DigitalBridge (DBRG) 8-K/A 10 Jan 20 2019 Q1 Other Events Financial data

Document and Entity Information

Document and Entity Information	Dec. 23, 2019
Entity Information [Line Items]
Entity Central Index Key	0001679688
Entity Emerging Growth Company	false
Written Communications	false
Entity Address, Address Line One	515 South Flower Street
Entity Incorporation, State or Country Code	MD
Entity Registrant Name	COLONY CAPITAL, INC.
Document Type	8-K/A
Document Period End Date	Dec. 23, 2019
Entity File Number	001-37980
Entity Tax Identification Number	46-4591526
Entity Address, Address Line Two	44th Floor
Entity Address, Postal Zip Code	90071
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
City Area Code	310
Local Phone Number	282-8820
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Amendment Flag	true
Amendment Description	This Amendment No. 1 to the Current Report on Form 8-K of Colony Capital, Inc., originally filed with the Securities and Exchange Commission on December 23, 2019 (“the Original 8-K”), is being filed solely to include interactive data filings exhibits, which were omitted from the original filing. The interactive data filings exhibits were omitted in the Original 8-K because the XBRL files could not be uploaded due to technical problems that were beyond our control.   Except as described above, the Amendment does not modify or update the disclosures presented in, or exhibits to, the Original 8-K in any way.   Those sections of the Original 8-K that are unaffected by the Amendment are not included herein.
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Class A Common Stock, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	CLNY
Security Exchange Name	NYSE
Preferred Stock, 8.25% Series B Cumulative Redeemable, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 8.25% Series B Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRB
Security Exchange Name	NYSE
Preferred Stock, 8.75% Series E Cumulative Redeemable, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 8.75% Series E Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRE
Security Exchange Name	NYSE
Preferred Stock, 7.50% Series G Cumulative Redeemable, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.50% Series G Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRG
Security Exchange Name	NYSE
Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRH
Security Exchange Name	NYSE
Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRI
Security Exchange Name	NYSE
Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
Trading Symbol	CLNY.PRJ
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 321,199	$ 461,912	$ 921,822
Restricted cash	323,503	364,605	466,912
Real estate, net	10,634,713	10,826,010	12,013,167
Loans receivable, net ($0 and $45,423 at fair value, respectively)	1,596,673	1,659,217	3,223,762
Equity investments ($142,130 and $363,901 at fair value, respectively)	2,671,130	2,432,914	1,687,999
Debt securities, at fair value		96,833	348,342
Goodwill	1,514,561	1,514,561	1,514,561
Deferred leasing costs and intangible assets, net	396,058	445,930	764,000
Assets held for sale ($269,145 and $49,498 at fair value, respectively)	5,068,835	3,969,635	3,408,530
Other assets ($33,558 and $10,152 at fair value, respectively)	566,098	400,143	386,194
Due from affiliates	42,714	43,489	50,361
Total assets	23,221,033	22,215,249	24,785,650
Liabilities
Debt, net ($0 and $44,542 at fair value, respectively)	8,803,402	8,975,372	9,826,352
Accrued and other liabilities ($141,711 and $212,267 at fair value, respectively)	958,293	634,144	836,867
Intangible liabilities, net	128,327	147,470	179,047
Liabilities related to assets held for sale	2,024,111	1,218,495	1,348,112
Due to affiliates ($0 and $20,650 at fair value, respectively)		0	23,534
Dividends and distributions payable	83,996	84,013	188,202
Total liabilities	11,998,129	11,059,494	12,402,114
Commitments and contingencies (Note 24)
Redeemable noncontrolling interests	7,463	9,385	34,144
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $1,436,605 and $1,636,605 liquidation preference, respectively; 250,000 shares authorized; 57,464 and 65,464 shares issued and outstanding, respectively	1,407,495	1,407,495	1,606,966
Additional paid-in capital	7,610,947	7,598,019	7,913,622
Distributions in excess of earnings	(2,176,730)	(2,018,302)	(1,165,412)
Accumulated other comprehensive income	22,138	13,999	47,316
Total stockholders’ equity	6,868,705	7,006,052	8,407,925
Noncontrolling interests in investment entities	3,996,206	3,779,728	3,539,072
Noncontrolling interests in Operating Company	350,530	360,590	402,395
Total equity	11,215,441	11,146,370	12,349,392
Total liabilities, redeemable noncontrolling interests and equity	23,221,033	22,215,249	24,785,650
Class A Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	4,848	4,834	5,426
Class B Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 7	$ 7	$ 7

CONSOLIDATED BALANCE SHEETS (VI

CONSOLIDATED BALANCE SHEETS (VIE) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash	$ 321,199	$ 461,912	$ 921,822
Loans receivable, net	1,596,673	1,659,217	3,223,762
Real estate, net	10,634,713	10,826,010	12,013,167
Other assets	566,098	400,143	386,194
Total assets	23,221,033	22,215,249	24,785,650
Debt, net	8,803,402	8,975,372	9,826,352
Other liabilities	958,293	634,144	836,867
Total liabilities	11,998,129	11,059,494	12,402,114
Variable Interest Entity, Primary Beneficiary
Cash		8,116	10,969
Restricted cash		0	40,084
Loans receivable, net		0	546,306
Equity securities, at fair value		24,829	35,600
Debt securities, at fair value		0	214,926
Real estate, net		0	8,073
Other assets		9,786	13,671
Total assets	26,600	42,731	869,629
Debt, net		0	348,250
Other liabilities		20,105	31,299
Total liabilities	$ 3,800	$ 20,105	$ 379,549

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Loans receivable at fair value		$ 0	$ 45,423
Investments in unconsolidated ventures, fair value		142,130	399,501
Other assets, fair value	$ 425,929	238,963
Other assets, fair value	29,679	33,558	10,152
Due to affiliates, fair value		0	20,650
Debt at fair value		0	44,542
Accrued and other liabilities, at fair value	$ 313,990	$ 141,711	$ 212,267
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 1,436,605	$ 1,436,605	$ 1,636,605
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	57,464,000	57,464,000	65,464,000
Preferred stock, shares outstanding (in shares)	57,464,000	57,464,000	65,464,000
Class A Common Stock
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	949,000,000	949,000,000	949,000,000
Common stock, shares issued (in shares)	484,775,000	483,347,000	542,599,000
Common stock, shares outstanding (in shares)	484,775,000	483,347,000	542,599,000
Class B Common Stock
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Common stock, shares issued (in shares)	734,000	734,000	736,000
Common stock, shares outstanding (in shares)	734,000	734,000	736,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Interest income	$ 46,070	$ 63,322	$ 214,588	$ 416,234	$ 385,849
Total revenues	548,059	596,597	2,366,942	2,549,540	642,500
Expenses
Property operating expense	270,742	284,959	1,150,656	1,046,313	62,537
Interest expense	134,889	138,699	552,838	536,256	125,249
Investment and servicing expense	18,449	18,579	67,113	67,455	23,499
Transaction costs	2,504	716	7,266	95,859	39,684
Placement fees	309	123	7,615	824	900
Depreciation and amortization	111,352	114,760	443,302	508,514	82,828
Provision for loan loss	3,611	5,375	43,034	19,741	35,005
Impairment loss	25,622	153,398	587,275	420,316	11,310
Compensation expense	31,517	47,089	213,882	338,766	103,982
Carried interest and incentive compensation	1,272	0	7,485	0	0
Administrative expenses	22,385	23,433	92,431	106,279	48,100
Total expenses	622,652	787,131	3,172,897	3,140,323	533,094
Gain on sale of real estate	29,453	16,151	159,598	112,758	70,728
Other gain (loss), net	(49,069)	75,256	51,706	(25,814)	18,416
Equity method earnings (losses)	34,063	30,082	(9,601)	283,283	99,348
Equity method earnings—carried interest	4,896	0	9,525	0	0
Income (loss) before income taxes	(55,250)	(69,045)	(594,727)	(220,556)	297,898
Income tax benefit (expense)	(1,198)	32,793	59,970	100,495	(4,196)
Income (loss) from continuing operations	(56,448)	(36,252)	(534,757)	(120,061)	293,702
Income (loss) from discontinued operations	26,293	9,094	39,582	55,448	(2,976)
Net income (loss)	(30,155)	(27,158)	(495,175)	(64,613)	290,726
Redeemable noncontrolling interests
Redeemable noncontrolling interests	1,444	(696)	(3,708)	23,543	0
Investment entities	49,988	19,243	67,994	129,996	163,084
Operating Company	(6,611)	(4,378)	(39,854)	(20,261)	12,324
Net income (loss) attributable to Colony Capital, Inc.	(74,976)	(41,327)	(519,607)	(197,891)	115,318
Preferred stock redemption (Note 16)			(3,995)	4,530	0
Preferred stock dividends	27,137	31,387	117,097	130,672	48,159
Net income (loss) attributable to common stockholders	$ (102,113)	$ (72,714)	$ (632,709)	$ (333,093)	$ 67,159
Basic earnings (loss) per share
Income (loss) from continuing operations per basic common share (in dollars per share)	$ (0.23)	$ (0.15)	$ (1.31)	$ (0.70)	$ 0.40
Net income (loss) per basic common share (in dollars per share)	(0.21)	(0.14)	(1.28)	(0.64)	0.39
Diluted earnings (loss) per share
Income (loss) from continuing operations per diluted common share (in dollars per share)	(0.23)	(0.15)	(1.31)	(0.70)	0.40
Net income (loss) per diluted common share (in dollars per share)	$ (0.21)	$ (0.14)	$ (1.28)	$ (0.64)	$ 0.39
Weighted average number of shares
Basic (in shares)	478,874	530,680	496,993	532,600	164,570
Diluted (in shares)	478,874	530,680	496,993	532,600	164,570
Property operating income
Revenues
Income	$ 458,898	$ 487,093	$ 1,960,559	$ 1,873,055	$ 176,412
Fee income ($143,218, $180,892 and $67,731 from affiliates, respectively)
Revenues
Income	31,028	35,528	144,443	216,767	67,731
Other income ($34,695, $25,630 and $4,296 from affiliates, respectively)
Revenues
Income	$ 12,063	$ 10,654	$ 47,352	$ 43,484	$ 12,508

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fee income
Revenue from contract with customer	$ 31,028	$ 35,528	$ 144,443	$ 216,767	$ 67,731
Fee income | Affiliated Entity
Revenue from contract with customer	30,850	35,458	143,218	180,892	67,731
Cost reimbursements | Affiliated Entity
Revenue from contract with customer	$ 9,845	$ 6,793	$ 34,695	$ 25,630	$ 4,296

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income (loss)	$ (30,155)	$ (27,158)	$ (495,175)	$ (64,613)	$ 290,726
Other comprehensive income (loss):
Other comprehensive income (loss) from investments in unconsolidated ventures, net	4,910	1,099	(1,809)	5,849	101
Net change in fair value of available-for-sale debt securities	2,064	(20,718)	(18,645)	15,918	(659)
Net change in fair value of cash flow hedges	(663)	0	(487)	0	389
Foreign currency translation adjustments:
Foreign currency translation gain (loss)	(28,246)	76,401	(81,135)	216,262	(97,681)
Change in fair value of net investment hedges	12,864	(24,378)	33,747	(70,661)	35,833
Net foreign currency translation adjustments	(15,382)	52,023	(47,388)	145,601	(61,848)
Other comprehensive income (loss)	(9,071)	32,404	(68,329)	167,368	(62,017)
Comprehensive income (loss)	(39,226)	5,246	(563,504)	102,755	228,709
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to stockholders	(66,931)	(39,150)	(552,650)	(123,012)	101,631
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	1,444	(696)	(3,708)	23,543	0
Comprehensive income attributable to noncontrolling interests	32,359	49,350	34,573	218,013	117,241
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests	$ (6,098)	$ (4,258)	$ (41,719)	$ (15,789)	$ 9,837

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Colony NorthStar	Colony NorthStarTotal Stockholders’ Equity	Colony NorthStarPreferred Stock	Preferred Stock	Preferred StockTotal Stockholders’ Equity	Class A Common Stock	Class A Common StockTotal Stockholders’ Equity	Class A Common StockCommon Stock	Class A Common StockAdditional Paid-in Capital	Class A Common StockNoncontrolling Interests in Operating Company
Beginning balance at Dec. 31, 2015	$ 5,416,240	$ 2,846,916	$ 607,200	$ 1,646	$ 2,387,770	$ (131,278)	$ (18,422)	$ 2,138,925	$ 430,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	163,084
Operating Company	12,324
Net income	290,726	115,318				115,318
Other comprehensive income	(62,017)	(13,687)					(13,687)	(45,843)	(2,487)
Redemption of preferred stock	(19,998)	(19,998)	(19,998)
Contribution of preferred stock to an affiliate	19,998	19,998	19,998
Equity-based compensation	13,638	13,638		15	13,623
Redemption of OP Units for cash and class A common	(2,557)	18,571		14	18,557				(21,128)
Shares canceled for tax withholdings on vested stock awards	(2,862)	(2,862)		(3)	(2,859)
Contributions from noncontrolling interests	819,033							819,033
Distributions to noncontrolling interests	(621,207)							(587,539)	(33,668)
Acquisition of noncontrolling interests	(3,963)	725			725			(4,688)
Payment of accrued dividends on preferred stock assumed in Merger	(48,159)	(48,159)				(48,159)
Common stock dividends declared	(181,945)	(181,945)				(181,945)
Reallocation of equity (Notes 2 and 17)	0	25,284			25,284			(29,034)	3,750
Ending balance at Dec. 31, 2016	5,616,927	2,773,799	607,200	1,672	2,443,100	(246,064)	(32,109)	2,453,938	389,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	129,996							129,996
Operating Company	(20,261)								(20,261)
Net income	(88,156)	(197,891)				(197,891)
Other comprehensive income	167,368	74,879					74,879	88,017	4,472
Merger consideration (Note 3)	6,720,454	6,720,454	1,010,320	3,891	5,706,243
Fair value of noncontrolling interests assumed in Merger	513,847							505,685	8,162
Issuance of Cumulative Redeemable Perpetual Preferred Stock										$ 660,000	$ 660,000	$ 660,000
Offering costs										(21,900)	(21,900)	(21,900)
Redemption of preferred stock				8	(8)					(635,785)	(635,785)	(635,785)
Common stock repurchases	(300,177)	(300,177)		(234)	(299,943)
Equity-based compensation	154,429	104,374		81	104,293				50,055
Redemption of OP Units for cash and class A common					(21,800)										$ (5,085)	$ 22,831	$ 17	$ 22,814	$ (27,916)
Exchange of notes for Class A common stock															3,279	3,279	2	3,277
Shares canceled for tax withholdings on vested stock awards	(5,668)	(5,668)		(4)	(5,664)
Settlement of call spread option	6,900	6,900			6,900
Costs of noncontrolling equity	(9,209)	(9,209)			(9,209)
Deconsolidation of investment entity	(4,000)							(4,000)
Contributions from noncontrolling interests	1,190,383							1,190,383
Distributions to noncontrolling interests	(879,889)							(844,502)	(35,387)
Payment of accrued dividends on preferred stock assumed in Merger	(138,196)	(138,196)				(138,196)				$ (12,869)	$ (12,869)	(12,869)
Common stock dividends declared	(583,261)	(583,261)				(583,261)
Reallocation of equity (Notes 2 and 17)	0	(53,635)			(58,181)		4,546	19,555	34,080
Ending balance at Dec. 31, 2017	12,349,392	8,407,925	1,606,966	5,433	7,913,622	(1,165,412)	47,316	3,539,072	402,395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	19,243							19,243
Operating Company	(4,378)								(4,378)
Net income	(26,462)	(41,327)				(41,327)
Other comprehensive income	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				1,414
Redemption of OP Units for cash and class A common					(5,800)										$ (2,096)	$ 24	0	24	(2,120)
Shares canceled for tax withholdings on vested stock awards	(31,752)	(31,752)		(29)	(31,723)
Deconsolidation of investment entity	(330,980)							(330,980)
Contributions from noncontrolling interests	97,867							97,867
Distributions to noncontrolling interests	(86,063)							(82,512)	(3,551)
Payment of accrued dividends on preferred stock assumed in Merger	(31,387)	(31,387)				(31,387)
Common stock dividends declared	(55,852)	(55,852)				(55,852)
Reallocation of equity (Notes 2 and 17)	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	67,994							67,994
Operating Company	(39,854)								(39,854)
Net income	(491,467)	(519,607)				(519,607)
Other comprehensive income	(68,329)	(33,043)					(33,043)	(33,421)	(1,865)
Redemption of preferred stock					(529)							$ (199,471)	$ (200,000)	$ (200,000)
Common stock repurchases	(350,710)	(350,710)		(614)	(350,096)
Equity-based compensation	41,606	39,706		34	39,672			486	1,414
Redemption of OP Units for cash and class A common	(4,830)	29,034			(34,100)												$ 20	29,014	(33,864)
Shares canceled for tax withholdings on vested stock awards	(34,203)	(34,203)		(33)	(34,170)
Reclassification of contingent consideration out of liability at end of measurement period	12,539	12,539			12,539
Issuance of OP Units and common stock—contingent consideration	24,609	1		1					24,608
Deconsolidation of investment entity	(330,980)							(330,980)
Contributions from noncontrolling interests	1,059,891							1,059,891
Distributions to noncontrolling interests	(503,054)							(489,261)	(13,793)
Payment of accrued dividends on preferred stock assumed in Merger	(115,019)	(115,019)				(115,019)
Common stock dividends declared	(217,246)	(217,246)				(217,246)
Reallocation of equity (Notes 2 and 17)	(24,609)	(12,105)			(12,033)		(72)	(34,053)	21,549
Ending balance at Dec. 31, 2018	11,146,370	7,006,052	1,407,495	4,841	7,598,019	(2,018,302)	13,999	3,779,728	360,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investment entities	49,988							49,988
Operating Company	(6,611)								(6,611)
Net income	(31,599)	(74,976)				(74,976)
Other comprehensive income	(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			(12,500)													$ 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)
Payment of accrued dividends on preferred stock assumed in Merger	(27,137)	(27,137)				(27,137)
Common stock dividends declared	(53,410)	(53,410)				(53,410)
Reallocation of equity (Notes 2 and 17)	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

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended				12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.11	$ 0.11	$ 0.24	$ 0.27	$ 0.44	$ 1.08	$ 1.08

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows from Operating Activities
Net income (loss)	$ (30,155,000)	$ (27,158,000)	$ (495,175,000)	$ (64,613,000)	$ 290,726,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on loans receivable and debt securities	(5,426,000)	(7,995,000)	(23,194,000)	(55,059,000)	(27,038,000)
Accretion in excess of cash receipts on purchased credit-impaired loan			0	0	(8,515,000)
Paid-in-kind interest added to loan principal, net of interest received	(9,780,000)	(6,486,000)	(38,408,000)	(25,152,000)	(29,844,000)
Straight-line rents	(5,529,000)	(7,753,000)	(29,330,000)	(32,664,000)	(12,617,000)
Amortization of above- and below-market lease values, net	(3,643,000)	(1,925,000)	(6,862,000)	(15,319,000)	2,045,000
Amortization of deferred financing costs and debt discount and premium	19,594,000	22,802,000	89,639,000	83,719,000	28,936,000
Equity method earnings	(38,487,000)	(32,265,000)	(10,560,000)	(285,151,000)	(99,375,000)
Distributions of income from equity method investments	26,923,000	23,307,000	79,995,000	72,197,000	79,361,000
Provision for loan loss	3,611,000	5,375,000	43,034,000	19,741,000	35,005,000
Allowance for doubtful accounts	4,389,000	1,305,000	26,860,000	14,602,000	3,314,000
Impairment of real estate and intangibles	25,622,000	153,398,000	588,223,000	104,360,000	11,717,000
Goodwill impairment	0		0	316,000,000	0
Depreciation and amortization	150,797,000	144,705,000	572,406,000	617,779,000	171,682,000
Equity-based compensation	6,663,000	12,169,000	41,876,000	154,429,000	13,638,000
Change in fair value of contingent consideration—Internalization	0	(10,480,000)	(1,730,000)	(20,600,000)	(11,740,000)
Receipts (payments) of cash collateral on derivative	(31,054,000)	1,897,000
Gain on sales of real estate, net	(52,301,000)	(18,444,000)	(167,231,000)	(135,262,000)	(73,616,000)
Deferred income tax benefit			(69,430,000)	(138,459,000)	(7,618,000)
Other (gain) loss, net	49,077,000	(63,976,000)	(49,976,000)	45,360,000	0
Increase in other assets and due from affiliates	(3,584,000)	(18,742,000)	(40,123,000)	(66,287,000)	2,053,000
Decrease in accrued and other liabilities and due to affiliates	(37,205,000)	(29,197,000)	(470,000)	(11,169,000)	45,365,000
Other adjustments, net	(2,036,000)	880,000	(2,579,000)	4,094,000	(8,307,000)
Net cash provided by operating activities	66,636,000	99,952,000	506,965,000	582,546,000	405,172,000
Cash Flows from Investing Activities
Contributions to investments in unconsolidated ventures			(548,163,000)	(522,935,000)	(226,665,000)
Return of capital from equity method investments	18,310,000	159,929,000	433,144,000	225,477,000	113,491,000
Acquisition of loans receivable and securities			(104,247,000)	(590,536,000)	(199,638,000)
Acquisition of loans receivable and debt securities	(451,000)	(68,007,000)
Cash and restricted cash assumed in Merger, net of payments for merger-related liabilities (Note 3)			0	132,377,000	0
Net disbursements on originated loans	(21,892,000)	(11,573,000)	(317,952,000)	(392,790,000)	(385,702,000)
Repayments of loans receivable	89,199,000	40,085,000	143,360,000	831,074,000	732,393,000
Proceeds from sales of loans receivable and securities	13,373,000	90,877,000	225,607,000	117,540,000	220,900,000
Cash receipts in excess of accretion on purchased credit-impaired loans	8,607,000	21,463,000	159,229,000	357,423,000	140,057,000
Acquisition of and additions to real estate, related intangibles and leasing commissions	(1,267,762,000)	(236,392,000)	(1,349,467,000)	(1,325,122,000)	(501,221,000)
Proceeds from sales of real estate	294,667,000	112,562,000	864,347,000	1,607,806,000	390,943,000
Proceeds from paydown and maturity of securities	3,338,000	16,709,000	43,625,000	112,939,000	0
Cash and restricted cash contributed to Colony Credit (Note 4)	0	(141,153,000)	(141,153,000)	0	0
Proceeds from sale of investments in unconsolidated ventures (Notes 7 and 22)	19,505,000	4,340,000	231,040,000	553,327,000	0
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 15)			142,270,000	0	0
Proceeds from syndication of investment, net of cash and restricted cash deconsolidated			0	156,897,000	0
Proceeds from sale of Townsend, net of cash assumed by buyer (Note 17)			0	454,579,000	0
Acquisition of CPI, net of cash and restricted cash acquired (Note 3)			0	(23,111,000)	0
Payment of cash collateral on derivatives	0	10,900,000
Acquisition of THL Hotel Portfolio, net of cash and restricted cash acquired (Note 3)			0	(8,976,000)	0
Investment deposits	(14,294,000)	(2,383,000)	(34,314,000)	(480,000)	(67,693,000)
Receipt (return) of borrower escrow deposits			0	(20,237,000)	(34,260,000)
Net (payments) receipts on settlement of derivative instruments	19,608,000	(18,811,000)	(15,954,000)	(11,800,000)	34,471,000
Other investing activities, net	14,176,000	(582,000)	415,000	12,935,000	(1,619,000)
Net cash provided by (used in) investing activities	(924,951,000)	(140,242,000)	(268,213,000)	1,666,387,000	215,457,000
Payments to Acquire Businesses and Interest in Affiliates	101,335,000	96,406,000
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net			0	638,100,000	0
Dividends paid to preferred stockholders	(27,137,000)	(32,821,000)	(120,702,000)	(130,182,000)	(48,372,000)
Dividends paid to common stockholders	(53,426,000)	(146,700,000)	(310,519,000)	(482,156,000)	(181,172,000)
Repurchase of common stock	(10,734,000)	(210,274,000)	(343,143,000)	(300,177,000)	0
Borrowings from corporate credit facility	0	233,000,000	685,000,000	1,041,000,000	694,000,000
Repayment of borrowings from corporate credit facility	0	(183,000,000)	(735,000,000)	(1,413,600,000)	(586,400,000)
Borrowings from secured debt	1,169,777,000	90,550,000	1,791,021,000	4,573,099,000	1,072,556,000
Repayments of secured debt	(498,259,000)	(139,471,000)	(1,985,990,000)	(4,733,640,000)	(1,601,423,000)
Payment of deferred financing costs	(16,700,000)	(5,112,000)	(28,630,000)	(96,069,000)	(22,464,000)
Contributions from noncontrolling interests	247,033,000	108,270,000	1,019,888,000	1,173,432,000	819,033,000
Distributions to and redemptions of noncontrolling interests	(129,734,000)	(101,426,000)	(518,864,000)	(970,615,000)	(627,629,000)
Redemption of preferred stock			(200,000,000)	(635,785,000)	(19,998,000)
Reissuance of preferred stock to an equity method investee			0	0	19,998,000
Shares canceled for tax withholdings on vested stock awards	(3,007,000)	(31,752,000)	(34,203,000)	(5,837,000)	(2,860,000)
Redemption of OP Units for cash			(4,830,000)	(5,085,000)	(2,557,000)
Acquisition of noncontrolling interests			0	0	(3,963,000)
Repurchase of exchangeable senior notes			0	(15,455,000)	0
Other financing activities, net	(1,138,000)	0	(2,432,000)	(1,411,000)	0
Net cash provided by (used in) financing activities	676,675,000	(418,736,000)	(788,404,000)	(1,364,381,000)	(491,251,000)
Effect of exchange rates on cash, cash equivalents and restricted cash	(1,196,000)	4,832,000	(11,538,000)	11,482,000	(4,554,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	(182,836,000)	(454,194,000)	(561,190,000)	896,034,000	124,824,000
Cash, cash equivalents and restricted cash, beginning of period	832,730,000	1,393,920,000	1,393,920,000	497,886,000	373,062,000
Cash, cash equivalents and restricted cash, end of period	649,894,000	939,726,000	832,730,000	1,393,920,000	497,886,000
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	461,912,000	921,822,000	921,822,000	376,005,000	185,854,000
Restricted cash	364,605,000	466,912,000	466,912,000	98,461,000	167,151,000
Cash and restricted cash included in assets held for sale	6,213,000	5,186,000	5,186,000	23,420,000	20,057,000
Cash, cash equivalents and restricted cash, beginning of period	832,730,000	1,393,920,000	1,393,920,000	497,886,000	373,062,000
Cash and cash equivalents	321,199,000	484,827,000	461,912,000	921,822,000	376,005,000
Restricted cash	323,503,000	450,214,000	364,605,000	466,912,000	98,461,000
Cash and restricted cash included in assets held for sale	5,192,000	4,685,000	6,213,000	5,186,000	23,420,000
Cash, cash equivalents and restricted cash, end of period	$ 649,894,000	$ 939,726,000	$ 832,730,000	$ 1,393,920,000	$ 497,886,000

Business and Organization

Business and Organization	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company" and formerly, Colony NorthStar, Inc. prior to June 25, 2018) is a leading global investment management firm with $43 billion of assets under management. The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, 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 March 31, 2019 , the Company owned 93.9% of the OP , as its sole managing member. The remaining 6.1% is owned primarily by certain employees of the Company as noncontrolling interests. 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 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 quarter of 2019, an additional $0.6 million of restructuring costs were incurred. 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, the Company has undertaken certain assessments and strategic initiatives intended to build on core investment management competencies while focusing on high-growth businesses. In June 2019, the Company engaged advisors to market its industrial portfolio and related management platform for sale. 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. In September 2019, the Company entered into definitive sale agreements for the sale of its light industrial portfolio and related management platform for an aggregate gross sales price of approximately $5.7 billion. The sale closed in December 2019. Separately, the Company is in the process of negotiating a sale of the bulk industrial portfolio that was acquired in February 2019. The Company may redeploy a portion of the proceeds into higher total return strategies and may further consider the reduction of corporate leverage or other uses. The sale of the industrial business, including its related management platform, represents a strategic shift that will have a significant effect on the Company’s operations and financial results, and had met the criteria as held for sale and discontinued operations effective 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	Business and Organization Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company") is a leading global investment management firm with approximately $43 billion of assets under management. The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, traded and non-traded real estate investment trusts ("REITs") and registered investment companies. The Company has significant holdings in: (a) the healthcare, industrial and hospitality property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe, Corp (NYSE: NRE) which are both externally managed by subsidiaries of the Company; and (c) various other equity and debt investments. The Company was organized in May 2016 as a Maryland corporation, and elected to be taxed as a REIT under the Internal Revenue Code, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017 . Effective June 25, 2018, the Company changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and its ticker symbol on the NYSE from "CLNS" to "CLNY." The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the “OP”) . At December 31, 2018 , the Company owned 93.9% of the OP , as its sole managing member. The remaining 6.1% is owned primarily by certain employees of the Company as noncontrolling interests. Merger The Company was formed through a tri-party merger (the “Merger”) among Colony Capital, Inc. (“Colony”), NorthStar Asset Management Group Inc. (“NSAM”) and NorthStar Realty Finance Corp. (“NRF”) in an all-stock exchange on January 10, 2017 ("Closing Date"). The Merger was accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for purposes of financial reporting. Consequently, the historical financial information included herein as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. Accordingly, the results of operations of the Company may not be comparable as the first ten days of 2017 and full year 2016 reflect only the pre-Merger activity of Colony. Details of the Merger are described more fully in Note 3 and the accounting treatment thereof in Note 2 . Colony Credit On August 25, 2017, as amended and restated on November 20, 2017, certain subsidiaries of the Company entered into a combination agreement with NorthStar Real Estate Income Trust, Inc. (“NorthStar I”) and NorthStar Real Estate Income II, Inc. (“NorthStar II”), both publicly registered non-traded REITs sponsored and managed by a subsidiary of the Company, and certain other subsidiaries of the foregoing. Pursuant to the combination agreement, certain subsidiaries of the Company agreed to contribute the CLNY Contributed Portfolio (as defined in Note 4 ), represented by the Company's ownership interests ranging from 38% to 100% in certain investment entities ("CLNY Investment Entities"), to Colony Credit Real Estate, Inc. (formerly Colony NorthStar Credit Real Estate, Inc.) ("Colony Credit") and its operating company, and NorthStar I and NorthStar II agreed to merge in all-stock mergers with and into Colony Credit (collectively, the “Combination”). On January 18, 2018, the Combination was approved by the stockholders of NorthStar I and NorthStar II. The Combination closed on January 31, 2018. On June 25, 2018, Colony Credit changed its name from Colony NorthStar Credit Real Estate, Inc. to Colony Credit Real Estate, Inc. See additional information in Note 4 . Corporate Restructuring Following a strategic review process, in November 2018, the Company announced a corporate restructuring and reorganization plan aimed at reducing its annual compensation and administrative expenses over the next 12 months. The restructuring plan was designed to match resources that further align the Company's increasing focus on its investment management business. In the fourth quarter of 2018, the Company incurred $19.3 million of restructuring costs, which were primarily $14.5 million of severance costs and $4.7 million of accelerated equity-based compensation. 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, the Company has undertaken certain assessments and strategic initiatives intended to build on core investment management competencies while focusing on high-growth businesses. In June 2019, the Company engaged advisors to market its industrial portfolio and related management platform for sale. 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. In September 2019, the Company entered into definitive sale agreements for the sale of its light industrial portfolio and related management platform for an aggregate gross sales price of approximately $5.7 billion. The sale closed in December 2019. Separately, the Company is in the process of negotiating a sale of the bulk industrial portfolio that was acquired in February 2019. The Company may redeploy a portion of the proceeds into higher total return strategies and may further consider the reduction of corporate leverage or other uses. The sale of the industrial business, including its related management platform, represents a strategic shift that will have a significant effect on the Company’s operations and financial results, and had met the criteria as held for sale and discontinued operations effective 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 (see Note 10 to the consolidated financial statements) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (see Note 18 to the consolidated financial statements).

Real Estate

Real Estate	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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) March 31, 2019 December 31, 2018 Land $ 1,374,384 $ 1,443,250 Buildings and improvements 9,357,543 9,442,443 Tenant improvements 96,527 96,740 Furniture, fixtures and equipment 398,918 389,969 Construction in progress 162,692 123,002 11,390,064 11,495,404 Less: Accumulated depreciation (755,351 ) (669,394 ) Real estate assets, net $ 10,634,713 $ 10,826,010 Real Estate Sales Results from sales of real estate, including discontinued operations, were as follows: Three Months Ended March 31, (In thousands) 2019 2018 Proceeds from sales of real estate $ 294,667 $ 112,562 Gain on sale of real estate 52,301 18,444 Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations. Light 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 Three Months Ended March 31, 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) 47 789,486 144,250 612,582 35,519 (2,865 ) $ 1,162,668 $ 193,696 $ 908,930 $ 63,072 $ (3,030 ) 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 37 to 49 years for buildings, 12 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 $5.8 million in the three months ended March 31, 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 $93.3 million and $95.9 million for the three months ended March 31, 2019 and 2018 , respectively. Refer to Note 11 for 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 months ended March 31, 2018 , property operating income was composed of $203.1 million of total lease revenue and $284.0 million of hotel operating income. For the three months ended March 31, 2019 , the components of property operating income were as follows. (In thousands) Three Months Ended Lease revenue: Fixed lease revenue $ 170,414 Variable lease revenue 16,349 186,763 Hotel operating income 272,135 $ 458,898 Future Fixed Lease Revenue At March 31, 2019 , future fixed lease revenue under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) Remaining 2019 $ 226,720 2020 292,061 2021 271,887 2022 262,184 2023 250,674 2024 and thereafter 956,614 Total $ 2,260,140 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that is held for sale totaling $1.3 million . 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 $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that is held for sale totaling $0.9 million . Commitments and Contractual Obligations Purchase Commitments— At March 31, 2019 , the Company had funded aggregate deposits of $14.4 million with remaining unfunded purchase commitments totaling $363.5 million for the acquisition of 39 light industrial buildings in the industrial segment, of which eight 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	Real Estate As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, including $219.7 million of primarily net lease properties. The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 10 . (In thousands) December 31, 2018 December 31, 2017 Land $ 1,443,250 $ 1,584,524 Buildings and improvements 9,442,443 10,258,055 Tenant improvements 96,740 80,071 Furniture, fixtures and equipment 389,969 383,855 Construction in progress 123,002 94,111 11,495,404 12,400,616 Less: Accumulated depreciation (669,394 ) (387,449 ) Real estate assets, net $ 10,826,010 $ 12,013,167 Real Estate Sales Results from sales of real estate, including discontinued operations, were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Proceeds from sales of real estate $ 864,347 $ 1,607,806 $ 390,943 Gain on sale of real estate 167,231 135,262 73,616 Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . Light 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 and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2018 Asset Acquisitions (2) September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,506 $ 12,458 $ 1,480 $ — November Office and Industrial—France 220 478,844 125,949 314,661 38,234 — Various Industrial—Various in U.S. (4) 40 569,442 131,334 412,900 30,183 (4,975 ) $ 1,072,730 $ 267,789 $ 740,019 $ 69,897 $ (4,975 ) Year Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (5) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2016 Business Combinations (6) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. 1 34,900 5,235 27,731 1,934 — May Office—France 1 18,203 14,150 3,815 388 (150 ) Various Industrial—Various in U.S. 18 201,635 36,974 151,689 16,063 (3,091 ) Asset Acquisitions Various Industrial—Various in U.S. 12 113,200 20,749 84,724 8,398 (671 ) $ 462,341 $ 110,373 $ 324,544 $ 32,101 $ (4,677 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles. (3) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance. (4) Includes acquisition of $13.1 million of land for co-development with operating partners. (5) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment. (6) Prior to adoption of the new definition of a business effective October 1, 2016, real estate acquisitions with existing leases generally met the definition of a business combination. Depreciation and Impairment Depreciation expense on real estate, excluding amounts related to discontinued operations (Note 18 ), was $374.7 million , $372.9 million and $43.7 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Refer to Note 14 for discussion of impairment on real estate. Property Operating Income The components of property operating income, excluding amounts related to discontinued operations (Note 18 ), were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Rental income $ 410,368 $ 492,570 $ 129,542 Tenant reimbursements 69,995 77,373 17,849 Resident fee income (1) 275,911 286,818 — Hotel operating income 1,204,285 1,016,294 29,021 $ 1,960,559 $ 1,873,055 $ 176,412 __________ (1) Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) allow us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses. Future Minimum Rents The Company has operating leases with tenants that expire at various dates through 2061. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2018 are as follows. Year Ending December 31, (In thousands) 2019 $ 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 December 31, 2018 , the Company had funded aggregate deposits of $6.1 million with remaining unfunded purchase commitments totaling $1.3 billion for the acquisition of 61 buildings in the industrial segment, of which four are under construction. These are real estate acquisitions in the industrial segment and will be classified as held for sale upon closing. The Company also funded a deposit of $25.1 million with remaining unfunded purchase commitment of $0.3 billion for the acquisition of a distressed hotel operator and its portfolio of six hotels in France alongside the Company's sponsored credit fund. Guarantee Agreements— In connection with the THL Hotel Portfolio, the Company entered into guarantee agreements with various hotel franchisors, pursuant to which the Company guaranteed the payment of its obligations as a franchisee, including payments of franchise fees and marketing fees for the term of the agreements, which expire between 2027 and 2032 . In the event of default or termination of the franchise agreements, the Company is liable for liquidated damages not to exceed $81 million . The Company had similar provisions related to its core hotel portfolio in the hospitality segment, but has met the required minimum payments under the respective franchise agreements and no longer has an obligation to the franchisors. Ground Lease Obligation— In connection with real estate acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee. Rents on certain ground leases are paid directly by the tenants or operators. Ground rent expense, including contingent rent, presented within property operating expense from continuing operations, was $8.1 million , $6.6 million and $0.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Year Ending December 31, (In thousands) 2019 $ 5,149 2020 5,217 2021 5,386 2022 5,776 2023 5,720 2024 and thereafter 87,150 Total $ 114,398

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition, 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. 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 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 months ended March 31, 2018 , approximately $0.9 million was reclassified from net income attributable to noncontrolling interests in investment entities to income from discontinued operations as carried interest compensation expense in the statement of operations to conform to the current period presentation. The reclassification increased net loss but 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. 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. ASC 842 limits the definition of initial direct 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 costs did not have a material impact on the statement of operations. 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 acquired with 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, 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 was 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. 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 the new standard, lessors are required to evaluate the collectability of all 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 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 , which amends the credit impairment model for financial instruments. The existing incurred loss model will be replaced with a lifetime current expected credit loss ("CECL") model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For available-for-sale ("AFS") debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the other than temporary impairment ("OTTI") concept will result in more frequent estimation of credit losses. The accounting model for purchased credit-impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit-impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. Transition will generally be on a modified retrospective basis, with prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company expects that recognition of credit losses will generally be accelerated under the CECL model. Evaluation of the impact of this new guidance is ongoing. 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 the evaluation of a decision maker's or service provider's fee in assessing a variable interest with the guidance in the primary beneficiary test. Specifically, indirect interests held by a related party that is under common control will now be considered on a proportionate basis, rather than	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM was the legal acquirer in the Merger for certain legal and regulatory matters, however, Colony was determined to be the accounting acquirer in the Merger for financial reporting purposes. While NSAM was the legal entity which initiated the transaction and issued its shares to consummate the Merger, the fact that the senior management of the Company primarily consists of Colony senior executives, along with other qualitative considerations, resulted in Colony being designated the accounting acquirer. The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of the Company was adjusted to reflect the equity structure of the legal acquirer, including for comparative periods, by applying the Colony share exchange ratio of 1.4663 . The historical financial information as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. The assets and liabilities of Colony are reflected by the Company at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF were incorporated into the Company effective from January 11, 2017. Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities —A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities —Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. Noncontrolling Interests Redeemable Noncontrolling Interests —This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company, and during 2017, an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"). The Company sold its interest in Townsend on December 29, 2017. The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities —This represents predominantly interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company —This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable. Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented. Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3 —At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement. Fair Value Option The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected to account for certain equity method investments at fair value. Prior to deconsolidation in May 2018, the Company had elected the fair value option for financial assets and financial liabilities of certain consolidated securitization trusts, and adopted the measurement alternative to measure both the financial assets and financial liabilities of the securitization trusts using the fair value of either the financial assets or financial liabilities, whichever is more observable. Business Combinations Definition of a Business —The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Prior to the Company's adoption of the new definition of a business effective October 1, 2016, the concentration of acquired fair values in a single or group of similar identifiable assets did not preclude the acquisition of such assets from meeting the definition of a business. As a result, acquisition of real estate assets with existing in-place leases, other than sale-leaseback transactions, were generally recognized as business combinations. Asset Acquisitions —For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations —The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration —Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The sale of the industrial business, including its related management platform, represents a strategic shift that will have a major effect on the Company’s operations and financial results, and had met the criteria as held for sale and discontinued operations effective June 2019. Accordingly, for all periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 10 ) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 18 ). Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits. Restricted Cash Restricted cash consists primarily of amounts related to operating real estate and loans receivable as well as cash held by the Company’s foreign subsidiaries due to certain regulatory capital requirements. Real Estate Assets Real Estate Acquisitions Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment are carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of useful life or remaining life of the building Land improvements 6 to 20 years Tenant improvements Lesser of useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 20 years Impairment —The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Real Estate Held for Sale Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as provision for loan loss and the cumulative allowance on the loan is charged off. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof. Loans Receivable The Company originates and purchases loans receivable. The accounting framework for loans receivable depends on the Company's strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan. Loans Held for Investment (other than Purchased Credit-Impaired Loans) Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest Income —Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Nonaccrual —Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Impairment and Allowance for Loan Losses —On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, liquidation value of collateral properties, financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis. Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the statement of operations. Allowance for loan losses generally excludes interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral dependent loans are written down to the fair value of the collateral less disposal cost through a provision and a charge-off against allowance for loan losses. Troubled Debt Restructuring ("TDR") —A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. Purchased Credit-Impaired ("PCI") Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recove

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Business Combinations	Business Combinations Merger with NSAM and NRF The Company was created through the Merger of NSAM, Colony and NRF in an all-stock exchange on the Closing Date. The Merger was accomplished through a series of transactions. On the Closing Date, NSAM merged with and into the Company in order to redomesticate NSAM as a Maryland corporation, followed by a series of internal reorganization transactions with subsidiaries of NRF resulting in NRF becoming a subsidiary of the Company, and the merger of Colony into the Company, with the Company surviving as the combined entity. Upon the closing of the Merger, NSAM outstanding common stock was converted into the Company's common stock, and the outstanding common stock and preferred stock of NRF and Colony were converted into the right to receive shares of common stock and preferred stock of the Company at pre-determined exchange ratios. The specific exchanges of common stock and preferred stock as a result of the Merger were as follows: • Each share of NSAM common stock and performance common stock issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into one share of the Company's class A common stock and performance common stock, respectively; • Each share of class A and class B common stock of Colony issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive 1.4663 shares of the Company's class A and class B common stock for each share of Colony's class A and class B common stock; • Each share of common stock of NRF issued and outstanding prior to the effective time of the Merger was canceled and converted into the right to receive 1.0996 shares of the Company's class A common stock for each share of NRF common stock; • Each share of each series of the preferred stock of Colony and of NRF issued and outstanding immediately prior to the effective time of the Merger was canceled and converted into the right to receive one share of a corresponding series of the Company's preferred stock with substantially identical preferences, conversion and other rights, voting powers, restrictions, limitations as to dividend, qualification and terms and conditions of redemption; and • Concurrently, the OP issued OP Units to equal the number of OP membership units outstanding on the day prior to the closing of the Merger multiplied by the exchange ratio of 1.4663 . Upon consummation of the Merger, the former stockholders of Colony, NSAM and NRF owned, or had the right to own, approximately 33.25% , 32.85% and 33.90% , respectively, of the Company, on a fully diluted basis, excluding the effect of certain equity-based awards issued in 2017 in connection with the Merger. The Merger was accounted for as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters and Colony as the accounting acquirer for purposes of the financial information set forth herein. See Note 2 for further discussion on the accounting treatment of the Merger. Merger Consideration As the Merger was accounted for as a reverse acquisition, the fair value of the consideration transferred in common stock was measured based upon the number of shares of common stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company upon completion of the Merger, multiplied by the closing price of Colony class A common stock of $21.52 on the Closing Date. As a result, the implied shares of Colony common stock issued in consideration was computed as the number of outstanding shares of NSAM and NRF common stock prior to the Closing Date divided by the exchange ratios of 1.4663 and 1.3335 , respectively. Substantially all NSAM and NRF equity awards outstanding on the Closing Date vested upon consummation of the Merger. As the Company issued its common stock upon consummation of the Merger and settlement of these equity awards relate to pre-Merger services, these equity awards were included in the outstanding shares of NSAM and NRF common stock used to determine the merger consideration. NSAM and NRF equity awards outstanding on the Closing Date that did not vest upon consummation of the Merger were assumed by the Company through the conversion of such equity awards into comparable equity awards of the Company with substantially the same vesting terms pre-Merger. The portion of the replacement awards attributable to pre-Merger services was deemed part of the merger consideration, while the portion attributable to post-Merger services is recognized prospectively as compensation expense of the Company in the post-Merger period. The Company's preferred stock issued as merger consideration upon the closing of the Merger to the holders of NRF preferred stock was on a one -for-one basis. The Company assumed certain liabilities of NSAM and NRF which arose as a result of the Merger and were settled shortly after the Closing Date. These amounts included approximately $226.1 million which was paid to former NSAM stockholders, representing a one-time special dividend, and approximately $78.9 million in payroll taxes representing shares that were canceled and remitted to taxing authorities on behalf of employees whose equity-based compensation was accelerated and fully vested on the Closing Date. Cash and restricted cash assumed of $437.4 million is presented net of these payments as an investing cash inflow in the consolidated statement of cash flows. Fair value of the merger consideration was determined as follows: (In thousands, except price per share) NSAM NRF Total Outstanding shares of common stock prior to closing of the Merger 190,202 183,147 Replacement equity-based awards attributable to pre-combination services (i) 300 150 190,502 183,297 Exchange ratio (ii) 1.4663 1.3335 Implied shares of Colony common stock issued in consideration 129,920 137,456 267,376 Price per share of Colony class A common stock $ 21.52 $ 21.52 $ 21.52 Fair value of implied shares of Colony common stock issued in consideration $ 2,795,890 $ 2,958,039 $ 5,753,929 Fair value of the Company's preferred stock issued (iii) — 1,010,320 1,010,320 Fair value of NRF stock owned by NSAM (iv) (43,795 ) — (43,795 ) Total merger consideration $ 2,752,095 $ 3,968,359 $ 6,720,454 __________ (i) Represents the portion of non-employee restricted stock unit awards that did not vest upon consummation of the Merger and pertains to services rendered prior to the Merger. (ii) Represents (a) the pre-determined exchange ratio of one share of Colony common stock for 1.4663 shares of the Company's common stock; and (b) the derived exchange ratio of one share of Colony common stock for 1.3335 shares of NRF common stock based on the pre-determined exchange ratio of one NRF share of common stock for 1.0996 shares of the Company's common stock. (iii) Fair value of the Company's preferred stock issued was measured based on the shares of NRF preferred stock outstanding at the Closing Date and the closing traded price of the respective series of NRF preferred stock on the Closing Date, including accrued dividends, as follows: (In thousands, except price per share) Number of Shares Outstanding Price Per Share Fair Value NRF preferred stock Series A 8.75% 2,467 $ 25.61 $ 63,182 Series B 8.25% 13,999 25.15 352,004 Series C 8.875% 5,000 25.80 128,995 Series D 8.50% 8,000 25.82 206,597 Series E 8.75% 10,000 25.95 259,542 Fair value of the Company's preferred stock issued 39,466 $ 1,010,320 (iv) Represents 2.7 million shares of NRF common stock owned by NSAM prior to the Merger and canceled upon consummation of the Merger, valued at the closing price of NRF common stock of $16.13 on the Closing Date. The following table presents the final allocation of the merger consideration to assets acquired, liabilities assumed and noncontrolling interests of NSAM and NRF based on their respective fair values as of the Closing Date. The resulting goodwill represents the value expected from the economies of scale and synergies created through combining the operations of the merged entities, and is assigned to the investment management segment. Final Amounts at December 31, 2017 (In thousands) NSAM NRF Total Assets Cash and cash equivalents $ 152,858 $ 107,751 $ 260,609 Restricted cash 18,052 158,762 176,814 Real estate — 9,874,406 9,874,406 Loans receivable 28,485 331,056 359,541 Investments in unconsolidated ventures 76,671 544,111 620,782 Securities 3,065 427,560 430,625 Identifiable intangible assets 661,556 352,551 1,014,107 Management agreement between NSAM and NRF 1,514,085 — 1,514,085 Assets held for sale — 2,096,671 2,096,671 Other assets 93,455 681,003 774,458 Total assets 2,548,227 14,573,871 17,122,098 Liabilities Debt — 6,723,222 6,723,222 Intangible liabilities — 213,218 213,218 Management agreement between NSAM and NRF — 1,514,085 1,514,085 Liabilities related to assets held for sale — 1,281,406 1,281,406 Tax liabilities 169,387 60,446 229,833 Accrued and other liabilities 979,969 307,450 1,287,419 Total liabilities 1,149,356 10,099,827 11,249,183 Redeemable noncontrolling interests 78,843 — 78,843 Noncontrolling interests—investment entities — 505,685 505,685 Noncontrolling interests—Operating Company 8,162 — 8,162 Fair value of net assets acquired $ 1,311,866 $ 3,968,359 $ 5,280,225 Merger consideration 2,752,095 3,968,359 6,720,454 Goodwill $ 1,440,229 $ — $ 1,440,229 The Merger effectively resulted in the settlement of the pre-merger management agreement between NSAM and NRF. The terms of the management agreement were determined to be off-market when compared to the terms of similar management agreements of other externally managed mortgage and equity REITs. The off-market component was valued at $1.5 billion based on a discounted cash flow analysis using a discount rate of 10% , and recorded as an intangible asset attributed to NSAM and a corresponding intangible liability attributed to NRF, in each case as of the Closing Date. Upon settlement of the management agreement, the intangible asset and the corresponding intangible liability were eliminated. No net gain or loss was recognized by the Company from the settlement. Certain deferred tax liabilities were recognized in connection with the Merger, related primarily to NSAM's investment management contract intangible assets and basis differences in NRF's real estate assets in the United Kingdom arising from recording those assets at fair value on the Closing Date. Fair value of other assets acquired, liabilities assumed and noncontrolling interests were measured as follows: Real Estate and Related Intangibles —Fair value is based on the income approach which includes a direct capitalization method, applying overall capitalization rates ranging between 4.4% and 12.5% . For real estate held for sale, fair value was determined based on contracted sale price or a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets such as land, building and leaseholds, tenant and land improvements as well as identified intangible assets and liabilities such as above- and below-market leases, below-market ground lease obligations and in-place lease value. Useful lives of the intangibles acquired range from 6 to 90 years for ground lease obligations and 1 to 17 years for all other real estate related intangibles. Loans Receivable —Fair value is determined by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which include consideration of borrower or sponsor credit, as well as operating results of the underlying collateral. For certain loans receivable considered to be impaired, their carrying value approximated fair value. Investments in Unconsolidated Ventures —Fair value is based on timing and amount of expected future cash flows for income as well as realization events of the underlying assets of the investees, and for certain investments in funds, a proportionate share of its most recent net asset value. Securities —Fair value is based on quotations from brokers or financial institutions that act as underwriters of the debt securities, third-party pricing service or discounted cash flows depending on the type of debt securities. Fair value of NRE common stock is based on the closing stock price on the Closing Date. Investment Management Related Intangible Assets —These consist primarily of management contracts, customer relationships, trade names and the broker-dealer license, including those related to an 84% interest acquired by NSAM in January 2016 in Townsend, which provides real estate investment management and advisory services. The fair value of management contracts represents the discounted excess earnings attributable to the future management fee income from in-place management contracts, with discount rates ranging between 8% and 10% . The management contracts have useful lives ranging from 2 years to 18 years. The fair value of customer relationships represents the potential fee income from repeat customers through future sponsored investment vehicles, with the useful lives of such vehicles ranging from 20 to 30 years. The trade names of NSAM and Townsend were valued as the discounted savings of royalty fees by applying a royalty rate of 1.5% and 2% , respectively, against expected fee income, and have useful lives of 20 years and 30 years, respectively. The fair value of NSAM's broker-dealer license represents the estimated cost of obtaining a license. On December 29, 2017, the Company sold its 84% interest in Townsend. Debt —Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair value of mortgage and other notes payable was estimated by reviewing rates currently available with similar terms and remaining maturities. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Noncontrolling Interests —Fair value of noncontrolling interests in investment entities was estimated as their share of fair values of the net assets of the underlying investment entities, including any incentive distributions. The fair value of noncontrolling interests in Operating Company was determined based upon the closing price of Colony class A common stock multiplied by the number of OP Units assumed in the Merger, after applying the exchange ratio. Restructuring of Real Estate Loans into Equity Ownership In the normal course of business, the Company may foreclose on the underlying asset in settlement of its loan receivable or otherwise undertake various restructuring measures in connection with its investments. CPI Group On January 25, 2017, the Company and its joint venture partners, through a consolidated investment venture of the Company, acquired a controlling equity interest in a defaulted borrower, a real estate investment group in Europe ("CPI") in connection with a restructuring of the CPI group. Certain entities within the CPI group were in receivership proceedings at the time of the restructuring. The Company acquired CPI's real estate portfolio, consisting of hotels, offices and mixed-use properties, and assumed the underlying mortgage debt, some of which were in payment default, including maturity default. Certain CPI employees responsible for asset and property management became employees of the Company. As a result of the acquisition, the Company's outstanding loans receivable to CPI were deemed to be effectively settled at their carrying value and formed part of the consideration transferred. The following table summarizes the consideration and allocation to assets acquired and liabilities assumed. (In thousands) Final Amounts at December 31, 2017 Consideration Carrying value of loans receivable outstanding at the time of restructuring $ 182,644 Cash 49,537 Total consideration $ 232,181 Identifiable assets acquired and liabilities assumed Cash $ 303 Restricted cash 12,600 Real estate 543,649 Real estate held for sale 21,605 Lease intangibles and other assets 27,685 Debt (277,590 ) Tax liabilities (32,078 ) Lease intangibles and other liabilities (61,205 ) Liabilities related to assets held for sale (2,788 ) Fair value of net assets acquired $ 232,181 Fair value of assets acquired and liabilities assumed were measured as follows: Real Estate and Related Intangibles —Fair value of real estate was based upon a direct capitalization analysis or a discounted cash flow analysis with weighted average capitalization rate of 6.6% . For real estate held for sale, fair value was determined based upon a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets of land, building and tenant and site improvements and identified intangibles, such as above- and below-market leases and in-place lease values. Debt —Fair value of debt is estimated by discounting expected future cash outlays at interest rates currently available for instruments with similar terms and remaining maturities, applying discount rates ranging between 1.25% and 3.6% , with such debt fair values not exceeding the fair value of their underlying collateral, or estimated based upon expected payoff amounts. THL Hotel Portfolio In May 2013, the Company and certain investment vehicles managed by the Company participated in the refinancing of a limited service hospitality portfolio, primarily located across the Southwest and Midwest U.S. (the "THL Hotel Portfolio"), through the origination of a junior and senior mezzanine loan. On July 1, 2017, the Company and certain investment vehicles managed by the Company took control of the THL Hotel Portfolio of 148 limited service hotels through a consensual foreclosure following a maturity default by the borrower on the Company's outstanding junior mezzanine loan. Through the consensual foreclosure, the Company assumed the borrower's in-place hotel management contracts with third party operators, which were determined to be at market, the borrower's in-place franchise obligations, primarily with Marriott, as well as the borrower's outstanding senior mortgage debt and senior mezzanine debt. The consideration for the consensual foreclosure consisted of the following: • Carrying value of the Company’s junior mezzanine loan to the borrower which is considered to be effectively settled upon the consensual foreclosure; • Cash to pay down principal and accrued interest on the borrower’s senior mortgage and senior mezzanine debt to achieve a compliant debt yield, and payment of an extension fee to exercise an extension option on the senior mortgage debt; and • In consideration of the former preferred equity holder of the borrower providing certain releases, waivers and covenants to and in favor of the Company and certain investment vehicles managed by the Company in executing the consensual foreclosure, the former preferred equity holder is entitled to an amount up to $13.0 million based on the performance of the THL Hotel Portfolio, subject to meeting certain repayment and return thresholds to the Company (and certain investment vehicles managed by the Company). The following table summarizes the consideration and the final allocation to assets acquired and liabilities assumed. The estimated fair values and allocation were subject to retrospective adjustments during the measurement period, not to exceed twelve months, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the six months ended June 30, 2018, adjustments were made to the allocation of values among real estate held for sale, real estate held for investment, intangible assets and intangible liabilities. Included in the consolidated statement of operations for the six months ended June 30, 2018 was a $1.8 million decrease to depreciation expense and an immaterial increase to ground lease expense to reflect the effects of the measurement period adjustments as of the acquisition date on July 1, 2017. (In thousands) Final Amounts at June 30, 2018 Consideration Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure $ 310,932 Cash 43,643 Contingent consideration (Note 14) 6,771 Total consideration $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 16,188 Restricted cash 18,479 Real estate 1,184,447 Real estate held for sale 69,676 Intangible and other assets 26,711 Debt (907,867 ) Intangible and other liabilities (46,288 ) Fair value of net assets acquired $ 361,346 Fair value of assets acquired and liabilities assumed were estimated as follows: Real Estate and Related Intangibles —Fair value of real estate was based on a combination of the cost, income and market approaches which applies capitalization rates between 7.0% and 12.0% (weighted average rate of 8.9% ) as well as discount rates between 8.0% and 13.5% (weighted average rate of 10.4% ), and also considers future capital expenditure needs of the hotels. For real estate held for sale, fair value was determined based on a sales comparison approach, adjusted for estimated selling costs. Real estate fair value was allocated to tangible assets of land, building, site improvements and furniture, fixtures and equipment as well as identified intangibles for above-market and below-market ground lease obligations. Debt

Colony Credit

Colony Credit	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Colony Credit	Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) March 31, 2019 December 31, 2018 Assets Restricted cash $ 5,192 $ 6,213 Real estate, net 4,635,406 3,645,406 Equity investment 12,937 13,422 Goodwill 20,000 20,000 Intangible assets, net 166,187 135,924 Other assets 226,641 146,380 Due from affiliates 2,472 2,290 Total assets held for sale $ 5,068,835 $ 3,969,635 Liabilities Debt, net $ 1,909,386 $ 1,064,585 Lease intangibles and other liabilities, net 114,725 153,910 Total liabilities related to assets held for sale $ 2,024,111 $ 1,218,495 Assets and Liabilities Related to Discontinued Operations At March 31, 2019 and December 31, 2018, assets totaling $4.3 billion and $3.2 billion , respectively, and liabilities totaling $2.0 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 $4.1 billion at March 31, 2019 and $3.0 billion at December 31, 2018, as well as goodwill associated with the industrial management platform, fee receivable from the industrial open-end fund, presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment 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 or extinguished concurrent with closing of the sale. At March 31, 2019, the outstanding debt of the industrial segment was composed of $1.1 billion fixed rate and $0.9 billion variable rate, bearing an overall weighted average interest rate of 3.93% , and weighted average remaining maturity of 7.9 years The first three months of 2018 also included income from discontinued operations of $0.1 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 in the second quarter of 2018. Income from discontinued operations is presented below. Three Months Ended March 31, (In thousands) 2019 2018 Revenues Property operating income $ 81,232 $ 68,353 Fee income 2,472 1,314 Interest and other income 1,140 1,116 Revenues from discontinued operations 84,844 70,783 Expenses Property operating expense 22,337 21,400 Interest expense 14,627 10,190 Investment and servicing expense 530 74 Depreciation and amortization 39,445 29,945 Compensation expense—cash and equity-based (1) 2,659 2,395 Compensation expense—carried interest (2) (221 ) 859 Administrative expenses 1,629 1,317 Expenses from discontinued operations 81,006 66,180 Other income (loss) Gain from sale of real estate 22,848 2,293 Other loss, net (8 ) — Equity method earnings (loss), including carried interest (472 ) 2,183 Income from discontinued operations before income taxes 26,206 9,079 Income tax benefit (expense) 87 15 Income from discontinued operations 26,293 9,094 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 17,309 5,019 Noncontrolling interests in Operating Company 545 244 Income from discontinued operations attributable to Colony Capital, Inc. $ 8,439 $ 3,831 __________ (1) Includes equity-based compensation of $0.7 million and $0.5 million for the three months ended March 31, 2019 and 2018, respectively.	Colony Credit The contribution of the CLNY Contributed Portfolio (as described in Note 1 ) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018. Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony Credit on a fully diluted basis. The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony Credit's class B-3 common stock and 3,075,623 common membership units in Colony Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNY Contributed Portfolio to Colony Credit. The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Each share of Colony Credit's class B-3 common stock automatically converted into Colony Credit's class A common stock on a one -for-one basis upon close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash or Colony Credit’s Class A common stock on a one -for-one basis, in the sole discretion of Colony Credit. In connection with the merger of NorthStar I and NorthStar II with and into Colony Credit, their respective stockholders received shares of Colony Credit's class A common stock based on pre-determined exchange ratios. As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I in the original principal amount of $150.2 million was not transferred to Colony Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust and subsequently distributed to NorthStar I stockholders. As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 9 ). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit. Upon closing of the Combination, the Company's contribution of the CLNY Contributed Portfolio to Colony Credit, and the merger of Colony Credit with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 The Company measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations. The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2018 December 31, 2017 Assets Restricted cash $ 6,213 $ 5,186 Real estate, net 3,645,406 3,171,777 Equity investment 13,422 2,840 Goodwill (1) 20,000 40,000 Intangible assets, net 135,924 126,209 Other assets 146,380 61,361 Due from affiliates 2,290 1,157 Total assets held for sale $ 3,969,635 $ 3,408,530 Liabilities Debt, net $ 1,064,585 $ 1,198,363 Lease intangibles and other liabilities, net 153,910 149,749 Total liabilities related to assets held for sale $ 1,218,495 $ 1,348,112 __________ (1) Goodwill is associated with the broker-dealer and the industrial businesses. The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. Assets and Liabilities Related to Discontinued Operations At December 31, 2018 and 2017, assets held for sale totaling $3.2 billion and $2.6 billion , respectively, and related liabilities totaling $1.2 billion and $1.1 billion , respectively, constituted discontinued operations. This is composed of the industrial segment and associated management platform in both years and to a lesser extent, at December 31, 2017, certain properties in the THL Hotel Portfolio that qualified as held for sale upon consensual foreclosure. The assets held for sale consisted primarily of real estate and related intangible assets of $3.0 billion and approximately $2.6 billion at December 31, 2018 and 2017, respectively, as well as goodwill associated with the industrial management platform of $20.0 million , fee receivable from the industrial open-end fund, presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment in the table above. Outstanding debt of the industrial segment is expected to be assumed by the buyer or extinguished concurrent with closing of the sale and is classified as held for sale, totaling $1.1 billion and $1.0 billion All of discontinued operations in 2016 and predominantly in 2017 and 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, predominantly carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. Discontinued operations also consisted of a manufactured housing portfolio acquired through the Merger in January 2017 and sold in March 2017, and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017, which were fully disposed in the second quarter of 2018. All of these properties qualified as held for sale at the time of acquisition, therefore reported as discontinued operations. The manufactured housing portfolio generated net income of $12.6 million in 2017 prior to its sale, while results from discontinued operations of the properties in the THL Hotel Portfolio were immaterial in 2017 and 2018. Income or loss from discontinued operations is presented below. Year Ended December 31, (In thousands) 2018 2017 2016 Revenues Property operating income $ 288,367 $ 284,051 $ 194,670 Fee income 7,378 4,022 — Interest and other income 3,775 4,742 1,687 Revenues from discontinued operations 299,520 292,815 196,357 Expenses Property operating expenses 84,162 87,726 55,924 Interest expense 42,713 47,594 44,834 Investment and servicing expense 436 542 167 Transaction costs — — 921 Placement fees 234 1,650 — Depreciation and amortization 129,104 109,265 88,854 Impairment loss 948 44 407 Compensation expense—cash and equity-based (1) 11,156 8,119 7,856 Compensation expense—carried interest 4,696 — — Administrative expenses 4,569 4,703 2,699 Expenses from discontinued operations 278,018 259,643 201,662 Other income Gain on sale of real estate 7,633 22,504 2,888 Equity method earnings, including carried interest 10,636 1,868 27 Income (loss) from discontinued operations before income taxes 39,771 57,544 (2,390 ) Income tax expense (189 ) (2,096 ) (586 ) Income (loss) from discontinued operations 39,582 55,448 (2,976 ) Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities 21,260 24,407 (1,924 ) Noncontrolling interests in Operating Company 1,113 1,249 (168 ) Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ 17,209 $ 29,792 $ (884 ) __________ (1) Includes equity-based compensation of $2.9 million , $3.3 million and $0.6 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Loans Receivable

Loans Receivable	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans: March 31, 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 $ 573,062 $ 599,479 10.5 % 2.0 $ 643,973 $ 667,590 10.7 % 2.2 Mezzanine loans 377,336 374,650 12.5 % 1.2 357,590 354,326 12.5 % 1.5 Corporate loans 107,792 106,658 12.3 % 5.7 108,944 107,796 12.3 % 5.8 1,058,190 1,080,787 1,110,507 1,129,712 Variable rate Mortgage loans 175,313 175,650 4.4 % 0.4 178,650 179,711 4.3 % 0.1 Mezzanine loans 35,899 35,565 13.5 % 2.3 27,772 27,417 13.4 % 2.5 211,212 211,215 206,422 207,128 1,269,402 1,292,002 1,316,929 1,336,840 PCI Loans Mortgage loans 1,289,671 337,357 1,324,287 351,646 Mezzanine loans 7,425 3,671 7,425 3,671 1,297,096 341,028 1,331,712 355,317 Allowance for loan losses (36,357 ) (32,940 ) Loans receivable, net $ 2,566,498 $ 1,596,673 $ 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 March 31, 2019 $ 1,079,224 $ 44,325 $ — $ 168,453 $ 1,292,002 December 31, 2018 1,052,303 — 44,392 240,145 1,336,840 Troubled Debt Restructuring During the three months ended March 31, 2019 and 2018 , there were no loans modified as TDRs, in which the Company provided borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. At both March 31, 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 for which the Company had previously recorded an allowance for loan loss. The Company has no additional lending commitment on this TDR loan. Non-PCI Impaired Loans Non-PCI loans, excluding loans carried at fair value, are identified as impaired when it is no longer probable that interest or principal will be collected according to the contractual terms of the original loan agreement. Non-PCI impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs, as well as loans in maturity default. The following table summarizes non-PCI impaired loans: Gross Carrying Value (In thousands) Unpaid Principal Balance With Allowance for Loan Losses Without Allowance for Loan Losses Total Allowance for Loan Losses March 31, 2019 $ 320,211 $ 74,254 $ 250,073 $ 324,327 $ 18,115 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 March 31, (In thousands) 2019 2018 Average carrying value before allowance for loan losses $ 244,532 $ 273,410 Total interest income recognized during the period impaired 3,003 29 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 three months ended March 31, 2019 and 2018 . Changes in accretable yield of PCI loans were as follows: Three Months Ended March 31, (In thousands) 2019 2018 Beginning accretable yield $ 9,620 $ 42,435 Dispositions — (2,565 ) Changes in accretable yield 1,442 1,989 Accretion recognized in earnings (3,087 ) (12,579 ) Effect of changes in foreign exchange rates (40 ) 354 Ending accretable yield $ 7,935 $ 29,634 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 $171.6 million at March 31, 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 held for investment 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: March 31, 2019 December 31, 2018 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 18,115 $ 74,254 $ 18,304 $ 75,179 PCI loans 18,242 67,650 14,636 54,440 $ 36,357 $ 141,904 $ 32,940 $ 129,619 Changes in allowance for loan losses is presented below: Three Months Ended March 31, (In thousands) 2019 2018 Allowance for loan losses at January 1 $ 32,940 $ 52,709 Contribution to Colony Credit — (518 ) Provision for loan losses, net 3,611 5,375 Charge-off (194 ) (3,586 ) Allowance for loan losses at March 31 $ 36,357 $ 53,980 Provision for loan losses by loan type is as follows: Three Months Ended March 31, (In thousands) 2019 2018 Non-PCI loans $ — $ 2,662 PCI loans 3,611 2,713 Total provision for loan losses, net $ 3,611 $ 5,375 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 March 31, 2019 , total unfunded lending commitments was $227.5 million , of which the Company's share was $99.8 million , net of amounts attributable to noncontrolling interests.	Loans Receivable As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, including $1.29 billion of loans receivable. The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans: December 31, 2018 December 31, 2017 ($ in thousands) Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Loans at amortized cost Non-PCI Loans Fixed rate Mortgage loans $ 643,973 $ 667,590 10.7 % 2.2 $ 1,081,030 $ 1,082,513 9.1 % 2.8 Securitized loans (1) — — — % N/A 35,566 36,603 5.9 % 16.8 Mezzanine loans 357,590 354,326 12.5 % 1.5 459,433 456,463 12.2 % 2.3 Corporate loans 108,944 107,796 12.3 % 5.8 46,840 46,592 9.9 % 10.0 1,110,507 1,129,712 1,622,869 1,622,171 Variable rate Mortgage loans 178,650 179,711 4.3 % 0.1 414,428 423,199 6.0 % 1.7 Securitized loans (1) — — — % N/A 461,489 462,203 6.4 % 3.5 Mezzanine loans 27,772 27,417 13.4 % 2.5 34,391 34,279 9.8 % 1.3 206,422 207,128 910,308 919,681 1,316,929 1,336,840 2,533,177 2,541,852 PCI Loans Mortgage loans 1,324,287 351,646 1,865,423 682,125 Securitized loans — 23,298 3,400 Mezzanine loans 7,425 3,671 7,425 3,671 1,331,712 355,317 1,896,146 689,196 Allowance for loan losses (32,940 ) (52,709 ) 2,648,641 1,659,217 4,429,323 3,178,339 Loans at fair value Securitized loans (2) — — 72,511 45,423 Total loans receivable $ 2,648,641 $ 1,659,217 $ 4,501,834 $ 3,223,762 __________ (1) Represents loans held in securitization trusts consolidated by the Company (Note 15 ). The Company contributed its interests in three securitization trusts to Colony Credit in January 2018 and sold its interests in a remaining securitization trust to a third party in June 2018, resulting in the deconsolidation of these securitization trusts along with their underlying mortgage loans and bonds payable. (2) Represents loans held by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company at December 31, 2017 . The Company had elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ) along with the securitization trust consolidated by the N-Star CDO. Nonaccrual and Past Due Loans Non-PCI loans, excluding loans carried at fair value, that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses, excluding loans carried at fair value: (In thousands) Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due and Nonaccrual Total Non-PCI Loans December 31, 2018 $ 1,052,303 $ — $ 44,392 $ 240,145 $ 1,336,840 December 31, 2017 2,268,599 145,986 9,410 117,857 2,541,852 Troubled Debt Restructuring During the year ended December 31, 2016, there was one loan with a carrying value of $37.6 million before allowance for loan loss that was modified as a TDR, in which the Company provided the borrower, who was experiencing financial difficulties, with concessions in interest rate and payment terms. During the years ended December 31, 2018 , 2017 and 2016, there were no loans modified as TDRs. At December 31, 2018 and 2017 , carrying value of existing TDR loans before allowance for loan losses was $37.8 million and $66.4 million , respectively. At December 31, 2018 , the one outstanding TDR loan was in maturity default, for which the Company recorded an allowance for loan loss. The Company has no additional lending commitment on this TDR loan. Non-PCI Impaired Loans Non-PCI loans, excluding loans carried at fair value, are identified as impaired when it is no longer probable that interest or principal will be collected according to the contractual terms of the original loan agreement. Non-PCI impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs, as well as loans in maturity default. The following table summarizes non-PCI impaired loans: Unpaid Principal Balance Gross Carrying Value Allowance for Loan Losses (In thousands) With Allowance for Loan Losses Without Allowance for Loan Losses Total December 31, 2018 $ 280,337 $ 75,179 $ 206,628 $ 281,807 $ 18,304 December 31, 2017 383,594 138,136 248,759 386,895 7,424 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. Year Ended December 31, (In thousands) 2018 2017 2016 Average carrying value before allowance for loan losses $ 282,325 $ 202,397 $ 90,447 Total interest income recognized during the period impaired 7,127 10,192 3,929 Cash basis interest income recognized 1,190 — — Purchased Credit-Impaired Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, is not recognized as an adjustment of yield, loss accrual or valuation allowance. There were no PCI loans acquired in the year ended December 31, 2018 : In January 2017, the Company acquired additional PCI loans through the Merger as well as part of a loan portfolio secured by commercial properties in Ireland. Information about these PCI loans at the time of their acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 1,154,596 Less: Nonaccretable difference (878,257 ) Cash flows expected to be collected 276,339 Less: Accretable yield (23,594 ) Fair value of loans acquired $ 252,745 Changes in accretable yield of PCI loans were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Beginning accretable yield $ 42,435 $ 52,572 $ 66,639 Additions — 23,594 22,493 Dispositions (5,484 ) — — Changes in accretable yield 1,882 25,720 31,171 Accretion recognized in earnings (27,911 ) (61,809 ) (65,911 ) Deconsolidation (991 ) — — Effect of changes in foreign exchange rates (311 ) 2,358 (1,820 ) Ending accretable yield $ 9,620 $ 42,435 $ 52,572 The Company applied either the cash basis or cost recovery method for recognition of interest income on PCI loans with carrying value before allowance for loan losses of $175.6 million at December 31, 2018 and $196.5 million at December 31, 2017 , as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans. Allowance for Loan Losses The allowance for loan losses and related carrying values of loans held for investment, excluding loans carried at fair value, were as follows: December 31, 2018 December 31, 2017 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 18,304 $ 75,179 $ 7,424 $ 138,136 PCI loans 14,636 54,440 45,285 169,789 $ 32,940 $ 129,619 $ 52,709 $ 307,925 Changes in allowance for loan losses is presented below: Year Ended December 31, (In thousands) 2018 2017 2016 Allowance for loan losses at January 1 $ 52,709 $ 67,980 $ 37,571 Contribution to Colony Credit (Note 4) (518 ) — — Deconsolidation (5,983 ) — — Provision for loan losses, net 43,034 19,741 34,864 Charge-off (56,302 ) (35,012 ) (4,455 ) Allowance for loan losses at December 31 $ 32,940 $ 52,709 $ 67,980 Provision for loan losses by loan type is as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Non-PCI loans $ 22,557 $ 7,534 $ 5,815 PCI loans (1) 20,477 12,207 29,190 Total provision for loan losses, net $ 43,034 $ 19,741 $ 35,005 __________ (1) Net of recoveries in provision for loan losses on PCI loans of $4.1 million and $6.3 million for the year ended December 31, 2018 and 2017 , respectively. There were no recoveries in provision for loan losses on PCI loans for the year ended December 31, 2016. Lending Commitments The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At December 31, 2018 , total unfunded lending commitments was $180.9 million , of which the Company's share was $77.8 million , net of amounts attributable to noncontrolling interests.

