,351 $ 648,999 $ (203,069 ) $ 445,930 Intangible Liabilities Below-market lease values $ 146,358 $ (45,628 ) $ 100,730 $ 176,013 $ (42,895 ) $ 133,118 Above-market ground lease obligations (2) — — — 15,909 (1,557 ) 14,352 Total intangible liabilities $ 146,358 $ (45,628 ) $ 100,730 $ 191,922 $ (44,452 ) $ 147,470 __________ (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. (2) Upon adoption of the new lease standard on January 1, 2019, below-market and above-market ground lease obligations were reclassified as a component of operating lease right-of-use asset, included in other assets. (3) The Colony trade name is determined to have an indefinite useful life and is not currently subject to amortization. (4)
Schedule of Expected Annual Amortization Expenses	The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 15 ): Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Above-market lease values $ (2,944 ) $ (15,470 ) $ (5,677 ) $ (19,962 ) Below-market lease values 5,034 14,405 9,922 20,374 Lease incentives (252 ) (252 ) (504 ) (493 ) Net increase (decrease) to rental income $ 1,838 $ (1,317 ) $ 3,741 $ (81 ) Above-market ground lease obligations $ — $ (247 ) $ — $ (467 ) Below-market ground lease obligations — 188 — 369 Net increase (decrease) to ground rent expense $ — $ (59 ) $ — $ (98 ) In-place lease values $ 7,075 $ 7,093 $ 14,899 $ 15,384 Deferred leasing costs 799 781 1,646 1,628 Trade name — 802 — 1,606 Investment management contracts 6,075 4,125 13,902 9,811 Customer relationships 836 1,151 1,672 2,303 Other 402 619 654 1,134 Amortization expense $ 15,187 $ 14,571 $ 32,773 $ 31,866
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) Remaining 2019 2020 2021 2022 2023 2024 and Thereafter Total Net increase (decrease) to rental income (1) $ 2,126 $ 4,599 $ 5,544 $ 5,114 $ 5,840 $ (10,061 ) $ 13,162 Amortization expense (1) 78,042 36,286 30,299 22,538 16,480 56,721 240,366 __________ (1) Excludes $10.8 million net increase to rental income and $150.2 million amortization expense related to deferred leasing costs and intangible assets and liabilities of the industrial segment that is held for sale.

Assets and Related Liabilitie_2

Assets and Related Liabilities Held For Sale (Tables)	6 Months Ended
	Jun. 30, 2019
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) June 30, 2019 December 31, 2018 Assets Restricted cash $ 3,316 $ 6,213 Real estate, net 4,885,515 3,645,406 Equity investment—private fund 12,748 13,422 Goodwill 20,000 20,000 Deferred leasing costs and intangible assets, net 176,707 135,924 Other assets 107,054 146,380 Total assets held for sale $ 5,205,340 $ 3,967,345 Liabilities Debt, net $ 2,004,201 $ 1,064,585 Lease intangibles and other liabilities, net 163,967 153,910 Total liabilities related to assets held for sale $ 2,168,168 $ 1,218,495

Restricted Cash, Other Assets_2

Restricted Cash, Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Schedule of Restricted Cash	The following table summarizes the Company's restricted cash balance: (In thousands) June 30, 2019 December 31, 2018 Capital expenditures reserves (1) $ 141,812 $ 214,863 Real estate escrow reserves (2) 50,024 49,702 Borrower escrow deposits 13,864 10,412 Working capital and other reserves (3) 14,453 19,586 Tenant lock boxes (4) 12,226 15,666 Other 104,112 54,376 Total restricted cash $ 336,491 $ 364,605 __________ (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.
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets: (In thousands) June 30, 2019 December 31, 2018 Interest receivable $ 12,659 $ 14,005 Straight-line rents 36,945 34,931 Hotel-related deposits and reserves (1) 13,166 21,636 Investment deposits and pending deal costs 31,081 27,534 Deferred financing costs, net (2) 4,247 5,467 Derivative assets (Note 10) 20,953 33,558 Prepaid taxes and deferred tax assets, net 56,751 71,656 Receivables from resolution of investments (3) 1,462 30,770 Operating lease right-of-use asset, net 115,048 — Accounts receivable, net (4) 91,537 58,830 Prepaid expenses 33,565 23,771 Other assets 159,922 30,604 Fixed assets, net 44,337 47,381 Total other assets $ 621,673 $ 400,143 __________ (1) Represents working capital deposits and reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment expenditures. Funding of reserves is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Represents primarily proceeds from loan repayments held in escrow and sales of marketable equity securities pending settlement. (4) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables, net of allowance.
Schedule of Allowance for Doubtful Accounts	The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2019 December 31, 2018 Tenant security deposits and payable $ 18,326 $ 15,135 Borrower escrow deposits 13,822 13,001 Deferred income (1) 13,326 27,124 Interest payable 40,751 40,622 Derivative liabilities (Note 10) 388,338 132,808 Contingent consideration—THL Hotel Portfolio (Note 11) 9,745 8,903 Share repurchase payable (2) — 7,567 Current and deferred income tax liability 97,312 92,808 Operating lease liability (Note 20) 116,020 — Accrued compensation 45,068 79,320 Accrued carried interest and contractual incentive fee compensation 7,172 7,486 Accrued real estate and other taxes 46,717 38,714 Accounts payable and accrued expenses 96,220 91,244 Other liabilities 127,892 79,412 Total accrued and other liabilities $ 1,020,709 $ 634,144 __________ (1) Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $2.9 million at June 30, 2019 and $3.2 million at December 31, 2018 , which will be recognized as fee income on a straight-line basis through 2024 . (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is expected to be assumed by the buyer and included in liabilities related to assets held for sale (Note 7 ). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured Debt (2) Junior Subordinated Notes Total Debt June 30, 2019 Debt at amortized cost Principal $ 85,000 $ 616,105 $ 7,954,870 $ 280,117 $ 8,936,092 Premium (discount), net — 2,474 (20,311 ) (80,058 ) (97,895 ) Deferred financing costs — (5,487 ) (93,043 ) — (98,530 ) $ 85,000 $ 613,092 $ 7,841,516 $ 200,059 $ 8,739,667 December 31, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 8,275,707 $ 280,117 $ 9,171,929 Premium (discount), net — 2,697 (41,217 ) (81,031 ) (119,551 ) Deferred financing costs — (6,652 ) (70,354 ) — (77,006 ) $ — $ 612,150 $ 8,164,136 $ 199,086 $ 8,975,372 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $393.7 million at June 30, 2019 and $425.9 million at December 31, 2018 relates to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 7 ). The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of the balance sheet date and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ 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 June 30, 2019 Recourse Corporate credit facility $ — N/A N/A $ 85,000 4.65 % 2.5 $ 85,000 4.65 % 2.5 Convertible and exchangeable senior notes 616,105 4.27 % 2.5 — N/A N/A 616,105 4.27 % 2.5 Junior subordinated debt — N/A N/A 280,117 5.18 % 16.9 280,117 5.18 % 16.9 Secured debt (1) 36,143 5.02 % 6.4 — N/A N/A 36,143 5.02 % 6.6 652,248 365,117 1,017,365 Non-recourse Healthcare (2) (3) 405,980 4.55 % 5.6 2,616,766 5.99 % 4.2 3,022,746 5.80 % 4.4 Hospitality 12,960 13.01 % 2.1 2,646,602 5.52 % 3.5 2,659,562 5.56 % 3.5 Other Real Estate Equity (2) 167,035 4.14 % 3.5 1,766,128 4.20 % 3.1 1,933,163 4.20 % 3.1 Real Estate Debt — N/A N/A 303,256 4.56 % 2.3 303,256 4.56 % 2.3 585,975 7,332,752 7,918,727 $ 1,238,223 $ 7,697,869 $ 8,936,092 December 31, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 3.0 $ — N/A 3.0 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 Healthcare (2)(3) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 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 (2) 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 2,343,832 5,894,676 8,238,508 $ 2,997,136 $ 6,174,793 $ 9,171,929 __________ (1) The fixed rate recourse debt is secured by the Company's aircraft. (2) Mortgage debt in the healthcare and other real estate equity segment with an aggregate outstanding principal of $341.6 million at June 30, 2019 and $538.5 million at December 31, 2018 were either in payment default or were 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) At December 31, 2018 , included $1.725 billion outstanding principal of non-recourse fixed rate mortgage debt on certain properties in our U.S. healthcare portfolio that was scheduled to mature in December 2019. In June 2019, such debt was refinanced with $1.515 billion of variable rate debt, composed of $1.025 billion first mortgage debt and $490 million mezzanine debt, with a two-year initial term and three 1-year extension options.
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 (in shares) (1) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal June 30, 2019 December 31, 2018 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 June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) 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.

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2019
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: June 30, 2019 December 31, 2018 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 16,717 $ 464 $ 17,181 $ 31,127 $ 1,069 $ 32,196 Interest rate contracts 81 121 202 862 500 1,362 Performance swaps — 3,570 3,570 — — — Included in other assets $ 16,798 $ 4,155 $ 20,953 $ 31,989 $ 1,569 $ 33,558 Derivative Liabilities Foreign exchange contracts $ 3,866 $ 221 $ 4,087 $ 6,193 $ 211 $ 6,404 Interest rate contracts 6,083 271,878 277,961 — 126,404 126,404 Forward contracts — 112,373 112,373 — — — Included in accrued and other liabilities $ 9,949 $ 384,472 $ 394,421 $ 6,193 $ 126,615 $ 132,808
Schedule of foreign exchange contracts	The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at June 30, 2019 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 71,986 € 177 Min $1.06 / Max $1.31 March 2020 to November 2020 GBP FX Collar £ 8,632 £ 708 Min $1.45 / Max $1.76 September 2019 to December 2019 EUR FX Forward € 443,169 € 32,763 Min $1.12 / Max $1.38 July 2019 to February 2024 GBP FX Forward £ 126,005 £ — Min $1.24 / Max $1.32 December 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. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 786 $ (247 ) $ 1,026 $ 2,336 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). Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ 19 $ 4,120 $ (400 ) $ 1,239
Schedule of interest rate derivatives	At June 30, 2019 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate swap (1) $ — $ 2,000,000 3-Month LIBOR 3.39% December 2019 Interest rate swap $ 300,000 $ — 1-Month LIBOR 2.15% February 2022 to February 2024 Interest rate caps $ — $ 5,942,714 1-Month LIBOR 3.0% - 6.26% August 2019 to June 2021 Interest rate caps € 247,513 € 541,151 3-Month EURIBOR 1.0% - 1.5% October 2019 to June 2024 Interest rate caps £ — £ 363,716 3-Month GBP LIBOR 1.5% - 2.5% November 2019 to February 2020 __________ (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. The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Unrealized gain (loss): Non-designated interest rate contracts $ 89,610 $ 24,720 $ 149,136 $ 81,377
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 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 June 30, 2019 Derivative Assets Foreign exchange contracts $ 17,181 $ (1,165 ) $ — $ 16,016 Interest rate contracts 202 (77 ) — 125 Performance swaps 3,570 (3,570 ) — — $ 20,953 $ (4,812 ) $ — $ 16,141 Derivative Liabilities Foreign exchange contracts $ (4,087 ) $ 1,165 $ — $ (2,922 ) Interest rate contracts (277,961 ) 77 108,269 (169,615 ) Forward contract (112,373 ) 3,570 8,470 (100,333 ) $ (394,421 ) $ 4,812 $ 116,739 $ (272,870 ) 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 )
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 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 June 30, 2019 Derivative Assets Foreign exchange contracts $ 17,181 $ (1,165 ) $ — $ 16,016 Interest rate contracts 202 (77 ) — 125 Performance swaps 3,570 (3,570 ) — — $ 20,953 $ (4,812 ) $ — $ 16,141 Derivative Liabilities Foreign exchange contracts $ (4,087 ) $ 1,165 $ — $ (2,922 ) Interest rate contracts (277,961 ) 77 108,269 (169,615 ) Forward contract (112,373 ) 3,570 8,470 (100,333 ) $ (394,421 ) $ 4,812 $ 116,739 $ (272,870 ) 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 )

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2019
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, categorized into the following three tier hierarchy: 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. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total June 30, 2019 Assets Equity method investments $ — $ — $ 177,299 $ 177,299 Marketable equity securities 132,781 — — 132,781 Debt securities available for sale — N-Star CDO bonds — — 62,442 62,442 CMBS of consolidated fund — 5,058 — 5,058 Other assets—derivative assets — 20,953 — 20,953 Liabilities Other liabilities — derivative liabilities — 394,421 — 394,421 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,745 9,745 December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Marketable equity securities 36,438 — — 36,438 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
Schedule of Fair Value Assumptions Related to Contingent Consideration	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) June 30, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,498 Transaction price and NAV (2) N/A N/A N/A Equity method investments—other 18,722 Discounted cash flows Discount rate 13.7% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.5x (3) Equity method investments—other 128,079 Transaction price (4) N/A N/A N/A N-Star CDO bonds 62,442 Discounted cash flows Discount rate 21.8% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,745 Discounted cash flows Discount rate 20.0% Decrease December 31, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) N/A N/A N/A 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 (3) Equity method investments—other 28,346 Transaction price (4) N/A N/A N/A 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 __________ (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) Fair value is affected by change in revenue multiple relative to change in rate of revenue growth. (4) Valued based upon transaction price of investments recently acquired or offer prices on investments or underlying assets of investee pending sales. Transaction price approximates fair value for an investee engaged in real estate development during the development stage. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2019 PSU Grants 2018 PSU Grant (4) Expected volatility of the Company's class A common stock (1) 26.2% 29.0% Expected annual dividend yield (2) 8.5% - 8.7% 7.3% Risk-free rate (per annum) (3) 2.2% - 2.4% 2.1% __________ (1) Based upon historical volatility of the Company's stock, and where applicable, a combination of historical volatility and implied volatility on actively traded stock options of a specified peer group. (2) Based upon a combination of historical dividend yields and the current annualized dividends. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date. (4) Reflects assumptions applied in valuing the award upon modification in February 2019.
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) Securitized Loans Receivable Equity Method Investments Securities Debt—Securitized Bonds Payable Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 60,995 5,360 — — — Paydowns or distributions (638 ) (182,063 ) (108,924 ) 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 — (26,134 ) — — — — Realized gains in earnings — 2,697 4,787 — — — Unrealized gains (losses): In earnings (715 ) (2,298 ) — 57 1,730 (702 ) In other comprehensive loss — — (21,917 ) — — — Fair value at June 30, 2018 $ — $ 84,571 $ 78,205 $ — $ — $ (8,121 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (2,298 ) $ — $ 57 $ 1,730 $ (702 ) In other comprehensive income (loss) $ — $ — $ (3,827 ) $ — $ — $ — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions or accretion — 102,273 3,267 — — — Paydowns, distributions or sales — (8,005 ) (5,582 ) — — Realized gains in earnings — 752 (667 ) — — — Unrealized gains (losses): In earnings — 1,194 — — — (842 ) In other comprehensive income (loss) — — 1,297 — — — Fair value at June 30, 2019 $ — $ 177,299 $ 62,442 $ — $ — $ (9,745 ) Unrealized gains (losses) on ending balance: In earnings $ — $ 1,194 $ — $ — $ — $ (842 ) In other comprehensive income (loss) $ — $ — $ (2,087 ) $ — $ — $ —
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) Securitized Loans Receivable Equity Method Investments Securities Debt—Securitized Bonds Payable Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 60,995 5,360 — — — Paydowns or distributions (638 ) (182,063 ) (108,924 ) 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 — (26,134 ) — — — — Realized gains in earnings — 2,697 4,787 — — — Unrealized gains (losses): In earnings (715 ) (2,298 ) — 57 1,730 (702 ) In other comprehensive loss — — (21,917 ) — — — Fair value at June 30, 2018 $ — $ 84,571 $ 78,205 $ — $ — $ (8,121 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (2,298 ) $ — $ 57 $ 1,730 $ (702 ) In other comprehensive income (loss) $ — $ — $ (3,827 ) $ — $ — $ — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions or accretion — 102,273 3,267 — — — Paydowns, distributions or sales — (8,005 ) (5,582 ) — — Realized gains in earnings — 752 (667 ) — — — Unrealized gains (losses): In earnings — 1,194 — — — (842 ) In other comprehensive income (loss) — — 1,297 — — — Fair value at June 30, 2019 $ — $ 177,299 $ 62,442 $ — $ — $ (9,745 ) Unrealized gains (losses) on ending balance: In earnings $ — $ 1,194 $ — $ — $ — $ (842 ) In other comprehensive income (loss) $ — $ — $ (2,087 ) $ — $ — $ —
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	Investments in a Company-sponsored private fund and a non-traded REIT, and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles. June 30, 2019 December 31, 2018 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 16,659 $ 10,153 $ 12,617 $ 13,658 Non-traded REIT—real estate 16,812 — 11,990 — Private fund—emerging market private equity 2,836 — — —
Fair Value Measurements, Nonrecurring	The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. June 30, 2019 December 31, 2018 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 173,907 $ 227,484 $ 401,391 $ 68,864 $ 200,281 $ 269,145 Real estate held for investment — 220,179 220,179 — 416,272 416,272 Intangible assets—lease intangibles — — — — 15,608 15,608 Intangible assets—investment management contracts — — — — 36,400 36,400 Equity method investments — 753,732 753,732 — 32,761 32,761 The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Impairment loss Real estate held for sale $ 42,998 $ 6,546 $ 68,181 $ 15,310 Real estate held for investment 41,048 2,975 41,487 7,181 Intangible assets—investment management contracts — — — 140,429 Intangible assets—trade name — 59,464 — 59,464 Equity method loss 247,812 16,467 250,434 16,467
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 June 30, 2019 Assets Loans at amortized cost $ — $ — $ 1,494,716 $ 1,494,716 $ 1,487,611 Liabilities Debt at amortized cost Corporate credit facility — 85,000 — 85,000 85,000 Convertible and exchangeable senior notes 585,944 13,095 — 599,039 613,092 Secured debt — — 7,985,674 7,985,674 7,841,516 Secured and unsecured debt related to assets held for sale — — 2,029,096 2,029,096 2,004,201 Junior subordinated debt — — 197,766 197,766 200,059 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 — — 8,141,497 8,141,497 8,164,136 Secured debt related to assets held for sale — — 1,077,195 1,077,195 1,064,585 Junior subordinated debt — — 169,619 169,619 199,086