Equity Investments

Equity Investments	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments	Equity and Debt Investments The Company's equity investments and debt securities, excluding those classified as held for sale, are represented by the following: (In thousands) March 31, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 2,282,817 $ 2,151,847 Private funds 129,451 124,826 2,412,268 2,276,673 Other equity investments Marketable equity securities 131,226 36,438 Investment ventures 96,612 95,196 Private fund and retail company 31,024 24,607 Total equity investments 2,671,130 2,432,914 Debt Securities N-Star CDO bonds, available for sale 64,410 64,127 CMBS of consolidated fund, at fair value 21,139 32,706 Total debt securities 85,549 96,833 Equity and debt investments $ 2,756,679 $ 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 (see 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 March 31, 2019 (1) Carrying Value at Investments Description March 31, 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% $ 1,027,345 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) 11.3% 88,058 87,696 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 100,386 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 221,183 219,913 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 502,023 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 109,905 109,393 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 14,191 9,525 Other investment ventures Interests in 17 investments at March 31, 2019 Various 171,046 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 178,131 81,085 $ 2,412,268 $ 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 ("OTTI"). Impairment of $2.6 million was recorded in equity method earnings for the three months ended March 31, 2019 based upon a pending sale of the underlying real estate held by the investee. No OTTI was recognized for the three months ended March 31, 2018 . However, impairment of $61.2 million was subsequently recorded during the year ended December 31, 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; estimated fair values or sale proceeds of the underlying real estate held by the investee; estimated enterprise value of the investee; or discounted cash flows from the investment. 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 . Colony Credit’s class A common stock had traded between $15.32 and $23.23 per share since its inception through March 29, 2019, the last trading day of the first quarter. At March 31, 2019 , the Company's investment in Colony Credit had a carrying value of $1.03 billion or $21.43 per share, which was approximately $276.7 million in excess of its fair value of $750.7 million based upon the closing stock price of $15.66 per share on March 29, 2019. The Company believes that the carrying value of its investment in Colony Credit is recoverable in the near term and determined that its investment in Colony Credit was not other-than-temporarily impaired as of March 31, 2019 . If Colony Credit's common stock continues to trade below the Company's carrying value for a prolonged period of time, an other-than-temporary impairment may be recognized in the future. Other Equity Investments Other equity investments that do not qualify for equity method accounting consist of the following: Marketable Equity Securities —These are 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 stock predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors. Investment Ventures —This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which was initially recorded at cost and prior to 2018, adjusted for distributions in excess of cumulative earnings. There were no adjustments for any impairment or observable price changes. Private Fund and Retail Company —This represents limited partnership interest in a third party private fund sponsored by an equity method investee and interest in the Company's sponsored non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare"), 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 March 31, 2019 , the Company’s share of these commitments was $31.3 million . Private Funds— At March 31, 2019 , the Company has unfunded commitments of $270.8 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 available-for-sale ("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 March 31, 2019 $ 65,732 $ 2,180 $ (3,502 ) $ 64,410 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 months ended March 31, 2018 . There were no dispositions in the three months ended March 31, 2019 . Three Months Ended March 31, (In thousands) 2018 Proceeds from sale $ 63,185 Gross realized gain (including $8,205 of unrealized gain transferred from AOCI) 8,384 Gross realized loss 499 Impairment of AFS Debt Securities The following table presents AFS debt securities that have been in a gross unrealized loss position: March 31, 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 $ 9,194 $ 409 $ 42,865 $ 3,093 $ 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. 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. OTTI loss of $0.7 million was recorded during the three months ended March 31, 2019 . For the three months ended March 31, 2018 , the Company recorded $4.4 million of OTTI loss in other gain (loss) 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 March 31, 2019 and December 31, 2018	Equity Investments As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, which included interests in third party private funds and acquisition, development and construction or ADC loans with a combined carrying value of approximately $208.7 million . In consideration for its contribution, the Company received equity interest in Colony Credit, accounted for under the equity method. The Company's investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected but excluding equity investments classified as held for sale, as follows: (In thousands) December 31, 2018 December 31, 2017 Equity method investments Investment ventures $ 2,151,847 $ 1,297,180 Private funds 124,826 227,034 2,276,673 1,524,214 Other equity investments Marketable equity securities of consolidated funds 26,754 35,600 Investment ventures 95,196 89,261 Private funds and retail companies 34,291 38,924 $ 2,432,914 $ 1,687,999 Equity Method Investments The Company owns significant interests in Colony Credit and NRE, both publicly-traded REITs that it manages. The Company accounts for its investments under the equity method as it exercises significant influence over operating and financial policies of these entities through a combination of its ownership interest, its role as the external manager and board representation, but does not control these entities. The Company also owns equity method investments that are structured as joint ventures with one or more private funds or other investment vehicles managed by the Company, or with third party joint venture partners. These investment ventures are generally capitalized through equity contributions from the members and/or leveraged through various financing arrangements. The Company elected the fair value option to account for its interests in certain investment ventures and limited partnership interests in third party private equity funds acquired through the Merger (see Note 14 ). The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of either the Company or the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance. The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below: ($ in thousands) Ownership Interest at December 31, 2018 (1) Carrying Value at Investments Description December 31, 2018 December 31, 2017 Colony Credit Real Estate, Inc. Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (2) 36.6% $ 1,037,754 $ — NorthStar Realty Europe Corp Common equity in publicly traded equity REIT managed by the Company (2) 11.2% 87,696 73,578 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 95,418 105,082 Preferred equity Preferred equity investments with underlying real estate (3) NA 219,913 440,704 ADC investments Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures (4) Various 481,477 331,268 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 109,393 22,261 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 9,525 — Other investment ventures Interests in 18 investments, each with no more than $66 million carrying value at December 31, 2018 Various 154,412 187,420 Fair value option Interests in initial stage or real estate development ventures and limited partnership interests in private equity funds Various 81,085 363,901 $ 2,276,673 $ 1,524,214 __________ (1) The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements. (2) These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests without a stated ownership interest in other ADC investments. (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 10 ). Significant Sale of Investments —In 2017, the Company had an investment in the single family residential business through its equity method investee, Starwood Waypoint Homes (formerly, Colony Starwood Homes). The Company monetized its investment through a sale of all of its shares in Starwood Waypoint Homes in March 2017 and June 2017 for total net proceeds of $500.5 million and recognized a gain of $191.2 million in aggregate, included in earnings from investments in unconsolidated ventures. Impairment —The Company evaluated its equity method investments for OTTI and determined that certain equity method investments were other-than-temporarily impaired and recorded aggregate impairment in equity method earnings of $61.2 million and $6.8 million for the years ended December 31, 2018 and 2017 , respectively. In making these assessments, the Company considered a variety of factors and assumptions specific to each investment, including: offer prices on the Company's investment; expected payoffs from sales of the underlying business of the investee; estimated fair values or sale proceeds of the underlying real estate held by the investee; estimated enterprise value of the investee; or discounted cash flows from the investment. As discussed in Note 4 , the Company had measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. Colony Credit’s class A common stock had traded between $15.56 and $23.23 per share in 2018, and closed at $15.79 per share on December 31, 2018 . At December 31, 2018 , the carrying value of the Company's investment in Colony Credit was $21.65 per share. As of December 31, 2018 , the Company determined that its investment in Colony Credit was not other-than-temporarily impaired as the Company believes that the carrying value of its investment in Colony Credit is recoverable in the near term. If Colony Credit's common stock continues to trade below the Company's carrying value for a prolonged period of time, an other-than-temporary impairment may be recognized in the future. Combined Financial Information of Equity Method Investees The following tables present selected combined financial information of the Company's equity method investees: Selected Combined Balance Sheet Information (In thousands) December 31, 2018 December 31, 2017 Total assets $ 15,499,159 $ 9,537,068 Total liabilities 9,803,705 5,357,936 Owners' equity 5,511,548 3,662,764 Noncontrolling interests 183,906 516,368 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2018 2017 2016 Total revenues $ 1,486,511 $ 1,519,728 $ 819,726 Net income (loss) 220,191 174,222 (32,493 ) Net income (loss) attributable to noncontrolling interests 23,878 (18,381 ) (3,494 ) Net income (loss) attributable to owners 196,313 192,603 (28,999 ) Other Equity Investments Other equity investments that do not qualify for equity method accounting consist of the following: Marketable Equity Securities —These are publicly traded equity securities held by a consolidated investment company and a consolidated private open-end fund. These equity securities comprise listed stock predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors. Investment Ventures —This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which was initially recorded at cost and prior to 2018, adjusted for distributions in excess of cumulative earnings. There were no adjustments for any impairment or observable price changes in 2018. Retail Companies —At December 31, 2018 , the Company has an interest in its sponsored non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and an investment in a third party managed open-end mutual fund for which the Company applies the NAV practical expedient (see Note 14 ). Another sponsored non-traded REIT, NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR NY Metro") terminated its offering period effective March 31, 2018 and was subsequently liquidated in October 2018, whereby the Company, together with its co-sponsor, RXR Realty LLC, had their shares redeemed for $0.01 per share, effectively forfeiting their investments. As a result, the Company wrote off its $1.5 million equity investment in NorthStar/RXR NY Metro in the third quarter of 2018. Private Funds —This represents a limited partnership interest in a third party private fund sponsored by an equity method investee for which the Company elected the NAV practical expedient (see Note 14 ). Investment Commitments Investment Ventures— Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At December 31, 2018 , the Company’s share of these commitments was $47.8 million . Private Funds— At December 31, 2018 , the Company has unfunded commitments of $288.3 million

Debt Securities

Debt Securities	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Debt Securities	Debt Securities The following table summarizes the Company's investment in debt securities. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2018 Available-for-sale debt securities: N-Star CDO bonds $ 67,513 $ 1,565 $ (4,951 ) $ 64,127 CMBS of consolidated fund 32,706 $ 96,833 December 31, 2017 Available-for-sale debt securities: CRE securities of consolidated N-Star CDOs (2) : CMBS $ 144,476 $ 3,999 $ (530 ) $ 147,945 Other securities (3) 61,302 5,994 (313 ) 66,983 N-Star CDO bonds 88,374 2,778 (219 ) 90,933 CMBS and other securities (1) 13,829 3,739 (186 ) 17,382 307,981 16,510 (1,248 ) 323,243 CMBS of consolidated fund 25,099 $ 348,342 __________ (1) Other securities include a trust preferred security and certain investments in other third party CDO bonds. (2) Carrying value of CDO bonds in consolidated N-Star CDOs was $215.5 million at December 31, 2017 . (3) Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities. N-Star CDOs and N-Star CDO Bonds —The Company acquired, upon the Merger, NRF's legacy CDOs. NRF had sponsored collateralized debt obligations ("CDOs"), collateralized primarily by commercial real estate ("CRE") debt and CRE securities, of which two of the sponsored CRE securities CDOs were consolidated. Additionally, NRF had acquired the equity interests of CRE debt focused CDOs sponsored by third parties. These CDOs are collectively referred to as the N-Star CDOs. At December 31, 2018 , the Company no longer has any consolidated CDOs as the remaining assets of one CDO was liquidated, and the Company sold all of its interest in another CDO which resulted in the deconsolidation of that CDO. A gain of $10.9 million was recorded upon deconsolidation, included in other gain on the consolidated statement of operations. At the time of issuance of the sponsored CDOs, NRF retained investment-grade subordinate bonds. NRF also retained equity interests in the form of preferred shares in all of its sponsored CDOs. Additionally, NRF repurchased CDO bonds originally issued to third parties at discounts to par. These repurchased CDO bonds and retained investment-grade subordinate bonds are collectively referred to as N-Star CDO bonds. All of the legacy NRF sponsored CDOs are past their reinvestment period and are amortizing over time as the underlying assets pay down or are sold. CMBS and Other Securities —These debt securities are predominantly commercial mortgage-backed securities (“CMBS”), including investments in mezzanine positions. At December 31, 2018 , the contractual maturities of CRE securities ranged from 8 to 43 years . The expected maturity, on a weighted average basis, was 5 years . CMBS of Consolidated Fund —These are CMBS held by a consolidated investment company, that are accounted for at fair value through earnings. Disposition of Debt Securities Realized gains (losses) from sale of debt securities are recorded in other gain (loss), as follows. Year Ended December 31, (In thousands) 2018 2017 Available-for-sale debt securities: Proceeds from sale $ 78,197 $ 30,279 Gross realized gain 11,304 951 Gross realized (loss) (592 ) — Impairment of AFS Debt Securities The following table presents AFS debt securities in a gross unrealized loss position: December 31, 2018 December 31, 2017 Less Than 12 Months Less Than 12 Months (In thousands) Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss CRE securities of consolidated N-Star CDOs: CMBS $ — $ — $ 2,229 $ (530 ) Other securities — — 8,218 (313 ) N-Star CDO bonds 54,459 (4,951 ) 13,392 (219 ) CMBS and other securities — — 12,956 (186 ) $ 54,459 $ (4,951 ) $ 36,795 $ (1,248 ) At December 31, 2018 and 2017 , there were no AFS debt securities in an unrealized loss position for more than 12 months. The Company recorded $8.2 million and $33.0 million of OTTI loss in other gain (loss) for the year ended December 31, 2018 and 2017 , respectively. The OTTI loss was due to an adverse change in expected cash flows on N-Star CDO bonds as well as CMBS held by consolidated N-Star CDOs (such N-Star CDOs were deconsolidated in the second quarter of 2018) as the Company believed that it was not likely that it would recover the amortized cost on those securities prior to selling them. At December 31, 2018 , the Company believes that the remaining AFS securities with unrealized loss in accumulated other comprehensive income were not other than temporarily impaired as it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. At December 31, 2017 , there were no AFS securities with unrealized loss in accumulated other comprehensive income that have not otherwise been other than temporarily impaired. Purchased Credit-Impaired Debt Securities Certain debt securities acquired by the Company through the Merger, consisting of certain N-Star CDOs, other CDOs and CMBS securities, were considered to be credit-impaired at acquisition, with the following outstanding balance: (In thousands) December 31, 2018 December 31, 2017 Outstanding principal $ 213,929 $ 411,174 Amortized cost 2,757 26,761 Carrying value 3,619 31,789 PCI debt securities are recorded at their initial investment and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured at acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the security. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, reflects the estimated future credit losses expected to be incurred over the life of the security and is not accreted to interest income nor recorded on the balance sheet. Subsequent decreases in undiscounted expected cash flows attributable to further credit deterioration as well as changes in expected timing of future cash flows can result in recognition of OTTI. Information about these PCI debt securities upon acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 574,088 Less: Nonaccretable difference (449,261 ) Cash flows expected to be collected 124,827 Less: Accretable yield (70,283 ) Fair value of PCI debt securities acquired $ 54,544 The following table presents changes in accretable yield related to these PCI debt securities. Year Ended December 31, (In thousands) 2018 2017 Beginning accretable yield $ 44,610 $ — Assumed through the Merger — 70,283 Accretion recognized in earnings (3,489 ) (12,461 ) Reduction due to payoffs, disposals or deconsolidation (17,081 ) (8,963 ) Net reclassifications to nonaccretable difference (1) (24,040 ) (4,249 ) Ending accretable yield $ — $ 44,610 __________ (1) Includes reclassifications to nonaccretable difference for PCI securities for which cash flows can no longer be reasonably estimated.

Goodwill, Deferred Leasing Cost

Goodwill, Deferred Leasing Costs and Other Intangibles	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 both March 31, 2019 and December 31, 2018 reside in the investment management segment. Goodwill assigned to the industrial segment of $20.0 million is classified as held for sale (Note 7 ). Impairment Goodwill is assessed for impairment at the Company's operating segments or one level below. The Company performs its annual impairment test in the fourth quarter of each year. Based upon the Company's most recent annual impairment test in 2018, the Company determined that its investment management and industrial goodwill were not impaired. Additionally, no impairment was recognized during the three months ended March 31, 2019 . Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities The Company's deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, are as follows. March 31, 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 $ 168,570 $ (61,842 ) $ 106,728 $ 170,869 $ (55,103 ) $ 115,766 Above-market lease values 111,862 (32,327 ) 79,535 111,903 (29,497 ) 82,406 Below-market ground lease obligations (2) — — — 16,258 (984 ) 15,274 Deferred leasing costs 18,973 (4,862 ) 14,111 17,154 (4,465 ) 12,689 Lease incentives 14,169 (1,385 ) 12,784 14,169 (1,134 ) 13,035 Trade name (3) 15,500 — 15,500 15,500 — 15,500 Investment management contracts 194,698 (100,445 ) 94,253 194,698 (92,618 ) 102,080 Customer relationships 49,291 (15,863 ) 33,428 49,291 (15,027 ) 34,264 Other (4) 41,664 (1,945 ) 39,719 59,157 (4,241 ) 54,916 Total deferred leasing costs and intangible assets $ 614,727 $ (218,669 ) $ 396,058 $ 648,999 $ (203,069 ) $ 445,930 Intangible Liabilities Below-market lease values $ 175,673 $ (47,346 ) $ 128,327 $ 176,013 $ (42,895 ) $ 133,118 Above-market ground lease obligations (2) — — — 15,909 (1,557 ) 14,352 Total intangible liabilities $ 175,673 $ (47,346 ) $ 128,327 $ 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 No impairment was recorded during the three months ended March 31, 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 the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 15 ). Three Months Ended March 31, (In thousands) 2019 2018 Above-market lease values $ (2,733 ) $ (4,493 ) Below-market lease values 4,888 5,969 Lease incentives (252 ) (242 ) Net increase (decrease) to rental income $ 1,903 $ 1,234 Above-market ground lease obligations $ — $ (286 ) Below-market ground lease obligations — 463 Net increase (decrease) to ground rent expense $ — $ 177 In-place lease values $ 7,102 $ 8,291 Deferred leasing costs 1,569 847 Trade name — 804 Investment management contracts 7,827 5,686 Customer relationships 836 1,152 Other 252 515 Amortization expense $ 17,586 $ 17,295 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 related liabilities held for sale: Year Ending December 31, (In thousands) Remaining 2019 2020 2021 2022 2023 2024 and Thereafter Total (1) Net increase (decrease) to rental income $ 5,804 $ 7,499 $ 8,451 $ 7,964 $ 8,708 $ (2,418 ) $ 36,008 Amortization expense 91,971 36,735 30,899 23,392 17,318 59,002 259,317 __________ (1) Excludes $9.9 million net increase to rental income and $147.3 million amortization expense related to deferred leasing costs and intangible assets and intangible liabilities of the industrial segment that is held for sale.	Goodwill, Deferred Leasing Costs and Other Intangibles Goodwill The following table presents changes in the carrying value of goodwill, which resides in the investment management segment. Year Ended December 31, (In thousands) 2018 2017 2016 Beginning balance $ 1,514,561 $ 660,127 $ 658,267 Business combinations (1) — 1,440,229 1,860 Transfer to held for sale (2) — (20,000 ) — Disposition (3) — (249,795 ) — Impairment — (316,000 ) — Ending balance (4) $ 1,514,561 $ 1,514,561 $ 660,127 __________ (1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination. (2) Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale in 2017 (Note 10 ). The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (3) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, subsequently transferred to held for sale and sold on December 29, 2017. (4) Total goodwill amount is not deductible for income tax purposes. Goodwill assigned to the industrial segment of $20.0 million is classified as held for sale (Note 10 ). Impairment Goodwill is assessed for impairment at the Company's operating segments or one level below. The Company performs its annual impairment test in the fourth quarter of each year. Investment Management For its annual evaluation of goodwill for impairment, the Company performed a quantitative assessment in 2018 and 2017 and a qualitative assessment in 2016. 2018 —In 2018, the Company determined that the carrying value of its investment management reporting unit, including goodwill, was not in excess of its estimated fair value and concluded that the investment management goodwill was not impaired. 2017 —The Company's quantitative assessment in 2017 indicated that the carrying value of the investment management reporting unit, including its assigned goodwill, exceeded its estimated fair value. As a result of this assessment, the Company recognized an impairment to the investment management goodwill of $316.0 million in 2017. In determining the carrying value of the investment management reporting unit for goodwill impairment testing in 2017, the Company used the net book value of its investment management subsidiary at October 1, 2017, adjusted to (i) exclude the Townsend and broker-dealer businesses; (ii) account for measurement period adjustments in the fourth quarter of 2017; and (iii) account for impairments recorded on management contract intangible assets in the fourth quarter of 2017 as well as expected write-off of the management contract intangible assets for NorthStar I and NorthStar II as a result of the Combination in 2018. The fair value of the investment management reporting unit in 2017 was estimated using the income approach. Projections of discounted cash flows were based on various factors, including, but not limited to, assumptions around forecasted capital raising for existing and future investment vehicles, fee related earnings multiples, incentive fee multiples, operating profit margins and discount rates, adjusted for certain risk characteristics such as the predictability of fee streams and the estimated life of managed investment vehicles. The Company applied terminal year residual multiples on fee related earnings ranging from 6.5 x to 20 x, incentive fee multiples ranging from 3 x to 5 x and discount rates ranging from 9% to 25% . The Company considered a range of fee related earnings multiples, incentive fee multiples and discount rates for a peer group of alternative asset managers as indicators to assess for reasonableness, noting that direct comparison generally cannot be drawn due to differences that exist between the Company's business and those of other asset managers. The Company also considered the hypothetical value of its investment management business in a spin-off that would result in the Company becoming externally managed, and assigned a value to internally managing the Company's balance sheet assets based on market terms of management contracts of externally-managed REITs that otherwise engage in similar real estate operations. As a final step, the Company assessed the reasonableness of the valuation as a whole by comparing the aggregate fair value of its reporting units to its market capitalization, and considered in its assessment the impact of short-term market volatility and other market factors that may not directly affect the value of the Company's individual reporting units. Due to the inherently judgmental nature of the various projections and assumptions used as well as the unpredictability of economic or market conditions, actual results may differ from estimates, and negative changes to these variables may result in further decline in the fair value of the investment management reporting unit, which would result in further impairment charge to goodwill in the future. 2016 —The Company's qualitative assessment in 2016 indicated that the investment management goodwill was not impaired. Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities The Company's deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, are as follows. December 31, 2018 December 31, 2017 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 170,869 $ (55,103 ) $ 115,766 $ 162,804 $ (54,646 ) $ 108,158 Above-market lease values 111,903 (29,497 ) 82,406 146,402 (20,675 ) 125,727 Below-market ground lease obligations 16,258 (984 ) 15,274 29,625 (316 ) 29,309 Deferred leasing costs 17,154 (4,465 ) 12,689 43,599 (6,127 ) 37,472 Lease incentives 14,169 (1,134 ) 13,035 14,169 (136 ) 14,033 Trade name (2) 15,500 — 15,500 79,700 (3,131 ) 76,569 Investment management contracts 194,698 (92,618 ) 102,080 342,127 (70,394 ) 271,733 Customer relationships 49,291 (15,027 ) 34,264 59,400 (10,421 ) 48,979 Other (3) 59,157 (4,241 ) 54,916 54,061 (2,041 ) 52,020 Total deferred leasing costs and intangible assets $ 648,999 $ (203,069 ) $ 445,930 $ 931,887 $ (167,887 ) $ 764,000 Intangible Liabilities Below-market lease values $ 176,013 $ (42,895 ) $ 133,118 $ 191,062 $ (24,563 ) $ 166,499 Above-market ground lease obligations 15,909 (1,557 ) 14,352 13,246 (698 ) 12,548 Total intangible liabilities $ 191,922 $ (44,452 ) $ 147,470 $ 204,308 $ (25,261 ) $ 179,047 __________ (1) For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed twelve months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Amounts are presented net of impairments and write-offs, including contracts written off in connection with the Combination (Notes 4 and 14 ). (2) The Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. The NorthStar trade name, prior to its write-off in June 2018, was amortized over an estimated useful life of 20 years. (3) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with certain hotel properties which are subject to amortization over the term of the respective agreements. Impairment Investment Management Contracts —In 2018, $147.4 million of impairment was recorded on investment management contract intangibles related to non-traded REITs. This consisted of $139.0 million write-off of the NorthStar I and NorthStar II management contract intangibles as the contracts were terminated upon closing of the Combination, $1.4 million write off of the NorthStar/RXR NY Metro management contract intangible in consideration of the termination of its offering period (see Note 7 ), and $7.0 million impairment on the NorthStar Healthcare management contract intangible resulting from a decrease in expected fees, with fair value estimated based upon future net cash flows, discounted at 10% . In the fourth quarter of 2017, impairment of $59.1 million was recorded on investment management contract intangibles of non-traded REITs, including $55.3 million on NorthStar Healthcare following an amendment to its advisory agreement and $3.7 million on NorthStar/RXR NY Metro based on revised capital raising projections. Fair value of these management contract intangibles were estimated based upon an analysis of future net cash flows, discounted at 9% . Customer Relationships —In 2018, the remaining value of the retail customer relationship intangible of $10.1 million was written off based on a reassessment of future capital raising for retail vehicles. Trade Name —In June 2018, the Company changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and the remaining value of the NorthStar trade name of $59.5 million was written off. Amortization of Intangible Assets and Liabilities The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 18 ): Year Ended December 31, (In thousands) 2018 2017 2016 Above-market lease values $ (27,299 ) $ (20,787 ) $ (2,611 ) Below-market lease values 31,019 35,484 3,126 Lease incentives (997 ) (136 ) — Net increase (decrease) to rental income $ 2,723 $ 14,561 $ 515 Above-market ground lease obligations $ (919 ) $ (746 ) $ 482 Below-market ground lease obligations 669 854 — Net increase (decrease) to ground rent expense $ (250 ) $ 108 $ 482 In-place lease values $ 28,047 $ 59,142 $ 16,971 Deferred leasing costs 3,419 5,801 2,795 Trade name 1,606 3,682 — Investment management contracts 22,386 38,640 11,446 Customer relationships 4,606 12,514 3,343 Other 2,291 10,215 — Amortization expense $ 62,355 $ 129,994 $ 34,555 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 related liabilities held for sale: Year Ending December 31, (In thousands) 2019 2020 2021 2022 2023 2024 and Thereafter Total (1) Net increase (decrease) to rental income $ 7,863 $ 7,466 $ 8,369 $ 7,932 $ 8,636 $ (2,589 ) $ 37,677 Net increase (decrease) to rent expense (220 ) (218 ) (213 ) (210 ) (218 ) 2,001 922 Amortization expense 106,698 35,953 30,150 25,979 24,516 67,301 290,597 __________ (1) Excludes $8.3 million net increase to rental income, $0.1 million net decrease to rent expense, and $90.9 million amortization expense related to deferred leasing costs and intangible assets and intangible liabilities of the industrial segment that is held for sale.

Assets and Related Liabilities

Assets and Related Liabilities Held For Sale	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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) March 31, 2019 December 31, 2018 Assets Restricted cash $ 5,192 $ 6,213 Real estate, net 4,635,406 3,645,406 Equity investment 12,937 13,422 Goodwill 20,000 20,000 Intangible assets, net 166,187 135,924 Other assets 226,641 146,380 Due from affiliates 2,472 2,290 Total assets held for sale $ 5,068,835 $ 3,969,635 Liabilities Debt, net $ 1,909,386 $ 1,064,585 Lease intangibles and other liabilities, net 114,725 153,910 Total liabilities related to assets held for sale $ 2,024,111 $ 1,218,495 Assets and Liabilities Related to Discontinued Operations At March 31, 2019 and December 31, 2018, assets totaling $4.3 billion and $3.2 billion , respectively, and liabilities totaling $2.0 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 $4.1 billion at March 31, 2019 and $3.0 billion at December 31, 2018, as well as goodwill associated with the industrial management platform, fee receivable from the industrial open-end fund, presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment 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 or extinguished concurrent with closing of the sale. At March 31, 2019, the outstanding debt of the industrial segment was composed of $1.1 billion fixed rate and $0.9 billion variable rate, bearing an overall weighted average interest rate of 3.93% , and weighted average remaining maturity of 7.9 years The first three months of 2018 also included income from discontinued operations of $0.1 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 in the second quarter of 2018. Income from discontinued operations is presented below. Three Months Ended March 31, (In thousands) 2019 2018 Revenues Property operating income $ 81,232 $ 68,353 Fee income 2,472 1,314 Interest and other income 1,140 1,116 Revenues from discontinued operations 84,844 70,783 Expenses Property operating expense 22,337 21,400 Interest expense 14,627 10,190 Investment and servicing expense 530 74 Depreciation and amortization 39,445 29,945 Compensation expense—cash and equity-based (1) 2,659 2,395 Compensation expense—carried interest (2) (221 ) 859 Administrative expenses 1,629 1,317 Expenses from discontinued operations 81,006 66,180 Other income (loss) Gain from sale of real estate 22,848 2,293 Other loss, net (8 ) — Equity method earnings (loss), including carried interest (472 ) 2,183 Income from discontinued operations before income taxes 26,206 9,079 Income tax benefit (expense) 87 15 Income from discontinued operations 26,293 9,094 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 17,309 5,019 Noncontrolling interests in Operating Company 545 244 Income from discontinued operations attributable to Colony Capital, Inc. $ 8,439 $ 3,831 __________ (1) Includes equity-based compensation of $0.7 million and $0.5 million for the three months ended March 31, 2019 and 2018, respectively.	Colony Credit The contribution of the CLNY Contributed Portfolio (as described in Note 1 ) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018. Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony Credit on a fully diluted basis. The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony Credit's class B-3 common stock and 3,075,623 common membership units in Colony Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNY Contributed Portfolio to Colony Credit. The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Each share of Colony Credit's class B-3 common stock automatically converted into Colony Credit's class A common stock on a one -for-one basis upon close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash or Colony Credit’s Class A common stock on a one -for-one basis, in the sole discretion of Colony Credit. In connection with the merger of NorthStar I and NorthStar II with and into Colony Credit, their respective stockholders received shares of Colony Credit's class A common stock based on pre-determined exchange ratios. As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I in the original principal amount of $150.2 million was not transferred to Colony Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust and subsequently distributed to NorthStar I stockholders. As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 9 ). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit. Upon closing of the Combination, the Company's contribution of the CLNY Contributed Portfolio to Colony Credit, and the merger of Colony Credit with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 The Company measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations. The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2018 December 31, 2017 Assets Restricted cash $ 6,213 $ 5,186 Real estate, net 3,645,406 3,171,777 Equity investment 13,422 2,840 Goodwill (1) 20,000 40,000 Intangible assets, net 135,924 126,209 Other assets 146,380 61,361 Due from affiliates 2,290 1,157 Total assets held for sale $ 3,969,635 $ 3,408,530 Liabilities Debt, net $ 1,064,585 $ 1,198,363 Lease intangibles and other liabilities, net 153,910 149,749 Total liabilities related to assets held for sale $ 1,218,495 $ 1,348,112 __________ (1) Goodwill is associated with the broker-dealer and the industrial businesses. The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. Assets and Liabilities Related to Discontinued Operations At December 31, 2018 and 2017, assets held for sale totaling $3.2 billion and $2.6 billion , respectively, and related liabilities totaling $1.2 billion and $1.1 billion , respectively, constituted discontinued operations. This is composed of the industrial segment and associated management platform in both years and to a lesser extent, at December 31, 2017, certain properties in the THL Hotel Portfolio that qualified as held for sale upon consensual foreclosure. The assets held for sale consisted primarily of real estate and related intangible assets of $3.0 billion and approximately $2.6 billion at December 31, 2018 and 2017, respectively, as well as goodwill associated with the industrial management platform of $20.0 million , fee receivable from the industrial open-end fund, presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment in the table above. Outstanding debt of the industrial segment is expected to be assumed by the buyer or extinguished concurrent with closing of the sale and is classified as held for sale, totaling $1.1 billion and $1.0 billion All of discontinued operations in 2016 and predominantly in 2017 and 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, predominantly carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. Discontinued operations also consisted of a manufactured housing portfolio acquired through the Merger in January 2017 and sold in March 2017, and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017, which were fully disposed in the second quarter of 2018. All of these properties qualified as held for sale at the time of acquisition, therefore reported as discontinued operations. The manufactured housing portfolio generated net income of $12.6 million in 2017 prior to its sale, while results from discontinued operations of the properties in the THL Hotel Portfolio were immaterial in 2017 and 2018. Income or loss from discontinued operations is presented below. Year Ended December 31, (In thousands) 2018 2017 2016 Revenues Property operating income $ 288,367 $ 284,051 $ 194,670 Fee income 7,378 4,022 — Interest and other income 3,775 4,742 1,687 Revenues from discontinued operations 299,520 292,815 196,357 Expenses Property operating expenses 84,162 87,726 55,924 Interest expense 42,713 47,594 44,834 Investment and servicing expense 436 542 167 Transaction costs — — 921 Placement fees 234 1,650 — Depreciation and amortization 129,104 109,265 88,854 Impairment loss 948 44 407 Compensation expense—cash and equity-based (1) 11,156 8,119 7,856 Compensation expense—carried interest 4,696 — — Administrative expenses 4,569 4,703 2,699 Expenses from discontinued operations 278,018 259,643 201,662 Other income Gain on sale of real estate 7,633 22,504 2,888 Equity method earnings, including carried interest 10,636 1,868 27 Income (loss) from discontinued operations before income taxes 39,771 57,544 (2,390 ) Income tax expense (189 ) (2,096 ) (586 ) Income (loss) from discontinued operations 39,582 55,448 (2,976 ) Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities 21,260 24,407 (1,924 ) Noncontrolling interests in Operating Company 1,113 1,249 (168 ) Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ 17,209 $ 29,792 $ (884 ) __________ (1) Includes equity-based compensation of $2.9 million , $3.3 million and $0.6 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Other Liabilities	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Restricted Cash, Other Assets and Other Liabilities	Restricted Cash, Other Assets and Other Liabilities Restricted Cash The following table summarizes the Company's restricted cash balance: (In thousands) March 31, 2019 December 31, 2018 Capital expenditures reserves (1) $ 170,042 $ 214,863 Real estate escrow reserves (2) 43,766 49,702 Borrower escrow deposits 15,653 10,412 Working capital and other reserves (3) 14,522 19,586 Tenant lock boxes (4) 17,989 15,666 Other 61,531 54,376 Total restricted cash $ 323,503 $ 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) March 31, 2019 December 31, 2018 Interest receivable $ 11,961 $ 14,005 Straight-line rents 34,350 34,931 Hotel-related deposits and reserves (1) 15,728 21,636 Investment deposits and pending deal costs 27,465 27,534 Deferred financing costs, net (2) 4,797 5,467 Derivative assets (Note 10) 29,679 33,558 Prepaid taxes and deferred tax assets, net 58,846 71,656 Receivables from resolution of investments (3) 32,624 30,770 Operating lease right-of-use asset 115,876 — Accounts receivable (4) 85,714 58,830 Prepaid expenses 34,196 23,771 Other assets 69,022 30,604 Fixed assets, net 45,840 47,381 Total other assets $ 566,098 $ 400,143 __________ (1) Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) 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. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) March 31, 2019 December 31, 2018 Tenant security deposits and payable $ 14,220 $ 15,135 Borrower escrow deposits 18,885 13,001 Deferred income (1) 18,255 27,124 Interest payable 40,778 40,622 Derivative liabilities (Note 10) 304,678 132,808 Contingent consideration—THL Hotel Portfolio (Note 11) 9,312 8,903 Share repurchase payable (2) — 7,567 Current and deferred income tax liability 105,477 92,808 Operating lease liability (Note 20) 115,678 — Accrued compensation 33,939 79,320 Accrued carried interest and contractual incentive fee compensation 8,675 7,486 Accrued real estate and other taxes 47,452 38,714 Accounts payable and accrued expenses 113,234 91,244 Other liabilities 127,710 79,412 Total accrued and other liabilities $ 958,293 $ 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 March 31, 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.	Restricted Cash, Other Assets and Other Liabilities Restricted Cash The following table summarizes the Company's restricted cash balance: (In thousands) December 31, 2018 December 31, 2017 Capital expenditures reserves (1) $ 214,863 $ 248,668 Real estate escrow reserves (2) 49,702 39,198 Borrower escrow deposits 10,412 41,545 Working capital and other reserves (3) 19,586 23,043 Tenant lock boxes (4) 15,666 16,486 Restricted cash of consolidated N-Star CDOs (5) — 13,656 Other 54,376 84,316 Total restricted cash $ 364,605 $ 466,912 __________ (1) Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets. (2) Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets. (3) Represents reserves for working capital and property development expenditures, as well as in connection with letter of credit provisions, as required in joint venture arrangements with the Federal Deposit Insurance Corporation. (4) Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt. (5) Balance at December 31, 2017 represents proceeds from repayments and/or sales of debt securities which are pending distribution in consolidated N-Star CDOs. The Company sold all of its interest in the sponsored N-Star CDOs in May 2018 and deconsolidated the N-Star CDOs. Other Assets The following table summarizes the Company's other assets: (In thousands) December 31, 2018 December 31, 2017 Interest receivable $ 14,005 $ 21,529 Straight-line rents 34,931 20,934 Hotel-related deposits and reserves (1) 21,636 29,208 Investment deposits and pending deal costs 27,534 1,186 Deferred financing costs, net (2) 5,467 8,324 Contingent consideration escrow account (3) — 15,730 Derivative assets (Note 13) 33,558 10,152 Prepaid taxes and deferred tax assets, net 71,656 78,957 Receivables from resolution of investments (4) 30,770 15,215 Accounts receivable (5) 58,830 84,725 Prepaid expenses 23,771 26,306 Other assets 30,604 20,296 Fixed assets, net 47,381 53,632 Total other assets $ 400,143 $ 386,194 __________ (1) Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Contingent consideration escrow account holds certificates of deposit and cash for dividends paid on OP Units held in escrow for the contingent consideration that may be earned by certain executives in connection with the acquisition of the investment management business of Colony's former manager (Note 14 ). Upon final measurement of the contingent consideration at the end of its earnout period on June 30, 2018, the final amount of dividends on class A common stock and OP Units payable to the executives was determined to be $6.4 million , which was settled in August 2018, and the remaining escrow balance was released back to the Company. (4) Represents primarily proceeds from loan repayments held in escrow and sales of marketable equity securities pending settlement. (5) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) December 31, 2018 December 31, 2017 Tenant security deposits and payable $ 15,135 $ 14,657 Borrower escrow deposits 13,001 46,231 Deferred income (1) 27,124 30,819 Interest payable 40,622 42,462 Derivative liabilities (Note 13) 132,808 204,848 Contingent consideration—THL Hotel Portfolio (Note 3) 8,903 7,419 Share repurchase payable (2) 7,567 — Current and deferred income tax liability 92,808 165,882 Accrued compensation 79,320 77,483 Accrued carried interest and contractual incentive fee compensation 7,486 — Accrued real estate and other taxes 38,714 52,714 Other accrued expenses 80,794 96,306 Accounts payable and other liabilities 89,862 98,046 Total accrued and other liabilities $ 634,144 $ 836,867 __________ (1) Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $3.2 million at December 31, 2018 and $2.7 million at December 31, 2017 , which will be recognized as fee income on a straight-line basis through 2025 . Adoption of the new revenue recognition standard had resulted in approximately $1.6 million increase to deferred management fee income on January 1, 2018. For the year ended December 31, 2018 , $0.6 million relating to the deferred asset management fee balance at January 1, 2018 was recognized as fee income. (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.

Debt

Debt	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consists of the following components, excluding debt classified as held for sale (Note 7 ). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured and Unsecured Debt (2) Junior Subordinated Notes Total Debt March 31, 2019 Debt at amortized cost Principal $ — $ 616,105 $ 8,089,396 $ 280,117 $ 8,985,618 Premium (discount), net — 2,586 (33,157 ) (80,554 ) (111,125 ) Deferred financing costs — (6,073 ) (65,018 ) — (71,091 ) $ — $ 612,618 $ 7,991,221 $ 199,563 $ 8,803,402 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 $356.5 million at March 31, 2019 and $425.9 million at December 31, 2018 were not classified as held for sale but were related to financing on assets held for sale. The following table summarizes certain information about the different components of debt carried at amortized cost, excluding debt classified as held for sale (Note 7 ). Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend has been met on balance sheet date and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ 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 March 31, 2019 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.8 $ — N/A 2.8 Convertible and exchangeable senior notes 616,105 4.27 % 2.8 — N/A N/A 616,105 4.27 % 2.8 Junior subordinated debt — N/A N/A 280,117 5.46 % 17.2 280,117 5.46 % 17.2 Secured debt (1) 36,660 5.02 % 6.7 — N/A N/A 36,660 5.02 % 6.7 652,765 280,117 932,882 Non-recourse Secured and unsecured debt Healthcare (2) (3) 2,130,999 4.62 % 1.7 1,112,944 6.54 % 3.1 3,243,943 5.28 % 2.2 Hospitality 12,559 13.01 % 2.4 2,646,977 5.60 % 3.7 2,659,536 5.64 % 3.7 Other Real Estate Equity (2) 181,384 4.23 % 3.6 1,682,195 4.38 % 3.2 1,863,579 4.36 % 3.2 Real Estate Debt — N/A N/A 285,678 4.59 % 2.6 285,678 4.59 % 2.6 2,324,942 5,727,794 8,052,736 $ 2,977,707 $ 6,007,911 $ 8,985,618 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 Secured debt 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 represents two promissory notes secured by the Company's aircraft. (2) Mortgage debt in the healthcare and other real estate equity segment with an aggregate outstanding principal of $460.2 million at March 31, 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) $1.725 billion outstanding principal of non-recourse fixed rate mortgage debt on certain properties in our U.S. healthcare portfolio is scheduled to mature in December 2019. The Company continues to evaluate its options in connection with the scheduled debt maturity. In the fourth quarter of 2018, the Company had impaired the real estate collateralizing the debt by $109.1 million based on a reassessment of the expected hold period, taking into consideration the upcoming debt maturity (see Note 11 ). The Company will continue to re-evaluate certain assumptions, including with respect to the hold period of the real estate collateralizing the debt, which could result in further impairment of the underlying real estate in a future period. At March 31, 2019 , carrying value of the real estate collateralizing the debt was approximately $2.5 billion . Corporate Credit Facility On January 10, 2017, the OP entered into an amended and restated credit agreement (the “Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent. The Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $1.0 billion , with an option to increase up to $1.5 billion , subject to agreement of existing or substitute lenders to provide the additional loan commitment and satisfaction of customary closing conditions. The credit facility is scheduled to mature in January 2021 , with two 6 -month extension options, each subject to a fee of 0.10% of the commitment amount upon exercise. The maximum amount available at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value or a multiple of base management fee EBITDA (as defined in the Credit Agreement). 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 March 31, 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. 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. 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 for fiscal quarters ended March 31, 2019 and thereafter. At March 31, 2019 , the Company was in compliance with all of the financial covenants as amended. Convertible and Exchangeable Senior Notes Convertible senior notes and exchangeable senior notes (assumed from NRF at fair value in the Merger) are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis. Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (2) (In Shares) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal March 31, 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 (1) June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) Represents initial date of issuance of exchangeable senior notes by NRF prior to the Merger. (2) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note. The convertible and exchangeable senior notes mature on their respective due dates, unless redeemed, repurchased or exchanged prior to such date in accordance with the terms of their respective governing documents. The convertible and exchangeable senior notes are redeemable at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date. The Company may redeem the convertible notes for cash at its option at any time on or after their respective redemption dates if the last reported sale price of the Company's common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The exchangeable notes may be exchanged for cash, common stock or a combination thereof, at the Company's election, upon the occurrence of specified events, and at any time on or after their respective redemption dates, and on the second business day immediately preceding their maturity dates. The holders of the exchangeable notes have the right, at their option, to require the Company to repurchase the exchangeable notes for cash on certain specific dates in accordance with the terms of their respective governing documents. 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. Interest Incurred Total interest incurred on the Company's debt, which includes debt presented as held for sale and encompasses interest capitalized on real estate under development or construction, was as follows: Three Months Ended March 31, (In thousands) 2019 2018 Interest expensed (includes interest presented as discontinued operations in Note 15) $ 149,516 $ 148,889 Interest capitalized 1,046 429 Total interest incurred $ 150,562 $ 149,318	Debt As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, which included $379.9 million of debt. The Company's debt consists of the following components, excluding debt classified as held for sale (Note 10 ): (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured and Unsecured Debt (2) Securitization Bonds Payable (3) Junior Subordinated Notes Total Debt December 31, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 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 December 31, 2017 Debt at amortized cost Principal $ 50,000 $ 616,105 $ 8,777,940 $ 391,231 $ 280,117 $ 10,115,393 Premium (discount), net — 3,131 (78,634 ) (87,319 ) (83,064 ) (245,886 ) Deferred financing costs — (8,905 ) (78,589 ) (203 ) — (87,697 ) 50,000 610,331 8,620,717 303,709 197,053 9,781,810 Debt at fair value (4) — — — 44,542 — 44,542 $ 50,000 $ 610,331 $ 8,620,717 $ 348,251 $ 197,053 $ 9,826,352 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $425.9 million at December 31, 2018 and $216.6 million at December 31, 2017 were not classified as held for sale but were related to financing on assets held for sale. (3) Represents bonds payable issued by securitization trusts consolidated by the Company at December 31, 2017 (Note 15 ). Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. The Company contributed its interests in three securitization trusts to Colony Credit upon closing of the Combination in the first quarter of 2018. In the second quarter of 2018, the Company sold its equity interests in two securitization trusts to third parties, resulting in a deconsolidation of these securitization trusts, while the underlying assets of the remaining securitization trust was liquidated. At December 31, 2018 , the Company no longer has any consolidated securitization trusts. (4) Debt at fair value at December 31, 2017 represents a securitization trust that was consolidated by a N-Star CDO and the N-Star CDO was in turn consolidated by the Company. The Company had elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost, excluding debt classified as held for sale (Note 10 ). Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity December 31, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 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 Secured debt (2) Healthcare (3) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 Hospitality 12,019 12.99 % 2.6 2,636,053 5.68 % 3.8 2,648,072 5.71 % 3.8 Other Real Estate Equity 200,814 4.02 % 3.8 1,789,431 4.43 % 3.6 1,990,245 4.39 % 3.7 Real Estate Debt — N/A N/A 359,511 4.50 % 2.4 359,511 4.50 % 2.4 2,343,832 5,894,676 8,238,508 $ 2,997,136 $ 6,174,793 $ 9,171,929 December 31, 2017 Recourse Corporate credit facility $ — N/A N/A $ 50,000 3.51 % 3.0 $ 50,000 3.51 % 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 4.0 — N/A N/A 616,105 4.27 % 4.0 Junior subordinated debt — N/A N/A 280,117 4.56 % 18.4 280,117 4.56 % 18.4 Secured debt (1) 39,219 5.02 % 7.9 — N/A N/A 39,219 5.02 % 7.9 655,324 330,117 985,441 Non-recourse Securitization bonds payable 30,132 3.45 % 29.9 361,099 3.02 % 28.4 391,231 3.05 % 28.5 Secured debt (2) Healthcare 2,168,936 4.65 % 2.9 1,119,320 5.75 % 3.0 3,288,256 5.03 % 3.0 Hospitality 9,038 11.00 % 3.6 2,599,681 4.67 % 3.7 2,608,719 4.69 % 3.7 Other Real Estate Equity 374,789 4.07 % 5.5 1,841,209 4.02 % 4.4 2,215,998 4.03 % 4.6 Real Estate Debt — N/A N/A 625,748 4.05 % 3.3 625,748 4.05 % 3.3 2,582,895 6,547,057 9,129,952 $ 3,238,219 $ 6,877,174 $ 10,115,393 __________ (1) The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft. (2) Mortgage debt in the healthcare segment and other real estate equity segment with an aggregate outstanding principal of $538.5 million at December 31, 2018 and $384.5 million at December 31, 2017 was either in payment default or was not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders and the tenants to restructure the debt and leases, as applicable, or otherwise refinance the debt. (3) In November 2018, the Company applied proceeds from the refinancing of a select portfolio of medical office buildings to repay in full a $100.5 million floating rate component of a $1.8 billion non-recourse mortgage debt on certain properties in the U.S. healthcare portfolio. The remaining $1.7 billion fixed rate component of the debt is scheduled to mature in December 2019. The Company is currently evaluating its options in connection with the scheduled debt maturity. In the fourth quarter of 2018, the Company impaired the real estate collateralizing the debt by $109.1 million based on a reassessment of the expected hold period, taking into consideration the upcoming debt maturity (see Note 14 ). In pursuing the options available to the Company in connection with the scheduled debt maturity, the Company will continue to re-evaluate certain assumptions, including with respect to the holding period of the real estate collateralizing the debt, which could result in further impairment of the underlying real estate in a future period. At December 31, 2018 , carrying value of the real estate collateralizing the remaining debt maturing in December 2019 was $2.5 billion . Corporate Credit Facility On January 10, 2017, the OP entered into an amended and restated credit agreement (the “Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent. The Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $1.0 billion , with an option to increase up to $1.5 billion , subject to agreement of existing or substitute lenders to provide the additional loan commitment and satisfaction of customary closing conditions. The credit facility is scheduled to mature in January 2021 , with two 6 -month extension options, each subject to a fee of 0.10% of the commitment amount upon exercise. The maximum amount available at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value or a multiple of base management fee EBITDA (as defined in the Credit Agreement). At December 31, 2018 , the borrowing base was sufficient to permit borrowings up to the full $1.0 billion commitment. Advances under the Credit Agreement accrue interest at a per annum rate equal to the sum of one-month London Inter-bank Offered Rate ("LIBOR") plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25% . The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount ( 0.35% at December 31, 2018 ), depending upon the amount of facility utilization. Some of the Company’s subsidiaries guarantee the obligations of the Company under the Credit Agreement. As security for the advances under the Credit Agreement, the Company and some of its affiliates pledged their equity interests in certain subsidiaries through which the Company directly or indirectly owns substantially all of its assets. The Credit Agreement contains various affirmative and negative covenants, including financial covenants that require the Company to maintain minimum tangible net worth, liquidity levels and financial ratios, as defined in the Credit Agreement. At December 31, 2018 , the Company was in compliance with all of the financial covenants. The Credit Agreement also includes customary events of default, in certain cases subject to reasonable and customary periods to cure. The occurrence of an event of default may result in the termination of the credit facility, accelerate the Company’s repayment obligations, in certain cases limit the Company’s ability to make distributions, and allow the lenders to exercise all rights and remedies available to them with respect to the collateral. There have been no events of default since the inception of the credit facility. Convertible and Exchangeable Senior Notes Convertible senior notes and exchangeable senior notes (assumed from NRF at fair value in the Merger) are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis. Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (2) (In Shares) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal December 31, 2018 December 31, 2017 5.00% Convertible Notes April 2013 April 15, 2023 5.00 $ 15.76 63.4700 12,694 April 22, 2020 $ 200,000 $ 200,000 3.875% Convertible Notes January and June 2014 January 15, 2021 3.875 16.57 60.3431 24,288 January 22, 2019 402,500 402,500 5.375% Exchangeable Notes June 2013 (1) June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) Represents initial date of issuance of exchangeable senior notes by NRF prior to the Merger. (2) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note. The convertible and exchangeable senior notes mature on their respective due dates, unless redeemed, repurchased or exchanged prior to such date in accordance with the terms of their respective governing documents. The convertible and exchangeable senior notes are redeemable at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date. The Company may redeem the convertible notes for cash at its option at any time on or after their respective redemption dates if the last reported sale price of the Company's common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The exchangeable notes may be exchanged for cash, common stock or a combination thereof, at the Company's election, upon the occurrence of specified events, and at any time on or after their respective redemption dates, and on the second business day immediately preceding their maturity dates. The holders of the exchangeable notes have the right, at their option, to require the Company to repurchase the exchangeable notes for cash on certain specific dates in accordance with the terms of their respective governing documents. In June 2017 and July 2017, the Company repurchased all $13.0 million of the outstanding principal of the 7.25% exchangeable notes for $13.4 million in aggregate, equal to the sum of outstanding principal and accrued interest, upon exercise of the repurchase option by note holders. In August 2017 and November 2017, the Company exchanged a combined $2.8 million of the outstanding principal of the 5.375% exchangeable notes into 232,669 shares of the Company's class A common stock. The excess of fair value of the class A common stock issued over carrying value of the corresponding notes on the exchange date resulted in an immaterial charge to earnings. Secured and Unsecured Debt These are primarily investment level financing, which are generally subject to customary non-recourse carve-outs, secured by underlying commercial real estate and mortgage loans receivable. Junior Subordinated Debt The junior subordinated debt was assumed by the Company through the Merger at fair value. Prior to the Merger, subsidiaries of NRF, which were formed as statutory trusts, NRF Realty Trust Financial LLC I through VIII (the “Trusts”), issued trust preferred securities ("TruPS") in private placement offerings. The sole assets of the Trusts consist of a like amount of junior subordinated notes issued by NRF at the time of the offerings (the "Junior Notes"). The Company may redeem the Junior Notes at par, in whole or in part, for cash, after five years . To the extent the Company redeems the Junior Notes, the Trusts are required to redeem a corresponding amount of TruPS. The ability of the Trusts to pay dividends depends on the receipt of interest payments on the Junior Notes. The Company has the right, pursuant to certain qualifications and covenants, to defer payments of interest on the Junior Notes for up to six consecutive quarters. If payment of interest on the Junior Notes is deferred, the Trust will defer the quarterly distributions on the TruPS for a corresponding period. Additional interest accrues on deferred payments at the annual rate payable on the Junior Notes, compounded quarterly. Future Minimum Principal Payments The following table summarizes future scheduled minimum principal payments of debt at December 31, 2018 , excluding industrial secured debt of $1.1 billion classified as held for sale. Future debt principal payments are presented based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral. (In thousands) Corporate Credit Facility Convertible and Exchangeable Senior Notes Secured Debt Junior Subordinated Notes Total Year Ending December 31, 2019 $ — $ — $ 2,468,141 $ — $ 2,468,141 2020 — — 625,678 — 625,678 2021 — 402,500 943,297 — 1,345,797 2022 — — 2,820,212 — 2,820,212 2023 — 200,000 180,289 — 380,289 2024 and thereafter — 13,605 1,238,090 280,117 1,531,812 Total $ — $ 616,105 $ 8,275,707 $ 280,117 $ 9,171,929 Interest Incurred Total interest incurred on the Company's debt, which includes debt presented as held for sale and encompasses interest capitalized on real estate under development or construction beginning in 2018, was as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Interest expensed (includes interest presented as discontinued operations in Note 18) $ 595,551 $ 574,822 $ 170,083 Interest capitalized 5,554 — — Total interest incurred $ 601,105 $ 574,822 $ 170,083

Derivatives

Derivatives	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments and borrowings. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign interest rates and exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships (“designated hedges”) or otherwise used for economic hedging purposes (“non-designated hedges”). Fair value of derivative assets and derivative liabilities were as follows: March 31, 2019 December 31, 2018 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 25,819 $ 907 $ 26,726 $ 31,127 $ 1,069 $ 32,196 Interest rate contracts 237 157 394 862 500 1,362 Performance swaps — 2,622 2,622 — — — Included in other assets $ 26,056 $ 3,686 $ 29,742 $ 31,989 $ 1,569 $ 33,558 Derivative Liabilities Foreign exchange contracts $ 6,965 $ 891 $ 7,856 $ 6,193 $ 211 $ 6,404 Interest rate contracts 55 185,519 185,574 — 126,404 126,404 Forward contracts — 111,284 111,284 — — — Included in accrued and other liabilities $ 7,020 $ 297,694 $ 304,714 $ 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 $41.4 million and $0.8 million of cash collateral on deposit as of March 31, 2019 and December 31, 2018 , respectively, included in other assets. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at March 31, 2019 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 84,050 € 613 Min $1.06 / Max $1.53 October 2019 to November 2020 GBP FX Collar £ 40,228 £ 1,962 Min $1.45 / Max $1.82 June 2019 to December 2019 EUR FX Forward € 476,530 € 10,803 Min $1.10 / Max $1.38 April 2019 to February 2024 GBP FX Forward £ 90,445 £ 26,490 Min $1.24 / Max $1.33 May 2019 to December 2020 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures were €652.4 million and £232.7 million , or a total of $1.0 billion at March 31, 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 March 31, (In thousands) 2019 2018 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 240 $ 2,583 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 March 31, (In thousands) 2019 2018 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ (419 ) $ (2,882 ) 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 March 31, 2019 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Expiration Interest rate swap (1) $ — $ 2,000,000 3-Month LIBOR 3.39% December 2019 Interest rate swap $ 300,000 $ — 1-Month LIBOR 2.15% February 2022 to February 2024 Interest rate caps $ — $ 4,427,714 1-Month LIBOR 3.0% - 4.5% June 2019 to March 2021 Interest rate caps € 247,513 € 441,151 3-Month EURIBOR 1.0% - 1.5% October 2019 to November 2023 Interest rate caps £ — £ 363,716 3-Month GBP LIBOR 1.5% - 2.5% November 2019 to February 2020 Deliverable swap futures $ — $ 14,000 (2) (2) June 2019 __________ (1) Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019. (2) A consolidated sponsored investment company sold a 10 -year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities. The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts: Three Months Ended March 31, (In thousands) 2019 2018 Unrealized gain (loss): Non-designated interest rate contracts $ (59,526 ) $ 56,657 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 months ended March 31, 2019 , fair value loss in the forwards of $11.3 million and fair value gain on the swaps of $2.6 million 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 $11.8 million for the three months ended March 31, 2019 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 March 31, 2019 Derivative Assets Foreign exchange contracts $ 26,726 $ (487 ) $ — $ 26,239 Interest rate contracts 394 (228 ) — 166 Performance swaps 2,622 (2,622 ) — — $ 29,742 $ (3,337 ) $ — $ 26,405 Derivative Liabilities Foreign exchange contracts $ (7,856 ) $ 487 $ — $ (7,369 ) Interest rate contracts (185,574 ) 228 31,394 (153,952 ) Forward contract (111,284 ) 2,622 10,000 (98,662 ) $ (304,714 ) $ 3,337 $ 41,394 $ (259,983 ) 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 )	Derivatives The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments and borrowings. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign interest rates and exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships (“designated hedges”) or otherwise used for economic hedging purposes (“non-designated hedges”). Fair value of derivative assets and derivative liabilities were as follows: December 31, 2018 December 31, 2017 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 31,127 $ 1,069 $ 32,196 $ 8,009 $ 975 $ 8,984 Interest rate contracts 862 500 1,362 — 1,168 1,168 Included in other assets $ 31,989 $ 1,569 $ 33,558 $ 8,009 $ 2,143 $ 10,152 Derivative Liabilities Foreign exchange contracts $ 6,193 $ 211 $ 6,404 $ 39,101 $ 5,307 $ 44,408 Interest rate contracts — 126,404 126,404 — 160,440 160,440 Included in accrued and other liabilities $ 6,193 $ 126,615 $ 132,808 $ 39,101 $ 165,747 $ 204,848 Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had $0.8 million and $1.9 million of cash collateral on deposit as of December 31, 2018 and 2017 , respectively, included in other assets. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2018 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 84,549 € 114 Min $1.06/ Max $1.53 October 2019 to November 2020 GBP FX Collar £ 39,881 £ 2,309 Min $1.45 / Max $1.82 June 2019 to December 2019 EUR FX Forward € 431,874 € 14,944 Min $1.10 / Max $1.38 January 2019 to December 2023 GBP FX Forward £ 88,313 £ 26,257 Min $1.24 / Max $1.29 May 2019 to December 2020 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures were €614.0 million and £235.7 million , or a total of $1.0 billion at December 31, 2018 , and €499.2 million , £250.6 million and NOK771.2 million , or a total of $1.1 billion at December 31, 2017 . The Company entered into foreign exchange contracts to hedge the foreign currency exposure of certain investments in foreign subsidiaries or equity method joint ventures, designated as net investment hedges, as follows: • forward contracts whereby the Company agrees to sell an amount of foreign currency for an agreed upon amount of U.S. dollars; and • foreign exchange collars (caps and floors) without upfront premium costs, which consist of a combination of currency options with single date expirations, whereby the Company gains protection against foreign currency weakening below a specified level and pays for that protection by giving up gains from foreign currency appreciation above a specified level. Foreign exchange contracts are used to protect the Company’s foreign denominated investments from adverse foreign currency fluctuations, with notional amounts and termination dates based upon the anticipated return of capital from the investments. Release of accumulated other comprehensive income ("AOCI") related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to other gain (loss) as summarized below. Year Ended December 31, (In thousands) 2018 2017 2016 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 7,426 $ (3,931 ) 62 Non-Designated Hedges At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments. Any unrealized gain or loss on the dedesignated portion of net investment hedges is recorded in other gain (loss). Year Ended December 31, (In thousands) 2018 2017 2016 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ 3,726 $ (3,928 ) 1,600 Interest Rate Contracts The Company uses various interest rate contracts, some of which may be designated as cash flows hedges, to limit its exposure to changes in interest rates on various floating rate debt obligations. At December 31, 2018 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Expiration Interest rate swap (1) $ — $ 2,000,000 3-Month LIBOR 3.39% December 2019 Interest rate caps $ — $ 4,009,957 1-Month LIBOR 3.0% - 4.5% January 2019 to December 2020 Interest rate caps $ — $ 52,155 3-Month LIBOR 2.24% March 2019 Interest rate caps € 247,513 € 441,151 3-Month EURIBOR 0.75% - 1.5% October 2019 to November 2023 Interest rate caps £ — £ 363,716 3-Month GBP LIBOR 1.5% - 2.5% November 2019 to February 2020 Deliverable swap futures $ — $ 19,000 (2) (2) March 2019 __________ (1) Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019. (2) A consolidated sponsored investment company sold a 10 -year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities. The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts: Year Ended December 31, (In thousands) 2018 2017 2016 Unrealized gain (loss): Cash flow hedge ineffectiveness $ — $ — $ (401 ) Non-designated interest rate contracts 33,307 (15,080 ) (1,455 ) Offsetting Assets and Liabilities The Company enters into agreements subject to enforceable master netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets. The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Pledged December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 ) December 31, 2017 Derivative Assets Foreign exchange contracts $ 8,984 $ (8,944 ) $ — $ 40 Interest rate contracts 1,168 (4 ) — 1,164 $ 10,152 $ (8,948 ) $ — $ 1,204 Derivative Liabilities Foreign exchange contracts $ (44,408 ) $ 8,944 $ — $ (35,464 ) Interest rate contracts (160,440 ) 4 1,900 (158,536 ) $ (204,848 ) $ 8,948 $ 1,900 $ (194,000 )

Fair Value

Fair Value	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Recurring Fair Values The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected, but excluding financial assets under the NAV practical expedient, 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 March 31, 2019 Assets Equity method investments $ — $ — $ 178,131 $ 178,131 Marketable equity securities 131,226 — — 131,226 Debt securities available for sale — N-Star CDO bonds — — 64,410 64,410 CMBS of consolidated fund — 21,139 — 21,139 Other assets—derivative assets — 29,742 — 29,742 Liabilities Other liabilities — derivative liabilities — 304,714 — 304,714 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,312 9,312 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 of investment in a third party managed mutual fund and equity securities held by a consolidated fund, which 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) March 31, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,354 Transaction price and NAV (2) N/A N/A N/A Equity method investments—other 18,569 Discounted cash flows Discount rate 18.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.5x (3) Equity method investments—other 129,208 Transaction price (4) N/A N/A N/A N-Star CDO bonds 64,410 Discounted cash flows Discount rate 22.2% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,312 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 multi-family development during the development stage and pending certificate of occupancy. 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 — 60,044 2,969 389 — — Paydowns or distributions (389 ) (158,943 ) (83,588 ) — — — Contribution to Colony Credit — (26,134 ) — — — — Realized gains in earnings — 2,842 4,030 — — — Unrealized gains (losses): In earnings (704 ) 6,273 — 50 10,480 (341 ) In other comprehensive loss — — (20,715 ) — — — Fair value at March 31, 2018 $ 44,330 $ 247,983 $ 225,939 $ (44,103 ) $ (10,170 ) $ (7,760 ) Unrealized gains (losses) on ending balance: In earnings $ (704 ) $ 6,021 $ — $ 50 $ 10,480 $ (341 ) In other comprehensive income (loss) $ — $ — $ (5,457 ) $ — $ — $ — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions or accretion — 101,195 1,769 — — — Paydowns, distributions or sales — (6,341 ) (2,882 ) — — — Realized gains in earnings — 755 (667 ) — — — Unrealized gains (losses): In earnings — 1,437 — — — (409 ) In other comprehensive income (loss) — — 2,063 — — — Fair value at March 31, 2019 $ — $ 178,131 $ 64,410 $ — $ — $ (9,312 ) Unrealized gains (losses) on ending balance: In earnings $ — $ 1,437 $ — $ — $ — $ (409 ) In other comprehensive income (loss) $ — $ — $ (1,322 ) $ — $ — $ — 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 non-traded REIT and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles. March 31, 2019 December 31, 2018 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 16,711 $ 10,153 $ 12,617 $ 13,658 Retail Company—real estate 14,312 — 11,990 — The Company's limited partnership interest in the private fund is not subject to redemption, with distributions to be received through liquidation of underlying investments of the fund. The private fund has an expected life of eight years from its inception in 2017, which may be extended in one year increments up to two years at the discretion of its general partner, an equity method investee of the Company. 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. March 31, 2019 December 31, 2018 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ — $ 223,052 $ 223,052 $ 68,864 $ 200,281 $ 269,145 Real estate held for investment — 85,186 85,186 — 416,272 416,272 Intangible assets—investment management contracts — — — — 36,400 36,400 Equity method investments — 7,014 7,014 — 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 March 31, (In thousands) 2019 2018 Impairment loss Real estate held for sale $ 25,183 $ 8,763 Real estate held for investment 439 4,206 Intangible assets—investment management contracts — 140,429 Equity method earnings 2,622 — 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 March 31, 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 5% selling cost, classified as Level 3. 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. These hotels are currently 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 3% selling cost, classified as Level 3. In the first quarter of 2019, additional impairment was recorded on certain hotels based on their respective auction prices, classified as Level 2. 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 cost, classified as Level 3. 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, classified as Level 2. Real Estate Held For Investment At March 31, 2019 , further impairment was recorded on certain properties in the THL Hotel Portfolio that were impacted by the hurricanes in 2017 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 March 31, 2019 Assets Loans at amortized cost $ — $ — $ 1,607,914 $ 1,607,914 $ 1,596,673 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 573,423 13,095 — 586,518 612,618 Secured debt — — 8,031,251 8,031,251 7,991,221 Secured and unsecured debt related to assets held for sale — — 1,925,591 1,925,591 1,909,386 Junior subordinated debt — — 203,039 203,039 199,563 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 and unsecured 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, including such loans held by securitization trusts consolidated by the Company. Fair values were determined by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. Carrying values of loans held for investment carried at amortized cost are presented net of allowance for loan losses, where applicable. Debt —Fair value of convertible notes was determined using the last trade price in active markets. Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair values of the corporate credit facility and secured and unsecured debt were estimated by discounting expected future cash outlays at interest rates currently available to the Company for instruments with similar terms and remaining maturities; and such fair values approximated carrying value for floating rate debt with credit spreads that approximate market rates. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Other —The carrying values of cash, due from and to affiliates, other receivables and other payables approximate fair value due to their short term nature, and credit risk, if any, are negligible.	Fair Value Recurring Fair Values The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected but excluding financial assets under the NAV practical expedient. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Equity securities of consolidated funds 26,754 — — 26,754 Debt securities available for sale — N-Star CDO bonds — — 64,127 64,127 CMBS of consolidated fund — 32,706 — 32,706 Other assets—derivative assets — 33,558 — 33,558 Liabilities Other liabilities — derivative liabilities — 132,808 — 132,808 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,903 8,903 Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Loans receivable—securitized loans $ — $ — $ 45,423 $ 45,423 Equity method investments — — 363,901 363,901 Equity securities of consolidated fund 35,600 — — 35,600 Debt securities available for sale CRE securities of consolidated N-Star CDOs: CMBS — — 147,945 147,945 Other securities — — 66,983 66,983 N-Star CDO bonds — — 90,933 90,933 CMBS and other securities — — 17,382 17,382 CMBS of consolidated fund — 25,099 — 25,099 Other assets—derivative assets — 10,152 — 10,152 Liabilities Debt—securitization bonds payable — — 44,542 44,542 Other liabilities — derivative liabilities — 204,848 — 204,848 Other liabilities—contingent consideration for THL Hotel Portfolio — — 7,419 7,419 Due to affiliates—contingent consideration for Internalization — — 20,650 20,650 Equity Method Investments Equity method investments for which fair value option was elected are carried at fair value on a recurring basis. This includes investments in private equity funds acquired in connection with the Merger. Fair values are determined using either discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, applying revenue multiples, based on transaction price for recently acquired investments, or pending or comparable market sales price on an investment, as applicable. In valuing the Company's investment in third party private equity funds, the Company considers cash flows provided by the general partners of the funds and the implied yields of the funds. The Company has not elected the practical expedient to measure the fair value of its investments in these private equity funds using NAV of the underlying funds. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy, unless investments are valued based on contracted sales prices which are classified as Level 2 of the fair value hierarchy. Changes in fair value of equity method investments under the fair value option are recorded in equity method earnings. Equity Securities Fair value of equity securities held by consolidated funds are based on listed prices in active markets and classified as Level 1 of the fair value hierarchy. Debt Securities N-Star CDO bonds—Fair value of N-Star CDO bonds are determined internally based on recent trades, if any with such securitizations, the Company's knowledge of the underlying collateral and are determined using an internal price interpolated based on third party prices of the senior N-Star CDO bonds of the respective CDOs. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy. CMBS and other securities—Fair value is determined based on broker quotes, third party pricing services or an internal price, all of which are generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market. Derivatives Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider, except for exchange traded futures contracts which are Level 1 fair values. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Due To Affiliates — Contingent Consideration for Internalization In connection with the Company's acquisition of the investment management business and operations of its former manager in April 2015 (the "Internalization"), contingent consideration is payable to certain senior management personnel of the Company. The contingent consideration is payable in a combination of up to approximately 1.29 million shares of class A common stock, 115,226 shares of class B common stock and 4.40 million OP Units, measured based on multi-year performance targets for achievement of a contractually-defined funds from operations ("Benchmark FFO") per share target, as well as real estate and non-real estate capital-raising thresholds from the funds management business, to the extent these targets are met. If the minimum performance target for either of these metrics is not met or exceeded, a portion of the contingent consideration paid in respect of the other metric would not be paid out in full. At December 31, 2017 , the contingent consideration had been remeasured at fair value using a third party valuation service provider and classified as Level 3 of the fair value hierarchy, with the change in fair value recorded in other gain (loss) in the consolidated statement of operations. Fair value of the contingent consideration was measured using a Monte Carlo probability simulation model for the Benchmark FFO component and a discounted payout analysis based on probabilities of achieving prescribed targets for the capital-raising component, adjusted for certain targets that had not been met and that had expired. The Company's class A common stock price and related equity volatilities were applied to convert the contingent consideration payout into shares. At June 30, 2018, the end of the measurement period for the contingent consideration, and in accordance with the terms of the contribution agreement for the Internalization, it was determined that one of the prescribed performance targets was met, specifically the real estate capital raising target. As a result, the contingent consideration was settled with certain senior management personnel of the Company in a combination of approximately 15,000 shares of class A common stock, 40,000 shares of class B common stock and 1.95 million OP Units. At June 30, 2018, as the contingency was resolved and the number of shares and units to be issued was no longer variable, the payable of $12.5 million , valued based on the closing price of the Company's class A common stock on June 29, 2018, the last trading day of the second quarter, was reclassified out of liabilities into equity, while the associated dividends payable of approximately $6.4 million remained in liabilities. The contingent consideration and associated dividends were fully settled in August 2018. Other Liabilities — Contingent Consideration for THL Hotel Portfolio In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million (Note 3 ). Fair value of the contingent consideration is measured using discounted cash flows based on the probability of the former preferred equity holder receiving such payment. Securitized Loans and Securitized Bonds Payable The Company had elected the fair value option for loans receivable and bonds payable issued by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company. In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ) along with the securitization trust consolidated by the N-Star CDO. Prior to deconsolidation, the Company had adopted the measurement alternative to measure the fair value of the loans receivable held by the securitization trust using the fair value of the bonds payable issued by the securitization trust as the latter represented the more observable fair value. As such, the net gain or loss that was reflected in earnings was limited to changes in fair value of the beneficial interest held by the Company in the previously consolidated securitization trust, and not as a result of a remeasurement of the loans receivable and bonds payable held by third parties in the previously consolidated securitization trust. Fair value of the bonds payable issued by the securitization trust was determined based on broker quotes, which were generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Correspondingly, the fair value of the loans receivable held by the securitization trust was also classified as Level 3. Management determined that the quotes were representative of fair value through a review of available data, including recent transactions as well as its knowledge of and experience in the market. Level 3 Recurring Fair Value Measurements The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates. Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows. Valuation Technique Key Unobservable Inputs Input Value Effect on Fair Value from Increase in Input Value (1) Financial Instrument Fair Value (In thousands) Weighted Average (Range) December 31, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) Not applicable Not applicable Not applicable Equity method investments—other 21,831 Discounted cash flows Discount rate 17.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.8x Increase Equity method investments—other 28,346 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 64,127 Discounted cash flows Discount rate 21.6% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,903 Discounted cash flows Discount rate 20.0% Decrease December 31, 2017 Level 3 Assets Equity method investments—third party private equity funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Equity method investments—other 26,408 Discounted cash flows Discount rate 14.2% Decrease Equity method investments—other 132,719 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Level 3 Liabilities Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (4) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease __________ (1) Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures. (2) Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag. (3) Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales. (4) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price. The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Equity Method Investments Securities Debt Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain in earnings — — — — 11,740 — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Unrealized gain related to balance recorded in earnings $ — $ — $ — $ — $ 11,740 $ — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Acquired through the Merger — 362,269 427,560 — — — Consideration for business combination — — — — — (6,771 ) Consolidation of securitization trust 58,296 — — (56,928 ) — — Purchases, contributions or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized losses in earnings — — (38,885 ) — — — Unrealized gains: In earnings (2,309 ) 6,104 — 1,822 20,600 (648 ) In other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Unrealized gains (losses) on ending balance: In earnings $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) In other comprehensive income (loss) $ — $ — $ 15,261 $ — $ — $ — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 61,113 21,049 — — — Paydowns, distributions or sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities into equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to Colony Credit (Note 4) — (26,134 ) — — — — Realized gains in earnings — 3,208 3,877 — — — Unrealized gains (losses): In earnings (715 ) (67 ) — 57 1,730 (1,484 ) In other comprehensive income (loss) — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) In other comprehensive income (loss) $ — $ — $ (3,386 ) $ — $ — $ — Transfers of Level 3 Assets and Liabilities Transfers of assets and liabilities into or out of Level 3 are presented at their fair values as measured at the end of the reporting period. Assets transferred out of Level 3 represent investments in third party private equity funds that were valued based on their contracted sales price in June 2018 and sold in September 2018. Liabilities transferred out of Level 3 represent dividends earned on the final number of shares of class A common stock and OP Units determined as of June 30, 2018, the end of the measurement period of the contingent consideration associated with the Internalization, and which were paid out in August 2018. Investments Carried at Fair Value Using Net Asset Value Investments in retail companies, which include a Company-sponsored non-traded REIT and a third party managed open-end mutual fund, as well as limited partnership interest in a third party private fund are valued using NAV of the respective vehicles effective January 1, 2018. December 31, 2018 (In thousands) Fair Value Unfunded Commitments Private fund—real estate $ 12,617 $ 13,658 Retail Companies—real estate 21,674 — The Company's limited partnership interest in the private fund is not subject to redemption, with distributions to be received through liquidation of underlying investments of the fund. The private fund has an expected life of eight years from its inception in 2017, which may be extended in one year increments up to two years at the discretion of its general partner, an equity method investee of the Company. There are no restrictions on the Company's ability to redeem its investment in the third party managed open-end fund. No secondary market currently exists for shares of the non-traded REIT and the Company does not currently expect to seek liquidity of its shares of the non-traded REIT. Subject to then-existing market conditions, the board of directors of the non-traded REIT, along with the Company, as sponsor, expects to consider alternatives for providing liquidity to the non-traded REIT shares beginning five years from completion of the offering stage in January 2016, but with no definitive date by which it must do so. In addition, the Company has agreed that any right to have its shares redeemed is subordinated to third party stockholders for so long as its advisory agreement is in effect. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment. The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. December 31, 2018 December 31, 2017 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 68,864 $ 200,281 $ 269,145 $ 13,252 $ 36,246 $ 49,498 Real estate held for investment — 416,272 416,272 — 224,935 224,935 Intangible assets—investment management contracts — 36,400 36,400 — 51,100 51,100 Equity method investments — 32,761 32,761 — 11,871 11,871 The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Year Ended December 31, (In thousands) 2018 2017 2016 Impairment loss Real estate held for sale $ 77,211 $ 25,619 $ 11,334 Real estate held for investment 280,418 19,668 57 Intangible assets—lease intangibles 12,744 — — Intangible assets—investment management contracts 147,429 59,073 320 Intangible assets—customer relationships 10,109 — — Intangible assets—trade name 59,464 — — Equity method earnings 61,182 6,774 — Impairment is discussed in Note 6 for loans receivable, Note 7 for equity method investments and Note 9 for goodwill and investment management intangible assets. Real Estate Held For Sale —At December 31, 2018 , real estate held for sale carried at fair value consisted primarily of properties in the European portfolio, valued using either broker price opinions, or a combination of market information, including third-party appraisals and indicative selling prices, adjusted as deemed appropriate by management to account for the inherent risk associated with the properties, and net of 5% selling cost, classified as Level 3. Other significant real estate held for sale carried at fair value at December 31, 2018 comprised of certain hotels in the hospitality segment for which the Company previously held a long term hold strategy but in the third quarter of 2018, adopted a sales strategy. The majority of these hotels were classified as held for sale in the fourth quarter of 2018. Impairment was mostly recorded when the hotels were classified as held for investment, based on broker price opinions and net of 3% selling cost, classified as Level 3. Additionally, real estate held for sale carried at fair value at December 31, 2018 include multi-tenant office buildings and certain hotels in the THL Hotel Portfolio. These properties were valued based on either broker quotes, classified as Level 3, or auction prices or contracted sales prices, classified as Level 2, and in all cases, net of 1.5% or 2% selling costs. At December 31, 2017 , real estate held for sale carried at fair value were made up of properties in the healthcare and European portfolios as well as foreclosed properties. Real Estate Held For Investment —At December 31, 2018 , real estate held for investment carried at fair value consisted of $282.4 million of healthcare properties that were impaired in the fourth quarter of 2018, driven by shorter hold periods. In the fourth quarter of 2018, the Company reassessed the hold period on its healthcare properties, taking into consideration the Company's ability to refinance the related debt with upcoming maturities. The Company considered the possibility of shorter hold periods to be an indicator of impairment, among other factors. For properties for which indicators of impairment were identified, the Company compared their carrying values to the undiscounted future net cash flows expected to be generated by these properties over their hold periods, with terminal values estimated based on indicative capitalization rates, adjusted as appropriate for risk characteristics of each property. In performing this analysis, the Company considered the likelihood of possible outcomes under various hold period scenarios depending on its ability to refinance the related debt and applied a probability-weighted approach to different hold periods for each property. For properties where carrying value exceeded undiscounted future net cash flows, the carrying value was determined to not be recoverable. Fair values were estimated for these properties based on the income capitalization approach, using net operating income for each property and applying capitalization rates ranging from 5.5% to 11% . Impairment was measured as the excess of carrying value over fair value, totaling $212.0 million . As the impairment assessment involved subjectivity and judgment, actual results may differ if changes occur in the assumptions used and/or in market conditions and accordingly, negative changes to these variables would result in further impairment charge in the future. Other significant real estate held for investment carried at fair value at December 31, 2018 pertained to certain healthcare properties and THL Hotel Portfolio that were damaged by hurricanes or fire in 2017, and further impaired in 2018, with impairment based on estimates from insurance appraisers. At December 31, 2017 , impaired real estate held for investment also included properties in the European portfolio which have mostly been transferred to held for sale or sold in 2018, as well as certain RIDEA properties that were converted into net lease properties in the healthcare segment. Lease Intangible Assets —These represent lease intangibles that were evaluated and impaired in connection with the related healthcare properties that were impaired in the fourth quarter of 2018, consisting predominantly of above-market leases. Fair Value Information on Financial Instruments Reported at Cost Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below. The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Loans at amortized cost $ — $ — $ 1,667,892 $ 1,667,892 $ 1,659,217 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 547,300 13,095 — 560,395 612,150 Secured debt — — 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 December 31, 2017 Assets Loans at amortized cost $ — $ — $ 3,232,301 $ 3,232,301 $ 3,178,339 Liabilities Debt at amortized cost Corporate credit facility — 50,000 — 50,000 50,000 Convertible and exchangeable senior notes 608,491 13,979 — 622,470 610,331 Secured and unsecured debt — — 8,689,386 8,689,386 8,620,717 Secured debt related to assets held for sale — — 1,212,068 1,212,068 1,198,363 Securitization bonds payable — 132,815 169,908 302,723 303,709 Junior subordinated debt — — 216,316 216,316 197,053 Loans Receivable —Loans receivable carried at amortized cost consist of first mortgages, subordinated mortgages and corporate loans, including such loans held by securitization trusts consolidated by the Company. Fair values were determined by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. Carrying values of loans held for investment carried at amortized cost are presented net of allowance for loan losses, where applicable. Debt —Fair value of convertible notes was determined using the last trade price in active markets. Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair values of the corporate credit facility and secured and unsecured debt were estimated by discounting expected future cash outlays at interest rates currently available to the Company for instruments with similar terms and remaining maturities; and such fair values approximated carrying value for floating rate debt with credit spreads that approximate market rates. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Fair value of securitization bonds payable was based on quotations from brokers or financial institutions that act as underwriters of the securitized bonds. Other —The carrying values of cash, due from and to affiliates, other receivables and other payables approximate fair value due to their short term nature, and credit risk, if any, are negligible.

Variable Interest Entities

Variable Interest Entities	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs. Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Company-Sponsored Private Funds The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. Consolidated Company-Sponsored Private Fund —The Company currently consolidates a sponsored private fund where it has more than insignificant equity interest in the fund as general partner during the early stages of the fund while additional third party capital is being raised. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private fund of $15.3 million at March 31, 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. At March 31, 2019 and December 31, 2018 , the consolidated private fund had total assets of $26.6 million and $42.7 million , respectively, made up primarily of marketable equity securities, and total liabilities of $3.8 million and $20.1 million , respectively. 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 $121.2 million at March 31, 2019 and $117.3 million at December 31, 2018 , included within equity and debt investments. 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 $65.7 million at March 31, 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 March 31, 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 Company's consolidated balance sheet.	Variable Interest Entities A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs. Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Securitizations The Company previously securitized loans receivable and CRE debt securities using VIEs. Upon securitization, the Company had retained beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. The Company also acquired securities issued by securitization trusts that are VIEs. The securitization vehicles were structured as pass-through entities that receive principal and interest on the underlying mortgage loans and debt securities and distribute those payments to the holders of the notes, certificates or bonds issued by the securitization vehicles. The loans and debt securities were transferred into securitization vehicles such that these assets are restricted and legally isolated from the creditors of the Company, and therefore are not available to satisfy the Company's obligations but only the obligations of the securitization vehicles. The obligations of the securitization vehicles did not have any recourse to the general credit of the Company and its other subsidiaries. Consolidated Securitizations —Prior to June 30, 2018, the Company consolidated securitization trusts for which it had a retained interest and for which it acted as special servicer or collateral manager or otherwise, its interest in the trust may have become the controlling class or directing holder. As special servicer, the Company had the power to direct activities during the loan workout process on defaulted and delinquent loans. As collateral manager of certain N-Star CDOs, the Company had the power to invest in additional or replacement collateral during the investment period and subsequent to the investment period, had the power to identify an asset as distressed or credit risk and sell certain distressed collateral. As directing holder or controlling class representative, the Company had the right to appoint or remove the third party special servicer. As a result, the Company's role as special servicer, collateral manager or as controlling class or directing holder provided the Company with the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, and together with the interests previously retained by the Company in the securitization vehicles, the Company was deemed to be the primary beneficiary and consolidated these securitization vehicles. Accordingly, these securitizations did not qualify as sale transactions and were accounted for as secured financing with the underlying mortgage loans and debt securities pledged as collateral. As of June 30, 2018, the Company no longer has any consolidated securitization trusts. The Company contributed its interests in three consolidated securitization trusts to Colony Credit upon closing of the Combination and sold its interests in two consolidated securitization trusts to third parties in the second quarter of 2018, resulting in a deconsolidation of these securitization trusts. The Company has retained its role as special servicer or as collateral manager in these securitization trusts. However, the Company may be removed as special servicer by the controlling class interest holders and may be removed as collateral manager through a right of removal provided to the buyer. Additionally, as of June 30, 2018, the underlying assets of the Company's remaining consolidated securitization trust has been liquidated. The Company’s exposure to the obligations of its previously consolidated securitization vehicles was generally limited to its investment in these entities, which was $490.1 million at December 31, 2017 . The Company was not obligated to provide any financial support to these securitization vehicles, although it could, in its sole discretion, provide support such as protective and other advances as it deemed appropriate. The Company did not provide any such financial support to these securitization vehicles in 2018 prior to their deconsolidation nor in 2017. Unconsolidated Securitizations —The Company does not consolidate the assets and liabilities of CDOs in which the Company has an interest but does not retain the collateral management function. NRF had previously delegated the collateral management rights for certain sponsored N-Star CDOs and third party-sponsored CDOs to a third party collateral manager or collateral manager delegate who is entitled to a percentage of the senior and subordinate collateral management fees. The Company continues to receive fees as named collateral manager or collateral manager delegate and retained administrative responsibilities. The Company determined that the fees paid to the third party collateral manager or collateral manager delegate represent a variable interest in the CDOs and that the third party is acting as a principal. The Company concluded that it does not have the power to direct the activities that most significantly impact the economic performance of these CDOs, which include but are not limited to, the ability to sell distressed collateral, and therefore the Company is not the primary beneficiary of such CDOs and does not consolidate these CDOs. The Company’s exposure to loss is limited to its investment in these unconsolidated CDOs, comprising CDO equity and CDO bonds, which aggregate to $67.5 million at December 31, 2018 and $102.2 million at December 31, 2017 . Company-Sponsored Private Funds The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. Consolidated Company-Sponsored Private Fund —The Company currently consolidates a sponsored private fund where it has more than insignificant equity interest in the fund as general partner during the early stages of the fund while additional third party capital is being raised. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private fund of $13.2 million at December 31, 2018 and $10.2 million at December 31, 2017 . The Company, as general partner, is not obligated to provide any financial support to the consolidated private fund. Unconsolidated Company-Sponsored Private Funds —The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and these funds, or the Company may have capital commitments to its sponsored private funds that are satisfied directly through the co-investment joint ventures as an affiliate of the general partner. In these instances, the co-investment joint ventures are consolidated by the Company. As the Company's direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated sponsored private funds, totaling $117.3 million at December 31, 2018 and $6.9 million at December 31, 2017 , included within investments in unconsolidated ventures on the consolidated balance sheets. Trusts The Company, through the Merger, acquired the Trusts, wholly-owned subsidiaries of NRF formed as statutory trusts. The Trusts issued preferred securities in private placement offerings, and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF (Note 12 ). The Company owns all of the common stock of the Trusts but does not consolidate the Trusts as the holders of the preferred securities issued by the Trusts are the primary beneficiaries of the Trusts. The Company accounts for its interest in the Trusts under the equity method and its maximum exposure to loss is limited to its investment carrying value of $3.7 million at December 31, 2018 and 2017 , recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the Company's consolidated balance sheet.

Stockholders' Equity

Stockholders' Equity	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 Shares issued upon redemption of OP Units — 2 — Repurchase of common stock — (42,306 ) — Equity-based compensation, net of forfeitures — 3,257 — Shares canceled for tax withholding on vested stock awards — (2,909 ) — Shares outstanding at March 31, 2018 65,464 500,643 736 Shares outstanding at December 31, 2018 57,464 483,347 734 Shares issued upon redemption of OP Units — 3 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 2,659 — Shares canceled for tax withholding on vested stock awards — (582 ) — Shares outstanding at March 31, 2019 57,464 484,775 734 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 March 31, 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 May 15, 2019 Series G 7.5 % June 2014 3,450 35 86,250 June 19, 2019 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 Executive Chairman. Each share of class B common stock shall convert automatically into one share of class A common stock if the Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock. Common Stock Repurchases During the three months ended March 31, 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 $300 million share repurchase program authorized in February 2018 and the May 2018 stock repurchase program. 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 months ended March 31, 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 1,009 (15,736 ) — 35,759 (18,534 ) 2,498 Amounts reclassified from AOCI — (3,800 ) — 4,163 (938 ) (575 ) AOCI at March 31, 2018 $ 6,423 $ (5,118 ) $ — $ 85,853 $ (38,121 ) $ 49,037 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Other comprehensive income (loss) before reclassifications 4,683 1,312 (129 ) (11,103 ) 13,954 8,717 Amounts reclassified from AOCI — 626 — (955 ) (249 ) (578 ) AOCI at March 31, 2019 $ 8,312 $ (1,237 ) $ (220 ) $ (5,440 ) $ 20,723 $ 22,138 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2017 $ — $ — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — — 29,242 (4,817 ) 24,425 Amounts reclassified from AOCI — — 4,415 1,267 5,682 AOCI at March 31, 2018 $ — $ — $ 72,605 $ (423 ) $ 72,182 AOCI at December 31, 2018 $ — (390 ) $ (600 ) $ 9,644 $ 8,654 Other comprehensive income (loss) before reclassifications — (525 ) (15,379 ) (2,169 ) (18,073 ) Amounts reclassified from AOCI — — — 444 444 AOCI at March 31, 2019 $ — $ (915 ) $ (15,979 ) $ 7,919 $ (8,975 ) 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 March 31, Affected Line Item in the Component of AOCI reclassified into earnings 2019 2018 Realized gain (loss) on marketable securities $ — $ 7,906 Other gain (loss), net Other-than-temporary impairment and write-offs of securities (626 ) (4,106 ) Other gain (loss), net Release of cumulative translation adjustments 955 (4,163 ) Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 24 (1,498 ) Other gain (loss), net Realized gain (loss) on net investment hedges 225 2,436 Other gain (loss), net	Stockholders’ Equity The table below summarizes the share activities of the Company's preferred and common stock. As a result of the Merger, each outstanding share of Colony's class A and class B common stock was converted into the right to receive 1.4663 shares of the Company's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all periods prior to January 10, 2017 have been adjusted to reflect the Colony exchange ratio of 1.4663 . Number of Shares (In thousands) Preferred Stock Class A Common Stock Class B Common Stock Shares outstanding at December 31, 2015 25,030 163,777 801 Repurchase of preferred stock (1) (964 ) — — Contribution of preferred stock to an affiliate (1) 964 — — Shares issued upon redemption of OP units — 1,370 — Conversion of class B to class A common stock — 31 (31 ) Equity-based compensation, net of forfeitures — 1,478 — Shares canceled for tax withholding on vested stock awards — (216 ) — Shares outstanding at December 31, 2016 25,030 166,440 770 Consideration for the Merger (2) 39,466 392,120 — Issuance of preferred stock 26,400 — — Redemption of preferred stock (25,432 ) — — Shares canceled (3) — (2,984 ) — Shares issued upon redemption of OP Units — 1,684 — Conversion of class B to class A common stock — 34 (34 ) Repurchase of common stock — (23,371 ) — Exchange of notes for class A common stock — 233 — Equity-based compensation, net of forfeitures — 8,096 — Redemption of restricted stock units — 775 — Shares canceled for tax withholding on vested stock awards — (428 ) — Shares outstanding at December 31, 2017 65,464 542,599 736 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units (4) — 2,074 — Shares issued for settlement of contingent consideration—Internalization (Note 14) — 15 40 Conversion of class B to class A common stock — 42 (42 ) Repurchase of common stock — (61,418 ) Equity-based compensation, net of forfeitures — 3,394 — Shares canceled for tax withholding on vested stock awards — (3,359 ) — Shares outstanding at December 31, 2018 57,464 483,347 734 __________ (1) In January 2016, the Company repurchased 963,718 shares in aggregate of its preferred stock for approximately $20.0 million . In March 2016, the Company contributed the preferred stock at its purchase price to an investment vehicle (the "REIT Securities Venture"), which is a joint venture with a private fund managed by the Company. The Company holds an approximate 4.4% interest in the REIT Securities Venture, accounted for under the equity method. The REIT Securities Venture invests in equity of publicly traded U.S. REITs, including securities of the Company. (2) Shares were legally issued by the Company, as the surviving combined entity, as consideration for the Merger. However, as the Merger was accounted for as a reverse acquisition, the consideration transferred was measured based upon the number of shares of common stock and preferred stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company upon completion of the Merger (Note 3 ). (3) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. (4) Includes 572,567 shares of class A common stock issued upon redemption of an equivalent number of OP Units that were issued for settlement of the contingent consideration in connection with the Internalization (Note 17 ). Preferred Stock In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets. The table below summarizes the preferred stock issued and outstanding at December 31, 2018 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series B 8.25 % February 2007 (1) 6,114 $ 61 $ 152,855 Currently redeemable Series E 8.75 % May 2014 (1) 10,000 100 250,000 May 15, 2019 Series G 7.5 % June 2014 (1) 3,450 35 86,250 June 19, 2019 Series H 7.125 % April 2015 (1) 11,500 115 287,500 April 13, 2020 Series I 7.15 % June 2017 13,800 138 345,000 June 5, 2022 Series J 7.125 % September 2017 12,600 126 315,000 September 22, 2022 57,464 $ 575 $ 1,436,605 __________ (1) Represents initial issuance date pre-Merger by NRF or Colony, as applicable. All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends on each series of preferred stock of the Company are payable quarterly in arrears, in the case of the Series B and E preferred stock, in February, May, August and November, and in the case of Series G, H, I and J preferred stock, in January, April, July and October. Each series of preferred stock is redeemable on or after the earliest redemption date for that series at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option. The redemption period for each series of preferred stock is subject to the Company’s right under limited circumstances to redeem the preferred stock earlier in order to preserve its qualification as a REIT or upon the occurrence of a change of control (as defined in the articles supplementary relating to each series of preferred stock). Preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be entitled to vote, together as a single class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of each such series of preferred stock voting separately as a class for each series of preferred stock. Issuance and Redemption of Preferred Stock The Company issued 13.8 million shares of Series I preferred stock in June 2017 and 12.6 million shares of Series J preferred stock in September 2017 with dividend rates of 7.15% and 7.125% per annum, respectively. Proceeds received for Series I and Series J preferred stock totaled $637.9 million , net of underwriting discounts and offering costs payable by the Company. The Company applied the proceeds from the offerings, combined with available cash, to redeem all of the outstanding shares of Series A, Series F and Series C preferred stock and a portion of the outstanding shares of Series B preferred stock for $644.9 million in aggregate. In May 2018, the Company issued a notice of redemption for all outstanding Series D preferred stock, with the redemption settled in July 2018. All preferred stock redemptions were at $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to their respective redemption dates. The excess or deficit of the $25.00 per share liquidation preference over the carrying value of the respective preferred stock redeemed results in a decrease or increase to net income attributable to common stockholders, respectively. Common Stock Except with respect to voting rights, class A common stock and class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class A common stock has one vote per share and class B common stock has thirty-six and one-half votes per share. This gives the holders of class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company (in the form of OP Units) attributable to class B common stock holders and therefore, does not provide any disproportionate voting rights. Class B common stock was issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was previously controlled by the Company's Executive Chairman. Each share of class B common stock shall convert automatically into one share of class A common stock if the Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock. In connection with the consummation of the Merger, on January 20, 2017, the Company paid a dividend of $0.04444 per share of each Colony and NRF common stock to stockholders of record on January 9, 2017, representing a pro rata dividend for the period from January 1, 2017 through January 10, 2017 on a pre-exchange basis (or $0.03 after giving effect to the Colony exchange ratio of 1.4663 ). Additionally, the Company declared a dividend of $0.24 per share for the period from January 11, 2017 through March 31, 2017. Accordingly, dividends declared for the first quarter of 2017 per common share is equivalent to $0.27 per share after giving effect to the exchange ratio. On January 27, 2017, the Company paid a one-time special dividend of $1.16 per share of common stock to former NSAM stockholders of record on January 3, 2017. Common Stock Repurchases On May 23, 2018, the Company announced that its board of directors authorized a common stock repurchase program pursuant to which the Company may repurchase up to $300 million of its outstanding shares of class A common stock over a one -year period, either in the open market or through privately negotiated transactions. The newly announced program is in addition to the $300 million share repurchase program the Company announced in February 2018, which program was completed in May 2018. During the year ended December 31, 2018 , the Company repurchased 61,417,755 shares of its class A common stock, at an aggregate cost of approximately $350.1 million (excluding commissions), or a weighted-average price of $5.70 per share. In 2017, the Company had a similar stock repurchase program in which the Company repurchased the full authorized amount of $300.0 million (excluding commissions) of its outstanding class A common stock, equivalent to a total of 23,371,071 shares, at a weighted-average price of $12.84 per share. This included 2,150,120 shares of class A common stock repurchased for $29.8 million concurrent with the termination of the Call Spread, as discussed below. Dividend Reinvestment and Direct Stock Purchase Plan The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves the acquisition of the Company's class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of class A common stock acquired under the DRIP Plan in the form of new issuances during the years ended December 31, 2018 and 2017 . Call Spread Subsequent to the Merger, the Company guaranteed NSAM's obligation to a third party counterparty under a call option previously sold by NSAM, specifically a call spread transaction (the “Call Spread”) in which NSAM had previously purchased and sold a call option on its common stock. In March 2017, the Company terminated the Call Spread and received $21.9 million in settlement, including the release of $15.0 million of cash pledged as collateral. The net settlement was accounted for as a capital transaction. Accumulated Other Comprehensive Income (Loss) The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial. Changes in Components of AOCI—Stockholders (In thousands) Company's Share in AOCI of Equity Method Investments Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2015 $ — $ — $ (245 ) $ (42,125 ) $ 23,948 $ (18,422 ) Other comprehensive income (loss) before reclassifications 131 (112 ) 7 (34,234 ) 21,123 (13,085 ) Amounts reclassified from AOCI (46 ) — 197 (67 ) (686 ) (602 ) AOCI at December 31, 2016 $ 85 $ (112 ) $ (41 ) $ (76,426 ) $ 44,385 $ (32,109 ) Other comprehensive income (loss) before reclassifications 5,450 (22,014 ) 41 124,846 (68,581 ) 39,742 Amounts reclassified from AOCI 81 36,544 — (2,489 ) 5,547 39,683 AOCI at December 31, 2017 $ 5,616 $ 14,418 $ — $ 45,931 $ (18,649 ) $ 47,316 Cumulative effect of adoption of new accounting pronouncements (202 ) — — — — (202 ) Other comprehensive income (loss) before reclassifications (1,785 ) (16,238 ) (91 ) (46,183 ) 34,113 (30,184 ) Amounts reclassified from AOCI — (3,951 ) — 6,870 (8,446 ) (5,527 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2015 $ — $ (149 ) $ 51 $ (1 ) $ (99 ) Other comprehensive income (loss) before reclassifications (527 ) — (56,479 ) 12,669 (44,337 ) Amounts reclassified from AOCI — 149 (785 ) (870 ) (1,506 ) AOCI at December 31, 2016 $ (527 ) $ — $ (57,213 ) $ 11,798 $ (45,942 ) Other comprehensive income (loss) before reclassifications 981 — 97,840 (10,659 ) 88,162 Amounts reclassified from AOCI (454 ) — (1,679 ) 1,988 (145 ) AOCI at December 31, 2017 $ — — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — (390 ) (39,621 ) 8,696 (31,315 ) Amounts reclassified from AOCI — — 73 (2,179 ) (2,106 ) AOCI at December 31, 2018 $ — $ (390 ) $ (600 ) $ 9,644 $ 8,654 Reclassifications out of AOCI—Stockholders Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Year Ended December 31, Affected Line Item in the Component of AOCI reclassified into earnings 2018 2017 2016 Realized gain (loss) on marketable securities $ 10,100 $ (5,285 ) $ 46 Other gain (loss), net Other-than-temporary impairment and write-offs of securities (6,149 ) (31,259 ) — Other gain (loss), net Deconsolidation of N-Star CDO (2,596 ) — — Other gain (loss), net Unrealized gain on ineffective cash flow hedge — — (197 ) Other gain (loss), net Release of cumulative translation adjustments (6,870 ) 2,489 67 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 1,454 (1,829 ) 634 Other gain (loss), net Realized gain (loss) on net investment hedges 6,992 (3,718 ) 52 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures — (81 ) — Earnings from investments in unconsolidated ventures

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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. Three Months Ended March 31, (In thousands) 2019 2018 Beginning balance $ 9,385 $ 34,144 Contributions — 250 Distributions and redemptions (3,366 ) (2,050 ) Net income (loss) 1,444 (696 ) Ending balance $ 7,463 $ 31,648 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, additional capital contributions from limited partners reduce the Company's ownership interest in the joint venture. New limited partners are admitted at the net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of their contributions. For the three months ended March 31, 2019 and 2018 , the difference between contributions received and the limited partners' share of the joint venture resulted in an increase to additional paid-in capital of $12.5 million and $5.8 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 three months ended March 31, 2019 , the Company redeemed 2,793 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	Noncontrolling Interests Redeemable Noncontrolling Interests This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company beginning in August 2017, and in Townsend for the period from January 10, 2017 through December 29, 2017, the date the Company sold its interest in Townsend. In connection with the Townsend sale, $20.0 million of the consideration received was allocated to certain members of Townsend management and the noncontrolling interests in Townsend were fully redeemed. The following table presents a summary of changes in redeemable noncontrolling interests: Year Ended December 31, (In thousands) 2018 2017 Beginning balance $ 34,144 $ — Assumed through the Merger — 78,843 Assumed through consolidation of sponsored private fund — 24,763 Contributions 354 8,550 Distributions and redemptions (21,405 ) (100,830 ) Net income (loss) (3,708 ) 23,543 Currency translation adjustment and other — (725 ) Ending balance $ 9,385 $ 34,144 Noncontrolling Interests in Investment Entities These are interests in consolidated investment entities held by private investment funds managed by the Company, or by third party joint venture parties. The Company's investment in the real estate portfolio of its industrial segment is made alongside third party limited partners through a joint venture consolidated by the Company. Over time, additional capital contributions from limited partners reduce the Company's ownership interest in the joint venture. New limited partners are admitted at the net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of their contributions. For the years ended December 31, 2018 and 2017 , the difference between contributions received and the limited partners' share of the joint venture resulted in an increase to additional paid-in capital of $34.1 million and $21.8 million , respectively. In January 2017, the Company sold an 18.7% noncontrolling interest in its healthcare real estate portfolio through a newly formed joint venture pursuant to a purchase and sale agreement executed in November 2016 based upon terms negotiated prior to the Merger. The net excess of the carrying value of the noncontrolling interest sold over the consideration received resulted in a $41.2 million decrease to additional paid-in capital, including $9.2 million of cost of new capital. Noncontrolling Interests in Operating Company Certain employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s OP Units for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable. For the year ended December 31, 2018 , the Company redeemed 2,870,422 OP Units, of which 2,074,457 OP Units were redeemed in exchange for an equal number of shares of class A common stock on a one -for-one basis, and 795,965 OP Units were redeemed in exchange for cash of $4.8 million to satisfy the tax obligations of OP unitholders. The redemptions included 1.0 million OP Units issued for settlement of the contingent consideration in connection with the Internalization (Note 14 ). For the year ended December 31, 2017 , the Company redeemed 2,076,214 OP Units through the issuance of 1,684,170 shares of class A common stock (adjusted for the Merger exchange ratio) on a one -for-one basis and cash settlement of approximately $5.1 million

Discontinued Operations

Discontinued Operations	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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) March 31, 2019 December 31, 2018 Assets Restricted cash $ 5,192 $ 6,213 Real estate, net 4,635,406 3,645,406 Equity investment 12,937 13,422 Goodwill 20,000 20,000 Intangible assets, net 166,187 135,924 Other assets 226,641 146,380 Due from affiliates 2,472 2,290 Total assets held for sale $ 5,068,835 $ 3,969,635 Liabilities Debt, net $ 1,909,386 $ 1,064,585 Lease intangibles and other liabilities, net 114,725 153,910 Total liabilities related to assets held for sale $ 2,024,111 $ 1,218,495 Assets and Liabilities Related to Discontinued Operations At March 31, 2019 and December 31, 2018, assets totaling $4.3 billion and $3.2 billion , respectively, and liabilities totaling $2.0 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 $4.1 billion at March 31, 2019 and $3.0 billion at December 31, 2018, as well as goodwill associated with the industrial management platform, fee receivable from the industrial open-end fund, presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment 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 or extinguished concurrent with closing of the sale. At March 31, 2019, the outstanding debt of the industrial segment was composed of $1.1 billion fixed rate and $0.9 billion variable rate, bearing an overall weighted average interest rate of 3.93% , and weighted average remaining maturity of 7.9 years The first three months of 2018 also included income from discontinued operations of $0.1 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 in the second quarter of 2018. Income from discontinued operations is presented below. Three Months Ended March 31, (In thousands) 2019 2018 Revenues Property operating income $ 81,232 $ 68,353 Fee income 2,472 1,314 Interest and other income 1,140 1,116 Revenues from discontinued operations 84,844 70,783 Expenses Property operating expense 22,337 21,400 Interest expense 14,627 10,190 Investment and servicing expense 530 74 Depreciation and amortization 39,445 29,945 Compensation expense—cash and equity-based (1) 2,659 2,395 Compensation expense—carried interest (2) (221 ) 859 Administrative expenses 1,629 1,317 Expenses from discontinued operations 81,006 66,180 Other income (loss) Gain from sale of real estate 22,848 2,293 Other loss, net (8 ) — Equity method earnings (loss), including carried interest (472 ) 2,183 Income from discontinued operations before income taxes 26,206 9,079 Income tax benefit (expense) 87 15 Income from discontinued operations 26,293 9,094 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 17,309 5,019 Noncontrolling interests in Operating Company 545 244 Income from discontinued operations attributable to Colony Capital, Inc. $ 8,439 $ 3,831 __________ (1) Includes equity-based compensation of $0.7 million and $0.5 million for the three months ended March 31, 2019 and 2018, respectively.	Colony Credit The contribution of the CLNY Contributed Portfolio (as described in Note 1 ) to Colony Credit and the concurrent all-stock merger of Colony Credit with NorthStar I and NorthStar II closed on January 31, 2018. Colony Credit's class A common stock began trading on the NYSE on February 1, 2018. Upon closing of the Combination, the Company and its affiliates, NorthStar I stockholders and NorthStar II stockholders each owned approximately 37% , 32% and 31% , respectively, of Colony Credit on a fully diluted basis. The Company, through certain of its subsidiaries, received 44,399,444 shares of Colony Credit's class B-3 common stock and 3,075,623 common membership units in Colony Credit's operating company (the “CLNC OP Units”) in exchange for its contribution of the CLNY Contributed Portfolio to Colony Credit. The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Each share of Colony Credit's class B-3 common stock automatically converted into Colony Credit's class A common stock on a one -for-one basis upon close of trading on February 1, 2019. The CLNC OP Units are redeemable for cash or Colony Credit’s Class A common stock on a one -for-one basis, in the sole discretion of Colony Credit. In connection with the merger of NorthStar I and NorthStar II with and into Colony Credit, their respective stockholders received shares of Colony Credit's class A common stock based on pre-determined exchange ratios. As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I in the original principal amount of $150.2 million was not transferred to Colony Credit (the “NorthStar I Excluded Asset”). Upon closing of the Combination, the Company acquired a $65 million senior participation interest in the NorthStar I Excluded Asset at par, and the remaining junior participation interest in the NorthStar I Excluded Asset (the "NorthStar I Retained Asset") was transferred to a liquidating trust in exchange for beneficial interests in the liquidating trust and subsequently distributed to NorthStar I stockholders. As a result of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated and the related management contract intangible assets totaling $139.0 million were written off (Note 9 ). Concurrent with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management agreement with Colony Credit. Upon closing of the Combination, the Company's contribution of the CLNY Contributed Portfolio to Colony Credit, and the merger of Colony Credit with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 The Company measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations. The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2018 December 31, 2017 Assets Restricted cash $ 6,213 $ 5,186 Real estate, net 3,645,406 3,171,777 Equity investment 13,422 2,840 Goodwill (1) 20,000 40,000 Intangible assets, net 135,924 126,209 Other assets 146,380 61,361 Due from affiliates 2,290 1,157 Total assets held for sale $ 3,969,635 $ 3,408,530 Liabilities Debt, net $ 1,064,585 $ 1,198,363 Lease intangibles and other liabilities, net 153,910 149,749 Total liabilities related to assets held for sale $ 1,218,495 $ 1,348,112 __________ (1) Goodwill is associated with the broker-dealer and the industrial businesses. The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. Assets and Liabilities Related to Discontinued Operations At December 31, 2018 and 2017, assets held for sale totaling $3.2 billion and $2.6 billion , respectively, and related liabilities totaling $1.2 billion and $1.1 billion , respectively, constituted discontinued operations. This is composed of the industrial segment and associated management platform in both years and to a lesser extent, at December 31, 2017, certain properties in the THL Hotel Portfolio that qualified as held for sale upon consensual foreclosure. The assets held for sale consisted primarily of real estate and related intangible assets of $3.0 billion and approximately $2.6 billion at December 31, 2018 and 2017, respectively, as well as goodwill associated with the industrial management platform of $20.0 million , fee receivable from the industrial open-end fund, presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment in the table above. Outstanding debt of the industrial segment is expected to be assumed by the buyer or extinguished concurrent with closing of the sale and is classified as held for sale, totaling $1.1 billion and $1.0 billion All of discontinued operations in 2016 and predominantly in 2017 and 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, predominantly carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. Discontinued operations also consisted of a manufactured housing portfolio acquired through the Merger in January 2017 and sold in March 2017, and certain properties acquired through consensual foreclosure of the THL Hotel Portfolio in July 2017, which were fully disposed in the second quarter of 2018. All of these properties qualified as held for sale at the time of acquisition, therefore reported as discontinued operations. The manufactured housing portfolio generated net income of $12.6 million in 2017 prior to its sale, while results from discontinued operations of the properties in the THL Hotel Portfolio were immaterial in 2017 and 2018. Income or loss from discontinued operations is presented below. Year Ended December 31, (In thousands) 2018 2017 2016 Revenues Property operating income $ 288,367 $ 284,051 $ 194,670 Fee income 7,378 4,022 — Interest and other income 3,775 4,742 1,687 Revenues from discontinued operations 299,520 292,815 196,357 Expenses Property operating expenses 84,162 87,726 55,924 Interest expense 42,713 47,594 44,834 Investment and servicing expense 436 542 167 Transaction costs — — 921 Placement fees 234 1,650 — Depreciation and amortization 129,104 109,265 88,854 Impairment loss 948 44 407 Compensation expense—cash and equity-based (1) 11,156 8,119 7,856 Compensation expense—carried interest 4,696 — — Administrative expenses 4,569 4,703 2,699 Expenses from discontinued operations 278,018 259,643 201,662 Other income Gain on sale of real estate 7,633 22,504 2,888 Equity method earnings, including carried interest 10,636 1,868 27 Income (loss) from discontinued operations before income taxes 39,771 57,544 (2,390 ) Income tax expense (189 ) (2,096 ) (586 ) Income (loss) from discontinued operations 39,582 55,448 (2,976 ) Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities 21,260 24,407 (1,924 ) Noncontrolling interests in Operating Company 1,113 1,249 (168 ) Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ 17,209 $ 29,792 $ (884 ) __________ (1) Includes equity-based compensation of $2.9 million , $3.3 million and $0.6 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Earnings per Share

Earnings per Share	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table provides the basic and diluted earnings per common share computations: Three Months Ended March 31, (In thousands, except per share data) 2019 2018 Net income (loss) allocated to common stockholders Loss from continuing operations $ (56,448 ) $ (36,252 ) Income from continuing operations attributable to noncontrolling interests (26,967 ) (8,906 ) Loss from continuing operations attributable to Colony Capital, Inc. (83,415 ) (45,158 ) Income from discontinued operations attributable to Colony Capital, Inc. 8,439 3,831 Net loss attributable to Colony Capital, Inc. (74,976 ) (41,327 ) Preferred dividends (27,137 ) (31,387 ) Net loss attributable to common stockholders (102,113 ) (72,714 ) Net income allocated to participating securities (720 ) (629 ) Net loss allocated to common stockholders—basic (102,833 ) (73,343 ) Interest expense attributable to convertible notes (1) — — Net loss allocated to common stockholders—diluted $ (102,833 ) $ (73,343 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 478,874 530,680 Weighted average effect of dilutive shares (1)(2)(3) — — Weighted average number of common shares outstanding—diluted 478,874 530,680 Basic loss per share Loss from continuing operations $ (0.23 ) $ (0.15 ) Income from discontinued operations 0.02 0.01 Net loss attributable to common stockholders per basic common share $ (0.21 ) $ (0.14 ) Diluted loss per share Loss from continuing operations $ (0.23 ) $ (0.15 ) Income from discontinued operations 0.02 0.01 Net loss attributable to common stockholders per diluted common share $ (0.21 ) $ (0.14 ) __________ (1) For the three months ended March 31, 2019 and 2018 , excluded from the calculation of diluted earnings per share is the effect of adding back $7.2 million and $7.1 million of interest expense, respectively, and 38,112,100 and 38,112,100 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 137,900 and 662,900 for the three months ended March 31, 2019 and 2018 , respectively, as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 18 ) of 3,814,300 for the three months ended March 31, 2019 , as the effect would be antidilutive. There were no contingently issuable shares of class A common stock in relation to PSUs for the three months ended March 31, 2018. (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 March 31, 2019 and 2018 , there were 31,355,700 and 32,280,500	Earnings per Share The following table provides the basic and diluted earnings per common share computations: Year Ended December 31, (In thousands, except per share data) 2018 2017 2016 Net income (loss) allocated to common stockholders Loss from continuing operations $ (534,757 ) $ (120,061 ) $ 293,702 Income from continuing operations attributable to noncontrolling interests (2,059 ) (107,530 ) (175,408 ) Loss from continuing operations attributable to Colony Capital, Inc. (536,816 ) (227,591 ) 118,294 Income (loss) from discontinued operations attributable to Colony Capital, Inc. 17,209 29,700 (2,976 ) Net income (loss) attributable to Colony Capital, Inc. (519,607 ) (197,891 ) 115,318 Preferred stock redemption 3,995 (4,530 ) — Preferred dividends (117,097 ) (130,672 ) (48,159 ) Net income (loss) attributable to common stockholders (632,709 ) (333,093 ) 67,159 Net income allocated to participating securities (2,504 ) (9,168 ) (2,293 ) Net income (loss) allocated to common stockholders—basic (635,213 ) (342,261 ) 64,866 Interest expense attributable to convertible notes (1) — — — Net income (loss) allocated to common stockholders—diluted $ (635,213 ) $ (342,261 ) $ 64,866 Weighted average common shares outstanding (2) Weighted average number of common shares outstanding—basic 496,993 532,600 164,570 Weighted average effect of dilutive shares (1)(3)(4) — — — Weighted average number of common shares outstanding—diluted 496,993 532,600 164,570 Basic earnings (loss) per share Income (loss) from continuing operations $ (1.31 ) $ (0.70 ) $ 0.40 Income (loss) from discontinued operations 0.03 0.06 (0.01 ) Net income (loss) attributable to common stockholders per basic common share $ (1.28 ) $ (0.64 ) $ 0.39 Diluted earnings (loss) per share Income (loss) from continuing operations $ (1.31 ) $ (0.70 ) $ 0.40 Income (loss) from discontinued operations 0.03 0.06 (0.01 ) Net income (loss) attributable to common stockholders per diluted common share $ (1.28 ) $ (0.64 ) $ 0.39 __________ (1) For the years ended December 31, 2018 , 2017 and 2016 , excluded from the calculation of diluted earnings per share is the effect of adding back $28.6 million , $28.9 million and $27.3 million of interest expense, respectively, and 38,112,100 , 38,564,400 and 36,582,700 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of the Company. Accordingly, the historical share counts used to calculate the weighted average number of shares post-Merger reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date. (3) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 571,500 , 534,100 and 0 for the years ended December 31, 2018 , 2017 and 2016 , as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 21 ) of 532,900 for the year ended December 31, 2018 , as the effect would be antidilutive. (4) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one -for-one basis. At December 31, 2018 , 2017 and 2016 , there were 31,358,500 , 32,282,500 and 30,296,100

Fee Income

Fee Income	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Fee Income	Fee Income The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, 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 industrial open-end 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 March 31, (In thousands) 2019 2018 Institutional funds $ 10,638 $ 11,827 Public companies (Colony Credit, NRE) 15,106 12,172 Non-traded REITs 5,106 11,459 Other 178 70 $ 31,028 $ 35,528 The following table presents the Company's fee income by type: Three Months Ended March 31, (In thousands) 2019 2018 Base management fees ($30,201 and $32,862 from affiliates, respectively) $ 30,364 $ 32,862 Asset management fees—from affiliates 635 674 Acquisition and disposition fees—from affiliates — 1,922 Other fee income ($14 and $0 from affiliates, respectively) 29 70 Total fee income $ 31,028 $ 35,528 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 the limited partners' net funded 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 , less any incentive fees earned through termination. The strategic review committee of NRE's board of directors is in the process of evaluating strategic alternatives to maximize NRE's shareholder value, which includes the potential sale of NRE. 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 from affiliated and/or unaffiliated third parties, 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.	Fee Income The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, traded and non-traded REITs and investment companies, for which the Company earns fee income. For investment vehicles in which the Company co-sponsors with a third party or for which the Company engages a third party sub-advisor, such fee income is shared with the respective co-sponsor or sub-advisor. On December 29, 2017, the Company sold its interest in Townsend, an investment management subsidiary acquired through the Merger. Upon closing of the Combination on January 31, 2018, the Company's management contracts with NorthStar I and NorthStar II were terminated; concurrently, the Company entered into a new management agreement with Colony Credit. On April 30, 2018, the Company combined NorthStar Securities, LLC ("NorthStar Securities"), the Company's captive broker-dealer platform that raises capital in the retail market, with a third party joint venture partner, S2K Financial Holdings, LLC ("S2K") to form Colony S2K Holdings, LLC ("Colony S2K"). Colony S2K distributes current and future investment products sponsored by the Company and S2K as well as third party sponsored products. Beginning in May 2018, the Company's share of income and expense from Colony S2K is reflected as earnings from investments in unconsolidated ventures. Fee income for all periods presented excludes management fees from the Company's industrial open-end fund which is classified as held for sale. Such fees are included in income from discontinued operations (Note 18 ). The Company's fee income is earned from the following sources: Year Ended December 31, (In thousands) 2018 2017 2016 Institutional funds $ 48,624 $ 56,966 $ 67,731 Non-traded REITs 29,597 88,081 — Public companies (Colony Credit, NRE) 65,258 14,003 — Broker-dealer, Townsend and other clients 964 57,717 — $ 144,443 $ 216,767 $ 67,731 The following table presents the Company's fee income by type: Year Ended December 31, (In thousands) 2018 2017 2016 Base management fees ($130,384, $161,414 and $63,212 from affiliates, respectively) $ 131,406 $ 179,816 $ 63,212 Asset management fees—from affiliates 2,078 3,069 4,519 Acquisition and disposition fees—from affiliates 1,922 16,237 — Incentive fees ($5,445, $172, $0 from affiliates, respectively) 5,445 1,043 — Other fee income ($3,389, $0 and $0 from affiliates, respectively) 3,592 16,602 — Total fee income $ 144,443 $ 216,767 $ 67,731 Base Management Fees — The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs, and investment companies, calculated as follows: • Private Funds — generally 1% per annum of the limited partners' net funded capital; • Non-Traded REITs— 1% to 1.25% per annum of gross assets for NorthStar/RXR NY Metro (through its liquidation in October 2018) and for NorthStar I and NorthStar II (through January 31, 2018 upon closing of the Combination), as well as 1.5% per annum of most recently published net asset value (as may be subsequently adjusted for any special distribution) for NorthStar Healthcare. Effective January 1, 2018, $2.5 million per quarter of base management fee for NorthStar Healthcare will be paid in shares of NorthStar Healthcare common stock at a price per share equal to its most recently published NAV per share (as may be subsequently adjusted for any special distribution); • NRE — a variable fee of 1.5% per annum of NRE's reported European Public Real Estate Association Net Asset Value ("EPRA NAV" as defined in its management agreement) for EPRA NAV up to and including $2.0 billion , and 1.25% per annum for EPRA NAV amounts exceeding $2.0 billion . Prior to 2018, it was a fixed fee of $14.2 million per annum, subject to increase by an amount equal to 1.5% per annum of certain provisions in accordance with terms set out in its governing agreement. The management agreement had provided for the Company's management of NRE through at least January 1, 2023. On November 7, 2018, NRE and the Company reached an agreement to terminate the management agreement upon a sale of NRE or, if no sale is consummated, upon internalization of the management of NRE. Such termination will result in a termination payment to the Company of $70 million , less any incentive fees. The strategic review committee of NRE's board of directors is in the process of evaluating strategic alternatives to maximize NRE's shareholder value, which includes the potential sale of NRE; and • Colony Credit — 1.5% per annum of Colony Credit's stockholders' equity (as defined in its management agreement). In 2017, the Company also earned base management fees from Townsend private funds at a fixed percentage of either assets under management, net asset value, total assets, committed capital or invested capital. Asset Management Fees — The Company earns asset management fees from its managed private funds, which represents a one-time fee upon closing of each investment, calculated as a fixed percentage, generally 0.5% of the limited partners' net funded capital on each investment. Acquisition and Disposition Fees — The Company earns an acquisition fee of 1% of the amount funded or allocated to originate or acquire an investment by NorthStar I and NorthStar II (through January 31, 2018 upon closing of the Combination) and a disposition fee of 1% to 2% of the contractual sales price for disposition of an investment by NorthStar I and NorthStar II (through January 31, 2018 upon closing of the Combination) and by NorthStar Healthcare (through December 31, 2017 following an amendment to its advisory agreement). Incentive Fees — The Company may earn incentive fees from NRE and Colony Credit (and in 2017, from Townsend segregated mandate accounts). Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles, with such thresholds varying across investment vehicles in accordance with the terms set out in their respective governing agreements. A portion of the incentive fees earned by the Company (generally 40% to 50% ) is allocable to senior management, investment professionals, certain other employees and former employees of the Company, included in carried interest and incentive fee compensation expense. Other Fee Income — Other fees include advisory fees from affiliated and/or unaffiliated third parties, and prior to May 2018, selling commission and dealer manager fees. The Company, through NorthStar Securities, had earned fees for selling equity in certain classes of shares in the retail companies, calculated as a percentage of the gross offering proceeds raised, up to 8% for selling commissions and dealer manager fees, depending on the share classes of the retail companies. All or a portion of selling commission and dealer manager fees may be reallowed to participating broker-dealers. In 2017, other income also included advisory fees from Townsend clients at a fixed annual retainer.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [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 March 31, 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 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 who terminate after the first anniversary of the PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based on achievement of the total shareholder return metric otherwise applicable to the award. PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period. In February 2019, the PSUs issued in 2018 were modified to, among other things, reduce the potential maximum number of shares of the Company’s class A common stock to be issued upon final vesting from 200% to 125% of the number of PSUs granted. 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 Grant 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 % 7.3 % Risk-free rate (per annum) (3) 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 or cash, at the option of the Company. Fair value of DSUs are determined based on the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, or on a straight-line basis over the vesting period as equity based compensation expense and equity. Equity-based compensation, excluding expense related to the industrial segment which is presented as discontinued operations (Note 15 ), is as follows: Three Months Ended March 31, (In thousands) 2019 2018 Compensation expense (including $122 and $22 amortization of fair value of dividend equivalent right) $ 5,914 $ 11,714 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 2,752,005 27,391 3,451,992 6,231,388 2.79 5.24 Vested (1,627,193 ) (23,772 ) — (1,650,965 ) — 11.40 Forfeited (93,018 ) — (9,994 ) (103,012 ) 4.56 5.51 Unvested shares and units at March 31, 2019 6,453,884 186,753 5,485,947 12,126,584 $ 3.65 $ 7.21 __________ (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 $8.5 million and $105.0 million for the three months ended March 31, 2019 and 2018 , respectively. At March 31, 2019 , aggregate unrecognized compensation cost for all unvested equity awards was $53.0 million , which is expected to be recognized over a weighted average period of 2.3 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 in relation to managed company awards was $2.8 million and $0.8 million for the three months ended March 31, 2019 and 2018 , respectively. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 19 ). At March 31, 2019 , aggregate unrecognized compensation cost for unvested managed company awards was $28.3 million , which is expected to be recognized over a weighted average period of 2.4 years.	Equity-Based Compensation Upon consummation of the Merger, each outstanding Colony employee restricted stock award granted under the 2014 Equity Incentive Plan (the “Colony Equity Incentive Plan”) that did not vest and was not forfeited was assumed by the Company and was converted into an equivalent restricted stock award of the Company, after giving effect to the Colony exchange ratio. As of January 2, 2017, all shares reserved under the Colony Equity Incentive Plan had been issued. While the Colony Equity Incentive Plan continues to exist following the Merger, no new awards will be granted under this plan. Outstanding equity awards granted under Colony's 2009 Non-Executive Director Stock Plan (the “Colony Director Stock Plan”) fully vested upon consummation of the Merger and were settled through the issuance of 44,464 shares of the Company's class A common stock. The Colony Director Stock Plan was assumed by the Company upon closing of the Merger. Substantially all of the outstanding NSAM and NRF equity awards prior to the Merger, except for certain awards as described below, vested upon consummation of the Merger. The vested equity awards were settled in NSAM and NRF shares respectively and converted into the Company's class A common stock based on their respective exchange ratios. All of the vested NSAM and NRF equity awards relate to pre-combination services and form part of the merger consideration. NSAM 2014 Stock Plan Upon consummation of the Merger, the Company assumed the following outstanding awards previously issued under NSAM's 2014 Omnibus Stock Incentive Plan ("NSAM 2014 Stock Plan"). Subsequent to the Merger, the Company adopted the NSAM 2014 Stock Plan, as further described below. Townsend — Restricted stock awards granted to Townsend’s management team, who were previously employees of the Company, did not vest by their terms in connection with the Merger and were converted into the Company's restricted stock awards on a one -for-one basis. On December 29, 2017, the outstanding Townsend awards were fully vested upon the sale of the Company's interest in Townsend. American Healthcare Investors Joint Venture — In December 2014, NSAM acquired a 43% interest in American Healthcare Investors, LLC (“AHI"), structured as a joint venture between NSAM and the principals of AHI, a healthcare-focused real estate investment management firm, and James F. Flaherty III, former Chief Executive Officer of HCP, Inc., that is accounted for as an equity method investment. In connection with this arrangement, certain AHI employees were granted equity awards for a fixed dollar amount with a variable number of shares, classified as a liability award. The outstanding award to certain AHI employees did not vest in the Merger. In March 2017, $1.0 million or the equivalent of 70,261 shares of class A common stock were issued in settlement of the equity award to certain AHI employees, and the corresponding $1.0 million outstanding liability was relieved. This was a non-employee award, with equity-based compensation recorded in earnings from investments in unconsolidated ventures on the consolidated statement of operations Pursuant to a separate contractual arrangement entered into in connection with the investment in AHI, the AHI principals, subject to certain annual performance targets being met, are also entitled to incremental grants of the Company's common stock, which will vest immediately upon issuance. As of December 31, 2018 , no incremental awards have been granted. NRF Incentive Plan Upon consummation of the Merger, the Company assumed the following outstanding non-employee stock awards that were previously issued under NRF’s Third Amended and Restated 2004 Omnibus Stock Incentive Plan (the "NRF Incentive Plan"), and which continue to be governed by the terms of the NRF Incentive Plan subsequent to the Merger. Healthcare Partnership — In January 2014, NRF entered into a partnership with James F. Flaherty, III, with the intention of expanding the Company’s healthcare business (“Healthcare Partnership”). In connection with this arrangement, Mr. Flaherty was granted NRF restricted stock units ("RSUs"), which upon the spin-off of NSAM from NRF in July 2014, were adjusted to also relate to an equal number of units of NSAM RSUs, and continue to be governed by the NRF Incentive Plan. This RSU award did not vest by its terms in connection with the consummation of the Merger and was converted into the right to receive an award in the same form for that number of units of the Company's RSU, after giving effect to the relevant Merger exchange ratios. As a non-employee award, the RSUs were remeasured each period end based on the closing price of the Company's class A common stock as of such period end, with related equity-based compensation cost recorded in investment and servicing expense on the consolidated statement of operations and in equity on the consolidated balance sheet. In September 2017, the RSU award was fully vested upon the occurrence of a vesting event under the terms of the applicable award agreement. CLNY Equity Incentive Plan Following the Merger, the Company adopted the NSAM 2014 Stock Plan as the Company's successor equity incentive plan and named such plan the Colony NorthStar 2014 Omnibus Stock Incentive Plan, thereafter renamed Colony Capital 2014 Omnibus Stock Incentive Plan in June 2018 (the "CLNY Equity Incentive Plan"). The CLNY Equity Incentive Plan provides for the grant of restricted stock, performance stock units ("PSUs"), Long Term Incentive Plan ("LTIP") units, RSUs, deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards. Shares reserved for the issuance of awards under the CLNY Equity Incentive Plan are subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st. At December 31, 2018 , an aggregate of 44.7 million shares of the Company's class A common stock were reserved for the issuance of awards under the CLNY Equity Incentive Plan. In 2017, the Company issued certain equity awards, which had a service condition only, in connection with the Merger. This included replacement equity awards issued in January 2017 to certain executives of NSAM, consisting of an aggregate of 4,669,518 shares of restricted common stock and 3,506,387 LTIP units. The number of shares and units issued for the replacement awards were determined based on the volume-weighted average price of the Company's class A common stock over the first five trading days following the Closing Date, subject to a floor of $15.00 per share. All of the replacement equity awards vested on January 10, 2018. Additionally, restricted stock awards were also granted to certain employees as retention awards, subject to graded vesting through January 2020. Restricted Stock — Restricted stock awards relating to the Company's class A common stock are granted to senior executives and certain employees, with a service condition only and generally subject to annual time-based vesting in equal tranches over a three -year period. Restricted stock is entitled to dividends declared and paid on the Company's class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company's class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three -year service period. Performance Stock Units ("PSUs") — PSUs are granted to senior executives and certain employees, and are subject to both a service condition and market condition. Following the end of the measurement period for the PSUs, the recipient of PSUs who remain employed will vest in, and be issued a number of shares of the Company's class A common stock, ranging from 0% to 200% of the number of PSUs granted, to be determined based upon the performance of the Company's class A common stock relative to that of a specified peer group over a three -year measurement period (such measurement metric the "total shareholder return"). In addition, recipients of PSUs who terminate after the first anniversary of the PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based on achievement of the total shareholder return metric otherwise applicable to the award. PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period. In February 2019, the PSUs issued in 2018 were modified to, among other things, reduce the potential maximum number of shares of the Company’s class A common stock to be issued upon final vesting from 200% to 125% of the number of PSUs granted. This modification is not expected to have a material impact on the Company’s financial condition or results of operations. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2018 PSU Grant Expected volatility of the Company's class A common stock (1) 38 % Expected annual dividend yield (2) 7.6 % Risk-free rate (per annum) (3) 2.44 % __________ (1) Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group. (2) Based on an average of the Company's current and historical dividend yields. (3) Based on the prevailing 3-year zero coupon US Treasury yield on grant date. Fair value of the PSU award on grant date, excluding dividend equivalent rights, is recognized on a straight-line basis over the three -year measurement period as compensation expense, and is not subject to reversal even if the market condition is not achieved. The dividend equivalent right is accounted for as a liability-classified award. The fair value of the dividend equivalent right is recognized as compensation expense on a straight-line basis over the measurement period, and is subject to adjustment to fair value at each reporting period. LTIP Units — LTIP units are designated as profits interests for federal income tax purposes. Unvested LTIP units do not accrue distributions. Each vested LTIP unit is convertible, at the election of the holder, into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 17 ). LTIP units are valued based on the Company's class A common stock price on grant date, with equity-based compensation cost recognized on a straight-line basis over the service period and represent an allocation to noncontrolling interest in the Operating Company. Deferred Stock Units — Certain non-employee directors may elect to defer the receipt of annual base fees and/or restricted stock awards, and in lieu, receive awards of DSUs. DSUs awarded in lieu of annual base fees are fully vested on their grant date, while DSUs awarded in lieu of restricted stock awards vest one year from their grant date. DSUs are entitled to a dividend equivalent, in the form of additional DSUs based on dividends declared and paid on the Company's class A common stock. Any such additional DSUs will also be credited with additional DSUs as cash dividends are paid, subject to the same restrictions and vesting conditions, if any. Upon separation of service from the Company, vested DSUs are to be settled in shares of the Company’s class A common stock. Fair value of DSUs are determined based on the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, otherwise, on a straight-line basis over the vesting period as equity based compensation expense and equity. Equity-based compensation expense, excluding amounts related to the industrial segment which is presented as discontinued operations (Note 18 ), is included in the following line items in the consolidated statements of operations: Year Ended December 31, (In thousands) 2018 2017 2016 Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right) $ 38,928 $ 146,563 $ 13,012 Earnings from investments in unconsolidated ventures — 61 — Investment and servicing expense — 4,070 — $ 38,928 $ 150,694 $ 13,012 Changes in the Company’s unvested equity awards are summarized below: Weighted Average Grant Date Fair Value Restricted Stock LTIP Units DSUs PSUs (1) Total PSUs All Other Awards Unvested shares and units at December 31, 2017 9,149,516 3,506,387 78,267 — 12,734,170 $ — $ 14.53 Granted 3,605,137 — 263,506 2,138,858 6,007,501 5.09 6.19 Vested (7,121,545 ) (3,506,387 ) (158,639 ) — (10,786,571 ) — 14.27 Forfeited (211,018 ) — — (94,909 ) (305,927 ) 5.09 11.42 Unvested shares and units at December 31, 2018 5,422,090 — 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 __________ (1) Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period. No PSUs were granted during 2017 and 2016. Fair value of equity awards that vested, determined based on their respective fair values at vesting date, was $111.2 million , $31.9 million and $9.9 million for the year ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , aggregate unrecognized compensation cost for all unvested equity awards was $35.7 million , which is expected to be recognized over a weighted-average period of 2.0 years . Awards Granted by Managed Companies In March 2018, NRE and Colony Credit issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). NRE awards generally have similar terms as the Company's stock awards, except that the NRE performance stock units measure NRE's stock performance against either an absolute total shareholder return threshold or relative to the performance of a specified market index. Employees are entitled to receive shares of NRE common stock if service conditions and/or market conditions are met. Colony Credit awards are primarily restricted stock grants that typically vest over a three -year period, subject to service conditions. Generally, the Company then grants the managed company awards that it receives in its capacity as manager to its employees with substantially the same terms and service requirements. Such grants are made at the discretion of the Company, and the Company may consult with the board of directors or compensation committees of the respective managed companies as to final allocation of awards to its employees. Managed company awards granted to the Company, pending the grant by the Company to its employees, are recognized based upon their fair value at grant date as an investment in unconsolidated ventures and other liabilities on the consolidated balance sheet. The deferred revenue liability is amortized into other income as the awards vest to the Company. Managed company awards granted to employees, directly by NRE or Colony Credit, or through the Company, are recorded as other asset and other liability, and amortized on a straight-line basis as equity-based compensation expense and as other income, respectively, as the awards vest to the employees. The other asset and other liability associated with managed company awards granted to employees are subject to adjustment to fair value at each reporting period, with changes reflected in equity-based compensation and other income, respectively. Equity-based compensation expense recognized in relation to managed company awards was $9.6 million for the year ended December 31, 2018 . A corresponding amount is recognized in other income for managed company awards granted to employees (Note 22 ). At December 31, 2018 , aggregate unrecognized compensation cost for unvested managed company awards was $14.4 million , which is expected to be recognized over a weighted-average period of 2.3 years .

Transactions with Affiliates

Transactions with Affiliates	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Transactions with Affiliates	Transactions with Affiliates Affiliates include (i) private funds, traded and non-traded REITs and investment companies that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees"). Amounts due from affiliates, excluding fee income receivable from the industrial open-end fund which is classified as asset held for sale (Note 7 ), consist of the following: (In thousands) March 31, 2019 December 31, 2018 Investment vehicles and unconsolidated ventures Fee income $ 33,918 $ 32,139 Cost reimbursements and recoverable expenses 8,542 10,754 Employees and other affiliates 254 596 $ 42,714 $ 43,489 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 (see 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 Digital Bridge Holdings, LLC ("Digital Bridge") 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 March 31, (In thousands) 2019 2018 Retail companies $ 738 $ 2,387 Public companies (Colony Credit, NRE) 2,632 1,750 Private funds and other 3,535 1,844 Equity awards of Colony Credit and NRE (Note 18) 2,940 812 $ 9,845 $ 6,793 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 March 31, 2019 and December 31, 2018 , there were no outstanding advances under the revolving credit facility. Liquidating Trust— In connection with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management services agreement with the liquidating trust that holds the junior participation interest in a loan receivable previously held by NorthStar I that was not transferred to Colony Credit ("NorthStar I Retained Asset"). The Company was engaged as an advisor to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services to the liquidating trust on such terms and conditions as approved by the trustees for a management fee of 1.25% per annum of the net assets of the liquidating trust. Such fee amount is immaterial for the three months ended March 31, 2019 and 2018 . Sales to Colony Credit— There were no such sales in the three months ended March 31, 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. 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 months ended March 31, 2018 , the Company incurred property management fees and sub-advisory fees to AHI totaling $1.3 million . 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 months ended March 31, 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 March 31, 2019 and December 31, 2018 , such investments amounted to $6.4 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 for the three months ended March 31, 2019 and was immaterial for the three months ended March 31, 2018 . 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 $0.2 million and $0.1 million for personal flights taken during the three months ended March 31, 2019 and 2018	Transactions with Affiliates Affiliates include (i) private funds, traded and non-traded REITs and investment companies that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees"). Amounts due from and due to affiliates, excluding amounts classified as held for sale (Note 10 ), consist of the following: (In thousands) December 31, 2018 December 31, 2017 Due from Affiliates Investment vehicles and unconsolidated ventures Fee income $ 32,139 $ 18,209 Cost reimbursements and recoverable expenses 10,754 30,749 Employees and other affiliates 596 1,403 $ 43,489 $ 50,361 Due to Affiliates Investment vehicles and unconsolidated ventures $ — $ 2,884 Employees — 20,650 $ — $ 23,534 Transactions with affiliates include the following: Fee Income— Fee income earned from investment vehicles that the Company manages and/or sponsors, and may have an equity interest or co-investment, are presented in Note 20 . Cost Reimbursements— The Company received cost reimbursement income related primarily to the following arrangements: • Direct and indirect operating costs, including but not limited to compensation, overhead and other administrative costs, for managing the operations of the non-traded REITs, investment companies and Colony Credit, with reimbursements for non-traded REITs limited to the greater of 2% of average invested assets or 25% of net income (net of base management fees); • Direct costs of personnel dedicated solely to NRE plus 20% of such personnel costs for related overhead charges, not to exceed, in aggregate, specified thresholds as set out in the NRE management agreement; • Costs incurred in performing investment due diligence for retail companies and private funds managed by the Company (presented gross on the consolidated statement of operations effective January 1, 2018); • Equity awards granted by NRE and Colony Credit to employees of the Company, which are presented gross on the consolidated statement of operations as other income and compensation expense (see Note 21 ); • Certain expenses incurred on behalf of the clients of Townsend such as legal, due diligence and investment advisory team travel expenses (in 2017 only); • Services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties; • Administrative services provided to an equity method investee (through July 2017 only); and • Administrative services provided to certain senior executives of the Company. Cost reimbursements, included in other income, were as follows. These amounts include $4.0 million for the year ended December 31, 2018 of costs incurred by the Company and reimbursed by its managed private funds that are presented gross on the consolidated statement of operations beginning in 2018 pursuant to the new revenue recognition guidance (Note 2 ). Year Ended December 31, (In thousands) 2018 2017 2016 Retail companies $ 4,672 $ 19,545 $ — Public companies—NRE and Colony Credit 10,747 — — Private funds and other 9,198 3,779 4,296 Equity awards of NRE and Colony Credit (Note 21) 10,078 — — Townsend — 2,306 — $ 34,695 $ 25,630 $ 4,296 Recoverable Expenses— The Company pays organization and offering costs associated with the formation and capital raising of the retail companies and private funds sponsored by the Company, for which the Company recovers from these investment vehicles, up to specified thresholds for certain private funds and up to 1% of proceeds expected to be raised from the offering of retail companies (excluding shares offered pursuant to distribution reinvestment plans). NorthStar Healthcare Credit Facility— The Company has committed to provide NorthStar Healthcare with an unsecured revolving credit facility at market terms with a maximum principal amount of $35.0 million . The credit facility matures in December 2020, with a six -month extension option. Advances under the credit facility accrue interest at LIBOR plus 3.5% . There is no commitment fee for the unused portion of the facility. The credit facility is intended to provide additional liquidity to NorthStar Healthcare on an as needed basis. At December 31, 2018 and 2017 , there were no outstanding advances under the revolving credit facility. Liquidating Trust— In connection with the closing of the Combination, a wholly-owned subsidiary of the Company entered into a management services agreement with the liquidating trust that holds the NorthStar I Retained Asset (as discussed in Note 4 ). The Company was engaged as an advisor to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services to the liquidating trust on such terms and conditions as approved by the trustees for a management fee of 1.25% per annum of the net assets of the liquidating trust, amounting to $1.0 million for the year ended December 31, 2018 . Sales to Colony Credit— In May 2018, the Company sold a preferred equity investment sponsored by the Company's equity method investee, RXR Realty, to Colony Credit at the unpaid principal amount of the investment of $89.1 million . In July 2018, the Company sold to Colony Credit its interest in a subsidiary holding a net lease property in Norway that was partially financed by a non-callable bond for $121.5 million based on an appraised value of the property, resulting in a gain on sale of real estate of $28.6 million . Healthcare Partnership— The Healthcare Partnership was previously formed by NRF with the intention of expanding the Company’s healthcare business (see Note 21 ). The Healthcare Partnership is entitled to incentive fees ranging from 20% to 25% of distributions above certain hurdles for new and existing healthcare real estate investments held by the Company and a portion of incentive fees earned from NorthStar Healthcare. To date, no incentive fees have been earned by the Healthcare Partnership. American Healthcare Investors Joint Venture— The Company has an equity method investment in AHI, through a joint venture with the principals of AHI and Mr. Flaherty (see Note 21 ). AHI had previously provided certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare. The management agreement with AHI was terminated effective October 2018. For the years ended December 31, 2018 and 2017 , the Company incurred property management fees and sub-advisory fees to AHI totaling $4.1 million and $4.8 million , respectively. Arrangements with Company-Sponsored Private Fund— The Company co-invests alongside a Company-sponsored private fund through joint ventures between the Company and the sponsored private fund. These co-investment joint ventures are consolidated by the Company. The Company has capital commitments, as general partner, directly into the private fund and as an affiliate of the general partner, capital commitments satisfied through co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a proportionate share of the costs of the private fund such as financing and administrative costs. Such costs expensed during the years ended December 31, 2018 and 2017 were immaterial and relate primarily to the Company's share of the fund's operating costs and deferred financing costs on borrowings of the fund. Contingent Consideration for Internalization —Contingent consideration for Internalization was payable to certain senior management personnel of the Company in connection with Colony's acquisition of the real estate investment management business and operations of its former manager in April 2015, amounting to $20.7 million at December 31, 2017 . As discussed in Note 14 , the final contingent consideration was measured at the end of its earnout period on June 30, 2018, with the common stock and OP Units issuable to the senior management personnel valued at $12.5 million reclassified out of liabilities into equity, while the associated dividends of approximately $6.4 million remained in due to affiliates liability. Contingent consideration, including the accrued dividends thereon, was settled in August 2018 in a combination of class A and class B common stock, OP Units and cash. Equity Awards of NRE and Colony Credit —As discussed in Note 21 , NRE and Colony Credit grant equity awards to the Company and certain of the Company's employees, either directly by NRE and Colony Credit, or indirectly through the Company, are recognized as a gross-up of equity-based compensation expense over the vesting period with a corresponding amount in other income. Investment in Managed Investment Vehicles —Subject to the Company's related party policies and procedures, senior management, investment professionals and certain other employees may participate on a discretionary basis in investment vehicles sponsored by the Company, either directly in the vehicle or indirectly through the general partner entity. These investments are generally not subject to management fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At December 31, 2018 and 2017 , such investments amounted to $5.7 million and $4.8 million , respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the consolidated balance sheet. Their share of net income was $0.4 million for the year ended December 31, 2018 and was immaterial in 2017 . Corporate Aircraft— The Company, through its subsidiary, Colony Capital Advisors, LLC, has entered into a time sharing agreement with Thomas J. Barrack, Jr., the Company's Executive Chairman and Chief Executive Officer, under which Mr. Barrack may use the Company’s aircraft for personal travel. Under this arrangement, Mr. Barrack pays the Company for personal usage based on the incremental cost to the Company, including direct and indirect variable costs, but in no case more than the maximum reimbursement permitted by the Federal Aviation Regulations under the agreement. Mr. Barrack has reimbursed the Company $0.7 million , $1.9 million and $0.9 million for personal flights taken during the years ended December 31, 2018 , 2017 and 2016

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local and non-U.S. jurisdictions, primarily in Europe. The Company's current primary sources of income subject to tax are income from its investment management business, operations of its hotel and healthcare portfolios as well as real estate and loan investments in Europe. On December 22, 2017, the Tax Cuts and Jobs Act was enacted, which provides for a reduction in the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. At December 31, 2017 , the Company recognized a provisional amount of $24.9 million relating to the effects of the tax rate change on our existing deferred tax balances, which is included as a component of income tax benefit. The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21% for U.S. federal corporate income tax purposes. During the fourth quarter of 2018, the Company completed its analysis of the Tax Cuts and Jobs Act, which resulted in the recognition of an additional $2.2 million of income tax benefit relating to the effects of the tax rate change on the Company's existing deferred tax balances. Income Tax Benefit (Expense) The components of current and deferred tax benefit (expense), including amounts presented as discontinued operations (Note 18 ), were as follows. Year ended December 31, (In thousands) 2018 2017 2016 Current Federal $ 2,881 $ (20,316 ) $ (2,720 ) State and local 1,168 (3,606 ) (1,436 ) Foreign (13,698 ) (16,138 ) (8,244 ) Total current tax benefit (expense) (9,649 ) (40,060 ) (12,400 ) Deferred Federal 64,962 110,711 6,214 State and local 1,320 18,235 (713 ) Foreign 3,148 9,513 2,117 Total deferred tax benefit 69,430 138,459 7,618 Total income tax benefit (expense) from continuing and discontinued operations (1) $ 59,781 $ 98,399 $ (4,782 ) __________ (1) Includes current tax expense of $0.2 million , $0.7 million and $0.1 million , respectively, and deferred tax expense of $5,000 , $1.4 million and $0.5 million , respectively, related to discontinued operations. Deferred Income Tax Assets and Liabilities Deferred tax asset is included in other assets, while deferred tax liability is included in accrued and other liabilities and in liabilities related to assets held for sale. Through the Merger, the Company assumed approximately $218.2 million of deferred tax liabilities as well as deferred tax assets which were fully reserved with a valuation allowance of $31.9 million . Valuation allowances are established against net operating losses and capital losses when it is more likely than not that these carry forward losses will not be utilized. As of December 31, 2018 , the Company believes that it is more likely than not that the carry forward net operating losses on certain hotel portfolios will be utilized prior to their expiration based on the Company’s reassessment of expected future profitability on these portfolios, therefore the related valuation allowance that was previously established of $10.7 million was released in 2018. The components of deferred tax assets and deferred tax liabilities arising from temporary differences were as follows. (In thousands) December 31, 2018 December 31, 2017 Deferred tax assets Net operating and capital loss carry forwards (1) $ 56,609 $ 30,019 Equity-based compensation 17,162 28,071 Basis difference — investment in partnerships 7,745 — Foreign tax credits (2) 892 1,682 Straight-line and prepaid rent expense 7,850 3,601 Deferred income — 1,932 Deferred interest expense 472 1,924 Other 2,904 7,947 Gross deferred tax assets 93,634 75,176 Valuation allowance (3) (22,062 ) (23,852 ) Deferred tax assets, net of valuation allowance 71,572 51,324 Deferred tax liabilities Management contract intangibles 33,693 90,605 Basis difference — investment in partnerships — 5,822 Basis difference — real estate 63,901 68,687 Deferred income 1,263 — Other 108 1,643 Gross deferred tax liabilities 98,965 166,757 Net deferred tax liability $ (27,393 ) $ (115,433 ) __________ (1) At December 31, 2018 and 2017 , deferred tax asset was recognized on net operating losses of $251.2 million and $121.3 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2030 , or can be carried forward indefinitely. Net operating losses attributable to foreign operations can generally be carried forward indefinitely. (2) Foreign tax credits expire beginning 2026 . (3) The ending balance of the valuation allowance at December 31, 2017 reflects a $12.3 million reduction resulting from the impact of the Tax Cuts and Jobs Act. Effective Income Tax The Company's income tax benefit varied from the amount computed by applying the statutory income tax rate to income from continuing and discontinued operations before income taxes. A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows: Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Income (loss) from continuing and discontinued operations before income taxes $ (554,956 ) $ (163,012 ) $ 295,508 Pre-tax income attributable to pass-through subsidiaries 312,939 (89,104 ) (306,644 ) Pre-tax loss attributable to taxable subsidiaries (242,017 ) (252,116 ) (11,136 ) Federal tax benefit at statutory tax rate (21%, 35% and 35%, respectively) 50,824 88,241 3,365 State and local income taxes, net of federal income tax benefit 10,983 9,380 88 Foreign income tax differential (3,533 ) 6 (5,441 ) Nondeductible expenses (4,648 ) (20,372 ) (1,128 ) Excess inclusion income tax expense — — (1,311 ) Valuation allowance, net 2,874 (3,555 ) (692 ) Impact of Tax Cuts and Jobs Act 2,190 24,908 — Other 1,091 (209 ) 337 Income tax benefit (expense) from continuing and discontinued operations $ 59,781 $ 98,399 $ (4,782 ) Tax Examinations The Company is no longer subject to U.S. federal, state and local or foreign income tax examinations by tax authorities for years prior to 2015 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 March 31, 2019 , the weighted average remaining lease terms were 25.7 years for ground leases and 8.0 years for office leases. For the three months ended March 31, 2018 , lease expense from continuing operations, including variable lease expense, was $2.0 million for ground leases and $2.6 million for office leases. The following table summarizes lease expense from continuing operations for ground leases, included in property operating expense, and office leases, included in administrative expense, for the three months ended March 31, 2019 . Three Months Ended March 31, 2019 (In thousands) Ground Leases Office Leases Operating lease expense: Fixed lease expense $ 1,935 $ 2,147 Variable lease expense 573 367 $ 2,508 $ 2,514 Operating Lease Commitments The operating lease liability was determined using a weighted average discount rate of 5.5% . At March 31, 2019 , the Company's future operating lease commitments for ground leases on real estate held for investment and for corporate office leases related to continued operations were as follows. (In thousands) Year Ending December 31, Ground Leases Office Leases Total Remaining 2019 $ 3,861 $ 6,772 $ 10,633 2020 5,217 8,605 13,822 2021 5,386 8,202 13,588 2022 5,776 7,176 12,952 2023 5,720 6,611 12,331 2024 and thereafter 87,151 28,144 115,295 Total lease payments 113,111 65,510 178,621 Present value discount (62,943 ) Operating lease liability (Note 8) $ 115,678 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 from continuing operations were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Total 2019 $ 5,149 $ 8,980 $ 14,129 2020 5,217 8,598 13,815 2021 5,386 8,200 13,586 2022 5,776 7,176 12,952 2023 5,720 6,610 12,330 2024 and thereafter 87,150 28,144 115,294 Total lease payments $ 114,398 $ 67,708 $ 182,106 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 (see Note 11 ). Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of March 31, 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.	Commitments and Contingencies Lease Commitments Office Leases— The Company leases office space under noncancelable operating leases. The lease agreements require minimum rent payments and reimbursement of operating expenses incurred by the landlord, subject to escalation clauses. Rent expense on office leases, included in administrative expenses from continuing operations, was $10.1 million , $13.3 million and $5.2 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Future contractual minimum rental payments for office leases at December 31, 2018 , excluding $3.6 million that is part of discontinued operations, are as follows: Year Ending December 31, (In thousands) 2019 $ 8,980 2020 8,598 2021 8,200 2022 7,176 2023 6,610 2024 and thereafter 28,144 Total $ 67,708 Contingent Consideration In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to a preferred equity holder of the borrower in an amount up to $13.0 million , as discussed in Notes 3 and 14 . Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of December 31, 2018 , the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Segment Reporting

Segment Reporting	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company conducts its business through the following six reportable segments: • Healthcare— The Company's healthcare segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings, and hospitals. The Company earns rental income from senior housing, skilled nursing facilities and hospital assets that are under net leases to single tenants/operators and from medical office buildings which are both single tenant and multi-tenant. In addition, certain of the Company's senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which effectively allows the Company to gain financial exposure to underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement. • Industrial— The Company's industrial segment is composed of 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 and related management platform for sale. In September 2019, the Company entered into definitive sale agreements for the sale of its light industrial portfolio and related management platform, with the sale closing in December 2019. Separately, the Company is in the process of negotiating a sale of the bulk industrial portfolio that was acquired in February 2019. As the 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 effective June 2019 (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 . 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: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended March 31, 2019 Total revenues $ 145,774 $ — $ 196,615 $ — $ 162,688 $ 40,005 $ 2,977 $ 548,059 Property operating expenses 64,302 — 136,345 — 70,095 — — 270,742 Interest expense 47,527 — 42,065 — 31,853 — 13,444 134,889 Depreciation and amortization 40,131 — 36,248 — 24,783 8,669 1,521 111,352 Provision for loan losses — — — — 3,611 — — 3,611 Impairment loss — — 3,850 — 21,772 — — 25,622 Gain on sale of real estate — — 139 — 29,314 — — 29,453 Equity method earnings — — — 5,513 24,608 3,942 — 34,063 Equity method earnings—carried interest — — — — — 4,896 — 4,896 Income tax benefit (expense) 1,874 — (836 ) — (2,074 ) 94 (256 ) (1,198 ) Income (loss) from continuing operations (7,206 ) — (26,077 ) 5,513 59,563 20,638 (108,879 ) (56,448 ) Income from discontinued operations — 24,154 — — — 2,139 — 26,293 Net income (loss) (7,206 ) 24,154 (26,077 ) 5,513 59,563 22,777 (108,879 ) (30,155 ) Net income (loss) attributable to Colony Capital, Inc. (7,462 ) 6,428 (22,981 ) 5,178 23,922 20,548 (100,609 ) (74,976 ) Three Months Ended March 31, 2018 Total revenues $ 152,595 $ — $ 195,782 $ — $ 205,154 $ 41,207 $ 1,859 $ 596,597 Property operating expenses 66,966 — 136,095 — 81,898 — — 284,959 Interest expense 50,941 — 34,361 — 40,280 — 13,117 138,699 Depreciation and amortization 41,127 — 35,457 — 28,969 7,676 1,531 114,760 Provision for loan losses — — — — 5,375 — — 5,375 Impairment loss 3,780 — — — 9,189 140,429 — 153,398 Gain on sale of real estate — — — — 16,151 — — 16,151 Equity method earnings (losses) — — — (3,654 ) 27,217 6,519 — 30,082 Equity method earnings—carried interest — — — — — — — — Income tax benefit (expense) (998 ) — 1,481 — (4,539 ) 36,785 64 32,793 Income (loss) from continuing operations (12,534 ) — (11,886 ) (3,654 ) 68,431 (88,139 ) 11,530 (36,252 ) Income from discontinued operations — 6,321 — — 117 2,656 — 9,094 Net income (loss) (12,534 ) 6,321 (11,886 ) (3,654 ) 68,548 (85,483 ) 11,530 (27,158 ) Net income (loss) attributable to Colony Capital, Inc. (10,360 ) 1,278 (10,050 ) (3,446 ) 49,109 (80,520 ) 12,662 (41,327 ) 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 March 31, 2019 Total assets $ 5,399,403 $ 4,312,205 $ 3,989,997 $ 1,027,345 $ 6,295,439 $ 1,995,190 $ 201,454 $ 23,221,033 Equity method investments (1) — — — 1,027,345 1,177,146 204,035 3,742 2,412,268 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 from continued operations, and long-lived assets, excluding assets held for sale, 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 March 31, (In thousands) 2019 2018 Total income by geography: United States $ 490,915 $ 541,411 Europe 86,258 78,173 Other — 302 Total (1) $ 577,173 $ 619,886 (In thousands) March 31, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,547,904 $ 9,566,982 Europe 1,502,993 1,600,623 Total (2) $ 11,050,897 $ 11,167,605 __________ (1) Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates. All income from discontinued operations was sourced in the United States. (2) Long-lived assets comprise real estate, 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 held for sale included $4.3 billion at March 31, 2019 and $3.3 billion at December 31, 2018 located in the United States and $0.5 billion	Segment Reporting The Company conducts its business through the following six reportable segments: • Healthcare— The Company's healthcare segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings, and hospitals. The Company earns rental income from senior housing, skilled nursing facilities and hospital assets that are under net leases to single tenants/operators and from medical office buildings which are both single tenant and multi-tenant. In addition, certain of the Company's senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which effectively allows the Company to gain financial exposure to underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement. • Industrial— The Company's industrial segment is composed of and primarily invests in light industrial assets throughout the U.S. that serve as the “last mile” of the logistics chain, which are vital for e-commerce and tenants that require increasingly quick delivery times. These properties are generally multi-tenant warehouses that are less than 250,000 square feet. 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 and related management platform for sale. In September 2019, the Company entered into definitive sale agreements for the sale of its light industrial portfolio and related management platform, with the sale closing in December 2019. Separately, the Company is in the process of negotiating a sale of the bulk industrial portfolio that was acquired in February 2019. As the 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 effective June 2019 (Note 18 ). • Hospitality— The Company's hospitality portfolio is composed of primarily extended stay and select service hotels located mainly in major metropolitan and high-demand suburban markets in the U.S., with the majority affiliated with top hotel brands such as Marriott and Hilton. • CLNC —This represents the Company's investment in Colony Credit, a commercial real estate credit REIT with a diverse portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net lease properties primarily in the U.S. • Other Equity and Debt— The Company's other equity and debt segment consists of a diversified group of strategic and non-strategic real estate and real estate-related debt and equity investments. Strategic investments include investments for which the Company acts as a general partner and/or manager (“GP Co-Investments”) and receives various forms of investment management economics on related third-party capital. Non-strategic investments are composed of those investments the Company does not intend to own for the long term including other real estate equity, real estate debt, and net leased assets, among other holdings. • Investment Management— The Company's investment management business raises, invests and manages funds on behalf of a diverse set of institutional and individual investors, for which the Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or carried interest based on the performance of the investment vehicles managed subject to the achievement of minimum return hurdles . In 2018, the Company determined that its equity interests in various investment vehicles as sponsor and general partner, which were previously included in the industrial and other equity and debt segments, would be part of its investment management segment. The reclassification of investments in unconsolidated ventures and corresponding earnings on investments in unconsolidated ventures was applied retrospectively to all prior periods presented. The reclassification was not material to segment results. Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets for administrative use, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with certain affiliates, costs in connection with unconsummated investments, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs as well as Merger-related transaction and integration costs. The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments. The various reportable segments generate distinct revenue streams, consisting of property operating income, interest income and fee income. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2018 Total revenues $ 592,455 $ — $ 849,513 $ — $ 739,167 $ 176,568 $ 9,239 $ 2,366,942 Property operating expenses 271,166 — 563,453 — 316,037 — — 1,150,656 Interest expense 194,898 — 153,395 — 150,032 — 54,513 552,838 Depreciation and amortization 164,389 — 144,528 — 99,525 28,653 6,207 443,302 Provision for loan losses 213 — — — 42,821 — — 43,034 Impairment loss 217,524 — 72,469 — 79,432 217,850 — 587,275 Gain on sale of real estate — — — — 159,598 — — 159,598 Equity method earnings (losses) — — — (65,366 ) 99,400 (43,635 ) — (9,601 ) Equity method earnings—carried interest — — — — — 9,525 — 9,525 Income tax benefit (expense) (4,991 ) — 9,875 — (4,298 ) 59,179 205 59,970 Income (loss) from continuing operations (283,516 ) — (90,581 ) (65,366 ) 268,870 (141,190 ) (222,974 ) (534,757 ) Income (loss) from discontinued operations — 26,749 — — (102 ) 12,935 — 39,582 Net income (loss) (283,516 ) 26,749 (90,581 ) (65,366 ) 268,768 (128,255 ) (222,974 ) (495,175 ) Net income (loss) attributable to Colony Capital, Inc. (199,277 ) 4,246 (82,798 ) (61,457 ) 143,065 (120,286 ) (203,100 ) (519,607 ) (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2017 Total revenues $ 613,169 $ — $ 815,831 $ — $ 873,046 $ 240,632 $ 6,862 $ 2,549,540 Property operating expenses 274,528 — 537,884 — 233,901 — — 1,046,313 Interest expense 185,256 — 134,729 — 161,993 — 54,278 536,256 Depreciation and amortization 183,897 — 133,269 — 128,942 56,616 5,790 508,514 Provision for loan losses 1,588 — — — 18,153 — — 19,741 Impairment loss 14,375 — — — 30,867 375,074 — 420,316 Gain on sale of real estate — — — — 112,758 — — 112,758 Equity method earnings — — — — 265,079 18,204 — 283,283 Income tax benefit (expense) (5,639 ) — (2,779 ) — (3,950 ) 111,049 1,814 100,495 Income (loss) from continuing operations (64,767 ) — (9,863 ) — 567,752 (174,564 ) (438,619 ) (120,061 ) Income from discontinued operations — 37,497 — — 995 4,396 12,560 55,448 Net income (loss) (64,767 ) 37,497 (9,863 ) — 568,747 (170,168 ) (426,059 ) (64,613 ) Net income (loss) attributable to Colony Capital, Inc. (51,428 ) 12,537 (9,199 ) — 426,052 (182,038 ) (393,815 ) (197,891 ) Year Ended December 31, 2016 Total revenues $ — $ — $ — $ — $ 569,780 $ 68,331 $ 4,389 $ 642,500 Property operating expenses — — — — 62,537 — — 62,537 Interest expense — — — — 80,503 — 44,746 125,249 Depreciation and amortization — — — — 63,480 14,767 4,581 82,828 Provision for loan losses — — — — 35,005 — — 35,005 Impairment loss — — — — 10,990 320 — 11,310 Gain on sale of real estate — — — — 70,728 — — 70,728 Equity method earnings — — — — 97,188 2,160 — 99,348 Income tax benefit (expense) — — — — (10,143 ) 6,608 (661 ) (4,196 ) Income (loss) from continuing operations — — — — 431,903 21,202 (159,403 ) 293,702 Income (loss) from discontinued operations — (3,003 ) — — — 27 — (2,976 ) Net income (loss) — (3,003 ) — — 431,903 21,229 (159,403 ) 290,726 Net income (loss) attributable to Colony Capital, Inc. — (911 ) — — 226,202 17,903 (127,876 ) 115,318 Total assets and equity method investments of the reportable segments are summarized as follows: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total December 31, 2018 Total assets $ 5,395,550 $ 3,185,906 $ 3,980,988 $ 1,037,754 $ 6,371,999 $ 1,983,911 $ 259,141 $ 22,215,249 Equity method investments (1) — — — 1,037,754 1,054,295 180,882 3,742 2,276,673 December 31, 2017 Total assets $ 5,813,552 $ 2,810,135 $ 4,094,596 $ — $ 9,251,963 $ 2,714,840 $ 100,564 $ 24,785,650 Equity method investments (1) — — — — 1,315,670 204,802 3,742 1,524,214 _________ (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 10 ). Geography Geographic information about the Company's total income from continued operations, and long-lived assets, excluding assets held for sale, are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Year Ended December 31, (In thousands) 2018 2017 2016 Total income by geography: United States $ 2,002,260 $ 2,492,800 $ 536,544 Europe 329,609 310,783 194,923 Other 302 3,610 6,083 Total (1) $ 2,332,171 $ 2,807,193 $ 737,550 (In thousands) December 31, 2018 December 31, 2017 Long-lived assets by geography: United States $ 9,566,982 $ 10,684,234 Europe 1,600,623 1,749,282 Total (2) $ 11,167,605 $ 12,433,516 __________ (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 was sourced in the United States. (2) Long-lived assets comprise real estate, real estate related intangible assets, and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets held for sale at December 31, 2018 and 2017 included $3.3 billion and $2.7 billion located in the United States, respectively and $0.5 billion and $0.6 billion located in Europe, respectively.