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Activity of Preferred and Common Stock	The table below summarizes the share activities of the Company's preferred and common stock. Number of Shares (In thousands) Preferred Stock Class A Common Stock Class B Common Stock Shares outstanding at December 31, 2017 65,464 542,599 736 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units — 1,488 — Conversion of class B to class A common stock — 28 (28 ) Repurchase of common stock — (54,813 ) — Equity-based compensation, net of forfeitures — 3,412 — Shares canceled for tax withholding on vested stock awards — (2,950 ) — Shares outstanding at June 30, 2018 57,464 489,764 708 Shares outstanding at December 31, 2018 57,464 483,347 734 Shares issued upon redemption of OP Units — 187 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 4,713 — Shares canceled for tax withholding on vested stock awards — (582 ) — Shares outstanding at June 30, 2019 57,464 487,013 734 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 June 30, 2019 : 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 6,114 $ 61 $ 152,855 Currently redeemable Series E 8.75 % May 2014 10,000 100 250,000 Currently redeemable Series G 7.5 % June 2014 3,450 35 86,250 Currently redeemable Series H 7.125 % April 2015 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
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, 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 1,968 (15,807 ) — (21,612 ) 13,107 (22,344 ) Amounts reclassified from AOCI — (4,806 ) — 4,158 (2,788 ) (3,436 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at June 30, 2018 $ 7,382 $ (3,599 ) $ — $ 28,477 $ (8,330 ) $ 23,930 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Other comprehensive income (loss) before reclassifications 8,828 591 (2,063 ) (7,643 ) 14,766 14,479 Amounts reclassified from AOCI — 626 — (1,128 ) (1,009 ) (1,511 ) AOCI at June 30, 2019 $ 12,457 $ (1,958 ) $ (2,154 ) $ (2,153 ) $ 20,775 $ 26,967 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2017 $ — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — (12,639 ) 3,292 (9,347 ) Amounts reclassified from AOCI — 4,409 (644 ) 3,765 AOCI at June 30, 2018 $ — $ 30,718 $ 5,775 $ 36,493 AOCI at December 31, 2018 $ (390 ) $ (600 ) $ 9,644 $ 8,654 Other comprehensive income (loss) before reclassifications (4,656 ) (10,840 ) 1,392 (14,104 ) Amounts reclassified from AOCI — (465 ) 448 (17 ) AOCI at June 30, 2019 $ (5,046 ) $ (11,905 ) $ 11,484 $ (5,467 )
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Component of AOCI reclassified into earnings 2019 2018 2019 2018 Realized gain (loss) on marketable securities $ — $ 2,194 $ — $ 10,100 Other gain (loss), net Other-than-temporary impairment and write-offs of securities — (1,188 ) (626 ) (5,294 ) Other gain (loss), net Deconsolidation of N-Star CDO — (2,596 ) — (2,596 ) Other gain (loss), net Release of cumulative translation adjustments 173 5 1,128 (4,158 ) Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 22 2,082 46 584 Other gain (loss), net Realized gain (loss) on net investment hedges 739 (232 ) 963 2,204 Other gain (loss), net

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents the activity in redeemable noncontrolling interests in a consolidated open-end fund sponsored by the Company. Six Months Ended June 30, (In thousands) 2019 2018 Beginning balance $ 9,385 $ 34,144 Contributions — 305 Distributions and redemptions (3,393 ) (2,103 ) Net income (loss) 1,953 1,177 Ending balance $ 7,945 $ 33,523

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations, Net Income (Loss)	Income (loss) from discontinued operations is presented below. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Revenues Property operating income $ 91,741 $ 72,155 $ 172,973 $ 140,508 Fee income 2,978 1,634 5,449 2,948 Interest and other income 1,228 792 2,368 1,908 Revenues from discontinued operations 95,947 74,581 180,790 145,364 Expenses Property operating expense 25,669 21,054 48,007 42,453 Interest expense 19,726 10,856 34,352 21,046 Investment and servicing expense 8 178 538 263 Depreciation and amortization 45,360 32,482 84,805 62,427 Impairment loss — 174 — 174 Compensation expense—cash and equity-based (1) 3,680 2,632 6,339 5,027 Compensation expense—carried interest 561 1,060 340 1,919 Administrative expenses 1,386 1,084 3,016 2,391 Expenses from discontinued operations 96,390 69,520 177,397 135,700 Other income (loss) Gain from sale of real estate 547 — 23,395 2,293 Other loss, net (49 ) — (57 ) — Equity method earnings (losses) (173 ) 2,650 (644 ) 4,833 Income (loss) from discontinued operations before income taxes (118 ) 7,711 26,087 16,790 Income tax benefit (expense) (386 ) 53 (298 ) 68 Income (loss) from discontinued operations (504 ) 7,764 25,789 16,858 Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities 674 3,709 17,983 8,728 Noncontrolling interests in Operating Company (71 ) 232 474 466 Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ (1,107 ) $ 3,823 $ 7,332 $ 7,664 __________ (1) Includes equity-based compensation of $0.7 million for both the three months ended June 30, 2019 and 2018 , and $1.4 million and $1.1 million for the six months ended June 30, 2019 and 2018 , respectively.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share Reconciliation	The following table provides the basic and diluted earnings per common share computations: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2019 2018 2019 2018 Net income (loss) allocated to common stockholders Loss from continuing operations $ (484,142 ) $ (50,672 ) $ (540,590 ) $ (86,924 ) (Income) loss from continuing operations attributable to noncontrolling interests 43,497 (18,564 ) 16,530 (27,480 ) Loss from continuing operations attributable to Colony Capital, Inc. (440,645 ) (69,236 ) (524,060 ) (114,404 ) Income (loss) from discontinued operations attributable to Colony Capital, Inc. (1,107 ) 3,823 7,332 7,664 Net loss attributable to Colony Capital, Inc. (441,752 ) (65,413 ) (516,728 ) (106,740 ) Preferred stock redemption — 3,995 — 3,995 Preferred dividends (27,138 ) (31,388 ) (54,275 ) (62,775 ) Net loss attributable to common stockholders (468,890 ) (92,806 ) (571,003 ) (165,520 ) Net income allocated to participating securities (953 ) (643 ) (1,673 ) (1,272 ) Net loss allocated to common stockholders—basic (469,843 ) (93,449 ) (572,676 ) (166,792 ) Interest expense attributable to convertible notes (1) — — — — Net loss allocated to common stockholders—diluted $ (469,843 ) $ (93,449 ) $ (572,676 ) $ (166,792 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 479,228 488,676 479,577 509,562 Weighted average effect of dilutive shares (1)(2)(3) — — — — Weighted average number of common shares outstanding—diluted 479,228 488,676 479,577 509,562 Basic loss per share Loss from continuing operations $ (0.98 ) $ (0.20 ) $ (1.21 ) $ (0.35 ) Income from discontinued operations — 0.01 0.02 0.02 Net loss attributable to common stockholders per basic common share $ (0.98 ) $ (0.19 ) $ (1.19 ) $ (0.33 ) Diluted loss per share Loss from continuing operations $ (0.98 ) $ (0.20 ) $ (1.21 ) $ (0.35 ) Income from discontinued operations — 0.01 0.02 0.02 Net loss attributable to common stockholders per diluted common share $ (0.98 ) $ (0.19 ) $ (1.19 ) $ (0.33 ) __________ (1) For both the three months ended June 30, 2019 and 2018 , excluded from the calculation of diluted earnings per share is the effect of adding back $7.1 million of interest expense and 38,112,100 weighted average diluted common share equivalents for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. For both the six months ended June 30, 2019 and 2018 , excluded from the calculation of diluted earnings per share is the effect of adding back $14.3 million of interest expense and 38,112,100 weighted average dilutive common share equivalents for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 92,700 and 605,800 for the three months ended June 30, 2019 and 2018 , respectively, and 115,200 and 634,200 for the six months ended June 30, 2019 and 2018 , respectively, as the effect would be antidilutive. The calculation of diluted earnings per share also excludes the effect of weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 18 ) of 459,800 and 2,137,500 for the three months ended June 30, 2019 and 2018 , respectively, and 755,700 and 1,074,700 for the six months ended June 30, 2019 and 2018 , respectively. (3) 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 June 30, 2019 and 2018 , there were 31,171,300 and 30,426,900 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)	6 Months Ended
	Jun. 30, 2019
Other Income and Expenses [Abstract]
Schedule of Asset Management and Other Fees	The Company's fee income is earned from the following sources. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Institutional funds $ 13,033 $ 15,537 $ 23,671 $ 27,364 Public companies (Colony Credit, NRE) 15,038 16,219 30,144 28,391 Non-traded REITs 4,989 6,244 10,095 17,703 Other 2,373 290 2,551 360 $ 35,433 $ 38,290 $ 66,461 $ 73,818 The following table presents the Company's fee income by type: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Base management fees ($32,418, $33,850, $62,620 and $66,712 from affiliates, respectively) $ 32,612 $ 34,116 $ 62,976 $ 66,978 Asset management fees ($601, $761, $1,236 and $1,435 from affiliates, respectively) 1,230 761 1,865 1,435 Acquisition and disposition fees—from affiliates — — — 1,922 Other fee income ($248, $3,389, $262 and $3,389 from affiliates, respectively) 1,591 3,413 1,620 3,483 Total fee income $ 35,433 $ 38,290 $ 66,461 $ 73,818

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	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) June 30, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,498 Transaction price and NAV (2) N/A N/A N/A Equity method investments—other 18,722 Discounted cash flows Discount rate 13.7% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.5x (3) Equity method investments—other 128,079 Transaction price (4) N/A N/A N/A N-Star CDO bonds 62,442 Discounted cash flows Discount rate 21.8% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,745 Discounted cash flows Discount rate 20.0% Decrease December 31, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) N/A N/A N/A 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 (3) Equity method investments—other 28,346 Transaction price (4) N/A N/A N/A 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 __________ (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) Fair value is affected by change in revenue multiple relative to change in rate of revenue growth. (4) Valued based upon transaction price of investments recently acquired or offer prices on investments or underlying assets of investee pending sales. Transaction price approximates fair value for an investee engaged in real estate development during the development stage. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2019 PSU Grants 2018 PSU Grant (4) Expected volatility of the Company's class A common stock (1) 26.2% 29.0% Expected annual dividend yield (2) 8.5% - 8.7% 7.3% Risk-free rate (per annum) (3) 2.2% - 2.4% 2.1% __________ (1) Based upon historical volatility of the Company's stock, and where applicable, a combination of historical volatility and implied volatility on actively traded stock options of a specified peer group. (2) Based upon a combination of historical dividend yields and the current annualized dividends. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date. (4) Reflects assumptions applied in valuing the award upon modification in February 2019.
Components of Share-Based Compensation	Equity-based compensation expense, excluding amounts related to the industrial segment that is presented as discontinued operations (Note 15 ), is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Compensation expense (including $315, $181, $432 and $203 amortization of fair value of dividend equivalent right) $ 7,577 $ 8,716 $ 13,491 $ 20,429
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 DSUs PSUs (1) Total PSUs All Other Awards Unvested shares and units at December 31, 2018 5,422,090 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 Granted 4,869,734 315,961 3,760,864 8,946,559 2.92 5.20 Vested (1,658,735 ) (244,111 ) — (1,902,846 ) — 10.67 Forfeited (157,165 ) — (24,071 ) (181,236 ) 4.53 6.60 Unvested shares and units at June 30, 2019 8,475,924 254,984 5,780,742 14,511,650 $ 3.68 $ 6.67 __________ (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.

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Summary of Related Party Disclosures	Amounts due from affiliates consist of the following: (In thousands) June 30, 2019 December 31, 2018 Investment vehicles and unconsolidated ventures Fee income $ 34,795 $ 34,429 Cost reimbursements and recoverable expenses 8,924 10,754 Employees and other affiliates 688 596 $ 44,407 $ 45,779 Cost reimbursements, included in other income, were as follows. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Retail companies $ 689 $ 484 $ 1,427 $ 2,871 Public companies (Colony Credit, NRE) 2,663 2,944 5,295 4,694 Private funds and other 4,344 2,416 7,879 4,260 Equity awards of Colony Credit and NRE (Note 18) 3,643 4,250 6,583 5,062 $ 11,339 $ 10,094 $ 21,184 $ 16,887

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Expense	For the three and six months ended June 30, 2019 , the following table summarizes lease expense for ground leases, included in property operating expense, and office leases, included in administrative expense. Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (In thousands) Ground Leases Office Leases Ground Leases Office Leases Operating lease expense: Fixed lease expense $ 2,254 $ 2,063 $ 4,189 $ 4,210 Variable lease expense 506 669 1,079 1,036 $ 2,760 $ 2,732 $ 5,268 $ 5,246
Schedule of Future Minimum Rental Payments	The operating lease liability was determined using a weighted average discount rate of 5.5% . At June 30, 2019 , the Company's future operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows. (In thousands) Year Ending December 31, Ground Leases Office Leases Total Remaining 2019 $ 3,179 $ 4,715 $ 7,894 2020 6,275 8,926 15,201 2021 5,922 8,537 14,459 2022 5,959 7,524 13,483 2023 5,912 6,986 12,898 2024 and thereafter 67,979 29,615 97,594 Total lease payments 95,226 66,303 161,529 Present value discount (45,509 ) Operating lease liability (Note 8) $ 116,020
Schedule of Future Minimum Rental Payments for Operating Leases (prior to adoption of ASC 842)	At December 31, 2018, future contractual minimum lease payments to be received under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) 2019 $ 293,906 2020 285,051 2021 265,612 2022 254,881 2023 242,151 2024 and thereafter 961,591 Total (1) $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that is held for sale totaling $894.4 million . At December 31, 2018 , the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Total 2019 $ 5,149 $ 9,380 $ 14,529 2020 5,217 9,007 14,224 2021 5,386 8,617 14,003 2022 5,776 7,602 13,378 2023 5,720 7,045 12,765 2024 and thereafter 87,150 29,615 116,765 Total lease payments $ 114,398 $ 71,266 $ 185,664

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	The following table presents selected results of operations of the Company's reportable segments. Results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from our general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment, are presented as discontinued operations for all current and prior periods presented (Note 15 ). (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2019 Total revenues $ 145,896 $ — $ 227,080 $ — $ 152,066 $ 43,802 $ 4,595 $ 573,439 Property operating expenses 63,924 — 144,691 — 70,625 — — 279,240 Interest expense 57,135 — 41,591 — 29,216 — 13,796 141,738 Depreciation and amortization 40,778 — 37,008 — 23,166 6,918 1,512 109,382 Provision for loan loss — — — — 15,003 — — 15,003 Impairment loss 51,324 — 420 — 32,302 — 649 84,695 Gain on sale of real estate — — 140 — 5,937 — — 6,077 Equity method earnings (losses) — — — (267,912 ) 25,757 (17,133 ) — (259,288 ) Equity method earnings—carried interest — — — — — 1,836 — 1,836 Income tax benefit (expense) (596 ) — (2,006 ) — (406 ) 266 157 (2,585 ) Income (loss) from continuing operations (81,520 ) — (3,505 ) (267,912 ) (4 ) 1,850 (133,051 ) (484,142 ) Income (loss) from discontinued operations — (2,663 ) — — — 2,159 — (504 ) Net income (loss) (81,520 ) (2,663 ) (3,505 ) (267,912 ) (4 ) 4,009 (133,051 ) (484,646 ) Net income (loss) attributable to Colony Capital, Inc. (58,616 ) (3,135 ) (3,330 ) (251,792 ) (5,841 ) 4,351 (123,389 ) (441,752 ) Three Months Ended June 30, 2018 Total revenues $ 145,419 $ — $ 229,373 $ — $ 190,950 $ 47,909 $ 1,837 $ 615,488 Property operating expenses 69,983 — 143,321 — 86,887 — — 300,191 Interest expense 45,179 — 36,494 — 46,476 — 14,304 142,453 Depreciation and amortization 38,229 — 35,925 — 23,521 6,204 1,535 105,414 Provision for loan loss — — — — 13,933 — — 13,933 Impairment loss 1,982 — — — 7,366 60,312 — 69,660 Gain on sale of real estate — — — — 42,702 — — 42,702 Equity method earnings (losses) — — — 5,413 7,767 (13,955 ) — (775 ) Income tax benefit (expense) (355 ) — (1,556 ) — (262 ) 2,791 (87 ) 531 Income (loss) from continuing operations (20,080 ) — 6,771 5,413 61,853 (53,075 ) (51,554 ) (50,672 ) Income (loss) from discontinued operations — 4,668 — — (219 ) 3,315 — 7,764 Net income (loss) (20,080 ) 4,668 6,771 5,413 61,634 (49,760 ) (51,554 ) (42,908 ) Net income (loss) attributable to Colony Capital, Inc. (14,356 ) 810 5,767 5,104 31,333 (47,070 ) (47,001 ) (65,413 ) Six Months Ended June 30, 2019 Total revenues $ 291,670 $ — $ 423,695 $ — $ 314,754 $ 83,807 $ 7,572 $ 1,121,498 Property operating expenses 128,226 — 281,036 — 140,720 — — 549,982 Interest expense 104,662 — 83,656 — 61,069 — 27,240 276,627 Depreciation and amortization 80,909 — 73,256 — 47,949 15,587 3,033 220,734 Provision for loan losses — — — — 18,614 — — 18,614 Impairment loss 51,324 — 4,270 — 54,074 — 649 110,317 Gain on sale of real estate — — 279 — 35,251 — — 35,530 Equity method earnings (losses) — — — (262,399 ) 50,365 (13,191 ) — (225,225 ) Equity method earnings—carried interest — — — — — 6,732 — 6,732 Income tax benefit (expense) 1,278 — (2,842 ) — (2,480 ) 360 (99 ) (3,783 ) Income (loss) from continuing operations (88,726 ) — (29,582 ) (262,399 ) 59,559 22,488 (241,930 ) (540,590 ) Income from discontinued operations — 21,491 — — — 4,298 — 25,789 Net income (loss) (88,726 ) 21,491 (29,582 ) (262,399 ) 59,559 26,786 (241,930 ) (514,801 ) Net income (loss) attributable to Colony Capital, Inc. (66,078 ) 3,293 (26,311 ) (246,614 ) 18,081 24,899 (223,998 ) (516,728 ) (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2018 Total revenues $ 298,014 $ — $ 425,155 $ — $ 396,104 $ 89,116 $ 3,696 $ 1,212,085 Property operating expenses 136,949 — 279,416 — 168,785 — — 585,150 Interest expense 96,120 — 70,855 — 86,756 — 27,421 281,152 Depreciation and amortization 79,356 — 71,382 — 52,490 13,880 3,066 220,174 Provision for loan losses — — — — 19,308 — — 19,308 Impairment loss 5,762 — — — 16,555 200,741 — 223,058 Gain on sale of real estate — — — — 58,853 — — 58,853 Equity method earnings (losses) — — — 1,759 34,984 (7,436 ) — 29,307 Income tax benefit (expense) (1,353 ) — (75 ) — (4,801 ) 39,576 (23 ) 33,324 Income (loss) from continuing operations (32,614 ) — (5,115 ) 1,759 130,284 (141,214 ) (40,024 ) (86,924 ) Income (loss) from discontinued operations — 10,989 — — (102 ) 5,971 — 16,858 Net income (loss) (32,614 ) 10,989 (5,115 ) 1,759 130,182 (135,243 ) (40,024 ) (70,066 ) Net income (loss) attributable to Colony Capital, Inc. (24,716 ) 2,088 (4,283 ) 1,658 80,442 (127,590 ) (34,339 ) (106,740 )
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 June 30, 2019 Total assets $ 5,309,607 $ 4,385,617 $ 3,960,218 $ 743,015 $ 6,039,486 $ 1,964,655 $ 255,940 $ 22,658,538 Equity method investments (1) — — — 743,015 1,122,053 175,875 3,742 2,044,685 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) — — — 1,037,754 1,054,295 180,882 3,742 2,276,673 _________ (1) Excludes the Company's general partner equity, including carried interest allocation, in connection with its open-end industrial fund that is classified as held for sale (Note 7 ).
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. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2019 2018 2019 2018 Total income by geography: United States $ 221,425 $ 535,407 $ 712,340 $ 1,076,818 Europe 81,245 69,212 167,503 147,385 Other 1,978 — 1,978 302 Total (1) $ 304,648 $ 604,619 $ 881,821 $ 1,224,505 (In thousands) June 30, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,327,317 $ 9,566,982 Europe 1,411,534 1,600,623 Total (2) $ 10,738,851 $ 11,167,605 __________ (1) Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale as of June 30, 2019 include $4.6 billion located in the United States and $0.5 billion
Long-lived Assets by Geographic Areas	(In thousands) June 30, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,327,317 $ 9,566,982 Europe 1,411,534 1,600,623 Total (2) $ 10,738,851 $ 11,167,605 __________ (1) Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale as of June 30, 2019 include $4.6 billion located in the United States and $0.5 billion

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Six Months Ended June 30, (In thousands) 2019 2018 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized of $1,588 and $1,864 $ 263,096 $ 258,626 Cash received for income tax refunds (paid for income taxes), net 14,960 (9,217 ) Cash paid for operating lease liabilities 7,652 — SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations $ 95,142 $ 75,831 Net cash used in investing activities of discontinued operations (1,315,308 ) (444,626 ) Net cash provided by financing activities of discontinued operations 1,165,015 297,226 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 84,221 $ 86,656 Improvements in operating real estate in accrued and other liabilities 17,049 13,064 Redemption of OP Units for common stock 2,096 18,899 ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption 129,488 — Proceeds from loan repayments and asset sales held in escrow 1,392 — Deconsolidation of net assets of securitization trusts (Note 15) — 131,386 Assets held for sale contributed to equity method investee — 20,350 Preferred stock redemptions payable — 200,000 Assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed — 1,753,066 Liabilities of CLNY Investment Entities deconsolidated — 421,245 Noncontrolling interests of CLNY Investment Entities deconsolidated — 395,274

Business and Organization (Deta

Business and Organization (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2018	Jun. 30, 2019	Jan. 31, 2018
Business Acquisition [Line Items]
Assets under management		$ 43,000
Restructuring costs	$ 19.3	$ 0.9
Parent | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent		94.00%
Certain Employees | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent		6.00%
Combination Agreement
Business Acquisition [Line Items]
Ownership percentage		36.40%
Combination Agreement | Minimum
Business Acquisition [Line Items]
Ownership percentage			38.00%
Combination Agreement | Maximum
Business Acquisition [Line Items]
Ownership percentage			100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)		Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OP Units to common stock, conversion ratio				1
Carried interest earned by the Company allocated to employees	$ 1,146	$ 0	[1]	$ 2,418	$ 0	[1]
Scenario, Adjustment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Carried interest earned by the Company allocated to employees		$ 1,100			$ 1,900
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Business Combinations (Details) $ in Millions	1 Months Ended
	Apr. 30, 2019USD ($)
Colony Latam Partner (Formally The Abraaj Group)
Business Acquisition [Line Items]
Acquisition price	$ 5.5

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset		$ 115,048		$ 0
Operating lease liability	$ 126,800	$ 129,488	$ 0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of new accounting pronouncement	(4,468)				$ (1,220)
Office Leases | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	$ 143,700

Real Estate - Components of Rea

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 1,427,032	$ 1,443,249
Buildings and improvements	9,058,689	9,442,442
Tenant improvements	100,912	96,740
Furniture, fixtures and equipment	409,510	389,969
Construction in progress	188,970	123,002
Real estate held for investment, gross	11,185,113	11,495,402
Less: Accumulated depreciation	(836,683)	(669,392)
Real estate assets, net	$ 10,348,430	$ 10,826,010

Real Estate - Sales (Details)

Real Estate - Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate [Abstract]
Proceeds from sales of real estate	$ 147,990	$ 316,000	$ 442,657	$ 428,562
Gain on sale of real estate	$ 6,624	$ 42,702	$ 58,925	$ 61,146

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) $ in Thousands	1 Months Ended			6 Months Ended	12 Months Ended
	Feb. 28, 2019USD ($)property	Nov. 30, 2018USD ($)property	Sep. 30, 2018USD ($)property	Jun. 30, 2019USD ($)property	Dec. 31, 2018USD ($)property
Asset Acquisitions
Business Acquisition [Line Items]
Acquisition price				$ 1,388,364	$ 1,072,730
Land				268,184	231,283
Building and Improvements				1,052,338	776,525
Lease Intangible Assets				72,895	69,897
Lease Intangible Liabilities				$ (5,053)	$ (4,975)
Asset Acquisitions | Healthcare | United Kingdom
Business Acquisition [Line Items]
Number of Buildings | property			1
Acquisition price			$ 24,444
Land			10,231
Building and Improvements			12,733
Lease Intangible Assets			1,480
Lease Intangible Liabilities			$ 0
Asset Acquisitions | Office and Industrial | France
Business Acquisition [Line Items]
Number of Buildings | property	6	220
Acquisition price	$ 373,182	$ 478,844
Land	49,446	109,858
Building and Improvements	296,348	330,752
Lease Intangible Assets	27,553	38,234
Lease Intangible Liabilities	$ (165)	$ 0
Asset Acquisitions | Industrial | United States
Business Acquisition [Line Items]
Number of Buildings | property				79	40
Acquisition price				$ 1,015,182	$ 569,442
Land				218,738	111,194
Building and Improvements				755,990	433,040
Lease Intangible Assets				45,342	30,183
Lease Intangible Liabilities				(4,888)	(4,975)
Asset Acquisitions | Light Industrial Platform | United States
Business Acquisition [Line Items]
Land				$ 20,700	$ 13,100
Minimum | 2018 Real Estate Acquisitions | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life				25 years
Minimum | 2018 Real Estate Acquisitions | Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life				9 years
Minimum | 2018 Real Estate Acquisitions | Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life				4 years
Minimum | 2018 Real Estate Acquisitions | Intangible assets—lease intangibles
Business Acquisition [Line Items]
Real estate assets estimated useful life				1 year
Maximum | 2018 Real Estate Acquisitions | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life				49 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				11 years
Maximum | 2018 Real Estate Acquisitions | Intangible assets—lease intangibles
Business Acquisition [Line Items]
Real estate assets estimated useful life				15 years

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)building	Jun. 30, 2018USD ($)
Guarantee of franchise obligations | THL Hotel Portfolio
Business Acquisition [Line Items]
Estimate of possible loss	$ 75,000,000		$ 75,000,000
Industrial
Business Acquisition [Line Items]
Funded deposit	13,100,000		13,100,000
Purchase commitment	171,800,000		$ 171,800,000
Purchase commitment, number of buildings to be purchased | building			8
Real Estate
Business Acquisition [Line Items]
Depreciation	$ 92,700,000	$ 89,300,000	$ 184,900,000	$ 185,200,000

Real Estate - Components of Pro

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Property operating income
Revenue from External Customer [Line Items]
Income	$ 488,788	$ 518,953	[1]	$ 947,686	$ 1,006,046	[1]
Total Lease Revenue
Revenue from External Customer [Line Items]
Income	179,831	187,100		366,594	390,100
Fixed lease revenue
Revenue from External Customer [Line Items]
Income	164,940			335,354
Variable lease revenue
Revenue from External Customer [Line Items]
Income	14,891			31,240
Hotel operating income
Revenue from External Customer [Line Items]
Income	$ 308,957	$ 331,900		$ 581,092	$ 615,900
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Real Estate - Future Fixed Leas

Real Estate - Future Fixed Lease Payments Related to Operating Leases (After Adoption of ASC 842) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Revenue, Major Customer [Line Items]
Remaining 2019	$ 148,699
2020	290,769
2021	268,028
2022	258,594
2023	244,058
2024 and thereafter	944,777
Total	2,154,925
Industrial
Revenue, Major Customer [Line Items]
Remaining 2019	136,900
Total	$ 1,340,000

Real Estate - Future Minimum Pa

Real Estate - Future Minimum Payments Receivable Related to Operating Leases (Prior to Adoption of ASC 842) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Operating Leased Assets [Line Items]
2019		$ 293,906
2020		285,051
2021		265,612
2022		254,881
2023		242,151
2024 and thereafter		961,591
Total		$ 2,303,192
Industrial
Operating Leased Assets [Line Items]
Total	$ 894,400