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information Three Months Ended March 31, (In thousands) 2019 2018 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized $ 127,948 $ 121,934 Cash received for income tax refunds 19,113 9,430 Cash paid for amounts included in measurement of operating lease liabilities 3,438 — SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations 41,789 32,197 Net cash used in investing activities of discontinued operations (1,073,525 ) (178,060 ) Net cash provided by financing activities of discontinued operations 973,937 68,384 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 83,996 $ 90,791 Contributions receivable from noncontrolling interests 113,200 12,000 Improvements in operating real estate in accrued and other liabilities 23,023 25,587 ROU assets and operating lease liabilities arising from adoption of lease standard, net of related deferred receivables, intangibles and lease incentives derecognized (Note 2) 126,810 — Securities acquired, subject to forward contract deliverable, net of cash collateral 90,000 — Proceeds from loan repayments and asset sales held in escrow 32,624 — Distributions payable to noncontrolling interests included in other liabilities 3,756 — 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 Redemption of OP Units for cash in accrued and other liabilities — 2,096 Share repurchase payable — 36,166	Supplemental Disclosure of Cash Flow Information Year Ended December 31, (In thousands) 2018 2017 2016 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized $ 507,495 $ 452,726 $ 118,365 Cash paid for income taxes, net of refunds 14,476 53,017 7,190 SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations $ 158,666 $ 153,379 $ 93,492 Net cash provided by (used in) investing activities of discontinued operations (599,940 ) 82,408 (310,564 ) Net cash provided by financing activities of discontinued operations 351,052 378,788 255,861 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 84,013 $ 188,202 $ 65,972 Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4) 936,547 — — Redemption of OP Units for common stock 29,034 22,831 18,571 Improvements in operating real estate in accrued and other liabilities 2,249 18,221 — Deconsolidation of net assets of securitization trusts (Note 15) 131,386 — — Increase in contributions receivable from noncontrolling interests 29,721 — — Assets held for sale contributed to equity method investee 20,350 — — Deferred tax liabilities assumed by buyer of related real estate 26,629 — — Debt assumed by buyer in sale of real estate 196,416 1,258,558 — Foreclosures and exchanges of loans receivable for real estate 47,097 54,615 128,124 Share repurchase payable 7,567 — — Proceeds from loan repayments and asset sales held in escrow 19,425 27,426 — Distributions payable to noncontrolling interests included in other liabilities 19,297 10,786 — Net assets of investment entity deconsolidated, net of cash and restricted cash contributed — 153,368 — Year Ended December 31, (In thousands) 2018 2017 2016 Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — 66,020 — Assets acquired in Merger, net of cash and restricted cash assumed (Note 3) — 16,684,675 — Liabilities assumed in Merger (Note 3) — 11,249,183 — Noncontrolling interests assumed in Merger (Note 3) — 592,690 — Common stock issued for acquisition of NSAM and NRF (Note 3) — 5,710,134 — Preferred stock issued for acquisition of NRF (Note 3) — 1,010,320 — Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3) — 219,278 — Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed (Note 3) — 326,679 — Net assets of sponsored fund consolidated, net of cash and restricted cash assumed (Note 15) — 13,370 — Contributions receivable from noncontrolling interests — 25,501 — Exchange of notes for class A common shares — 3,279 — Assets of consolidated securitization trust — 58,296 — Liabilities of consolidated securitization trust — 56,928 — Net settlement of redemption and investment in equity method investee — — 117,241

Subsequent Events

Subsequent Events	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Corporate Credit Facility —As further described in Note 9 , the Credit Agreement was amended in April 2019. Abraaj Group	Subsequent Events Common Stock Repurchase Between January 1, 2019 and February 25, 2019, the Company repurchased 652,311 shares of its class A common stock at an aggregate cost of $3.2 million , excluding commissions, or a weighted average price of $4.84 per share. As of February 25, 2019, $246.7 million of the previously authorized $300 million was remaining in its stock repurchase program. Acquisition of Real Estate In February 2019, the Company acquired 54 buildings in its industrial segment (of which four buildings are under construction and expected to close over the next six months) at a purchase price of $1.16 billion , part of which includes the initiation of a new bulk industrial strategy that is expected to be complementary to, and synergistic with, the existing light industrial platform. In connection with the acquisition, the Company closed on a $500 million floating rate unsecured term debt and replaced the existing $400 million credit facility within its industrial segment with a $600 million facility that was $142 million drawn at closing. The combined financing is secured by the light industrial portfolio and is non-recourse to the Company. Separately, the Company also obtained a $235 million first mortgage debt secured by the bulk industrial portfolio. All of the assets and related liabilities of the industrial segment were classified as held for sale upon acquisition. The Company closed on the sale of the light industrial portfolio and the related management platform in December 2019, and is in the process of negotiating a sale of the bulk industrial portfolio.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2018, 2017 and 2016 The following table summarizes the activities in the allowance for doubtful accounts established on all of the Company's receivable balances, including non-interest receivables from borrowers, receivables from tenants including base rents, expense reimbursements and straight-line rents, receivables from hotel guest and city ledgers, resident fees, and fees and other receivables from managed companies and funds. The balances include allowances on receivables related to held for sale properties. Year Ended December 31, (In thousands) 2018 2017 2016 Balance at January 1 $ 6,869 $ 1,708 $ 1,786 Allowance for doubtful accounts 26,860 14,602 3,314 Charge-offs (19,155 ) (9,531 ) (3,316 ) Effect of changes in foreign exchange rates (60 ) 90 (76 ) Balance at December 31 $ 14,514 $ 6,869 $ 1,708

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulative Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Real estate held for investment Healthcare Assisted Living Facilities Alabama 1 $ 4,540 $ 337 $ 2,583 $ 1,469 $ 337 $ 4,052 $ 4,389 $ 233 $ 4,156 2017 Arizona 1 8,998 536 14,434 1,234 536 15,668 16,204 851 15,353 2017 California 5 36,361 12,157 76,393 809 12,157 77,202 89,359 4,151 85,208 2017 Colorado 2 104,052 7,734 138,276 2,228 7,734 140,504 148,238 7,574 140,664 2017 Florida 2 725 419 303 — 419 303 722 51 671 2017 Georgia 1 7,227 516 14,220 314 516 14,534 15,050 853 14,197 2017 Illinois 23 161,951 9,433 289,465 6,289 9,433 295,754 305,187 16,235 288,952 2017 Indiana 9 25,835 7,170 26,900 100 7,170 27,000 34,170 1,826 32,344 2017 Kansas 1 6,128 915 12,105 (5,203 ) 915 6,902 7,817 768 7,049 2017 Massachusetts 5 9,900 1,346 1,523 198 1,346 1,721 3,067 182 2,885 2017 Minnesota 11 31,436 3,763 66,922 (27,784 ) 3,763 39,138 42,901 3,669 39,232 2017 North Carolina 8 99,712 11,656 151,555 297 11,656 151,852 163,508 8,141 155,367 2017 Nebraska 1 2,602 559 3,161 104 559 3,265 3,824 207 3,617 2017 Ohio 30 186,107 16,108 247,227 2,705 16,108 249,932 266,040 14,253 251,787 2017 Oklahoma 5 10,580 1,419 17,467 1,400 1,419 18,867 20,286 1,370 18,916 2017 Oregon 25 181,352 20,905 269,521 (2,254 ) 20,905 267,267 288,172 15,364 272,808 2017 South Carolina 1 16,183 1,105 17,975 238 1,105 18,213 19,318 1,022 18,296 2017 Tennessee 2 12,269 2,179 24,880 735 2,179 25,615 27,794 1,487 26,307 2017 Texas 8 119,707 18,144 138,400 4,495 18,144 142,895 161,039 8,422 152,617 2017 Washington 6 45,483 3,765 68,188 757 3,765 68,945 72,710 3,824 68,886 2017 United Kingdom 45 272,529 124,664 492,612 20,957 124,664 513,569 638,233 25,107 613,126 2017-2018 Hospitals California 5 103,968 17,079 135,979 — 17,079 135,979 153,058 6,976 146,082 2017 Georgia 1 13,566 2,047 16,650 — 2,047 16,650 18,697 855 17,842 2017 Louisiana 1 11,993 1,591 13,991 — 1,591 13,991 15,582 713 14,869 2017 Missouri 3 31,264 3,586 22,684 — 3,586 22,684 26,270 1,209 25,061 2017 Oklahoma 1 11,499 536 15,954 — 536 15,954 16,490 811 15,679 2017 Texas 2 35,222 3,191 52,444 2,037 3,191 54,481 57,672 2,699 54,973 2017 Utah 1 14,464 2,151 7,073 — 2,151 7,073 9,224 374 8,850 2017 Medical Office Buildings Alabama 2 31,466 — 56,271 (23,484 ) — 32,787 32,787 3,116 29,671 2017 Arkansas 1 494 — 1,343 — — 1,343 1,343 200 1,143 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total California 2 20,908 5,708 33,859 982 5,708 34,841 40,549 2,139 38,410 2017 Colorado 6 37,735 8,330 57,631 1,578 8,330 59,209 67,539 4,001 63,538 2017 Florida 3 23,299 2,119 41,291 (5,226 ) 2,119 36,065 38,184 2,470 35,714 2017 Georgia 13 58,308 12,976 100,200 2,249 12,976 102,449 115,425 6,486 108,939 2017 Hawaii 1 8,175 519 14,030 4 519 14,034 14,553 732 13,821 2017 Idaho 1 22,459 — 30,473 — — 30,473 30,473 1,769 28,704 2017 Illinois 6 63,246 9,809 97,777 43 9,809 97,820 107,629 6,018 101,611 2017 Indiana 27 178,317 18,106 297,968 (5,048 ) 18,106 292,920 311,026 19,388 291,638 2017 Louisiana 4 33,777 2,406 52,423 (5,421 ) 2,406 47,002 49,408 3,332 46,076 2017 Michigan 3 31,508 3,856 48,736 (9,680 ) 3,856 39,056 42,912 2,849 40,063 2017 Minnesota 2 6,828 1,144 9,348 126 1,144 9,474 10,618 598 10,020 2017 Mississippi 1 13,720 — 21,465 — — 21,465 21,465 1,353 20,112 2017 New Mexico 3 14,751 — 16,344 173 — 16,517 16,517 1,772 14,745 2017 Ohio 5 48,534 5,036 99,147 (10,879 ) 5,036 88,268 93,304 5,865 87,439 2017 Oklahoma 2 11,865 — 18,382 — — 18,382 18,382 1,114 17,268 2017 South Carolina 2 9,681 761 22,966 (5,174 ) 761 17,792 18,553 1,496 17,057 2017 Tennessee 2 11,342 449 20,215 (3,887 ) 449 16,328 16,777 1,201 15,576 2017 Texas 21 102,014 5,808 169,067 1,353 5,808 170,420 176,228 12,135 164,093 2017 Washington 1 22,470 998 47,052 89 998 47,141 48,139 2,647 45,492 2017 Skilled Nursing Facilities Alabama 1 9,074 433 7,169 — 433 7,169 7,602 474 7,128 2017 Arizona 1 10,781 1,043 17,013 — 1,043 17,013 18,056 984 17,072 2017 California 2 19,987 1,936 37,612 — 1,936 37,612 39,548 4,646 34,902 2017 Florida 24 173,422 25,304 347,560 — 25,304 347,560 372,864 19,902 352,962 2017 Georgia 7 100,169 12,140 130,707 — 12,140 130,707 142,847 7,270 135,577 2017 Illinois 4 54,744 6,546 137,591 (62,141 ) 6,546 75,450 81,996 7,871 74,125 2017 Indiana 19 95,295 5,634 132,921 — 5,634 132,921 138,555 8,404 130,151 2017 Kentucky 1 8,979 362 17,493 3,084 362 20,577 20,939 1,195 19,744 2017 Louisiana 1 18,866 1,068 28,675 — 1,068 28,675 29,743 1,637 28,106 2017 Massachusetts 3 17,145 6,179 8,966 (960 ) 6,179 8,006 14,185 434 13,751 2017 Maryland 1 6,908 1,219 14,556 — 1,219 14,556 15,775 836 14,939 2017 Michigan 2 8,188 1,717 13,988 1 1,717 13,989 15,706 857 14,849 2017 North Carolina 1 5,735 286 10,549 — 286 10,549 10,835 622 10,213 2017 Oregon 6 26,190 4,330 38,024 (6,359 ) 4,330 31,665 35,995 2,238 33,757 2017 Pennsylvania 11 188,683 20,010 240,922 — 20,010 240,922 260,932 13,747 247,185 2017 Tennessee 4 40,869 4,236 62,156 2,975 4,236 65,131 69,367 3,545 65,822 2017 Virginia 8 50,168 7,650 88,135 — 7,650 88,135 95,785 5,124 90,661 2017 Washington 3 13,927 3,647 16,108 (1,263 ) 3,647 14,845 18,492 1,062 17,430 2017 413 3,165,680 456,776 4,945,018 (115,740 ) 456,776 4,829,278 5,286,054 290,756 4,995,298 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Hospitality Extended Stay Arizona 1 12,861 1,897 15,843 249 1,897 16,092 17,989 1,146 16,843 2017 California 8 220,715 59,120 241,574 6,846 59,120 248,420 307,540 18,276 289,264 2017 Colorado 3 61,776 13,163 67,804 5,736 13,163 73,540 86,703 5,757 80,946 2017 Connecticut 2 25,056 3,454 30,231 1,498 3,454 31,729 35,183 2,356 32,827 2017 Florida 2 12,943 2,991 50,761 621 2,991 51,382 54,373 3,884 50,489 2017 Georgia 2 43,517 7,278 52,967 505 7,278 53,472 60,750 3,760 56,990 2017 Illinois 1 27,884 4,375 34,567 317 4,375 34,884 39,259 2,729 36,530 2017 Kentucky 2 16,809 2,956 29,407 (8,126 ) 2,956 21,281 24,237 2,169 22,068 2017 Louisiana 1 12,168 1,874 15,043 719 1,874 15,762 17,636 1,683 15,953 2017 Massachusetts 3 60,054 8,274 74,973 637 8,274 75,610 83,884 5,294 78,590 2017 Maryland 1 19,889 3,003 24,644 302 3,003 24,946 27,949 1,903 26,046 2017 Maine 1 13,346 1,572 15,610 1,735 1,572 17,345 18,917 1,426 17,491 2017 Michigan 2 32,982 4,521 39,797 1,776 4,521 41,573 46,094 2,880 43,214 2017 North Carolina 1 18,108 1,693 23,893 423 1,693 24,316 26,009 2,295 23,714 2017 New Hampshire 3 48,084 7,167 59,440 801 7,167 60,241 67,408 4,437 62,971 2017 New Jersey 7 123,033 20,639 145,058 8,689 20,639 153,747 174,386 13,119 161,267 2017 New Mexico 1 17,594 2,125 22,446 733 2,125 23,179 25,304 2,262 23,042 2017 New York 3 39,657 4,108 48,124 3,584 4,108 51,708 55,816 3,606 52,210 2017 Ohio 1 8,761 575 11,747 235 575 11,982 12,557 1,080 11,477 2017 Pennsylvania 2 30,727 4,526 36,759 1,925 4,526 38,684 43,210 2,630 40,580 2017 Tennessee 1 23,898 4,118 28,471 912 4,118 29,383 33,501 2,150 31,351 2017 Texas 11 137,555 19,932 165,947 9,474 19,932 175,421 195,353 14,905 180,448 2017 Virginia 3 33,075 5,981 38,545 2,375 5,981 40,920 46,901 3,346 43,555 2017 Washington 4 102,182 22,388 116,391 3,036 22,388 119,427 141,815 7,931 133,884 2017 Full Service Florida 2 45,001 12,328 133,394 24,026 12,328 157,420 169,748 12,072 157,676 2017 Maryland 1 11,765 3,086 12,964 276 3,086 13,240 16,326 918 15,408 2017 New Jersey 1 39,893 16,282 35,308 3,786 16,282 39,094 55,376 3,118 52,258 2017 Select Service Alabama 1 14,962 1,134 19,213 651 1,134 19,864 20,998 1,404 19,594 2017 Arizona 2 30,561 7,831 34,616 585 7,831 35,201 43,032 3,009 40,023 2017 California 10 202,529 45,970 232,362 5,248 45,970 237,610 283,580 18,215 265,365 2017 Colorado 1 15,962 2,018 20,047 430 2,018 20,477 22,495 1,591 20,904 2017 Connecticut 3 53,877 6,735 67,148 1,696 6,735 68,844 75,579 5,013 70,566 2017 Florida 8 124,232 16,852 219,288 7,347 16,852 226,635 243,487 15,947 227,540 2017 Georgia 4 58,264 11,505 77,275 (6,466 ) 9,932 72,382 82,314 6,012 76,302 2017 Illinois 1 18,501 2,738 22,368 801 2,738 23,169 25,907 1,678 24,229 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Kentucky 1 29,201 6,660 31,618 2,456 6,660 34,074 40,734 2,483 38,251 2017 Louisiana 2 19,355 2,409 23,780 1,534 2,409 25,314 27,723 2,376 25,347 2017 Massachusetts 1 25,131 3,272 31,343 490 3,272 31,833 35,105 2,194 32,911 2017 Maryland 3 39,090 10,405 78,892 (34,838 ) 4,994 49,465 54,459 3,267 51,192 2017 Michigan 4 79,189 10,430 97,029 3,738 10,430 100,767 111,197 7,487 103,710 2017 North Carolina 6 100,253 13,689 123,653 3,224 13,689 126,877 140,566 9,260 131,306 2017 New Hampshire 3 41,159 6,092 50,557 854 6,092 51,411 57,503 3,601 53,902 2017 New Jersey 4 93,153 18,073 110,251 2,182 18,073 112,433 130,506 8,484 122,022 2017 New York 5 102,426 30,292 107,812 5,838 30,292 113,650 143,942 9,803 134,139 2017 Ohio 1 16,534 7,655 56,496 (40,120 ) 2,633 21,398 24,031 1,693 22,338 2017 Oklahoma 1 4,569 447 5,387 767 447 6,154 6,601 615 5,986 2017 Pennsylvania 3 41,918 7,469 47,626 3,641 7,469 51,267 58,736 3,841 54,895 2017 Tennessee 2 35,092 5,699 42,462 1,284 5,699 43,746 49,445 3,489 45,956 2017 Texas 15 132,938 27,974 177,156 (13,879 ) 24,389 166,862 191,251 16,039 175,212 2017 Virginia 6 101,057 23,071 140,115 (21,833 ) 17,577 123,776 141,353 9,009 132,344 2017 Washington 1 28,786 2,125 36,312 368 2,125 36,680 38,805 1,107 37,698 2017 158 2,648,072 509,971 3,424,514 (912 ) 488,886 3,444,687 3,933,573 264,749 3,668,824 Other Equity and Debt Hotel—Arizona 5 41,363 10,917 43,884 7,124 10,917 51,008 61,925 3,596 58,329 2017 Hotel—California 21 290,323 57,970 274,907 19,254 57,970 294,161 352,131 20,202 331,929 2017 Hotel—Florida 3 25,822 8,508 24,764 4,281 8,508 29,045 37,553 2,051 35,502 2017 Hotel—Georgia 1 10,753 1,905 9,296 751 1,905 10,047 11,952 759 11,193 2017 Hotel—Iowa 3 17,346 — 15,832 71 — 15,903 15,903 1,066 14,837 2017 Hotel—Illinois 5 28,805 4,553 30,274 261 4,553 30,535 35,088 2,672 32,416 2017 Hotel—Indiana 1 9,183 1,232 9,325 410 1,232 9,735 10,967 693 10,274 2017 Hotel—Kansas 1 4,866 517 4,930 1,065 517 5,995 6,512 498 6,014 2017 Hotel—Kentucky 1 6,122 1,358 5,576 11 1,358 5,587 6,945 429 6,516 2017 Hotel—Massachusetts 1 9,183 1,152 9,261 1,846 1,152 11,107 12,259 721 11,538 2017 Hotel—Michigan 3 23,860 3,276 22,820 773 3,276 23,593 26,869 1,815 25,054 2017 Hotel—Missouri 1 4,788 471 5,597 561 471 6,158 6,629 509 6,120 2017 Hotel—Nevada 4 84,687 27,160 71,823 2,951 27,160 74,774 101,934 5,211 96,723 2017 Hotel—New Jersey 2 15,776 3,572 13,553 2,154 3,572 15,707 19,279 1,514 17,765 2017 Hotel—New York 8 28,962 3,791 25,267 6,863 3,791 32,130 35,921 2,991 32,930 2019 Hotel—Ohio 7 24,488 4,557 31,786 4,554 4,557 36,340 40,897 3,127 37,770 2017 Hotel—Oklahoma 1 2,826 — 4,751 42 — 4,793 4,793 488 4,305 2017 Hotel—Oregon 1 16,247 2,413 12,142 71 2,413 12,213 14,626 796 13,830 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Hotel—Pennsylvania 8 60,592 12,148 71,347 4,238 12,148 75,585 87,733 5,689 82,044 2017 Hotel—Rhode Island 1 6,750 910 7,017 972 910 7,989 8,899 728 8,171 2017 Hotel—Tennessee 1 9,575 2,020 8,803 58 2,020 8,861 10,881 713 10,168 2017 Hotel—Texas 14 115,140 16,720 90,428 10,909 16,720 101,337 118,057 6,738 111,319 2017 Hotel—Virginia 3 38,459 8,446 37,575 171 8,446 37,746 46,192 2,733 43,459 2017 Industrial—France 4 37,075 13,034 36,185 604 13,034 36,789 49,823 1,960 47,863 2017 Industrial—Spain 1 — — 2,346 9 — 2,355 2,355 146 2,209 2017 Mixed-Use—Italy 1 10,467 13,293 18,972 4,232 13,293 23,204 36,497 1,521 34,976 2015 Multifamily—US 1 — 1,659 269 14,156 1,659 14,425 16,084 392 15,692 2017 Office—France 33 142,126 60,301 139,169 15,448 60,301 154,617 214,918 7,573 207,345 2016-2017 Office—Spain 2 12,931 96,002 88,770 168 96,002 88,938 184,940 4,731 180,209 2017 Office—US 6 73,015 24,510 198,612 11,508 24,510 210,120 234,630 28,039 206,591 2013-2017 Office/Industrial—France 206 346,727 109,406 329,735 663 109,406 330,398 439,804 1,798 438,006 2018 Retail—France 1 11,349 4,876 8,871 62 4,876 8,933 13,809 427 13,382 2017 Retail—UK 1 8,405 911 11,766 (3,705 ) 911 8,061 8,972 1,563 7,409 2015 352 1,518,011 497,588 1,665,653 112,536 497,588 1,778,189 2,275,777 113,889 2,161,888 Real estate held for investment 923 7,331,763 1,464,335 10,035,185 (4,116 ) 1,443,250 10,052,154 11,495,404 669,394 10,826,010 Real estate held for sale Industrial Atlanta 63 200,821 58,491 381,489 13,442 58,491 394,933 453,424 48,777 404,647 2014-2018 Austin 6 — 9,174 60,537 955 9,174 61,492 70,666 6,066 64,600 2014-2017 Chicago 26 — 30,587 119,918 7,595 30,587 127,513 158,100 20,570 137,530 2014 Dallas 64 192,007 73,448 351,074 12,280 73,448 363,354 436,802 47,030 389,772 2014-2018 Denver 8 38,689 14,253 60,415 4,359 14,253 64,774 79,027 7,565 71,462 2014-2017 Houston 12 21,446 27,635 135,408 3,963 27,635 139,371 167,006 16,908 150,098 2014-2017 Jacksonville 13 5,474 21,565 103,560 12,400 21,565 115,960 137,525 3,755 133,770 2017-2018 Kansas City 14 49,000 13,423 75,709 3,635 13,423 79,344 92,767 9,902 82,865 2014-2017 Las Vegas 8 — 24,553 77,093 11,394 24,553 88,487 113,040 2,670 110,370 2017-2018 Maryland-BWI 20 113,198 51,042 170,623 1,537 51,042 172,160 223,202 11,158 212,044 2015-2018 Minneapolis 17 102,755 26,311 141,513 7,089 26,311 148,602 174,913 22,047 152,866 2014-2016 New Jersey, Northern 10 — 20,133 70,432 812 20,133 71,244 91,377 1,645 89,732 2018 New Jersey, South / Philadelphia 31 58,852 38,540 162,730 5,931 38,540 168,661 207,201 26,825 180,376 2014-2017 Oakland 2 60,000 20,648 74,993 1,660 20,648 76,653 97,301 1,907 95,394 2018 Orlando 16 131,500 27,610 180,144 5,996 27,610 186,140 213,750 17,726 196,024 2014-2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2018 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Phoenix 22 59,000 31,983 181,795 5,068 31,983 186,863 218,846 16,429 202,417 2014-2018 Salt Lake City 15 44,453 18,892 85,594 3,131 18,892 88,725 107,617 10,206 97,411 2014-2017 San Antonio 3 — 11,045 61,638 459 11,045 62,097 73,142 1,596 71,546 2018 St. Louis 8 — 8,813 43,702 3,140 8,813 46,842 55,655 7,403 48,252 2014 Tampa 4 — 4,278 32,138 2,317 4,278 34,455 38,733 5,505 33,228 2014 362 1,077,195 532,424 2,570,505 107,163 532,424 2,677,670 3,210,094 285,690 2,924,404 Hotel 69,699 2017 Other Equity & Debt—US 180,029 Various Other Equity & Debt—Europe 471,274 Various Real estate held for sale 3,645,406 Total real estate assets $ 14,471,416 __________ (1) Includes adjustment for impairment of real estate. (2) Depreciation is calculated using a useful life ranging from 4 months based on the shortest remaining lease term for improvements and up to 51 years for buildings. (3) The aggregate gross cost of total real estate assets for federal income tax purposes is $13.2 billion at December 31, 2018 . (4) Properties consolidated upon the Internalization reflect an acquisition date of April 2, 2015, the effective date of consolidation. The following tables summarize the activity in real estate assets and accumulated depreciation: Year Ended December 31, (In thousands) 2018 2017 2016 Real Estate, at Gross Cost Basis Balance at January 1 $ 15,791,144 $ 3,656,094 $ 3,518,682 Assumed through the Merger — 11,730,087 — Foreclosures and exchanges of loans receivable for real estate 45,617 1,867,655 128,124 Acquisitions 984,844 1,027,889 434,266 Improvements and capitalized costs (1) 276,210 237,125 16,072 Deconsolidation of real estate held by investment entity (Note 4) (226,004 ) (407,653 ) — Dispositions (2) (933,217 ) (2,484,616 ) (313,982 ) Impairment (357,629 ) (59,652 ) (11,391 ) Measurement period adjustments for real estate acquired in 2015 business combination — — (16,688 ) Effect of changes in foreign exchange rates (80,163 ) 224,215 (98,989 ) Balance at December 31 15,500,802 15,791,144 3,656,094 Classified as held for sale, net (3) (4,005,398 ) (3,390,528 ) (2,349,210 ) Balance at December 31, held for investment $ 11,495,404 $ 12,400,616 $ 1,306,884 Year Ended December 31, (In thousands) 2018 2017 2016 Accumulated Depreciation Balance at January 1 $ 606,200 $ 188,509 $ 88,577 Depreciation 471,599 453,331 108,298 Deconsolidation of real estate held by investment entity (Note 4) (6,256 ) (3,212 ) — Dispositions (2) (42,873 ) (34,854 ) (6,025 ) Effect of changes in foreign exchange rates 716 2,426 (2,341 ) Balance at December 31 1,029,386 606,200 188,509 Classified as held for sale, net (3) (359,992 ) (218,751 ) (132,505 ) Balance at December 31, held for investment $ 669,394 $ 387,449 $ 56,004 __________ (1) Includes transaction costs capitalized for asset acquisitions. (2) Includes amounts classified as held for sale during the year and disposed before the end of the year. (3)

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE December 31, 2018 (Dollars in thousands) Loan Type / Collateral / Location (1) Number of Loans Payment Terms (2) Interest Rate Range (3) Maturity Date Range (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount (6)(7) Principal Amount Subject to Delinquent Principal or Interest (8) Loans at amortized cost First mortgage: Residential—France 1 I/O 15.0% October 2020 $ — $ 19,254 $ 18,788 $ — Multifamily—Ireland 1 I/O 3.1% January 2018 — 83,220 83,218 83,220 Office—France 1 I/O 4.0% December 2018 — 866 732 — Office—Ireland 1 I/O 2.3% January 2018 — 45,220 45,216 45,220 Office—Ireland 1 I/O 12.5% December 2021 — 125,594 125,594 — Retail—Various, USA 1 I/O 8.6% May 2019 — 45,575 46,038 — Retail—France 1 I/O 3.5% June 2018 — 2,497 2,920 2,497 Hospitality—France 1 I/O 10.0% December 2021 — 91,652 91,470 — Hospitality—Spain 1 I/O 11.0% July 2019 — 42,692 44,392 — Healthcare—UK 5 I/O 7.5% March 2022 — 48,330 48,330 — Land—TX, USA 1 I/O 14.0% May 2019 — 34,745 34,639 — Other—France 3 I/O 3.5% - 15.0% June 2018 to December 2020 — 6,743 6,866 1,633 18 — 546,388 548,203 132,570 Subordinated mortgage and mezzanine: Multifamily—CA, USA 2 I/O 13.4% April 2021 to September 2021 — 27,772 27,417 — Office—Various, USA 2 I/O 8.0% - 12.0% July 2019 to April 2025 78,000 31,027 28,107 — Office—Ireland / France 1 I/O 11.0% January 2022 161,854 124,020 136,009 — Retail—NC, USA 1 P&I 5.7% December 2018 74,712 37,766 21,500 37,766 Retail—Germany 1 I/O 10.0% June 2020 126,485 114,449 123,282 — Retail—UK 1 I/O 12.0% August 2019 118,314 64,161 64,161 64,161 Mixed Use—CA, USA 1 I/O 12.9% July 2020 254,297 262,402 262,061 — 9 813,662 661,597 662,537 101,927 (Dollars in thousands) Loan Type / Collateral / Location (1) Number of Loans Payment Terms (2) Interest Rate Range (3) Maturity Date Range (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount (6)(7) Principal Amount Subject to Delinquent Principal or Interest (8) Purchased credit-impaired loans (9) Residential—WI, USA 1 444 — — Multifamily—Various, USA 99 43,913 29,140 7,425 Multifamily—Ireland 2 5,360 739 — Industrial—Ireland 3 89,477 14,740 — Office—NC, USA 1 475 — — Office—France 1 6,032 4,578 — Office—Ireland 7 73,206 20,318 — Office—Ireland 1 182,569 168,940 182,569 Office—Spain 1 9,585 4,733 — Retail—VA, USA 1 19,555 19,455 — Retail—Ireland 7 101,862 22,168 — Hospitality—France 1 16,259 17,581 — Hospitality—Ireland 7 55,293 — — Land—Ireland 4 107,099 25,642 — Other—NY, USA 1 3,216 2,628 — Other—Bahamas 1 25,397 2,997 25,397 Other—Ireland 38 591,970 7,022 — 176 — 1,331,712 340,681 215,391 Corporate loans N/A (10) 2 I/O 8.0% - 13.0% March 2019 to January 2027 — 41,935 41,608 — N/A (10) 1 I/O 14.0% January 2025 — 67,009 66,188 — 3 — 108,944 107,796 — Total 206 $ 813,662 $ 2,648,641 $ 1,659,217 $ 449,888 __________ (1) Loans with carrying amounts that are individually less than 3% of the total carrying amount have been aggregated according to collateral type and location. (2) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity (3) Variable rate loans are determined based on the applicable index in effect at December 31, 2018 . (4) Represents contractual maturity that does not contemplate exercise of extension option. (5) Prior liens represent loan amounts owned by third parties that are senior to the Company’s subordinated or mezzanine positions and are approximate. (6) Carrying amounts at December 31, 2018 are presented net of $32.9 million of allowance for loan losses. (7) The aggregate cost basis of loans held for investment for federal income tax purposes was approximately $1.7 billion at December 31, 2018 . (8) Represents principal balance of loans which are 90 days or more past due as to principal or interest. For purchased credit-impaired loans, amounts represent principal balance of loans on nonaccrual status for which the Company is not able to determine a reasonable expectation of cash flows to be collected. (9) Purchased credit-impaired loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. Payment terms, stated interest rate and contractual maturity are not presented as they are not meaningful for purchased credit-impaired loans. (10) Corporate loans are either unsecured or secured by the assets of the parent entities that own the underlying real estate operations but are not secured by mortgages on the real estate. Activity in loans held for investment is summarized below: Year Ended December 31, (In thousands) 2018 2017 2016 Balance at January 1 $ 3,223,762 $ 3,430,608 $ 4,046,093 Loans acquired in Merger — 359,541 — Loan acquisitions and originations 386,532 991,239 551,456 Paid-in-kind interest added to loan principal 52,234 56,131 43,864 Discount and net loan fee amortization 14,524 43,877 27,038 Loan repayments (166,267 ) (902,190 ) (735,162 ) Payments received from PCI loans (187,140 ) (419,232 ) (197,453 ) Accretion on PCI loans 27,911 61,809 65,911 Transfer to loans held for sale — (50,894 ) (56,357 ) Carrying value of loans sold (111,864 ) — (118,068 ) Transfer to real estate assets upon foreclosure (47,097 ) (515,055 ) (128,124 ) Loans receivable contributed to Colony Credit (Note 4) (1,287,994 ) — — Deconsolidation of loans receivable in securitization trusts (149,447 ) — — Provision for loan losses (43,034 ) (19,741 ) (34,864 ) Other loss — (2,309 ) — Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 6) — 58,296 — Effect of changes in foreign exchange rates (52,903 ) 131,682 (33,726 ) Balance at December 31 $ 1,659,217 $ 3,223,762 $ 3,430,608

Equity and Debt Investments

Equity and Debt Investments	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity and Debt Investments	Equity and Debt Investments The Company's equity investments and debt securities, excluding those classified as held for sale, are represented by the following: (In thousands) March 31, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 2,282,817 $ 2,151,847 Private funds 129,451 124,826 2,412,268 2,276,673 Other equity investments Marketable equity securities 131,226 36,438 Investment ventures 96,612 95,196 Private fund and retail company 31,024 24,607 Total equity investments 2,671,130 2,432,914 Debt Securities N-Star CDO bonds, available for sale 64,410 64,127 CMBS of consolidated fund, at fair value 21,139 32,706 Total debt securities 85,549 96,833 Equity and debt investments $ 2,756,679 $ 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 (see 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 March 31, 2019 (1) Carrying Value at Investments Description March 31, 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% $ 1,027,345 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) 11.3% 88,058 87,696 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 100,386 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 221,183 219,913 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 502,023 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 109,905 109,393 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 14,191 9,525 Other investment ventures Interests in 17 investments at March 31, 2019 Various 171,046 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 178,131 81,085 $ 2,412,268 $ 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 ("OTTI"). Impairment of $2.6 million was recorded in equity method earnings for the three months ended March 31, 2019 based upon a pending sale of the underlying real estate held by the investee. No OTTI was recognized for the three months ended March 31, 2018 . However, impairment of $61.2 million was subsequently recorded during the year ended December 31, 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; estimated fair values or sale proceeds of the underlying real estate held by the investee; estimated enterprise value of the investee; or discounted cash flows from the investment. 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 . Colony Credit’s class A common stock had traded between $15.32 and $23.23 per share since its inception through March 29, 2019, the last trading day of the first quarter. At March 31, 2019 , the Company's investment in Colony Credit had a carrying value of $1.03 billion or $21.43 per share, which was approximately $276.7 million in excess of its fair value of $750.7 million based upon the closing stock price of $15.66 per share on March 29, 2019. The Company believes that the carrying value of its investment in Colony Credit is recoverable in the near term and determined that its investment in Colony Credit was not other-than-temporarily impaired as of March 31, 2019 . If Colony Credit's common stock continues to trade below the Company's carrying value for a prolonged period of time, an other-than-temporary impairment may be recognized in the future. Other Equity Investments Other equity investments that do not qualify for equity method accounting consist of the following: Marketable Equity Securities —These are 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 stock predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors. Investment Ventures —This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which was initially recorded at cost and prior to 2018, adjusted for distributions in excess of cumulative earnings. There were no adjustments for any impairment or observable price changes. Private Fund and Retail Company —This represents limited partnership interest in a third party private fund sponsored by an equity method investee and interest in the Company's sponsored non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare"), 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 March 31, 2019 , the Company’s share of these commitments was $31.3 million . Private Funds— At March 31, 2019 , the Company has unfunded commitments of $270.8 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 available-for-sale ("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 March 31, 2019 $ 65,732 $ 2,180 $ (3,502 ) $ 64,410 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 months ended March 31, 2018 . There were no dispositions in the three months ended March 31, 2019 . Three Months Ended March 31, (In thousands) 2018 Proceeds from sale $ 63,185 Gross realized gain (including $8,205 of unrealized gain transferred from AOCI) 8,384 Gross realized loss 499 Impairment of AFS Debt Securities The following table presents AFS debt securities that have been in a gross unrealized loss position: March 31, 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 $ 9,194 $ 409 $ 42,865 $ 3,093 $ 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. 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. OTTI loss of $0.7 million was recorded during the three months ended March 31, 2019 . For the three months ended March 31, 2018 , the Company recorded $4.4 million of OTTI loss in other gain (loss) 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 March 31, 2019 and December 31, 2018	Equity Investments As discussed in Note 4 , upon closing of the Combination on January 31, 2018, the Company contributed its interests in the CLNY Investment Entities to Colony Credit and deconsolidated these entities, which included interests in third party private funds and acquisition, development and construction or ADC loans with a combined carrying value of approximately $208.7 million . In consideration for its contribution, the Company received equity interest in Colony Credit, accounted for under the equity method. The Company's investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected but excluding equity investments classified as held for sale, as follows: (In thousands) December 31, 2018 December 31, 2017 Equity method investments Investment ventures $ 2,151,847 $ 1,297,180 Private funds 124,826 227,034 2,276,673 1,524,214 Other equity investments Marketable equity securities of consolidated funds 26,754 35,600 Investment ventures 95,196 89,261 Private funds and retail companies 34,291 38,924 $ 2,432,914 $ 1,687,999 Equity Method Investments The Company owns significant interests in Colony Credit and NRE, both publicly-traded REITs that it manages. The Company accounts for its investments under the equity method as it exercises significant influence over operating and financial policies of these entities through a combination of its ownership interest, its role as the external manager and board representation, but does not control these entities. The Company also owns equity method investments that are structured as joint ventures with one or more private funds or other investment vehicles managed by the Company, or with third party joint venture partners. These investment ventures are generally capitalized through equity contributions from the members and/or leveraged through various financing arrangements. The Company elected the fair value option to account for its interests in certain investment ventures and limited partnership interests in third party private equity funds acquired through the Merger (see Note 14 ). The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of either the Company or the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance. The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below: ($ in thousands) Ownership Interest at December 31, 2018 (1) Carrying Value at Investments Description December 31, 2018 December 31, 2017 Colony Credit Real Estate, Inc. Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (2) 36.6% $ 1,037,754 $ — NorthStar Realty Europe Corp Common equity in publicly traded equity REIT managed by the Company (2) 11.2% 87,696 73,578 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 95,418 105,082 Preferred equity Preferred equity investments with underlying real estate (3) NA 219,913 440,704 ADC investments Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures (4) Various 481,477 331,268 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 109,393 22,261 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 9,525 — Other investment ventures Interests in 18 investments, each with no more than $66 million carrying value at December 31, 2018 Various 154,412 187,420 Fair value option Interests in initial stage or real estate development ventures and limited partnership interests in private equity funds Various 81,085 363,901 $ 2,276,673 $ 1,524,214 __________ (1) The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements. (2) These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests without a stated ownership interest in other ADC investments. (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 10 ). Significant Sale of Investments —In 2017, the Company had an investment in the single family residential business through its equity method investee, Starwood Waypoint Homes (formerly, Colony Starwood Homes). The Company monetized its investment through a sale of all of its shares in Starwood Waypoint Homes in March 2017 and June 2017 for total net proceeds of $500.5 million and recognized a gain of $191.2 million in aggregate, included in earnings from investments in unconsolidated ventures. Impairment —The Company evaluated its equity method investments for OTTI and determined that certain equity method investments were other-than-temporarily impaired and recorded aggregate impairment in equity method earnings of $61.2 million and $6.8 million for the years ended December 31, 2018 and 2017 , respectively. In making these assessments, the Company considered a variety of factors and assumptions specific to each investment, including: offer prices on the Company's investment; expected payoffs from sales of the underlying business of the investee; estimated fair values or sale proceeds of the underlying real estate held by the investee; estimated enterprise value of the investee; or discounted cash flows from the investment. As discussed in Note 4 , the Company had measured its interest in Colony Credit based upon its proportionate share of Colony Credit's fair value at the closing date of the Combination. Colony Credit’s class A common stock had traded between $15.56 and $23.23 per share in 2018, and closed at $15.79 per share on December 31, 2018 . At December 31, 2018 , the carrying value of the Company's investment in Colony Credit was $21.65 per share. As of December 31, 2018 , the Company determined that its investment in Colony Credit was not other-than-temporarily impaired as the Company believes that the carrying value of its investment in Colony Credit is recoverable in the near term. If Colony Credit's common stock continues to trade below the Company's carrying value for a prolonged period of time, an other-than-temporary impairment may be recognized in the future. Combined Financial Information of Equity Method Investees The following tables present selected combined financial information of the Company's equity method investees: Selected Combined Balance Sheet Information (In thousands) December 31, 2018 December 31, 2017 Total assets $ 15,499,159 $ 9,537,068 Total liabilities 9,803,705 5,357,936 Owners' equity 5,511,548 3,662,764 Noncontrolling interests 183,906 516,368 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2018 2017 2016 Total revenues $ 1,486,511 $ 1,519,728 $ 819,726 Net income (loss) 220,191 174,222 (32,493 ) Net income (loss) attributable to noncontrolling interests 23,878 (18,381 ) (3,494 ) Net income (loss) attributable to owners 196,313 192,603 (28,999 ) Other Equity Investments Other equity investments that do not qualify for equity method accounting consist of the following: Marketable Equity Securities —These are publicly traded equity securities held by a consolidated investment company and a consolidated private open-end fund. These equity securities comprise listed stock predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors. Investment Ventures —This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which was initially recorded at cost and prior to 2018, adjusted for distributions in excess of cumulative earnings. There were no adjustments for any impairment or observable price changes in 2018. Retail Companies —At December 31, 2018 , the Company has an interest in its sponsored non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and an investment in a third party managed open-end mutual fund for which the Company applies the NAV practical expedient (see Note 14 ). Another sponsored non-traded REIT, NorthStar/RXR New York Metro Real Estate, Inc. ("NorthStar/RXR NY Metro") terminated its offering period effective March 31, 2018 and was subsequently liquidated in October 2018, whereby the Company, together with its co-sponsor, RXR Realty LLC, had their shares redeemed for $0.01 per share, effectively forfeiting their investments. As a result, the Company wrote off its $1.5 million equity investment in NorthStar/RXR NY Metro in the third quarter of 2018. Private Funds —This represents a limited partnership interest in a third party private fund sponsored by an equity method investee for which the Company elected the NAV practical expedient (see Note 14 ). Investment Commitments Investment Ventures— Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At December 31, 2018 , the Company’s share of these commitments was $47.8 million . Private Funds— At December 31, 2018 , the Company has unfunded commitments of $288.3 million

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company.	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.	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	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. Prior to the Company's adoption of the new definition of a business effective October 1, 2016, the concentration of acquired fair values in a single or group of similar identifiable assets did not preclude the acquisition of such assets from meeting the definition of a business. As a result, acquisition of real estate assets with existing in-place leases, other than sale-leaseback transactions, were generally recognized as business combinations. Asset Acquisitions —For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations —The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration —Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition. NSAM was the legal acquirer in the Merger for certain legal and regulatory matters, however, Colony was determined to be the accounting acquirer in the Merger for financial reporting purposes. While NSAM was the legal entity which initiated the transaction and issued its shares to consummate the Merger, the fact that the senior management of the Company primarily consists of Colony senior executives, along with other qualitative considerations, resulted in Colony being designated the accounting acquirer. The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of the Company was adjusted to reflect the equity structure of the legal acquirer, including for comparative periods, by applying the Colony share exchange ratio of 1.4663 . The historical financial information as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. The assets and liabilities of Colony are reflected by the Company at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF were incorporated into the Company effective from January 11, 2017.
Principles of Consolidation	Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities —A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities —Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.	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.	Noncontrolling Interests Redeemable Noncontrolling Interests —This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company, and during 2017, an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"). The Company sold its interest in Townsend on December 29, 2017. The limited partners in the consolidated open-end fund who represent noncontrolling interests generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities —This represents predominantly interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company —This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one -for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.
Foreign Currency		Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.
Fair Value Measurement		Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3 —At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.
Fair Value Option		Fair Value Option The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected to account for certain equity method investments at fair value. Prior to deconsolidation in May 2018, the Company had elected the fair value option for financial assets and financial liabilities of certain consolidated securitization trusts, and adopted the measurement alternative to measure both the financial assets and financial liabilities of the securitization trusts using the fair value of either the financial assets or financial liabilities, whichever is more observable.
Discontinued Operations		Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition are reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The sale of the industrial business, including its related management platform, represents a strategic shift that will have a major effect on the Company’s operations and financial results, and had met the criteria as held for sale and discontinued operations effective June 2019. Accordingly, for all periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 10 ) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 18 ).
Cash and Cash Equivalents		Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits.
Restricted Cash		Restricted Cash Restricted cash consists primarily of amounts related to operating real estate and loans receivable as well as cash held by the Company’s foreign subsidiaries due to certain regulatory capital requirements.
Real Estate Assets		Real Estate Assets Real Estate Acquisitions Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment are carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of useful life or remaining life of the building Land improvements 6 to 20 years Tenant improvements Lesser of useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 20 years Impairment —The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Real Estate Held for Sale Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as provision for loan loss and the cumulative allowance on the loan is charged off. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.
Loans Receivable		Loans Receivable The Company originates and purchases loans receivable. The accounting framework for loans receivable depends on the Company's strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan. Loans Held for Investment (other than Purchased Credit-Impaired Loans) Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest Income —Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. For revolving loans, net deferred loan fees, premium or discount are amortized to interest income using the straight-line method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Nonaccrual —Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan carrying value. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Impairment and Allowance for Loan Losses —On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, liquidation value of collateral properties, financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. The Company does not utilize a statistical credit rating system to monitor and assess the credit risk and investment quality of its acquired or originated loans. Given the diversity of the Company's portfolio, management believes there is no consistent method of assigning a numerical rating to a particular loan that captures all of the various credit metrics and their relative importance. Therefore, the Company evaluates impairment and allowance for loan losses on an individual loan basis. Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. Allowance for loan losses represents the estimated probable credit losses inherent in loans held for investment at balance sheet date. Changes in allowance for loan losses are recorded in the provision for loan losses on the statement of operations. Allowance for loan losses generally excludes interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status. Allowance for loan losses is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected, discounted at the original effective interest rate of the loan or an observable market price for the loan. Subsequent changes in impairment are recorded as adjustments to the provision for loan losses. Loans are charged off against allowance for loan losses when all or a portion of the principal amount is determined to be uncollectible. A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral. Impaired collateral dependent loans are written down to the fair value of the collateral less disposal cost through a provision and a charge-off against allowance for loan losses. Troubled Debt Restructuring ("TDR") —A loan with contractual terms modified in a manner that grants concession to the borrower who is experiencing financial difficulty is classified as a TDR. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company's collection on the loan. As a TDR is generally considered to be an impaired loan, it is measured for impairment based on the Company's allowance for loan losses methodology. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to allowance for loan losses. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. Purchased Credit-Impaired ("PCI") Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing such PCI loans on nonaccrual, with interest income recognized using the cost recovery method or on a cash basis. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost, the Company records a provision for loan losses calculated as the difference between the loan’s amortized cost and the revised cash flows, discounted at the loan’s effective yield. Subsequent increases in cash flows expected to be collected are first applied to reverse any previously recorded allowance for loan losses, with any remaining increases recognized prospectively through an adjustment to yield over its remaining life. Factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans. PCI loans may be aggregated into pools based upon common risk characteristics, such as loan performance, collateral type and/or geographic location of the collateral. A pool is accounted for as a single asset with a single composite yield and an aggregate expectation of estimated future cash flows. A PCI loan modified within a pool remains in the pool, with the effect of the modification incorporated into the expected future cash flows. A loan resolution within a loan pool, which may involve the sale of the loan or foreclosure on the underlying collateral, results in the removal of an allocated carrying amount, including an allocable portion of any existing allowance. Acquisition, Development and Construction ("ADC") Arrangements The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans receivable and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.
Equity Investments		Equity Investments A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value ("NAV") practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. Marketable equity securities are recorded as of trade date. Dividend income is recognized on the ex-dividend date and is included in other income. Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss). Equity Method Investments The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company's share of the entity’s net income or loss as well as other comprehensive income or loss. The Company's share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach. Carried Interest —The Company's equity method investments include its interests as general partner or equivalent in investment vehicles that it sponsors or co-sponsors. The Company recognizes earnings based on its proportionate share of results from these investment vehicles and a disproportionate allocation of returns based on the extent to which cumulative performance exceeds minimum return hurdles pursuant to terms of their respective governing agreements (“carried interests”). To the extent the investment vehicles qualify for investment company accounting, their underlying results and consequently, the calculation of carried interests, reflect changes in fair value of their investments each period. The amount of carried interest recognized based on the cumulative performance of each investment vehicle if it were liquidated as of the reporting date may be subject to reversal until such time the carried interest, if any, is realized. Realization of carried interest generally occurs upon disposition of all underlying investments of an investment vehicle, or in part with each disposition, pursuant to the governing documents of the investment vehicles. Impairment Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee's underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market. For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment ("OTTI") involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company's ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in equity method earnings for equity method investments and in other gain (loss) for investments under the measurement alternative.
Debt Securities		Debt Securities Debt securities are recorded as of the trade date. Debt securities designated as available-for-sale (“AFS”) are carried at fair value with unrealized gains or losses included as a component of other comprehensive income. Upon disposition of AFS debt securities, the cumulative gains or losses in other comprehensive income (loss) that are realized are recognized in other gain (loss), net, on the statement of operations based on specific identification. Interest Income —Interest income from debt securities, including stated coupon interest payments and amortization of purchase premiums or discounts, is recognized using the effective interest method over the expected lives of the debt securities. For beneficial interests in debt securities that are not of high credit quality (generally credit rating below AA) or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, interest income is recognized as the accretable yield over the life of the securities using the effective yield method. The accretable yield is the excess of current expected cash flows to be collected over the net investment in the security, including the yield accreted to date. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing the securities on nonaccrual, with interest income recognized using the cost recovery method. Impairment —The Company performs an assessment, at least quarterly, to determine whether a decline in fair value below amortized cost of AFS debt securities is other than temporary. Other-than-temporary impairment exists when either (i) the holder has the intent to sell the impaired security, (ii) it is more likely than not the holder will be required to sell the security, or (iii) the holder does not expect to recover the entire amortized cost of the security. For beneficial interests in debt securities that are not of high credit quality or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, OTTI also exists when there has been an adverse change in cash flows expected to be collected from the last measurement date. If the Company intends to sell the impaired debt security or more likely than not will be required to sell the impaired debt security before recovery of its amortized cost, the entire impairment amount is recognized in earnings. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost, the Company further evaluates the debt security for impairment due to credit losses. In determining whether a credit loss exists, an assessment is made of the cash flows expected to be collected from the debt security. The credit component of OTTI is recognized in earnings within other gain (loss), while the remaining non-credit component is recognized in other comprehensive income. The amortized cost basis of the debt security is written down by the amount of impairment recognized in earnings and will not be adjusted for subsequent recoveries in fair value. The difference between the new amortized cost basis and the cash flows expected to be collected will be accreted as interest income. In assessing OTTI and estimating future expected cash flows, factors considered include, but are not limited to, credit rating of the security, financial condition of the issuer, defaults for similar securities, performance and value of assets underlying an asset-backed security. PCI Debt Securities —Debt securities acquired that are deemed to be credit-impaired at acquisition date are recorded at their initial investment and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured at acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the debt security using the effective yield method. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected ("nonaccretable difference"), which reflects estimated future credit losses expected to be incurred over the life of the debt security, is not accreted to interest income nor recorded on the balance sheet. Subsequent decreases in undiscounted expected cash flows attributable to further credit deterioration as well as changes in expected timing of future cash flows can result in recognition of OTTI. Subsequent increases in expected cash flows, other than due to interest rate changes on variable rate securities, are recognized prospectively over the remaining life of the debt security as an adjustment to accretable yield.
Identifiable Intangibles and Goodwill		Identifiable Intangibles In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual legal criterion or the separability criterion. An indefinite-lived intangible is not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise they are amortized on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Lease Intangibles —Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below market, which are amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively. Deferred leasing costs represent management's estimate of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease. Investment Management Intangibles —Identifiable intangibles recognized in acquisition of an investment management business generally include management contracts, which represent contractual rights to future fee income from in-place management contracts, and customer relationships, which represent potential fee income generated from future reinvestment by existing investors, both of which generally have finite lives and are amortized over their individual useful lives. Impairment —Identifiable intangible assets are reviewed periodically to determine if circumstances exist which may indicate a potential impairment. If such circumstances are considered to exist, the Company evaluates if carrying value of the intangible asset is recoverable based upon an undiscounted cash flow analysis. Impairment loss is recognized for the excess, if any, of carrying value over estimated fair value of the intangible asset. An impairment establishes a new basis for the intangible asset and any impairment loss recognized is not subject to subsequent reversal. Impairment analysis on lease intangible assets is performed in connection with the impairment assessment of the related real estate. In evaluating investment management intangibles intangibles for impairment, such as management contracts and customer relationships, the Company considers various factors that may affect future fee income, including but not limited to, changes in fee basis, amendments to contractual fee terms, and projected capital raising for future vehicles. Goodwill Goodwill is an unidentifiable intangible asset and is recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired, liabilities assumed and noncontrolling interests in the acquiree. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis in the fourth quarter of each year, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value, including goodwill. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit to which the goodwill is assigned is less than its carrying value, including goodwill. If so, a quantitative assessment is performed to identify both the existence of impairment and the amount of impairment loss. The Company may bypass the qualitative assessment and proceed directly to performing a quantitative assessment to compare the fair value of a reporting unit with its carrying value, including goodwill. Impairment is measured as the excess of carrying value over fair value of the reporting unit, with the loss recognized limited to the amount of goodwill assigned to that reporting unit. An impairment establishes a new basis for goodwill and any impairment loss recognized is not subject to subsequent reversal. Goodwill impairment tests require judgment, including identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.
Accounts Receivable and Related Allowance		Accounts Receivable and Related Allowance Property Operating Income Receivables —The Company periodically evaluates aged receivables as well as considers the collectability of unbilled receivables for each tenant, operator, resident or guest, individually. The Company establishes an allowance when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under existing contractual terms, and the amount can be reasonably estimated. Cost Reimbursements and Recoverable Expenses
Fixed Assets		Fixed Assets Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of assets are capitalized and depreciated over their useful life. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets, which range between 3 to 5 years for furniture, fixtures, equipment and capitalized software, 15 years for aircraft and over the shorter of the lease term or useful life for leasehold improvements.
Transfers of Financial Assets		Transfers of Financial Assets Sale accounting for transfers of financial assets is limited to the transfer of an entire financial asset, a group of financial assets in its entirety, or a component of a financial asset which meets the definition of a participating interest with characteristics that are similar to the original financial asset. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur. If the criteria for sale accounting are met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions.
Derivative Instruments and Hedging Activities		Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting. Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss). For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued. Cash Flow Hedges —The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income, while hedge ineffectiveness is recorded in earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated other comprehensive income (loss) are reclassified into earnings. Net Investment Hedges —The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in the fair value of derivatives used as hedges of net investment in foreign operations, to the extent effective, are recorded in the cumulative translation adjustment account within accumulated other comprehensive income (loss). At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as undesignated hedges. Release of accumulated other comprehensive income related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from accumulated other comprehensive income to earnings.
Financing Costs		Financing Costs Debt discounts and premiums as well as debt issuance costs (except for revolving credit arrangements) are presented net against the associated debt on the balance sheet and amortized into interest expense using the effective interest method over the contractual term or expected life of the debt instrument. Costs incurred in connection with revolving credit arrangements are recorded as deferred financing costs in other assets, and amortized on a straight-line basis over the expected term of the credit facility.
Property Operating Income		Property Operating Income Property operating income includes the following. Rental Income —Rental income is recognized on a straight-line basis over the noncancelable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred. When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed from the tenants, is capitalized. For Company-owned tenant improvements, the amount funded by or reimbursed from the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space. When it is determined that the tenant is the owner of tenant improvements, the Company's contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space. Tenant Reimbursements —In net lease arrangements, the tenant is generally responsible for operating expenses relating to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities that operate through management agreements with independent third-party operators. Resident fee income related to independent living and assisted living facilities is recorded when services are rendered based on the terms of their respective lease agreements. Hotel Operating Income —Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services.
Fee Income		Fee Income Fee income consists of the following: Base Management Fees —The Company earns base management fees for the administration of its managed private funds, and for the management of traded and non-traded REITs and investment companies, including management of their investments, which constitute a series of distinct services satisfied over time. Base management fees are recognized over the life of the investment vehicle as services are provided. Asset Management Fees —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. The underlying services of managing the investments of the private funds consist of a series of distinct services satisfied over time, for which asset management fees are recognized ratably over the life of each investment as services are rendered. Acquisition and Disposition Fees —The Company earns fees related to acquisition and disposition of investments by certain managed non-traded REITs, which are recognized upon closing of the respective acquisition or disposition of underlying investments. Incentive Fees —The Company may earn incentive fees from its managed private funds, traded REITs and investment companies. Incentive fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in the respective governing agreements. Incentive fees take the form of a contractual fee arrangement with the investment vehicles, and unlike carried interests, do not represent an allocation of returns among equity holders of the investment vehicles. Incentive fees are a form of variable consideration and are recognized when it is probable that a significant reversal of the cumulative revenue will not occur, which is generally at the end of the performance measurement period of the respective investment vehicles. Selling Commission and Dealer Manager Fees —Prior to May 2018, these fees were earned by the Company for selling equity in the non-traded REITs and investment companies, and recognized on trade date.
Other Income		Other Income Other income includes the following: Expense Recoveries from Borrowers —Expenses, primarily legal costs incurred in administering non-performing loans and foreclosed properties held by investment entities, may be subsequently recovered through payments received when these investments are resolved. The Company recognizes income when the cost recoveries are determinable and repayment is assured. Cost Reimbursements from Affiliates —For various services provided to certain affiliates, including managed investment vehicles, the Company is entitled to receive reimbursements of expenses incurred, generally based on expenses that are directly attributable to providing those services and/or a portion of overhead costs. The Company acts in the capacity of a principal under these arrangements. Accordingly, the Company records the expenses and corresponding reimbursement income on a gross basis in the period the services are rendered and costs are incurred. Equity Awards Granted by Managed Companies —These are equity awards granted by publicly-traded REITs managed by the Company, NorthStar Realty Europe Corp ("NRE") and Colony Credit, to the Company to be granted to its employees or directly to certain employees of the Company. The initial grant is recorded as an other asset and deferred income liability on the balance sheet. The liability is amortized on a straight-line basis to other income over the initial vesting period of the award and equity-based compensation expense is recognized as the award vests to the recipient employee. Collateral Management Fees —These fees are earned in the Company's capacity as collateral manager or collateral manager delegate of collateralized debt obligation vehicles ("CDOs") sponsored by the Company or by third parties. Collateral management fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying agreements. If amounts distributable on any payment date are insufficient to pay the collateral management fees according to the priority of payments, any shortfall is deferred and payable on subsequent payment dates. Collateral management fees earned from consolidated CDOs are eliminated in consolidation.
Compensation		Compensation Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, benefits, severance payments, equity-based compensation and performance-based compensation. Bonus is accrued over the employment period to which it relates. Carried Interest and Incentive Fee Compensation —This represents a portion of carried interest and incentive fees earned by the Company that are allocated (generally 40% to 50% ) to senior management, investment professionals and certain other employees of the Company. Carried interest and incentive fee compensation are generally recorded as the related carried interest and incentive fees are recognized in earnings by the Company. Carried interest compensation amounts may be reversed if there is a decline in the cumulative carried interest amounts previously recognized by the Company. Carried interest and incentive fee compensation are generally not paid to management or other employees until the related carried interest and incentive fee amounts are distributed by the investment vehicles to the Company. Equity-Based Compensation —Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. A modification in the terms or conditions of an award, unless the change is non-substantive, represents an exchange of the original award for a new award. The modified award is revalued and incremental compensation cost is recognized for the excess, if any, between fair value of the award upon modification and fair value of the award immediately prior to modification. Total compensation cost recognized for a modified award, however, cannot be less than its grant date fair value, unless at the time of modification, the service or performance condition of the original award was not expected to be satisfied. Liability-classified stock awards are remeasured at fair value at the end of each reporting period until the award is fully vested. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. Compensation expense is adjusted for actual forfeitures upon occurrence.
Income Taxes		Income Taxes A REIT is generally not subject to corporate-level federal and state income tax on net income it distributes to its stockholders. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year and if the statutory relief provisions were not to apply, the Company would be subject to federal and state income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it and its subsidiaries may be subject to certain U.S federal, state and local as well as foreign taxes on its income and property and to U.S federal income and excise taxes on its undistributed taxable income. The Company has elected or may elect to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS may perform non-customary services for tenants of the REIT, hold assets that the REIT cannot or does not intend to hold directly and, subject to certain exceptions related to hotels and healthcare properties, may engage in any real estate or non-real estate related business. The Company uses TRS entities to conduct certain activities that cannot be conducted directly by a REIT, such as investment management, property management including hotel and healthcare operations as well as loan servicing and workout activities. A TRS is treated as a regular, taxable corporation for U.S income tax purposes and therefore, is subject to U.S federal corporate tax on its income and property. Additionally, the Company has invested in real estate assets in foreign countries for which related earnings or other measures are subject to income taxes in the respective foreign jurisdictions, and in some cases, the repatriation of earnings are subject to withholding taxes. Deferred Income Taxes —The provision for income taxes includes current and deferred portions. The current income tax provision differs from the amount of income tax currently payable because of temporary differences in the recognition of certain income and expense items between financial reporting and income tax reporting. The Company uses the asset and liability method to provide for income taxes, which requires that the Company's income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on enacted tax rates that the Company expects to be in effect when the underlying items of income and expense are realized and the differences reverse. A deferred tax asset is also recognized for net operating loss carryforwards and the income tax effect of accumulated other comprehensive income items of the TRS and foreign taxable entities. A valuation allowance for deferred tax assets is established if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company's TRS and foreign taxable entities generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets. Uncertain Tax Positions —Income tax benefits are recognized for uncertain tax positions that are more likely than not to be sustained based solely on their technical merits. Such uncertain tax positions are measured as the largest amount of benefit that is more likely than not to be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return results in an unrecognized tax benefit. The Company periodically evaluates whether it is more likely than not that its uncertain tax positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations.
Earnings Per Share		Earnings Per Share The Company calculates basic earnings per share using the two-class method which defines unvested share based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents include shares to be issued upon the assumed conversion of the Company's outstanding convertible notes, which are included under the if-converted method when dilutive. The earnings allocated to common shareholders is adjusted to add back the after-tax amount of interest expense associated with the convertible notes, except when doing so would be antidilutive.
Reclassifications	Reclassifications	Reclassifications In addition to reclassifications on the statements of cash flows resulting from the adoption of ASU No. 2016-18 as discussed below and reclassifications on the balance sheets and statements of operations related to discontinued operations as discussed above, certain other prior period amounts have been reclassified as follows. On the balance sheet, marketable equity securities of a consolidated fund of $35.6 million at December 31, 2017 have been reclassified from securities to equity investments to conform to current period presentation. For the year ended December 31, 2018 , the Company presents the portion of carried interests earned by the Company that is allocated to employees as carried interest and incentive compensation on the statement of operations. Such amounts had previously been presented as net income attributable to noncontrolling interests in investment entities for the first three quarters of 2018, in each respective Quarterly Report on Form 10-Q. For the quarters ended March 31, June 30 and September 30, $0.9 million , $1.1 million , $1.9 million , respectively, were reclassified to income (loss) from discontinued operations as carried interest compensation expense and additionally, for the quarter ended September 30, 2018, $1.5 million was reclassified to carried interest and incentive compensation expense within continuing operations. The reclassifications increased net loss by the amounts reclassified for each of the three quarterly periods but did not have an impact on net loss attributable to Colony Capital, Inc. and net loss attributable to common stockholders. The reclassification increased accrued and other liabilities as well as liabilities related to assets held for sale and decreased noncontrolling interests in investment entities by the amount reclassified at the end of each quarterly period in 2018, with no net impact on the balance sheet. Additionally, the reclassification did not have an impact on the balance sheet as of December 31, 2017 . Refer to the Company's accounting policy for carried interest compensation above in " Compensation—Carried Interest and Incentive Fee Compensation ."
Revenue Recognition		Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition standards by establishing principles for a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The FASB subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. The Company adopted the standard on January 1, 2018 using the modified retrospective approach, applied to contracts not yet completed as of January 1, 2018, with cumulative effect recognized in retained earnings. The Company evaluated the principal versus agent considerations under the guidance and determined that certain cost reimbursement arrangements with investment vehicles managed by the Company that were previously reported net on the statement of operations would be reported on a gross basis as reimbursement income and expenses on the statement of operations. Such reimbursements include travel and entertainment costs, third party due diligence costs, asset management costs, and other shared costs for which the Company is deemed to be the primary obligor, whether or not the payment is made directly by the investment vehicles or initially by the Company on behalf of the investment vehicles. The gross presentation has no impact on the Company's net income to the extent the expense incurred and corresponding cost reimbursement income are recognized in the same period (see Note 22 ). The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company, as discussed below. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities and in 2017, from skilled nursing facilities that operate through management agreements with independent third-party operators. The Company has determined that independent living and assisted living agreements are leases subject to the leasing standard, while certain agreements within skilled nursing facilities, which entitle residents to reside in the community rather than an explicitly or implicitly identified unit, are not leases. Revenue for services provided within skilled nursing facilities, whether they are routine services such as room and bed maintenance, nursing, dietary services, and resident activities or programs, or separately covered services such as those ordered by physicians, are satisfied over the duration of care. These services are a series of distinct services satisfied over time, and revenue is recognized over time as services are provided. The Company determined that there is no change to revenue recognition for such services provided within the skilled nursing facilities in 2017. In 2018, all of the Company's skilled nursing facilities are structured under net leases to healthcare operators and the Company no longer earns resident fee income from skilled nursing facilities, only rental income. Hotel Operating Income —Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no change to revenue recognized under the new guidance as revenue is recognized over time based on the transaction price. Base Management Fees —The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs and investment companies. The Company determined that there is no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, for which revenue is recognized over the life of the fund as services are provided. Asset Management Fees —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. Prior to the adoption of the revenue standard, a portion of asset management fees was recognized upon closing of an investment, with remaining fees deferred and recognized over the estimated life of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consists of a series of distinct services satisfied over time, for which revenue should be recognized ratably over the estimated life of each investment. As a result of the change in revenue recognition under the new standard, the Company recorded a cumulative impact of approximately $1.6 million as a decrease to retained earnings and an increase to deferred income liability on January 1, 2018. The impact of the change in revenue recognition for the year ended December 31, 2018 was an increase to asset management fees of $0.7 million . Acquisition and Disposition Fees —The Company receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there is no change to revenue recognition as acquisition and disposition fees are earned at a point in time upon closing of the respective acquisition or disposition of underlying investments. Performance-Related Fees —The Company may earn performance-related fees from its managed private funds, traded and non-traded REITs. Performance-related fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles. Performance-related fees that take the form of a contractual fee arrangement with the investment vehicle and do not represent an allocation of returns among equity holders of the investment vehicle (or “incentive fees”) are within the scope of the new revenue standard. The Company previously recognized incentive fees when they were fixed or determinable and related contingencies have been resolved, which was generally at the end of the incentive measurement period of the respective investment vehicles. Under the new revenue guidance, incentive fees are a form of variable consideration and will be recognized when it is probable that a significant reversal of the cumulative revenue recognized will not occur, which may result in earlier recognition of revenue relative to the Company’s previous policy. There was no cumulative impact as of January 1, 2018. Performance-related fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are outside the scope of the new revenue standard. Carried interests are financial instruments and accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method. As carried interest represents income from equity method investments, it is presented, along with other proportionate allocation of returns based on the Company’s ownership interests in the investment vehicles, in equity method earnings on the statement of operations. Adoption of the new standard did not have an impact to the Company's recognition of carried interests.
Recent Accounting Updates	Accounting Standards Adopted in 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. 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. ASC 842 limits the definition of initial direct 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 costs did not have a material impact on the statement of operations. 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 acquired with 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, 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 was 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. 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 the new standard, lessors are required to evaluate the collectability of all 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 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 , which amends the credit impairment model for financial instruments. The existing incurred loss model will be replaced with a lifetime current expected credit loss ("CECL") model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For available-for-sale ("AFS") debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the other than temporary impairment ("OTTI") concept will result in more frequent estimation of credit losses. The accounting model for purchased credit-impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit-impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. Transition will generally be on a modified retrospective basis, with prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company expects that recognition of credit losses will generally be accelerated under the CECL model. Evaluation of the impact of this new guidance is ongoing. 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 the evaluation of a decision maker's or service provider's fee in assessing a variable interest with the guidance in the primary beneficiary test. Specifically, indirect interests held by a related party that is under common control will now be considered on a proportionate basis, rather than	Accounting Standards Adopted in 2018 Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition standards by establishing principles for a single comprehensive model for revenue measurement and recognition, along with enhanced disclosure requirements. Key provisions include, but are not limited to, determining which goods or services are capable of being distinct in a contract to be accounted for separately as a performance obligation and recognizing variable consideration only to the extent that it is probable a significant revenue reversal would not occur. The FASB subsequently issued several amendments to the standard, including clarifying the guidance on assessing principal versus agent based on the notion of control, which affects recognition of revenue on a gross or net basis. The Company adopted the standard on January 1, 2018 using the modified retrospective approach, applied to contracts not yet completed as of January 1, 2018, with cumulative effect recognized in retained earnings. The Company evaluated the principal versus agent considerations under the guidance and determined that certain cost reimbursement arrangements with investment vehicles managed by the Company that were previously reported net on the statement of operations would be reported on a gross basis as reimbursement income and expenses on the statement of operations. Such reimbursements include travel and entertainment costs, third party due diligence costs, asset management costs, and other shared costs for which the Company is deemed to be the primary obligor, whether or not the payment is made directly by the investment vehicles or initially by the Company on behalf of the investment vehicles. The gross presentation has no impact on the Company's net income to the extent the expense incurred and corresponding cost reimbursement income are recognized in the same period (see Note 22 ). The standard excludes from its scope accounting for financial instruments and leases, but is applicable to certain property operating income and fee income streams of the Company, as discussed below. Resident Fee Income —The Company earns resident fee income from senior housing operating facilities and in 2017, from skilled nursing facilities that operate through management agreements with independent third-party operators. The Company has determined that independent living and assisted living agreements are leases subject to the leasing standard, while certain agreements within skilled nursing facilities, which entitle residents to reside in the community rather than an explicitly or implicitly identified unit, are not leases. Revenue for services provided within skilled nursing facilities, whether they are routine services such as room and bed maintenance, nursing, dietary services, and resident activities or programs, or separately covered services such as those ordered by physicians, are satisfied over the duration of care. These services are a series of distinct services satisfied over time, and revenue is recognized over time as services are provided. The Company determined that there is no change to revenue recognition for such services provided within the skilled nursing facilities in 2017. In 2018, all of the Company's skilled nursing facilities are structured under net leases to healthcare operators and the Company no longer earns resident fee income from skilled nursing facilities, only rental income. Hotel Operating Income —Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. The Company determined that there is no change to revenue recognized under the new guidance as revenue is recognized over time based on the transaction price. Base Management Fees —The Company earns base management fees for the day-to-day operations and administration of its managed private funds, traded and non-traded REITs and investment companies. The Company determined that there is no change to revenue recognition for base management fees as the underlying services consist of a series of distinct services satisfied over time, for which revenue is recognized over the life of the fund as services are provided. Asset Management Fees —The Company receives a one-time asset management fee upon closing of each investment made by certain managed private funds. Prior to the adoption of the revenue standard, a portion of asset management fees was recognized upon closing of an investment, with remaining fees deferred and recognized over the estimated life of each investment. Under the new guidance, the Company determined that the underlying service of managing the investments of the funds consists of a series of distinct services satisfied over time, for which revenue should be recognized ratably over the estimated life of each investment. As a result of the change in revenue recognition under the new standard, the Company recorded a cumulative impact of approximately $1.6 million as a decrease to retained earnings and an increase to deferred income liability on January 1, 2018. The impact of the change in revenue recognition for the year ended December 31, 2018 was an increase to asset management fees of $0.7 million . Acquisition and Disposition Fees —The Company receives fees related to acquisition and disposition of investments by certain managed non-traded REITs. The Company determined that there is no change to revenue recognition as acquisition and disposition fees are earned at a point in time upon closing of the respective acquisition or disposition of underlying investments. Performance-Related Fees —The Company may earn performance-related fees from its managed private funds, traded and non-traded REITs. Performance-related fees are determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles. Performance-related fees that take the form of a contractual fee arrangement with the investment vehicle and do not represent an allocation of returns among equity holders of the investment vehicle (or “incentive fees”) are within the scope of the new revenue standard. The Company previously recognized incentive fees when they were fixed or determinable and related contingencies have been resolved, which was generally at the end of the incentive measurement period of the respective investment vehicles. Under the new revenue guidance, incentive fees are a form of variable consideration and will be recognized when it is probable that a significant reversal of the cumulative revenue recognized will not occur, which may result in earlier recognition of revenue relative to the Company’s previous policy. There was no cumulative impact as of January 1, 2018. Performance-related fees that take the form of a disproportionate allocation of returns to the Company’s capital account within the equity structure of the investment vehicle (or “carried interests”) are outside the scope of the new revenue standard. Carried interests are financial instruments and accounted for as earnings from the Company’s ownership interests in the investment vehicles under the equity method. As carried interest represents income from equity method investments, it is presented, along with other proportionate allocation of returns based on the Company’s ownership interests in the investment vehicles, in equity method earnings on the statement of operations. Adoption of the new standard did not have an impact to the Company's recognition of carried interests. Derecognition and Partial Sales of Nonfinancial Assets In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition and Accounting for Partial Sales of Nonfinancial Assets , which clarifies the scope and application of Accounting Standards Codification ("ASC") 610-20, Other Income — Gains and Losses from Derecognition of Nonfinancial Assets , and defines in substance nonfinancial assets. ASC 610-20 applies to derecognition of all nonfinancial assets which are not contracts with customers or revenue transactions under ASC 606, Revenue from Contracts with Customers . Derecognition of a business is governed by ASC 810, Consolidation , while derecognition of financial assets, including equity method investments, even if the investee holds predominantly nonfinancial assets, is governed by ASC 860, Transfers and Servicing . The ASU also aligns the accounting for partial sales of nonfinancial assets to be more consistent with accounting for sale of a business. Specifically, in a partial sale to a noncustomer, when a noncontrolling interest is received or retained, the latter is considered a noncash consideration and measured at fair value in accordance with ASC 606, which would result in full gain or loss recognized upon sale. This ASU removes guidance on partial exchanges of nonfinancial assets in ASC 845, Nonmonetary Transactions , and eliminates the real estate sales guidance in ASC 360-20, Property, Plant and Equipment — Real Estate Sales . The Company adopted this standard on January 1, 2018, concurrent with the adoption of the new revenue standard, using the modified retrospective approach. Under the new standard, if the Company sells a partial interest in its real estate assets to noncustomers or contributes real estate assets to unconsolidated ventures, and the Company retains a noncontrolling interest in the asset, such transactions could result in a larger gain on sale. The adoption of this standard did not have an impact on the Company's financial statements. There were no sales of partial interests in real estate assets in the year ended December 31, 2018 or for the year ended December 31, 2017 . Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which affects accounting for investments in equity securities, financial liabilities under the fair value option, as well as for presentation and disclosures, but does not affect accounting for investments in debt securities and loans . Investments in equity securities, other than equity method investments, will be measured at fair value through earnings, except for equity securities without readily determinable fair values which may be measured at cost less impairment and adjusted for observable price changes, unless these equity securities qualify for the NAV practical expedient. This provision eliminates cost method accounting and recognition of unrealized holding gains or losses on equity investments in other comprehensive income. For financial liabilities under the fair value option, changes in fair value resulting from the Company's own instrument-specific credit risk will be recorded separately in other comprehensive income. Fair value disclosures of financial instruments measured at amortized cost will be based on exit price and corresponding disclosures of valuation methodology and significant inputs will no longer be required. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities, which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable fair values is applicable only when the measurement alternative is applied. ASU No. 2016-01 and ASU No. 2018-03 are to be applied retrospectively with cumulative effect as of the adoption date recognized in retained earnings, except for provisions related to equity investments without readily determinable fair values and exit price fair value disclosures for financial instruments measured at amortized cost, which are to be applied prospectively. The Company adopted ASU No. 2016-01 and ASU No. 2018-03 on January 1, 2018, and recorded a cumulative adjustment to increase retained earnings by approximately $0.6 million . This includes $0.2 million of unrealized gains on available for sale equity securities held by an equity method investee that was reclassified from accumulated other comprehensive income. In connection with the adoption, the Company elected the NAV practical expedient to measure its previous cost method investments in non-traded REITs and limited partnership interest in a third party private fund based on their respective NAV per share. The new standard does not affect equity securities held by the Company's consolidated fund for which the Company has retained investment company accounting applied by the fund, and limited partnership interests in third party private funds for which the Company has elected the fair value option, as in both instances, unrealized fair value gains and losses are currently recorded in earnings. The Company's remaining cost method investments do not have readily determinable fair values. To the extent the Company becomes aware of observable price changes in the future, the Company will adjust the carrying value of these investments through earnings. Cash Flow Classifications In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in practice in certain classifications on the statement of cash flows. This guidance addresses eight types of cash flows, which includes clarifying how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows, as well as requiring an accounting policy election for classification of distributions received from equity method investees using either the cumulative earnings or nature of distributions approach, among others. The Company adopted this guidance on January 1, 2018 on a retrospective basis and made an accounting policy election for classification of distributions from its equity method investees using the cumulative earnings approach, which is largely consistent with its previous accounting policy. The adoption of this standard did not have a material effect on the presentation of the Company's statement of cash flows. Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash , which requires that cash and cash equivalent balances in the statement of cash flows include restricted cash and restricted cash equivalent amounts, and therefore, changes in restricted cash and restricted cash equivalents be presented in the statement of cash flows. As a result of the adoption of the new guidance, changes in restricted cash and restricted cash equivalents are no longer presented as separate activities in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the ASU requires a reconciliation between the totals in the statement of cash flows and the related captions on the balance sheet. The new guidance also requires disclosure of the nature of restricted cash and restricted cash equivalents, similar to existing requirements under Regulation S-X; however, it does not define restricted cash and restricted cash equivalents. The Company adopted ASU 2016-18 on January 1, 2018. The retrospective application of this new standard resulted in changes to the previously reported statements of cash flows as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 (In thousands) As Previously Reported After Adoption of ASU 2016-18 As Previously Reported After Adoption of ASU 2016-18 Net cash provided by operating activities $ 549,617 $ 582,546 $ 408,361 $ 405,172 Net cash provided by investing activities 1,331,542 1,666,387 251,812 215,457 Net cash used in financing activities (1,346,505 ) (1,364,381 ) (465,957 ) (491,251 ) For the year ended December 31, 2017, the increase in net cash provided by investing activities is primarily due to restricted cash assumed in business combinations (Note 3 ), which were previously reported as noncash investing activities, and the restricted cash deposits capital expenditures with the lender in connection with a refinancing. For the year ended December 31, 2016, return of borrower funds from escrow deposits and distributions to noncontrolling interests from restricted working capital reserves are now reflected in cash flows from investing and financing activities, respectively. Share-Based Payments In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , which simplifies the accounting for share-based payments to nonemployees by generally aligning it with the accounting for share-based payments to employees, with certain exceptions. The new guidance applies to nonemployee awards issued in exchange for goods or services used in an entity’s own operations and to awards granted by an investor to an equity method investee, but does not apply to equity instruments issued to a lender or investor in a financing transaction or equity instruments issued when selling goods or services to customers, which is under the revenue recognition model. Key changes in the guidance include measuring nonemployee awards based on fair value of the equity instrument issued, rather than on fair value of goods or services received or equity instrument issued, whichever is more reliably measured. In terms of timing, equity-classified nonemployee awards that were previously remeasured through performance completion date will now have a fixed measurement on grant date, which will reduce volatility on the income statement. For nonemployee awards with performance conditions, compensation cost will be recognized when achievement of the performance condition is probable, rather than upon actual achievement of the performance condition. Similar to employee awards, forfeitures may be recognized as they occur or based on an estimate under an accounting policy election, but the guidance allows separate elections for employee and nonemployee awards. The accounting model for nonemployee awards, however, remains different for attribution of share-based payment costs over the vesting period, in which compensation cost for nonemployee awards continues to be recognized in the same period and in the same manner (i.e., capitalize or expense) as if the grantor had paid cash for the goods or services. No changes to disclosure requirements were prescribed. Transition is on a modified retrospective basis, with a remeasurement at fair value as of the adoption date through a cumulative effect adjustment to opening retained earnings, applied to all equity-classified nonemployee awards where a measurement date has not been established by the adoption date and unsettled liability-classified nonemployee awards. If the cost of a nonemployee award has been included in completed assets (such as finished goods inventory or fixed assets that have begun to be depreciated), the cost basis of those assets will not be remeasured. The transition provisions eliminate the need to retrospectively determine fair values at historical grant dates. ASU No. 2018-07 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted in an interim period for which financial statements have not been issued, with adjustments to be reflected as of the beginning of the fiscal year of adoption. The Company early adopted this standard on July 1, 2018. The adoption did not have an impact on the Company's financial statements. Future Application of Accounting Standards Leases In February 2016, the FASB issued ASU No. 2016-02, Leases , which amends existing lease accounting standards, primarily requiring lessees to recognize most leases on balance sheet as a right of use asset and a corresponding liability for future lease obligations, and to a lesser extent, making targeted changes to lessor accounting. Under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by both lessor and lessee. For lessors of operating leases, if collection of lease-related receivables is subsequently assessed to not be probable, lease income is reversed if lease payments collected from the lessee are less than the income recognized to date. ASU No. 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The new leases standard requires adoption using a modified retrospective approach for all leases existing at, or entered into after, beginning of the earliest comparative period presented. Full retrospective application is prohibited. In applying the modified retrospective approach, the standard provides the option to elect a package of practical expedients that exempts an entity from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. In July 2018, the FASB issued ASU No. 2018-11, Targeted Improvements to Topic 842, Leases, which provides the option of (i) applying the effective date of the new lease standard as the date of initial application in transition instead of the earliest comparative period presented; as well as (ii) electing as practical expedient, by class of underlying asset, not to segregate lease and non-lease components in a contract but to account for it as a single component in accordance with either the new lease standard or the revenue standard depending on whether the lease or non-lease component is predominant. In December 2018, the FASB issued ASU No. 2018-20, Narrow Scope Improvements for Lessors, which provides certain practical expedients for lessor accounting. ASU No. 2018-20: (i) allows lessor to make an accounting policy election to present on a net basis sales and similar taxes arising from a leasing transaction with related collections from lessee (otherwise to present on a gross basis if lessor is determined to be the primary obligor); (ii) requires net presentation of lessor costs paid directly by lessee to a third party (for example, property taxes and insurance paid directly by lessee) and gross presentation of lessor costs that are paid by the lessor and reimbursed by the lessee (for example, property taxes and insurance initially paid by lessor and reimbursed by lessee); and (iii) requires allocation of variable payments to lease and non-lease components when applicable changes in facts and circumstances occur and that the non-lease component be subject to recognition under other applicable guidance, such as the revenue standard. The Company will adopt the new lease standard effective January 1, 2019 and will adopt the package of practical expedients as well as the transition option. As a result, the Company will apply the new lease standard prospectively to leases existing or commencing on or after January 1, 2019. Comparative periods presented will not be restated upon adoption. Similarly, new disclosures under the standard will be made for periods beginning January 1, 2019, and not for comparative periods. In addition, the Company, as lessor, will make accounting policy elections to: (i) treat the lease and non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of transfer are similar for the lease and non-lease components and the lease component qualifies as an operating lease; and (ii) to present on a net basis sales and similar taxes assessed by a governmental authority imposed on specific lease revenue producing transactions. The Company is in the process of finalizing the aggregation and evaluation of its leasing arrangements, and implementing a lease module in its accounting system to address the new accounting model for leases, including any transition adjustments. The most significant change to the Company, as lessee, will be the gross-up of the right of use asset and lease liability on the balance sheet. The lease liability is estimated to be between $55 million and $65 million for office leases and $65 million and $75 million for ground leases, discounted using estimated incremental borrowings rates ranging from 5.0% to 5.8% . The effect of the new standard to the Company, as lessor, is not expected to have a material effect on its financial condition or results of operations. Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses , which amends the credit impairment model for financial instruments. The existing incurred loss model will be replaced with a lifetime current expected credit loss ("CECL") model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For available-for-sale ("AFS") debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the other than temporary impairment ("OTTI") concept will result in more frequent estimation of credit losses. The accounting model for purchased credit-impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit-impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. Transition will generally be on a modified retrospective basis, with prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company expects that recognition of credit losses will generally be accelerated under the CECL model. Evaluation of the impact of this new guidance is ongoing. Hedge Accounting In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities , which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation. ASU 2017-12 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted, with adjustments to be reflected as of the beginning of the fiscal year of adoption if early adopted in an interim period. The Company plans to adopt the standard on its effective date. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company will record the entire change in fair value of the hedging instrument (other than amounts excluded from assessment of hedge effectiveness for net investment hedges) in other comprehensive income and there will be no hedge ineffectiveness recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company may elect to perform effectiveness testing qualitatively so long as the Company can reasonably support an expectation that the hedge is highly effective now and in subsequent periods. As the standard allows more flexibility in hedging interest rate risk in cash flow hedges beyond a specified benchmark rate, the Company may be able to designate in the future other contractually specified variable interest rate as the hedged risk, which if effective, could decrease fluctuations in earnings. The Company continues to evaluate the impact of this new guidance but at this time, does not expect the adoption of this standard to have a material effect on its financial condition or results of operations. Fair Value Disclosures In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurements . The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the NAV practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. ASU No. 2018-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted in an interim period for which financial statements have not been issued, and may be made only to provisions that eliminate or modify existing disclosures. The adoption of this standard is not expected to have a material effect on the Company's existing disclosures. Variable Interest Entities In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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) March 31, 2019 December 31, 2018 Land $ 1,374,384 $ 1,443,250 Buildings and improvements 9,357,543 9,442,443 Tenant improvements 96,527 96,740 Furniture, fixtures and equipment 398,918 389,969 Construction in progress 162,692 123,002 11,390,064 11,495,404 Less: Accumulated depreciation (755,351 ) (669,394 ) Real estate assets, net $ 10,634,713 $ 10,826,010	Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of useful life or remaining life of the building Land improvements 6 to 20 years Tenant improvements Lesser of useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 20 years The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 10 . (In thousands) December 31, 2018 December 31, 2017 Land $ 1,443,250 $ 1,584,524 Buildings and improvements 9,442,443 10,258,055 Tenant improvements 96,740 80,071 Furniture, fixtures and equipment 389,969 383,855 Construction in progress 123,002 94,111 11,495,404 12,400,616 Less: Accumulated depreciation (669,394 ) (387,449 ) Real estate assets, net $ 10,826,010 $ 12,013,167
Schedule of Proceeds From Sales of Real Estate	Results from sales of real estate, including discontinued operations, were as follows: Three Months Ended March 31, (In thousands) 2019 2018 Proceeds from sales of real estate $ 294,667 $ 112,562 Gain on sale of real estate 52,301 18,444	Results from sales of real estate, including discontinued operations, were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Proceeds from sales of real estate $ 864,347 $ 1,607,806 $ 390,943 Gain on sale of real estate 167,231 135,262 73,616
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations. Light 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 Three Months Ended March 31, 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) 47 789,486 144,250 612,582 35,519 (2,865 ) $ 1,162,668 $ 193,696 $ 908,930 $ 63,072 $ (3,030 ) 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 37 to 49 years for buildings, 12 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 $5.8 million in the three months ended March 31, 2019 and $13.1 million in the year ended December 31, 2018 for co-development with operating partners. (4) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance.	The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . Light industrial properties acquired, as presented below, form part of the industrial segment which is classified as held for sale. ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2018 Asset Acquisitions (2) September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,506 $ 12,458 $ 1,480 $ — November Office and Industrial—France 220 478,844 125,949 314,661 38,234 — Various Industrial—Various in U.S. (4) 40 569,442 131,334 412,900 30,183 (4,975 ) $ 1,072,730 $ 267,789 $ 740,019 $ 69,897 $ (4,975 ) Year Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (5) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2016 Business Combinations (6) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. 1 34,900 5,235 27,731 1,934 — May Office—France 1 18,203 14,150 3,815 388 (150 ) Various Industrial—Various in U.S. 18 201,635 36,974 151,689 16,063 (3,091 ) Asset Acquisitions Various Industrial—Various in U.S. 12 113,200 20,749 84,724 8,398 (671 ) $ 462,341 $ 110,373 $ 324,544 $ 32,101 $ (4,677 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles. (3) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance. (4) Includes acquisition of $13.1 million of land for co-development with operating partners. (5) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment.
Schedule of Components of Property Operating Income	For the three months ended March 31, 2018 , property operating income was composed of $203.1 million of total lease revenue and $284.0 million of hotel operating income. For the three months ended March 31, 2019 , the components of property operating income were as follows. (In thousands) Three Months Ended Lease revenue: Fixed lease revenue $ 170,414 Variable lease revenue 16,349 186,763 Hotel operating income 272,135 $ 458,898	The components of property operating income, excluding amounts related to discontinued operations (Note 18 ), were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Rental income $ 410,368 $ 492,570 $ 129,542 Tenant reimbursements 69,995 77,373 17,849 Resident fee income (1) 275,911 286,818 — Hotel operating income 1,204,285 1,016,294 29,021 $ 1,960,559 $ 1,873,055 $ 176,412 __________ (1) Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) allow us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses.
Schedule Of Future Minimum Rental Payments Receivable For Operating Leases		The Company has operating leases with tenants that expire at various dates through 2061. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2018 are as follows. Year Ending December 31, (In thousands) 2019 $ 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 .
Schedule of Future Minimum Rental Payments	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 $ 2,303,192 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 from continuing operations were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Total 2019 $ 5,149 $ 8,980 $ 14,129 2020 5,217 8,598 13,815 2021 5,386 8,200 13,586 2022 5,776 7,176 12,952 2023 5,720 6,610 12,330 2024 and thereafter 87,150 28,144 115,294 Total lease payments $ 114,398 $ 67,708 $ 182,106	At December 31, 2018 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Year Ending December 31, (In thousands) 2019 $ 5,149 2020 5,217 2021 5,386 2022 5,776 2023 5,720 2024 and thereafter 87,150 Total $ 114,398 December 31, 2018 , excluding $3.6 million that is part of discontinued operations, are as follows: Year Ending December 31, (In thousands) 2019 $ 8,980 2020 8,598 2021 8,200 2022 7,176 2023 6,610 2024 and thereafter 28,144 Total $ 67,708