Loans Receivable - Company Loan

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for loan losses	$ (50,938)	$ (32,940)	$ (55,296)	$ (52,709)
Carrying Value
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	2,487,381	2,648,641
Loans receivable, net	1,487,611	1,659,217
Carrying Value | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,177,742	1,316,929
Carrying Value	1,196,110	1,336,840
Carrying Value | PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,309,639	1,331,712
Carrying Value	342,439	355,317
Allowance for loan losses	(50,938)	(32,940)
Carrying Value | PCI Loans | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	1,302,214	1,324,287
Carrying Value	338,768	351,646
Carrying Value | PCI Loans | Mezzanine loans
Financing Receivable, Credit Quality Indicator [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, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	959,883	1,110,507
Carrying Value	978,215	1,129,712
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	467,122	643,973
Carrying Value	$ 488,296	$ 667,590
Weighted Average Coupon, percentage	10.60%	10.70%
Weighted Average Maturity in Years	1 year 10 months 24 days	2 years 2 months 12 days
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 385,838	$ 357,590
Carrying Value	$ 383,788	$ 354,326
Weighted Average Coupon, percentage	12.60%	12.50%
Weighted Average Maturity in Years	1 year	1 year 6 months
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Corporate loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 106,923	$ 108,944
Carrying Value	$ 106,131	$ 107,796
Weighted Average Coupon, percentage	12.40%	12.30%
Weighted Average Maturity in Years	6 years 1 month 6 days	5 years 9 months 18 days
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 217,859	$ 206,422
Carrying Value	217,895	207,128
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	175,850	178,650
Carrying Value	$ 176,195	$ 179,711
Weighted Average Coupon, percentage	4.30%	4.30%
Weighted Average Maturity in Years	12 days	1 month 6 days
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Unpaid Principal Balance	$ 42,009	$ 27,772
Carrying Value	$ 41,700	$ 27,417
Weighted Average Coupon, percentage	13.40%	13.40%
Weighted Average Maturity in Years	2 years 1 month 6 days	2 years 6 months

Loans Receivable - Loan Maturit

Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Loan receivable past due	$ 1,196,110	$ 1,336,840
Current or Less Than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	919,295	1,052,303
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0	0
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loan receivable past due	0	44,392
90 Days or More Past Due and Nonaccrual
Financing Receivable, Past Due [Line Items]
Loan receivable past due	$ 276,815	$ 240,145

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)loan	Jun. 30, 2018loan	Dec. 31, 2018USD ($)loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of outstanding TDR loans	1		1,000
Carrying value of loans before allowance for loan losses | $	$ 37.8		$ 37.8
Troubled debt restructuring, allowance for loan loss | $	$ 26.1		$ 12.8
Number of additional lending commitments outstanding to this TDR	0
Performing Financial Instruments
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans modified	0	0

Loans Receivable - Non-PCI Impa

Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018		Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,487,611		$ 1,487,611		$ 1,659,217	[1]
Allowance for Loan Losses	50,938	$ 55,296	50,938	$ 55,296	32,940		$ 52,709
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	306,094		306,094		280,337
Average carrying value before allowance for loan losses	310,914	226,532	298,092	279,986
Total interest income recognized during the period impaired	1,289	1,279	4,292	1,308
Cash basis interest income recognized	0	$ 0	447	$ 0
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	157,892		157,892		129,619
Allowance for Loan Losses	50,938		50,938		32,940
Loans held for investment, net | Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	71,754		71,754		75,179
Without Allowance for Loan Losses	239,050		239,050		206,628
Total	310,804		310,804		281,807
Allowance for Loan Losses	$ 30,923		$ 30,923		$ 18,304
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Loans Receivable - Purchase Cre

Loans Receivable - Purchase Credit-Impaired Loans (Details) - loan	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of contracts acquired	0	0

Loans Receivable - Changes in A

Loans Receivable - Changes in Accretable Yield of PCI Loans (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 9,620	$ 42,435
Dispositions	0	(4,001)
Changes in accretable yield	407	3,109
Accretion recognized in earnings	(5,924)	(19,216)
Deconsolidation	0	(991)
Effect of changes in foreign exchange rates	(15)	(138)
Ending accretable yield	$ 4,088	$ 21,198

Loans Receivable - Nonaccrual L

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 172.4	$ 175.6

Loans Receivable - Allowance fo

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 32,940	$ 52,709	$ 50,938	$ 32,940
Loans receivable, net			1,487,611	1,659,217	[1]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	32,940	52,709
Contribution to Colony Credit	0	(518)
Deconsolidation	0	(5,983)
Provision for loan loss	18,614	19,308
Charge-off	(616)	(10,220)
Allowance for loan losses	50,938	$ 55,296
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	50,938		50,938	32,940
Loans receivable, net			157,892	129,619
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	32,940
Allowance for loan losses	50,938
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	30,923		30,923	18,304
Loans receivable, net			71,754	75,179
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	18,304
Allowance for loan losses	30,923
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	20,015		20,015	14,636
Loans receivable, net			$ 86,138	$ 54,440
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	14,636
Allowance for loan losses	$ 20,015
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Loans Receivable - Provision Fo

Loans Receivable - Provision For Loan Losses by Loan Type and Lending Commitments (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	$ 15,003	$ 13,933	[1]	$ 18,614	$ 19,308	[1]
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	15,003	13,933		18,614	19,308
Non-PCI Loans | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	12,807	5,072		12,807	7,737
PCI Loans | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	2,196	$ 8,861		5,807	$ 11,571
Investment Commitments | Consolidated Real Estate Debt Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	201,800			201,800
Parent | Investment Commitments | Consolidated Real Estate Debt Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 94,600			$ 94,600
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Equity and Debt Investments - I

Equity and Debt Investments - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Equity method investments
Equity method investments	$ 2,044,685	$ 2,276,673
Total equity investments	2,306,190	2,432,914
Debt Securities
Total debt securities	67,500	96,833
Equity and debt investments	2,373,690	2,529,747	[1]
Investment ventures
Equity method investments
Equity method investments	1,912,397	2,151,847
Investment ventures	92,417	95,196
Private funds
Equity method investments
Equity method investments	132,288	124,826
Investment ventures	36,307	24,607
N-Star CDO bonds
Debt Securities
N-Star CDO bonds, available for sale	62,442	64,127
CMBS of consolidated fund
Debt Securities
CMBS of consolidated fund, at fair value	5,058	32,706
Level 1 | Equity Securities
Equity method investments
Marketable equity securities	$ 132,781	$ 36,438
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Equity and Debt Investments - E

Equity and Debt Investments - Equity Method Investments Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended			17 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 28, 2019	Mar. 31, 2019	Feb. 01, 2018
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes	$ 700,000	$ 1,300,000			$ 700,000	$ 7,200,000
Other gain (loss), net	(89,506,000)	28,798,000	[1]		(138,575,000)	104,054,000	[1]
ADC investments
Schedule of Equity Method Investments [Line Items]
Lending commitments					12,800,000
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment	270,900,000				270,900,000			$ 270,900,000
Colony Credit
Schedule of Equity Method Investments [Line Items]
Net asset value per share (in dollars per share)										$ 21.43	$ 24.74
Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)									$ 15.50
Investment ventures
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes					0
Investment ventures | Nonrecurring
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes	247,800,000	$ 16,500,000			250,400,000	$ 16,500,000
Equity Method Investment | Colony Credit
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes	227,900,000
Other gain (loss), net				$ 9,900,000
Equity method investment, fair value	$ 743,000,000				$ 743,000,000			$ 743,000,000
Albertsons/Safeway
Schedule of Equity Method Investments [Line Items]
Ownership percentage by co-investment partner	50.00%				50.00%			50.00%
Minimum | Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price range (in usd per share)								$ 15.10
Maximum | Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price range (in usd per share)								$ 23.23
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Equity and Debt Investments -_2

Equity and Debt Investments - Equity Method Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)investment	Dec. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 2,044,685	$ 2,276,673
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	36.40%
Carrying value	$ 743,015	1,037,754
NorthStar Realty Europe Corp.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	11.10%
Carrying value	$ 86,581	87,696
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership percentage	27.20%
Carrying value	$ 93,395	95,418
Preferred equity
Schedule of Equity Method Investments [Line Items]
Carrying value	139,185	219,913
ADC investments
Schedule of Equity Method Investments [Line Items]
Carrying value	527,791	481,477
Private funds and other
Schedule of Equity Method Investments [Line Items]
Carrying value	110,617	109,393
Private funds—carried interest
Schedule of Equity Method Investments [Line Items]
Carrying value	16,174	9,525
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 150,628	154,412
Number of equity method investments | investment	16
Fair value option
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 177,299	$ 81,085
Amended And Restated NRE Management Agreement | NorthStar Realty Europe Corp.
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 and Debt Investments - A

Equity and Debt Investments - Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018
N-Star CDO bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost			$ 64,394	$ 67,513
Gross cumulative unrealized gains			3,743	1,565
Gross cumulative unrealized loss			(5,695)	(4,951)
Fair Value			62,442	64,127
Less than 12 months, fair value			240	54,459
Less than 12 months, gross unrealized loss			12	$ 4,951
More than 12 months, fair value			39,663
More than 12 months, gross unrealized loss			$ 5,683
Colony | CMBS of consolidated fund
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale	$ 15,012	$ 78,197
Gross realized gain	2,921	11,304
Gross realized loss	$ (592)	$ (592)

Goodwill, Deferred Leasing Co_3

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 1,514,561,000	$ 1,514,561,000	[1]
Goodwill attributable to the industrial segment	20,000,000	$ 20,000,000
Goodwill impairment recognized	$ 0
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Goodwill, Deferred Leasing Co_4

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($)	1 Months Ended	3 Months Ended					6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		$ 604,878,000	$ 648,999,000				$ 604,878,000		$ 648,999,000
Deferred leasing and other intangible assets, accumulated amortization		(232,527,000)	(203,069,000)				(232,527,000)		(203,069,000)
Deferred leasing and other intangible assets, net carrying amount		372,351,000	445,930,000				372,351,000		445,930,000
Intangible Liabilities
Below-market lease values, carrying amount		146,358,000	176,013,000				146,358,000		176,013,000
Below-market lease values, accumulated amortization		(45,628,000)	(42,895,000)				(45,628,000)		(42,895,000)
Below-market lease values		100,730,000	133,118,000				100,730,000		133,118,000
Above-market ground lease obligations, carrying amount		0	15,909,000				0		15,909,000
Above-market ground lease obligations, accumulated amortization		0	(1,557,000)				0		(1,557,000)
Above-market ground lease obligations		0	14,352,000				0		14,352,000
Intangible liabilities, carrying amount		146,358,000	191,922,000				146,358,000		191,922,000
Intangible liabilities, accumulated amortization		(45,628,000)	(44,452,000)				(45,628,000)		(44,452,000)
Total intangible liabilities		100,730,000	147,470,000				100,730,000		147,470,000
Intangible asset impairment		0					0
Impairment loss							110,317,000	$ 223,232,000
In-place lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		154,466,000	170,869,000				154,466,000		170,869,000
Deferred leasing and other intangible assets, accumulated amortization		(64,271,000)	(55,103,000)				(64,271,000)		(55,103,000)
Deferred leasing and other intangible assets, net carrying amount		90,195,000	115,766,000				90,195,000		115,766,000
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		109,652,000	111,903,000				109,652,000		111,903,000
Deferred leasing and other intangible assets, accumulated amortization		(34,616,000)	(29,497,000)				(34,616,000)		(29,497,000)
Deferred leasing and other intangible assets, net carrying amount		75,036,000	82,406,000				75,036,000		82,406,000
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		0	16,258,000				0		16,258,000
Deferred leasing and other intangible assets, accumulated amortization		0	(984,000)				0		(984,000)
Deferred leasing and other intangible assets, net carrying amount		0	15,274,000				0		15,274,000
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		21,578,000	17,154,000				21,578,000		17,154,000
Deferred leasing and other intangible assets, accumulated amortization		(6,584,000)	(4,465,000)				(6,584,000)		(4,465,000)
Deferred leasing and other intangible assets, net carrying amount		14,994,000	12,689,000				14,994,000		12,689,000
Lease incentives
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		14,169,000	14,169,000				14,169,000		14,169,000
Deferred leasing and other intangible assets, accumulated amortization		(1,637,000)	(1,134,000)				(1,637,000)		(1,134,000)
Deferred leasing and other intangible assets, net carrying amount		12,532,000	13,035,000				12,532,000		13,035,000
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		15,500,000	15,500,000				15,500,000		15,500,000
Deferred leasing and other intangible assets, accumulated amortization		0	0				0		0
Deferred leasing and other intangible assets, net carrying amount		15,500,000	15,500,000				15,500,000		15,500,000
Intangible Liabilities
Impairment loss	$ 59,500,000	0			$ 59,464,000		0	59,464,000
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		196,698,000	194,698,000				196,698,000		194,698,000
Deferred leasing and other intangible assets, accumulated amortization		(106,520,000)	(92,618,000)				(106,520,000)		(92,618,000)
Deferred leasing and other intangible assets, net carrying amount		90,178,000	102,080,000				90,178,000		102,080,000
Intangible Liabilities
Impairment loss		0			$ 0		0	$ 140,429,000	147,400,000
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		50,753,000	49,291,000				50,753,000		49,291,000
Deferred leasing and other intangible assets, accumulated amortization		(16,698,000)	(15,027,000)				(16,698,000)		(15,027,000)
Deferred leasing and other intangible assets, net carrying amount		34,055,000	34,264,000				34,055,000		34,264,000
Intangible Liabilities
Impairment loss			10,100,000
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		42,062,000	59,157,000				42,062,000		59,157,000
Deferred leasing and other intangible assets, accumulated amortization		(2,201,000)	(4,241,000)				(2,201,000)		(4,241,000)
Deferred leasing and other intangible assets, net carrying amount		$ 39,861,000	$ 54,916,000				$ 39,861,000		$ 54,916,000
NorthStar I And NorthStar II | Investment management contracts
Intangible Liabilities
Write-off of intangible assets						$ 139,000,000
NorthStar RXR NY Metro | Investment management contracts
Intangible Liabilities
Write-off of intangible assets						$ 1,400,000
Estimated future cash flows, discount rate, percentage									10.00%
NorthStar Healthcare | Investment management contracts
Intangible Liabilities
Write-off of intangible assets				$ 7,000,000

Goodwill, Deferred Leasing Co_5

Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Above-market lease values and lease incentives			$ 6,731	$ 1,503
Below-market lease values	$ 5,034	$ 14,405	9,922	20,374
Net increase (decrease) to rental income	1,838	(1,317)	3,741	(81)
Above-market ground lease obligations	0	(247)	0	(467)
Below-market ground lease obligations	0	188	0	369
Net increase (decrease) to ground rent expense	0	(59)	0	(98)
Amortization expense	15,187	14,571	32,773	31,866
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market lease values and lease incentives	(2,944)	(15,470)	(5,677)	(19,962)
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Above-market lease values and lease incentives	(252)	(252)	(504)	(493)
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization expense	7,075	7,093	14,899	15,384
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	799	781	1,646	1,628
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	0	802	0	1,606
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	6,075	4,125	13,902	9,811
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	836	1,151	1,672	2,303
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 402	$ 619	$ 654	$ 1,134

Goodwill, Deferred Leasing Co_6

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2019USD ($)
Net increase (decrease) to rental income (1)
Remaining 2019	$ 2,126
2020	4,599
2021	5,544
2022	5,114
2023	5,840
2024 and Thereafter	(10,061)
Total	13,162
Amortization expense (1)
Remaining 2019	78,042
2020	36,286
2021	30,299
2022	22,538
2023	16,480
2024 and Thereafter	56,721
Total	240,366
Industrial
Net increase (decrease) to rental income (1)
Remaining 2019	10,800
Amortization expense (1)
Remaining 2019	$ 150,200