(Tables)

(Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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) March 31, 2019 December 31, 2018 Land $ 1,374,384 $ 1,443,250 Buildings and improvements 9,357,543 9,442,443 Tenant improvements 96,527 96,740 Furniture, fixtures and equipment 398,918 389,969 Construction in progress 162,692 123,002 11,390,064 11,495,404 Less: Accumulated depreciation (755,351 ) (669,394 ) Real estate assets, net $ 10,634,713 $ 10,826,010	Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of useful life or remaining life of the building Land improvements 6 to 20 years Tenant improvements Lesser of useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 20 years The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 10 . (In thousands) December 31, 2018 December 31, 2017 Land $ 1,443,250 $ 1,584,524 Buildings and improvements 9,442,443 10,258,055 Tenant improvements 96,740 80,071 Furniture, fixtures and equipment 389,969 383,855 Construction in progress 123,002 94,111 11,495,404 12,400,616 Less: Accumulated depreciation (669,394 ) (387,449 ) Real estate assets, net $ 10,826,010 $ 12,013,167
Schedule of Proceeds From Sales of Real Estate	Results from sales of real estate, including discontinued operations, were as follows: Three Months Ended March 31, (In thousands) 2019 2018 Proceeds from sales of real estate $ 294,667 $ 112,562 Gain on sale of real estate 52,301 18,444	Results from sales of real estate, including discontinued operations, were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Proceeds from sales of real estate $ 864,347 $ 1,607,806 $ 390,943 Gain on sale of real estate 167,231 135,262 73,616
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations. Light 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 Three Months Ended March 31, 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) 47 789,486 144,250 612,582 35,519 (2,865 ) $ 1,162,668 $ 193,696 $ 908,930 $ 63,072 $ (3,030 ) 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 37 to 49 years for buildings, 12 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 $5.8 million in the three months ended March 31, 2019 and $13.1 million in the year ended December 31, 2018 for co-development with operating partners. (4) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance.	The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . Light industrial properties acquired, as presented below, form part of the industrial segment which is classified as held for sale. ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2018 Asset Acquisitions (2) September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,506 $ 12,458 $ 1,480 $ — November Office and Industrial—France 220 478,844 125,949 314,661 38,234 — Various Industrial—Various in U.S. (4) 40 569,442 131,334 412,900 30,183 (4,975 ) $ 1,072,730 $ 267,789 $ 740,019 $ 69,897 $ (4,975 ) Year Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (5) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2016 Business Combinations (6) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. 1 34,900 5,235 27,731 1,934 — May Office—France 1 18,203 14,150 3,815 388 (150 ) Various Industrial—Various in U.S. 18 201,635 36,974 151,689 16,063 (3,091 ) Asset Acquisitions Various Industrial—Various in U.S. 12 113,200 20,749 84,724 8,398 (671 ) $ 462,341 $ 110,373 $ 324,544 $ 32,101 $ (4,677 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles. (3) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance. (4) Includes acquisition of $13.1 million of land for co-development with operating partners. (5) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment.
Schedule of Components of Property Operating Income	For the three months ended March 31, 2018 , property operating income was composed of $203.1 million of total lease revenue and $284.0 million of hotel operating income. For the three months ended March 31, 2019 , the components of property operating income were as follows. (In thousands) Three Months Ended Lease revenue: Fixed lease revenue $ 170,414 Variable lease revenue 16,349 186,763 Hotel operating income 272,135 $ 458,898	The components of property operating income, excluding amounts related to discontinued operations (Note 18 ), were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Rental income $ 410,368 $ 492,570 $ 129,542 Tenant reimbursements 69,995 77,373 17,849 Resident fee income (1) 275,911 286,818 — Hotel operating income 1,204,285 1,016,294 29,021 $ 1,960,559 $ 1,873,055 $ 176,412 __________ (1) Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) allow us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses.
Schedule of Future Minimum Operating Lease Payments to be Received (after adoption of ASC 842)	At March 31, 2019 , future fixed lease revenue under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) Remaining 2019 $ 226,720 2020 292,061 2021 271,887 2022 262,184 2023 250,674 2024 and thereafter 956,614 Total $ 2,260,140 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that is held for sale totaling $1.3 million .
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 $ 2,303,192 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 from continuing operations were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Total 2019 $ 5,149 $ 8,980 $ 14,129 2020 5,217 8,598 13,815 2021 5,386 8,200 13,586 2022 5,776 7,176 12,952 2023 5,720 6,610 12,330 2024 and thereafter 87,150 28,144 115,294 Total lease payments $ 114,398 $ 67,708 $ 182,106	At December 31, 2018 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Year Ending December 31, (In thousands) 2019 $ 5,149 2020 5,217 2021 5,386 2022 5,776 2023 5,720 2024 and thereafter 87,150 Total $ 114,398 December 31, 2018 , excluding $3.6 million that is part of discontinued operations, are as follows: Year Ending December 31, (In thousands) 2019 $ 8,980 2020 8,598 2021 8,200 2022 7,176 2023 6,610 2024 and thereafter 28,144 Total $ 67,708

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Useful Lives for Finite Lived Assets	The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 7 . (In thousands) March 31, 2019 December 31, 2018 Land $ 1,374,384 $ 1,443,250 Buildings and improvements 9,357,543 9,442,443 Tenant improvements 96,527 96,740 Furniture, fixtures and equipment 398,918 389,969 Construction in progress 162,692 123,002 11,390,064 11,495,404 Less: Accumulated depreciation (755,351 ) (669,394 ) Real estate assets, net $ 10,634,713 $ 10,826,010	Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of useful life or remaining life of the building Land improvements 6 to 20 years Tenant improvements Lesser of useful life or remaining term of the lease Furniture, fixtures and equipment 3 to 20 years The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 10 . (In thousands) December 31, 2018 December 31, 2017 Land $ 1,443,250 $ 1,584,524 Buildings and improvements 9,442,443 10,258,055 Tenant improvements 96,740 80,071 Furniture, fixtures and equipment 389,969 383,855 Construction in progress 123,002 94,111 11,495,404 12,400,616 Less: Accumulated depreciation (669,394 ) (387,449 ) Real estate assets, net $ 10,826,010 $ 12,013,167
Schedule of New Accounting Pronouncements and Changes in Accounting Principles		The retrospective application of this new standard resulted in changes to the previously reported statements of cash flows as follows: Year Ended December 31, 2017 Year Ended December 31, 2016 (In thousands) As Previously Reported After Adoption of ASU 2016-18 As Previously Reported After Adoption of ASU 2016-18 Net cash provided by operating activities $ 549,617 $ 582,546 $ 408,361 $ 405,172 Net cash provided by investing activities 1,331,542 1,666,387 251,812 215,457 Net cash used in financing activities (1,346,505 ) (1,364,381 ) (465,957 ) (491,251 )

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed	The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations. Light 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 Three Months Ended March 31, 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) 47 789,486 144,250 612,582 35,519 (2,865 ) $ 1,162,668 $ 193,696 $ 908,930 $ 63,072 $ (3,030 ) 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 37 to 49 years for buildings, 12 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 $5.8 million in the three months ended March 31, 2019 and $13.1 million in the year ended December 31, 2018 for co-development with operating partners. (4) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance.	The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3 . Light industrial properties acquired, as presented below, form part of the industrial segment which is classified as held for sale. ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2018 Asset Acquisitions (2) September Healthcare—United Kingdom (3) 1 $ 24,444 $ 10,506 $ 12,458 $ 1,480 $ — November Office and Industrial—France 220 478,844 125,949 314,661 38,234 — Various Industrial—Various in U.S. (4) 40 569,442 131,334 412,900 30,183 (4,975 ) $ 1,072,730 $ 267,789 $ 740,019 $ 69,897 $ (4,975 ) Year Ended December 31, 2017 Asset Acquisitions January Industrial—Spain 2 $ 10,374 $ 3,855 $ 5,564 $ 955 $ — June Office—Los Angeles, CA (5) 1 455,699 93,577 314,590 50,518 (2,986 ) Various Industrial—Various in U.S. 55 636,690 137,005 472,747 31,512 (4,574 ) $ 1,102,763 $ 234,437 $ 792,901 $ 82,985 $ (7,560 ) ($ in thousands) Purchase Price Allocation (1) Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements Building and Improvements Lease Intangible Assets Lease Intangible Liabilities Year Ended December 31, 2016 Business Combinations (6) January Industrial—Spain 23 $ 94,403 $ 33,265 $ 56,585 $ 5,318 $ (765 ) April Industrial—Massachusetts, U.S. 1 34,900 5,235 27,731 1,934 — May Office—France 1 18,203 14,150 3,815 388 (150 ) Various Industrial—Various in U.S. 18 201,635 36,974 151,689 16,063 (3,091 ) Asset Acquisitions Various Industrial—Various in U.S. 12 113,200 20,749 84,724 8,398 (671 ) $ 462,341 $ 110,373 $ 324,544 $ 32,101 $ (4,677 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable. (2) Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles. (3) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance. (4) Includes acquisition of $13.1 million of land for co-development with operating partners. (5) In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment.
Colony NorthStar
Business Acquisition [Line Items]
Schedule of Fair Value of Merger Consideration		Fair value of the merger consideration was determined as follows: (In thousands, except price per share) NSAM NRF Total Outstanding shares of common stock prior to closing of the Merger 190,202 183,147 Replacement equity-based awards attributable to pre-combination services (i) 300 150 190,502 183,297 Exchange ratio (ii) 1.4663 1.3335 Implied shares of Colony common stock issued in consideration 129,920 137,456 267,376 Price per share of Colony class A common stock $ 21.52 $ 21.52 $ 21.52 Fair value of implied shares of Colony common stock issued in consideration $ 2,795,890 $ 2,958,039 $ 5,753,929 Fair value of the Company's preferred stock issued (iii) — 1,010,320 1,010,320 Fair value of NRF stock owned by NSAM (iv) (43,795 ) — (43,795 ) Total merger consideration $ 2,752,095 $ 3,968,359 $ 6,720,454 __________ (i) Represents the portion of non-employee restricted stock unit awards that did not vest upon consummation of the Merger and pertains to services rendered prior to the Merger. (ii) Represents (a) the pre-determined exchange ratio of one share of Colony common stock for 1.4663 shares of the Company's common stock; and (b) the derived exchange ratio of one share of Colony common stock for 1.3335 shares of NRF common stock based on the pre-determined exchange ratio of one NRF share of common stock for 1.0996 shares of the Company's common stock. (iii) Fair value of the Company's preferred stock issued was measured based on the shares of NRF preferred stock outstanding at the Closing Date and the closing traded price of the respective series of NRF preferred stock on the Closing Date, including accrued dividends, as follows: (In thousands, except price per share) Number of Shares Outstanding Price Per Share Fair Value NRF preferred stock Series A 8.75% 2,467 $ 25.61 $ 63,182 Series B 8.25% 13,999 25.15 352,004 Series C 8.875% 5,000 25.80 128,995 Series D 8.50% 8,000 25.82 206,597 Series E 8.75% 10,000 25.95 259,542 Fair value of the Company's preferred stock issued 39,466 $ 1,010,320 (iv) Represents 2.7 million shares of NRF common stock owned by NSAM prior to the Merger and canceled upon consummation of the Merger, valued at the closing price of NRF common stock of $16.13 on the Closing Date.
Schedule of Fair Values and Allocation of the Merger		The following table presents the final allocation of the merger consideration to assets acquired, liabilities assumed and noncontrolling interests of NSAM and NRF based on their respective fair values as of the Closing Date. The resulting goodwill represents the value expected from the economies of scale and synergies created through combining the operations of the merged entities, and is assigned to the investment management segment. Final Amounts at December 31, 2017 (In thousands) NSAM NRF Total Assets Cash and cash equivalents $ 152,858 $ 107,751 $ 260,609 Restricted cash 18,052 158,762 176,814 Real estate — 9,874,406 9,874,406 Loans receivable 28,485 331,056 359,541 Investments in unconsolidated ventures 76,671 544,111 620,782 Securities 3,065 427,560 430,625 Identifiable intangible assets 661,556 352,551 1,014,107 Management agreement between NSAM and NRF 1,514,085 — 1,514,085 Assets held for sale — 2,096,671 2,096,671 Other assets 93,455 681,003 774,458 Total assets 2,548,227 14,573,871 17,122,098 Liabilities Debt — 6,723,222 6,723,222 Intangible liabilities — 213,218 213,218 Management agreement between NSAM and NRF — 1,514,085 1,514,085 Liabilities related to assets held for sale — 1,281,406 1,281,406 Tax liabilities 169,387 60,446 229,833 Accrued and other liabilities 979,969 307,450 1,287,419 Total liabilities 1,149,356 10,099,827 11,249,183 Redeemable noncontrolling interests 78,843 — 78,843 Noncontrolling interests—investment entities — 505,685 505,685 Noncontrolling interests—Operating Company 8,162 — 8,162 Fair value of net assets acquired $ 1,311,866 $ 3,968,359 $ 5,280,225 Merger consideration 2,752,095 3,968,359 6,720,454 Goodwill $ 1,440,229 $ — $ 1,440,229
CPI
Business Acquisition [Line Items]
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed		The following table summarizes the consideration and allocation to assets acquired and liabilities assumed. (In thousands) Final Amounts at December 31, 2017 Consideration Carrying value of loans receivable outstanding at the time of restructuring $ 182,644 Cash 49,537 Total consideration $ 232,181 Identifiable assets acquired and liabilities assumed Cash $ 303 Restricted cash 12,600 Real estate 543,649 Real estate held for sale 21,605 Lease intangibles and other assets 27,685 Debt (277,590 ) Tax liabilities (32,078 ) Lease intangibles and other liabilities (61,205 ) Liabilities related to assets held for sale (2,788 ) Fair value of net assets acquired $ 232,181
THL Hotel Portfolio
Business Acquisition [Line Items]
Summary of Consideration and Preliminary Allocation to Assets Acquired and Liabilities Assumed		The following table summarizes the consideration and the final allocation to assets acquired and liabilities assumed. The estimated fair values and allocation were subject to retrospective adjustments during the measurement period, not to exceed twelve months, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. During the six months ended June 30, 2018, adjustments were made to the allocation of values among real estate held for sale, real estate held for investment, intangible assets and intangible liabilities. Included in the consolidated statement of operations for the six months ended June 30, 2018 was a $1.8 million decrease to depreciation expense and an immaterial increase to ground lease expense to reflect the effects of the measurement period adjustments as of the acquisition date on July 1, 2017. (In thousands) Final Amounts at June 30, 2018 Consideration Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure $ 310,932 Cash 43,643 Contingent consideration (Note 14) 6,771 Total consideration $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 16,188 Restricted cash 18,479 Real estate 1,184,447 Real estate held for sale 69,676 Intangible and other assets 26,711 Debt (907,867 ) Intangible and other liabilities (46,288 ) Fair value of net assets acquired $ 361,346

Colony Credit (Tables)

Colony Credit (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule Of Assets, Liabilities And Noncontrolling Interest In Deconsolidated Entity	Discontinued Operations 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, predominantly carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. The first three months of 2018 also included income from discontinued operations of $0.1 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 in the second quarter of 2018. Income from discontinued operations is presented below. Three Months Ended March 31, (In thousands) 2019 2018 Revenues Property operating income $ 81,232 $ 68,353 Fee income 2,472 1,314 Interest and other income 1,140 1,116 Revenues from discontinued operations 84,844 70,783 Expenses Property operating expense 22,337 21,400 Interest expense 14,627 10,190 Investment and servicing expense 530 74 Depreciation and amortization 39,445 29,945 Compensation expense—cash and equity-based (1) 2,659 2,395 Compensation expense—carried interest (2) (221 ) 859 Administrative expenses 1,629 1,317 Expenses from discontinued operations 81,006 66,180 Other income (loss) Gain from sale of real estate 22,848 2,293 Other loss, net (8 ) — Equity method earnings (loss), including carried interest (472 ) 2,183 Income from discontinued operations before income taxes 26,206 9,079 Income tax benefit (expense) 87 15 Income from discontinued operations 26,293 9,094 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 17,309 5,019 Noncontrolling interests in Operating Company 545 244 Income from discontinued operations attributable to Colony Capital, Inc. $ 8,439 $ 3,831 __________ (1) Includes equity-based compensation of $0.7 million and $0.5 million for the three months ended March 31, 2019 and 2018, respectively.	The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 Income or loss from discontinued operations is presented below. Year Ended December 31, (In thousands) 2018 2017 2016 Revenues Property operating income $ 288,367 $ 284,051 $ 194,670 Fee income 7,378 4,022 — Interest and other income 3,775 4,742 1,687 Revenues from discontinued operations 299,520 292,815 196,357 Expenses Property operating expenses 84,162 87,726 55,924 Interest expense 42,713 47,594 44,834 Investment and servicing expense 436 542 167 Transaction costs — — 921 Placement fees 234 1,650 — Depreciation and amortization 129,104 109,265 88,854 Impairment loss 948 44 407 Compensation expense—cash and equity-based (1) 11,156 8,119 7,856 Compensation expense—carried interest 4,696 — — Administrative expenses 4,569 4,703 2,699 Expenses from discontinued operations 278,018 259,643 201,662 Other income Gain on sale of real estate 7,633 22,504 2,888 Equity method earnings, including carried interest 10,636 1,868 27 Income (loss) from discontinued operations before income taxes 39,771 57,544 (2,390 ) Income tax expense (189 ) (2,096 ) (586 ) Income (loss) from discontinued operations 39,582 55,448 (2,976 ) Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities 21,260 24,407 (1,924 ) Noncontrolling interests in Operating Company 1,113 1,249 (168 ) Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ 17,209 $ 29,792 $ (884 ) __________ (1) Includes equity-based compensation of $2.9 million , $3.3 million and $0.6 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Company Loans Receivable	The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans: March 31, 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 $ 573,062 $ 599,479 10.5 % 2.0 $ 643,973 $ 667,590 10.7 % 2.2 Mezzanine loans 377,336 374,650 12.5 % 1.2 357,590 354,326 12.5 % 1.5 Corporate loans 107,792 106,658 12.3 % 5.7 108,944 107,796 12.3 % 5.8 1,058,190 1,080,787 1,110,507 1,129,712 Variable rate Mortgage loans 175,313 175,650 4.4 % 0.4 178,650 179,711 4.3 % 0.1 Mezzanine loans 35,899 35,565 13.5 % 2.3 27,772 27,417 13.4 % 2.5 211,212 211,215 206,422 207,128 1,269,402 1,292,002 1,316,929 1,336,840 PCI Loans Mortgage loans 1,289,671 337,357 1,324,287 351,646 Mezzanine loans 7,425 3,671 7,425 3,671 1,297,096 341,028 1,331,712 355,317 Allowance for loan losses (36,357 ) (32,940 ) Loans receivable, net $ 2,566,498 $ 1,596,673 $ 2,648,641 $ 1,659,217	The following table provides a summary of the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans: December 31, 2018 December 31, 2017 ($ in thousands) Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Loans at amortized cost Non-PCI Loans Fixed rate Mortgage loans $ 643,973 $ 667,590 10.7 % 2.2 $ 1,081,030 $ 1,082,513 9.1 % 2.8 Securitized loans (1) — — — % N/A 35,566 36,603 5.9 % 16.8 Mezzanine loans 357,590 354,326 12.5 % 1.5 459,433 456,463 12.2 % 2.3 Corporate loans 108,944 107,796 12.3 % 5.8 46,840 46,592 9.9 % 10.0 1,110,507 1,129,712 1,622,869 1,622,171 Variable rate Mortgage loans 178,650 179,711 4.3 % 0.1 414,428 423,199 6.0 % 1.7 Securitized loans (1) — — — % N/A 461,489 462,203 6.4 % 3.5 Mezzanine loans 27,772 27,417 13.4 % 2.5 34,391 34,279 9.8 % 1.3 206,422 207,128 910,308 919,681 1,316,929 1,336,840 2,533,177 2,541,852 PCI Loans Mortgage loans 1,324,287 351,646 1,865,423 682,125 Securitized loans — 23,298 3,400 Mezzanine loans 7,425 3,671 7,425 3,671 1,331,712 355,317 1,896,146 689,196 Allowance for loan losses (32,940 ) (52,709 ) 2,648,641 1,659,217 4,429,323 3,178,339 Loans at fair value Securitized loans (2) — — 72,511 45,423 Total loans receivable $ 2,648,641 $ 1,659,217 $ 4,501,834 $ 3,223,762 __________ (1) Represents loans held in securitization trusts consolidated by the Company (Note 15 ). The Company contributed its interests in three securitization trusts to Colony Credit in January 2018 and sold its interests in a remaining securitization trust to a third party in June 2018, resulting in the deconsolidation of these securitization trusts along with their underlying mortgage loans and bonds payable. (2) Represents loans held by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company at December 31, 2017 . The Company had elected the fair value option and adopted the measurement alternative to value the loans receivable at the same fair value as the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ) along with the securitization trust consolidated by the N-Star CDO.
Summary of Past Due Loans	The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses: (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 March 31, 2019 $ 1,079,224 $ 44,325 $ — $ 168,453 $ 1,292,002 December 31, 2018 1,052,303 — 44,392 240,145 1,336,840	The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses, excluding loans carried at fair value: (In thousands) Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due and Nonaccrual Total Non-PCI Loans December 31, 2018 $ 1,052,303 $ — $ 44,392 $ 240,145 $ 1,336,840 December 31, 2017 2,268,599 145,986 9,410 117,857 2,541,852
Impaired Loans	The following table summarizes non-PCI impaired loans: Gross Carrying Value (In thousands) Unpaid Principal Balance With Allowance for Loan Losses Without Allowance for Loan Losses Total Allowance for Loan Losses March 31, 2019 $ 320,211 $ 74,254 $ 250,073 $ 324,327 $ 18,115 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 March 31, (In thousands) 2019 2018 Average carrying value before allowance for loan losses $ 244,532 $ 273,410 Total interest income recognized during the period impaired 3,003 29 Cash basis interest income recognized 447 —	The following table summarizes non-PCI impaired loans: Unpaid Principal Balance Gross Carrying Value Allowance for Loan Losses (In thousands) With Allowance for Loan Losses Without Allowance for Loan Losses Total December 31, 2018 $ 280,337 $ 75,179 $ 206,628 $ 281,807 $ 18,304 December 31, 2017 383,594 138,136 248,759 386,895 7,424 The average carrying value and interest income recognized on non-PCI impaired loans were as follows. Year Ended December 31, (In thousands) 2018 2017 2016 Average carrying value before allowance for loan losses $ 282,325 $ 202,397 $ 90,447 Total interest income recognized during the period impaired 7,127 10,192 3,929 Cash basis interest income recognized 1,190 — —
Loans Acquired Through Consolidation of Investment Entities		In January 2017, the Company acquired additional PCI loans through the Merger as well as part of a loan portfolio secured by commercial properties in Ireland. Information about these PCI loans at the time of their acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 1,154,596 Less: Nonaccretable difference (878,257 ) Cash flows expected to be collected 276,339 Less: Accretable yield (23,594 ) Fair value of loans acquired $ 252,745
Changes in Accretable Yield for the PCI loans	Changes in accretable yield of PCI loans were as follows: Three Months Ended March 31, (In thousands) 2019 2018 Beginning accretable yield $ 9,620 $ 42,435 Dispositions — (2,565 ) Changes in accretable yield 1,442 1,989 Accretion recognized in earnings (3,087 ) (12,579 ) Effect of changes in foreign exchange rates (40 ) 354 Ending accretable yield $ 7,935 $ 29,634	Changes in accretable yield of PCI loans were as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Beginning accretable yield $ 42,435 $ 52,572 $ 66,639 Additions — 23,594 22,493 Dispositions (5,484 ) — — Changes in accretable yield 1,882 25,720 31,171 Accretion recognized in earnings (27,911 ) (61,809 ) (65,911 ) Deconsolidation (991 ) — — Effect of changes in foreign exchange rates (311 ) 2,358 (1,820 ) Ending accretable yield $ 9,620 $ 42,435 $ 52,572
Impairment and Allowance for Loan Losses	The allowance for loan losses and related carrying values of loans held for investment were as follows: March 31, 2019 December 31, 2018 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 18,115 $ 74,254 $ 18,304 $ 75,179 PCI loans 18,242 67,650 14,636 54,440 $ 36,357 $ 141,904 $ 32,940 $ 129,619 Changes in allowance for loan losses is presented below: Three Months Ended March 31, (In thousands) 2019 2018 Allowance for loan losses at January 1 $ 32,940 $ 52,709 Contribution to Colony Credit — (518 ) Provision for loan losses, net 3,611 5,375 Charge-off (194 ) (3,586 ) Allowance for loan losses at March 31 $ 36,357 $ 53,980	The allowance for loan losses and related carrying values of loans held for investment, excluding loans carried at fair value, were as follows: December 31, 2018 December 31, 2017 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 18,304 $ 75,179 $ 7,424 $ 138,136 PCI loans 14,636 54,440 45,285 169,789 $ 32,940 $ 129,619 $ 52,709 $ 307,925 Changes in allowance for loan losses is presented below: Year Ended December 31, (In thousands) 2018 2017 2016 Allowance for loan losses at January 1 $ 52,709 $ 67,980 $ 37,571 Contribution to Colony Credit (Note 4) (518 ) — — Deconsolidation (5,983 ) — — Provision for loan losses, net 43,034 19,741 34,864 Charge-off (56,302 ) (35,012 ) (4,455 ) Allowance for loan losses at December 31 $ 32,940 $ 52,709 $ 67,980
Provision For Loan Losses By Loan Type	Provision for loan losses by loan type is as follows: Three Months Ended March 31, (In thousands) 2019 2018 Non-PCI loans $ — $ 2,662 PCI loans 3,611 2,713 Total provision for loan losses, net $ 3,611 $ 5,375	Provision for loan losses by loan type is as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Non-PCI loans $ 22,557 $ 7,534 $ 5,815 PCI loans (1) 20,477 12,207 29,190 Total provision for loan losses, net $ 43,034 $ 19,741 $ 35,005 __________ (1) Net of recoveries in provision for loan losses on PCI loans of $4.1 million and $6.3 million for the year ended December 31, 2018 and 2017 , respectively. There were no recoveries in provision for loan losses on PCI loans for the year ended December 31, 2016.

Equity Investments (Tables)

Equity Investments (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	The Company's equity investments and debt securities, excluding those classified as held for sale, are represented by the following: (In thousands) March 31, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 2,282,817 $ 2,151,847 Private funds 129,451 124,826 2,412,268 2,276,673 Other equity investments Marketable equity securities 131,226 36,438 Investment ventures 96,612 95,196 Private fund and retail company 31,024 24,607 Total equity investments 2,671,130 2,432,914 Debt Securities N-Star CDO bonds, available for sale 64,410 64,127 CMBS of consolidated fund, at fair value 21,139 32,706 Total debt securities 85,549 96,833 Equity and debt investments $ 2,756,679 $ 2,529,747	The Company's investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected but excluding equity investments classified as held for sale, as follows: (In thousands) December 31, 2018 December 31, 2017 Equity method investments Investment ventures $ 2,151,847 $ 1,297,180 Private funds 124,826 227,034 2,276,673 1,524,214 Other equity investments Marketable equity securities of consolidated funds 26,754 35,600 Investment ventures 95,196 89,261 Private funds and retail companies 34,291 38,924 $ 2,432,914 $ 1,687,999
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 March 31, 2019 (1) Carrying Value at Investments Description March 31, 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% $ 1,027,345 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) 11.3% 88,058 87,696 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 100,386 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 221,183 219,913 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 502,023 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 109,905 109,393 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 14,191 9,525 Other investment ventures Interests in 17 investments at March 31, 2019 Various 171,046 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 178,131 81,085 $ 2,412,268 $ 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 ).	The following tables present selected combined financial information of the Company's equity method investees: Selected Combined Balance Sheet Information (In thousands) December 31, 2018 December 31, 2017 Total assets $ 15,499,159 $ 9,537,068 Total liabilities 9,803,705 5,357,936 Owners' equity 5,511,548 3,662,764 Noncontrolling interests 183,906 516,368 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2018 2017 2016 Total revenues $ 1,486,511 $ 1,519,728 $ 819,726 Net income (loss) 220,191 174,222 (32,493 ) Net income (loss) attributable to noncontrolling interests 23,878 (18,381 ) (3,494 ) Net income (loss) attributable to owners 196,313 192,603 (28,999 ) The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below: ($ in thousands) Ownership Interest at December 31, 2018 (1) Carrying Value at Investments Description December 31, 2018 December 31, 2017 Colony Credit Real Estate, Inc. Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (2) 36.6% $ 1,037,754 $ — NorthStar Realty Europe Corp Common equity in publicly traded equity REIT managed by the Company (2) 11.2% 87,696 73,578 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 95,418 105,082 Preferred equity Preferred equity investments with underlying real estate (3) NA 219,913 440,704 ADC investments Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures (4) Various 481,477 331,268 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 109,393 22,261 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 9,525 — Other investment ventures Interests in 18 investments, each with no more than $66 million carrying value at December 31, 2018 Various 154,412 187,420 Fair value option Interests in initial stage or real estate development ventures and limited partnership interests in private equity funds Various 81,085 363,901 $ 2,276,673 $ 1,524,214 __________ (1) The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements. (2) These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests without a stated ownership interest in other ADC investments. (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 10 ).

Debt Securities (Tables)

Debt Securities (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Available-for-sale 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 March 31, 2019 $ 65,732 $ 2,180 $ (3,502 ) $ 64,410 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 months ended March 31, 2018 . There were no dispositions in the three months ended March 31, 2019 . Three Months Ended March 31, (In thousands) 2018 Proceeds from sale $ 63,185 Gross realized gain (including $8,205 of unrealized gain transferred from AOCI) 8,384 Gross realized loss 499 Impairment of AFS Debt Securities The following table presents AFS debt securities that have been in a gross unrealized loss position: March 31, 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 $ 9,194 $ 409 $ 42,865 $ 3,093 $ 54,459 $ 4,951	The following table summarizes the Company's investment in debt securities. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2018 Available-for-sale debt securities: N-Star CDO bonds $ 67,513 $ 1,565 $ (4,951 ) $ 64,127 CMBS of consolidated fund 32,706 $ 96,833 December 31, 2017 Available-for-sale debt securities: CRE securities of consolidated N-Star CDOs (2) : CMBS $ 144,476 $ 3,999 $ (530 ) $ 147,945 Other securities (3) 61,302 5,994 (313 ) 66,983 N-Star CDO bonds 88,374 2,778 (219 ) 90,933 CMBS and other securities (1) 13,829 3,739 (186 ) 17,382 307,981 16,510 (1,248 ) 323,243 CMBS of consolidated fund 25,099 $ 348,342 __________ (1) Other securities include a trust preferred security and certain investments in other third party CDO bonds. (2) Carrying value of CDO bonds in consolidated N-Star CDOs was $215.5 million at December 31, 2017 . (3) Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities.
Realized gains recorded in other gain, net		Realized gains (losses) from sale of debt securities are recorded in other gain (loss), as follows. Year Ended December 31, (In thousands) 2018 2017 Available-for-sale debt securities: Proceeds from sale $ 78,197 $ 30,279 Gross realized gain 11,304 951 Gross realized (loss) (592 ) —
AFS securities in a gross unrealized loss position		The following table presents AFS debt securities in a gross unrealized loss position: December 31, 2018 December 31, 2017 Less Than 12 Months Less Than 12 Months (In thousands) Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss CRE securities of consolidated N-Star CDOs: CMBS $ — $ — $ 2,229 $ (530 ) Other securities — — 8,218 (313 ) N-Star CDO bonds 54,459 (4,951 ) 13,392 (219 ) CMBS and other securities — — 12,956 (186 ) $ 54,459 $ (4,951 ) $ 36,795 $ (1,248 )
Purchased credit-impaired debt securities		Certain debt securities acquired by the Company through the Merger, consisting of certain N-Star CDOs, other CDOs and CMBS securities, were considered to be credit-impaired at acquisition, with the following outstanding balance: (In thousands) December 31, 2018 December 31, 2017 Outstanding principal $ 213,929 $ 411,174 Amortized cost 2,757 26,761 Carrying value 3,619 31,789 PCI debt securities are recorded at their initial investment and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured at acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the security. The difference between contractually required payments at the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, reflects the estimated future credit losses expected to be incurred over the life of the security and is not accreted to interest income nor recorded on the balance sheet. Subsequent decreases in undiscounted expected cash flows attributable to further credit deterioration as well as changes in expected timing of future cash flows can result in recognition of OTTI. Information about these PCI debt securities upon acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 574,088 Less: Nonaccretable difference (449,261 ) Cash flows expected to be collected 124,827 Less: Accretable yield (70,283 ) Fair value of PCI debt securities acquired $ 54,544 The following table presents changes in accretable yield related to these PCI debt securities. Year Ended December 31, (In thousands) 2018 2017 Beginning accretable yield $ 44,610 $ — Assumed through the Merger — 70,283 Accretion recognized in earnings (3,489 ) (12,461 ) Reduction due to payoffs, disposals or deconsolidation (17,081 ) (8,963 ) Net reclassifications to nonaccretable difference (1) (24,040 ) (4,249 ) Ending accretable yield $ — $ 44,610 __________ (1) Includes reclassifications to nonaccretable difference for PCI securities for which cash flows can no longer be reasonably estimated.

Goodwill, Deferred Leasing Co_2

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill		The following table presents changes in the carrying value of goodwill, which resides in the investment management segment. Year Ended December 31, (In thousands) 2018 2017 2016 Beginning balance $ 1,514,561 $ 660,127 $ 658,267 Business combinations (1) — 1,440,229 1,860 Transfer to held for sale (2) — (20,000 ) — Disposition (3) — (249,795 ) — Impairment — (316,000 ) — Ending balance (4) $ 1,514,561 $ 1,514,561 $ 660,127 __________ (1) Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination. (2) Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale in 2017 (Note 10 ). The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018. (3) Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, subsequently transferred to held for sale and sold on December 29, 2017. (4) Total goodwill amount is not deductible for income tax purposes.
Schedule of Deferred Leasing Costs and Other Intangibles	Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities The Company's deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, are as follows. March 31, 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 $ 168,570 $ (61,842 ) $ 106,728 $ 170,869 $ (55,103 ) $ 115,766 Above-market lease values 111,862 (32,327 ) 79,535 111,903 (29,497 ) 82,406 Below-market ground lease obligations (2) — — — 16,258 (984 ) 15,274 Deferred leasing costs 18,973 (4,862 ) 14,111 17,154 (4,465 ) 12,689 Lease incentives 14,169 (1,385 ) 12,784 14,169 (1,134 ) 13,035 Trade name (3) 15,500 — 15,500 15,500 — 15,500 Investment management contracts 194,698 (100,445 ) 94,253 194,698 (92,618 ) 102,080 Customer relationships 49,291 (15,863 ) 33,428 49,291 (15,027 ) 34,264 Other (4) 41,664 (1,945 ) 39,719 59,157 (4,241 ) 54,916 Total deferred leasing costs and intangible assets $ 614,727 $ (218,669 ) $ 396,058 $ 648,999 $ (203,069 ) $ 445,930 Intangible Liabilities Below-market lease values $ 175,673 $ (47,346 ) $ 128,327 $ 176,013 $ (42,895 ) $ 133,118 Above-market ground lease obligations (2) — — — 15,909 (1,557 ) 14,352 Total intangible liabilities $ 175,673 $ (47,346 ) $ 128,327 $ 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)	The Company's deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, are as follows. December 31, 2018 December 31, 2017 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 170,869 $ (55,103 ) $ 115,766 $ 162,804 $ (54,646 ) $ 108,158 Above-market lease values 111,903 (29,497 ) 82,406 146,402 (20,675 ) 125,727 Below-market ground lease obligations 16,258 (984 ) 15,274 29,625 (316 ) 29,309 Deferred leasing costs 17,154 (4,465 ) 12,689 43,599 (6,127 ) 37,472 Lease incentives 14,169 (1,134 ) 13,035 14,169 (136 ) 14,033 Trade name (2) 15,500 — 15,500 79,700 (3,131 ) 76,569 Investment management contracts 194,698 (92,618 ) 102,080 342,127 (70,394 ) 271,733 Customer relationships 49,291 (15,027 ) 34,264 59,400 (10,421 ) 48,979 Other (3) 59,157 (4,241 ) 54,916 54,061 (2,041 ) 52,020 Total deferred leasing costs and intangible assets $ 648,999 $ (203,069 ) $ 445,930 $ 931,887 $ (167,887 ) $ 764,000 Intangible Liabilities Below-market lease values $ 176,013 $ (42,895 ) $ 133,118 $ 191,062 $ (24,563 ) $ 166,499 Above-market ground lease obligations 15,909 (1,557 ) 14,352 13,246 (698 ) 12,548 Total intangible liabilities $ 191,922 $ (44,452 ) $ 147,470 $ 204,308 $ (25,261 ) $ 179,047 __________ (1) For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed twelve months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Amounts are presented net of impairments and write-offs, including contracts written off in connection with the Combination (Notes 4 and 14 ). (2) The Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. The NorthStar trade name, prior to its write-off in June 2018, was amortized over an estimated useful life of 20 years. (3)
Schedule of Expected Annual Amortization Expenses	The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 15 ). Three Months Ended March 31, (In thousands) 2019 2018 Above-market lease values $ (2,733 ) $ (4,493 ) Below-market lease values 4,888 5,969 Lease incentives (252 ) (242 ) Net increase (decrease) to rental income $ 1,903 $ 1,234 Above-market ground lease obligations $ — $ (286 ) Below-market ground lease obligations — 463 Net increase (decrease) to ground rent expense $ — $ 177 In-place lease values $ 7,102 $ 8,291 Deferred leasing costs 1,569 847 Trade name — 804 Investment management contracts 7,827 5,686 Customer relationships 836 1,152 Other 252 515 Amortization expense $ 17,586 $ 17,295	The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 18 ): Year Ended December 31, (In thousands) 2018 2017 2016 Above-market lease values $ (27,299 ) $ (20,787 ) $ (2,611 ) Below-market lease values 31,019 35,484 3,126 Lease incentives (997 ) (136 ) — Net increase (decrease) to rental income $ 2,723 $ 14,561 $ 515 Above-market ground lease obligations $ (919 ) $ (746 ) $ 482 Below-market ground lease obligations 669 854 — Net increase (decrease) to ground rent expense $ (250 ) $ 108 $ 482 In-place lease values $ 28,047 $ 59,142 $ 16,971 Deferred leasing costs 3,419 5,801 2,795 Trade name 1,606 3,682 — Investment management contracts 22,386 38,640 11,446 Customer relationships 4,606 12,514 3,343 Other 2,291 10,215 — Amortization expense $ 62,355 $ 129,994 $ 34,555
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 related liabilities held for sale: Year Ending December 31, (In thousands) Remaining 2019 2020 2021 2022 2023 2024 and Thereafter Total (1) Net increase (decrease) to rental income $ 5,804 $ 7,499 $ 8,451 $ 7,964 $ 8,708 $ (2,418 ) $ 36,008 Amortization expense 91,971 36,735 30,899 23,392 17,318 59,002 259,317 __________ (1) Excludes $9.9 million net increase to rental income and $147.3 million amortization expense related to deferred leasing costs and intangible assets and intangible liabilities of the industrial segment that is held for sale.	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 related liabilities held for sale: Year Ending December 31, (In thousands) 2019 2020 2021 2022 2023 2024 and Thereafter Total (1) Net increase (decrease) to rental income $ 7,863 $ 7,466 $ 8,369 $ 7,932 $ 8,636 $ (2,589 ) $ 37,677 Net increase (decrease) to rent expense (220 ) (218 ) (213 ) (210 ) (218 ) 2,001 922 Amortization expense 106,698 35,953 30,150 25,979 24,516 67,301 290,597 __________ (1) Excludes $8.3 million net increase to rental income, $0.1 million net decrease to rent expense, and $90.9 million amortization expense related to deferred leasing costs and intangible assets and intangible liabilities of the industrial segment that is held for sale.

Assets and Related Liabilitie_2

Assets and Related Liabilities Held For Sale (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long Lived Assets and Liabilities Held-for-sale	The Company's assets and related liabilities held for sale are summarized below: (In thousands) March 31, 2019 December 31, 2018 Assets Restricted cash $ 5,192 $ 6,213 Real estate, net 4,635,406 3,645,406 Equity investment 12,937 13,422 Goodwill 20,000 20,000 Intangible assets, net 166,187 135,924 Other assets 226,641 146,380 Due from affiliates 2,472 2,290 Total assets held for sale $ 5,068,835 $ 3,969,635 Liabilities Debt, net $ 1,909,386 $ 1,064,585 Lease intangibles and other liabilities, net 114,725 153,910 Total liabilities related to assets held for sale $ 2,024,111 $ 1,218,495	The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2018 December 31, 2017 Assets Restricted cash $ 6,213 $ 5,186 Real estate, net 3,645,406 3,171,777 Equity investment 13,422 2,840 Goodwill (1) 20,000 40,000 Intangible assets, net 135,924 126,209 Other assets 146,380 61,361 Due from affiliates 2,290 1,157 Total assets held for sale $ 3,969,635 $ 3,408,530 Liabilities Debt, net $ 1,064,585 $ 1,198,363 Lease intangibles and other liabilities, net 153,910 149,749 Total liabilities related to assets held for sale $ 1,218,495 $ 1,348,112 __________ (1) Goodwill is associated with the broker-dealer and the industrial businesses. The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018.

Restricted Cash, Other Assets_2

Restricted Cash, Other Assets and Other Liabilities (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Schedule of Restricted Cash	The following table summarizes the Company's restricted cash balance: (In thousands) March 31, 2019 December 31, 2018 Capital expenditures reserves (1) $ 170,042 $ 214,863 Real estate escrow reserves (2) 43,766 49,702 Borrower escrow deposits 15,653 10,412 Working capital and other reserves (3) 14,522 19,586 Tenant lock boxes (4) 17,989 15,666 Other 61,531 54,376 Total restricted cash $ 323,503 $ 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.	The following table summarizes the Company's restricted cash balance: (In thousands) December 31, 2018 December 31, 2017 Capital expenditures reserves (1) $ 214,863 $ 248,668 Real estate escrow reserves (2) 49,702 39,198 Borrower escrow deposits 10,412 41,545 Working capital and other reserves (3) 19,586 23,043 Tenant lock boxes (4) 15,666 16,486 Restricted cash of consolidated N-Star CDOs (5) — 13,656 Other 54,376 84,316 Total restricted cash $ 364,605 $ 466,912 __________ (1) Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets. (2) Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets. (3) Represents reserves for working capital and property development expenditures, as well as in connection with letter of credit provisions, as required in joint venture arrangements with the Federal Deposit Insurance Corporation. (4) Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt. (5) Balance at December 31, 2017
Schedule of Allowance for Doubtful Accounts	The following table summarizes the Company's accrued and other liabilities: (In thousands) March 31, 2019 December 31, 2018 Tenant security deposits and payable $ 14,220 $ 15,135 Borrower escrow deposits 18,885 13,001 Deferred income (1) 18,255 27,124 Interest payable 40,778 40,622 Derivative liabilities (Note 10) 304,678 132,808 Contingent consideration—THL Hotel Portfolio (Note 11) 9,312 8,903 Share repurchase payable (2) — 7,567 Current and deferred income tax liability 105,477 92,808 Operating lease liability (Note 20) 115,678 — Accrued compensation 33,939 79,320 Accrued carried interest and contractual incentive fee compensation 8,675 7,486 Accrued real estate and other taxes 47,452 38,714 Accounts payable and accrued expenses 113,234 91,244 Other liabilities 127,710 79,412 Total accrued and other liabilities $ 958,293 $ 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 March 31, 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.	The following table summarizes the Company's accrued and other liabilities: (In thousands) December 31, 2018 December 31, 2017 Tenant security deposits and payable $ 15,135 $ 14,657 Borrower escrow deposits 13,001 46,231 Deferred income (1) 27,124 30,819 Interest payable 40,622 42,462 Derivative liabilities (Note 13) 132,808 204,848 Contingent consideration—THL Hotel Portfolio (Note 3) 8,903 7,419 Share repurchase payable (2) 7,567 — Current and deferred income tax liability 92,808 165,882 Accrued compensation 79,320 77,483 Accrued carried interest and contractual incentive fee compensation 7,486 — Accrued real estate and other taxes 38,714 52,714 Other accrued expenses 80,794 96,306 Accounts payable and other liabilities 89,862 98,046 Total accrued and other liabilities $ 634,144 $ 836,867 __________ (1) Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $3.2 million at December 31, 2018 and $2.7 million at December 31, 2017 , which will be recognized as fee income on a straight-line basis through 2025 . Adoption of the new revenue recognition standard had resulted in approximately $1.6 million increase to deferred management fee income on January 1, 2018. For the year ended December 31, 2018 , $0.6 million relating to the deferred asset management fee balance at January 1, 2018 was recognized as fee income. (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets: (In thousands) March 31, 2019 December 31, 2018 Interest receivable $ 11,961 $ 14,005 Straight-line rents 34,350 34,931 Hotel-related deposits and reserves (1) 15,728 21,636 Investment deposits and pending deal costs 27,465 27,534 Deferred financing costs, net (2) 4,797 5,467 Derivative assets (Note 10) 29,679 33,558 Prepaid taxes and deferred tax assets, net 58,846 71,656 Receivables from resolution of investments (3) 32,624 30,770 Operating lease right-of-use asset 115,876 — Accounts receivable (4) 85,714 58,830 Prepaid expenses 34,196 23,771 Other assets 69,022 30,604 Fixed assets, net 45,840 47,381 Total other assets $ 566,098 $ 400,143 __________ (1) Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) 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.	The following table summarizes the Company's other assets: (In thousands) December 31, 2018 December 31, 2017 Interest receivable $ 14,005 $ 21,529 Straight-line rents 34,931 20,934 Hotel-related deposits and reserves (1) 21,636 29,208 Investment deposits and pending deal costs 27,534 1,186 Deferred financing costs, net (2) 5,467 8,324 Contingent consideration escrow account (3) — 15,730 Derivative assets (Note 13) 33,558 10,152 Prepaid taxes and deferred tax assets, net 71,656 78,957 Receivables from resolution of investments (4) 30,770 15,215 Accounts receivable (5) 58,830 84,725 Prepaid expenses 23,771 26,306 Other assets 30,604 20,296 Fixed assets, net 47,381 53,632 Total other assets $ 400,143 $ 386,194 __________ (1) Represents reserves held by the Company's third party managers at certain of the Company's hotel properties to fund furniture, fixtures and equipment expenditures. Funding is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Contingent consideration escrow account holds certificates of deposit and cash for dividends paid on OP Units held in escrow for the contingent consideration that may be earned by certain executives in connection with the acquisition of the investment management business of Colony's former manager (Note 14 ). Upon final measurement of the contingent consideration at the end of its earnout period on June 30, 2018, the final amount of dividends on class A common stock and OP Units payable to the executives was determined to be $6.4 million , which was settled in August 2018, and the remaining escrow balance was released back to the Company. (4) Represents primarily proceeds from loan repayments held in escrow and sales of marketable equity securities pending settlement. (5) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables.

Debt (Tables)

Debt (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consists of the following components, excluding debt classified as held for sale (Note 7 ). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured and Unsecured Debt (2) Junior Subordinated Notes Total Debt March 31, 2019 Debt at amortized cost Principal $ — $ 616,105 $ 8,089,396 $ 280,117 $ 8,985,618 Premium (discount), net — 2,586 (33,157 ) (80,554 ) (111,125 ) Deferred financing costs — (6,073 ) (65,018 ) — (71,091 ) $ — $ 612,618 $ 7,991,221 $ 199,563 $ 8,803,402 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 $356.5 million at March 31, 2019 and $425.9 million at December 31, 2018 were not classified as held for sale but were related to financing on assets held for sale. The following table summarizes certain information about the different components of debt carried at amortized cost, excluding debt classified as held for sale (Note 7 ). Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend has been met on balance sheet date and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ 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 March 31, 2019 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.8 $ — N/A 2.8 Convertible and exchangeable senior notes 616,105 4.27 % 2.8 — N/A N/A 616,105 4.27 % 2.8 Junior subordinated debt — N/A N/A 280,117 5.46 % 17.2 280,117 5.46 % 17.2 Secured debt (1) 36,660 5.02 % 6.7 — N/A N/A 36,660 5.02 % 6.7 652,765 280,117 932,882 Non-recourse Secured and unsecured debt Healthcare (2) (3) 2,130,999 4.62 % 1.7 1,112,944 6.54 % 3.1 3,243,943 5.28 % 2.2 Hospitality 12,559 13.01 % 2.4 2,646,977 5.60 % 3.7 2,659,536 5.64 % 3.7 Other Real Estate Equity (2) 181,384 4.23 % 3.6 1,682,195 4.38 % 3.2 1,863,579 4.36 % 3.2 Real Estate Debt — N/A N/A 285,678 4.59 % 2.6 285,678 4.59 % 2.6 2,324,942 5,727,794 8,052,736 $ 2,977,707 $ 6,007,911 $ 8,985,618 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 Secured debt 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 represents two promissory notes secured by the Company's aircraft. (2) Mortgage debt in the healthcare and other real estate equity segment with an aggregate outstanding principal of $460.2 million at March 31, 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) $1.725 billion outstanding principal of non-recourse fixed rate mortgage debt on certain properties in our U.S. healthcare portfolio is scheduled to mature in December 2019. The Company continues to evaluate its options in connection with the scheduled debt maturity. In the fourth quarter of 2018, the Company had impaired the real estate collateralizing the debt by $109.1 million based on a reassessment of the expected hold period, taking into consideration the upcoming debt maturity (see Note 11 ). The Company will continue to re-evaluate certain assumptions, including with respect to the hold period of the real estate collateralizing the debt, which could result in further impairment of the underlying real estate in a future period. At March 31, 2019 , carrying value of the real estate collateralizing the debt was approximately $2.5 billion .	The Company's debt consists of the following components, excluding debt classified as held for sale (Note 10 ): (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured and Unsecured Debt (2) Securitization Bonds Payable (3) Junior Subordinated Notes Total Debt December 31, 2018 Debt at amortized cost Principal $ — $ 616,105 $ 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 December 31, 2017 Debt at amortized cost Principal $ 50,000 $ 616,105 $ 8,777,940 $ 391,231 $ 280,117 $ 10,115,393 Premium (discount), net — 3,131 (78,634 ) (87,319 ) (83,064 ) (245,886 ) Deferred financing costs — (8,905 ) (78,589 ) (203 ) — (87,697 ) 50,000 610,331 8,620,717 303,709 197,053 9,781,810 Debt at fair value (4) — — — 44,542 — 44,542 $ 50,000 $ 610,331 $ 8,620,717 $ 348,251 $ 197,053 $ 9,826,352 __________ (1) Deferred financing costs related to the corporate credit facility are included in other assets. (2) Debt principal totaling $425.9 million at December 31, 2018 and $216.6 million at December 31, 2017 were not classified as held for sale but were related to financing on assets held for sale. (3) Represents bonds payable issued by securitization trusts consolidated by the Company at December 31, 2017 (Note 15 ). Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. The Company contributed its interests in three securitization trusts to Colony Credit upon closing of the Combination in the first quarter of 2018. In the second quarter of 2018, the Company sold its equity interests in two securitization trusts to third parties, resulting in a deconsolidation of these securitization trusts, while the underlying assets of the remaining securitization trust was liquidated. At December 31, 2018 , the Company no longer has any consolidated securitization trusts. (4) Debt at fair value at December 31, 2017 represents a securitization trust that was consolidated by a N-Star CDO and the N-Star CDO was in turn consolidated by the Company. The Company had elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 14 ). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost, excluding debt classified as held for sale (Note 10 ). Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity Outstanding Principal Weighted Average Interest Rate (Per Annum) Weighted Average Years Remaining to Maturity December 31, 2018 Recourse Corporate credit facility $ — N/A N/A $ — N/A 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 Secured debt (2) Healthcare (3) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 Hospitality 12,019 12.99 % 2.6 2,636,053 5.68 % 3.8 2,648,072 5.71 % 3.8 Other Real Estate Equity 200,814 4.02 % 3.8 1,789,431 4.43 % 3.6 1,990,245 4.39 % 3.7 Real Estate Debt — N/A N/A 359,511 4.50 % 2.4 359,511 4.50 % 2.4 2,343,832 5,894,676 8,238,508 $ 2,997,136 $ 6,174,793 $ 9,171,929 December 31, 2017 Recourse Corporate credit facility $ — N/A N/A $ 50,000 3.51 % 3.0 $ 50,000 3.51 % 3.0 Convertible and exchangeable senior notes 616,105 4.27 % 4.0 — N/A N/A 616,105 4.27 % 4.0 Junior subordinated debt — N/A N/A 280,117 4.56 % 18.4 280,117 4.56 % 18.4 Secured debt (1) 39,219 5.02 % 7.9 — N/A N/A 39,219 5.02 % 7.9 655,324 330,117 985,441 Non-recourse Securitization bonds payable 30,132 3.45 % 29.9 361,099 3.02 % 28.4 391,231 3.05 % 28.5 Secured debt (2) Healthcare 2,168,936 4.65 % 2.9 1,119,320 5.75 % 3.0 3,288,256 5.03 % 3.0 Hospitality 9,038 11.00 % 3.6 2,599,681 4.67 % 3.7 2,608,719 4.69 % 3.7 Other Real Estate Equity 374,789 4.07 % 5.5 1,841,209 4.02 % 4.4 2,215,998 4.03 % 4.6 Real Estate Debt — N/A N/A 625,748 4.05 % 3.3 625,748 4.05 % 3.3 2,582,895 6,547,057 9,129,952 $ 3,238,219 $ 6,877,174 $ 10,115,393 __________ (1) The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft. (2) Mortgage debt in the healthcare segment and other real estate equity segment with an aggregate outstanding principal of $538.5 million at December 31, 2018 and $384.5 million at December 31, 2017 was either in payment default or was not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders and the tenants to restructure the debt and leases, as applicable, or otherwise refinance the debt. (3) In November 2018, the Company applied proceeds from the refinancing of a select portfolio of medical office buildings to repay in full a $100.5 million floating rate component of a $1.8 billion non-recourse mortgage debt on certain properties in the U.S. healthcare portfolio. The remaining $1.7 billion fixed rate component of the debt is scheduled to mature in December 2019. The Company is currently evaluating its options in connection with the scheduled debt maturity. In the fourth quarter of 2018, the Company impaired the real estate collateralizing the debt by $109.1 million based on a reassessment of the expected hold period, taking into consideration the upcoming debt maturity (see Note 14 ). In pursuing the options available to the Company in connection with the scheduled debt maturity, the Company will continue to re-evaluate certain assumptions, including with respect to the holding period of the real estate collateralizing the debt, which could result in further impairment of the underlying real estate in a future period. At December 31, 2018 , carrying value of the real estate collateralizing the remaining debt maturing in December 2019 was $2.5 billion .
Convertible Senior Notes Issued	Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (2) (In Shares) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal March 31, 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 (1) June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) Represents initial date of issuance of exchangeable senior notes by NRF prior to the Merger. (2) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note.	Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (2) (In Shares) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal December 31, 2018 December 31, 2017 5.00% Convertible Notes April 2013 April 15, 2023 5.00 $ 15.76 63.4700 12,694 April 22, 2020 $ 200,000 $ 200,000 3.875% Convertible Notes January and June 2014 January 15, 2021 3.875 16.57 60.3431 24,288 January 22, 2019 402,500 402,500 5.375% Exchangeable Notes June 2013 (1) June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) Represents initial date of issuance of exchangeable senior notes by NRF prior to the Merger. (2) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note.
Schedule of Future Minimum Principal Payment		The following table summarizes future scheduled minimum principal payments of debt at December 31, 2018 , excluding industrial secured debt of $1.1 billion classified as held for sale. Future debt principal payments are presented based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral. (In thousands) Corporate Credit Facility Convertible and Exchangeable Senior Notes Secured Debt Junior Subordinated Notes Total Year Ending December 31, 2019 $ — $ — $ 2,468,141 $ — $ 2,468,141 2020 — — 625,678 — 625,678 2021 — 402,500 943,297 — 1,345,797 2022 — — 2,820,212 — 2,820,212 2023 — 200,000 180,289 — 380,289 2024 and thereafter — 13,605 1,238,090 280,117 1,531,812 Total $ — $ 616,105 $ 8,275,707 $ 280,117 $ 9,171,929
Schedule Of Interest Incurred And Capitalized On Real Estate Under Development Or Construction	Total interest incurred on the Company's debt, which includes debt presented as held for sale and encompasses interest capitalized on real estate under development or construction, was as follows: Three Months Ended March 31, (In thousands) 2019 2018 Interest expensed (includes interest presented as discontinued operations in Note 15) $ 149,516 $ 148,889 Interest capitalized 1,046 429 Total interest incurred $ 150,562 $ 149,318	Total interest incurred on the Company's debt, which includes debt presented as held for sale and encompasses interest capitalized on real estate under development or construction beginning in 2018, was as follows: Year Ended December 31, (In thousands) 2018 2017 2016 Interest expensed (includes interest presented as discontinued operations in Note 18) $ 595,551 $ 574,822 $ 170,083 Interest capitalized 5,554 — — Total interest incurred $ 601,105 $ 574,822 $ 170,083

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross fair value of derivative assets and liabilities	Fair value of derivative assets and derivative liabilities were as follows: March 31, 2019 December 31, 2018 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 25,819 $ 907 $ 26,726 $ 31,127 $ 1,069 $ 32,196 Interest rate contracts 237 157 394 862 500 1,362 Performance swaps — 2,622 2,622 — — — Included in other assets $ 26,056 $ 3,686 $ 29,742 $ 31,989 $ 1,569 $ 33,558 Derivative Liabilities Foreign exchange contracts $ 6,965 $ 891 $ 7,856 $ 6,193 $ 211 $ 6,404 Interest rate contracts 55 185,519 185,574 — 126,404 126,404 Forward contracts — 111,284 111,284 — — — Included in accrued and other liabilities $ 7,020 $ 297,694 $ 304,714 $ 6,193 $ 126,615 $ 132,808	Fair value of derivative assets and derivative liabilities were as follows: December 31, 2018 December 31, 2017 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 31,127 $ 1,069 $ 32,196 $ 8,009 $ 975 $ 8,984 Interest rate contracts 862 500 1,362 — 1,168 1,168 Included in other assets $ 31,989 $ 1,569 $ 33,558 $ 8,009 $ 2,143 $ 10,152 Derivative Liabilities Foreign exchange contracts $ 6,193 $ 211 $ 6,404 $ 39,101 $ 5,307 $ 44,408 Interest rate contracts — 126,404 126,404 — 160,440 160,440 Included in accrued and other liabilities $ 6,193 $ 126,615 $ 132,808 $ 39,101 $ 165,747 $ 204,848
Schedule of foreign exchange contracts	The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at March 31, 2019 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 84,050 € 613 Min $1.06 / Max $1.53 October 2019 to November 2020 GBP FX Collar £ 40,228 £ 1,962 Min $1.45 / Max $1.82 June 2019 to December 2019 EUR FX Forward € 476,530 € 10,803 Min $1.10 / Max $1.38 April 2019 to February 2024 GBP FX Forward £ 90,445 £ 26,490 Min $1.24 / Max $1.33 May 2019 to December 2020	The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2018 , along with certain key terms: Hedged Currency Instrument Type Notional Amount FX Rates Range of Expiration Dates Designated Non-Designated EUR FX Collar € 84,549 € 114 Min $1.06/ Max $1.53 October 2019 to November 2020 GBP FX Collar £ 39,881 £ 2,309 Min $1.45 / Max $1.82 June 2019 to December 2019 EUR FX Forward € 431,874 € 14,944 Min $1.10 / Max $1.38 January 2019 to December 2023 GBP FX Forward £ 88,313 £ 26,257 Min $1.24 / Max $1.29 May 2019 to December 2020
Schedule of net investment hedges included in accumulated other comprehensive income (loss)	Release of accumulated other comprehensive income ("AOCI") related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to other gain (loss) as summarized below. Three Months Ended March 31, (In thousands) 2019 2018 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 240 $ 2,583 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 March 31, (In thousands) 2019 2018 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ (419 ) $ (2,882 )	Release of accumulated other comprehensive income ("AOCI") related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to other gain (loss) as summarized below. Year Ended December 31, (In thousands) 2018 2017 2016 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 7,426 $ (3,931 ) 62 Non-Designated Hedges At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments. Any unrealized gain or loss on the dedesignated portion of net investment hedges is recorded in other gain (loss). Year Ended December 31, (In thousands) 2018 2017 2016 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ 3,726 $ (3,928 ) 1,600
Schedule of interest rate derivatives	At March 31, 2019 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Expiration Interest rate swap (1) $ — $ 2,000,000 3-Month LIBOR 3.39% December 2019 Interest rate swap $ 300,000 $ — 1-Month LIBOR 2.15% February 2022 to February 2024 Interest rate caps $ — $ 4,427,714 1-Month LIBOR 3.0% - 4.5% June 2019 to March 2021 Interest rate caps € 247,513 € 441,151 3-Month EURIBOR 1.0% - 1.5% October 2019 to November 2023 Interest rate caps £ — £ 363,716 3-Month GBP LIBOR 1.5% - 2.5% November 2019 to February 2020 Deliverable swap futures $ — $ 14,000 (2) (2) June 2019 __________ (1) Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019. (2) A consolidated sponsored investment company sold a 10 -year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities. The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts: Three Months Ended March 31, (In thousands) 2019 2018 Unrealized gain (loss): Non-designated interest rate contracts $ (59,526 ) $ 56,657	At December 31, 2018 , the Company held the following interest rate contracts: Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Expiration Interest rate swap (1) $ — $ 2,000,000 3-Month LIBOR 3.39% December 2019 Interest rate caps $ — $ 4,009,957 1-Month LIBOR 3.0% - 4.5% January 2019 to December 2020 Interest rate caps $ — $ 52,155 3-Month LIBOR 2.24% March 2019 Interest rate caps € 247,513 € 441,151 3-Month EURIBOR 0.75% - 1.5% October 2019 to November 2023 Interest rate caps £ — £ 363,716 3-Month GBP LIBOR 1.5% - 2.5% November 2019 to February 2020 Deliverable swap futures $ — $ 19,000 (2) (2) March 2019 __________ (1) Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019. (2) A consolidated sponsored investment company sold a 10 -year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities. The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts: Year Ended December 31, (In thousands) 2018 2017 2016 Unrealized gain (loss): Cash flow hedge ineffectiveness $ — $ — $ (401 ) Non-designated interest rate contracts 33,307 (15,080 ) (1,455 )
Offsetting derivative assets	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross 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 March 31, 2019 Derivative Assets Foreign exchange contracts $ 26,726 $ (487 ) $ — $ 26,239 Interest rate contracts 394 (228 ) — 166 Performance swaps 2,622 (2,622 ) — — $ 29,742 $ (3,337 ) $ — $ 26,405 Derivative Liabilities Foreign exchange contracts $ (7,856 ) $ 487 $ — $ (7,369 ) Interest rate contracts (185,574 ) 228 31,394 (153,952 ) Forward contract (111,284 ) 2,622 10,000 (98,662 ) $ (304,714 ) $ 3,337 $ 41,394 $ (259,983 ) 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 )	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Pledged December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 ) December 31, 2017 Derivative Assets Foreign exchange contracts $ 8,984 $ (8,944 ) $ — $ 40 Interest rate contracts 1,168 (4 ) — 1,164 $ 10,152 $ (8,948 ) $ — $ 1,204 Derivative Liabilities Foreign exchange contracts $ (44,408 ) $ 8,944 $ — $ (35,464 ) Interest rate contracts (160,440 ) 4 1,900 (158,536 ) $ (204,848 ) $ 8,948 $ 1,900 $ (194,000 )
Offsetting derivative liabilities	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross 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 March 31, 2019 Derivative Assets Foreign exchange contracts $ 26,726 $ (487 ) $ — $ 26,239 Interest rate contracts 394 (228 ) — 166 Performance swaps 2,622 (2,622 ) — — $ 29,742 $ (3,337 ) $ — $ 26,405 Derivative Liabilities Foreign exchange contracts $ (7,856 ) $ 487 $ — $ (7,369 ) Interest rate contracts (185,574 ) 228 31,394 (153,952 ) Forward contract (111,284 ) 2,622 10,000 (98,662 ) $ (304,714 ) $ 3,337 $ 41,394 $ (259,983 ) 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 )	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Gross Amounts Not Offset on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) (In thousands) (Assets) Liabilities Cash Collateral Pledged December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 ) December 31, 2017 Derivative Assets Foreign exchange contracts $ 8,984 $ (8,944 ) $ — $ 40 Interest rate contracts 1,168 (4 ) — 1,164 $ 10,152 $ (8,948 ) $ — $ 1,204 Derivative Liabilities Foreign exchange contracts $ (44,408 ) $ 8,944 $ — $ (35,464 ) Interest rate contracts (160,440 ) 4 1,900 (158,536 ) $ (204,848 ) $ 8,948 $ 1,900 $ (194,000 )

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected, but excluding financial assets under the NAV practical expedient, 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 March 31, 2019 Assets Equity method investments $ — $ — $ 178,131 $ 178,131 Marketable equity securities 131,226 — — 131,226 Debt securities available for sale — N-Star CDO bonds — — 64,410 64,410 CMBS of consolidated fund — 21,139 — 21,139 Other assets—derivative assets — 29,742 — 29,742 Liabilities Other liabilities — derivative liabilities — 304,714 — 304,714 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,312 9,312 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	The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected but excluding financial assets under the NAV practical expedient. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Equity securities of consolidated funds 26,754 — — 26,754 Debt securities available for sale — N-Star CDO bonds — — 64,127 64,127 CMBS of consolidated fund — 32,706 — 32,706 Other assets—derivative assets — 33,558 — 33,558 Liabilities Other liabilities — derivative liabilities — 132,808 — 132,808 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,903 8,903 Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2017 Assets Loans receivable—securitized loans $ — $ — $ 45,423 $ 45,423 Equity method investments — — 363,901 363,901 Equity securities of consolidated fund 35,600 — — 35,600 Debt securities available for sale CRE securities of consolidated N-Star CDOs: CMBS — — 147,945 147,945 Other securities — — 66,983 66,983 N-Star CDO bonds — — 90,933 90,933 CMBS and other securities — — 17,382 17,382 CMBS of consolidated fund — 25,099 — 25,099 Other assets—derivative assets — 10,152 — 10,152 Liabilities Debt—securitization bonds payable — — 44,542 44,542 Other liabilities — derivative liabilities — 204,848 — 204,848 Other liabilities—contingent consideration for THL Hotel Portfolio — — 7,419 7,419 Due to affiliates—contingent consideration for Internalization — — 20,650 20,650
Schedule of Fair Value Assumptions Related to Contingent Consideration	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) March 31, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,354 Transaction price and NAV (2) N/A N/A N/A Equity method investments—other 18,569 Discounted cash flows Discount rate 18.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.5x (3) Equity method investments—other 129,208 Transaction price (4) N/A N/A N/A N-Star CDO bonds 64,410 Discounted cash flows Discount rate 22.2% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,312 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 multi-family development during the development stage and pending certificate of occupancy. 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 Grant 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 % 7.3 % Risk-free rate (per annum) (3) 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.	The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates. Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows. Valuation Technique Key Unobservable Inputs Input Value Effect on Fair Value from Increase in Input Value (1) Financial Instrument Fair Value (In thousands) Weighted Average (Range) December 31, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) Not applicable Not applicable Not applicable Equity method investments—other 21,831 Discounted cash flows Discount rate 17.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.8x Increase Equity method investments—other 28,346 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 64,127 Discounted cash flows Discount rate 21.6% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,903 Discounted cash flows Discount rate 20.0% Decrease December 31, 2017 Level 3 Assets Equity method investments—third party private equity funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Equity method investments—other 26,408 Discounted cash flows Discount rate 14.2% Decrease Equity method investments—other 132,719 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Level 3 Liabilities Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (4) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease __________ (1) Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures. (2) Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag. (3) Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales. (4) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2018 PSU Grant Expected volatility of the Company's class A common stock (1) 38 % Expected annual dividend yield (2) 7.6 % Risk-free rate (per annum) (3) 2.44 % __________ (1) Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group. (2) Based on an average of the Company's current and historical dividend yields. (3) Based on the prevailing 3-year zero coupon US Treasury yield on grant date.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Level 3 Assets Level 3 Liabilities (In thousands) 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 — 60,044 2,969 389 — — Paydowns or distributions (389 ) (158,943 ) (83,588 ) — — — Contribution to Colony Credit — (26,134 ) — — — — Realized gains in earnings — 2,842 4,030 — — — Unrealized gains (losses): In earnings (704 ) 6,273 — 50 10,480 (341 ) In other comprehensive loss — — (20,715 ) — — — Fair value at March 31, 2018 $ 44,330 $ 247,983 $ 225,939 $ (44,103 ) $ (10,170 ) $ (7,760 ) Unrealized gains (losses) on ending balance: In earnings $ (704 ) $ 6,021 $ — $ 50 $ 10,480 $ (341 ) In other comprehensive income (loss) $ — $ — $ (5,457 ) $ — $ — $ — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions or accretion — 101,195 1,769 — — — Paydowns, distributions or sales — (6,341 ) (2,882 ) — — — Realized gains in earnings — 755 (667 ) — — — Unrealized gains (losses): In earnings — 1,437 — — — (409 ) In other comprehensive income (loss) — — 2,063 — — — Fair value at March 31, 2019 $ — $ 178,131 $ 64,410 $ — $ — $ (9,312 ) Unrealized gains (losses) on ending balance: In earnings $ — $ 1,437 $ — $ — $ — $ (409 ) In other comprehensive income (loss) $ — $ — $ (1,322 ) $ — $ — $ —	The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Equity Method Investments Securities Debt Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain in earnings — — — — 11,740 — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Unrealized gain related to balance recorded in earnings $ — $ — $ — $ — $ 11,740 $ — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Acquired through the Merger — 362,269 427,560 — — — Consideration for business combination — — — — — (6,771 ) Consolidation of securitization trust 58,296 — — (56,928 ) — — Purchases, contributions or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized losses in earnings — — (38,885 ) — — — Unrealized gains: In earnings (2,309 ) 6,104 — 1,822 20,600 (648 ) In other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Unrealized gains (losses) on ending balance: In earnings $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) In other comprehensive income (loss) $ — $ — $ 15,261 $ — $ — $ — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 61,113 21,049 — — — Paydowns, distributions or sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities into equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to Colony Credit (Note 4) — (26,134 ) — — — — Realized gains in earnings — 3,208 3,877 — — — Unrealized gains (losses): In earnings (715 ) (67 ) — 57 1,730 (1,484 ) In other comprehensive income (loss) — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) In other comprehensive income (loss) $ — $ — $ (3,386 ) $ — $ — $ —
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Level 3 Assets Level 3 Liabilities (In thousands) 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 — 60,044 2,969 389 — — Paydowns or distributions (389 ) (158,943 ) (83,588 ) — — — Contribution to Colony Credit — (26,134 ) — — — — Realized gains in earnings — 2,842 4,030 — — — Unrealized gains (losses): In earnings (704 ) 6,273 — 50 10,480 (341 ) In other comprehensive loss — — (20,715 ) — — — Fair value at March 31, 2018 $ 44,330 $ 247,983 $ 225,939 $ (44,103 ) $ (10,170 ) $ (7,760 ) Unrealized gains (losses) on ending balance: In earnings $ (704 ) $ 6,021 $ — $ 50 $ 10,480 $ (341 ) In other comprehensive income (loss) $ — $ — $ (5,457 ) $ — $ — $ — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions or accretion — 101,195 1,769 — — — Paydowns, distributions or sales — (6,341 ) (2,882 ) — — — Realized gains in earnings — 755 (667 ) — — — Unrealized gains (losses): In earnings — 1,437 — — — (409 ) In other comprehensive income (loss) — — 2,063 — — — Fair value at March 31, 2019 $ — $ 178,131 $ 64,410 $ — $ — $ (9,312 ) Unrealized gains (losses) on ending balance: In earnings $ — $ 1,437 $ — $ — $ — $ (409 ) In other comprehensive income (loss) $ — $ — $ (1,322 ) $ — $ — $ —	The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income. Level 3 Assets Level 3 Liabilities (In thousands) Loans Receivable Equity Method Investments Securities Debt Due to Affiliates—Contingent Consideration for Internalization Other Liabilities—Contingent Consideration for THL Hotel Portfolio Fair value at December 31, 2015 $ — $ — $ — $ — $ (52,990 ) $ — Unrealized gain in earnings — — — — 11,740 — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Unrealized gain related to balance recorded in earnings $ — $ — $ — $ — $ 11,740 $ — Fair value at December 31, 2016 $ — $ — $ — $ — $ (41,250 ) $ — Acquired through the Merger — 362,269 427,560 — — — Consideration for business combination — — — — — (6,771 ) Consolidation of securitization trust 58,296 — — (56,928 ) — — Purchases, contributions or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized losses in earnings — — (38,885 ) — — — Unrealized gains: In earnings (2,309 ) 6,104 — 1,822 20,600 (648 ) In other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Unrealized gains (losses) on ending balance: In earnings $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) In other comprehensive income (loss) $ — $ — $ 15,261 $ — $ — $ — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions or accretion — 61,113 21,049 — — — Paydowns, distributions or sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities into equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to Colony Credit (Note 4) — (26,134 ) — — — — Realized gains in earnings — 3,208 3,877 — — — Unrealized gains (losses): In earnings (715 ) (67 ) — 57 1,730 (1,484 ) In other comprehensive income (loss) — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Unrealized gains (losses) on ending balance: In earnings $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) In other comprehensive income (loss) $ — $ — $ (3,386 ) $ — $ — $ —
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	Investments in a Company-sponsored non-traded REIT and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles. March 31, 2019 December 31, 2018 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 16,711 $ 10,153 $ 12,617 $ 13,658 Retail Company—real estate 14,312 — 11,990 —	December 31, 2018 (In thousands) Fair Value Unfunded Commitments Private fund—real estate $ 12,617 $ 13,658 Retail Companies—real estate 21,674 —
Fair Value Measurements, Nonrecurring	The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. March 31, 2019 December 31, 2018 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ — $ 223,052 $ 223,052 $ 68,864 $ 200,281 $ 269,145 Real estate held for investment — 85,186 85,186 — 416,272 416,272 Intangible assets—investment management contracts — — — — 36,400 36,400 Equity method investments — 7,014 7,014 — 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 March 31, (In thousands) 2019 2018 Impairment loss Real estate held for sale $ 25,183 $ 8,763 Real estate held for investment 439 4,206 Intangible assets—investment management contracts — 140,429 Equity method earnings 2,622 —	The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. December 31, 2018 December 31, 2017 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 68,864 $ 200,281 $ 269,145 $ 13,252 $ 36,246 $ 49,498 Real estate held for investment — 416,272 416,272 — 224,935 224,935 Intangible assets—investment management contracts — 36,400 36,400 — 51,100 51,100 Equity method investments — 32,761 32,761 — 11,871 11,871 The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented. Year Ended December 31, (In thousands) 2018 2017 2016 Impairment loss Real estate held for sale $ 77,211 $ 25,619 $ 11,334 Real estate held for investment 280,418 19,668 57 Intangible assets—lease intangibles 12,744 — — Intangible assets—investment management contracts 147,429 59,073 320 Intangible assets—customer relationships 10,109 — — Intangible assets—trade name 59,464 — — Equity method earnings 61,182 6,774 —
Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping	Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below. The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total March 31, 2019 Assets Loans at amortized cost $ — $ — $ 1,607,914 $ 1,607,914 $ 1,596,673 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 573,423 13,095 — 586,518 612,618 Secured debt — — 8,031,251 8,031,251 7,991,221 Secured and unsecured debt related to assets held for sale — — 1,925,591 1,925,591 1,909,386 Junior subordinated debt — — 203,039 203,039 199,563 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 and unsecured 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	Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below. The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2018 Assets Loans at amortized cost $ — $ — $ 1,667,892 $ 1,667,892 $ 1,659,217 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 547,300 13,095 — 560,395 612,150 Secured debt — — 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 December 31, 2017 Assets Loans at amortized cost $ — $ — $ 3,232,301 $ 3,232,301 $ 3,178,339 Liabilities Debt at amortized cost Corporate credit facility — 50,000 — 50,000 50,000 Convertible and exchangeable senior notes 608,491 13,979 — 622,470 610,331 Secured and unsecured debt — — 8,689,386 8,689,386 8,620,717 Secured debt related to assets held for sale — — 1,212,068 1,212,068 1,198,363 Securitization bonds payable — 132,815 169,908 302,723 303,709 Junior subordinated debt — — 216,316 216,316 197,053