Assets and Related Liabilitie_3

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Assets
Restricted cash	$ 3,316	$ 6,213
Real estate, net	4,885,515	3,645,406
Equity investment—private fund	12,748	13,422
Goodwill	20,000	20,000
Deferred leasing costs and intangible assets, net	176,707	135,924
Other assets	107,054	146,380
Total assets held for sale	5,205,340	3,967,345
Liabilities
Debt, net	2,004,201	1,064,585
Lease intangibles and other liabilities, net	163,967	153,910
Total liabilities related to assets held for sale	2,168,168	$ 1,218,495
Industrial
Assets
Real estate, net	4,300,000		$ 2,900,000
Total assets held for sale	4,400,000		3,000,000
Liabilities
Total liabilities related to assets held for sale	2,100,000		$ 1,200,000
Fixed Rate | Industrial
Liabilities
Debt, net	1,200,000
Variable Rate | Industrial
Liabilities
Debt, net	$ 800,000
Weighted average interest rate (percentage)	3.87%
Weighted-average remaining maturity	7 years 9 months 18 days

Restricted Cash, Other Assets_3

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018		Jun. 30, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 336,491	$ 364,605	[1]	$ 395,842	$ 466,912
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	141,812	214,863
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	50,024	49,702
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	13,864	10,412
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	14,453	19,586
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	12,226	15,666
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 104,112	$ 54,376
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Restricted Cash, Other Assets_4

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Interest receivable	$ 12,659	$ 14,005
Straight-line rents	36,945	34,931
Hotel-related deposits and reserves	13,166	21,636
Investment deposits and pending deal costs	31,081	27,534
Deferred financing costs, net	4,247	5,467
Derivative assets (Note 10)	20,953	33,558
Prepaid taxes and deferred tax assets, net	56,751	71,656
Receivables from resolution of investments	1,462	30,770
Operating lease right-of-use asset, net	115,048	0
Accounts receivable, net	91,537	58,830
Prepaid expenses	33,565	23,771
Other assets	159,922	30,604
Fixed assets, net	44,337	47,381
Total other assets	$ 621,673	$ 400,143	[1]
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Restricted Cash, Other Assets_5

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Tenant security deposits and payable	$ 18,326	$ 15,135
Borrower escrow deposits	13,822	13,001
Deferred income	13,326	27,124
Interest payable	40,751	40,622
Derivative liabilities (Note 10)	388,338	132,808
Contingent consideration—THL Hotel Portfolio (Note 11)	9,745	8,903
Share repurchase payable	0	7,567
Current and deferred income tax liability	97,312	92,808
Operating lease liability (Note 20)	116,020	0
Accrued compensation	45,068	79,320
Accrued carried interest and contractual incentive fee compensation	7,172	7,486
Accrued real estate and other taxes	46,717	38,714
Accounts payable and accrued expenses	96,220	91,244
Other liabilities	127,892	79,412
Total accrued and other liabilities	1,020,709	634,144	[1]
Deferred asset management fee income	$ 2,900	$ 3,200
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal	$ 8,936,092	$ 9,171,929
Long-term debt	8,739,667	8,975,372	[1]
Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt	393,700	425,900
Credit Facilities
Debt Instrument [Line Items]
Long-term debt	85,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt	613,092
Secured and unsecured debt
Debt Instrument [Line Items]
Long-term debt	7,841,516
Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt	200,059
Carrying Value
Debt Instrument [Line Items]
Principal	8,936,092	9,171,929
Premium (discount), net	(97,895)	(119,551)
Deferred financing costs	(98,530)	(77,006)
Long-term debt		8,975,372
Carrying Value | Credit Facilities
Debt Instrument [Line Items]
Principal	85,000	0
Premium (discount), net	0	0
Deferred financing costs	0	0
Long-term debt		0
Carrying Value | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	616,105	616,105
Premium (discount), net	2,474	2,697
Deferred financing costs	(5,487)	(6,652)
Long-term debt		612,150
Carrying Value | Secured and unsecured debt
Debt Instrument [Line Items]
Principal	7,954,870	8,275,707
Premium (discount), net	(20,311)	(41,217)
Deferred financing costs	(93,043)	(70,354)
Long-term debt		8,164,136
Carrying Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal	280,117	280,117
Premium (discount), net	(80,058)	(81,031)
Deferred financing costs	$ 0	0
Long-term debt		$ 199,086
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)option	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Outstanding Principal	$ 8,936,092	$ 8,936,092	$ 9,171,929
Number of extension options | option	3
Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 1,238,223	1,238,223	2,997,136
Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	7,697,869	7,697,869	6,174,793
Recourse
Debt Instrument [Line Items]
Outstanding Principal	1,017,365	1,017,365	933,421
Recourse | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	652,248	652,248	653,304
Recourse | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	365,117	365,117	280,117
Recourse | Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	$ 85,000	$ 85,000	$ 0
Weighted Average Interest Rate (Per Annum)	4.65%	4.65%
Weighted Average Years Remaining to Maturity		2 years 6 months	3 years
Recourse | Line of Credit | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0	$ 0
Recourse | Line of Credit | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 85,000	$ 85,000	$ 0
Weighted Average Interest Rate (Per Annum)	4.65%	4.65%
Weighted Average Years Remaining to Maturity		2 years 6 months	3 years
Recourse | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding 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		2 years 6 months	3 years
Recourse | Convertible and Exchangeable Senior Notes | Fixed Rate
Debt Instrument [Line Items]
Outstanding 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		2 years 6 months	3 years
Recourse | Convertible and Exchangeable Senior Notes | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0	$ 0
Recourse | Junior subordinated debt
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)	5.18%	5.18%	5.66%
Weighted Average Years Remaining to Maturity		16 years 10 months 24 days	17 years 4 months 24 days
Recourse | Junior subordinated debt | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0	$ 0
Recourse | Junior subordinated debt | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 280,117	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)	5.18%	5.18%	5.66%
Weighted Average Years Remaining to Maturity		16 years 10 months 24 days	17 years 4 months 24 days
Recourse | Secured debt
Debt Instrument [Line Items]
Outstanding Principal	$ 36,143	$ 36,143	$ 37,199
Weighted Average Interest Rate (Per Annum)	5.02%	5.02%	5.02%
Weighted Average Years Remaining to Maturity		6 years 7 months 6 days	6 years 10 months 24 days
Recourse | Secured debt | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 36,143	$ 36,143	$ 37,199
Weighted Average Interest Rate (Per Annum)	5.02%	5.02%	5.02%
Weighted Average Years Remaining to Maturity		6 years 4 months 24 days	6 years 10 months 24 days
Recourse | Secured debt | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0	$ 0
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	7,918,727	7,918,727	8,238,508
Non-recourse | Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	585,975	585,975	2,343,832
Non-recourse | Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	7,332,752	7,332,752	5,894,676
Non-recourse | Secured and unsecured debt | Healthcare
Debt Instrument [Line Items]
Outstanding Principal	$ 3,022,746	$ 3,022,746	$ 3,240,680
Weighted Average Interest Rate (Per Annum)	5.80%	5.80%	5.31%
Weighted Average Years Remaining to Maturity		4 years 4 months 24 days	2 years 2 months 12 days
Non-recourse | Secured and unsecured debt | Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 2,659,562	$ 2,659,562	$ 2,648,072
Weighted Average Interest Rate (Per Annum)	5.56%	5.56%	5.71%
Weighted Average Years Remaining to Maturity		3 years 6 months	3 years 9 months 18 days
Non-recourse | Secured and unsecured debt | Other Real Estate Equity
Debt Instrument [Line Items]
Outstanding Principal	$ 1,933,163	$ 1,933,163	$ 1,990,245
Weighted Average Interest Rate (Per Annum)	4.20%	4.20%	4.39%
Weighted Average Years Remaining to Maturity		3 years 1 month 6 days	3 years 8 months 12 days
Non-recourse | Secured and unsecured debt | Real Estate Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 303,256	$ 303,256	$ 359,511
Weighted Average Interest Rate (Per Annum)	4.56%	4.56%	4.50%
Weighted Average Years Remaining to Maturity		2 years 3 months 18 days	2 years 4 months 24 days
Non-recourse | Secured and unsecured debt | Fixed Rate | Healthcare
Debt Instrument [Line Items]
Outstanding Principal	$ 405,980	$ 405,980	$ 2,130,999
Weighted Average Interest Rate (Per Annum)	4.55%	4.55%	4.62%
Weighted Average Years Remaining to Maturity		5 years 7 months 6 days	1 year 10 months 24 days
Long-term debt, repayment of principal in next twelve months			$ 1,725,000
Non-recourse | Secured and unsecured debt | Fixed Rate | Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 12,960	$ 12,960	$ 12,019
Weighted Average Interest Rate (Per Annum)	13.01%	13.01%	12.99%
Weighted Average Years Remaining to Maturity		2 years 1 month 6 days	2 years 7 months 6 days
Non-recourse | Secured and unsecured debt | Fixed Rate | Other Real Estate Equity
Debt Instrument [Line Items]
Outstanding Principal	$ 167,035	$ 167,035	$ 200,814
Weighted Average Interest Rate (Per Annum)	4.14%	4.14%	4.02%
Weighted Average Years Remaining to Maturity		3 years 6 months	3 years 9 months 18 days
Non-recourse | Secured and unsecured debt | Fixed Rate | Real Estate Debt
Debt Instrument [Line Items]
Outstanding 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	341,600	341,600	538,500
Non-recourse | Secured and unsecured debt | Variable Rate | Healthcare
Debt Instrument [Line Items]
Outstanding Principal	$ 2,616,766	$ 2,616,766	$ 1,109,681
Weighted Average Interest Rate (Per Annum)	5.99%	5.99%	6.64%
Weighted Average Years Remaining to Maturity	2 years	4 years 2 months 12 days	2 years 8 months 12 days
Long-term debt, repayment of principal in next twelve months	$ 1,515,000	$ 1,515,000
Extension option, term	1 year
Non-recourse | Secured and unsecured debt | Variable Rate | Hospitality
Debt Instrument [Line Items]
Outstanding Principal	$ 2,646,602	$ 2,646,602	$ 2,636,053
Weighted Average Interest Rate (Per Annum)	5.52%	5.52%	5.68%
Weighted Average Years Remaining to Maturity		3 years 6 months	3 years 9 months 18 days
Non-recourse | Secured and unsecured debt | Variable Rate | Other Real Estate Equity
Debt Instrument [Line Items]
Outstanding Principal	$ 1,766,128	$ 1,766,128	$ 1,789,431
Weighted Average Interest Rate (Per Annum)	4.20%	4.20%	4.43%
Weighted Average Years Remaining to Maturity		3 years 1 month 6 days	3 years 7 months 6 days
Non-recourse | Secured and unsecured debt | Variable Rate | Real Estate Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 303,256	$ 303,256	$ 359,511
Weighted Average Interest Rate (Per Annum)	4.56%	4.56%	4.50%
Weighted Average Years Remaining to Maturity		2 years 3 months 18 days	2 years 4 months 24 days
Non-recourse | First Mortgage | Variable Rate | Healthcare
Debt Instrument [Line Items]
Long-term debt, repayment of principal in next twelve months	$ 1,025,000	$ 1,025,000
Non-recourse | Mezzanine Loan | Variable Rate | Healthcare
Debt Instrument [Line Items]
Long-term debt, repayment of principal in next twelve months	$ 490,000	$ 490,000

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facility (Details) - Credit Facilities - Revolving Credit Facility - JPMorgan Chase Bank, N.A.	Jan. 10, 2017USD ($)extension	Jun. 30, 2019	Apr. 30, 2019USD ($)	Mar. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 1,000,000,000		$ 750,000,000	$ 1,000,000,000
Number of extension options | extension	2
Extension term	6 months
Extension commitment fee (percentage)	0.10%
Percentage of unused amount (percentage)		0.35%
Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount (percentage)		0.25%
Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount (percentage)		0.35%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)		2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)		1.25%
Accordion Feature
Line of Credit Facility [Line Items]
Maximum principal amount increase	$ 1,500,000,000		$ 1,125,000,000

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) $ / shares in Units, shares in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)dquarter$ / sharesshares	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal	$ 616,105,000	$ 616,105,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount (percentage)	100.00%
Threshold percentage of stock price trigger (percentage)	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 (in dollars 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
Convertible and exchangeable senior notes, outstanding principal	$ 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 (in dollars 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
Convertible and exchangeable senior notes, outstanding principal	$ 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 (in dollars 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
Convertible and exchangeable senior notes, outstanding principal	$ 13,605,000	$ 13,605,000
Convertible and exchangeable senior notes | 5.00% Convertible Notes
Debt Instrument [Line Items]
Converted instrument, amount	$ 1,000
Junior subordinated debt
Debt Instrument [Line Items]
Redemption period	5 years
Interest payment deferral, number of consecutive quarters | quarter	6

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 20,953	$ 33,558
Derivative Liabilities	394,421	132,808
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	20,953	33,558
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	394,421	132,808
Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	16,798	31,989
Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	9,949	6,193
Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	4,155	1,569
Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	384,472	126,615
Foreign exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	17,181	32,196
Foreign exchange contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	4,087	6,404
Foreign exchange contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	16,717	31,127
Foreign exchange contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	3,866	6,193
Foreign exchange contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	464	1,069
Foreign exchange contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	221	211
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	202	1,362
Derivative Liabilities	277,961	126,404
Interest rate contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	202	1,362
Interest rate contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	277,961	126,404
Interest rate contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	81	862
Interest rate contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	6,083	0
Interest rate contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	121	500
Interest rate contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	271,878	126,404
Performance swaps
Derivatives, Fair Value [Line Items]
Derivative Assets	3,570
Performance swaps | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	3,570	0
Performance swaps | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Performance swaps | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	3,570	0
Forward contracts
Derivatives, Fair Value [Line Items]
Derivative Liabilities	112,373
Forward contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	112,373	0
Forward contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Forward contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 112,373	$ 0

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Thousands, € in Millions, £ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019GBP (£)	Jun. 30, 2019EUR (€)	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018GBP (£)	Dec. 31, 2018EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Deposits related to agreements included in other assets	$ 116,700		$ 116,700					$ 800
Investments in unconsolidated joint ventures	2,306,190		2,306,190					2,432,914
Cash Collateral Pledged	0		0				$ 12,000	0
Unrealized gain on investments	1,100		12,900
Designated Hedges | Other gain (loss), net | Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges	786	$ (247)	1,026	$ 2,336
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	19	$ 4,120	(400)	$ 1,239
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	1,000,000		1,000,000		£ 234.4	€ 601.4		$ 1,000,000	£ 235.7	€ 614
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount							$ 100,000
Loss on derivative	1,100		12,400
Performance swaps
Derivative Instruments, Gain (Loss) [Line Items]
Cash Collateral Pledged	0		0
Gain on derivative	$ 1,000		$ 3,600

Derivatives - Schedule of Forei

Derivatives - Schedule of Foreign Exchange Contracts (Details) - Jun. 30, 2019 € in Thousands, £ in Thousands	$ / €	GBP (£)	EUR (€)	$ / £
Foreign exchange collars | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate floor (in $ per unit of foreign currency)	1.06			1.45
Foreign exchange collars | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate cap (in $ per unit of foreign currency)	1.31			1.76
Foreign exchange contracts | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate (in $ per unit of foreign currency)	1.12			1.24
Foreign exchange contracts | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate (in $ per unit of foreign currency)	1.38			1.32
Designated Hedges | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		£ 8,632	€ 71,986
Designated Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		126,005	443,169
Non-Designated Hedges | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		708	177
Non-Designated Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		£ 0	€ 32,763