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Activity of Preferred and Common Stock	The table below summarizes the share activities of the Company's preferred and common stock. 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 Shares issued upon redemption of OP Units — 2 — Repurchase of common stock — (42,306 ) — Equity-based compensation, net of forfeitures — 3,257 — Shares canceled for tax withholding on vested stock awards — (2,909 ) — Shares outstanding at March 31, 2018 65,464 500,643 736 Shares outstanding at December 31, 2018 57,464 483,347 734 Shares issued upon redemption of OP Units — 3 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 2,659 — Shares canceled for tax withholding on vested stock awards — (582 ) — Shares outstanding at March 31, 2019 57,464 484,775 734 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 March 31, 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 May 15, 2019 Series G 7.5 % June 2014 3,450 35 86,250 June 19, 2019 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	The table below summarizes the share activities of the Company's preferred and common stock. As a result of the Merger, each outstanding share of Colony's class A and class B common stock was converted into the right to receive 1.4663 shares of the Company's class A and class B common stock, respectively. Accordingly, the Company's common shares outstanding for all periods prior to January 10, 2017 have been adjusted to reflect the Colony exchange ratio of 1.4663 . Number of Shares (In thousands) Preferred Stock Class A Common Stock Class B Common Stock Shares outstanding at December 31, 2015 25,030 163,777 801 Repurchase of preferred stock (1) (964 ) — — Contribution of preferred stock to an affiliate (1) 964 — — Shares issued upon redemption of OP units — 1,370 — Conversion of class B to class A common stock — 31 (31 ) Equity-based compensation, net of forfeitures — 1,478 — Shares canceled for tax withholding on vested stock awards — (216 ) — Shares outstanding at December 31, 2016 25,030 166,440 770 Consideration for the Merger (2) 39,466 392,120 — Issuance of preferred stock 26,400 — — Redemption of preferred stock (25,432 ) — — Shares canceled (3) — (2,984 ) — Shares issued upon redemption of OP Units — 1,684 — Conversion of class B to class A common stock — 34 (34 ) Repurchase of common stock — (23,371 ) — Exchange of notes for class A common stock — 233 — Equity-based compensation, net of forfeitures — 8,096 — Redemption of restricted stock units — 775 — Shares canceled for tax withholding on vested stock awards — (428 ) — Shares outstanding at December 31, 2017 65,464 542,599 736 Redemption of preferred stock (8,000 ) — — Shares issued upon redemption of OP Units (4) — 2,074 — Shares issued for settlement of contingent consideration—Internalization (Note 14) — 15 40 Conversion of class B to class A common stock — 42 (42 ) Repurchase of common stock — (61,418 ) Equity-based compensation, net of forfeitures — 3,394 — Shares canceled for tax withholding on vested stock awards — (3,359 ) — Shares outstanding at December 31, 2018 57,464 483,347 734 __________ (1) In January 2016, the Company repurchased 963,718 shares in aggregate of its preferred stock for approximately $20.0 million . In March 2016, the Company contributed the preferred stock at its purchase price to an investment vehicle (the "REIT Securities Venture"), which is a joint venture with a private fund managed by the Company. The Company holds an approximate 4.4% interest in the REIT Securities Venture, accounted for under the equity method. The REIT Securities Venture invests in equity of publicly traded U.S. REITs, including securities of the Company. (2) Shares were legally issued by the Company, as the surviving combined entity, as consideration for the Merger. However, as the Merger was accounted for as a reverse acquisition, the consideration transferred was measured based upon the number of shares of common stock and preferred stock that Colony, as the accounting acquirer, would theoretically have issued to the shareholders of NSAM and NRF to achieve the same ratio of ownership in the Company upon completion of the Merger (Note 3 ). (3) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. (4) Includes 572,567 shares of class A common stock issued upon redemption of an equivalent number of OP Units that were issued for settlement of the contingent consideration in connection with the Internalization (Note 17 ). Preferred Stock In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets. The table below summarizes the preferred stock issued and outstanding at December 31, 2018 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series B 8.25 % February 2007 (1) 6,114 $ 61 $ 152,855 Currently redeemable Series E 8.75 % May 2014 (1) 10,000 100 250,000 May 15, 2019 Series G 7.5 % June 2014 (1) 3,450 35 86,250 June 19, 2019 Series H 7.125 % April 2015 (1) 11,500 115 287,500 April 13, 2020 Series I 7.15 % June 2017 13,800 138 345,000 June 5, 2022 Series J 7.125 % September 2017 12,600 126 315,000 September 22, 2022 57,464 $ 575 $ 1,436,605 __________ (1)
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 1,009 (15,736 ) — 35,759 (18,534 ) 2,498 Amounts reclassified from AOCI — (3,800 ) — 4,163 (938 ) (575 ) AOCI at March 31, 2018 $ 6,423 $ (5,118 ) $ — $ 85,853 $ (38,121 ) $ 49,037 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Other comprehensive income (loss) before reclassifications 4,683 1,312 (129 ) (11,103 ) 13,954 8,717 Amounts reclassified from AOCI — 626 — (955 ) (249 ) (578 ) AOCI at March 31, 2019 $ 8,312 $ (1,237 ) $ (220 ) $ (5,440 ) $ 20,723 $ 22,138 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2017 $ — $ — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — — 29,242 (4,817 ) 24,425 Amounts reclassified from AOCI — — 4,415 1,267 5,682 AOCI at March 31, 2018 $ — $ — $ 72,605 $ (423 ) $ 72,182 AOCI at December 31, 2018 $ — (390 ) $ (600 ) $ 9,644 $ 8,654 Other comprehensive income (loss) before reclassifications — (525 ) (15,379 ) (2,169 ) (18,073 ) Amounts reclassified from AOCI — — — 444 444 AOCI at March 31, 2019 $ — $ (915 ) $ (15,979 ) $ 7,919 $ (8,975 )	The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial. Changes in Components of AOCI—Stockholders (In thousands) Company's Share in AOCI of Equity Method Investments Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2015 $ — $ — $ (245 ) $ (42,125 ) $ 23,948 $ (18,422 ) Other comprehensive income (loss) before reclassifications 131 (112 ) 7 (34,234 ) 21,123 (13,085 ) Amounts reclassified from AOCI (46 ) — 197 (67 ) (686 ) (602 ) AOCI at December 31, 2016 $ 85 $ (112 ) $ (41 ) $ (76,426 ) $ 44,385 $ (32,109 ) Other comprehensive income (loss) before reclassifications 5,450 (22,014 ) 41 124,846 (68,581 ) 39,742 Amounts reclassified from AOCI 81 36,544 — (2,489 ) 5,547 39,683 AOCI at December 31, 2017 $ 5,616 $ 14,418 $ — $ 45,931 $ (18,649 ) $ 47,316 Cumulative effect of adoption of new accounting pronouncements (202 ) — — — — (202 ) Other comprehensive income (loss) before reclassifications (1,785 ) (16,238 ) (91 ) (46,183 ) 34,113 (30,184 ) Amounts reclassified from AOCI — (3,951 ) — 6,870 (8,446 ) (5,527 ) Deconsolidation of N-Star CDO — 2,596 — — — 2,596 AOCI at December 31, 2018 $ 3,629 $ (3,175 ) $ (91 ) $ 6,618 $ 7,018 $ 13,999 Changes in Components of AOCI—Noncontrolling Interests in Investment Entities (In thousands) Unrealized Gain (Loss) on Securities Unrealized Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Net Investment Hedges Total AOCI at December 31, 2015 $ — $ (149 ) $ 51 $ (1 ) $ (99 ) Other comprehensive income (loss) before reclassifications (527 ) — (56,479 ) 12,669 (44,337 ) Amounts reclassified from AOCI — 149 (785 ) (870 ) (1,506 ) AOCI at December 31, 2016 $ (527 ) $ — $ (57,213 ) $ 11,798 $ (45,942 ) Other comprehensive income (loss) before reclassifications 981 — 97,840 (10,659 ) 88,162 Amounts reclassified from AOCI (454 ) — (1,679 ) 1,988 (145 ) AOCI at December 31, 2017 $ — — $ 38,948 $ 3,127 $ 42,075 Other comprehensive income (loss) before reclassifications — (390 ) (39,621 ) 8,696 (31,315 ) Amounts reclassified from AOCI — — 73 (2,179 ) (2,106 ) AOCI at December 31, 2018 $ — $ (390 ) $ (600 ) $ 9,644 $ 8,654
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Three Months Ended March 31, Affected Line Item in the Component of AOCI reclassified into earnings 2019 2018 Realized gain (loss) on marketable securities $ — $ 7,906 Other gain (loss), net Other-than-temporary impairment and write-offs of securities (626 ) (4,106 ) Other gain (loss), net Release of cumulative translation adjustments 955 (4,163 ) Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 24 (1,498 ) Other gain (loss), net Realized gain (loss) on net investment hedges 225 2,436 Other gain (loss), net	Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Year Ended December 31, Affected Line Item in the Component of AOCI reclassified into earnings 2018 2017 2016 Realized gain (loss) on marketable securities $ 10,100 $ (5,285 ) $ 46 Other gain (loss), net Other-than-temporary impairment and write-offs of securities (6,149 ) (31,259 ) — Other gain (loss), net Deconsolidation of N-Star CDO (2,596 ) — — Other gain (loss), net Unrealized gain on ineffective cash flow hedge — — (197 ) Other gain (loss), net Release of cumulative translation adjustments (6,870 ) 2,489 67 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges 1,454 (1,829 ) 634 Other gain (loss), net Realized gain (loss) on net investment hedges 6,992 (3,718 ) 52 Other gain (loss), net Release of equity in AOCI of unconsolidated ventures — (81 ) — Earnings from investments in unconsolidated ventures

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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. Three Months Ended March 31, (In thousands) 2019 2018 Beginning balance $ 9,385 $ 34,144 Contributions — 250 Distributions and redemptions (3,366 ) (2,050 ) Net income (loss) 1,444 (696 ) Ending balance $ 7,463 $ 31,648	The following table presents a summary of changes in redeemable noncontrolling interests: Year Ended December 31, (In thousands) 2018 2017 Beginning balance $ 34,144 $ — Assumed through the Merger — 78,843 Assumed through consolidation of sponsored private fund — 24,763 Contributions 354 8,550 Distributions and redemptions (21,405 ) (100,830 ) Net income (loss) (3,708 ) 23,543 Currency translation adjustment and other — (725 ) Ending balance $ 9,385 $ 34,144

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations, Net Income (Loss)	Discontinued Operations 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, predominantly carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. The first three months of 2018 also included income from discontinued operations of $0.1 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 in the second quarter of 2018. Income from discontinued operations is presented below. Three Months Ended March 31, (In thousands) 2019 2018 Revenues Property operating income $ 81,232 $ 68,353 Fee income 2,472 1,314 Interest and other income 1,140 1,116 Revenues from discontinued operations 84,844 70,783 Expenses Property operating expense 22,337 21,400 Interest expense 14,627 10,190 Investment and servicing expense 530 74 Depreciation and amortization 39,445 29,945 Compensation expense—cash and equity-based (1) 2,659 2,395 Compensation expense—carried interest (2) (221 ) 859 Administrative expenses 1,629 1,317 Expenses from discontinued operations 81,006 66,180 Other income (loss) Gain from sale of real estate 22,848 2,293 Other loss, net (8 ) — Equity method earnings (loss), including carried interest (472 ) 2,183 Income from discontinued operations before income taxes 26,206 9,079 Income tax benefit (expense) 87 15 Income from discontinued operations 26,293 9,094 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 17,309 5,019 Noncontrolling interests in Operating Company 545 244 Income from discontinued operations attributable to Colony Capital, Inc. $ 8,439 $ 3,831 __________ (1) Includes equity-based compensation of $0.7 million and $0.5 million for the three months ended March 31, 2019 and 2018, respectively.	The following table presents the assets, liabilities and noncontrolling interests of the CLNY Investment Entities that were deconsolidated on January 31, 2018: (In thousands) January 31, 2018 Assets Cash and cash equivalents $ 99,883 Restricted cash 41,270 Real estate 219,748 Loans receivable 1,287,994 Investments in unconsolidated ventures 208,738 Deferred leasing costs and intangible assets 10,831 Other assets 25,755 1,894,219 Liabilities Debt $ 379,927 Accrued and other liabilities 41,318 421,245 Noncontrolling interests Noncontrolling interests—investment entities 330,980 Noncontrolling interests—Operating Company 64,294 395,274 Equity attributable to Colony Capital, Inc. $ 1,077,700 Income or loss from discontinued operations is presented below. Year Ended December 31, (In thousands) 2018 2017 2016 Revenues Property operating income $ 288,367 $ 284,051 $ 194,670 Fee income 7,378 4,022 — Interest and other income 3,775 4,742 1,687 Revenues from discontinued operations 299,520 292,815 196,357 Expenses Property operating expenses 84,162 87,726 55,924 Interest expense 42,713 47,594 44,834 Investment and servicing expense 436 542 167 Transaction costs — — 921 Placement fees 234 1,650 — Depreciation and amortization 129,104 109,265 88,854 Impairment loss 948 44 407 Compensation expense—cash and equity-based (1) 11,156 8,119 7,856 Compensation expense—carried interest 4,696 — — Administrative expenses 4,569 4,703 2,699 Expenses from discontinued operations 278,018 259,643 201,662 Other income Gain on sale of real estate 7,633 22,504 2,888 Equity method earnings, including carried interest 10,636 1,868 27 Income (loss) from discontinued operations before income taxes 39,771 57,544 (2,390 ) Income tax expense (189 ) (2,096 ) (586 ) Income (loss) from discontinued operations 39,582 55,448 (2,976 ) Income (loss) from discontinued operations attributable to: Noncontrolling interests in investment entities 21,260 24,407 (1,924 ) Noncontrolling interests in Operating Company 1,113 1,249 (168 ) Income (loss) from discontinued operations attributable to Colony Capital, Inc. $ 17,209 $ 29,792 $ (884 ) __________ (1) Includes equity-based compensation of $2.9 million , $3.3 million and $0.6 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share Reconciliation	The following table provides the basic and diluted earnings per common share computations: Three Months Ended March 31, (In thousands, except per share data) 2019 2018 Net income (loss) allocated to common stockholders Loss from continuing operations $ (56,448 ) $ (36,252 ) Income from continuing operations attributable to noncontrolling interests (26,967 ) (8,906 ) Loss from continuing operations attributable to Colony Capital, Inc. (83,415 ) (45,158 ) Income from discontinued operations attributable to Colony Capital, Inc. 8,439 3,831 Net loss attributable to Colony Capital, Inc. (74,976 ) (41,327 ) Preferred dividends (27,137 ) (31,387 ) Net loss attributable to common stockholders (102,113 ) (72,714 ) Net income allocated to participating securities (720 ) (629 ) Net loss allocated to common stockholders—basic (102,833 ) (73,343 ) Interest expense attributable to convertible notes (1) — — Net loss allocated to common stockholders—diluted $ (102,833 ) $ (73,343 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 478,874 530,680 Weighted average effect of dilutive shares (1)(2)(3) — — Weighted average number of common shares outstanding—diluted 478,874 530,680 Basic loss per share Loss from continuing operations $ (0.23 ) $ (0.15 ) Income from discontinued operations 0.02 0.01 Net loss attributable to common stockholders per basic common share $ (0.21 ) $ (0.14 ) Diluted loss per share Loss from continuing operations $ (0.23 ) $ (0.15 ) Income from discontinued operations 0.02 0.01 Net loss attributable to common stockholders per diluted common share $ (0.21 ) $ (0.14 ) __________ (1) For the three months ended March 31, 2019 and 2018 , excluded from the calculation of diluted earnings per share is the effect of adding back $7.2 million and $7.1 million of interest expense, respectively, and 38,112,100 and 38,112,100 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 137,900 and 662,900 for the three months ended March 31, 2019 and 2018 , respectively, as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 18 ) of 3,814,300 for the three months ended March 31, 2019 , as the effect would be antidilutive. There were no contingently issuable shares of class A common stock in relation to PSUs for the three months ended March 31, 2018. (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 March 31, 2019 and 2018 , there were 31,355,700 and 32,280,500 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.	The following table provides the basic and diluted earnings per common share computations: Year Ended December 31, (In thousands, except per share data) 2018 2017 2016 Net income (loss) allocated to common stockholders Loss from continuing operations $ (534,757 ) $ (120,061 ) $ 293,702 Income from continuing operations attributable to noncontrolling interests (2,059 ) (107,530 ) (175,408 ) Loss from continuing operations attributable to Colony Capital, Inc. (536,816 ) (227,591 ) 118,294 Income (loss) from discontinued operations attributable to Colony Capital, Inc. 17,209 29,700 (2,976 ) Net income (loss) attributable to Colony Capital, Inc. (519,607 ) (197,891 ) 115,318 Preferred stock redemption 3,995 (4,530 ) — Preferred dividends (117,097 ) (130,672 ) (48,159 ) Net income (loss) attributable to common stockholders (632,709 ) (333,093 ) 67,159 Net income allocated to participating securities (2,504 ) (9,168 ) (2,293 ) Net income (loss) allocated to common stockholders—basic (635,213 ) (342,261 ) 64,866 Interest expense attributable to convertible notes (1) — — — Net income (loss) allocated to common stockholders—diluted $ (635,213 ) $ (342,261 ) $ 64,866 Weighted average common shares outstanding (2) Weighted average number of common shares outstanding—basic 496,993 532,600 164,570 Weighted average effect of dilutive shares (1)(3)(4) — — — Weighted average number of common shares outstanding—diluted 496,993 532,600 164,570 Basic earnings (loss) per share Income (loss) from continuing operations $ (1.31 ) $ (0.70 ) $ 0.40 Income (loss) from discontinued operations 0.03 0.06 (0.01 ) Net income (loss) attributable to common stockholders per basic common share $ (1.28 ) $ (0.64 ) $ 0.39 Diluted earnings (loss) per share Income (loss) from continuing operations $ (1.31 ) $ (0.70 ) $ 0.40 Income (loss) from discontinued operations 0.03 0.06 (0.01 ) Net income (loss) attributable to common stockholders per diluted common share $ (1.28 ) $ (0.64 ) $ 0.39 __________ (1) For the years ended December 31, 2018 , 2017 and 2016 , excluded from the calculation of diluted earnings per share is the effect of adding back $28.6 million , $28.9 million and $27.3 million of interest expense, respectively, and 38,112,100 , 38,564,400 and 36,582,700 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive. (2) As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of the Company. Accordingly, the historical share counts used to calculate the weighted average number of shares post-Merger reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date. (3) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 571,500 , 534,100 and 0 for the years ended December 31, 2018 , 2017 and 2016 , as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 21 ) of 532,900 for the year ended December 31, 2018 , as the effect would be antidilutive. (4) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one -for-one basis. At December 31, 2018 , 2017 and 2016 , there were 31,358,500 , 32,282,500 and 30,296,100 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Fee Income (Tables)

Fee Income (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Schedule of Asset Management and Other Fees	The Company's fee income is earned from the following sources: Three Months Ended March 31, (In thousands) 2019 2018 Institutional funds $ 10,638 $ 11,827 Public companies (Colony Credit, NRE) 15,106 12,172 Non-traded REITs 5,106 11,459 Other 178 70 $ 31,028 $ 35,528 The following table presents the Company's fee income by type: Three Months Ended March 31, (In thousands) 2019 2018 Base management fees ($30,201 and $32,862 from affiliates, respectively) $ 30,364 $ 32,862 Asset management fees—from affiliates 635 674 Acquisition and disposition fees—from affiliates — 1,922 Other fee income ($14 and $0 from affiliates, respectively) 29 70 Total fee income $ 31,028 $ 35,528	The Company's fee income is earned from the following sources: Year Ended December 31, (In thousands) 2018 2017 2016 Institutional funds $ 48,624 $ 56,966 $ 67,731 Non-traded REITs 29,597 88,081 — Public companies (Colony Credit, NRE) 65,258 14,003 — Broker-dealer, Townsend and other clients 964 57,717 — $ 144,443 $ 216,767 $ 67,731 The following table presents the Company's fee income by type: Year Ended December 31, (In thousands) 2018 2017 2016 Base management fees ($130,384, $161,414 and $63,212 from affiliates, respectively) $ 131,406 $ 179,816 $ 63,212 Asset management fees—from affiliates 2,078 3,069 4,519 Acquisition and disposition fees—from affiliates 1,922 16,237 — Incentive fees ($5,445, $172, $0 from affiliates, respectively) 5,445 1,043 — Other fee income ($3,389, $0 and $0 from affiliates, respectively) 3,592 16,602 — Total fee income $ 144,443 $ 216,767 $ 67,731

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [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) March 31, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,354 Transaction price and NAV (2) N/A N/A N/A Equity method investments—other 18,569 Discounted cash flows Discount rate 18.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.5x (3) Equity method investments—other 129,208 Transaction price (4) N/A N/A N/A N-Star CDO bonds 64,410 Discounted cash flows Discount rate 22.2% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,312 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 multi-family development during the development stage and pending certificate of occupancy. 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 Grant 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 % 7.3 % Risk-free rate (per annum) (3) 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.	The Company relies on the third party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements for CRE debt securities, except for N-Star CDO bonds, and prior to May 2018, loans receivable and bonds payable issued by a consolidated securitization trust held by a previously consolidated N-Star CDO. The Company believes that the pricing service or broker quotations for these instruments may be based on market transactions of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit, such as credit support and delinquency rates. Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows. Valuation Technique Key Unobservable Inputs Input Value Effect on Fair Value from Increase in Input Value (1) Financial Instrument Fair Value (In thousands) Weighted Average (Range) December 31, 2018 Level 3 Assets Equity method investments—third party private equity funds $ 5,908 Transaction price and NAV (2) Not applicable Not applicable Not applicable Equity method investments—other 21,831 Discounted cash flows Discount rate 17.5% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 5.8x Increase Equity method investments—other 28,346 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 64,127 Discounted cash flows Discount rate 21.6% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 8,903 Discounted cash flows Discount rate 20.0% Decrease December 31, 2017 Level 3 Assets Equity method investments—third party private equity funds $ 204,774 Discounted cash flows Discount rate 14.6% Decrease Equity method investments—other 26,408 Discounted cash flows Discount rate 14.2% Decrease Equity method investments—other 132,719 Transaction price (3) Not applicable Not applicable Not applicable N-Star CDO bonds 90,933 Discounted cash flows Discount rate 24.0% Decrease Level 3 Liabilities Due to affiliates—contingent consideration for Internalization 20,650 Monte Carlo simulation Benchmark FFO volatility 11.8% Increase Equity volatility 18.7% Increase Correlation (4) 80.0% Increase Other liabilities—contingent consideration for THL Hotel Portfolio 7,419 Discounted cash flows Discount rate 20.0% Decrease __________ (1) Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures. (2) Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag. (3) Valued based upon transaction price of investments recently acquired or offer prices on investments pending sales. (4) Represents assumed correlation between Benchmark FFO and the Company's class A common stock price. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2018 PSU Grant Expected volatility of the Company's class A common stock (1) 38 % Expected annual dividend yield (2) 7.6 % Risk-free rate (per annum) (3) 2.44 % __________ (1) Based on a combination of implied volatilities on actively traded stock options and historical volatilities, on the stock of the Company and the specified peer group. (2) Based on an average of the Company's current and historical dividend yields. (3) Based on the prevailing 3-year zero coupon US Treasury yield on grant date.
Components of Share-Based Compensation	Equity-based compensation, excluding expense related to the industrial segment which is presented as discontinued operations (Note 15 ), is as follows: Three Months Ended March 31, (In thousands) 2019 2018 Compensation expense (including $122 and $22 amortization of fair value of dividend equivalent right) $ 5,914 $ 11,714	Equity-based compensation expense, excluding amounts related to the industrial segment which is presented as discontinued operations (Note 18 ), is included in the following line items in the consolidated statements of operations: Year Ended December 31, (In thousands) 2018 2017 2016 Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right) $ 38,928 $ 146,563 $ 13,012 Earnings from investments in unconsolidated ventures — 61 — Investment and servicing expense — 4,070 — $ 38,928 $ 150,694 $ 13,012
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 2,752,005 27,391 3,451,992 6,231,388 2.79 5.24 Vested (1,627,193 ) (23,772 ) — (1,650,965 ) — 11.40 Forfeited (93,018 ) — (9,994 ) (103,012 ) 4.56 5.51 Unvested shares and units at March 31, 2019 6,453,884 186,753 5,485,947 12,126,584 $ 3.65 $ 7.21 __________ (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.	Changes in the Company’s unvested equity awards are summarized below: Weighted Average Grant Date Fair Value Restricted Stock LTIP Units DSUs PSUs (1) Total PSUs All Other Awards Unvested shares and units at December 31, 2017 9,149,516 3,506,387 78,267 — 12,734,170 $ — $ 14.53 Granted 3,605,137 — 263,506 2,138,858 6,007,501 5.09 6.19 Vested (7,121,545 ) (3,506,387 ) (158,639 ) — (10,786,571 ) — 14.27 Forfeited (211,018 ) — — (94,909 ) (305,927 ) 5.09 11.42 Unvested shares and units at December 31, 2018 5,422,090 — 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 __________ (1) Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period. No PSUs were granted during 2017 and 2016.

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Summary of Related Party Disclosures	Cost reimbursements, included in other income, were as follows. Three Months Ended March 31, (In thousands) 2019 2018 Retail companies $ 738 $ 2,387 Public companies (Colony Credit, NRE) 2,632 1,750 Private funds and other 3,535 1,844 Equity awards of Colony Credit and NRE (Note 18) 2,940 812 $ 9,845 $ 6,793 Amounts due from affiliates, excluding fee income receivable from the industrial open-end fund which is classified as asset held for sale (Note 7 ), consist of the following: (In thousands) March 31, 2019 December 31, 2018 Investment vehicles and unconsolidated ventures Fee income $ 33,918 $ 32,139 Cost reimbursements and recoverable expenses 8,542 10,754 Employees and other affiliates 254 596 $ 42,714 $ 43,489	Cost reimbursements, included in other income, were as follows. These amounts include $4.0 million for the year ended December 31, 2018 of costs incurred by the Company and reimbursed by its managed private funds that are presented gross on the consolidated statement of operations beginning in 2018 pursuant to the new revenue recognition guidance (Note 2 ). Year Ended December 31, (In thousands) 2018 2017 2016 Retail companies $ 4,672 $ 19,545 $ — Public companies—NRE and Colony Credit 10,747 — — Private funds and other 9,198 3,779 4,296 Equity awards of NRE and Colony Credit (Note 21) 10,078 — — Townsend — 2,306 — $ 34,695 $ 25,630 $ 4,296 Amounts due from and due to affiliates, excluding amounts classified as held for sale (Note 10 ), consist of the following: (In thousands) December 31, 2018 December 31, 2017 Due from Affiliates Investment vehicles and unconsolidated ventures Fee income $ 32,139 $ 18,209 Cost reimbursements and recoverable expenses 10,754 30,749 Employees and other affiliates 596 1,403 $ 43,489 $ 50,361 Due to Affiliates Investment vehicles and unconsolidated ventures $ — $ 2,884 Employees — 20,650 $ — $ 23,534

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of current and deferred tax benefit (expense), including amounts presented as discontinued operations (Note 18 ), were as follows. Year ended December 31, (In thousands) 2018 2017 2016 Current Federal $ 2,881 $ (20,316 ) $ (2,720 ) State and local 1,168 (3,606 ) (1,436 ) Foreign (13,698 ) (16,138 ) (8,244 ) Total current tax benefit (expense) (9,649 ) (40,060 ) (12,400 ) Deferred Federal 64,962 110,711 6,214 State and local 1,320 18,235 (713 ) Foreign 3,148 9,513 2,117 Total deferred tax benefit 69,430 138,459 7,618 Total income tax benefit (expense) from continuing and discontinued operations (1) $ 59,781 $ 98,399 $ (4,782 ) __________ (1) Includes current tax expense of $0.2 million , $0.7 million and $0.1 million , respectively, and deferred tax expense of $5,000 , $1.4 million and $0.5 million , respectively, related to discontinued operations.
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and deferred tax liabilities arising from temporary differences were as follows. (In thousands) December 31, 2018 December 31, 2017 Deferred tax assets Net operating and capital loss carry forwards (1) $ 56,609 $ 30,019 Equity-based compensation 17,162 28,071 Basis difference — investment in partnerships 7,745 — Foreign tax credits (2) 892 1,682 Straight-line and prepaid rent expense 7,850 3,601 Deferred income — 1,932 Deferred interest expense 472 1,924 Other 2,904 7,947 Gross deferred tax assets 93,634 75,176 Valuation allowance (3) (22,062 ) (23,852 ) Deferred tax assets, net of valuation allowance 71,572 51,324 Deferred tax liabilities Management contract intangibles 33,693 90,605 Basis difference — investment in partnerships — 5,822 Basis difference — real estate 63,901 68,687 Deferred income 1,263 — Other 108 1,643 Gross deferred tax liabilities 98,965 166,757 Net deferred tax liability $ (27,393 ) $ (115,433 ) __________ (1) At December 31, 2018 and 2017 , deferred tax asset was recognized on net operating losses of $251.2 million and $121.3 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2030 , or can be carried forward indefinitely. Net operating losses attributable to foreign operations can generally be carried forward indefinitely. (2) Foreign tax credits expire beginning 2026 . (3) The ending balance of the valuation allowance at December 31, 2017 reflects a $12.3 million reduction resulting from the impact of the Tax Cuts and Jobs Act.
Schedule of Effective Income Tax Rate Reconciliation	The Company's income tax benefit varied from the amount computed by applying the statutory income tax rate to income from continuing and discontinued operations before income taxes. A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows: Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Income (loss) from continuing and discontinued operations before income taxes $ (554,956 ) $ (163,012 ) $ 295,508 Pre-tax income attributable to pass-through subsidiaries 312,939 (89,104 ) (306,644 ) Pre-tax loss attributable to taxable subsidiaries (242,017 ) (252,116 ) (11,136 ) Federal tax benefit at statutory tax rate (21%, 35% and 35%, respectively) 50,824 88,241 3,365 State and local income taxes, net of federal income tax benefit 10,983 9,380 88 Foreign income tax differential (3,533 ) 6 (5,441 ) Nondeductible expenses (4,648 ) (20,372 ) (1,128 ) Excess inclusion income tax expense — — (1,311 ) Valuation allowance, net 2,874 (3,555 ) (692 ) Impact of Tax Cuts and Jobs Act 2,190 24,908 — Other 1,091 (209 ) 337 Income tax benefit (expense) from continuing and discontinued operations $ 59,781 $ 98,399 $ (4,782 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments	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 $ 2,303,192 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 from continuing operations were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Total 2019 $ 5,149 $ 8,980 $ 14,129 2020 5,217 8,598 13,815 2021 5,386 8,200 13,586 2022 5,776 7,176 12,952 2023 5,720 6,610 12,330 2024 and thereafter 87,150 28,144 115,294 Total lease payments $ 114,398 $ 67,708 $ 182,106	At December 31, 2018 , future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows. Year Ending December 31, (In thousands) 2019 $ 5,149 2020 5,217 2021 5,386 2022 5,776 2023 5,720 2024 and thereafter 87,150 Total $ 114,398 December 31, 2018 , excluding $3.6 million that is part of discontinued operations, are as follows: Year Ending December 31, (In thousands) 2019 $ 8,980 2020 8,598 2021 8,200 2022 7,176 2023 6,610 2024 and thereafter 28,144 Total $ 67,708
Schedule of Future Minimum Rental Payments	The operating lease liability was determined using a weighted average discount rate of 5.5% . At March 31, 2019 , the Company's future operating lease commitments for ground leases on real estate held for investment and for corporate office leases related to continued operations were as follows. (In thousands) Year Ending December 31, Ground Leases Office Leases Total Remaining 2019 $ 3,861 $ 6,772 $ 10,633 2020 5,217 8,605 13,822 2021 5,386 8,202 13,588 2022 5,776 7,176 12,952 2023 5,720 6,611 12,331 2024 and thereafter 87,151 28,144 115,295 Total lease payments 113,111 65,510 178,621 Present value discount (62,943 ) Operating lease liability (Note 8) $ 115,678
Schedule of Lease Expense	The following table summarizes lease expense from continuing operations for ground leases, included in property operating expense, and office leases, included in administrative expense, for the three months ended March 31, 2019 . Three Months Ended March 31, 2019 (In thousands) Ground Leases Office Leases Operating lease expense: Fixed lease expense $ 1,935 $ 2,147 Variable lease expense 573 367 $ 2,508 $ 2,514

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended March 31, 2019 Total revenues $ 145,774 $ — $ 196,615 $ — $ 162,688 $ 40,005 $ 2,977 $ 548,059 Property operating expenses 64,302 — 136,345 — 70,095 — — 270,742 Interest expense 47,527 — 42,065 — 31,853 — 13,444 134,889 Depreciation and amortization 40,131 — 36,248 — 24,783 8,669 1,521 111,352 Provision for loan losses — — — — 3,611 — — 3,611 Impairment loss — — 3,850 — 21,772 — — 25,622 Gain on sale of real estate — — 139 — 29,314 — — 29,453 Equity method earnings — — — 5,513 24,608 3,942 — 34,063 Equity method earnings—carried interest — — — — — 4,896 — 4,896 Income tax benefit (expense) 1,874 — (836 ) — (2,074 ) 94 (256 ) (1,198 ) Income (loss) from continuing operations (7,206 ) — (26,077 ) 5,513 59,563 20,638 (108,879 ) (56,448 ) Income from discontinued operations — 24,154 — — — 2,139 — 26,293 Net income (loss) (7,206 ) 24,154 (26,077 ) 5,513 59,563 22,777 (108,879 ) (30,155 ) Net income (loss) attributable to Colony Capital, Inc. (7,462 ) 6,428 (22,981 ) 5,178 23,922 20,548 (100,609 ) (74,976 ) Three Months Ended March 31, 2018 Total revenues $ 152,595 $ — $ 195,782 $ — $ 205,154 $ 41,207 $ 1,859 $ 596,597 Property operating expenses 66,966 — 136,095 — 81,898 — — 284,959 Interest expense 50,941 — 34,361 — 40,280 — 13,117 138,699 Depreciation and amortization 41,127 — 35,457 — 28,969 7,676 1,531 114,760 Provision for loan losses — — — — 5,375 — — 5,375 Impairment loss 3,780 — — — 9,189 140,429 — 153,398 Gain on sale of real estate — — — — 16,151 — — 16,151 Equity method earnings (losses) — — — (3,654 ) 27,217 6,519 — 30,082 Equity method earnings—carried interest — — — — — — — — Income tax benefit (expense) (998 ) — 1,481 — (4,539 ) 36,785 64 32,793 Income (loss) from continuing operations (12,534 ) — (11,886 ) (3,654 ) 68,431 (88,139 ) 11,530 (36,252 ) Income from discontinued operations — 6,321 — — 117 2,656 — 9,094 Net income (loss) (12,534 ) 6,321 (11,886 ) (3,654 ) 68,548 (85,483 ) 11,530 (27,158 ) Net income (loss) attributable to Colony Capital, Inc. (10,360 ) 1,278 (10,050 ) (3,446 ) 49,109 (80,520 ) 12,662 (41,327 )	Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2018 Total revenues $ 592,455 $ — $ 849,513 $ — $ 739,167 $ 176,568 $ 9,239 $ 2,366,942 Property operating expenses 271,166 — 563,453 — 316,037 — — 1,150,656 Interest expense 194,898 — 153,395 — 150,032 — 54,513 552,838 Depreciation and amortization 164,389 — 144,528 — 99,525 28,653 6,207 443,302 Provision for loan losses 213 — — — 42,821 — — 43,034 Impairment loss 217,524 — 72,469 — 79,432 217,850 — 587,275 Gain on sale of real estate — — — — 159,598 — — 159,598 Equity method earnings (losses) — — — (65,366 ) 99,400 (43,635 ) — (9,601 ) Equity method earnings—carried interest — — — — — 9,525 — 9,525 Income tax benefit (expense) (4,991 ) — 9,875 — (4,298 ) 59,179 205 59,970 Income (loss) from continuing operations (283,516 ) — (90,581 ) (65,366 ) 268,870 (141,190 ) (222,974 ) (534,757 ) Income (loss) from discontinued operations — 26,749 — — (102 ) 12,935 — 39,582 Net income (loss) (283,516 ) 26,749 (90,581 ) (65,366 ) 268,768 (128,255 ) (222,974 ) (495,175 ) Net income (loss) attributable to Colony Capital, Inc. (199,277 ) 4,246 (82,798 ) (61,457 ) 143,065 (120,286 ) (203,100 ) (519,607 ) (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2017 Total revenues $ 613,169 $ — $ 815,831 $ — $ 873,046 $ 240,632 $ 6,862 $ 2,549,540 Property operating expenses 274,528 — 537,884 — 233,901 — — 1,046,313 Interest expense 185,256 — 134,729 — 161,993 — 54,278 536,256 Depreciation and amortization 183,897 — 133,269 — 128,942 56,616 5,790 508,514 Provision for loan losses 1,588 — — — 18,153 — — 19,741 Impairment loss 14,375 — — — 30,867 375,074 — 420,316 Gain on sale of real estate — — — — 112,758 — — 112,758 Equity method earnings — — — — 265,079 18,204 — 283,283 Income tax benefit (expense) (5,639 ) — (2,779 ) — (3,950 ) 111,049 1,814 100,495 Income (loss) from continuing operations (64,767 ) — (9,863 ) — 567,752 (174,564 ) (438,619 ) (120,061 ) Income from discontinued operations — 37,497 — — 995 4,396 12,560 55,448 Net income (loss) (64,767 ) 37,497 (9,863 ) — 568,747 (170,168 ) (426,059 ) (64,613 ) Net income (loss) attributable to Colony Capital, Inc. (51,428 ) 12,537 (9,199 ) — 426,052 (182,038 ) (393,815 ) (197,891 ) Year Ended December 31, 2016 Total revenues $ — $ — $ — $ — $ 569,780 $ 68,331 $ 4,389 $ 642,500 Property operating expenses — — — — 62,537 — — 62,537 Interest expense — — — — 80,503 — 44,746 125,249 Depreciation and amortization — — — — 63,480 14,767 4,581 82,828 Provision for loan losses — — — — 35,005 — — 35,005 Impairment loss — — — — 10,990 320 — 11,310 Gain on sale of real estate — — — — 70,728 — — 70,728 Equity method earnings — — — — 97,188 2,160 — 99,348 Income tax benefit (expense) — — — — (10,143 ) 6,608 (661 ) (4,196 ) Income (loss) from continuing operations — — — — 431,903 21,202 (159,403 ) 293,702 Income (loss) from discontinued operations — (3,003 ) — — — 27 — (2,976 ) Net income (loss) — (3,003 ) — — 431,903 21,229 (159,403 ) 290,726 Net income (loss) attributable to Colony Capital, Inc. — (911 ) — — 226,202 17,903 (127,876 ) 115,318
Assets and Equity Method Investments of Reportable Segments	Total assets and equity method investments of the reportable segments are summarized as follows: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total March 31, 2019 Total assets $ 5,399,403 $ 4,312,205 $ 3,989,997 $ 1,027,345 $ 6,295,439 $ 1,995,190 $ 201,454 $ 23,221,033 Equity method investments (1) — — — 1,027,345 1,177,146 204,035 3,742 2,412,268 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 ).	Total assets and equity method investments of the reportable segments are summarized as follows: (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total December 31, 2018 Total assets $ 5,395,550 $ 3,185,906 $ 3,980,988 $ 1,037,754 $ 6,371,999 $ 1,983,911 $ 259,141 $ 22,215,249 Equity method investments (1) — — — 1,037,754 1,054,295 180,882 3,742 2,276,673 December 31, 2017 Total assets $ 5,813,552 $ 2,810,135 $ 4,094,596 $ — $ 9,251,963 $ 2,714,840 $ 100,564 $ 24,785,650 Equity method investments (1) — — — — 1,315,670 204,802 3,742 1,524,214 _________ (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 10 ).
Revenue by Geographic Areas	Geographic information about the Company's total income from continued operations, and long-lived assets, excluding assets held for sale, 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 March 31, (In thousands) 2019 2018 Total income by geography: United States $ 490,915 $ 541,411 Europe 86,258 78,173 Other — 302 Total (1) $ 577,173 $ 619,886 (In thousands) March 31, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,547,904 $ 9,566,982 Europe 1,502,993 1,600,623 Total (2) $ 11,050,897 $ 11,167,605 __________ (1) Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates. All income from discontinued operations was sourced in the United States. (2) Long-lived assets comprise real estate, 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 held for sale included $4.3 billion at March 31, 2019 and $3.3 billion at December 31, 2018 located in the United States and $0.5 billion	Geographic information about the Company's total income from continued operations, and long-lived assets, excluding assets held for sale, are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Year Ended December 31, (In thousands) 2018 2017 2016 Total income by geography: United States $ 2,002,260 $ 2,492,800 $ 536,544 Europe 329,609 310,783 194,923 Other 302 3,610 6,083 Total (1) $ 2,332,171 $ 2,807,193 $ 737,550 (In thousands) December 31, 2018 December 31, 2017 Long-lived assets by geography: United States $ 9,566,982 $ 10,684,234 Europe 1,600,623 1,749,282 Total (2) $ 11,167,605 $ 12,433,516 __________ (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 was sourced in the United States. (2) Long-lived assets comprise real estate, real estate related intangible assets, and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets held for sale at December 31, 2018 and 2017 included $3.3 billion and $2.7 billion located in the United States, respectively and $0.5 billion and $0.6 billion located in Europe, respectively.
Long-lived Assets by Geographic Areas	(In thousands) March 31, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,547,904 $ 9,566,982 Europe 1,502,993 1,600,623 Total (2) $ 11,050,897 $ 11,167,605 __________ (1) Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates. All income from discontinued operations was sourced in the United States. (2) Long-lived assets comprise real estate, 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 held for sale included $4.3 billion at March 31, 2019 and $3.3 billion at December 31, 2018 located in the United States and $0.5 billion	(In thousands) December 31, 2018 December 31, 2017 Long-lived assets by geography: United States $ 9,566,982 $ 10,684,234 Europe 1,600,623 1,749,282 Total (2) $ 11,167,605 $ 12,433,516 __________ (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 was sourced in the United States. (2) Long-lived assets comprise real estate, real estate related intangible assets, and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets held for sale at December 31, 2018 and 2017 included $3.3 billion and $2.7 billion located in the United States, respectively and $0.5 billion and $0.6 billion located in Europe, respectively.

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Three Months Ended March 31, (In thousands) 2019 2018 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized $ 127,948 $ 121,934 Cash received for income tax refunds 19,113 9,430 Cash paid for amounts included in measurement of operating lease liabilities 3,438 — SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations 41,789 32,197 Net cash used in investing activities of discontinued operations (1,073,525 ) (178,060 ) Net cash provided by financing activities of discontinued operations 973,937 68,384 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 83,996 $ 90,791 Contributions receivable from noncontrolling interests 113,200 12,000 Improvements in operating real estate in accrued and other liabilities 23,023 25,587 ROU assets and operating lease liabilities arising from adoption of lease standard, net of related deferred receivables, intangibles and lease incentives derecognized (Note 2) 126,810 — Securities acquired, subject to forward contract deliverable, net of cash collateral 90,000 — Proceeds from loan repayments and asset sales held in escrow 32,624 — Distributions payable to noncontrolling interests included in other liabilities 3,756 — 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 Redemption of OP Units for cash in accrued and other liabilities — 2,096 Share repurchase payable — 36,166	Year Ended December 31, (In thousands) 2018 2017 2016 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized $ 507,495 $ 452,726 $ 118,365 Cash paid for income taxes, net of refunds 14,476 53,017 7,190 SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations $ 158,666 $ 153,379 $ 93,492 Net cash provided by (used in) investing activities of discontinued operations (599,940 ) 82,408 (310,564 ) Net cash provided by financing activities of discontinued operations 351,052 378,788 255,861 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 84,013 $ 188,202 $ 65,972 Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4) 936,547 — — Redemption of OP Units for common stock 29,034 22,831 18,571 Improvements in operating real estate in accrued and other liabilities 2,249 18,221 — Deconsolidation of net assets of securitization trusts (Note 15) 131,386 — — Increase in contributions receivable from noncontrolling interests 29,721 — — Assets held for sale contributed to equity method investee 20,350 — — Deferred tax liabilities assumed by buyer of related real estate 26,629 — — Debt assumed by buyer in sale of real estate 196,416 1,258,558 — Foreclosures and exchanges of loans receivable for real estate 47,097 54,615 128,124 Share repurchase payable 7,567 — — Proceeds from loan repayments and asset sales held in escrow 19,425 27,426 — Distributions payable to noncontrolling interests included in other liabilities 19,297 10,786 — Net assets of investment entity deconsolidated, net of cash and restricted cash contributed — 153,368 — Year Ended December 31, (In thousands) 2018 2017 2016 Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — 66,020 — Assets acquired in Merger, net of cash and restricted cash assumed (Note 3) — 16,684,675 — Liabilities assumed in Merger (Note 3) — 11,249,183 — Noncontrolling interests assumed in Merger (Note 3) — 592,690 — Common stock issued for acquisition of NSAM and NRF (Note 3) — 5,710,134 — Preferred stock issued for acquisition of NRF (Note 3) — 1,010,320 — Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3) — 219,278 — Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed (Note 3) — 326,679 — Net assets of sponsored fund consolidated, net of cash and restricted cash assumed (Note 15) — 13,370 — Contributions receivable from noncontrolling interests — 25,501 — Exchange of notes for class A common shares — 3,279 — Assets of consolidated securitization trust — 58,296 — Liabilities of consolidated securitization trust — 56,928 — Net settlement of redemption and investment in equity method investee — — 117,241

Equity and Debt Investments (Ta

Equity and Debt Investments (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	The Company's equity investments and debt securities, excluding those classified as held for sale, are represented by the following: (In thousands) March 31, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 2,282,817 $ 2,151,847 Private funds 129,451 124,826 2,412,268 2,276,673 Other equity investments Marketable equity securities 131,226 36,438 Investment ventures 96,612 95,196 Private fund and retail company 31,024 24,607 Total equity investments 2,671,130 2,432,914 Debt Securities N-Star CDO bonds, available for sale 64,410 64,127 CMBS of consolidated fund, at fair value 21,139 32,706 Total debt securities 85,549 96,833 Equity and debt investments $ 2,756,679 $ 2,529,747	The Company's investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected but excluding equity investments classified as held for sale, as follows: (In thousands) December 31, 2018 December 31, 2017 Equity method investments Investment ventures $ 2,151,847 $ 1,297,180 Private funds 124,826 227,034 2,276,673 1,524,214 Other equity investments Marketable equity securities of consolidated funds 26,754 35,600 Investment ventures 95,196 89,261 Private funds and retail companies 34,291 38,924 $ 2,432,914 $ 1,687,999
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 March 31, 2019 (1) Carrying Value at Investments Description March 31, 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% $ 1,027,345 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) 11.3% 88,058 87,696 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 100,386 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 221,183 219,913 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 502,023 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 109,905 109,393 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 14,191 9,525 Other investment ventures Interests in 17 investments at March 31, 2019 Various 171,046 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 178,131 81,085 $ 2,412,268 $ 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 ).	The following tables present selected combined financial information of the Company's equity method investees: Selected Combined Balance Sheet Information (In thousands) December 31, 2018 December 31, 2017 Total assets $ 15,499,159 $ 9,537,068 Total liabilities 9,803,705 5,357,936 Owners' equity 5,511,548 3,662,764 Noncontrolling interests 183,906 516,368 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2018 2017 2016 Total revenues $ 1,486,511 $ 1,519,728 $ 819,726 Net income (loss) 220,191 174,222 (32,493 ) Net income (loss) attributable to noncontrolling interests 23,878 (18,381 ) (3,494 ) Net income (loss) attributable to owners 196,313 192,603 (28,999 ) The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below: ($ in thousands) Ownership Interest at December 31, 2018 (1) Carrying Value at Investments Description December 31, 2018 December 31, 2017 Colony Credit Real Estate, Inc. Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary (2) 36.6% $ 1,037,754 $ — NorthStar Realty Europe Corp Common equity in publicly traded equity REIT managed by the Company (2) 11.2% 87,696 73,578 RXR Realty Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 95,418 105,082 Preferred equity Preferred equity investments with underlying real estate (3) NA 219,913 440,704 ADC investments Investments in acquisition, development and construction loans in which the Company participates in residual profits from the projects, and the risk and rewards of the arrangements are more similar to those associated with investments in joint ventures (4) Various 481,477 331,268 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) (5) Various 109,393 22,261 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 9,525 — Other investment ventures Interests in 18 investments, each with no more than $66 million carrying value at December 31, 2018 Various 154,412 187,420 Fair value option Interests in initial stage or real estate development ventures and limited partnership interests in private equity funds Various 81,085 363,901 $ 2,276,673 $ 1,524,214 __________ (1) The Company's ownership interest represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements. (2) These entities are governed by their respective boards of directors. The Company's role as manager is under the supervision and direction of such entity's board of directors, which includes representatives from the Company but the majority of whom are independent directors. In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted. (3) Some preferred equity investments may not have a stated ownership interest. (4) The Company owns varying levels of stated equity interests in certain ADC investments as well as profit participation interests without a stated ownership interest in other ADC investments. (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 10 ).
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 March 31, 2019 $ 65,732 $ 2,180 $ (3,502 ) $ 64,410 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 months ended March 31, 2018 . There were no dispositions in the three months ended March 31, 2019 . Three Months Ended March 31, (In thousands) 2018 Proceeds from sale $ 63,185 Gross realized gain (including $8,205 of unrealized gain transferred from AOCI) 8,384 Gross realized loss 499 Impairment of AFS Debt Securities The following table presents AFS debt securities that have been in a gross unrealized loss position: March 31, 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 $ 9,194 $ 409 $ 42,865 $ 3,093 $ 54,459 $ 4,951	The following table summarizes the Company's investment in debt securities. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2018 Available-for-sale debt securities: N-Star CDO bonds $ 67,513 $ 1,565 $ (4,951 ) $ 64,127 CMBS of consolidated fund 32,706 $ 96,833 December 31, 2017 Available-for-sale debt securities: CRE securities of consolidated N-Star CDOs (2) : CMBS $ 144,476 $ 3,999 $ (530 ) $ 147,945 Other securities (3) 61,302 5,994 (313 ) 66,983 N-Star CDO bonds 88,374 2,778 (219 ) 90,933 CMBS and other securities (1) 13,829 3,739 (186 ) 17,382 307,981 16,510 (1,248 ) 323,243 CMBS of consolidated fund 25,099 $ 348,342 __________ (1) Other securities include a trust preferred security and certain investments in other third party CDO bonds. (2) Carrying value of CDO bonds in consolidated N-Star CDOs was $215.5 million at December 31, 2017 . (3) Represents primarily agency debentures, and to a lesser extent, unsecured REIT debt and trust preferred securities.

Business and Organization (Deta

Business and Organization (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2018	Sep. 30, 2019	Jan. 31, 2018	Aug. 25, 2017
Business Acquisition [Line Items]
Assets under management	$ 43,000	$ 43,000	$ 43,000
Restructuring costs	$ 0.6	19.3
Parent | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
General partner ownership percent	93.90%		93.90%
Certain Employees | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Senior management ownership percent	6.10%		6.10%
Combination Agreement
Business Acquisition [Line Items]
Ownership percentage	36.40%
Combination Agreement | Minimum
Business Acquisition [Line Items]
Ownership percentage					38.00%	38.00%
Combination Agreement | Maximum
Business Acquisition [Line Items]
Ownership percentage					100.00%	100.00%
Employee Severance
Business Acquisition [Line Items]
Restructuring costs		14.5
Accelerated Equity-Based Compensation
Business Acquisition [Line Items]
Restructuring costs		$ 4.7
Industrial
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Consideration				$ 5,700

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)building	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)building	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 31, 2018USD ($)
Business Acquisition [Line Items]
Funded deposit			$ 25,100
Purchase commitment			$ 300,000
Purchase commitment, number of buildings to be purchased | building			6
Income (loss) from discontinued operations attributable to Colony Capital, Inc.	$ 8,439	$ 3,831	$ 17,209	$ 29,700	$ (2,976)
Guarantee of franchise obligations | THL Hotel Portfolio
Business Acquisition [Line Items]
Estimate of possible loss	75,000		81,000
Noncancelable operating ground leases assumed in connection with business combinations
Business Acquisition [Line Items]
Rent expense			8,100	6,600	$ 300
THL Hotel Portfolio
Business Acquisition [Line Items]
Income (loss) from discontinued operations attributable to Colony Capital, Inc.		$ 100
Discontinued Operations, Disposed of by Means Other than Sale | CLNY Contributed Portfolio
Business Acquisition [Line Items]
Real estate, net						$ 219,748
Industrial
Business Acquisition [Line Items]
Real estate, net	4,100,000		3,000,000	$ 2,600,000
Funded deposit	14,400		6,100
Purchase commitment	$ 363,500		$ 1,300,000
Purchase commitment, number of buildings to be purchased | building	39		61
Purchase commitment, number of buildings under construction | building	8		4

Real Estate - Components of Rea

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue from External Customer [Line Items]
Land	$ 1,374,384	$ 1,443,250	$ 1,584,524
Buildings and improvements	9,357,543	9,442,443	10,258,055
Tenant improvements	96,527	96,740	80,071
Furniture, fixtures and equipment	398,918	389,969	383,855
Construction in progress	162,692	123,002	94,111
Real estate held for investment at cost	11,390,064	11,495,404	12,400,616
Less: Accumulated depreciation	(755,351)	(669,394)	(387,449)
Real estate assets, net	$ 10,634,713	$ 10,826,010	$ 12,013,167

Real Estate - Sales (Details)

Real Estate - Sales (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Proceeds from sales of real estate	$ 294,667	$ 112,562	$ 864,347	$ 1,607,806	$ 390,943
Gain on sale of real estate	$ 52,301	$ 18,444	$ 167,231	$ 135,262	$ 73,616

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) $ in Thousands	Jan. 10, 2017USD ($)	Feb. 28, 2019USD ($)property	Nov. 30, 2018USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2017	Jun. 30, 2017USD ($)property	Jan. 31, 2017USD ($)property	May 31, 2016USD ($)property	Apr. 30, 2016USD ($)property	Jan. 31, 2016USD ($)property	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property
Business Acquisition [Line Items]
Purchase price	$ 6,720,454												$ 1,102,763	$ 462,341
Land and Improvements													234,437
Land and Improvements														110,373
Building and Improvements													792,901	324,544
Lease Intangible Assets													82,985	32,101
Lease Intangible Liabilities													$ (7,560)	$ (4,677)
Asset Acquisitions
Business Acquisition [Line Items]
Purchase price											$ 1,162,668	$ 1,072,730
Land and Improvements												267,789
Building and Improvements											908,930	776,525
Land and Improvements											193,696	231,283
Building and Improvements												740,019
Lease Intangible Assets											63,072	69,897
Lease Intangible Liabilities											$ (3,030)	$ (4,975)
Asset Acquisitions | Healthcare | UNITED KINGDOM
Business Acquisition [Line Items]
Number of Buildings | property				1
Purchase price				$ 24,444
Land and Improvements				10,506
Building and Improvements				12,733
Land and Improvements				10,231
Building and Improvements				12,458
Lease Intangible Assets				1,480
Lease Intangible Liabilities				$ 0
Asset Acquisitions | Office and Industrial | FRANCE
Business Acquisition [Line Items]
Number of Buildings | property		6	220
Purchase price		$ 373,182	$ 478,844
Land and Improvements			125,949
Building and Improvements		296,348	330,752
Land and Improvements		49,446	109,858
Building and Improvements			314,661
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											47	40	55	12
Purchase price											$ 789,486	$ 569,442	$ 636,690	$ 113,200
Land and Improvements												131,334	137,005
Building and Improvements											612,582	433,040
Land and Improvements											144,250	111,194		20,749
Building and Improvements												412,900	472,747	84,724
Lease Intangible Assets											35,519	30,183	31,512	8,398
Lease Intangible Liabilities											(2,865)	(4,975)	$ (4,574)	$ (671)
Asset Acquisitions | Industrial | SPAIN
Business Acquisition [Line Items]
Number of Buildings | property							2
Purchase price							$ 10,374
Land and Improvements							3,855
Building and Improvements							5,564
Lease Intangible Assets							955
Lease Intangible Liabilities							$ 0
Asset Acquisitions | Office | CALIFORNIA
Business Acquisition [Line Items]
Number of Buildings | property						1
Purchase price						$ 455,699
Land and Improvements						93,577
Building and Improvements						314,590
Lease Intangible Assets						50,518
Lease Intangible Liabilities						$ (2,986)
Ownership interest syndicated					90.00%
Asset Acquisitions | Light Industrial Platform | United States
Business Acquisition [Line Items]
Land and Improvements											$ 5,800	$ 13,100
Business Combinations | Industrial | United States
Business Acquisition [Line Items]
Number of Buildings | property														18
Purchase price														$ 201,635
Land and Improvements														36,974
Building and Improvements														151,689
Lease Intangible Assets														16,063
Lease Intangible Liabilities														$ (3,091)
Business Combinations | Industrial | MASSACHUSETTS
Business Acquisition [Line Items]
Number of Buildings | property									1
Purchase price									$ 34,900
Land and Improvements									5,235
Building and Improvements									27,731
Lease Intangible Assets									1,934
Lease Intangible Liabilities									$ 0
Business Combinations | Industrial | SPAIN
Business Acquisition [Line Items]
Number of Buildings | property										23
Purchase price										$ 94,403
Land and Improvements										33,265
Building and Improvements										56,585
Lease Intangible Assets										5,318
Lease Intangible Liabilities										$ (765)
Business Combinations | Office | FRANCE
Business Acquisition [Line Items]
Number of Buildings | property								1
Purchase price								$ 18,203
Land and Improvements								14,150
Building and Improvements								3,815
Lease Intangible Assets								388
Lease Intangible Liabilities								$ (150)
Minimum | 2018 Real Estate Acquisitions | Building
Business Acquisition [Line Items]
Real estate assets estimated useful life											37 years	5 years
Minimum | 2018 Real Estate Acquisitions | Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life											12 years	6 years
Minimum | 2018 Real Estate Acquisitions | Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life											4 years	4 months
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	51 years
Maximum | 2018 Real Estate Acquisitions | Site Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life											14 years	14 years
Maximum | 2018 Real Estate Acquisitions | Building Improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life											11 years	10 years
Maximum | 2018 Real Estate Acquisitions | Intangible assets—lease intangibles
Business Acquisition [Line Items]
Real estate assets estimated useful life											15 years

Real Estate - Depreciation and

Real Estate - Depreciation and Impairment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property operating income
Real Estate [Line Items]
Depreciation	$ 93.3	$ 95.9	$ 374.7	$ 372.9	$ 43.7

Real Estate - Components of Pro

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property operating income
Revenue from External Customer [Line Items]
Income	$ 458,898	$ 487,093	$ 1,960,559	$ 1,873,055	$ 176,412
Total Lease Revenue
Revenue from External Customer [Line Items]
Income		203,100
Fixed lease revenue
Revenue from External Customer [Line Items]
Income	170,414
Variable lease revenue
Revenue from External Customer [Line Items]
Income	16,349
Rental income
Revenue from External Customer [Line Items]
Income			410,368	492,570	129,542
Tenant reimbursements
Revenue from External Customer [Line Items]
Income			69,995	77,373	17,849
Resident fee income
Revenue from External Customer [Line Items]
Income	186,763		275,911	286,818	0
Hotel operating income
Revenue from External Customer [Line Items]
Income	$ 272,135	$ 284,000	$ 1,204,285	$ 1,016,294	$ 29,021

Real Estate - Future Minimum Pa

Real Estate - Future Minimum Payments Receivable Related to Operating Leases (After Adoption of ASC 842) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lessor, Lease, Description [Line Items]
Remaining 2019	$ 226,720
2020	292,061
2021	271,887
2022	262,184
2023	250,674
2024 and thereafter	956,614
Total	2,260,140
Industrial
Lessor, Lease, Description [Line Items]
Total	$ 1,300

Real Estate - Future Minimum Le

Real Estate - Future Minimum Lease Payments, Operating (Details) $ in Thousands	Dec. 31, 2018USD ($)
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
Total	$ 894,400

Real Estate - Future Minimum _2

Real Estate - Future Minimum Lease Payments, Noncancelable Ground Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Other Commitments [Line Items]
2020	$ 13,815
2021	13,586
2022	12,952
2023	12,330
2024 and thereafter	115,294
Total	182,106
Noncancelable operating ground leases assumed in connection with business combinations
Other Commitments [Line Items]
2019	5,149
2020	5,217
2021	5,386
2022	5,776
2023	5,720
2024 and thereafter	87,150
Total	$ 114,398

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Merger (Details)	Jan. 10, 2017	Jan. 10, 2017	Dec. 31, 2018
Colony NorthStar | Class A Common Stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663	1.4663

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Property, Plant and Equipment [Line Items]
OP Units to common stock, conversion ratio	1				1
Marketable equity securities					$ 26,754	$ 35,600
Carried interest and incentive compensation	$ 1,272			$ 0	7,485	0	$ 0
Net income attributable to noncontrolling interests in investment entities	$ 49,988			19,243	$ 67,994	129,996	$ 163,084
Minimum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments					1 month
Maximum
Property, Plant and Equipment [Line Items]
Lag period for recording proportionate share of income for equity method investments					3 months
Building, Fee Interest | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life					15 years
Building, Fee Interest | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life					45 years
Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life					6 years
Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life					20 years
Furniture, Fixtures and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life					3 years
Furniture, Fixtures and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life					20 years
Furniture, Fixtures, Equipment and Capitalized Software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life					3 years
Furniture, Fixtures, Equipment and Capitalized Software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life					5 years
Aircraft
Property, Plant and Equipment [Line Items]
Estimated useful life					15 years
Incentive fees ($5,445, $172, $0 from affiliates, respectively) | Minimum
Property, Plant and Equipment [Line Items]
Percent of fees allocated to employees	40.00%				40.00%
Incentive fees ($5,445, $172, $0 from affiliates, respectively) | Maximum
Property, Plant and Equipment [Line Items]
Percent of fees allocated to employees	50.00%				50.00%
Scenario, Adjustment
Property, Plant and Equipment [Line Items]
Marketable equity securities						$ 35,600
Carried interest and incentive compensation				900
Net income attributable to noncontrolling interests in investment entities		$ 3,500	$ 1,100	900
Discontinued Operations | Scenario, Adjustment
Property, Plant and Equipment [Line Items]
Carried interest and incentive compensation		1,900	$ 1,100	$ 900
Continuing Operations | Scenario, Adjustment
Property, Plant and Equipment [Line Items]
Carried interest and incentive compensation		$ 1,500

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Adoption of New Revenue Recognition Guidance (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred asset management fee income		$ 2,900		$ 3,200	$ 2,700
Retained earnings (accumulated deficit)		(2,176,730)		(2,018,302)	(1,165,412)
Net cash provided by operating activities		66,636	$ 99,952	506,965	582,546	$ 405,172
Net cash provided by (used in) investing activities		(924,951)	(140,242)	(268,213)	1,666,387	215,457
Net cash used in financing activities		676,675	$ (418,736)	(788,404)	(1,364,381)	(491,251)
Lease liability, estimated adjustment		115,678		0
Operating lease, right-of-use asset		115,876		0
Cumulative effect of adoption of new accounting pronouncements (Note 2)	$ (1,220)
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	600
Available-for-sale securities, gross unrealized gain	200
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of new accounting pronouncements (Note 2)							$ (4,468)
Asset management fees | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred asset management fee income	$ 1,600
Asset Management | Difference between revenue guidance in effect before and after Topic 606 | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue from contract with customer				$ 700
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities					549,617	408,361
Net cash provided by (used in) investing activities					1,331,542	251,812
Net cash used in financing activities					$ (1,346,505)	$ (465,957)
Subsequent Event | Minimum | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Discounted estimated incremental borrowing rate							5.00%
Subsequent Event | Maximum | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Discounted estimated incremental borrowing rate							5.80%
Office leases | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset		$ 143,700
Office leases | Subsequent Event | Minimum | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability, estimated adjustment							$ 55,000
Office leases | Subsequent Event | Maximum | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability, estimated adjustment							65,000
Ground Leases | Subsequent Event | Minimum | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability, estimated adjustment							65,000
Ground Leases | Subsequent Event | Maximum | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability, estimated adjustment							$ 75,000

Business Combinations - Merger

Business Combinations - Merger with NSAM and NRF (Narrative) (Details)	Jan. 10, 2017	Jan. 10, 2017	Apr. 02, 2015	Apr. 30, 2015	Dec. 31, 2018
Business Acquisition [Line Items]
Common stock, conversion ratio			1	1
Colony NorthStar | Class A Common Stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663			1.4663
Colony NorthStar | Preferred stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1
Colony NorthStar | OP Units
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
NSAM | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	32.85%	32.85%
NSAM | Colony NorthStar | Class A Common Stock
Business Acquisition [Line Items]
Common stock, conversion ratio		1
Business combination, stock exchange, conversion ratio		1.4663
Colony | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.25%	33.25%
Colony | Colony NorthStar | Class A Common Stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
NRF | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	33.90%	33.90%
NRF | Colony NorthStar | Class A Common Stock
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.0996

Business Combinations - Merge_2

Business Combinations - Merger Consideration (Narrative) (Details) $ / shares in Units, $ in Thousands	Jan. 10, 2017USD ($)$ / shares	Jan. 10, 2017USD ($)$ / sharesshares	Dec. 31, 2018	Dec. 31, 2017USD ($)	Dec. 29, 2017
Minimum
Business Acquisition [Line Items]
Capitalization rate		4.40%
Minimum | Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate		8.00%
Weighted average useful life		2 years
Minimum | Vehicles
Business Acquisition [Line Items]
Weighted average useful life		20 years
Minimum | Trade name
Business Acquisition [Line Items]
Weighted average useful life		20 years
Management agreement, royalty rate		1.50%
Maximum
Business Acquisition [Line Items]
Capitalization rate		12.50%
Maximum | Investment management contracts
Business Acquisition [Line Items]
Management agreement, discount rate		10.00%
Weighted average useful life		18 years
Maximum | Vehicles
Business Acquisition [Line Items]
Weighted average useful life		30 years
Maximum | Trade name
Business Acquisition [Line Items]
Weighted average useful life		30 years
Management agreement, royalty rate		2.00%
Colony NorthStar | Minimum | Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life		6 years
Colony NorthStar | Minimum | Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life		1 year
Colony NorthStar | Maximum | Ground lease obligations
Business Acquisition [Line Items]
Weighted average useful life		90 years
Colony NorthStar | Maximum | Other real estate related intangibles
Business Acquisition [Line Items]
Weighted average useful life		17 years
NSAM and NRF
Business Acquisition [Line Items]
Cash assumed	$ 437,400	$ 437,400		$ 260,609
Management agreement, off-market component, value	$ 1,500,000	$ 1,500,000		1,514,085
NSAM
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Cash assumed				152,858
Management agreement, off-market component, value				$ 0
Management agreement, discount rate		10.00%
NSAM | Colony NorthStar
Business Acquisition [Line Items]
Ownership interest acquired	32.85%	32.85%
Colony Capital, Inc. | Colony NorthStar
Business Acquisition [Line Items]
Dividend payable assumed in merger	$ 226,100	$ 226,100
Payroll tax liability assumed in merger	$ 78,900	$ 78,900
Class A Common Stock | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio	1.4663	1.4663	1.4663
Class A Common Stock | Colony Capital Operating Company, LLC
Business Acquisition [Line Items]
Share price (in dollars per share) | $ / shares	$ 21.52	$ 21.52
Class A Common Stock | NSAM | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.4663
Class A Common Stock | NorthStar Realty Finance Corp. | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1.3335
Preferred stock | Colony NorthStar
Business Acquisition [Line Items]
Business combination, stock exchange, conversion ratio		1
Preferred stock | Colony Capital, Inc. | Colony NorthStar
Business Acquisition [Line Items]
Number of shares issued for each share held by acquiree | shares		1
Townsend | NSAM
Business Acquisition [Line Items]
Ownership interest acquired	84.00%	84.00%			84.00%

Business Combinations - Schedul

Business Combinations - Schedule of Fair Value of Merger Consideration (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Jan. 10, 2017USD ($)$ / sharesshares	Jan. 10, 2017USD ($)$ / sharesshares	Mar. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Mar. 31, 2018shares	Dec. 31, 2015shares
Business Acquisition [Line Items]
Total merger consideration | $	$ 6,720,454				$ 1,102,763	$ 462,341
Number of shares outstanding (in shares)	39,466	39,466	57,464	57,464	65,464
Fair Value | $	$ 1,010,320	$ 1,010,320	$ 575	$ 575
Class A Common Stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)					392,120
Preferred stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)					39,466
Number of shares outstanding (in shares)			57,464	57,464	65,464	25,030	65,464	25,030
Series A 8.75%
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.61	$ 25.61
Dividend rate per annum, preferred stock				8.75%
Number of shares outstanding (in shares)	2,467	2,467
Fair Value | $	$ 63,182	$ 63,182
Series B
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.15	$ 25.15
Dividend rate per annum, preferred stock			8.25%	8.25%
Number of shares outstanding (in shares)	13,999	13,999	6,114	6,114
Fair Value | $	$ 352,004	$ 352,004	$ 61	$ 61
Series C 8.875%
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.80	$ 25.80
Dividend rate per annum, preferred stock				8.875%
Number of shares outstanding (in shares)	5,000	5,000
Fair Value | $	$ 128,995	$ 128,995
Series D 8.50%
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.82	$ 25.82
Dividend rate per annum, preferred stock				8.50%
Number of shares outstanding (in shares)	8,000	8,000
Fair Value | $	$ 206,597	$ 206,597
Series E
Business Acquisition [Line Items]
Price per share (in dollars per share) | $ / shares	$ 25.95	$ 25.95
Dividend rate per annum, preferred stock			8.75%	8.75%
Number of shares outstanding (in shares)	10,000	10,000	10,000	10,000
Fair Value | $	$ 259,542	$ 259,542	$ 100	$ 100
Colony | Class A Common Stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	267,376
Price per share (in dollars per share) | $ / shares	$ 21.52	$ 21.52
Fair value of stock issued | $	$ 5,753,929
NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	$ (43,795)
NSAM | NRF
Business Acquisition [Line Items]
Shares of NRF common stock owned by NSAM prior to the Merger (in shares)	2,700	2,700
NRF
Business Acquisition [Line Items]
Closing price of NRF common stock (in dollars per share) | $ / shares	$ 16.13	$ 16.13
Colony Capital, Inc. | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 1,010,320
NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,502
Exchange ratio	1.4663
Total merger consideration | $	$ 2,752,095
NSAM | Colony | Class A Common Stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	129,920
Price per share (in dollars per share) | $ / shares	$ 21.52	21.52
Fair value of stock issued | $	$ 2,795,890
NSAM | NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	(43,795)
NSAM | Colony Capital, Inc. | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 0
NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,297
Exchange ratio	1.3335
Total merger consideration | $	$ 3,968,359
NRF | Colony | Class A Common Stock
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	137,456
Price per share (in dollars per share) | $ / shares	$ 21.52	$ 21.52
Fair value of stock issued | $	$ 2,958,039
NRF | NSAM
Business Acquisition [Line Items]
Fair value of NRF stock owned by NSAM | $	0
NRF | Colony Capital, Inc. | Preferred stock
Business Acquisition [Line Items]
Fair value of stock issued | $	$ 1,010,320
Colony NorthStar | Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio	1.4663	1.4663		1.4663
Colony NorthStar | Preferred stock
Business Acquisition [Line Items]
Exchange ratio	1
Colony NorthStar | Colony | Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar | NSAM | Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio	1.4663
Colony NorthStar | NorthStar Realty Finance Corp. | Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio	1.3335
Colony NorthStar | NRF | Class A Common Stock
Business Acquisition [Line Items]
Exchange ratio	1.0996
Outstanding shares of common stock prior to closing of the Merger | NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	190,202
Outstanding shares of common stock prior to closing of the Merger | NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	183,147
Replacement equity-based awards attributable to pre-combination services | NSAM
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	300
Replacement equity-based awards attributable to pre-combination services | NRF
Business Acquisition [Line Items]
Equity issued as part of merger consideration (in shares)	150

Business Combinations - Sched_2

Business Combinations - Schedule of Fair Values and Allocation of the Merger (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 10, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Identifiable intangible assets			$ 82,985		$ 32,101
Liabilities
Intangible liabilities			7,560		4,677
Goodwill	$ 1,514,561	$ 1,514,561	1,514,561		$ 660,127	$ 658,267
NSAM and NRF
Assets
Cash and cash equivalents			260,609	$ 437,400
Restricted cash			176,814
Real estate			9,874,406
Loans receivable			359,541
Investments in unconsolidated ventures			620,782
Securities			430,625
Identifiable intangible assets			1,014,107
Management agreement between NSAM and NRF			1,514,085
Assets held for sale			2,096,671
Other assets			774,458
Total assets			17,122,098
Liabilities
Debt			6,723,222
Intangible liabilities			213,218
Noncontrolling interests—investment entities			1,514,085	$ 1,500,000
Liabilities related to assets held for sale			1,281,406
Tax liabilities			229,833
Accrued and other liabilities			1,287,419
Liabilities assumed			11,249,183
Redeemable noncontrolling interests			78,843
Noncontrolling interests—investment entities			505,685
Noncontrolling interests—Operating Company			8,162
Fair value of net assets acquired			5,280,225
Merger consideration			6,720,454
Goodwill			1,440,229
NSAM
Assets
Cash and cash equivalents			152,858
Restricted cash			18,052
Real estate			0
Loans receivable			28,485
Investments in unconsolidated ventures			76,671
Securities			3,065
Identifiable intangible assets			661,556
Management agreement between NSAM and NRF			1,514,085
Assets held for sale			0
Other assets			93,455
Total assets			2,548,227
Liabilities
Debt			0
Intangible liabilities			0
Noncontrolling interests—investment entities			0
Liabilities related to assets held for sale			0
Tax liabilities			169,387
Accrued and other liabilities			979,969
Liabilities assumed			1,149,356
Redeemable noncontrolling interests			78,843
Noncontrolling interests—investment entities			0
Noncontrolling interests—Operating Company			8,162
Fair value of net assets acquired			1,311,866
Merger consideration			2,752,095
Goodwill			1,440,229
NRF
Assets
Cash and cash equivalents			107,751
Restricted cash			158,762
Real estate			9,874,406
Loans receivable			331,056
Investments in unconsolidated ventures			544,111
Securities			427,560
Identifiable intangible assets			352,551
Management agreement between NSAM and NRF			0
Assets held for sale			2,096,671
Other assets			681,003
Total assets			14,573,871
Liabilities
Debt			6,723,222
Intangible liabilities			213,218
Noncontrolling interests—investment entities			1,514,085
Liabilities related to assets held for sale			1,281,406
Tax liabilities			60,446
Accrued and other liabilities			307,450
Liabilities assumed			10,099,827
Redeemable noncontrolling interests			0
Noncontrolling interests—investment entities			505,685
Noncontrolling interests—Operating Company			0
Fair value of net assets acquired			3,968,359
Merger consideration			3,968,359
Goodwill			$ 0

Business Combinations - CPI Gro

Business Combinations - CPI Group (Details) - USD ($) $ in Thousands	Jan. 25, 2017	Jan. 10, 2017	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total merger consideration		$ 6,720,454	$ 1,102,763	$ 462,341
CPI
Business Acquisition [Line Items]
Carrying value of loans receivable outstanding at the time of restructuring			182,644
Cash			49,537
Total merger consideration			232,181
Cash			303
Restricted cash			12,600
Real estate			543,649
Real estate held for sale			21,605
Lease intangibles and other assets			27,685
Debt			(277,590)
Tax liabilities			(32,078)
Lease intangibles and other liabilities			(61,205)
Liabilities related to assets held for sale			(2,788)
Fair value of net assets acquired			$ 232,181
Capitalization rate	6.60%
Minimum
Business Acquisition [Line Items]
Capitalization rate		4.40%
Minimum | CPI
Business Acquisition [Line Items]
Management agreement, discount rate	1.25%
Maximum
Business Acquisition [Line Items]
Capitalization rate		12.50%
Maximum | CPI
Business Acquisition [Line Items]
Management agreement, discount rate	3.60%

Business Combinations - THL Hot

Business Combinations - THL Hotel Portfolio (Details) $ in Thousands	Jun. 30, 2018USD ($)	Jul. 01, 2017property	Jan. 10, 2017USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Contingent consideration, liability				$ 9,312		$ 8,903	$ 7,419
Total merger consideration			$ 6,720,454				$ 1,102,763	$ 462,341
THL Hotel Portfolio
Business Acquisition [Line Items]
Number of real estate properties acquired in foreclosure | property		148
Decrease in depreciation expense adjustment					$ 1,800
Carrying value of the Company's junior mezzanine loan receivable at the time of foreclosure	$ 310,932
Cash	43,643
Contingent consideration (Note 14)	6,771
Total merger consideration	361,346
Cash	16,188				16,188
Restricted cash	18,479				18,479
Real estate	1,184,447				1,184,447
Real estate held for sale	69,676				69,676
Intangible and other assets	26,711				26,711
Debt	(907,867)				(907,867)
Intangible and other liabilities	(46,288)				(46,288)
Fair value of net assets acquired	$ 361,346				$ 361,346
Maximum
Business Acquisition [Line Items]
Capitalization rate			12.50%
Discount rate				11.00%		11.00%
Maximum | THL Hotel Portfolio
Business Acquisition [Line Items]
Capitalization rate		12.00%
Discount rate		13.50%
Minimum
Business Acquisition [Line Items]
Capitalization rate			4.40%
Discount rate				5.50%		5.50%
Minimum | THL Hotel Portfolio
Business Acquisition [Line Items]
Capitalization rate		7.00%
Discount rate		8.00%
Weighted Average | THL Hotel Portfolio
Business Acquisition [Line Items]
Capitalization rate		8.90%
Discount rate		10.40%

Colony Credit - Narrative (Deta

Colony Credit - Narrative (Details) $ in Thousands	Feb. 01, 2019	Jan. 31, 2018USD ($)shares	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loans receivable, net			$ 1,596,673			$ 1,659,217	$ 3,223,762
Other gain (loss), net			$ (49,069)	$ 75,256		$ 51,706	$ (25,814)	$ 18,416
Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage			36.40%			36.60%
Equity Method Investment | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other gain (loss), net		$ 9,900			$ 9,900
NorthStar I Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loans receivable, net		$ 150,200
Commercial Real Estate Credit REIT (Combination)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		37.00%
Commercial Real Estate Credit REIT (Combination) | NorthStar I Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		32.00%
Commercial Real Estate Credit REIT (Combination) | NorthStar Income II Stockholders
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		31.00%
Common Class B-3 | Equity Method Investment | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, shares owned | shares		44,399,444
Common Membership Units | Equity Method Investment | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, shares owned | shares		3,075,623
Senior Participation Interest | NorthStar I Excluded Asset
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments		$ 65,000
Investment management contracts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Write-off of intangible assets		$ 139,000
Subsequent Event | Common Class B-3 | Commercial Real Estate Credit REIT (Combination) | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock conversion ratio	1
Subsequent Event | Common Membership Units | Commercial Real Estate Credit REIT (Combination) | Colony Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock conversion ratio	1

Colony Credit - Assets, Liabili

Colony Credit - Assets, Liabilities and Noncontrollin ginterests of the CLNY Investment Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 31, 2018
Liabilities
Debt	$ 1,100,000
CLNY Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale
Assets
Cash and cash equivalents		$ 99,883
Restricted cash		41,270
Real estate		219,748
Loans receivable		1,287,994
Investments in unconsolidated ventures		208,738
Deferred leasing costs and intangible assets		10,831
Other assets		25,755
Total assets held for sale		1,894,219
Liabilities
Debt		379,927
Accrued and other liabilities		41,318
Total liabilities related to assets held for sale		421,245
Noncontrolling interests		395,274
Equity attributable to Colony Capital, Inc.		1,077,700
CLNY Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale | Noncontrolling Interests in Investment Entities
Liabilities
Noncontrolling interests		330,980
CLNY Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale | Noncontrolling Interests in Operating Company
Liabilities
Noncontrolling interests		$ 64,294