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019GBP (£)	Jun. 30, 2019EUR (€)
Designated Hedges | Interest rate swap | 3-Month LIBOR
Derivative [Line Items]
Notional amount	$ 0		$ 0
Designated Hedges | Interest rate swap | 1-Month LIBOR
Derivative [Line Items]
Notional amount	300,000		300,000
Designated Hedges | Interest rate caps | 1-Month LIBOR
Derivative [Line Items]
Notional amount	0		0
Designated Hedges | Interest rate caps | 3-Month EURIBOR
Derivative [Line Items]
Notional amount | €						€ 247,513
Designated Hedges | Interest rate caps | 3-Month GBP LIBOR
Derivative [Line Items]
Notional amount | £					£ 0
Non-Designated Hedges | Other gain (loss), net
Derivative [Line Items]
Unrealized gain (loss) on cash flow hedge	89,610	$ 24,720
Non-Designated Hedges | Interest rate contracts | Other gain (loss), net
Derivative [Line Items]
Unrealized gain (loss) on cash flow hedge			149,136	$ 81,377
Non-Designated Hedges | Interest rate swap | 3-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,000,000		$ 2,000,000
Forward rate (in $ per unit of foreign currency)	0.0339		0.0339		0.0339	0.0339
Non-Designated Hedges | Interest rate swap | 1-Month LIBOR
Derivative [Line Items]
Notional amount	$ 0		$ 0
Forward rate (in $ per unit of foreign currency)	0.0215		0.0215		0.0215	0.0215
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR
Derivative [Line Items]
Notional amount	$ 5,942,714		$ 5,942,714
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.030		0.030		0.030	0.030
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.0626		0.0626		0.0626	0.0626
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR
Derivative [Line Items]
Notional amount | €						€ 541,151
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.010		0.010		0.010	0.010
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.015		0.015		0.015	0.015
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR
Derivative [Line Items]
Notional amount | £					£ 363,716
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Minimum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.015		0.015		0.015	0.015
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Maximum
Derivative [Line Items]
Forward rate (in $ per unit of foreign currency)	0.025		0.025		0.025	0.025

Derivatives - Derivative Nettin

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 20,953		$ 33,558
(Assets) Liabilities	(4,812)		(2,566)
Cash Collateral Pledged	0	$ 12,000	0
Net Amounts of Assets (Liabilities)	16,141		30,992
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(394,421)		(132,808)
(Assets) Liabilities	4,812		2,566
Cash Collateral Pledged	116,739		840
Net Amounts of Assets (Liabilities)	(272,870)		(129,402)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	17,181		32,196
(Assets) Liabilities	(1,165)		(1,743)
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	16,016		30,453
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(4,087)		(6,404)
(Assets) Liabilities	1,165		1,743
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	(2,922)		(4,661)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	202		1,362
(Assets) Liabilities	(77)		(823)
Cash Collateral Pledged	0		0
Net Amounts of Assets (Liabilities)	125		539
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(277,961)		(126,404)
(Assets) Liabilities	77		823
Cash Collateral Pledged	108,269		840
Net Amounts of Assets (Liabilities)	(169,615)		$ (124,741)
Forward contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(112,373)
(Assets) Liabilities	3,570
Cash Collateral Pledged	8,470
Net Amounts of Assets (Liabilities)	(100,333)
Performance swaps
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	3,570
(Assets) Liabilities	(3,570)
Cash Collateral Pledged	0
Net Amounts of Assets (Liabilities)	$ 0

Fair Value - Recurring Fair Val

Fair Value - Recurring Fair Values and Level 3 Recurring Fair Value Measurements (Details) $ in Thousands	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	$ 177,299	$ 81,085
Other assets—derivative assets	20,953	33,558
Other liabilities—derivative liabilities	388,338	132,808
Contingent consideration—THL Hotel Portfolio (Note 11)	9,745	8,903
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	0	0
Level 2
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	177,299	81,085
N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	62,442	64,127
Discounted cash flows | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 11)		8,903
Discounted cash flows | N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale		64,127
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	5,498	5,908
Discounted cash flows | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	18,722	21,831
Multiple | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 25,000	$ 25,000
Measurement input, percentage	5.5	5.8
Recent Transaction Price | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 128,079	$ 28,346
Discount rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	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, percentage	0.218	0.216
Discount rate | Minimum | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.166	0.136
Discount rate | Maximum | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.260	0.565
Discount rate | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.137	0.175
Discount rate | Other investment ventures | Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.121	0.091
Discount rate | Other investment ventures | Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input, percentage	0.144	0.184
THL Hotel Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability	$ 13,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	132,781	$ 36,438
Other assets—derivative assets	20,953	33,558
Other liabilities—derivative liabilities	394,421	132,808
Contingent consideration—THL Hotel Portfolio (Note 11)	9,745	8,903
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	132,781	36,438
Other assets—derivative assets	0	0
Other liabilities—derivative liabilities	0	0
Contingent consideration—THL Hotel Portfolio (Note 11)	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	20,953	33,558
Other liabilities—derivative liabilities	394,421	132,808
Contingent consideration—THL Hotel Portfolio (Note 11)	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities	0	0
Other assets—derivative assets	0	0
Other liabilities—derivative liabilities	0	0
Contingent consideration—THL Hotel Portfolio (Note 11)	9,745	8,903
Recurring | N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	62,442	64,127
Recurring | N-Star CDO bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	0	0
Recurring | N-Star CDO bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	0	0
Recurring | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
N-Star CDO bonds, available for sale	62,442	64,127
Recurring | CMBS of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	5,058	32,706
Recurring | CMBS of consolidated fund | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	0	0
Recurring | CMBS of consolidated fund | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	5,058	32,706
Recurring | CMBS of consolidated fund | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CMBS of consolidated fund	$ 0	$ 0

Fair Value - Changes in Level 3

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Debt—Securitized Bonds Payable
Level 3 Liabilities
Fair value, liability value	$ 0	$ (44,542)
Paydowns or distributions		638
Deconsolidation		43,847
Unrealized gain related to balance recorded in earnings		57
Unrealized gains (losses) on ending balance in earnings	0	57
Fair value, liability value	0	0
Due to Affiliates—Contingent Consideration for Internalization
Level 3 Liabilities
Fair value, liability value	0	(20,650)
Transfer out of liabilities into equity		12,539
Transfers out of Level 3		6,381
Unrealized gain related to balance recorded in earnings		1,730
Unrealized gains (losses) on ending balance in earnings	0	1,730
Fair value, liability value	0	0
Loans Receivable
Level 3 Assets
Fair value, asset value	0	45,423
Paydowns, distributions or sales		(638)
Deconsolidation		(44,070)
Unrealized gains (losses) In earnings		(715)
Unrealized gains (losses) on ending balance in earnings	0	(715)
Fair value, asset value	0	0
Equity Method Investments
Level 3 Assets
Fair value, asset value	81,085	363,901
Purchases, contributions or accretion	102,273	60,995
Paydowns, distributions or sales	(8,005)	(182,063)
Transfers out of Level 3		(132,527)
Contribution to Colony Credit		(26,134)
Realized gains (losses) in earnings	752	2,697
Unrealized gains (losses) In earnings	1,194	(2,298)
Unrealized gains (losses) on ending balance in earnings	1,194	(2,298)
Fair value, asset value	177,299	84,571
Securities
Level 3 Assets
Fair value, asset value	64,127	323,243
Purchases, contributions or accretion	3,267	5,360
Paydowns, distributions or sales	(5,582)	(108,924)
Deconsolidation		(124,344)
Realized gains (losses) in earnings	(667)	4,787
Unrealized gains (losses) In accumulated other comprehensive income	1,297	(21,917)
Unrealized gains (losses) on ending balance in earnings	0	0
Unrealized gains (losses) on ending balance in other comprehensive income (loss)	(2,087)	(3,827)
Fair value, asset value	62,442	78,205
THL Hotel Portfolio | Due to Affiliates—Contingent Consideration for Internalization
Level 3 Liabilities
Fair value, liability value	(8,903)	(7,419)
Unrealized gain related to balance recorded in earnings	(842)	(702)
Unrealized gains (losses) on ending balance in earnings	(842)	(702)
Fair value, liability value	$ (9,745)	$ (8,121)

Fair Value - Recurring Fair V_2

Fair Value - Recurring Fair Value Narrative (Details) shares in Thousands, $ in Thousands	Jun. 30, 2018USD ($)shares	Jun. 30, 2018USD ($)shares
Contingent consideration | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer out of liabilities into equity		$ 12,539
Transfers out of Level 3		$ 6,381
Class A Common Stock | Common Stock | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, number of shares | shares	15	15
Class B Common Stock | Common Stock | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, number of shares | shares	40	40
Settlement Of Contingent Consideration | OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OP units sold (in shares) | shares	1,950
Contingent consideration | Senior Management | Contingent consideration | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers out of Level 3	$ 6,400
Affiliated Entity | Contingent consideration | Senior Management | Common Stock And OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer out of liabilities into equity	$ 12,500

Fair Value - Investments Carrie

Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
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	$ 16,659	$ 12,617
Unfunded Commitments	10,153	13,658
Recurring | Fair Value Measured at Net Asset Value Per Share | Non-traded REIT—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	16,812	11,990
Unfunded Commitments	0	0
Recurring | Fair Value Measured at Net Asset Value Per Share | Private fund—emerging market private equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	2,836	0
Unfunded Commitments	$ 0	$ 0
Minimum | Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	8 years
Maximum | Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	10 years

Fair Value - Nonrecurring Fair

Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018		Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		$ 177,299			$ 177,299			$ 81,085
Impairment loss		84,695	$ 69,660	[1]	110,317	$ 223,058	[1]
Impairment loss					110,317	223,232
Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		401,391			401,391			269,145
Impairment loss		42,998	6,546		68,181	15,310
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		220,179			220,179			416,272
Impairment loss		41,048	2,975		41,487	7,181
Intangible assets—lease intangibles | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0			0			15,608
Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0			0			36,400
Equity Method Investments | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		753,732			753,732			$ 32,761
Impairment loss		247,812	16,467		250,434	16,467
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate, percentage								5.50%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate, percentage								11.00%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		0			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		173,907			173,907			68,864
Level 2 | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0			0			0
Level 2 | Intangible assets—lease intangibles | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0			0			0
Level 2 | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0			0			0
Level 2 | Equity Method Investments | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		0			0			0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		177,299			177,299			81,085
Level 3 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		227,484			227,484			200,281
Level 3 | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		220,179			220,179			416,272
Level 3 | Intangible assets—lease intangibles | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0			0			15,608
Level 3 | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0			0			36,400
Level 3 | Equity Method Investments | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		753,732			753,732			32,761
Investment management contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss		0	0		0	140,429		$ 147,400
Trade name
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	$ 59,500	$ 0	$ 59,464		$ 0	$ 59,464
Primarily European Portfolio | Minimum | Real estate held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs, percentage					2.00%
Primarily European Portfolio | Maximum | Real estate held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs, percentage					3.00%
Certain Hotels In The Hospitality Segment | Level 3 | Minimum | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs, percentage								2.00%
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, percentage								3.00%
Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio | Level 2 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs, percentage								2.00%
Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio | Level 3 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs, percentage					2.00%
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Fair Value - Estimated Fair Val

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Level 1
Assets
Loans at amortized cost	$ 0	$ 0
Liabilities
Corporate credit facility	0
Level 1 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	585,944	547,300
Level 1 | Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 1 | Secured and unsecured debt
Liabilities
Secured and unsecured debt	0	0
Level 1 | Junior subordinated debt
Liabilities
Secured and unsecured debt	0	0
Level 2
Assets
Loans at amortized cost	0	0
Liabilities
Corporate credit facility	85,000
Level 2 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	13,095	13,095
Level 2 | Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 2 | Secured and unsecured debt
Liabilities
Secured and unsecured debt	0	0
Level 2 | Junior subordinated debt
Liabilities
Secured and unsecured debt	0	0
Level 3
Assets
Loans at amortized cost	1,494,716	1,667,892
Liabilities
Corporate credit facility	0
Level 3 | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 | Secured debt
Liabilities
Secured and unsecured debt	7,985,674	8,141,497
Level 3 | Secured and unsecured debt
Liabilities
Secured and unsecured debt	2,029,096	1,077,195
Level 3 | Junior subordinated debt
Liabilities
Secured and unsecured debt	197,766	169,619
Fair Value
Assets
Loans at amortized cost	1,494,716	1,667,892
Liabilities
Corporate credit facility	85,000
Fair Value | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	599,039	560,395
Fair Value | Secured debt
Liabilities
Secured and unsecured debt	7,985,674	8,141,497
Fair Value | Secured and unsecured debt
Liabilities
Secured and unsecured debt	2,029,096	1,077,195
Fair Value | Junior subordinated debt
Liabilities
Secured and unsecured debt	197,766	169,619
Carrying Value
Assets
Loans at amortized cost	1,487,611	1,659,217
Liabilities
Corporate credit facility	85,000
Carrying Value | Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	613,092	612,150
Carrying Value | Secured debt
Liabilities
Secured and unsecured debt	7,841,516	8,164,136
Carrying Value | Secured and unsecured debt
Liabilities
Secured and unsecured debt	2,004,201	1,064,585
Carrying Value | Junior subordinated debt
Liabilities
Secured and unsecured debt	$ 200,059	$ 199,086

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2018securitization_trust	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Total assets of consolidated private fund		$ 22,658,538	$ 22,215,249	[1]
Total liabilities of consolidated private fund		12,113,495	11,059,494	[1]
Number of securitization vehicles sold | securitization_trust	2
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		16,700	13,200
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets of consolidated private fund		24,600	42,700
Total liabilities of consolidated private fund		0	20,100
Consolidated open-end fund
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		111,400	117,300
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		3,700	3,700
Securitization Vehicles | Variable Interest Entity, Unconsolidated
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		$ 64,400	$ 67,500
Colony Credit Real Estate, Inc.
Variable Interest Entity [Line Items]
Number of securitization vehicles held | securitization_trust	0
Number of securitization vehicles contributed | securitization_trust	3
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2015	Jun. 30, 2019votedirectorquarter$ / sharesshares	Jun. 30, 2019USD ($)votedirectorquarter$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	May 31, 2018USD ($)$ / shares	Feb. 28, 2018USD ($)
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)		$ 25	$ 25
Minimum affirmative vote required for changes to any series of preferred stock		66.67%	66.67%
Number of directors vote entitles | director		2	2
Minimum period of dividend defaults providing preferred stockholders to voting rights | quarter		6	6
Common stock conversion ratio for Class A to Class B / OP Units	1
Class A common stock acquired under the DRIP Plan (in shares) | shares		0	0	0
Class A Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share | vote		1	1
Shares repurchased (in shares) | shares			652,311	61,417,755
Value of shares repurchased | $			$ 3,200,000	$ 350,100,000
Weighted average price per share (in dollars per share)			$ 4.84	$ 5.70
Stock repurchase, authorized amount | $					$ 300,000,000	$ 300,000,000
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share | vote		36.5	36.5
Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)					$ 25
Liquidation preference per share (in dollars per share)					$ 25

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares shares in Thousands		6 Months Ended
		Jun. 30, 2019		Jun. 30, 2018
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)	[1]	57,464
Preferred stock, shares outstanding (in shares)		57,464
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		57,464		65,464
Repurchase and Redemption of stock (in shares)				(8,000)
Preferred stock, shares outstanding (in shares)		57,464		57,464
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		483,347	[1]	542,599
Repurchase and Redemption of stock (in shares)		(652)		(54,813)
Conversion of class B to class A common stock (in shares)				28
Equity-based compensation, net of forfeitures (in shares)		4,713		3,412
Shares canceled for tax withholding on vested stock awards (in shares)		(582)		(2,950)
Common stock, shares outstanding (in shares)		487,013		489,764
Class A Common Stock | Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)		187		1,488
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		734	[1]	736
Conversion of class B to class A common stock (in shares)				(28)
Common stock, shares outstanding (in shares)		734		708
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Stockholders' Equity - Prefer_2