Loans Receivable - Company Loan

Loans Receivable - Company Loan Receivable (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2018USD ($)securitization_trust	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance			$ 2,648,641	$ 4,501,834
Carrying Value			1,659,217	3,223,762
Allowance for loan losses		$ (36,357)	(32,940)	(52,709)	$ (53,980)	$ (67,980)	$ (37,571)
Number of securitization trusts | securitization_trust	3
Number of securitization trusts held | securitization_trust	3
Carrying Value
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		2,566,498	2,648,641	4,429,323
Loans receivable, net		1,596,673	1,659,217	3,178,339
Carrying Value | Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		1,269,402	1,316,929	2,533,177
Carrying Value		1,292,002	1,336,840	2,541,852
Carrying Value | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		1,297,096	1,331,712	1,896,146
Carrying Value		341,028	355,317	689,196
Allowance for loan losses		(36,357)	(32,940)	(52,709)
Carrying Value | PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		1,289,671	1,324,287	1,865,423
Carrying Value		337,357	351,646	682,125
Carrying Value | PCI Loans | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance			0	23,298
Carrying Value				3,400
Carrying Value | PCI Loans | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		7,425	7,425	7,425
Carrying Value		3,671	3,671	3,671
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		1,058,190	1,110,507	1,622,869
Carrying Value		1,080,787	1,129,712	1,622,171
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		573,062	643,973	1,081,030
Carrying Value		$ 599,479	$ 667,590	$ 1,082,513
Weighted average coupon rate of loans		10.50%	10.70%	9.10%
Loans weighted average maturity in years		2 years	2 years 2 months 12 days	2 years 9 months 18 days
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance			$ 0	$ 35,566
Carrying Value			$ 0	$ 36,603
Weighted average coupon rate of loans			0.00%	5.90%
Loans weighted average maturity in years				16 years 9 months 18 days
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 377,336	$ 357,590	$ 459,433
Carrying Value		$ 374,650	$ 354,326	$ 456,463
Weighted average coupon rate of loans		12.50%	12.50%	12.20%
Loans weighted average maturity in years		1 year 2 months 12 days	1 year 6 months	2 years 3 months 18 days
Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Corporate loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 107,792	$ 108,944	$ 46,840
Carrying Value		$ 106,658	$ 107,796	$ 46,592
Weighted average coupon rate of loans		12.30%	12.30%	9.90%
Loans weighted average maturity in years		5 years 8 months 12 days	5 years 9 months 18 days	10 years
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 211,212	$ 206,422	$ 910,308
Carrying Value		211,215	207,128	919,681
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		175,313	178,650	414,428
Carrying Value		$ 175,650	$ 179,711	$ 423,199
Weighted average coupon rate of loans		4.40%	4.30%	6.00%
Loans weighted average maturity in years		4 months 24 days	1 month 6 days	1 year 8 months 12 days
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance			$ 0	$ 461,489
Carrying Value			$ 0	$ 462,203
Weighted average coupon rate of loans			0.00%	6.40%
Loans weighted average maturity in years				3 years 6 months
Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance		$ 35,899	$ 27,772	$ 34,391
Carrying Value		$ 35,565	$ 27,417	$ 34,279
Weighted average coupon rate of loans		13.50%	13.40%	9.80%
Loans weighted average maturity in years		2 years 3 months 18 days	2 years 6 months	1 year 3 months 18 days
Fair Value | Securitized loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance			$ 0	$ 72,511
Carrying Value			$ 0	$ 45,423
CLNY Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale
Financing Receivable, Recorded Investment [Line Items]
Loans, deconsolidated	$ 1,287,994

Loans Receivable - Loan Maturit

Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 1,292,002	$ 1,336,840	$ 2,541,852
Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	1,079,224	1,052,303	2,268,599
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	44,325	0	145,986
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	0	44,392	9,410
90 Days or More Past Due and Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 168,453	$ 240,145	$ 117,857

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)commitmentloan	Dec. 31, 2018USD ($)commitmentloan	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)loan	Mar. 31, 2018loan
Financing Receivable, Modifications [Line Items]
Carrying value of loan | $				$ 37.6
Carrying value of loans before allowance for loan losses | $	$ 37.8	$ 37.8	$ 66.4
Number of TDR contracts outstanding | commitment	1	1
Number of lending commitments outstanding | loan	0	0			0
Performing Financial Instruments
Financing Receivable, Modifications [Line Items]
Number of loans | loan	0	0	0	0

Loans Receivable - Non-PCI Impa

Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,596,673		$ 1,659,217	$ 3,223,762
Allowance for Loan Losses	36,357	$ 53,980	32,940	52,709	$ 67,980	$ 37,571
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	320,211		280,337	383,594
Average carrying value before allowance for loan losses	244,532	273,410	282,325	202,397	90,447
Total interest income recognized during the period impaired	3,003	29	7,127	10,192	3,929
Cash basis interest income recognized	447	$ 0	1,190	0	$ 0
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	141,904		129,619	307,925
Allowance for Loan Losses	36,357		32,940	52,709
Loans held for investment, net | Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	74,254		75,179	138,136
Without Allowance for Loan Losses	250,073		206,628	248,759
Total	324,327		281,807	386,895
Allowance for Loan Losses	$ 18,115		$ 18,304	$ 7,424

Loans Receivable - Fair Value o

Loans Receivable - Fair Value of Loans Acquired (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Accretable yield	$ (7,935)	$ (9,620)	$ (29,634)	$ (42,435)		$ (52,572)	$ (66,639)
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans acquired | loan	0	0
PCI Loans | Loans Acquired through Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractually required payments including interest					$ 1,154,596
Less: Nonaccretable difference					(878,257)
Cash flows expected to be collected					276,339
Less: Accretable yield					(23,594)
Fair value of loans acquired					$ 252,745

Loans Receivable - Changes in A

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 9,620	$ 42,435	$ 42,435	$ 52,572	$ 66,639
Additions			0	23,594	22,493
Dispositions	0	(2,565)	(5,484)	0	0
Changes in accretable yield	1,442	1,989	1,882	25,720	31,171
Accretion recognized in earnings	(3,087)	(12,579)	(27,911)	(61,809)	(65,911)
Deconsolidation			(991)	0	0
Effect of changes in foreign exchange rates	(40)	354	(311)	2,358	(1,820)
Ending accretable yield	$ 7,935	$ 29,634	$ 9,620	$ 42,435	$ 52,572

Loans Receivable - Nonaccrual L

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, gross	$ 171.6	$ 175.6	$ 196.5

Loans Receivable - Allowance fo

Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	$ 36,357	$ 53,980	$ 32,940	$ 67,980	$ 37,571	$ 36,357	$ 32,940	$ 52,709
Loans receivable, net						1,596,673	1,659,217	3,223,762
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	32,940	52,709	52,709	67,980	37,571
Contribution to Colony Credit (Note 4)	0	(518)	(518)	0	0
Deconsolidation			(5,983)	0	0
Provision for loan loss	3,611	5,375	43,034	19,741	34,864
Charge-off	(194)	(3,586)	(56,302)	(35,012)	(4,455)
Allowance for loan losses	36,357	53,980	32,940	52,709	$ 67,980
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	36,357	52,709	52,709	52,709		36,357	32,940	52,709
Loans receivable, net						141,904	129,619	307,925
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	32,940	52,709	52,709
Allowance for loan losses	36,357		32,940	52,709
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	18,115	7,424	7,424	7,424		18,115	18,304	7,424
Loans receivable, net						74,254	75,179	138,136
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	18,304	7,424	7,424
Allowance for loan losses	18,115		18,304	7,424
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	18,242	45,285	45,285	45,285		18,242	14,636	45,285
Loans receivable, net						$ 67,650	$ 54,440	$ 169,789
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan losses	14,636	$ 45,285	45,285
Allowance for loan losses	$ 18,242		$ 14,636	$ 45,285

Loans Receivable - Provision Fo

Loans Receivable - Provision For Loan Losses by Loan Type and Lending Commitments (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	$ 3,611,000	$ 5,375,000	$ 43,034,000	$ 19,741,000	$ 35,005,000
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	3,611,000	5,375,000	43,034,000	19,741,000	35,005,000
Non-PCI Loans | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	0	2,662,000	22,557,000	7,534,000	5,815,000
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan and lease loss, recovery of bad debts			4,100,000	6,300,000	0
PCI Loans | Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan loss	3,611,000	$ 2,713,000	20,477,000	$ 12,207,000	$ 29,190,000
Investment Commitments | Consolidated Real Estate Debt Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	227,500,000		180,900,000
Parent | Investment Commitments | Consolidated Real Estate Debt Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other commitments	$ 99,800,000		$ 77,800,000

Equity Investments - Narrative

Equity Investments - Narrative (Details) - USD ($)	3 Months Ended			12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 29, 2019	Jan. 31, 2018	Jan. 10, 2017
Schedule of Equity Method Investments [Line Items]
Impairment loss	$ 25,622,000		$ 153,398,000	$ 587,275,000	$ 420,316,000	$ 11,310,000
Impairment loss	25,622,000		153,398,000	588,223,000	104,360,000	11,717,000
Equity method investments(1)	2,412,268,000	$ 2,276,673,000		2,276,673,000	1,524,214,000
Colony Starwood Homes
Schedule of Equity Method Investments [Line Items]
Proceeds from share issuance					500,500,000
Gain in earnings of investments in unconsolidated ventures					191,200,000
NorthStar RXR NY Metro
Schedule of Equity Method Investments [Line Items]
Stock redeemed price paid per share (in dollars per share)		$ 0.01
Noncontrolling interest, write off		$ 1,500,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments(1)	502,023,000	481,477,000		481,477,000	331,268,000
Lending commitments	31,300,000			47,800,000
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment	$ 270,800,000	$ 288,300,000		$ 288,300,000
Discontinued Operations, Disposed of by Means Other than Sale | CLNY Contributed Portfolio
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated ventures								$ 208,738,000
Colony Credit
Schedule of Equity Method Investments [Line Items]
Net asset value per share (in dollars per share)	$ 21.43	$ 21.65		$ 21.65
Colony | Commercial Mortgage Backed Securities
Schedule of Equity Method Investments [Line Items]
Debt Securities, Unrealized Gain (Loss)	$ 8,205,000
Class A Common Stock | Colony
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)									$ 21.52
Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)		$ 15.79		$ 15.79			$ 15.66
Investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investment, impairment	0			$ 0
Investment ventures | Nonrecurring
Schedule of Equity Method Investments [Line Items]
Assets, fair value	2,622,000	$ 61,182,000	0	61,182,000	$ 6,774,000	$ 0
Equity method investment, impairment	$ 2,600,000		$ 0	$ 61,200,000
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 (in dollars per share)		$ 15.56		$ 15.56			15.32
Maximum | Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)		$ 23.23		$ 23.23			$ 23.23

Equity Investments - Investment

Equity Investments - Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity method investments(1)	$ 2,412,268	$ 2,276,673	$ 1,524,214
Marketable securities		26,754	35,600
Other equity investments		96,833	348,342
Investments in Unconsolidated Ventures	2,671,130	2,432,914	1,687,999
Investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments(1)	2,282,817	2,151,847	1,297,180
Other equity investments	96,612	95,196	89,261
Private funds
Schedule of Equity Method Investments [Line Items]
Equity method investments(1)	$ 129,451	124,826	227,034
Other equity investments		$ 34,291	$ 38,924

Equity Investments - Equity Met

Equity Investments - Equity Method Investments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)investment	Dec. 31, 2018USD ($)investment	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	$ 2,412,268	$ 2,276,673	$ 1,524,214
Colony Credit
Schedule of Equity Method Investments [Line Items]
Ownership percentage	36.40%	36.60%
Equity method investments (less than for 16 individual other investments)	$ 1,027,345	$ 1,037,754	0
NRE
Schedule of Equity Method Investments [Line Items]
Ownership percentage	11.30%	11.20%
Equity method investments (less than for 16 individual other investments)	$ 88,058	$ 87,696	73,578
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership percentage	27.20%	27.20%
Equity method investments (less than for 16 individual other investments)	$ 100,386	$ 95,418	105,082
Preferred equity
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	221,183	219,913	440,704
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	502,023	481,477	331,268
Private funds and other
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	109,905	109,393	22,261
Private funds—carried interest
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	14,191	9,525	0
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	$ 171,046	$ 154,412	187,420
Number of equity method investments | investment	17	18
Individual other investment venture
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)		$ 66,000
Fair value option
Schedule of Equity Method Investments [Line Items]
Equity method investments (less than for 16 individual other investments)	$ 178,131	$ 81,085	$ 363,901
Amended And Restated NRE Management Agreement | NRE
Schedule of Equity Method Investments [Line Items]
Maximum stock purchase eligibility, percent	45.00%	45.00%
Shares owned in excess of threshold, threshold percent	25.00%	25.00%

Equity Investments - Combined F

Equity Investments - Combined Financial Information for Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Total assets	$ 15,499,159	$ 9,537,068
Total liabilities	9,803,705	5,357,936
Owners' equity	5,511,548	3,662,764
Noncontrolling interests	183,906	516,368
Total revenues	1,486,511	1,519,728	$ 819,726
Net income (loss)	220,191	174,222	(32,493)
Net income (loss) attributable to noncontrolling interests	23,878	(18,381)	(3,494)
Net income (loss) attributable to owners	$ 196,313	$ 192,603	$ (28,999)

Debt Securities - Available for

Debt Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Amortized Cost			$ 307,981
Gains			16,510
Losses			(1,248)
Fair Value			323,243
Debt securities, at fair value		$ 96,833	348,342
N-Star CDO bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 65,732	67,513	88,374
Gains	2,180	1,565	2,778
Losses	(3,502)	(4,951)	(219)
Fair Value	64,410	64,127	90,933
CMBS and other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost			13,829
Gains			3,739
Losses			(186)
Fair Value			17,382
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost			144,476
Gains			3,999
Losses			(530)
Fair Value			147,945
Debt securities, at fair value	$ 21,139	$ 32,706	25,099
Other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost			61,302
Gains			5,994
Losses			(313)
Fair Value			66,983
Bonds | Variable Interest Entity, Primary Beneficiary
Debt Securities, Available-for-sale [Line Items]
Amortized Cost			$ 215,500

Debt Securities - Narrative (De

Debt Securities - Narrative (Details) - N-Star CDO bonds $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)security
Debt Securities, Available-for-sale [Line Items]
Gain upon deconsolidation | $	$ 10.9
Commercial Real Estate, Securities | Colony NorthStar
Debt Securities, Available-for-sale [Line Items]
Weighted average maturity of securities acquired	5 years
Commercial Real Estate, Securities | Colony NorthStar | Minimum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period	8 years
Commercial Real Estate, Securities | Colony NorthStar | Maximum
Debt Securities, Available-for-sale [Line Items]
Contractual maturity period	43 years
Consolidated Properties | Commercial Real Estate, Securities | Colony NorthStar
Debt Securities, Available-for-sale [Line Items]
Number of securities acquired | security	2

Debt Securities - Sale of Secur

Debt Securities - Sale of Securities (Details) - Colony - CMBS - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale	$ 63,185	$ 78,197	$ 30,279
Gross realized gain	8,384	11,304	951
Gross realized (loss)	$ 499	$ (592)	$ 0

Debt Securities - Impairment of

Debt Securities - Impairment of AFS Securities (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)security	Dec. 31, 2017USD ($)security
Debt Securities, Available-for-sale [Line Items]
Fair Value			$ 54,459	$ 36,795
Gross Unrealized Loss			$ (4,951)	$ (1,248)
Number of securities in cumulative unrealized loss position, more than twelve months | security			0	0
OTTI loss	$ 700	$ 4,400	$ 8,200	$ 33,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Fair Value			0	2,229
Gross Unrealized Loss			0	(530)
Other securities
Debt Securities, Available-for-sale [Line Items]
Fair Value			0	8,218
Gross Unrealized Loss			0	(313)
N-Star CDO bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value	9,194		54,459	13,392
Gross Unrealized Loss	$ (409)		(4,951)	(219)
CMBS and other securities
Debt Securities, Available-for-sale [Line Items]
Fair Value			0	12,956
Gross Unrealized Loss			$ 0	$ (186)

Debt Securities - Purchased Cre

Debt Securities - Purchased Credit Impaired Debt Securities (Details) - Colony NorthStar - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Outstanding principal	$ 213,929	$ 411,174
Amortized cost	2,757	26,761
Carrying value	3,619	31,789
PCI Debt Securities Acquired During Period
Contractually required payments including interest			$ 574,088
Less: Nonaccretable difference			(449,261)
Cash flows expected to be collected			124,827
Less: Accretable yield			(70,283)
Fair value of PCI debt securities acquired			$ 54,544
Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	44,610	0
Assumed through the Merger	0	70,283
Accretion recognized in earnings	(3,489)	(12,461)
Reduction due to payoffs, disposals or deconsolidation	(17,081)	(8,963)
Net reclassifications to nonaccretable difference (1)	(24,040)	(4,249)
Ending accretable yield	$ 0	$ 44,610

Goodwill, Deferred Leasing Co_3

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Goodwill [Roll Forward]
Goodwill	$ 1,514,561,000		$ 1,514,561,000	$ 660,127,000	$ 658,267,000
Business combinations			0	1,440,229,000	1,860,000
Transfer to held for sale			0	(20,000,000)	0
Disposition			0	(249,795,000)	0
Impairment	0		0	(316,000,000)	0
Goodwill	1,514,561,000		1,514,561,000	$ 1,514,561,000	660,127,000
Industrial
Goodwill [Roll Forward]
Goodwill	20,000,000		20,000,000
Investment Management
Goodwill [Roll Forward]
Goodwill	$ 1,500,000,000
Impairment			0		$ 0
Goodwill			$ 1,500,000,000
Minimum
Goodwill [Roll Forward]
Terminal year residual multiples				6.5
Incentive fee multiples				3
Discount rate percentage				9.00%
Maximum
Goodwill [Roll Forward]
Terminal year residual multiples				20
Incentive fee multiples				5
Discount rate percentage				25.00%
NorthStar Healthcare | Investment management contracts
Goodwill [Roll Forward]
Write-off of intangible assets		$ 7,000,000

Goodwill, Deferred Leasing Co_4

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended					12 Months Ended
	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		$ 614,727	$ 648,999			$ 931,887	$ 648,999	$ 931,887
Deferred leasing and other intangible assets, accumulated amortization		(218,669)	(203,069)			(167,887)	(203,069)	(167,887)
Deferred leasing and other intangible assets, net carrying amount		396,058	445,930			764,000	445,930	764,000
Intangible Liabilities
Below-market lease values, carrying amount		175,673	176,013			191,062	176,013	191,062
Below-market lease values, accumulated amortization		(47,346)	(42,895)			(24,563)	(42,895)	(24,563)
Below-market lease values		128,327	133,118			166,499	133,118	166,499
Above-market ground lease obligations, carrying amount		0	15,909			13,246	15,909	13,246
Above-market ground lease obligations, accumulated amortization		0	(1,557)			(698)	(1,557)	(698)
Above-market ground lease obligations		0	14,352			12,548	14,352	12,548
Intangible liabilities, carrying amount		175,673	191,922			204,308	191,922	204,308
Intangible liabilities, accumulated amortization		(47,346)	(44,452)			(25,261)	(44,452)	(25,261)
Total intangible liabilities		128,327	147,470			179,047	147,470	179,047
Impairment loss		25,622			$ 153,398		588,223	104,360	$ 11,717
Impairment loss		25,622			153,398		587,275	420,316	11,310
In-place lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		168,570	170,869			162,804	170,869	162,804
Deferred leasing and other intangible assets, accumulated amortization		(61,842)	(55,103)			(54,646)	(55,103)	(54,646)
Deferred leasing and other intangible assets, net carrying amount		106,728	115,766			108,158	115,766	108,158
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		111,862	111,903			146,402	111,903	146,402
Deferred leasing and other intangible assets, accumulated amortization		(32,327)	(29,497)			(20,675)	(29,497)	(20,675)
Deferred leasing and other intangible assets, net carrying amount		79,535	82,406			125,727	82,406	125,727
Below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		0	16,258			29,625	16,258	29,625
Deferred leasing and other intangible assets, accumulated amortization		0	(984)			(316)	(984)	(316)
Deferred leasing and other intangible assets, net carrying amount		0	15,274			29,309	15,274	29,309
Deferred leasing costs
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		18,973	17,154			43,599	17,154	43,599
Deferred leasing and other intangible assets, accumulated amortization		(4,862)	(4,465)			(6,127)	(4,465)	(6,127)
Deferred leasing and other intangible assets, net carrying amount		14,111	12,689			37,472	12,689	37,472
Lease incentives
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		14,169	14,169			14,169	14,169	14,169
Deferred leasing and other intangible assets, accumulated amortization		(1,385)	(1,134)			(136)	(1,134)	(136)
Deferred leasing and other intangible assets, net carrying amount		12,784	13,035			14,033	13,035	14,033
Trade name
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		15,500	15,500			79,700	15,500	79,700
Deferred leasing and other intangible assets, accumulated amortization		0	0			(3,131)	0	(3,131)
Deferred leasing and other intangible assets, net carrying amount		15,500	15,500			76,569	$ 15,500	76,569
Intangible Liabilities
Useful life of finite-lived intangible assets							20 years
Impairment loss	$ 59,500						$ 59,464	0	0
Investment management contracts
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		194,698	194,698			342,127	194,698	342,127
Deferred leasing and other intangible assets, accumulated amortization		(100,445)	(92,618)			(70,394)	(92,618)	(70,394)
Deferred leasing and other intangible assets, net carrying amount		94,253	102,080			271,733	102,080	271,733
Intangible Liabilities
Impairment loss		0			140,429		147,429	59,073	320
Customer relationships
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		49,291	49,291			59,400	49,291	59,400
Deferred leasing and other intangible assets, accumulated amortization		(15,863)	(15,027)			(10,421)	(15,027)	(10,421)
Deferred leasing and other intangible assets, net carrying amount		33,428	34,264			48,979	34,264	48,979
Intangible Liabilities
Impairment loss			10,100				10,109	0	$ 0
Other
Deferred Leasing Costs and Intangible Assets
Deferred leasing and other intangible assets, carrying amount		41,664	59,157			54,061	59,157	54,061
Deferred leasing and other intangible assets, accumulated amortization		(1,945)	(4,241)			(2,041)	(4,241)	(2,041)
Deferred leasing and other intangible assets, net carrying amount		$ 39,719	$ 54,916			52,020	$ 54,916	$ 52,020
NorthStar I And NorthStar II | Investment management contracts
Intangible Liabilities
Write-off of intangible assets					139,000
NorthStar RXR NY Metro | Investment management contracts
Intangible Liabilities
Write-off of intangible assets				$ 7,000	$ 1,400
Estimated future cash flows, discount rate				10.00%			10.00%
Investment management contracts | Nonrecurring | NorthStar RXR NY Metro
Intangible Liabilities
Impairment loss						$ 3,700
Investment management contracts | Nonrecurring | NorthStar RXR NY Metro | Discount rate
Intangible Liabilities
Discount rate						9.00%
Investment management contracts | Nonrecurring | NorthStar Healthcare
Intangible Liabilities
Impairment loss						$ 55,300

Goodwill, Deferred Leasing Co_5

Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	$ 3,643	$ 1,925	$ 6,862	$ 15,319	$ (2,045)
Below-market lease values	4,888	5,969	31,019	35,484	3,126
Net increase (decrease) to rental income	1,903	1,234	2,723	14,561	515
Above-market ground lease obligations	0	(286)	(919)	(746)	482
Below-market ground lease obligations	0	463	669	854	0
Net increase (decrease) to ground rent expense	0	177	(250)	108	482
Amortization expense	17,586	17,295	62,355	129,994	34,555
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(2,733)	(4,493)	(27,299)	(20,787)	(2,611)
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(252)	(242)	(997)	(136)	0
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization expense	7,102	8,291	28,047	59,142	16,971
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,569	847	3,419	5,801	2,795
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	0	804	1,606	3,682	0
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	7,827	5,686	22,386	38,640	11,446
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	836	1,152	4,606	12,514	3,343
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 252	$ 515	$ 2,291	$ 10,215	$ 0

Goodwill, Deferred Leasing Co_6

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
(Decrease) Increase to rental income
2019		$ 7,863
2019	$ 5,804
2020	7,499	7,466
2021	8,451	8,369
2022	7,964	7,932
2023	8,708	8,636
2024 and Thereafter	(2,418)	(2,589)
Net increase (decrease) to rental income	36,008	37,677
Deferred Leasing Costs and Intangible Assets
Remaining 2019	91,971
2019		106,698
2020	36,735	35,953
2021	30,899	30,150
2022	23,392	25,979
2023	17,318	24,516
2024 and Thereafter	59,002	67,301
Net Carrying Amount	259,317	290,597
Net below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
2019		(220)
2020		(218)
2021		(213)
2022		(210)
2023		(218)
2024 and Thereafter		2,001
Net Carrying Amount		922
Industrial
(Decrease) Increase to rental income
Net increase (decrease) to rental income	9,900	8,300
Deferred Leasing Costs and Intangible Assets
Net Carrying Amount	$ 147,300	90,900
Industrial | Net below-market ground lease obligations
Deferred Leasing Costs and Intangible Assets
Net Carrying Amount		$ 100

Assets and Related Liabilitie_3

Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Liabilities
Debt			$ 1,100,000
Revenue	$ 84,844	$ 70,783	299,520	$ 292,815	$ 196,357
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets
Restricted cash	5,192		6,213	5,186
Real estate, net	4,635,406		3,645,406	3,171,777
Equity investment	12,937		13,422	2,840
Goodwill	20,000		20,000	40,000
Intangible assets, net	166,187		135,924	126,209
Other assets	226,641		146,380	61,361
Due from affiliates	2,472		2,290	1,157
Total assets held for sale	5,068,835		3,969,635	3,408,530
Liabilities
Debt	1,909,386		1,064,585	1,198,363
Lease intangibles and other liabilities, net	114,725		153,910	149,749
Total liabilities related to assets held for sale	2,024,111		1,218,495	1,348,112
Industrial
Assets
Real estate, net	4,100,000		3,000,000	2,600,000
Goodwill	20,000		20,000
Total assets held for sale	4,300,000		3,200,000	2,600,000
Liabilities
Debt			1,100,000	1,000,000
Total liabilities related to assets held for sale	$ 2,000,000		$ 1,200,000	$ 1,100,000
Debt, weighted average interest rate (percentage)	3.93%
Weighted average remaining term	7 years 10 months 24 days
Industrial | Fixed Rate
Liabilities
Debt	$ 1,100,000
Industrial | Variable Rate
Liabilities
Debt	$ 900,000

Restricted Cash, Other Assets_3

Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 323,503	$ 364,605	$ 450,214	$ 466,912	$ 98,461	$ 167,151
Variable Interest Entity, Primary Beneficiary
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		0		13,656
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	170,042	214,863		248,668
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	43,766	49,702		39,198
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	15,653	10,412		41,545
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	14,522	19,586		23,043
Tenant lock boxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	17,989	15,666		16,486
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 61,531	$ 54,376		$ 84,316

Restricted Cash, Other Assets_4

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Interest receivable	$ 11,961	$ 14,005			$ 21,529
Straight-line rents	34,350	34,931			20,934
Hotel-related reserves	15,728	21,636			29,208
Investment deposits and pending deal costs	27,465	27,534			1,186
Deferred financing costs, net	4,797	5,467			8,324
Contingent consideration account		0			15,730
Derivative assets (Note 13)	29,679	33,558			10,152
Prepaid taxes and deferred tax assets, net	58,846	71,656			78,957
Receivables from resolution of investments	32,624	30,770			15,215
Accounts receivable	85,714	58,830			84,725
Prepaid expenses	34,196	23,771			26,306
Other assets	69,022	30,604			20,296
Fixed assets, net	45,840	47,381			53,632
Total other assets	566,098	400,143			386,194
Dividends payable	83,996	84,013		$ 90,791	$ 188,202	$ 65,972
Operating lease, right-of-use asset	$ 115,876	$ 0
Executive Officer | Common Stock And OP Units
Class of Stock [Line Items]
Dividends payable			$ 6,400

Restricted Cash, Other Assets_5

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tenant security deposits and payable	$ 15,135	$ 14,220			$ 14,657
Borrower escrow deposits	13,001	18,885			46,231
Deferred income	27,124	18,255			30,819
Interest payable	40,622	40,778			42,462
Other liabilities—derivative liabilities	132,808	304,678			204,848
Contingent consideration—THL Hotel Portfolio (Note 3)	8,903	9,312			7,419
Share repurchase payable	7,567	0	$ 36,166		0	$ 0
Current and deferred income tax liability	92,808	105,477			165,882
Accrued compensation	79,320	33,939			77,483
Accrued carried interest and contractual incentive fee compensation	7,486	8,675			0
Accrued real estate and other taxes	38,714	47,452			52,714
Other liabilities	80,794				96,306
Accounts payable and other liabilities	89,862				98,046
Total	634,144	958,293			836,867
Deferred asset management fee income	3,200	2,900			$ 2,700
Accounts Payable and Accrued Liabilities	91,244	113,234
Operating lease liability	0	115,678
Other Liabilities	79,412	$ 127,710
Asset management fees
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue recognized	$ 600
Difference between revenue guidance in effect before and after Topic 606 | Asset management fees | ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred asset management fee income				$ 1,600

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2018USD ($)securitization_trust	Jun. 30, 2018securitization_trust	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)securitization_trust	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt				$ 1,100,000
Principal			$ 8,985,618	9,171,929	$ 10,115,393
Long-term debt			8,803,402	$ 8,975,372	9,826,352
Number of securitization vehicles contributed | securitization_trust	3
Number of securitization vehicles sold | securitization_trust		2
Number of securitization vehicles held | securitization_trust				0
Assets Held For Sale
Debt Instrument [Line Items]
Long-term debt			356,500	$ 425,900	216,600
Credit Facilities
Debt Instrument [Line Items]
Principal				0
Long-term debt			0	0	50,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt			612,618	612,150	610,331
Secured and Unsecured Debt
Debt Instrument [Line Items]
Long-term debt			7,991,221	8,164,136	8,620,717
Securitization bonds payable
Debt Instrument [Line Items]
Long-term debt				0	348,251
Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt			199,563	199,086	197,053
Carrying Value
Debt Instrument [Line Items]
Principal			8,985,618	9,171,929	10,115,393
Premium (discount), net			(111,125)	(119,551)	(245,886)
Deferred financing costs			(71,091)	(77,006)	(87,697)
Long-term debt				8,975,372	9,781,810
Carrying Value | Credit Facilities
Debt Instrument [Line Items]
Principal			0	0	50,000
Premium (discount), net			0	0	0
Deferred financing costs			0	0	0
Long-term debt				0	50,000
Carrying Value | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal			616,105	616,105	616,105
Premium (discount), net			2,586	2,697	3,131
Deferred financing costs			(6,073)	(6,652)	(8,905)
Long-term debt				612,150	610,331
Carrying Value | Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal			8,089,396	8,275,707	8,777,940
Premium (discount), net			(33,157)	(41,217)	(78,634)
Deferred financing costs			(65,018)	(70,354)	(78,589)
Long-term debt				8,164,136	8,620,717
Carrying Value | Securitization bonds payable
Debt Instrument [Line Items]
Principal				0	391,231
Premium (discount), net				0	(87,319)
Deferred financing costs				0	(203)
Long-term debt					303,709
Carrying Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal			280,117	280,117	280,117
Premium (discount), net			(80,554)	(81,031)	(83,064)
Deferred financing costs			$ 0	0	0
Long-term debt				$ 199,086	197,053
Fair Value
Debt Instrument [Line Items]
Long-term debt					44,542
Fair Value | Credit Facilities
Debt Instrument [Line Items]
Long-term debt					0
Fair Value | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Long-term debt					0
Fair Value | Secured and Unsecured Debt
Debt Instrument [Line Items]
Long-term debt					0
Fair Value | Securitization bonds payable
Debt Instrument [Line Items]
Long-term debt					44,542
Fair Value | Junior Subordinated Notes
Debt Instrument [Line Items]
Long-term debt					$ 0
CLNY Contributed Portfolio | Discontinued Operations, Disposed of by Means Other than Sale
Debt Instrument [Line Items]
Debt	$ 379,927
Colony Credit
Debt Instrument [Line Items]
Number of securitization vehicles contributed | securitization_trust		3
Number of securitization vehicles held | securitization_trust		0

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2018USD ($)	Mar. 31, 2019USD ($)instrument	Dec. 31, 2018USD ($)instrument	Dec. 31, 2018USD ($)instrument	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Principal		$ 8,985,618	$ 9,171,929	$ 9,171,929	$ 10,115,393
Mortgage loans, floating rate, amount	$ 100,500
Amount of impairment on real estate assets			109,100
Far value of real estate pledged as collateral		2,500,000	2,500,000	2,500,000
Fixed Rate
Debt Instrument [Line Items]
Principal		2,977,707	2,997,136	2,997,136	3,238,219
Variable Rate
Debt Instrument [Line Items]
Principal		6,007,911	6,174,793	6,174,793	6,877,174
Line of Credit
Debt Instrument [Line Items]
Principal			0	0
Non-Recourse
Debt Instrument [Line Items]
Non-recourse debt	$ 1,800,000
Secured Debt
Debt Instrument [Line Items]
Principal			8,275,707	8,275,707
Recourse
Debt Instrument [Line Items]
Principal		932,882	933,421	933,421	985,441
Recourse | Fixed Rate
Debt Instrument [Line Items]
Principal		$ 652,765	$ 653,304	$ 653,304	655,324
Number of secured promissory notes | instrument		2	2	2
Recourse | Variable Rate
Debt Instrument [Line Items]
Principal		$ 280,117	$ 280,117	$ 280,117	330,117
Recourse | Line of Credit
Debt Instrument [Line Items]
Principal		$ 0	0	$ 0	$ 50,000
Weighted Average Interest Rate (Per Annum)					3.51%
Weighted Average Years Remaining to Maturity		2 years 9 months 18 days		3 years	3 years
Recourse | Line of Credit | Fixed Rate
Debt Instrument [Line Items]
Principal		$ 0	0	$ 0	$ 0
Recourse | Line of Credit | Variable Rate
Debt Instrument [Line Items]
Principal		$ 0	0	$ 0	$ 50,000
Weighted Average Interest Rate (Per Annum)					3.51%
Weighted Average Years Remaining to Maturity		2 years 9 months 18 days		3 years	3 years
Recourse | Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal		$ 616,105	$ 616,105	$ 616,105	$ 616,105
Weighted Average Interest Rate (Per Annum)		4.27%	4.27%	4.27%	4.27%
Weighted Average Years Remaining to Maturity		2 years 9 months 18 days		3 years	4 years
Recourse | Convertible and Exchangeable Senior Notes | Fixed Rate
Debt Instrument [Line Items]
Principal		$ 616,105	$ 616,105	$ 616,105	$ 616,105
Weighted Average Interest Rate (Per Annum)		4.27%	4.27%	4.27%	4.27%
Weighted Average Years Remaining to Maturity		2 years 9 months 18 days		3 years	4 years
Recourse | Convertible and Exchangeable Senior Notes | Variable Rate
Debt Instrument [Line Items]
Principal		$ 0	$ 0	$ 0	$ 0
Recourse | Junior Subordinated Notes
Debt Instrument [Line Items]
Principal		$ 280,117	$ 280,117	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)		5.46%	5.66%	5.66%	4.56%
Weighted Average Years Remaining to Maturity		17 years 2 months 12 days		17 years 4 months 24 days	18 years 4 months 24 days
Recourse | Junior Subordinated Notes | Fixed Rate
Debt Instrument [Line Items]
Principal		$ 0	$ 0	$ 0	$ 0
Recourse | Junior Subordinated Notes | Variable Rate
Debt Instrument [Line Items]
Principal		$ 280,117	$ 280,117	$ 280,117	$ 280,117
Weighted Average Interest Rate (Per Annum)		5.46%	5.66%	5.66%	4.56%
Weighted Average Years Remaining to Maturity		17 years 2 months 12 days		17 years 4 months 24 days	18 years 4 months 24 days
Recourse | Secured and Unsecured Debt
Debt Instrument [Line Items]
Principal			$ 37,199	$ 37,199	$ 39,219
Weighted Average Interest Rate (Per Annum)			5.02%	5.02%	5.02%
Weighted Average Years Remaining to Maturity				6 years 10 months 24 days	7 years 10 months 24 days
Recourse | Secured and Unsecured Debt | Fixed Rate
Debt Instrument [Line Items]
Principal			$ 37,199	$ 37,199	$ 39,219
Weighted Average Interest Rate (Per Annum)			5.02%	5.02%	5.02%
Weighted Average Years Remaining to Maturity				6 years 10 months 24 days	7 years 10 months 24 days
Recourse | Secured and Unsecured Debt | Variable Rate
Debt Instrument [Line Items]
Principal			$ 0	$ 0	$ 0
Recourse | Secured Debt
Debt Instrument [Line Items]
Principal		$ 36,660
Weighted Average Interest Rate (Per Annum)		5.02%
Weighted Average Years Remaining to Maturity		6 years 8 months 12 days
Recourse | Secured Debt | Fixed Rate
Debt Instrument [Line Items]
Principal		$ 36,660
Weighted Average Interest Rate (Per Annum)		5.02%
Weighted Average Years Remaining to Maturity		6 years 8 months 12 days
Recourse | Secured Debt | Variable Rate
Debt Instrument [Line Items]
Principal		$ 0
Non-Recourse
Debt Instrument [Line Items]
Principal		8,052,736	8,238,508	8,238,508	9,129,952
Non-Recourse | Fixed Rate
Debt Instrument [Line Items]
Principal		2,324,942	2,343,832	2,343,832	2,582,895
Non-Recourse | Variable Rate
Debt Instrument [Line Items]
Principal		5,727,794	5,894,676	5,894,676	6,547,057
Non-Recourse | Securitization bonds payable
Debt Instrument [Line Items]
Principal					$ 391,231
Weighted Average Interest Rate (Per Annum)					3.05%
Weighted Average Years Remaining to Maturity					28 years 6 months
Non-Recourse | Securitization bonds payable | Fixed Rate
Debt Instrument [Line Items]
Principal					$ 30,132
Weighted Average Interest Rate (Per Annum)					3.45%
Weighted Average Years Remaining to Maturity					29 years 10 months 24 days
Non-Recourse | Securitization bonds payable | Variable Rate
Debt Instrument [Line Items]
Principal					$ 361,099
Weighted Average Interest Rate (Per Annum)					3.02%
Weighted Average Years Remaining to Maturity					28 years 4 months 24 days
Non-Recourse | Secured and Unsecured Debt | Healthcare
Debt Instrument [Line Items]
Principal		$ 3,243,943	$ 3,240,680	$ 3,240,680	$ 3,288,256
Weighted Average Interest Rate (Per Annum)		5.28%	5.31%	5.31%	5.03%
Weighted Average Years Remaining to Maturity		2 years 2 months 12 days		2 years 2 months 12 days	3 years
Non-Recourse | Secured and Unsecured Debt | Hospitality
Debt Instrument [Line Items]
Principal		$ 2,659,536	$ 2,648,072	$ 2,648,072	$ 2,608,719
Weighted Average Interest Rate (Per Annum)		5.64%	5.71%	5.71%	4.69%
Weighted Average Years Remaining to Maturity		3 years 8 months 12 days		3 years 9 months 18 days	3 years 8 months 12 days
Non-Recourse | Secured and Unsecured Debt | Other Real Estate Equity
Debt Instrument [Line Items]
Principal		$ 1,863,579	$ 1,990,245	$ 1,990,245	$ 2,215,998
Weighted Average Interest Rate (Per Annum)		4.36%	4.39%	4.39%	4.03%
Weighted Average Years Remaining to Maturity		3 years 2 months 12 days		3 years 8 months 12 days	4 years 7 months 6 days
Non-Recourse | Secured and Unsecured Debt | Real Estate Debt
Debt Instrument [Line Items]
Principal		$ 285,678	$ 359,511	$ 359,511	$ 625,748
Weighted Average Interest Rate (Per Annum)		4.59%	4.50%	4.50%	4.05%
Weighted Average Years Remaining to Maturity		2 years 7 months 6 days		2 years 4 months 24 days	3 years 3 months 18 days
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Healthcare
Debt Instrument [Line Items]
Principal		$ 2,130,999	$ 2,130,999	$ 2,130,999	$ 2,168,936
Weighted Average Interest Rate (Per Annum)		4.62%	4.62%	4.62%	4.65%
Weighted Average Years Remaining to Maturity		1 year 8 months 12 days		1 year 10 months 24 days	2 years 10 months 24 days
Long-term debt, repayment of principal in next twelve months		$ 1,725,000	$ 1,700,000	$ 1,700,000
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Hospitality
Debt Instrument [Line Items]
Principal		$ 12,559	$ 12,019	$ 12,019	$ 9,038
Weighted Average Interest Rate (Per Annum)		13.01%	12.99%	12.99%	11.00%
Weighted Average Years Remaining to Maturity		2 years 4 months 24 days		2 years 7 months 6 days	3 years 7 months 6 days
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Other Real Estate Equity
Debt Instrument [Line Items]
Principal		$ 181,384	$ 200,814	$ 200,814	$ 374,789
Weighted Average Interest Rate (Per Annum)		4.23%	4.02%	4.02%	4.07%
Weighted Average Years Remaining to Maturity		3 years 7 months 6 days		3 years 9 months 18 days	5 years 6 months
Outstanding principal in payment default					$ 384,500
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Real Estate Debt
Debt Instrument [Line Items]
Principal		$ 0	$ 0	$ 0	0
Non-Recourse | Secured and Unsecured Debt | Fixed Rate | Healthcare And Hospitality
Debt Instrument [Line Items]
Outstanding principal not in compliance with certain covenants		460,200	538,500	538,500
Non-Recourse | Secured and Unsecured Debt | Variable Rate | Healthcare
Debt Instrument [Line Items]
Principal		$ 1,112,944	$ 1,109,681	$ 1,109,681	$ 1,119,320
Weighted Average Interest Rate (Per Annum)		6.54%	6.64%	6.64%	5.75%
Weighted Average Years Remaining to Maturity		3 years 1 month 6 days		2 years 8 months 12 days	3 years
Non-Recourse | Secured and Unsecured Debt | Variable Rate | Hospitality
Debt Instrument [Line Items]
Principal		$ 2,646,977	$ 2,636,053	$ 2,636,053	$ 2,599,681
Weighted Average Interest Rate (Per Annum)		5.60%	5.68%	5.68%	4.67%
Weighted Average Years Remaining to Maturity		3 years 8 months 12 days		3 years 9 months 18 days	3 years 8 months 12 days
Non-Recourse | Secured and Unsecured Debt | Variable Rate | Other Real Estate Equity
Debt Instrument [Line Items]
Principal		$ 1,682,195	$ 1,789,431	$ 1,789,431	$ 1,841,209
Weighted Average Interest Rate (Per Annum)		4.38%	4.43%	4.43%	4.02%
Weighted Average Years Remaining to Maturity		3 years 2 months 12 days		3 years 7 months 6 days	4 years 4 months 24 days
Non-Recourse | Secured and Unsecured Debt | Variable Rate | Real Estate Debt
Debt Instrument [Line Items]
Principal		$ 285,678	$ 359,511	$ 359,511	$ 625,748
Weighted Average Interest Rate (Per Annum)		4.59%	4.50%	4.50%	4.05%
Weighted Average Years Remaining to Maturity		2 years 7 months 6 days		2 years 4 months 24 days	3 years 3 months 18 days

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facility (Details) - Credit Facilities - Revolving Credit Facility - JPMorgan Chase Bank, N.A.	Jan. 10, 2017USD ($)extension	Mar. 31, 2019	Dec. 31, 2018USD ($)	Apr. 05, 2019USD ($)
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 1,000,000,000			$ 750,000,000
Number of extension options | extension	2
Extension term	6 months
Extension commitment fee	0.10%
Maximum amount available for draw			$ 1,000,000,000
Percentage of unused amount		0.35%	0.35%
Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.25%	0.25%
Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount		0.35%	0.35%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate, percent		2.25%	2.25%
Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate, percent		1.25%	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)	3 Months Ended	4 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)dquarter$ / sharesshares	Nov. 30, 2017USD ($)shares	Dec. 31, 2018USD ($)dquarter$ / sharesshares	Dec. 31, 2017USD ($)shares	Jul. 31, 2017USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes	$ 616,105,000		$ 616,105,000	$ 616,105,000
Convertible senior notes | 5.00% Convertible Notes
Debt Instrument [Line Items]
Converted instrument, amount	$ 1,000		$ 1,000
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount	100.00%		100.00%
Threshold percentage of stock price trigger	130.00%		130.00%
Threshold trading days | d	20		20
Threshold consecutive trading days | d	30		30
Convertible and Exchangeable Senior Notes | 5.00% Convertible Notes
Debt Instrument [Line Items]
Interest Rate	5.00%		5.00%
Conversion or Exchange Price (per share of common stock) | $ / shares	$ 15.76		$ 15.76
Conversion or Exchange Ratio (In Shares per $1,000)	63.4700		63.4700
Conversion or Exchange Shares (in shares) | shares	12,694,000		12,694,000
Convertible and exchangeable senior notes	$ 200,000,000		$ 200,000,000	200,000,000
Convertible and Exchangeable Senior Notes | 3.875% Convertible Notes
Debt Instrument [Line Items]
Interest Rate	3.875%		3.875%
Conversion or Exchange Price (per share of common stock) | $ / shares	$ 16.57		$ 16.57
Conversion or Exchange Ratio (In Shares per $1,000)	60.3431		60.3431
Conversion or Exchange Shares (in shares) | shares	24,288,000		24,288,000
Convertible and exchangeable senior notes	$ 402,500,000		$ 402,500,000	402,500,000
Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate	5.375%		5.375%
Conversion or Exchange Price (per share of common stock) | $ / shares	$ 12.04		$ 12.04
Conversion or Exchange Ratio (In Shares per $1,000)	83.0837		83.0837
Conversion or Exchange Shares (in shares) | shares	1,130,000		1,130,000
Convertible and exchangeable senior notes	$ 13,605,000		$ 13,605,000	$ 13,605,000
Converted instrument, amount		$ 2,800,000
Original debt, interest rate		5.375%
Convertible and Exchangeable Senior Notes | 7.25% Exchangeable Notes
Debt Instrument [Line Items]
Interest Rate					7.25%
Repurchased face amount					$ 13,000,000
Repurchase amount					$ 13,400,000
Junior Subordinated Notes
Debt Instrument [Line Items]
Redemption period	5 years		5 years
Interest payment deferral, number of consecutive quarters | quarter	6		6
Class A Common Stock
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) | shares				233,000
Class A Common Stock | Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes
Debt Instrument [Line Items]
Converted instrument, shares issued (in shares) | shares		232,669

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt		$ 1,100,000
2019		2,468,141
2020		625,678
2021		1,345,797
2022		2,820,212
2023		380,289
2024 and thereafter		1,531,812
Total	$ 8,985,618	9,171,929	$ 10,115,393
Recourse Debt
Debt Instrument [Line Items]
Total	932,882	933,421	985,441
Credit Facilities
Debt Instrument [Line Items]
2019		0
2020		0
2021		0
2022		0
2023		0
2024 and thereafter		0
Total		0
Credit Facilities | Recourse Debt
Debt Instrument [Line Items]
Total	0	0	50,000
Convertible and Exchangeable Senior Notes | Recourse Debt
Debt Instrument [Line Items]
2019		0
2020		0
2021		402,500
2022		0
2023		200,000
2024 and thereafter		13,605
Total	616,105	616,105	616,105
Secured Debt
Debt Instrument [Line Items]
2019		2,468,141
2020		625,678
2021		943,297
2022		2,820,212
2023		180,289
2024 and thereafter		1,238,090
Total		8,275,707
Secured Debt | Recourse Debt
Debt Instrument [Line Items]
Total	36,660
Junior Subordinated Notes | Recourse Debt
Debt Instrument [Line Items]
2019		0
2020		0
2021		0
2022		0
2023		0
2024 and thereafter		280,117
Total	$ 280,117	$ 280,117	$ 280,117

Debt - Interest Incurred and Ca

Debt - Interest Incurred and Capitalized (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Interest expensed (includes interest presented as discontinued operations in Note 18)	$ 149,516	$ 148,889	$ 595,551	$ 574,822	$ 170,083
Interest capitalized	1,046	429	5,554	0	0
Total interest incurred	$ 150,562	$ 149,318	$ 601,105	$ 574,822	$ 170,083

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands, € in Millions, £ in Millions, kr in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2019GBP (£)	Mar. 31, 2019EUR (€)	Jan. 31, 2019USD ($)	Dec. 31, 2018GBP (£)	Dec. 31, 2018EUR (€)	Dec. 31, 2017GBP (£)	Dec. 31, 2017EUR (€)	Dec. 31, 2017NOK (kr)
Derivative Instruments, Gain (Loss) [Line Items]
Deposits related to agreements included in other assets	$ 41,400		$ 800	$ 1,900
Investments in unconsolidated joint ventures	2,671,130		2,432,914	1,687,999
Unrealized Gain (Loss) on Investments	11,800
Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation					$ 1,600
Non-Designated Hedges | Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation	(419)	$ (2,882)	3,726	(3,928)
Designated Hedges | Other gain (loss), net | Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges	240	$ 2,583	7,426	(3,931)	$ 62
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	1,000,000		$ 1,000,000	$ 1,100,000		£ 232.7	€ 652.4		£ 235.7	€ 614	£ 250.6	€ 499.2	kr 771.2
Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain on Derivative	2,600
Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Loss on Derivative	$ 11,300
Notional amount								$ 100,000

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 29,742	$ 33,558	$ 10,152
Derivative Liabilities	304,714	132,808	204,848
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	29,742	33,558	10,152
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	304,714	132,808	204,848
Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	26,056	31,989	8,009
Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	7,020	6,193	39,101
Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	3,686	1,569	2,143
Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	297,694	126,615	165,747
Foreign exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	26,726	32,196	8,984
Foreign exchange contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	7,856	6,404	44,408
Foreign exchange contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	25,819	31,127	8,009
Foreign exchange contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	6,965	6,193	39,101
Foreign exchange contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	907	1,069	975
Foreign exchange contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	891	211	5,307
Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative Liabilities	111,284
Forward Contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	111,284	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	111,284	0
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	394	1,362	1,168
Derivative Liabilities	185,574	126,404	160,440
Interest rate contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	394	1,362	1,168
Interest rate contracts | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	185,574	126,404	160,440
Interest rate contracts | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	237	862	0
Interest rate contracts | Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	55	0	0
Interest rate contracts | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	157	500	1,168
Interest rate contracts | Non-Designated Hedges | Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	185,519	126,404	$ 160,440
Swap
Derivatives, Fair Value [Line Items]
Derivative Assets	2,622
Swap | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	2,622	0
Swap | Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Swap | Non-Designated Hedges | Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 2,622	$ 0

Derivatives - Schedule of Forei

Derivatives - Schedule of Foreign Exchange Contracts (Details) € in Thousands, £ in Thousands	Mar. 31, 2019GBP (£)	Mar. 31, 2019EUR (€)	Mar. 31, 2019$ / €	Mar. 31, 2019$ / £	Dec. 31, 2018GBP (£)	Dec. 31, 2018EUR (€)	Dec. 31, 2018$ / €	Dec. 31, 2018$ / £
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate | $ / £				1.33				1.29
Foreign exchange collars | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate floor			1.06	1.45			1.06	1.45
Foreign exchange collars | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate cap			1.53	1.82			1.53	1.82
Foreign exchange contracts | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate			1.10	1.24			1.10	1.24
Foreign exchange contracts | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate | $ / €			1.38				1.38
Designated Hedges | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	£ 40,228	€ 84,050			£ 39,881	€ 84,549
Designated Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	90,445	476,530			88,313	431,874
Non-Designated Hedges | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	1,962	613			2,309	114
Non-Designated Hedges | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	£ 26,490	€ 10,803			£ 26,257	€ 14,944

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)$ / £	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)$ / £	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2019GBP (£)$ / £	Mar. 31, 2019EUR (€)$ / £	Dec. 31, 2018GBP (£)$ / £	Dec. 31, 2018EUR (€)$ / £
Maximum
Derivative [Line Items]
Forward rate | $ / £	1.33		1.29			1.33	1.33	1.29	1.29
Interest Rate Swap
Derivative [Line Items]
Term of interest rate swap	10 years		10 years
Designated Hedges | Cash flow hedging | Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness			$ 0	$ 0	$ (401)
Designated Hedges | Interest Rate Swap | Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 0		0
Designated Hedges | Interest Rate Swap | One-Month LIBOR
Derivative [Line Items]
Notional amount	300,000
Designated Hedges | Interest Rate Cap | Three-Month LIBOR
Derivative [Line Items]
Notional amount	0		0
Designated Hedges | Interest Rate Cap | One-Month LIBOR
Derivative [Line Items]
Notional amount			0
Designated Hedges | Interest Rate Cap | Three-Month Euribor
Derivative [Line Items]
Notional amount | €							€ 247,513		€ 247,513
Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR
Derivative [Line Items]
Notional amount | £						£ 0		£ 0
Designated Hedges | Deliverable swap futures
Derivative [Line Items]
Notional amount	0		0
Non-Designated Hedges | Interest rate contracts | Other gain (loss), net
Derivative [Line Items]
Cash flow hedge ineffectiveness	(59,526)	$ 56,657	33,307	$ (15,080)	$ (1,455)
Non-Designated Hedges | Interest Rate Swap | Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 2,000,000		$ 2,000,000
Forward rate	0.0339		0.0339			0.0339	0.0339	0.0339	0.0339
Non-Designated Hedges | Interest Rate Swap | One-Month LIBOR
Derivative [Line Items]
Notional amount	$ 0
Forward rate	0.022					0.022	0.022
Non-Designated Hedges | Interest Rate Cap | Three-Month LIBOR
Derivative [Line Items]
Notional amount	$ 4,427,714		$ 52,155
Forward rate			0.0224					0.0224	0.0224
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR
Derivative [Line Items]
Notional amount			$ 4,009,957
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR | Minimum
Derivative [Line Items]
Forward rate	0.030		0.030			0.030	0.030	0.030	0.030
Non-Designated Hedges | Interest Rate Cap | One-Month LIBOR | Maximum
Derivative [Line Items]
Forward rate	0.045		0.045			0.045	0.045	0.045	0.045
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor
Derivative [Line Items]
Notional amount | €							€ 441,151		€ 441,151
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor | Minimum
Derivative [Line Items]
Forward rate	0.0100		0.0075			0.0100	0.0100	0.0075	0.0075
Non-Designated Hedges | Interest Rate Cap | Three-Month Euribor | Maximum
Derivative [Line Items]
Forward rate	0.015		0.015			0.015	0.015	0.015	0.015
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR
Derivative [Line Items]
Notional amount | £						£ 363,716		£ 363,716
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | Minimum
Derivative [Line Items]
Forward rate	0.015		0.015			0.015	0.015	0.015	0.015
Non-Designated Hedges | Interest Rate Cap | Three-Month GBP LIBOR | Maximum
Derivative [Line Items]
Forward rate	0.025		0.025			0.025	0.025	0.025	0.025
Non-Designated Hedges | Deliverable swap futures
Derivative [Line Items]
Notional amount	$ 14,000		$ 19,000

Derivatives - Derivative Nettin

Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 29,742		$ 33,558	$ 10,152
(Assets) Liabilities	(3,337)		(2,566)	(8,948)
Cash Collateral Received (Pledged)	0	$ 12,000	0	0
Net Amounts of Assets (Liabilities)	26,405		30,992	1,204
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(304,714)		(132,808)	(204,848)
(Assets) Liabilities	3,337		2,566	8,948
Cash Collateral Received (Pledged)	41,394		840	1,900
Net Amounts of Assets (Liabilities)	(259,983)		(129,402)	(194,000)
Foreign exchange contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	26,726		32,196	8,984
(Assets) Liabilities	(487)		(1,743)	(8,944)
Cash Collateral Received (Pledged)	0		0	0
Net Amounts of Assets (Liabilities)	26,239		30,453	40
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(7,856)		(6,404)	(44,408)
(Assets) Liabilities	487		1,743	8,944
Cash Collateral Received (Pledged)	0		0	0
Net Amounts of Assets (Liabilities)	(7,369)		(4,661)	(35,464)
Interest rate contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	394		1,362	1,168
(Assets) Liabilities	(228)		(823)	(4)
Cash Collateral Received (Pledged)	0		0	0
Net Amounts of Assets (Liabilities)	166		539	1,164
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(185,574)		(126,404)	(160,440)
(Assets) Liabilities	228		823	4
Cash Collateral Received (Pledged)	31,394		840	1,900
Net Amounts of Assets (Liabilities)	(153,952)		$ (124,741)	$ (158,536)
Forward Contracts
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(111,284)
(Assets) Liabilities	2,622
Cash Collateral Received (Pledged)	10,000
Net Amounts of Assets (Liabilities)	(98,662)
Swap
Derivative [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	2,622
(Assets) Liabilities	(2,622)
Cash Collateral Received (Pledged)	0
Net Amounts of Assets (Liabilities)	$ 0

Fair Value - Fair Value of Asse

Fair Value - Fair Value of Assets and Liabilities (Details) $ in Thousands	Jun. 30, 2018USD ($)shares	Dec. 31, 2018USD ($)shares	Mar. 31, 2019USD ($)	Dec. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		$ 81,085	$ 178,131	$ 363,901
Marketable equity securities		26,754		35,600
Debt securities, at fair value		96,833		348,342
Fair Value				323,243
Other assets—derivative assets		33,558	29,679	10,152
Other assets—derivative assets			29,742
Other liabilities—derivative liabilities		132,808	304,678	204,848
Contingent consideration—THL Hotel Portfolio (Note 3)		8,903	9,312	7,419
Due to affiliates—contingent consideration for Internalization		0		23,534
Derivative liability			304,714
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		0	0	0
Other assets—derivative assets		0		0
Other assets—derivative assets			0
Other liabilities—derivative liabilities		0		0
Contingent consideration—THL Hotel Portfolio (Note 3)		0	0	0
Derivative liability			0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		0	0	0
Other assets—derivative assets		33,558		10,152
Other assets—derivative assets			29,742
Other liabilities—derivative liabilities		132,808		204,848
Contingent consideration—THL Hotel Portfolio (Note 3)		0	0	0
Derivative liability			304,714
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		81,085	178,131	363,901
Other assets—derivative assets		0		0
Other assets—derivative assets			0
Other liabilities—derivative liabilities		0		0
Contingent consideration—THL Hotel Portfolio (Note 3)		8,903	9,312	7,419
Derivative liability			0
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		32,706	21,139	25,099
Fair Value				147,945
CMBS | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		0	0	0
Fair Value				0
CMBS | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		32,706	21,139	25,099
Fair Value				0
CMBS | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, at fair value		0	0	0
Fair Value				147,945
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value				66,983
Other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value				0
Other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value				0
Other securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value				66,983
N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		64,127	64,410	90,933
N-Star CDO bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0	0	0
N-Star CDO bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0	0	0
N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		64,127	64,410	90,933
CMBS and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value				17,382
CMBS and other securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value				0
CMBS and other securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value				0
CMBS and other securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value				17,382
Equity securities of consolidated fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities		36,438	131,226
Debt securities, at fair value		26,754		35,600
Equity securities of consolidated fund | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities		36,438	131,226
Debt securities, at fair value				35,600
Equity securities of consolidated fund | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities		0	0
Debt securities, at fair value		0		0
Equity securities of consolidated fund | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities		0	0
Debt securities, at fair value		$ 0		0
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization				20,650
Contingent consideration | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization				0
Contingent consideration | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization				0
Colony NorthStar | Class A Common Stock | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) | shares		1,290,000
Colony NorthStar | Class B Common Stock | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) | shares		115,226
Colony NorthStar | OP Units | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares contingent upon achievement of performance targets (shares) | shares		4,400,000
Loans receivable—securitized loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable—securitized loans				45,423
Loans receivable—securitized loans | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable—securitized loans				0
Loans receivable—securitized loans | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable—securitized loans				0
Loans receivable—securitized loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable—securitized loans				45,423
Securitization bonds payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable				44,542
Securitization bonds payable | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable				0
Securitization bonds payable | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable				0
Securitization bonds payable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt—securitization bonds payable				44,542
Discounted cash flows | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration—THL Hotel Portfolio (Note 3)		$ 8,903		7,419
Discounted cash flows | N-Star CDO bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		64,127	64,410	90,933
Discounted cash flows | Private funds and other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable—securitized loans		5,908	5,354	204,774
Discounted cash flows | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable—securitized loans		21,831	18,569	26,408
Multiple | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable—securitized loans		$ 25,000	$ 25,000
Measurement input		5.8	5.5
Monte Carlo simulation | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization				20,650
Recent Transaction Price | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable—securitized loans		$ 28,346	$ 129,208	$ 132,719
Recurring | Contingent consideration | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer out of liabilities into equity		12,539
Transfers out of Level 3		$ 6,381
Discount rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.200	0.200	0.200
Discount rate | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.216	0.222	0.24
Discount rate | Minimum | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.136	0.137	0.108
Discount rate | Maximum | N-Star CDO bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.565	0.662	0.874
Discount rate | Private funds and other | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				0.146
Discount rate | Private funds and other | Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				0.110
Discount rate | Private funds and other | Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				0.200
Discount rate | Other investment ventures | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.175	0.185	0.142
Discount rate | Other investment ventures | Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.091	0.148	0.088
Discount rate | Other investment ventures | Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.184	0.195	0.148
Benchmark FFO volatility | Contingent consideration | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				0.118
Equity volatility | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				0.187
Correlation | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				0.800
Common Stock | Contingent consideration | Class A Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of additional shares to be paid (in shares) | shares	15,000
Common Stock | Contingent consideration | Class B Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of additional shares to be paid (in shares) | shares	40,000
Senior Management | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration for Internalization		$ 0		$ 20,650
Senior Management | Recurring | Contingent consideration | Contingent consideration | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers out of Level 3	$ 6,400
Senior Management | Common Stock And OP Units | Affiliated Entity | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer out of liabilities into equity	$ 12,500
Settlement Of Contingent Consideration | OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Units issued (in units) | shares	1,950,000

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt | Recurring | Level 3
Level 3 Liabilities
Fair value, liability value		$ 0	$ (44,542)	$ (44,542)	$ 0	$ 0
Unrealized gain related to balance recorded in earnings		0	50	57	1,822
Consolidation of securitization trust					(56,928)
Purchases, contributions, or accretions, liabilities			389		10,564
Unrealized gains (losses) on ending balance in earnings		0	50	57	1,822
Paydowns, distributions or sales		0		638
Deconsolidation				43,847
Fair value, liability value		0	(44,103)	0	(44,542)	0
Due to Affiliates—Contingent Consideration for Internalization | Recurring | Level 3
Level 3 Liabilities
Fair value, liability value		0	(20,650)	(20,650)	(41,250)	(52,990)
Unrealized gain in earnings						11,740
Unrealized gain related to balance recorded in earnings		0	10,480	1,730	20,600	11,740
Acquired through the Merger					0
Unrealized gains (losses) on ending balance in earnings		0	10,480	1,730	20,600
Transfer out of liabilities into equity				12,539
Transfers out of Level 3				6,381
Fair value, liability value		0	(10,170)	0	(20,650)	(41,250)
Loans Receivable | Recurring | Level 3
Level 3 Assets
Fair value, asset value		0	45,423	45,423	0	0
Unrealized gains (losses) In earnings		0	(704)	(715)	(2,309)
Consolidation of securitization trust					58,296
Paydowns, distributions or sales		0	(389)	(638)	(10,564)
Unrealized gains (losses) on ending balance in earnings		0	(704)	(715)	(2,309)
Deconsolidation				(44,070)
Fair value, asset value		0	44,330	0	45,423	0
Equity Method Investments | Recurring | Level 3
Level 3 Assets
Fair value, asset value		81,085	363,901	363,901	0	0
Unrealized gains (losses) In earnings		1,437	6,273	(67)	6,104	0
Acquired through the Merger					362,269
Purchases, contributions or accretion		101,195	60,044	61,113	162,323
Paydowns, distributions or sales		(6,341)	(158,943)	(188,409)	(166,795)
Realized gains in earnings		755	2,842	3,208
Unrealized gains (losses) on ending balance in earnings		1,437	6,021	(67)	6,104
Transfers out of Level 3				(132,527)
Contribution to Colony Credit (Note 4)			(26,134)	(26,134)
Fair value, asset value		178,131	247,983	81,085	363,901	0
Securities | Recurring | Level 3
Level 3 Assets
Fair value, asset value		64,127	323,243	323,243	0	0
Unrealized gains (losses) In earnings						0
Acquired through the Merger					427,560
Purchases, contributions or accretion		1,769	2,969	21,049	40,035
Paydowns, distributions or sales		(2,882)	(83,588)	(138,261)	(120,728)
Realized gains in earnings		(667)	4,030	3,877	(38,885)
Unrealized gains (losses) In accumulated other comprehensive income		2,063	(20,715)	(21,437)	15,261
Unrealized gains (losses) on ending balance in earnings		0	0	0	0
Deconsolidation				(124,344)
Unrealized gains (losses) on ending balance in other comprehensive income (loss)		(1,322)	(5,457)	(3,386)
Fair value, asset value		64,410	225,939	64,127	323,243	0
THL Hotel Portfolio | Due to Affiliates—Contingent Consideration for Internalization | Recurring | Level 3
Level 3 Liabilities
Fair value, liability value		(8,903)	(7,419)	(7,419)	0	0
Unrealized gain related to balance recorded in earnings		(409)	(341)	(1,484)	(648)
Consideration for business combination					(6,771)
Unrealized gains (losses) on ending balance in earnings		(409)	(341)	(1,484)	(648)
Fair value, liability value		$ (9,312)	$ (7,760)	$ (8,903)	$ (7,419)	$ 0
Senior Management | Due to Affiliates—Contingent Consideration for Internalization | Due to Affiliates—Contingent Consideration for Internalization | Recurring | Level 3
Level 3 Liabilities
Transfers out of Level 3	$ 6,400
Affiliated Entity | Common Stock And OP Units | Senior Management | Due to Affiliates—Contingent Consideration for Internalization
Level 3 Liabilities
Transfer out of liabilities into equity	$ 12,500

Fair Value - Investments Carrie

Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Private fund—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Expected life of investment	8 years		8 years
Expected life of investment, extension increment period	1 year	1 year
Expected life of investment, extension period threshold	2 years	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	$ 16,711	$ 12,617
Unfunded Commitments	10,153	13,658
Recurring | Fair Value Measured at Net Asset Value Per Share | Private funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value		21,674
Unfunded Commitments		0
Recurring | Fair Value Measured at Net Asset Value Per Share | Retail Companies—real estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	14,312	11,990
Unfunded Commitments	$ 0	$ 0

Fair Value - Nonrecurring Fair

Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			12 Months Ended
	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss		$ 25,622		$ 153,398	$ 587,275	$ 420,316	$ 11,310
Impairment loss		25,622		153,398	588,223	104,360	11,717
Equity method investments		178,131	$ 81,085		81,085	363,901
Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		223,052	269,145		269,145	49,498
Impairment loss		25,183		8,763	77,211	25,619	11,334
Real estate held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring			282,400		282,400
Impairment loss		212,000			212,000
Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		85,186	416,272		416,272	224,935
Impairment loss		439		4,206	280,418	19,668	57
Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0	36,400		36,400	51,100
Equity Method Investments | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		2,622	61,182	0	61,182	6,774	0
Equity method investments		$ 7,014	32,761		$ 32,761	11,871
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		11.00%			11.00%
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate		5.50%			5.50%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		$ 0	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		0	68,864		68,864	13,252
Level 2 | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0	0		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	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	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		178,131	81,085		81,085	363,901
Level 3 | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		223,052	200,281		200,281	36,246
Level 3 | Real estate held for investment | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		85,186	416,272		416,272	224,935
Level 3 | Intangible assets—investment management contracts | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, nonrecurring		0	36,400		36,400	51,100
Level 3 | Equity Method Investments | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		7,014	32,761		32,761	11,871
Intangible assets—lease intangibles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss					12,744	0	0
Investment management contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss		$ 0		$ 140,429	147,429	59,073	320
Customer relationships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss			$ 10,100		10,109	0	0
Trade name
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	$ 59,500				$ 59,464	$ 0	$ 0
Primarily European Portfolio | Real estate held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs					5.00%
Primarily European Portfolio | Maximum | Real estate held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs		5.00%
Primarily European Portfolio | Minimum | Real estate held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs		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		3.00%			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		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		2.00%
Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio | Level 3 | Maximum | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs					2.00%
Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio | Level 3 | Minimum | Real estate held for sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling costs					1.50%

Fair Value - Estimated Fair Val

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Loans at amortized cost		$ 0	$ 45,423
Level 1
Assets
Loans at amortized cost	$ 0	0	0
Liabilities
Line of credit			0
Level 1 | Convertible senior notes
Liabilities
Secured and unsecured debt	573,423	547,300	608,491
Level 1 | Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 1 | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	0	0	0
Level 1 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		0	0
Level 1 | Securitization bonds payable
Liabilities
Secured and unsecured debt			0
Level 1 | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0	0	0
Level 2
Assets
Loans at amortized cost	0	0	0
Liabilities
Line of credit			50,000
Level 2 | Convertible senior notes
Liabilities
Secured and unsecured debt	13,095	13,095	13,979
Level 2 | Secured debt
Liabilities
Secured and unsecured debt	0	0
Level 2 | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	0	0	0
Level 2 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		0	0
Level 2 | Securitization bonds payable
Liabilities
Secured and unsecured debt			132,815
Level 2 | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	0	0	0
Level 3
Assets
Loans at amortized cost	1,607,914	1,667,892	3,232,301
Liabilities
Line of credit			0
Level 3 | Convertible senior notes
Liabilities
Secured and unsecured debt	0	0	0
Level 3 | Secured debt
Liabilities
Secured and unsecured debt	8,031,251	8,141,497
Level 3 | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	1,925,591	1,077,195	1,212,068
Level 3 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		8,141,497	8,689,386
Level 3 | Securitization bonds payable
Liabilities
Secured and unsecured debt			169,908
Level 3 | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	203,039	169,619	216,316
Fair Value
Assets
Loans at amortized cost	1,607,914	1,667,892	3,232,301
Liabilities
Line of credit			50,000
Fair Value | Convertible senior notes
Liabilities
Secured and unsecured debt	586,518	560,395	622,470
Fair Value | Secured debt
Liabilities
Secured and unsecured debt	8,031,251	8,141,497
Fair Value | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	1,925,591	1,077,195	1,212,068
Fair Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		8,141,497	8,689,386
Fair Value | Securitization bonds payable
Liabilities
Secured and unsecured debt			302,723
Fair Value | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	203,039	169,619	216,316
Carrying Value
Assets
Loans at amortized cost	1,596,673	1,659,217	3,178,339
Liabilities
Line of credit			50,000
Carrying Value | Convertible senior notes
Liabilities
Secured and unsecured debt	612,618	612,150	610,331
Carrying Value | Secured debt
Liabilities
Secured and unsecured debt	7,991,221	8,164,136
Carrying Value | Secured debt related to assets held for sale
Liabilities
Secured and unsecured debt	1,909,386	1,064,585
Carrying Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt		8,164,136	8,620,717
Carrying Value | Securitization bonds payable
Liabilities
Secured and unsecured debt			303,709
Carrying Value | Junior Subordinated Notes
Liabilities
Secured and unsecured debt	$ 199,563	$ 199,086	$ 197,053

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2018securitization_trust	Jun. 30, 2018securitization_trust	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)securitization_trust	Dec. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Number of securitization vehicles held | securitization_trust				0
Number of securitization vehicles contributed | securitization_trust	3
Number of securitization vehicles sold | securitization_trust		2
Company Sponsored Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities | $			$ 15.3	$ 13.2	$ 10.2
Consolidated open-end fund
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities | $			121.2	117.3	6.9
Trust
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities | $			3.7	3.7	3.7
Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities | $					490.1
Securitization Vehicles | Variable Interest Entity, Unconsolidated
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities | $			$ 65.7	$ 67.5	$ 102.2
Colony Credit
Variable Interest Entity [Line Items]
Number of securitization vehicles held | securitization_trust		0
Number of securitization vehicles contributed | securitization_trust		3

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Jan. 27, 2017$ / shares	Jan. 20, 2017$ / shares	Jan. 10, 2017shares	Jan. 10, 2017$ / sharesshares	Apr. 02, 2015	Mar. 31, 2017USD ($)	Apr. 30, 2015	Mar. 31, 2019USD ($)votequarterdirector$ / sharesshares	Mar. 31, 2018$ / sharesshares	Mar. 31, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2018USD ($)votequarterdirector$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	May 31, 2018$ / shares	May 23, 2018USD ($)	Feb. 28, 2018USD ($)	Feb. 26, 2018USD ($)	Sep. 01, 2017USD ($)	Feb. 23, 2017USD ($)	Dec. 31, 2015shares
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) | $ / shares								$ 25				$ 25
Number of directors vote entitles | director								2				2
Preferred stock, shares outstanding (in shares) | shares			39,466,000	39,466,000				57,464,000				57,464,000	65,464,000
Proceeds from issuance of preferred stock, net												$ 0	$ 638,100,000	$ 0
Common stock conversion ratio for Class A to Class B / OP Units					1		1
Common stock, dividends, per share, declared (in dollars per share) | $ / shares								$ 0.11	$ 0.11	$ 0.24	$ 0.27	$ 0.44	$ 1.08	$ 1.08
Class A common stock acquired under the DRIP Plan (in shares) | shares								0				0	0
Minimum affirmative vote required for changes to any series of preferred stock								66.67%				66.67%
Minimum period of dividend defaults providing preferred stockholders to voting rights | quarter								6				6
Class A Common Stock
Class of Stock [Line Items]
Stock repurchase, authorized amount																$ 300,000,000	$ 300,000,000	$ 300,000,000
Stock repurchase, period for repurchase												1 year
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) | $ / shares								$ 4.84				$ 5.70
Voting rights attributable to each share | vote								1				1
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share | vote								36.5				36.5
Series I
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares) | shares								13,800,000				13,800,000
Dividend rate per annum, preferred stock								7.15%				7.15%
Series J
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares) | shares								12,600,000				12,600,000
Dividend rate per annum, preferred stock								7.125%				7.125%
Series I and J Preferred Stock
Class of Stock [Line Items]
Proceeds from issuance of preferred stock, net													$ 637,900,000
Series A, B, C, F Preferred Stock
Class of Stock [Line Items]
Preferred stock redemptions payable																			$ 644,900,000
Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) | $ / shares												$ 25			$ 25
Preferred stock, shares outstanding (in shares) | shares								57,464,000	65,464,000			57,464,000	65,464,000	25,030,000							25,030,000
Liquidation preference per share (in dollars per share) | $ / shares												$ 25			$ 25
Colony NorthStar | Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) | $ / shares		$ 0.04444		$ 0.03
Colony NorthStar | Class A Common Stock
Class of Stock [Line Items]
Exchange ratio			1.4663	1.4663								1.4663
Colony NorthStar | Class B Common Stock
Class of Stock [Line Items]
Exchange ratio			1.4663
Colony NorthStar | Preferred Stock
Class of Stock [Line Items]
Exchange ratio			1
NSAM | Common Stock
Class of Stock [Line Items]
Dividends paid (in dollars per share) | $ / shares	$ 1.16
NSAM | Colony NorthStar | Class A Common Stock
Class of Stock [Line Items]
Exchange ratio			1.4663
Common stock conversion ratio for Class A to Class B / OP Units			1
Call Spread | Class A Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares) | shares													2,150,120
Value of shares repurchased													$ 29,800,000
Short | Call Spread | NSAM | Common Stock
Class of Stock [Line Items]
Settlement						$ 21,900,000
Cash pledged as collateral, released						$ 15,000,000
Share Repurchase Program | Class A Common Stock
Class of Stock [Line Items]
Stock repurchase, authorized amount																				$ 300,000,000
Shares repurchased (in shares) | shares													23,371,071
Weighted average price per share (in dollars per share) | $ / shares													$ 12.84

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - USD ($) $ in Thousands	Jan. 10, 2017	Jan. 31, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)			57,464,000	65,464,000	65,464,000
Contribution of preferred stock to an affiliate (in shares)							964,000
Preferred stock, shares outstanding (in shares)	39,466,000		57,464,000		57,464,000	65,464,000
Repurchase of preferred stock			$ 3,167	$ 246,441	$ 350,710	$ 300,177
REIT Security Venture
Share Activities Of Preferred And Common Stock [Roll Forward]
Ownership percentage					4.40%
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, shares outstanding (in shares)		25,030,000	57,464,000	65,464,000	65,464,000	25,030,000	25,030,000
Repurchase of stock (in shares)		(963,718)			(8,000,000)	(25,432,000)	(964,000)
Number of shares issued or issuable in a combination (in shares)						39,466,000
Issuance of shares (in shares)						26,400,000
Preferred stock, shares outstanding (in shares)			57,464,000	65,464,000	57,464,000	65,464,000	25,030,000
Repurchase of preferred stock		$ 20,000
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		163,777,000	483,347,000	542,599,000	542,599,000	166,440,000	163,777,000
Repurchase of stock (in shares)			(652,000)	(42,306,000)	(61,418,000)	(23,371,000)
Number of shares issued or issuable in a combination (in shares)						392,120,000
Shares issued for settlement of contingent consideration—Internalization (Note 14) (in shares)					15,000
Shares canceled (in shares)						(2,984,000)
Conversion of stock, shares issued (in shares)					42,000	34,000	31,000
Converted instrument, shares issued (in shares)						233,000
Share-based compensation, net of forfeitures (in shares)			2,659,000	3,257,000	3,394,000	8,096,000	1,478,000
Redemption of restricted stock units (in shares)						775,000
Shares canceled for tax withholding on vested stock awards (in shares)			(582,000)	(2,909,000)	(3,359,000)	(428,000)	(216,000)
Common stock, shares outstanding (in shares)			484,775,000	500,643,000	483,347,000	542,599,000	166,440,000
Class A Common Stock | Operating Partnership Unit
Share Activities Of Preferred And Common Stock [Roll Forward]
Issuance of shares (in shares)			3,000	2,000	2,074,000	1,684,000	1,370,000
Shares issued upon redemption of OP Units (in shares)					572,567
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, shares outstanding (in shares)		801,000	734,000	736,000	736,000	770,000	801,000
Shares issued for settlement of contingent consideration—Internalization (Note 14) (in shares)					40,000
Conversion of stock, shares converted (in shares)					(42,000)	(34,000)	(31,000)
Common stock, shares outstanding (in shares)			734,000	736,000	734,000	736,000	770,000

Stockholders' Equity - Prefer_2

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 10, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	57,464	57,464	65,464	39,466
Par value (in dollars per share)	$ 575	$ 575		$ 1,010,320
Preferred stock, liquidation preference	$ 1,436,605	$ 1,436,605	$ 1,636,605
Series B
Class of Stock [Line Items]
Dividend Rate Per Annum	8.25%	8.25%
Preferred stock, shares outstanding (in shares)	6,114	6,114		13,999
Par value (in dollars per share)	$ 61	$ 61		$ 352,004
Preferred stock, liquidation preference	$ 152,855	$ 152,855
Series E
Class of Stock [Line Items]
Dividend Rate Per Annum	8.75%	8.75%
Preferred stock, shares outstanding (in shares)	10,000	10,000		10,000
Par value (in dollars per share)	$ 100	$ 100		$ 259,542
Preferred stock, liquidation preference	$ 250,000	$ 250,000
Series G
Class of Stock [Line Items]
Dividend Rate Per Annum	7.50%	7.50%
Preferred stock, shares outstanding (in shares)	3,450	3,450
Par value (in dollars per share)	$ 35	$ 35
Preferred stock, liquidation preference	$ 86,250	$ 86,250
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%	7.125%
Preferred stock, shares outstanding (in shares)	11,500	11,500
Par value (in dollars per share)	$ 115	$ 115
Preferred stock, liquidation preference	$ 287,500	$ 287,500
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum	7.15%	7.15%
Preferred stock, shares outstanding (in shares)	13,800	13,800
Par value (in dollars per share)	$ 138	$ 138
Preferred stock, liquidation preference	$ 345,000	$ 345,000
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%	7.125%
Preferred stock, shares outstanding (in shares)	12,600	12,600
Par value (in dollars per share)	$ 126	$ 126
Preferred stock, liquidation preference	$ 315,000	$ 315,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 11,146,370	$ 12,349,392	$ 12,349,392	$ 5,616,927	$ 5,416,240
Ending balance	11,215,441	11,679,579	11,146,370	12,349,392	5,616,927
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	13,999	47,316	47,316	(32,109)	(18,422)
Other comprehensive income (loss) before reclassifications	8,717	2,498	(30,184)	39,742	(13,085)
Cumulative effect of adoption of new accounting pronouncements (Note 2)			(202)
Amounts reclassified from AOCI	(578)	(575)	(5,527)	39,683	(602)
Deconsolidation of N-Star CDO			2,596
Ending balance	22,138	49,037	13,999	47,316	(32,109)
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,629	5,616	5,616	85	0
Other comprehensive income (loss) before reclassifications	4,683	1,009	(1,785)	5,450	131
Cumulative effect of adoption of new accounting pronouncements (Note 2)			(202)
Amounts reclassified from AOCI	0	0	0	81	(46)
Deconsolidation of N-Star CDO			0
Ending balance	8,312	6,423	3,629	5,616	85
Unrealized Gain (Loss) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,175)	14,418	14,418	(112)	0
Other comprehensive income (loss) before reclassifications	1,312	(15,736)	(16,238)	(22,014)	(112)
Cumulative effect of adoption of new accounting pronouncements (Note 2)			0
Amounts reclassified from AOCI	626	(3,800)	(3,951)	36,544	0
Deconsolidation of N-Star CDO			2,596
Ending balance	(1,237)	(5,118)	(3,175)	14,418	(112)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(91)	0	0	(41)	(245)
Other comprehensive income (loss) before reclassifications	(129)	0	(91)	41	7
Cumulative effect of adoption of new accounting pronouncements (Note 2)			0
Amounts reclassified from AOCI	0	0	0	0	197
Deconsolidation of N-Star CDO			0
Ending balance	(220)	0	(91)	0	(41)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	6,618	45,931	45,931	(76,426)	(42,125)
Other comprehensive income (loss) before reclassifications	(11,103)	35,759	(46,183)	124,846	(34,234)
Cumulative effect of adoption of new accounting pronouncements (Note 2)			0
Amounts reclassified from AOCI	(955)	4,163	6,870	(2,489)	(67)
Deconsolidation of N-Star CDO			0
Ending balance	(5,440)	85,853	6,618	45,931	(76,426)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7,018	(18,649)	(18,649)	44,385	23,948
Other comprehensive income (loss) before reclassifications	13,954	(18,534)	34,113	(68,581)	21,123
Cumulative effect of adoption of new accounting pronouncements (Note 2)			0
Amounts reclassified from AOCI	(249)	(938)	(8,446)	5,547	(686)
Deconsolidation of N-Star CDO			0
Ending balance	20,723	(38,121)	7,018	(18,649)	44,385
AOCI Attributable to Noncontrolling Interest in Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	8,654	42,075	42,075	(45,942)	(99)
Other comprehensive income (loss) before reclassifications	(18,073)	24,425	(31,315)	88,162	(44,337)
Amounts reclassified from AOCI	444	5,682	(2,106)	(145)	(1,506)
Ending balance	(8,975)	72,182	8,654	42,075	(45,942)
Unrealized Gain (Loss) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	0	(527)	0
Other comprehensive income (loss) before reclassifications	0	0	0	981	(527)
Amounts reclassified from AOCI	0	0	0	(454)	0
Ending balance	0	0	0	0	(527)
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(390)	0	0	0	(149)
Other comprehensive income (loss) before reclassifications	(525)	0	(390)	0	0
Amounts reclassified from AOCI	0	0	0	0	149
Ending balance	(915)	0	(390)	0	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(600)	38,948	38,948	(57,213)	51
Other comprehensive income (loss) before reclassifications	(15,379)	29,242	(39,621)	97,840	(56,479)
Amounts reclassified from AOCI	0	4,415	73	(1,679)	(785)
Ending balance	(15,979)	72,605	(600)	38,948	(57,213)
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	9,644	3,127	3,127	11,798	(1)
Other comprehensive income (loss) before reclassifications	(2,169)	(4,817)	8,696	(10,659)	12,669
Amounts reclassified from AOCI	444	1,267	(2,179)	1,988	(870)
Ending balance	$ 7,919	$ (423)	$ 9,644	$ 3,127	$ 11,798