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	[1]
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	57,464	57,464
Preferred stock, par value (in dollars per share)	$ 575
Preferred stock, liquidation preference	$ 1,436,605	$ 1,436,605
Series B
Class of Stock [Line Items]
Dividend Rate Per Annum	8.25%
Preferred stock, shares outstanding (in shares)	6,114
Preferred stock, par value (in dollars per share)	$ 61
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
Preferred stock, par value (in dollars per share)	$ 100
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
Preferred stock, 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
Preferred stock, 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
Preferred stock, 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
Preferred stock, par value (in dollars per share)	$ 126
Preferred stock, liquidation preference	$ 315,000
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019		Jun. 30, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 11,146,370	[1]	$ 12,349,392
Ending balance	10,537,098		11,384,284
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	13,999		47,316
Cumulative effect of adoption of new accounting pronouncements			(202)
Other comprehensive income (loss) before reclassifications	14,479		(22,344)
Amounts reclassified from AOCI	(1,511)		(3,436)
Deconsolidation of N-Star CDO			2,596
Ending balance	26,967		23,930
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,629		5,616
Cumulative effect of adoption of new accounting pronouncements			(202)
Other comprehensive income (loss) before reclassifications	8,828		1,968
Amounts reclassified from AOCI	0		0
Deconsolidation of N-Star CDO			0
Ending balance	12,457		7,382
Unrealized Gain (Loss) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,175)		14,418
Cumulative effect of adoption of new accounting pronouncements			0
Other comprehensive income (loss) before reclassifications	591		(15,807)
Amounts reclassified from AOCI	626		(4,806)
Deconsolidation of N-Star CDO			2,596
Ending balance	(1,958)		(3,599)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(91)		0
Cumulative effect of adoption of new accounting pronouncements			0
Other comprehensive income (loss) before reclassifications	(2,063)		0
Amounts reclassified from AOCI	0		0
Deconsolidation of N-Star CDO			0
Ending balance	(2,154)		0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	6,618		45,931
Cumulative effect of adoption of new accounting pronouncements			0
Other comprehensive income (loss) before reclassifications	(7,643)		(21,612)
Amounts reclassified from AOCI	(1,128)		4,158
Deconsolidation of N-Star CDO			0
Ending balance	(2,153)		28,477
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7,018		(18,649)
Cumulative effect of adoption of new accounting pronouncements			0
Other comprehensive income (loss) before reclassifications	14,766		13,107
Amounts reclassified from AOCI	(1,009)		(2,788)
Deconsolidation of N-Star CDO			0
Ending balance	20,775		(8,330)
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	8,654		42,075
Other comprehensive income (loss) before reclassifications	(14,104)		(9,347)
Amounts reclassified from AOCI	(17)		3,765
Ending balance	(5,467)		36,493
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(390)		0
Other comprehensive income (loss) before reclassifications	(4,656)		0
Amounts reclassified from AOCI	0		0
Ending balance	(5,046)		0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(600)		38,948
Other comprehensive income (loss) before reclassifications	(10,840)		(12,639)
Amounts reclassified from AOCI	(465)		4,409
Ending balance	(11,905)		30,718
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	9,644		3,127
Other comprehensive income (loss) before reclassifications	1,392		3,292
Amounts reclassified from AOCI	448		(644)
Ending balance	$ 11,484		$ 5,775
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ (89,506)	$ 28,798	[1]	$ (138,575)	$ 104,054	[1]
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	0	2,194		0	10,100
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	0	(1,188)		(626)	(5,294)
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	(2,596)
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	173	5		1,128	(4,158)
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	22	2,082		46	584
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	$ 739	$ (232)		$ 963	$ 2,204
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Noncontrolling Interests - Chan

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019		Jun. 30, 2018		Mar. 31, 2018	Jun. 30, 2019		Jun. 30, 2018
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 9,385	[1]			$ 34,144	$ 9,385	[1]	$ 34,144
Distributions and redemptions	$ (216,271)	$ (110,827)		$ (140,661)		$ (86,063)
Net income (loss)	509			1,873	[2]		1,953		1,177	[2]
Ending balance	$ 7,945			$ 33,523			7,945		33,523
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions							0		305
Distributions and redemptions							(3,393)		(2,103)
Net income (loss)							$ 1,953		$ 1,177
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).
[2]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Noncontrolling Interests - In I

Noncontrolling Interests - In Investment Entities and in Operating Company (Details) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)shares
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests | $	$ 0	$ 0	$ 0	$ 2,096
OP Units to common stock, conversion ratio					1
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio					1		1
OP units redeemed (in shares)					187,187		2,870,422
Issuance of shares (in shares)							2,074,457
Partners' capital account, units redeemed for cash (in shares)							795,965
OP units redeemed, cash settlement | $							$ 4,800
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests | $					$ 12,400	$ 21,100
Settlement Of Contingent Consideration | OP Units
Noncontrolling Interest [Line Items]
OP units redeemed (in shares)							1,000,000

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Revenues
Property operating income	$ 91,741	$ 72,155		$ 172,973	$ 140,508
Fee income	2,978	1,634		5,449	2,948
Interest and other income	1,228	792		2,368	1,908
Revenues from discontinued operations	95,947	74,581		180,790	145,364
Expenses
Property operating expenses	25,669	21,054		48,007	42,453
Interest expense	19,726	10,856		34,352	21,046
Investment and servicing expense	8	178		538	263
Depreciation and amortization	45,360	32,482		84,805	62,427
Impairment loss	0	174		0	174
Compensation expense—cash and equity-based	3,680	2,632		6,339	5,027
Compensation expense—carried interest	561	1,060		340	1,919
Administrative expenses	1,386	1,084		3,016	2,391
Expenses from discontinued operations	96,390	69,520		177,397	135,700
Other income (loss)
Gain from sale of real estate	547	0		23,395	2,293
Other loss, net	(49)	0		(57)	0
Equity method earnings (losses)	(173)	2,650		(644)	4,833
Income (loss) from discontinued operations before income taxes	(118)	7,711		26,087	16,790
Income tax benefit (expense)	(386)	53		(298)	68
Income (loss) from discontinued operations	(504)	7,764	[1]	25,789	16,858	[1]
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	(1,107)	3,823		7,332	7,664
Equity-based compensation	700	700		1,400	1,100
Noncontrolling Interests in Investment Entities
Other income (loss)
Income (loss) from discontinued operations attributable to:	674	3,709		17,983	8,728
Noncontrolling Interests in Operating Company
Other income (loss)
Income (loss) from discontinued operations attributable to:	$ (71)	232		$ 474	$ 466
THL Hotel Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Immaterial net loss from operations of the THL Hotel Portfolio		$ 200
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Earnings per Share (Details)

Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares		Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares
Net income (loss) allocated to common stockholders
Loss from continuing operations	$ (484,142)	$ (50,672)	[1]	$ (540,590)	$ (86,924)	[1]
(Income) loss from continuing operations attributable to noncontrolling interests	43,497	(18,564)		16,530	(27,480)
Loss from continuing operations attributable to Colony Capital, Inc.	(440,645)	(69,236)		(524,060)	(114,404)
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	(1,107)	3,823		7,332	7,664
Net loss attributable to Colony Capital, Inc.	(441,752)	(65,413)	[1]	(516,728)	(106,740)	[1]
Preferred stock redemption	0	3,995	[1]	0	3,995	[1]
Preferred dividends	(27,138)	(31,388)	[1]	(54,275)	(62,775)	[1]
Net loss attributable to common stockholders	(468,890)	(92,806)	[1]	(571,003)	(165,520)	[1]
Net income allocated to participating securities	(953)	(643)		(1,673)	(1,272)
Net loss allocated to common stockholders—basic	(469,843)	(93,449)		(572,676)	(166,792)
Interest expense attributable to convertible senior notes	0	0		0	0
Net loss allocated to common stockholders—diluted	$ (469,843)	$ (93,449)		$ (572,676)	$ (166,792)
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) | shares	479,228,000	488,676,000	[1]	479,577,000	509,562,000	[1]
Weighted average effect of dilutive shares (in shares) | shares	0	0		0	0
Diluted weighted average number of common shares outstanding (in shares) | shares	479,228,000	488,676,000	[1]	479,577,000	509,562,000	[1]
Basic loss per share
Net income from continuing operations (in dollars per share) | $ / shares	$ (0.98)	$ (0.20)	[1]	$ (1.21)	$ (0.35)	[1]
Income from discontinued operations (in dollars per share) | $ / shares	0	0.01		0.02	0.02
Basic (in dollars per share) | $ / shares	(0.98)	(0.19)	[1]	(1.19)	(0.33)	[1]
Diluted loss per share
Net income from continuing operations (in dollars per share) | $ / shares	(0.98)	(0.20)	[1]	(1.21)	(0.35)	[1]
Income from discontinued operations (in dollars per share) | $ / shares	0	0.01		0.02	0.02
Diluted (in dollars per share) | $ / shares	$ (0.98)	$ (0.19)	[1]	$ (1.19)	$ (0.33)	[1]
OP Units to common stock, conversion ratio				1
Convertible Debt Securities
Diluted loss per share
Interest expense on convertible note excluded from diluted EPS	$ 7,100	$ 7,100		$ 14,300	$ 14,300
Weighted average dilutive common share (in shares) | shares	38,112,100	38,112,100		38,112,100	38,112,100
Restricted Stock
Diluted loss per share
Weighted average dilutive common share (in shares) | shares	92,700	605,800		115,200	634,200
Performance Shares
Diluted loss per share
Weighted average dilutive common share (in shares) | shares	459,800	2,137,500		755,700	1,074,700
Operating Partnership Unit
Diluted loss per share
Weighted average dilutive common share (in shares) | shares				31,171,300	30,426,900
OP Units to common stock, conversion ratio				1
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Fee Income - Earned (Details)

Fee Income - Earned (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 35,433	$ 38,290	[1]	$ 66,461	$ 73,818	[1]
Fee income | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	33,267	38,000		64,118	73,458
Base management fees ($32,418, $33,850, $62,620 and $66,712 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	32,612	34,116		62,976	66,978
Base management fees ($32,418, $33,850, $62,620 and $66,712 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	32,418	33,850		62,620	66,712
Asset management fees ($601, $761, $1,236 and $1,435 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	1,230	761		1,865	1,435
Asset management fees ($601, $761, $1,236 and $1,435 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	601	761		1,236	1,435
Acquisition and disposition fees—from affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	0	0		0	1,922
Other fee income ($248, $3,389, $262 and $3,389 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	1,591	3,413		1,620	3,483
Other fee income ($248, $3,389, $262 and $3,389 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	248	3,389		262	3,389
Institutional funds | Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	13,033	15,537		23,671	27,364
Public companies (Colony Credit, NRE) | Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	15,038	16,219		30,144	28,391
Non-traded REITs | Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	4,989	6,244		10,095	17,703
Other | Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 2,373	$ 290		$ 2,551	$ 360
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Fee Income - Additional Informa

Fee Income - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 30, 2018	Jan. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2019
Management Fee Income [Line Items]
Management fee, percent of net asset value, (percentage)					1.25%
Base Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer			$ 32,612	$ 34,116	$ 62,976	$ 66,978
Base Management Fees | Private funds and other | Fee income
Management Fee Income [Line Items]
Percent of limited partner net funded capital					1.00%
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital					1.75%
Base Management Fees | Non-traded REITs | 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 REITs | 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 | NorthStar Realty Europe Corp. | Fee income
Management Fee Income [Line Items]
Management fee, percent of net asset value, (percentage)					1.50%
Management fee percentage, threshold amount			2,000,000		$ 2,000,000
Percent of net asset value in excess of fixed fee amount					1.25%
Termination agreement payment	$ 70,000						$ 5,400
Base Management Fees | Colony Credit Real Estate, Inc. | Fee income
Management Fee Income [Line Items]
Percent of stockholders' equity					1.50%
Asset Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer			1,230	761	$ 1,865	1,435
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 | 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			$ 1,591	$ 3,413	$ 1,620	$ 3,483
Forecast | NorthStar Realty Europe Corp. | Agreement To Sell All Outstanding Common Stock
Management Fee Income [Line Items]
Sale price of outstanding stock (in usd per share)								$ 17.03

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		13 Months Ended
	Feb. 28, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested		$ 1.3	$ 1.5	$ 9.8	$ 106.5
Aggregate unrecognized compensation cost related to restricted stock granted		$ 58		$ 58
Weighted average period of expected cost				2 years 2 months 12 days
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 (percentage)		2.00%		2.00%
Common stock, shares reserved for future issuance		54.4		54.4
Conversion of units, conversion ratio (LTIP to common OP Unit)				1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Service period				3 years
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		$ 32.8		$ 32.8
Weighted average period of expected cost				2 years 3 months 18 days
Share-based compensation expenses		$ 3.6	$ 4.2	$ 6.4	$ 5
Class A Common Stock | PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period				3 years
Minimum | Class A Common Stock | PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted (percentage)				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 (percentage)	125.00%			200.00%		200.00%

Equity-Based Compensation - Val

Equity-Based Compensation - Valuation Technique (Details)	6 Months Ended
	Jun. 30, 2019
Performance Stock Units 2019 Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	26.20%
PSU
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock (percentage)	29.00%
Expected annual dividend yield (percentage)	7.30%
Risk-free rate (per annum), (percentage)	2.10%
Minimum | Performance Stock Units 2019 Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield (percentage)	8.50%
Risk-free rate (per annum), (percentage)	2.20%
Maximum | Performance Stock Units 2019 Grant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annual dividend yield (percentage)	8.70%
Risk-free rate (per annum), (percentage)	2.40%

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Share-Based Compensation (Details) - Compensation expense (including $315, $181, $432 and $203 amortization of fair value of dividend equivalent right) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 7,577	$ 8,716	$ 13,491	$ 20,429
Amortization of fair value of dividend equivalent right	$ 315	$ 181	$ 432	$ 203

Equity-Based Compensation - Non

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details)	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	7,649,173
Granted (shares)	8,946,559
Vested (shares)	(1,902,846)
Forfeited (shares)	(181,236)
Nonvested shares at period end (shares)	14,511,650
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share) | $ / shares	$ 9.39
Granted (USD per share) | $ / shares	5.20
Vested (USD per share) | $ / shares	10.67
Forfeited (USD per share) | $ / shares	6.60
Nonvested shares at period end (USD per share) | $ / shares	$ 6.67
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	5,422,090
Granted (shares)	4,869,734
Vested (shares)	(1,658,735)
Forfeited (shares)	(157,165)
Nonvested shares at period end (shares)	8,475,924
DSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	183,134
Granted (shares)	315,961
Vested (shares)	(244,111)
Forfeited (shares)	0
Nonvested shares at period end (shares)	254,984
PSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	2,043,949
Granted (shares)	3,760,864
Vested (shares)	0
Forfeited (shares)	(24,071)
Nonvested shares at period end (shares)	5,780,742
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share) | $ / shares	$ 5.09
Granted (USD per share) | $ / shares	2.92
Vested (USD per share) | $ / shares	0
Forfeited (USD per share) | $ / shares	4.53
Nonvested shares at period end (USD per share) | $ / shares	$ 3.68

Transactions with Affiliates -

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due from affiliates	$ 44,407	$ 45,779	[1]
Fee income
Related Party Transaction [Line Items]
Due from affiliates	34,795	34,429
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	8,924	10,754
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	$ 688	$ 596
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Transactions with Affiliates _2

Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
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%
NorthStar Realty Europe Corp.
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 (percentage)			1.00%
Cost reimbursements | Retail companies
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 689	$ 484	$ 1,427	$ 2,871
Cost reimbursements | Public companies (Colony Credit, NRE)
Related Party Transaction [Line Items]
Revenue from contract with customer	2,663	2,944	5,295	4,694
Cost reimbursements | Private funds and other
Related Party Transaction [Line Items]
Revenue from contract with customer	4,344	2,416	7,879	4,260
Cost reimbursements | Equity awards of Colony Credit and NRE (Note 18)
Related Party Transaction [Line Items]
Revenue from contract with customer	3,643	4,250	6,583	5,062
Cost reimbursements | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 11,339	$ 10,094	$ 21,184	$ 16,887

Transactions with Affiliates _3

Transactions with Affiliates - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended			6 Months Ended
	Jul. 31, 2018	May 31, 2018	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018		Dec. 31, 2018
Related Party Transaction [Line Items]
Management fee, percent of net asset value, (percentage)						1.25%
Proceeds from sale of equity method investments						$ 0	$ 142,270,000
Gain on sale of real estate			$ 6,077,000	$ 42,702,000	[1]	$ 35,530,000	58,853,000	[1]
American Healthcare Investors, LLC | Management and Advisory Fees
Related Party Transaction [Line Items]
Property management and sub-advisory fees				1,300,000			2,600,000
Minimum | Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee (percentage)			20.00%			20.00%
Maximum | Healthcare Strategic Partnership
Related Party Transaction [Line Items]
Incentive fee (percentage)			25.00%			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			$ 35,000,000
Extension option, term						6 months
Outstanding advances			0			$ 0			$ 0
Colony Credit Real Estate, Inc. | 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 (percentage)						3.50%
Redeemable noncontrolling interests | Investment Vehicles | Affiliated Entity
Related Party Transaction [Line Items]
Investments			6,700,000			$ 6,700,000			$ 5,700,000
Net income attributable to noncontrolling interest			500,000	1,600,000		1,000,000	2,800,000
Cost reimbursements | Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer			400,000	300,000		600,000	400,000
Cost reimbursements | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer			$ 11,339,000	$ 10,094,000		$ 21,184,000	$ 16,887,000
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Commitments and Contingencies

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2019
Operating Leased Assets [Line Items]
Weighted average discount rate (percentage)			5.50%
THL Hotel Portfolio
Operating Leased Assets [Line Items]
Contingent consideration, liability			$ 13
Ground Leases
Operating Leased Assets [Line Items]
Weighted average remaining lease term			20 years 8 months 12 days
Operating lease expense	$ 1.8	$ 3.8
Office Leases
Operating Leased Assets [Line Items]
Weighted average remaining lease term			7 years 10 months 24 days
Operating lease expense	$ 2.5	$ 5.2

Commitments and Contingencies -

Commitments and Contingencies - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Ground Leases
Lessee, Lease, Description [Line Items]
Fixed lease expense	$ 2,254	$ 4,189
Variable lease expense	506	1,079
Operating lease expense	2,760	5,268
Office Leases
Lessee, Lease, Description [Line Items]
Fixed lease expense	2,063	4,210
Variable lease expense	669	1,036
Operating lease expense	$ 2,732	$ 5,246

Commitments and Contingencies_2

Commitments and Contingencies - Future Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
Remaining 2019	$ 7,894
2020	15,201
2021	14,459
2023	13,483
2024	12,898
2024 and thereafter	97,594
Total lease payments	161,529
Present value discount	(45,509)
Operating lease liability (Note 8)	116,020	$ 0
Ground Leases
Lessor, Lease, Description [Line Items]
Remaining 2019	3,179
2020	6,275
2021	5,922
2023	5,959
2024	5,912
2024 and thereafter	67,979
Total lease payments	95,226
Office Leases
Lessor, Lease, Description [Line Items]
Remaining 2019	4,715
2020	8,926
2021	8,537
2023	7,524
2024	6,986
2024 and thereafter	29,615
Total lease payments	$ 66,303

Commitments and Contingencies_3

Commitments and Contingencies - Future Lease Payments (ASC 840) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leased Assets [Line Items]
2019	$ 14,529
2020	14,224
2021	14,003
2022	13,378
2023	12,765
2024 and thereafter	116,765
Total lease payments	185,664
Ground Leases
Operating Leased Assets [Line Items]
2019	5,149
2020	5,217
2021	5,386
2022	5,776
2023	5,720
2024 and thereafter	87,150
Total lease payments	114,398
Office Leases
Operating Leased Assets [Line Items]
2019	9,380
2020	9,007
2021	8,617
2022	7,602
2023	7,045
2024 and thereafter	29,615
Total lease payments	$ 71,266

Segment Reporting - Summary of

Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)		Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment				6
Total revenues	$ 573,439	$ 615,488	[1]	$ 1,121,498	$ 1,212,085	[1]
Property operating expenses	279,240	300,191	[1]	549,982	585,150	[1]
Interest expense	141,738	142,453		276,627	281,152
Depreciation and amortization	109,382	105,414	[1]	220,734	220,174	[1]
Provision for loan loss	15,003	13,933	[1]	18,614	19,308	[1]
Impairment loss	84,695	69,660	[1]	110,317	223,058	[1]
Gain on sale of real estate	6,077	42,702	[1]	35,530	58,853	[1]
Equity method earnings (losses)	(259,288)	(775)	[1]	(225,225)	29,307	[1]
Equity method earnings—carried interest	1,836	0	[1]	6,732	0	[1]
Income tax benefit (expense)	(2,585)	531	[1]	(3,783)	33,324	[1]
Loss from continuing operations	(484,142)	(50,672)	[1]	(540,590)	(86,924)	[1]
Income from discontinued operations	(504)	7,764	[1]	25,789	16,858	[1]
Net loss	(484,646)	(42,908)	[1]	(514,801)	(70,066)	[1]
Net loss attributable to Colony Capital, Inc.	(441,752)	(65,413)	[1]	(516,728)	(106,740)	[1]
Operating segments | Healthcare
Segment Reporting Information [Line Items]
Total revenues	145,896	145,419		291,670	298,014
Property operating expenses	63,924	69,983		128,226	136,949
Interest expense	57,135	45,179		104,662	96,120
Depreciation and amortization	40,778	38,229		80,909	79,356
Provision for loan loss	0	0		0	0
Impairment loss	51,324	1,982		51,324	5,762
Gain on sale of real estate	0	0		0	0
Equity method earnings (losses)	0	0		0	0
Equity method earnings—carried interest	0			0
Income tax benefit (expense)	(596)	(355)		1,278	(1,353)
Loss from continuing operations	(81,520)	(20,080)		(88,726)	(32,614)
Income from discontinued operations	0	0		0	0
Net loss	(81,520)	(20,080)		(88,726)	(32,614)
Net loss attributable to Colony Capital, Inc.	(58,616)	(14,356)		(66,078)	(24,716)
Operating segments | Industrial
Segment Reporting Information [Line Items]
Total revenues	0	0		0	0
Property operating expenses	0	0		0	0
Interest expense	0	0		0	0
Depreciation and amortization	0	0		0	0
Provision for loan loss	0	0		0	0
Impairment loss	0	0		0	0
Gain on sale of real estate	0	0		0	0
Equity method earnings (losses)	0	0		0	0
Equity method earnings—carried interest	0			0
Income tax benefit (expense)	0	0		0	0
Loss from continuing operations	0	0		0	0
Income from discontinued operations	(2,663)	4,668		21,491	10,989
Net loss	(2,663)	4,668		21,491	10,989
Net loss attributable to Colony Capital, Inc.	(3,135)	810		3,293	2,088
Operating segments | Hospitality
Segment Reporting Information [Line Items]
Total revenues	227,080	229,373		423,695	425,155
Property operating expenses	144,691	143,321		281,036	279,416
Interest expense	41,591	36,494		83,656	70,855
Depreciation and amortization	37,008	35,925		73,256	71,382
Provision for loan loss	0	0		0	0
Impairment loss	420	0		4,270	0
Gain on sale of real estate	140	0		279	0
Equity method earnings (losses)	0	0		0	0
Equity method earnings—carried interest	0			0
Income tax benefit (expense)	(2,006)	(1,556)		(2,842)	(75)
Loss from continuing operations	(3,505)	6,771		(29,582)	(5,115)
Income from discontinued operations	0	0		0	0
Net loss	(3,505)	6,771		(29,582)	(5,115)
Net loss attributable to Colony Capital, Inc.	(3,330)	5,767		(26,311)	(4,283)
Operating segments | CLNC
Segment Reporting Information [Line Items]
Total revenues	0	0		0	0
Property operating expenses	0	0		0	0
Interest expense	0	0		0	0
Depreciation and amortization	0	0		0	0
Provision for loan loss	0	0		0	0
Impairment loss	0	0		0	0
Gain on sale of real estate	0	0		0	0
Equity method earnings (losses)	(267,912)	5,413		(262,399)	1,759
Equity method earnings—carried interest	0			0
Income tax benefit (expense)	0	0		0	0
Loss from continuing operations	(267,912)	5,413		(262,399)	1,759
Income from discontinued operations	0	0		0	0
Net loss	(267,912)	5,413		(262,399)	1,759
Net loss attributable to Colony Capital, Inc.	(251,792)	5,104		(246,614)	1,658
Operating segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	152,066	190,950		314,754	396,104
Property operating expenses	70,625	86,887		140,720	168,785
Interest expense	29,216	46,476		61,069	86,756
Depreciation and amortization	23,166	23,521		47,949	52,490
Provision for loan loss	15,003	13,933		18,614	19,308
Impairment loss	32,302	7,366		54,074	16,555
Gain on sale of real estate	5,937	42,702		35,251	58,853
Equity method earnings (losses)	25,757	7,767		50,365	34,984
Equity method earnings—carried interest	0			0
Income tax benefit (expense)	(406)	(262)		(2,480)	(4,801)
Loss from continuing operations	(4)	61,853		59,559	130,284
Income from discontinued operations	0	(219)		0	(102)
Net loss	(4)	61,634		59,559	130,182
Net loss attributable to Colony Capital, Inc.	(5,841)	31,333		18,081	80,442
Operating segments | Investment Management
Segment Reporting Information [Line Items]
Total revenues	43,802	47,909		83,807	89,116
Property operating expenses	0	0		0	0
Interest expense	0	0		0	0
Depreciation and amortization	6,918	6,204		15,587	13,880
Provision for loan loss	0	0		0	0
Impairment loss	0	60,312		0	200,741
Gain on sale of real estate	0	0		0	0
Equity method earnings (losses)	(17,133)	(13,955)		(13,191)	(7,436)
Equity method earnings—carried interest	1,836			6,732
Income tax benefit (expense)	266	2,791		360	39,576
Loss from continuing operations	1,850	(53,075)		22,488	(141,214)
Income from discontinued operations	2,159	3,315		4,298	5,971
Net loss	4,009	(49,760)		26,786	(135,243)
Net loss attributable to Colony Capital, Inc.	4,351	(47,070)		24,899	(127,590)
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	4,595	1,837		7,572	3,696
Property operating expenses	0	0		0	0
Interest expense	13,796	14,304		27,240	27,421
Depreciation and amortization	1,512	1,535		3,033	3,066
Provision for loan loss	0	0		0	0
Impairment loss	649	0		649	0
Gain on sale of real estate	0	0		0	0
Equity method earnings (losses)	0	0		0	0
Equity method earnings—carried interest	0			0
Income tax benefit (expense)	157	(87)		(99)	(23)
Loss from continuing operations	(133,051)	(51,554)		(241,930)	(40,024)
Income from discontinued operations	0	0		0	0
Net loss	(133,051)	(51,554)		(241,930)	(40,024)
Net loss attributable to Colony Capital, Inc.	$ (123,389)	$ (47,001)		$ (223,998)	$ (34,339)
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15 ).

Segment Reporting - Assets and

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 22,658,538		$ 22,658,538		$ 22,215,249	[1]
Equity method investments	2,044,685		2,044,685		2,276,673
Total income by geography:	304,648	$ 604,619	881,821	$ 1,224,505
Long-lived assets by geography:	10,738,851		10,738,851		11,167,605
Assets held for sale	5,205,340		5,205,340		3,967,345
United States
Segment Reporting Information [Line Items]
Total income by geography:	221,425	535,407	712,340	1,076,818
Long-lived assets by geography:	9,327,317		9,327,317		9,566,982
Europe
Segment Reporting Information [Line Items]
Total income by geography:	81,245	69,212	167,503	147,385
Long-lived assets by geography:	1,411,534		1,411,534		1,600,623
Other
Segment Reporting Information [Line Items]
Total income by geography:	1,978	0	1,978	302
Industrial
Segment Reporting Information [Line Items]
Assets held for sale	4,400,000	$ 3,000,000	4,400,000	$ 3,000,000
Operating segments | Healthcare
Segment Reporting Information [Line Items]
Total assets	5,309,607		5,309,607		5,395,550
Equity method investments	0		0		0
Operating segments | Industrial
Segment Reporting Information [Line Items]
Total assets	4,385,617		4,385,617		3,185,906
Equity method investments	0		0		0
Operating segments | Hospitality
Segment Reporting Information [Line Items]
Total assets	3,960,218		3,960,218		3,980,988
Equity method investments	0		0		0
Operating segments | CLNC
Segment Reporting Information [Line Items]
Total assets	743,015		743,015		1,037,754
Equity method investments	743,015		743,015		1,037,754
Operating segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total assets	6,039,486		6,039,486		6,371,999
Equity method investments	1,122,053		1,122,053		1,054,295
Operating segments | Investment Management
Segment Reporting Information [Line Items]
Total assets	1,964,655		1,964,655		1,983,911
Equity method investments	175,875		175,875		180,882
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total assets	255,940		255,940		259,141
Equity method investments	3,742		3,742		$ 3,742
Disposal Group, Held-for-sale, Not Discontinued Operations | United States
Segment Reporting Information [Line Items]
Assets held for sale	4,600,000		4,600,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Europe
Segment Reporting Information [Line Items]
Assets held for sale	$ 500,000		$ 500,000
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	[1]
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized of $1,588 and $1,864		$ 263,096	$ 258,626
Interest capitalized		1,588	1,864
Cash received for income tax refunds (paid for income taxes), net		14,960	(9,217)
Cash paid for operating lease liabilities		7,652	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash provided by operating activities of discontinued operations		95,142	75,831
Net cash used in investing activities of discontinued operations		(1,315,308)	(444,626)
Net cash provided by financing activities of discontinued operations		1,165,015	297,226
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable		84,221	86,656	$ 84,013
Improvements in operating real estate in accrued and other liabilities		17,049	13,064
Redemption of OP Units for common stock		2,096	18,899
ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption	$ 126,800	129,488	0
Proceeds from loan repayments and asset sales held in escrow		1,392	0
Deconsolidation of net assets of securitization trusts (Note 15)		0	131,386
Assets held for sale contributed to equity method investee		0	20,350
Preferred stock redemptions payable		0	200,000
Assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed		0	1,753,066
Liabilities of CLNY Investment Entities deconsolidated		0	421,245
Noncontrolling interests of CLNY Investment Entities deconsolidated		$ 0	$ 395,274
[1]	Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7 ).

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	1 Months Ended
	Jul. 31, 2019USD ($)
Subsequent Event [Line Items]
Acquisition price	$ 325
Ownership in OP (percentage)	90.30%

Uncategorized Items - clny2019q

Label	Element	Value
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (2,905,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,018,000)
Accounting Standards Update 2016-02 [Member] | Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,905,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,220,000)
Accounting Standards Update 2016-02 [Member] | AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(202,000)
Accounting Standards Update 2016-02 [Member] | Noncontrolling Interests in Operating Company [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(185,000)
Accounting Standards Update 2016-02 [Member] | Noncontrolling Interests in Investment Entities [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,378,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0