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ (49,069)		$ 75,256	$ 51,706	$ (25,814)	$ 18,416
Earnings from investments in unconsolidated ventures	34,063		30,082	(9,601)	283,283	99,348
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		7,906	10,100	(5,285)
Earnings from investments in unconsolidated ventures						46
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Other-than-temporary impairment and write-offs of securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	(626)		(4,106)	(6,149)	(31,259)	0
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Deconsolidation of N-Star CDO
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net				(2,596)	0	0
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Unrealized gain on ineffective cash flow hedge
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net				0	0	(197)
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Release of cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	955		(4,163)	(6,870)	2,489	67
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on dedesignated net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	24		(1,498)	1,454	(1,829)	634
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net	$ 225		$ 2,436	6,992	(3,718)	52
Earnings from investments in unconsolidated ventures | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on marketable securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain (loss), net						$ 0
Earnings from investments in unconsolidated ventures				$ 0	$ (81)

Noncontrolling Interests - Chan

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	Dec. 29, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 9,385	$ 34,144	$ 34,144	$ 0
Assumed through					513,847
Distributions and redemptions		(110,827)	(86,063)	(503,054)	(879,889)	$ (621,207)
Net income (loss)		1,444	(696)	(3,708)	23,543	0
Ending balance		7,463	31,648	9,385	34,144	$ 0
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions		0	250	354	8,550
Distributions and redemptions		(3,366)	(2,050)	(21,405)	(100,830)
Net income (loss)		$ 1,444	$ (696)	(3,708)	23,543
Currency translation adjustment and other				0	(725)
Redeemable noncontrolling interests | Townsend
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through				0	78,843
Redeemable noncontrolling interests | Consolidated open-end fund
Increase (Decrease) in Temporary Equity [Roll Forward]
Assumed through				$ 0	$ 24,763
Townsend
Noncontrolling Interest [Line Items]
Proceeds from sale of interest, allocated	$ 20,000

Noncontrolling Interests - In I

Noncontrolling Interests - In Investment Entities and in Operating Company (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2017USD ($)	Mar. 31, 2019USD ($)shares	Mar. 31, 2018USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ 0		$ 4,830		$ 2,557
Noncontrolling interest, decrease from deconsolidation			$ 330,980	$ 330,980	$ 4,000
OP Units to common stock, conversion ratio		1		1
Class A Common Stock
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests			$ 2,096		$ 5,085
Issuance of shares (in shares) | shares				2,074,457	1,684,170
OP Units
Noncontrolling Interest [Line Items]
OP Units to common stock, conversion ratio		1	1	1	1
OP units redeemed (in shares) | shares		2,793	2,870,422	2,870,422	2,076,214
Issuance of shares (in shares) | shares			2,074,457
Partners' capital account, units redeemed for cash (in shares) | shares				795,965
OP units redeemed, cash settlement				$ 4,800	$ 5,100
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ 12,500	$ 5,800	34,100	21,800	$ (18,557)
Additional Paid-in Capital | Class A Common Stock
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		$ (33)	$ (24)	$ (29,014)	$ (22,814)
Healthcare
Noncontrolling Interest [Line Items]
Noncontrolling interest sold, percentage	18.70%
Noncontrolling interest, cost of new capital	$ 9,200
Healthcare | Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Noncontrolling interest, decrease from deconsolidation	$ 41,200
Settlement Of Contingent Consideration | OP Units
Noncontrolling Interest [Line Items]
OP units redeemed (in shares) | shares				1,000,000

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Revenues from discontinued operations	$ 84,844	$ 70,783		$ 299,520	$ 292,815	$ 196,357
Expenses
Investment and servicing expense	530	74		436	542	167
Transaction costs				0	0	921
Placement fees	39,445	29,945		234	1,650	0
Depreciation and amortization				129,104	109,265	88,854
Impairment loss	2,659	2,395		948	44	407
Compensation expense—cash and equity-based	(221)	859		11,156	8,119	7,856
Compensation expense—carried interest	1,629	1,317		4,696	0	0
Administrative expenses	81,006	66,180		4,569	4,703	2,699
Expenses from discontinued operations				278,018	259,643	201,662
Other income
Equity method earnings, including carried interest	(472)	2,183		10,636	1,868	27
Income (loss) from discontinued operations	26,293	9,094		39,582	55,448	(2,976)
Net income loss from discontinued operations attributable to Colony NorthStar, Inc.	8,439	3,831		17,209	29,700	(2,976)
Equity-based compensation	700	500		2,900	3,300	600
Discontinued Operations, Held-for-sale or Disposed of by Sale
Revenues
Property operating income	81,232	68,353		288,367	284,051	194,670
Other income	1,140	1,116		3,775	4,742	1,687
Expenses
Property operating expenses	22,337	21,400		84,162	87,726	55,924
Interest expense	14,627	10,190		42,713	47,594	44,834
Other income
Gain on sale of real estate	22,848	2,293		7,633	22,504	2,888
Other expenses	(8)	0
Net income (loss) from discontinued operations	26,206	9,079		39,771	57,544	(2,390)
Income tax expense	87	15		(189)	(2,096)	(586)
Income (loss) from discontinued operations	26,293	9,094		39,582	55,448	(2,976)
Net income loss from discontinued operations attributable to Colony NorthStar, Inc.	8,439	3,831		17,209	29,792	(884)
Manufactured Housing | Discontinued Operations, Held-for-sale or Disposed of by Sale
Other income
Net income loss from discontinued operations attributable to Colony NorthStar, Inc.			$ 12,600
Noncontrolling Interests in Investment Entities | Discontinued Operations, Held-for-sale or Disposed of by Sale
Other income
Income (loss) from discontinued operations attributable to:	17,309	5,019		21,260	24,407	(1,924)
Noncontrolling Interests in Operating Company | Discontinued Operations, Held-for-sale or Disposed of by Sale
Other income
Income (loss) from discontinued operations attributable to:	545	244		1,113	1,249	(168)
Fee income
Revenues
Fee income	$ 2,472	$ 1,314		$ 7,378	$ 4,022	$ 0

Earnings per Share (Details)

Earnings per Share (Details) $ / shares in Units, $ in Thousands	Jan. 10, 2017	Jan. 10, 2017	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations			$ (56,448)	$ (36,252)	$ (534,757)	$ (120,061)	$ 293,702
(Income) loss from continuing operations attributable to noncontrolling interests			(26,967)	(8,906)	(2,059)	(107,530)	(175,408)
Loss from continuing operations attributable to Colony Capital, Inc.			(83,415)	(45,158)	(536,816)	(227,591)	118,294
Income (loss) from discontinued operations attributable to Colony Capital, Inc.			8,439	3,831	17,209	29,700	(2,976)
Net income (loss) attributable to Colony Capital, Inc.			(74,976)	(41,327)	(519,607)	(197,891)	115,318
Preferred stock redemption					3,995	(4,530)	0
Preferred dividends			(27,137)	(31,387)	(117,097)	(130,672)	(48,159)
Net income (loss) attributable to common stockholders			(102,113)	(72,714)	(632,709)	(333,093)	67,159
Net income allocated to participating securities			(720)	(629)	(2,504)	(9,168)	(2,293)
Net income (loss) allocated to common stockholders—basic			(102,833)	(73,343)	(635,213)	(342,261)	64,866
Interest expense attributable to convertible senior notes			0	0	0	0	0
Net income (loss) allocated to common stockholders—diluted			$ (102,833)	$ (73,343)	$ (635,213)	$ (342,261)	$ 64,866
Weighted average common shares outstanding
Basic weighted average number of common shares outstanding (in shares) | shares			478,874,000	530,680,000	496,993,000	532,600,000	164,570,000
Weighted average effect of dilutive shares (in shares) | shares			0	0	0	0	0
Diluted weighted average number of common shares outstanding (in shares) | shares			478,874,000	530,680,000	496,993,000	532,600,000	164,570,000
Basic earnings (loss) per share
Net income from continuing operations (in dollars per share) | $ / shares			$ (0.23)	$ (0.15)	$ (1.31)	$ (0.70)	$ 0.40
Income from discontinued operations (in dollars per share) | $ / shares			0.02	0.01	0.03	0.06	(0.01)
Basic (in dollars per share) | $ / shares			(0.21)	(0.14)	(1.28)	(0.64)	0.39
Diluted earnings (loss) per share
Net income from continuing operations (in dollars per share) | $ / shares			(0.23)	(0.15)	(1.31)	(0.70)	0.40
Income from discontinued operations (in dollars per share) | $ / shares			0.02	0.01	0.03	0.06	(0.01)
Diluted (in dollars per share) | $ / shares			$ (0.21)	$ (0.14)	$ (1.28)	$ (0.64)	$ 0.39
OP Units to common stock, conversion ratio			1		1
Colony NorthStar | Class A Common Stock
Diluted earnings (loss) per share
Exchange ratio	1.4663	1.4663			1.4663
Convertible Debt Securities
Diluted earnings (loss) per share
Interest expense on convertible note excluded from diluted EPS			$ 7,200	$ 7,100	$ 28,600	$ 28,900	$ 27,300
Weighted average dilutive common share | shares			38,112,100	38,112,100	38,112,100	38,564,400	36,582,700
Restricted Stock
Diluted earnings (loss) per share
Weighted average dilutive common share | shares			137,900	662,900	571,500	534,100	0
Performance Shares
Diluted earnings (loss) per share
Weighted average dilutive common share | shares			3,814,300	0	532,900
Operating Partnership Unit
Diluted earnings (loss) per share
Weighted average dilutive common share | shares			31,355,700	32,280,500	31,358,500	32,282,500	30,296,100
OP Units to common stock, conversion ratio			1		1

Fee Income - Earned (Details)

Fee Income - Earned (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 31,028	$ 35,528	$ 144,443	$ 216,767	$ 67,731
Fee income | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	30,850	35,458	143,218	180,892	67,731
Base management fees ($130,384, $161,414 and $63,212 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	30,364	32,862	131,406	179,816	63,212
Base management fees ($130,384, $161,414 and $63,212 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	302,673	32,862	130,384	161,414	63,212
Asset management fees—from affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	635	674	2,078	3,069	4,519
Acquisition and disposition fees—from affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	0	1,922	1,922	16,237	0
Incentive fees ($5,445, $172, $0 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer			5,445	1,043	0
Incentive fees ($5,445, $172, $0 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer			5,445	172	0
Other fee income ($3,389, $0 and $0 from affiliates, respectively)
Related Party Transaction [Line Items]
Revenue from contract with customer	29	70	3,592	16,602	0
Other fee income ($3,389, $0 and $0 from affiliates, respectively) | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	14	0	3,389	0	0
Institutional funds | Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	10,638	11,827	48,624	56,966	67,731
Non-traded REITs | Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	5,106	11,459	29,597	88,081	0
Public companies (Colony Credit, NRE) | Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	15,106	12,172	65,258	14,003	0
Broker-dealer, Townsend and other clients | Fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 178	$ 70	$ 964	$ 57,717	$ 0

Fee Income - Additional Informa

Fee Income - Additional Information (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 07, 2018	Jan. 30, 2018	Jan. 01, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Management Fee Income [Line Items]
Management fee, percent of net asset value					1.25%		1.25%
Base Management Fees
Management Fee Income [Line Items]
Revenue from contract with customer					$ 30,364	$ 32,862	$ 131,406	$ 179,816	$ 63,212
Base Management Fees | Private funds and other | Fee income
Management Fee Income [Line Items]
Percent of limited partner net funded capital					1.00%		1.00%
Base Management Fees | Non-traded REITs | Fee income
Management Fee Income [Line Items]
Percent of gross assets or equity			1.00%				1.00%
Revenue from contract with customer				$ 2,500	$ 2,500
Base Management Fees | Non-traded REITs | Fee income | Maximum
Management Fee Income [Line Items]
Percent of gross assets or equity					1.50%		1.50%
Base Management Fees | Registered Investment Companies | Fee income
Management Fee Income [Line Items]
Percent of average net assets			1.25%				1.25%
Base Management Fees | NRE | Fee income
Management Fee Income [Line Items]
Revenue from contract with customer								$ 14,200
Management fee, percent of net asset value					1.50%		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%		1.25%
Percent increase per year								1.50%
Termination agreement payment	$ 70,000	$ 70,000
Base Management Fees | Colony Credit | Fee income
Management Fee Income [Line Items]
Percent of stockholders' equity					1.50%		1.50%
Asset Management Fees | Asset management fees
Management Fee Income [Line Items]
Percent of limited partner net funded capital					0.50%		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%				1.00%
Percent of contractual sales price for disposition of investment			1.00%				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%				2.00%
Incentive Fees
Management Fee Income [Line Items]
Revenue from contract with customer							$ 5,445	$ 1,043	0
Incentive Fees | Minimum
Management Fee Income [Line Items]
Percent of fees allocated to employees					40.00%		40.00%
Incentive Fees | Maximum
Management Fee Income [Line Items]
Percent of fees allocated to employees					50.00%		50.00%
Other Fee Income
Management Fee Income [Line Items]
Revenue from contract with customer					$ 29	$ 70	$ 3,592	$ 16,602	$ 0
Other Fee Income | Selling commissions or dealer manager fees
Management Fee Income [Line Items]
Percent of selling commissions							8.00%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands

Dec. 31, 2018USD ($)shares

Feb. 28, 2019

Mar. 31, 2017USD ($)shares

Jan. 31, 2017$ / sharesshares

Jan. 28, 2017

Mar. 31, 2019USD ($)shares

Mar. 31, 2018USD ($)

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Jan. 31, 2019

Dec. 31, 2014

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

Fair value of shares vested

$ 8,500

$ 105,000

$ 111,200

$ 31,900

$ 9,900

Aggregate unrecognized compensation cost related to restricted stock granted

$ 35,700

$ 53,000

$ 35,700

Weighted average period of expected cost

2 years 3 months 18 days

2 years

Share-based compensation expenses

$ 38,928

150,694

$ 13,012

Restricted Stock

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

Vesting period

3 years

3 years

Service period

3 years

3 years

LTIP Units | CLNS Equity Incentive Plan

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

Common stock, shares reserved for future issuance, annual increase, percent

2.00%

2.00%

2.00%

Common stock, shares reserved for future issuance | shares

44,700,000

54,400,000

44,700,000

Conversion of units, conversion ratio

1

1

DSUs

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

Vesting period

1 year

1 year

Managed Company Awards

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

Aggregate unrecognized compensation cost related to restricted stock granted

$ 14,400

$ 28,300

$ 14,400

Weighted average period of expected cost

2 years 4 months 24 days

2 years 3 months 18 days

Share-based compensation expenses

$ 2,800

$ 800

$ 9,600

Class A Common Stock | PSU

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

Measurement period

3 years

3 years

Colony NorthStar

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

Issuance of shares

$ 660,000

Colony NorthStar | Class A Common Stock | Director Stock Plan

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

Issuance of shares (in shares) | shares

44,464

Townsend | Restricted Stock | NSAM Stock Plan

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

Conversion of stock, conversion ratio

1

Certain Employees | American Healthcare Investors, LLC | Class A Common Stock | CLNS Equity Incentive Plan

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

Issuance of shares (in shares) | shares

70,261

Issuance of shares

$ 1,000

Executive Officer | Restricted Stock | CLNS Equity Incentive Plan

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

Issuance of shares (in shares) | shares

4,669,518

Volume weighted average price of stock, number of trading days

5 days

Floor price (USD per share) | $ / shares

$ 15

Executive Officer | LTIP Units | CLNS Equity Incentive Plan

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

Issuance of shares (in shares) | shares

3,506,387

Minimum | Class A Common Stock | PSU

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

Shares issued, percent of PSU granted

0.00%

0.00%

Maximum | Class A Common Stock | PSU

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

Shares issued, percent of PSU granted

200.00%

125.00%

200.00%

200.00%

200.00%

American Healthcare Investors, LLC | American Healthcare Investors, LLC | NSAM Stock Plan

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

Ownership percentage

43.00%

Subsequent Event | Maximum | Class A Common Stock | PSU

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

Shares issued, percent of PSU granted

125.00%

Equity-Based Compensation - Val

Equity-Based Compensation - Valuation Technique (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
PSU
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock, percentage	29.00%	38.00%
Expected annual dividend yield, percentage	7.30%	7.60%
Risk-free rate (per annum), percentage	2.10%	2.44%
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%
Expected annual dividend yield, percentage	8.50%
Risk-free rate (per annum), percentage	2.40%

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses			$ 38,928	$ 150,694	$ 13,012
Compensation expense (including $270, $0 and $0 amortization of fair value of dividend equivalent right)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 5,914	$ 11,714	38,928	146,563	13,012
Amortization of fair value of dividend equivalent right	$ 122	$ 22	270	0	0
Earnings from investments in unconsolidated ventures
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses			0	61	0
Investment and servicing expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses			$ 0	$ 4,070	$ 0

Equity-Based Compensation - Non

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	7,649,173	12,734,170
Granted (shares)	6,231,388	6,007,501
Vested (shares)	(1,650,965)	(10,786,571)
Forfeited (shares)	(103,012)	(305,927)
Nonvested shares at period end (shares)	12,126,584	7,649,173	12,734,170
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 9.39	$ 14.53
Granted (USD per share)	5.24	6.19
Vested (USD per share)	11.40	14.27
Forfeited (USD per share)	5.51	11.42
Nonvested shares at period end (USD per share)	$ 7.21	$ 9.39	$ 14.53
Restricted Stock
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	5,422,090	9,149,516
Granted (shares)	2,752,005	3,605,137
Vested (shares)	(1,627,193)	(7,121,545)
Forfeited (shares)	(93,018)	(211,018)
Nonvested shares at period end (shares)	6,453,884	5,422,090	9,149,516
LTIP Units
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	0	3,506,387
Granted (shares)		0
Vested (shares)		(3,506,387)
Forfeited (shares)		0
Nonvested shares at period end (shares)		0	3,506,387
DSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	183,134	78,267
Granted (shares)	27,391	263,506
Vested (shares)	(23,772)	(158,639)
Forfeited (shares)	0	0
Nonvested shares at period end (shares)	186,753	183,134	78,267
PSUs
Number of Shares [Roll Forward]
Nonvested shares at beginning period (shares)	2,043,949	0
Granted (shares)	3,451,992	2,138,858	0	0
Vested (shares)	0	0
Forfeited (shares)	(9,994)	(94,909)
Nonvested shares at period end (shares)	5,485,947	2,043,949	0
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 5.09	$ 0
Granted (USD per share)	2.79	5.09
Vested (USD per share)	0	0
Forfeited (USD per share)	4.56	5.09
Nonvested shares at period end (USD per share)	$ 3.65	$ 5.09	$ 0

Transactions with Affiliates -

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from affiliates	$ 42,714	$ 43,489	$ 50,361
Due to Affiliates		0	23,534
Fee income
Related Party Transaction [Line Items]
Due from affiliates	33,918	32,139	18,209
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	8,542	10,754	30,749
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	$ 254	596	1,403
Investment vehicles and unconsolidated ventures
Related Party Transaction [Line Items]
Due to Affiliates		0	2,884
Employees
Related Party Transaction [Line Items]
Due to Affiliates			20,650
Senior Management | Employees
Related Party Transaction [Line Items]
Due to Affiliates		$ 0	$ 20,650

Transactions with Affiliates _2

Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retail companies
Related Party Transaction [Line Items]
Percentage of average invested assets reimbursable as operating costs	2.00%		2.00%
Expected reimbursable direct and indirect operating costs, percent of net income	25.00%		25.00%
NRE
Related Party Transaction [Line Items]
Percent of combined general and administrative costs	20.00%		20.00%
Minimum | Retail companies
Related Party Transaction [Line Items]
Reimbursement percent for organization and offering costs	1.00%		1.00%
Cost reimbursements | Company Managed Private Funds
Related Party Transaction [Line Items]
Revenue from contract with customer			$ 4,000
Cost reimbursements | Retail companies
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 738	$ 2,387	4,672	$ 19,545	$ 0
Cost reimbursements | Public companies—NRE and Colony Credit
Related Party Transaction [Line Items]
Revenue from contract with customer	2,632	1,750	10,747	0	0
Cost reimbursements | Private funds and other
Related Party Transaction [Line Items]
Revenue from contract with customer	3,535	1,844	9,198	3,779	4,296
Cost reimbursements | Equity awards of NRE and Colony Credit (Note 21)
Related Party Transaction [Line Items]
Revenue from contract with customer	2,940	812	10,078	0	0
Cost reimbursements | Townsend
Related Party Transaction [Line Items]
Revenue from contract with customer			0	2,306	0
Cost reimbursements | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 9,845	$ 6,793	$ 34,695	$ 25,630	$ 4,296

Transactions with Affiliates _3

Transactions with Affiliates - Narrative (Details) - USD ($)	Jun. 30, 2018	Jul. 31, 2018	May 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Management fee, percent of net asset value				1.25%		1.25%
Management fee, amount						$ 1,000,000
Proceeds from sale of equity method investments						142,270,000	$ 0	$ 0
Gain on sale of real estate				$ 29,453,000	$ 16,151,000	159,598,000	112,758,000	70,728,000
Due to affiliates—contingent consideration for Internalization						0	23,534,000
Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates—contingent consideration for Internalization							20,650,000
American Healthcare Investors, LLC | Management and Advisory Fees
Related Party Transaction [Line Items]
Property management and sub-advisory fees					1,300,000	$ 4,100,000	4,800,000
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		6 months
Outstanding advances				$ 0		$ 0	0
Colony Credit | Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from sale of equity method investments			$ 89,100,000
Proceeds from sale of real estate		$ 121,500,000
Gain on sale of real estate		$ 28,600,000
LIBOR | NorthStar Healthcare | Revolving Credit Facility | Line of Credit | Affiliated Entity
Related Party Transaction [Line Items]
Basis spread on variable rate, percent				3.50%		3.50%
Redeemable noncontrolling interests | Investment Vehicles | Affiliated Entity
Related Party Transaction [Line Items]
Investments				$ 6,400,000		$ 5,700,000	4,800,000
Net income attributable to noncontrolling interest				500,000		400,000
Senior Management | Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates—contingent consideration for Internalization						0	20,650,000
Common Stock And OP Units | Senior Management | Affiliated Entity | Contingent consideration
Related Party Transaction [Line Items]
Transfer out of liabilities into equity	$ 12,500,000
Cost reimbursements | Corporate Aircraft Use Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customer				200,000	100,000	700,000	1,900,000	900,000
Cost reimbursements | Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer				$ 9,845,000	$ 6,793,000	34,695,000	$ 25,630,000	$ 4,296,000
Contingent consideration | Level 3 | Recurring
Related Party Transaction [Line Items]
Transfer out of liabilities into equity						12,539,000
Transfers out of Level 3						$ 6,381,000
Contingent consideration | Level 3 | Recurring | Senior Management | Contingent consideration
Related Party Transaction [Line Items]
Transfers out of Level 3	$ 6,400,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 10, 2017
Income Tax Disclosure [Abstract]
Tax Cuts and Jobs Act, incomplete accounting, change in tax rate, provisional income tax expense (benefit)			$ 24,900
Tax Cuts And Jobs Act Of 2017, change in tax rate, income tax expense	$ 2,200
Impact of Tax Cuts and Jobs Act		$ (2,190)	$ (24,908)	$ 0
Deferred tax liabilities assumed					$ 218,200
Deferred taxes, business combination, valuation allowance					$ 31,900
Valuation allowance related to certain hotels, amount released		$ 10,700

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current
Federal				$ 2,881,000	$ (20,316,000)	$ (2,720,000)
State and local				1,168,000	(3,606,000)	(1,436,000)
Foreign				(13,698,000)	(16,138,000)	(8,244,000)
Total current tax benefit (expense)				(9,649,000)	(40,060,000)	(12,400,000)
Deferred
Federal				64,962,000	110,711,000	6,214,000
State and local				1,320,000	18,235,000	(713,000)
Foreign				3,148,000	9,513,000	2,117,000
Total deferred tax benefit	$ 840,000	$ 41,465,000		69,430,000	138,459,000	7,618,000
Total income tax benefit (expense) from continuing and discontinued operations (1)				(59,781,000)	(98,399,000)	$ 4,782,000
Current tax expense from discontinued operations			$ 200,000	700,000	100,000
Deferred tax expense from discontinued operations			$ 5,000	$ 1,400,000	$ 500,000

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Deferred tax assets
Net operating and capital loss carry forwards	$ 30,019	$ 56,609
Equity-based compensation	28,071	17,162
Basis difference—investment in partnerships	0	7,745
Foreign tax credits	1,682	892
Straight-line and prepaid rent expense	3,601	7,850
Deferred income	1,932	0
Deferred interest expense	1,924	472
Other	7,947	2,904
Gross deferred tax assets	75,176	93,634
Valuation allowance	(23,852)	(22,062)
Deferred tax assets, net of valuation allowance	51,324	71,572
Deferred tax liabilities
Management contract intangibles	90,605	33,693
Basis difference—investment in partnerships	5,822	0
Basis difference—real estate	68,687	63,901
Deferred income	0	1,263
Other	1,643	108
Gross deferred tax liabilities	166,757	98,965
Net deferred tax liability	(115,433)	(27,393)
Deferred tax assets, operating loss carryforwards, foreign	121,300	$ 251,200
Reduction in valuation allowance	$ 12,300

Income Taxes - Effective Income

Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income (loss) from continuing and discontinued operations before income taxes	$ (554,956)	$ (163,012)	$ 295,508
Pre-tax income attributable to pass-through subsidiaries	312,939	(89,104)	(306,644)
Pre-tax loss attributable to taxable subsidiaries	(242,017)	(252,116)	(11,136)
Federal tax benefit at statutory tax rate (35%)	50,824	88,241	3,365
State and local income taxes, net of federal income tax benefit	10,983	9,380	88
Foreign income tax differential	(3,533)	6	(5,441)
Nondeductible expenses	(4,648)	(20,372)	(1,128)
Excess inclusion income tax expense	0	0	(1,311)
Valuation allowance, net	2,874	(3,555)	(692)
Impact of Tax Cuts and Jobs Act	2,190	24,908	0
Other	1,091	(209)	337
Total income tax benefit (expense) from continuing and discontinued operations (1)	$ (59,781)	$ (98,399)	$ 4,782

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jul. 01, 2017
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020			$ 13,815,000
2021			13,586,000
2022			12,952,000
2023			12,330,000
2024 and thereafter			115,294,000
Total			182,106,000
Contingent consideration, liability	$ 9,312,000		8,903,000	$ 7,419,000
Office leases
Operating Leased Assets [Line Items]
Rent expense			10,100,000	$ 13,300,000	$ 5,200,000
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019			8,980,000
2020			8,598,000
2021			8,200,000
2022			7,176,000
2023			6,610,000
2024 and thereafter			28,144,000
Total			67,708,000
Office leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020			8,598,000
2021			8,200,000
2022			7,176,000
2023			6,610,000
2024 and thereafter			28,144,000
Total			67,708,000
Fixed lease expense	2,147,000
Operating lease expense		$ 2,600,000
Variable lease expense	367,000
Operating lease cost	2,514,000
Office leases | THL Hotel Portfolio | Maximum
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Contingent consideration, liability						$ 13,000,000
Ground Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020			5,217,000
2021			5,386,000
2022			5,776,000
2023			5,720,000
2024 and thereafter			87,150,000
Total			114,398,000
Fixed lease expense	1,935,000
Operating lease expense		$ 2,000,000
Variable lease expense	573,000
Operating lease cost	$ 2,508,000
Discontinued Operations, Held-for-sale or Disposed of by Sale | Office leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Total			$ 3,600,000

Commitments and Contingencies

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Jul. 01, 2017
Operating Leased Assets [Line Items]
Weighted average discount rate		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		25 years 8 months 12 days
Operating lease expense	$ 2
Office leases
Operating Leased Assets [Line Items]
Weighted average remaining lease term		8 years
Operating lease expense	$ 2.6

Commitments and Contingencies -

Commitments and Contingencies - Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Ground Leases
Lessee, Lease, Description [Line Items]
Fixed lease expense	$ 1,935
Variable lease expense	573
Operating lease expense	2,508
Office leases
Lessee, Lease, Description [Line Items]
Fixed lease expense	2,147
Variable lease expense	367
Operating lease expense	$ 2,514

Commitments and Contingencies_3

Commitments and Contingencies - Future Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
Remaining 2019	$ 10,633
2020	13,822
2021	13,588
2023	12,952
2024	12,331
2024 and thereafter	115,295
Total lease payments	178,621
Present value discount	(62,943)
Operating lease liability	$ 115,678	$ 0
Weighted average discount rate	5.50%
Ground Leases
Lessor, Lease, Description [Line Items]
Remaining 2019	$ 3,861
2020	5,217
2021	5,386
2023	5,776
2024	5,720
2024 and thereafter	87,151
Total lease payments	113,111
Office Leases
Lessor, Lease, Description [Line Items]
Remaining 2019	6,772
2020	8,605
2021	8,202
2023	7,176
2024	6,611
2024 and thereafter	28,144
Total lease payments	$ 65,510

Commitments and Contingencies_4

Commitments and Contingencies - Future Lease Payments (ASC 840) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leased Assets [Line Items]
2019	$ 14,129
2020	13,815
2021	13,586
2022	12,952
2023	12,330
2024 and thereafter	115,294
Total	182,106
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	114,398
Office leases
Operating Leased Assets [Line Items]
2019	8,980
2020	8,598
2021	8,200
2022	7,176
2023	6,610
2024 and thereafter	28,144
Total	$ 67,708

Segment Reporting - Summary of

Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	6		6
Total revenues	$ 548,059	$ 596,597	$ 2,366,942	$ 2,549,540	$ 642,500
Property operating expenses	270,742	284,959	1,150,656	1,046,313	62,537
Interest expense	134,889	138,699	552,838	536,256	125,249
Depreciation and amortization	111,352	114,760	443,302	508,514	82,828
Provision for loan loss	3,611	5,375	43,034	19,741	35,005
Impairment loss	25,622	153,398	587,275	420,316	11,310
Impairment loss	25,622	153,398	588,223	104,360	11,717
Gain on sale of real estate	29,453	16,151	159,598	112,758	70,728
Equity method earnings (losses)	34,063	30,082	(9,601)	283,283	99,348
Equity method earnings—carried interest	4,896	0	9,525	0	0
Income tax benefit (expense)	(1,198)	32,793	59,970	100,495	(4,196)
Income (loss) from continuing operations	(56,448)	(36,252)	(534,757)	(120,061)	293,702
Income (loss) from discontinued operations	26,293	9,094	39,582	55,448	(2,976)
Net income (loss)	(30,155)	(27,158)	(495,175)	(64,613)	290,726
Net income (loss) attributable to Colony Capital, Inc.	(74,976)	(41,327)	(519,607)	(197,891)	115,318
Operating segments | Healthcare
Segment Reporting Information [Line Items]
Total revenues	145,774	152,595	592,455	613,169	0
Property operating expenses	64,302	66,966	271,166	274,528	0
Interest expense	47,527	50,941	194,898	185,256	0
Depreciation and amortization	40,131	41,127	164,389	183,897	0
Provision for loan loss	0	0	213	1,588	0
Impairment loss		3,780	217,524	14,375	0
Impairment loss	0
Gain on sale of real estate	0	0	0	0	0
Equity method earnings (losses)	0	0	0	0	0
Equity method earnings—carried interest	0	0	0
Income tax benefit (expense)	1,874	(998)	(4,991)	(5,639)	0
Income (loss) from continuing operations	(7,206)	(12,534)	(283,516)	(64,767)	0
Income (loss) from discontinued operations	0	0	0	0	0
Net income (loss)	(7,206)	(12,534)	(283,516)	(64,767)	0
Net income (loss) attributable to Colony Capital, Inc.	(7,462)	(10,360)	(199,277)	(51,428)	0
Operating segments | Industrial
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0	0
Property operating expenses	0	0	0	0	0
Interest expense	0	0	0	0	0
Depreciation and amortization	0	0	0	0	0
Provision for loan loss	0	0	0	0	0
Impairment loss		0	0	0	0
Impairment loss	0
Gain on sale of real estate	0	0	0	0	0
Equity method earnings (losses)	0	0	0	0	0
Equity method earnings—carried interest	0	0	0
Income tax benefit (expense)	0	0	0	0	0
Income (loss) from continuing operations	0	0	0	0	0
Income (loss) from discontinued operations	24,154	6,321	26,749	37,497	(3,003)
Net income (loss)	24,154	6,321	26,749	37,497	(3,003)
Net income (loss) attributable to Colony Capital, Inc.	6,428	1,278	4,246	12,537	(911)
Operating segments | Hospitality
Segment Reporting Information [Line Items]
Total revenues	196,615	195,782	849,513	815,831	0
Property operating expenses	136,345	136,095	563,453	537,884	0
Interest expense	42,065	34,361	153,395	134,729	0
Depreciation and amortization	36,248	35,457	144,528	133,269	0
Provision for loan loss	0	0	0	0	0
Impairment loss		0	72,469	0	0
Impairment loss	3,850
Gain on sale of real estate	139	0	0	0	0
Equity method earnings (losses)	0	0	0	0	0
Equity method earnings—carried interest	0	0	0
Income tax benefit (expense)	(836)	1,481	9,875	(2,779)	0
Income (loss) from continuing operations	(26,077)	(11,886)	(90,581)	(9,863)	0
Income (loss) from discontinued operations	0	0	0	0	0
Net income (loss)	(26,077)	(11,886)	(90,581)	(9,863)	0
Net income (loss) attributable to Colony Capital, Inc.	(22,981)	(10,050)	(82,798)	(9,199)	0
Operating segments | CLNC
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0	0
Property operating expenses	0	0	0	0	0
Interest expense	0	0	0	0	0
Depreciation and amortization	0	0	0	0	0
Provision for loan loss	0	0	0	0	0
Impairment loss		0	0	0	0
Impairment loss	0
Gain on sale of real estate	0	0	0	0	0
Equity method earnings (losses)	5,513	(3,654)	(65,366)	0	0
Equity method earnings—carried interest	0	0	0
Income tax benefit (expense)	0	0	0	0	0
Income (loss) from continuing operations	5,513	(3,654)	(65,366)	0	0
Income (loss) from discontinued operations	0	0	0	0	0
Net income (loss)	5,513	(3,654)	(65,366)	0	0
Net income (loss) attributable to Colony Capital, Inc.	5,178	(3,446)	(61,457)	0	0
Operating segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total revenues	162,688	205,154	739,167	873,046	569,780
Property operating expenses	70,095	81,898	316,037	233,901	62,537
Interest expense	31,853	40,280	150,032	161,993	80,503
Depreciation and amortization	24,783	28,969	99,525	128,942	63,480
Provision for loan loss	3,611	5,375	42,821	18,153	35,005
Impairment loss		9,189	79,432	30,867	10,990
Impairment loss	21,772
Gain on sale of real estate	29,314	16,151	159,598	112,758	70,728
Equity method earnings (losses)	24,608	27,217	99,400	265,079	97,188
Equity method earnings—carried interest	0	0	0
Income tax benefit (expense)	(2,074)	(4,539)	(4,298)	(3,950)	(10,143)
Income (loss) from continuing operations	59,563	68,431	268,870	567,752	431,903
Income (loss) from discontinued operations	0	117	(102)	995	0
Net income (loss)	59,563	68,548	268,768	568,747	431,903
Net income (loss) attributable to Colony Capital, Inc.	23,922	49,109	143,065	426,052	226,202
Operating segments | Investment Management
Segment Reporting Information [Line Items]
Total revenues	40,005	41,207	176,568	240,632	68,331
Property operating expenses	0	0	0	0	0
Interest expense	0	0	0	0	0
Depreciation and amortization	8,669	7,676	28,653	56,616	14,767
Provision for loan loss	0	0	0	0	0
Impairment loss		140,429	217,850	375,074	320
Impairment loss	0
Gain on sale of real estate	0	0	0	0	0
Equity method earnings (losses)	3,942	6,519	(43,635)	18,204	2,160
Equity method earnings—carried interest	4,896	0	9,525
Income tax benefit (expense)	94	36,785	59,179	111,049	6,608
Income (loss) from continuing operations	20,638	(88,139)	(141,190)	(174,564)	21,202
Income (loss) from discontinued operations	2,139	2,656	12,935	4,396	27
Net income (loss)	22,777	(85,483)	(128,255)	(170,168)	21,229
Net income (loss) attributable to Colony Capital, Inc.	20,548	(80,520)	(120,286)	(182,038)	17,903
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total revenues	2,977	1,859	9,239	6,862	4,389
Property operating expenses	0	0	0	0	0
Interest expense	13,444	13,117	54,513	54,278	44,746
Depreciation and amortization	1,521	1,531	6,207	5,790	4,581
Provision for loan loss	0	0	0	0	0
Impairment loss		0	0	0	0
Impairment loss	0
Gain on sale of real estate	0	0	0	0	0
Equity method earnings (losses)	0	0	0	0	0
Equity method earnings—carried interest	0	0	0
Income tax benefit (expense)	(256)	64	205	1,814	(661)
Income (loss) from continuing operations	(108,879)	11,530	(222,974)	(438,619)	(159,403)
Income (loss) from discontinued operations	0	0	0	12,560	0
Net income (loss)	(108,879)	11,530	(222,974)	(426,059)	(159,403)
Net income (loss) attributable to Colony Capital, Inc.	$ (100,609)	$ 12,662	$ (203,100)	$ (393,815)	$ (127,876)

Segment Reporting - Assets and

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Operating lease, right-of-use asset	$ 115,876		$ 0
Total assets	23,221,033		22,215,249	$ 24,785,650
Equity method investments(1)	2,412,268		2,276,673	1,524,214
Total income by geography:	577,173	$ 619,886	2,332,171	2,807,193	$ 737,550
Long-lived assets by geography:	11,050,897		11,167,605	12,433,516
United States
Segment Reporting Information [Line Items]
Total income by geography:	490,915	541,411	2,002,260	2,492,800	536,544
Long-lived assets by geography:	9,547,904		9,566,982	10,684,234
Europe
Segment Reporting Information [Line Items]
Total income by geography:	86,258	78,173	329,609	310,783	194,923
Long-lived assets by geography:	1,502,993		1,600,623	1,749,282
Other
Segment Reporting Information [Line Items]
Total income by geography:	0	$ 302	302	3,610	$ 6,083
Operating segments | Healthcare
Segment Reporting Information [Line Items]
Total assets	5,399,403		5,395,550	5,813,552
Equity method investments(1)	0		0	0
Operating segments | Industrial
Segment Reporting Information [Line Items]
Total assets	4,312,205		3,185,906	2,810,135
Equity method investments(1)	0		0	0
Operating segments | Hospitality
Segment Reporting Information [Line Items]
Total assets	3,989,997		3,980,988	4,094,596
Equity method investments(1)	0		0	0
Operating segments | CLNC
Segment Reporting Information [Line Items]
Total assets	1,027,345		1,037,754	0
Equity method investments(1)	1,027,345		1,037,754	0
Operating segments | Other Equity and Debt
Segment Reporting Information [Line Items]
Total assets	6,295,439		6,371,999	9,251,963
Equity method investments(1)	1,177,146		1,054,295	1,315,670
Operating segments | Investment Management
Segment Reporting Information [Line Items]
Total assets	1,995,190		1,983,911	2,714,840
Equity method investments(1)	204,035		180,882	204,802
Amounts not allocated to segments
Segment Reporting Information [Line Items]
Total assets	201,454		259,141	100,564
Equity method investments(1)	3,742		3,742	3,742
Discontinued Operations, Held-for-sale | United States
Segment Reporting Information [Line Items]
Long-lived assets by geography:	4,300,000		3,300,000	2,700,000
Discontinued Operations, Held-for-sale | Europe
Segment Reporting Information [Line Items]
Long-lived assets by geography:	$ 500,000		$ 500,000	$ 600,000

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized	$ 127,948,000	$ 121,934,000	$ 507,495,000	$ 452,726,000	$ 118,365,000
Cash paid for income taxes, net of refunds	(19,113,000)	(9,430,000)	14,476,000	53,017,000	7,190,000
Cash paid for amounts included in measurement of operating lease liabilities	3,438,000	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash provided by operating activities of discontinued operations	41,789	32,197,000	158,666,000	153,379,000	93,492,000
Net cash used in investing activities of discontinued operations	(1,073,525)	(178,060,000)	(599,940,000)	82,408,000	(310,564,000)
Net cash provided by financing activities of discontinued operations	973,937	68,384,000	351,052,000	378,788,000	255,861,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	83,996,000	90,791,000	84,013,000	188,202,000	65,972,000
Net assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed (Note 4)			936,547,000	0	0
Redemption of OP Units for common stock			29,034,000	22,831,000	18,571,000
Improvements in operating real estate in accrued and other liabilities	23,023,000	25,587,000	2,249,000	18,221,000	0
Deconsolidation of net assets of securitization trusts (Note 15)			131,386,000	0	0
Increase in contributions receivable from noncontrolling interests	113,200,000	12,000,000	29,721,000	0	0
Assets held for sale contributed to equity method investee			20,350,000	0	0
Deferred tax liabilities assumed by buyer of related real estate			26,629,000	0	0
Debt assumed by buyer in sale of real estate			196,416,000	1,258,558,000	0
Foreclosures and exchanges of loans receivable for real estate			47,097,000	54,615,000	128,124,000
Share repurchase payable	0	36,166,000	7,567,000	0	0
Proceeds from loan repayments and asset sales held in escrow	32,624,000	0	19,425,000	27,426,000	0
Distributions payable to noncontrolling interests included in other liabilities	3,756,000	0	19,297,000	10,786,000	0
Net assets of investment entity deconsolidated, net of cash and restricted cash contributed			0	153,368,000	0
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group			0	66,020,000	0
Assets acquired in Merger, net of cash and restricted cash assumed (Note 3)			0	16,684,675,000	0
Liabilities assumed in Merger (Note 3)			0	11,249,183,000	0
Noncontrolling interests assumed in Merger (Note 3)			0	592,690,000	0
Common stock issued for acquisition of NSAM and NRF (Note 3)			0	5,710,134,000	0
Preferred stock issued for acquisition of NRF (Note 3)			0	1,010,320,000	0
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed (Note 3)			0	219,278,000	0
Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed (Note 3)			0	326,679,000	0
Net assets of sponsored fund consolidated, net of cash and restricted cash assumed (Note 15)			0	13,370,000	0
Contributions receivable from noncontrolling interests			0	25,501,000	0
Exchange of notes for class A common shares			0	3,279,000	0
Assets of consolidated securitization trust			0	58,296,000	0
Liabilities of consolidated securitization trust			0	56,928,000	0
Net settlement of redemption and investment in equity method investee			$ 0	$ 0	$ 117,241,000
Right-of-Use Asset Obtained In Exchange For Operating Lease Liability, Net Of Related Deferred Receivables, Intangibles And Lease Incentives Derecognized	126,810,000	0
Securities Acquired, Subject To Forward Contract Deliverable, Net Of Cash Collateral	90,000,000	0
Assets of investment entities deconsolidated	0	1,753,066,000
Liabilities of investment entities deconsolidated	0	421,245,000
Noncontrolling interests of investment entities deconsolidated	0	395,274,000
Redemption Of Partnership Units For Cash In Liabilities	$ 0	$ 2,096,000

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended	2 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2019USD ($)building	Feb. 25, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)shares	Mar. 31, 2018USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Jan. 31, 2019USD ($)	May 23, 2018USD ($)	Feb. 28, 2018USD ($)	Feb. 26, 2018USD ($)
Subsequent Event [Line Items]
Repurchase of common stock			$ 3,167,000	$ 246,441,000	$ 350,710,000	$ 300,177,000
Class A Common Stock
Subsequent Event [Line Items]
Repurchase of stock (in shares) | shares			652,000	42,306,000	61,418,000	23,371,000
Stock repurchase, authorized amount								$ 300,000,000	$ 300,000,000	$ 300,000,000
Industrial | Subsequent Event
Subsequent Event [Line Items]
Stock repurchase, authorized amount		$ 246,700,000
Stock repurchase program, remaining authorized repurchase amount		$ 300,000,000
Number of buildings acquired | building	54
Number of buildings expected to close | building	4
Acquisition price, buildings	$ 1,160,000,000
Line of credit,current borrowing capacity	142,000,000
First mortgage debt secured by bulk industrial portfolio	235,000,000
Industrial | Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Repurchase of stock (in shares) | shares		652,311
Repurchase of common stock		$ 3,200,000
Stock repurchased, weighted average share price (USD per share) | $ / shares		$ 4.84
Term Loan | Industrial | Subsequent Event
Subsequent Event [Line Items]
Floating rate unsecured term debt	500,000,000
Line of Credit | Industrial | Subsequent Event
Subsequent Event [Line Items]
Maximum principal amount of credit facility	$ 600,000,000						$ 400,000,000

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at January 1	$ 14,514	$ 6,869	$ 6,869	$ 1,708	$ 1,786
Allowance for doubtful accounts	$ 4,389	$ 1,305	26,860	14,602	3,314
Charge-offs			(19,155)	(9,531)	(3,316)
Effect of changes in foreign exchange rates			(60)	90	(76)
Balance at December 31			$ 14,514	$ 6,869	$ 1,708

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulative Depreciation - Net Carrying Amount (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Gross Cost Basis at December 31, 2018
Total	$ 15,500,802	$ 15,791,144	$ 3,656,094	$ 3,518,682
Accumulated Depreciation	1,029,386	$ 606,200	$ 188,509	$ 88,577
Net Carrying Amount	14,471,416
Real Estate tax basis	$ 13,200,000
Minimum | Improvements and buildings
Gross Cost Basis at December 31, 2018
Useful life used for depreciation	4 months
Maximum | Improvements and buildings
Gross Cost Basis at December 31, 2018
Useful life used for depreciation	51 years
Real Estate Held for Investment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	923
Initial Cost
Encumbrances	$ 7,331,763
Land	1,464,335
Buildings and Improvements	10,035,185
Costs Capitalized	(4,116)
Gross Cost Basis at December 31, 2018
Land	1,443,250
Buildings and Improvements	10,052,154
Total	11,495,404
Accumulated Depreciation	669,394
Net Carrying Amount	$ 10,826,010
Real Estate Held for Investment | Hospitals [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	413
Initial Cost
Encumbrances	$ 3,165,680
Land	456,776
Buildings and Improvements	4,945,018
Costs Capitalized	(115,740)
Gross Cost Basis at December 31, 2018
Land	456,776
Buildings and Improvements	4,829,278
Total	5,286,054
Accumulated Depreciation	290,756
Net Carrying Amount	$ 4,995,298
Real Estate Held for Investment | Hotel [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	158
Initial Cost
Encumbrances	$ 2,648,072
Land	509,971
Buildings and Improvements	3,424,514
Costs Capitalized	(912)
Gross Cost Basis at December 31, 2018
Land	488,886
Buildings and Improvements	3,444,687
Total	3,933,573
Accumulated Depreciation	264,749
Net Carrying Amount	$ 3,668,824
Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	362
Initial Cost
Encumbrances	$ 1,077,195
Land	532,424
Buildings and Improvements	2,570,505
Costs Capitalized	107,163
Gross Cost Basis at December 31, 2018
Land	532,424
Buildings and Improvements	2,677,670
Total	3,210,094
Accumulated Depreciation	285,690
Net Carrying Amount	$ 2,924,404
Real Estate Held for Investment | Hotel, Mixed, Industrial, Leisure, Multifamily, Office, Retail And Residential - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	352
Initial Cost
Encumbrances	$ 1,518,011
Land	497,588
Buildings and Improvements	1,665,653
Costs Capitalized	112,536
Gross Cost Basis at December 31, 2018
Land	497,588
Buildings and Improvements	1,778,189
Total	2,275,777
Accumulated Depreciation	113,889
Net Carrying Amount	2,161,888
Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel [Member]
Gross Cost Basis at December 31, 2018
Net Carrying Amount	69,699
Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel, Mixed, Industrial, Leisure, Multifamily, Office, Retail And Residential - Other Equity and Debt
Gross Cost Basis at December 31, 2018
Net Carrying Amount	$ 3,645,406
ALABAMA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 4,540
Land	337
Buildings and Improvements	2,583
Costs Capitalized	1,469
Gross Cost Basis at December 31, 2018
Land	337
Buildings and Improvements	4,052
Total	4,389
Accumulated Depreciation	233
Net Carrying Amount	$ 4,156
ALABAMA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 31,466
Land	0
Buildings and Improvements	56,271
Costs Capitalized	(23,484)
Gross Cost Basis at December 31, 2018
Land	0
Buildings and Improvements	32,787
Total	32,787
Accumulated Depreciation	3,116
Net Carrying Amount	$ 29,671
ALABAMA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 9,074
Land	433
Buildings and Improvements	7,169
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	433
Buildings and Improvements	7,169
Total	7,602
Accumulated Depreciation	474
Net Carrying Amount	$ 7,128
ALABAMA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 14,962
Land	1,134
Buildings and Improvements	19,213
Costs Capitalized	651
Gross Cost Basis at December 31, 2018
Land	1,134
Buildings and Improvements	19,864
Total	20,998
Accumulated Depreciation	1,404
Net Carrying Amount	$ 19,594
ARIZONA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 8,998
Land	536
Buildings and Improvements	14,434
Costs Capitalized	1,234
Gross Cost Basis at December 31, 2018
Land	536
Buildings and Improvements	15,668
Total	16,204
Accumulated Depreciation	851
Net Carrying Amount	$ 15,353
ARIZONA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 10,781
Land	1,043
Buildings and Improvements	17,013
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	1,043
Buildings and Improvements	17,013
Total	18,056
Accumulated Depreciation	984
Net Carrying Amount	$ 17,072
ARIZONA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 12,861
Land	1,897
Buildings and Improvements	15,843
Costs Capitalized	249
Gross Cost Basis at December 31, 2018
Land	1,897
Buildings and Improvements	16,092
Total	17,989
Accumulated Depreciation	1,146
Net Carrying Amount	$ 16,843
ARIZONA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 30,561
Land	7,831
Buildings and Improvements	34,616
Costs Capitalized	585
Gross Cost Basis at December 31, 2018
Land	7,831
Buildings and Improvements	35,201
Total	43,032
Accumulated Depreciation	3,009
Net Carrying Amount	$ 40,023
ARIZONA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 41,363
Land	10,917
Buildings and Improvements	43,884
Costs Capitalized	7,124
Gross Cost Basis at December 31, 2018
Land	10,917
Buildings and Improvements	51,008
Total	61,925
Accumulated Depreciation	3,596
Net Carrying Amount	$ 58,329
California | Real Estate Held for Investment | Hospitals [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 103,968
Land	17,079
Buildings and Improvements	135,979
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	17,079
Buildings and Improvements	135,979
Total	153,058
Accumulated Depreciation	6,976
Net Carrying Amount	$ 146,082
California | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 36,361
Land	12,157
Buildings and Improvements	76,393
Costs Capitalized	809
Gross Cost Basis at December 31, 2018
Land	12,157
Buildings and Improvements	77,202
Total	89,359
Accumulated Depreciation	4,151
Net Carrying Amount	$ 85,208
California | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 20,908
Land	5,708
Buildings and Improvements	33,859
Costs Capitalized	982
Gross Cost Basis at December 31, 2018
Land	5,708
Buildings and Improvements	34,841
Total	40,549
Accumulated Depreciation	2,139
Net Carrying Amount	$ 38,410
California | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 19,987
Land	1,936
Buildings and Improvements	37,612
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	1,936
Buildings and Improvements	37,612
Total	39,548
Accumulated Depreciation	4,646
Net Carrying Amount	$ 34,902
California | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 220,715
Land	59,120
Buildings and Improvements	241,574
Costs Capitalized	6,846
Gross Cost Basis at December 31, 2018
Land	59,120
Buildings and Improvements	248,420
Total	307,540
Accumulated Depreciation	18,276
Net Carrying Amount	$ 289,264
California | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	10
Initial Cost
Encumbrances	$ 202,529
Land	45,970
Buildings and Improvements	232,362
Costs Capitalized	5,248
Gross Cost Basis at December 31, 2018
Land	45,970
Buildings and Improvements	237,610
Total	283,580
Accumulated Depreciation	18,215
Net Carrying Amount	$ 265,365
California | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	21
Initial Cost
Encumbrances	$ 290,323
Land	57,970
Buildings and Improvements	274,907
Costs Capitalized	19,254
Gross Cost Basis at December 31, 2018
Land	57,970
Buildings and Improvements	294,161
Total	352,131
Accumulated Depreciation	20,202
Net Carrying Amount	$ 331,929
COLORADO | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 104,052
Land	7,734
Buildings and Improvements	138,276
Costs Capitalized	2,228
Gross Cost Basis at December 31, 2018
Land	7,734
Buildings and Improvements	140,504
Total	148,238
Accumulated Depreciation	7,574
Net Carrying Amount	$ 140,664
COLORADO | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 37,735
Land	8,330
Buildings and Improvements	57,631
Costs Capitalized	1,578
Gross Cost Basis at December 31, 2018
Land	8,330
Buildings and Improvements	59,209
Total	67,539
Accumulated Depreciation	4,001
Net Carrying Amount	$ 63,538
COLORADO | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 61,776
Land	13,163
Buildings and Improvements	67,804
Costs Capitalized	5,736
Gross Cost Basis at December 31, 2018
Land	13,163
Buildings and Improvements	73,540
Total	86,703
Accumulated Depreciation	5,757
Net Carrying Amount	$ 80,946
COLORADO | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 15,962
Land	2,018
Buildings and Improvements	20,047
Costs Capitalized	430
Gross Cost Basis at December 31, 2018
Land	2,018
Buildings and Improvements	20,477
Total	22,495
Accumulated Depreciation	1,591
Net Carrying Amount	$ 20,904
FLORIDA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 725
Land	419
Buildings and Improvements	303
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	419
Buildings and Improvements	303
Total	722
Accumulated Depreciation	51
Net Carrying Amount	$ 671
FLORIDA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 23,299
Land	2,119
Buildings and Improvements	41,291
Costs Capitalized	(5,226)
Gross Cost Basis at December 31, 2018
Land	2,119
Buildings and Improvements	36,065
Total	38,184
Accumulated Depreciation	2,470
Net Carrying Amount	$ 35,714
FLORIDA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	24
Initial Cost
Encumbrances	$ 173,422
Land	25,304
Buildings and Improvements	347,560
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	25,304
Buildings and Improvements	347,560
Total	372,864
Accumulated Depreciation	19,902
Net Carrying Amount	$ 352,962
FLORIDA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 12,943
Land	2,991
Buildings and Improvements	50,761
Costs Capitalized	621
Gross Cost Basis at December 31, 2018
Land	2,991
Buildings and Improvements	51,382
Total	54,373
Accumulated Depreciation	3,884
Net Carrying Amount	$ 50,489
FLORIDA | Real Estate Held for Investment | Hotel Full Service
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 45,001
Land	12,328
Buildings and Improvements	133,394
Costs Capitalized	24,026
Gross Cost Basis at December 31, 2018
Land	12,328
Buildings and Improvements	157,420
Total	169,748
Accumulated Depreciation	12,072
Net Carrying Amount	$ 157,676
FLORIDA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 124,232
Land	16,852
Buildings and Improvements	219,288
Costs Capitalized	7,347
Gross Cost Basis at December 31, 2018
Land	16,852
Buildings and Improvements	226,635
Total	243,487
Accumulated Depreciation	15,947
Net Carrying Amount	$ 227,540
FLORIDA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 25,822
Land	8,508
Buildings and Improvements	24,764
Costs Capitalized	4,281
Gross Cost Basis at December 31, 2018
Land	8,508
Buildings and Improvements	29,045
Total	37,553
Accumulated Depreciation	2,051
Net Carrying Amount	$ 35,502
GEORGIA | Real Estate Held for Investment | Hospitals [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 13,566
Land	2,047
Buildings and Improvements	16,650
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	2,047
Buildings and Improvements	16,650
Total	18,697
Accumulated Depreciation	855
Net Carrying Amount	$ 17,842
GEORGIA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 7,227
Land	516
Buildings and Improvements	14,220
Costs Capitalized	314
Gross Cost Basis at December 31, 2018
Land	516
Buildings and Improvements	14,534
Total	15,050
Accumulated Depreciation	853
Net Carrying Amount	$ 14,197
GEORGIA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	13
Initial Cost
Encumbrances	$ 58,308
Land	12,976
Buildings and Improvements	100,200
Costs Capitalized	2,249
Gross Cost Basis at December 31, 2018
Land	12,976
Buildings and Improvements	102,449
Total	115,425
Accumulated Depreciation	6,486
Net Carrying Amount	$ 108,939
GEORGIA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	7
Initial Cost
Encumbrances	$ 100,169
Land	12,140
Buildings and Improvements	130,707
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	12,140
Buildings and Improvements	130,707
Total	142,847
Accumulated Depreciation	7,270
Net Carrying Amount	$ 135,577
GEORGIA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 43,517
Land	7,278
Buildings and Improvements	52,967
Costs Capitalized	505
Gross Cost Basis at December 31, 2018
Land	7,278
Buildings and Improvements	53,472
Total	60,750
Accumulated Depreciation	3,760
Net Carrying Amount	$ 56,990
GEORGIA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 58,264
Land	11,505
Buildings and Improvements	77,275
Costs Capitalized	(6,466)
Gross Cost Basis at December 31, 2018
Land	9,932
Buildings and Improvements	72,382
Total	82,314
Accumulated Depreciation	6,012
Net Carrying Amount	$ 76,302
GEORGIA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 10,753
Land	1,905
Buildings and Improvements	9,296
Costs Capitalized	751
Gross Cost Basis at December 31, 2018
Land	1,905
Buildings and Improvements	10,047
Total	11,952
Accumulated Depreciation	759
Net Carrying Amount	$ 11,193
ILLINOIS | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	23
Initial Cost
Encumbrances	$ 161,951
Land	9,433
Buildings and Improvements	289,465
Costs Capitalized	6,289
Gross Cost Basis at December 31, 2018
Land	9,433
Buildings and Improvements	295,754
Total	305,187
Accumulated Depreciation	16,235
Net Carrying Amount	$ 288,952
ILLINOIS | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 63,246
Land	9,809
Buildings and Improvements	97,777
Costs Capitalized	43
Gross Cost Basis at December 31, 2018
Land	9,809
Buildings and Improvements	97,820
Total	107,629
Accumulated Depreciation	6,018
Net Carrying Amount	$ 101,611
ILLINOIS | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 54,744
Land	6,546
Buildings and Improvements	137,591
Costs Capitalized	(62,141)
Gross Cost Basis at December 31, 2018
Land	6,546
Buildings and Improvements	75,450
Total	81,996
Accumulated Depreciation	7,871
Net Carrying Amount	$ 74,125
ILLINOIS | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 27,884
Land	4,375
Buildings and Improvements	34,567
Costs Capitalized	317
Gross Cost Basis at December 31, 2018
Land	4,375
Buildings and Improvements	34,884
Total	39,259
Accumulated Depreciation	2,729
Net Carrying Amount	$ 36,530
ILLINOIS | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 18,501
Land	2,738
Buildings and Improvements	22,368
Costs Capitalized	801
Gross Cost Basis at December 31, 2018
Land	2,738
Buildings and Improvements	23,169
Total	25,907
Accumulated Depreciation	1,678
Net Carrying Amount	$ 24,229
ILLINOIS | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 28,805
Land	4,553
Buildings and Improvements	30,274
Costs Capitalized	261
Gross Cost Basis at December 31, 2018
Land	4,553
Buildings and Improvements	30,535
Total	35,088
Accumulated Depreciation	2,672
Net Carrying Amount	$ 32,416
INDIANA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	9
Initial Cost
Encumbrances	$ 25,835
Land	7,170
Buildings and Improvements	26,900
Costs Capitalized	100
Gross Cost Basis at December 31, 2018
Land	7,170
Buildings and Improvements	27,000
Total	34,170
Accumulated Depreciation	1,826
Net Carrying Amount	$ 32,344
INDIANA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	27
Initial Cost
Encumbrances	$ 178,317
Land	18,106
Buildings and Improvements	297,968
Costs Capitalized	(5,048)
Gross Cost Basis at December 31, 2018
Land	18,106
Buildings and Improvements	292,920
Total	311,026
Accumulated Depreciation	19,388
Net Carrying Amount	$ 291,638
INDIANA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	19
Initial Cost
Encumbrances	$ 95,295
Land	5,634
Buildings and Improvements	132,921
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	5,634
Buildings and Improvements	132,921
Total	138,555
Accumulated Depreciation	8,404
Net Carrying Amount	$ 130,151
INDIANA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 9,183
Land	1,232
Buildings and Improvements	9,325
Costs Capitalized	410
Gross Cost Basis at December 31, 2018
Land	1,232
Buildings and Improvements	9,735
Total	10,967
Accumulated Depreciation	693
Net Carrying Amount	$ 10,274
KANSAS | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 6,128
Land	915
Buildings and Improvements	12,105
Costs Capitalized	(5,203)
Gross Cost Basis at December 31, 2018
Land	915
Buildings and Improvements	6,902
Total	7,817
Accumulated Depreciation	768
Net Carrying Amount	$ 7,049
KANSAS | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 4,866
Land	517
Buildings and Improvements	4,930
Costs Capitalized	1,065
Gross Cost Basis at December 31, 2018
Land	517
Buildings and Improvements	5,995
Total	6,512
Accumulated Depreciation	498
Net Carrying Amount	$ 6,014
MASSACHUSETTS | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 9,900
Land	1,346
Buildings and Improvements	1,523
Costs Capitalized	198
Gross Cost Basis at December 31, 2018
Land	1,346
Buildings and Improvements	1,721
Total	3,067
Accumulated Depreciation	182
Net Carrying Amount	$ 2,885
MASSACHUSETTS | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 17,145
Land	6,179
Buildings and Improvements	8,966
Costs Capitalized	(960)
Gross Cost Basis at December 31, 2018
Land	6,179
Buildings and Improvements	8,006
Total	14,185
Accumulated Depreciation	434
Net Carrying Amount	$ 13,751
MASSACHUSETTS | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 60,054
Land	8,274
Buildings and Improvements	74,973
Costs Capitalized	637
Gross Cost Basis at December 31, 2018
Land	8,274
Buildings and Improvements	75,610
Total	83,884
Accumulated Depreciation	5,294
Net Carrying Amount	$ 78,590
MASSACHUSETTS | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 25,131
Land	3,272
Buildings and Improvements	31,343
Costs Capitalized	490
Gross Cost Basis at December 31, 2018
Land	3,272
Buildings and Improvements	31,833
Total	35,105
Accumulated Depreciation	2,194
Net Carrying Amount	$ 32,911
MASSACHUSETTS | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 9,183
Land	1,152
Buildings and Improvements	9,261
Costs Capitalized	1,846
Gross Cost Basis at December 31, 2018
Land	1,152
Buildings and Improvements	11,107
Total	12,259
Accumulated Depreciation	721
Net Carrying Amount	$ 11,538
MINNESOTA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	11
Initial Cost
Encumbrances	$ 31,436
Land	3,763
Buildings and Improvements	66,922
Costs Capitalized	(27,784)
Gross Cost Basis at December 31, 2018
Land	3,763
Buildings and Improvements	39,138
Total	42,901
Accumulated Depreciation	3,669
Net Carrying Amount	$ 39,232
MINNESOTA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 6,828
Land	1,144
Buildings and Improvements	9,348
Costs Capitalized	126
Gross Cost Basis at December 31, 2018
Land	1,144
Buildings and Improvements	9,474
Total	10,618
Accumulated Depreciation	598
Net Carrying Amount	$ 10,020
NORTH CAROLINA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 99,712
Land	11,656
Buildings and Improvements	151,555
Costs Capitalized	297
Gross Cost Basis at December 31, 2018
Land	11,656
Buildings and Improvements	151,852
Total	163,508
Accumulated Depreciation	8,141
Net Carrying Amount	$ 155,367
NORTH CAROLINA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 5,735
Land	286
Buildings and Improvements	10,549
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	286
Buildings and Improvements	10,549
Total	10,835
Accumulated Depreciation	622
Net Carrying Amount	$ 10,213
NORTH CAROLINA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 18,108
Land	1,693
Buildings and Improvements	23,893
Costs Capitalized	423
Gross Cost Basis at December 31, 2018
Land	1,693
Buildings and Improvements	24,316
Total	26,009
Accumulated Depreciation	2,295
Net Carrying Amount	$ 23,714
NORTH CAROLINA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 100,253
Land	13,689
Buildings and Improvements	123,653
Costs Capitalized	3,224
Gross Cost Basis at December 31, 2018
Land	13,689
Buildings and Improvements	126,877
Total	140,566
Accumulated Depreciation	9,260
Net Carrying Amount	$ 131,306
NEBRASKA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 2,602
Land	559
Buildings and Improvements	3,161
Costs Capitalized	104
Gross Cost Basis at December 31, 2018
Land	559
Buildings and Improvements	3,265
Total	3,824
Accumulated Depreciation	207
Net Carrying Amount	$ 3,617
OHIO | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	30
Initial Cost
Encumbrances	$ 186,107
Land	16,108
Buildings and Improvements	247,227
Costs Capitalized	2,705
Gross Cost Basis at December 31, 2018
Land	16,108
Buildings and Improvements	249,932
Total	266,040
Accumulated Depreciation	14,253
Net Carrying Amount	$ 251,787
OHIO | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 48,534
Land	5,036
Buildings and Improvements	99,147
Costs Capitalized	(10,879)
Gross Cost Basis at December 31, 2018
Land	5,036
Buildings and Improvements	88,268
Total	93,304
Accumulated Depreciation	5,865
Net Carrying Amount	$ 87,439
OHIO | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 8,761
Land	575
Buildings and Improvements	11,747
Costs Capitalized	235
Gross Cost Basis at December 31, 2018
Land	575
Buildings and Improvements	11,982
Total	12,557
Accumulated Depreciation	1,080
Net Carrying Amount	$ 11,477
OHIO | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 16,534
Land	7,655
Buildings and Improvements	56,496
Costs Capitalized	(40,120)
Gross Cost Basis at December 31, 2018
Land	2,633
Buildings and Improvements	21,398
Total	24,031
Accumulated Depreciation	1,693
Net Carrying Amount	$ 22,338
OHIO | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	7
Initial Cost
Encumbrances	$ 24,488
Land	4,557
Buildings and Improvements	31,786
Costs Capitalized	4,554
Gross Cost Basis at December 31, 2018
Land	4,557
Buildings and Improvements	36,340
Total	40,897
Accumulated Depreciation	3,127
Net Carrying Amount	$ 37,770
OKLAHOMA | Real Estate Held for Investment | Hospitals [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 11,499
Land	536
Buildings and Improvements	15,954
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	536
Buildings and Improvements	15,954
Total	16,490
Accumulated Depreciation	811
Net Carrying Amount	$ 15,679
OKLAHOMA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 10,580
Land	1,419
Buildings and Improvements	17,467
Costs Capitalized	1,400
Gross Cost Basis at December 31, 2018
Land	1,419
Buildings and Improvements	18,867
Total	20,286
Accumulated Depreciation	1,370
Net Carrying Amount	$ 18,916
OKLAHOMA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 11,865
Land	0
Buildings and Improvements	18,382
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	0
Buildings and Improvements	18,382
Total	18,382
Accumulated Depreciation	1,114
Net Carrying Amount	$ 17,268
OKLAHOMA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 4,569
Land	447
Buildings and Improvements	5,387
Costs Capitalized	767
Gross Cost Basis at December 31, 2018
Land	447
Buildings and Improvements	6,154
Total	6,601
Accumulated Depreciation	615
Net Carrying Amount	$ 5,986
OKLAHOMA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 2,826
Land	0
Buildings and Improvements	4,751
Costs Capitalized	42
Gross Cost Basis at December 31, 2018
Land	0
Buildings and Improvements	4,793
Total	4,793
Accumulated Depreciation	488
Net Carrying Amount	$ 4,305
OREGON | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	25
Initial Cost
Encumbrances	$ 181,352
Land	20,905
Buildings and Improvements	269,521
Costs Capitalized	(2,254)
Gross Cost Basis at December 31, 2018
Land	20,905
Buildings and Improvements	267,267
Total	288,172
Accumulated Depreciation	15,364
Net Carrying Amount	$ 272,808
OREGON | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 26,190
Land	4,330
Buildings and Improvements	38,024
Costs Capitalized	(6,359)
Gross Cost Basis at December 31, 2018
Land	4,330
Buildings and Improvements	31,665
Total	35,995
Accumulated Depreciation	2,238
Net Carrying Amount	$ 33,757
OREGON | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 16,247
Land	2,413
Buildings and Improvements	12,142
Costs Capitalized	71
Gross Cost Basis at December 31, 2018
Land	2,413
Buildings and Improvements	12,213
Total	14,626
Accumulated Depreciation	796
Net Carrying Amount	$ 13,830
SOUTH CAROLINA | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 16,183
Land	1,105
Buildings and Improvements	17,975
Costs Capitalized	238
Gross Cost Basis at December 31, 2018
Land	1,105
Buildings and Improvements	18,213
Total	19,318
Accumulated Depreciation	1,022
Net Carrying Amount	$ 18,296
SOUTH CAROLINA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 9,681
Land	761
Buildings and Improvements	22,966
Costs Capitalized	(5,174)
Gross Cost Basis at December 31, 2018
Land	761
Buildings and Improvements	17,792
Total	18,553
Accumulated Depreciation	1,496
Net Carrying Amount	$ 17,057
TENNESSEE | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 12,269
Land	2,179
Buildings and Improvements	24,880
Costs Capitalized	735
Gross Cost Basis at December 31, 2018
Land	2,179
Buildings and Improvements	25,615
Total	27,794
Accumulated Depreciation	1,487
Net Carrying Amount	$ 26,307
TENNESSEE | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 11,342
Land	449
Buildings and Improvements	20,215
Costs Capitalized	(3,887)
Gross Cost Basis at December 31, 2018
Land	449
Buildings and Improvements	16,328
Total	16,777
Accumulated Depreciation	1,201
Net Carrying Amount	$ 15,576
TENNESSEE | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 40,869
Land	4,236
Buildings and Improvements	62,156
Costs Capitalized	2,975
Gross Cost Basis at December 31, 2018
Land	4,236
Buildings and Improvements	65,131
Total	69,367
Accumulated Depreciation	3,545
Net Carrying Amount	$ 65,822
TENNESSEE | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 23,898
Land	4,118
Buildings and Improvements	28,471
Costs Capitalized	912
Gross Cost Basis at December 31, 2018
Land	4,118
Buildings and Improvements	29,383
Total	33,501
Accumulated Depreciation	2,150
Net Carrying Amount	$ 31,351
TENNESSEE | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 35,092
Land	5,699
Buildings and Improvements	42,462
Costs Capitalized	1,284
Gross Cost Basis at December 31, 2018
Land	5,699
Buildings and Improvements	43,746
Total	49,445
Accumulated Depreciation	3,489
Net Carrying Amount	$ 45,956
TENNESSEE | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 9,575
Land	2,020
Buildings and Improvements	8,803
Costs Capitalized	58
Gross Cost Basis at December 31, 2018
Land	2,020
Buildings and Improvements	8,861
Total	10,881
Accumulated Depreciation	713
Net Carrying Amount	$ 10,168
TEXAS | Real Estate Held for Investment | Hospitals [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 35,222
Land	3,191
Buildings and Improvements	52,444
Costs Capitalized	2,037
Gross Cost Basis at December 31, 2018
Land	3,191
Buildings and Improvements	54,481
Total	57,672
Accumulated Depreciation	2,699
Net Carrying Amount	$ 54,973
TEXAS | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 119,707
Land	18,144
Buildings and Improvements	138,400
Costs Capitalized	4,495
Gross Cost Basis at December 31, 2018
Land	18,144
Buildings and Improvements	142,895
Total	161,039
Accumulated Depreciation	8,422
Net Carrying Amount	$ 152,617
TEXAS | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	21
Initial Cost
Encumbrances	$ 102,014
Land	5,808
Buildings and Improvements	169,067
Costs Capitalized	1,353
Gross Cost Basis at December 31, 2018
Land	5,808
Buildings and Improvements	170,420
Total	176,228
Accumulated Depreciation	12,135
Net Carrying Amount	$ 164,093
TEXAS | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	11
Initial Cost
Encumbrances	$ 137,555
Land	19,932
Buildings and Improvements	165,947
Costs Capitalized	9,474
Gross Cost Basis at December 31, 2018
Land	19,932
Buildings and Improvements	175,421
Total	195,353
Accumulated Depreciation	14,905
Net Carrying Amount	$ 180,448
TEXAS | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	15
Initial Cost
Encumbrances	$ 132,938
Land	27,974
Buildings and Improvements	177,156
Costs Capitalized	(13,879)
Gross Cost Basis at December 31, 2018
Land	24,389
Buildings and Improvements	166,862
Total	191,251
Accumulated Depreciation	16,039
Net Carrying Amount	$ 175,212
TEXAS | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	14
Initial Cost
Encumbrances	$ 115,140
Land	16,720
Buildings and Improvements	90,428
Costs Capitalized	10,909
Gross Cost Basis at December 31, 2018
Land	16,720
Buildings and Improvements	101,337
Total	118,057
Accumulated Depreciation	6,738
Net Carrying Amount	$ 111,319
WASHINGTON | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 45,483
Land	3,765
Buildings and Improvements	68,188
Costs Capitalized	757
Gross Cost Basis at December 31, 2018
Land	3,765
Buildings and Improvements	68,945
Total	72,710
Accumulated Depreciation	3,824
Net Carrying Amount	$ 68,886
WASHINGTON | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 22,470
Land	998
Buildings and Improvements	47,052
Costs Capitalized	89
Gross Cost Basis at December 31, 2018
Land	998
Buildings and Improvements	47,141
Total	48,139
Accumulated Depreciation	2,647
Net Carrying Amount	$ 45,492
WASHINGTON | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 13,927
Land	3,647
Buildings and Improvements	16,108
Costs Capitalized	(1,263)
Gross Cost Basis at December 31, 2018
Land	3,647
Buildings and Improvements	14,845
Total	18,492
Accumulated Depreciation	1,062
Net Carrying Amount	$ 17,430
WASHINGTON | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 102,182
Land	22,388
Buildings and Improvements	116,391
Costs Capitalized	3,036
Gross Cost Basis at December 31, 2018
Land	22,388
Buildings and Improvements	119,427
Total	141,815
Accumulated Depreciation	7,931
Net Carrying Amount	$ 133,884
WASHINGTON | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 28,786
Land	2,125
Buildings and Improvements	36,312
Costs Capitalized	368
Gross Cost Basis at December 31, 2018
Land	2,125
Buildings and Improvements	36,680
Total	38,805
Accumulated Depreciation	1,107
Net Carrying Amount	$ 37,698
UNITED KINGDOM | Real Estate Held for Investment | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	45
Initial Cost
Encumbrances	$ 272,529
Land	124,664
Buildings and Improvements	492,612
Costs Capitalized	20,957
Gross Cost Basis at December 31, 2018
Land	124,664
Buildings and Improvements	513,569
Total	638,233
Accumulated Depreciation	25,107
Net Carrying Amount	$ 613,126
UNITED KINGDOM | Real Estate Held for Investment | Retail - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 8,405
Land	911
Buildings and Improvements	11,766
Costs Capitalized	(3,705)
Gross Cost Basis at December 31, 2018
Land	911
Buildings and Improvements	8,061
Total	8,972
Accumulated Depreciation	1,563
Net Carrying Amount	$ 7,409
LOUISIANA | Real Estate Held for Investment | Hospitals [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 11,993
Land	1,591
Buildings and Improvements	13,991
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	1,591
Buildings and Improvements	13,991
Total	15,582
Accumulated Depreciation	713
Net Carrying Amount	$ 14,869
LOUISIANA | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 33,777
Land	2,406
Buildings and Improvements	52,423
Costs Capitalized	(5,421)
Gross Cost Basis at December 31, 2018
Land	2,406
Buildings and Improvements	47,002
Total	49,408
Accumulated Depreciation	3,332
Net Carrying Amount	$ 46,076
LOUISIANA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 18,866
Land	1,068
Buildings and Improvements	28,675
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	1,068
Buildings and Improvements	28,675
Total	29,743
Accumulated Depreciation	1,637
Net Carrying Amount	$ 28,106
LOUISIANA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 12,168
Land	1,874
Buildings and Improvements	15,043
Costs Capitalized	719
Gross Cost Basis at December 31, 2018
Land	1,874
Buildings and Improvements	15,762
Total	17,636
Accumulated Depreciation	1,683
Net Carrying Amount	$ 15,953
LOUISIANA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 19,355
Land	2,409
Buildings and Improvements	23,780
Costs Capitalized	1,534
Gross Cost Basis at December 31, 2018
Land	2,409
Buildings and Improvements	25,314
Total	27,723
Accumulated Depreciation	2,376
Net Carrying Amount	$ 25,347
MISSOURI | Real Estate Held for Investment | Hospitals [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 31,264
Land	3,586
Buildings and Improvements	22,684
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	3,586
Buildings and Improvements	22,684
Total	26,270
Accumulated Depreciation	1,209
Net Carrying Amount	$ 25,061
MISSOURI | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 4,788
Land	471
Buildings and Improvements	5,597
Costs Capitalized	561
Gross Cost Basis at December 31, 2018
Land	471
Buildings and Improvements	6,158
Total	6,629
Accumulated Depreciation	509
Net Carrying Amount	$ 6,120
UTAH | Real Estate Held for Investment | Hospitals [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 14,464
Land	2,151
Buildings and Improvements	7,073
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	2,151
Buildings and Improvements	7,073
Total	9,224
Accumulated Depreciation	374
Net Carrying Amount	$ 8,850
ARKANSAS | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 494
Land	0
Buildings and Improvements	1,343
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	0
Buildings and Improvements	1,343
Total	1,343
Accumulated Depreciation	200
Net Carrying Amount	$ 1,143
HAWAII | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 8,175
Land	519
Buildings and Improvements	14,030
Costs Capitalized	4
Gross Cost Basis at December 31, 2018
Land	519
Buildings and Improvements	14,034
Total	14,553
Accumulated Depreciation	732
Net Carrying Amount	$ 13,821
IDAHO | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 22,459
Land	0
Buildings and Improvements	30,473
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	0
Buildings and Improvements	30,473
Total	30,473
Accumulated Depreciation	1,769
Net Carrying Amount	$ 28,704
MICHIGAN | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 31,508
Land	3,856
Buildings and Improvements	48,736
Costs Capitalized	(9,680)
Gross Cost Basis at December 31, 2018
Land	3,856
Buildings and Improvements	39,056
Total	42,912
Accumulated Depreciation	2,849
Net Carrying Amount	$ 40,063
MICHIGAN | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 8,188
Land	1,717
Buildings and Improvements	13,988
Costs Capitalized	1
Gross Cost Basis at December 31, 2018
Land	1,717
Buildings and Improvements	13,989
Total	15,706
Accumulated Depreciation	857
Net Carrying Amount	$ 14,849
MICHIGAN | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 32,982
Land	4,521
Buildings and Improvements	39,797
Costs Capitalized	1,776
Gross Cost Basis at December 31, 2018
Land	4,521
Buildings and Improvements	41,573
Total	46,094
Accumulated Depreciation	2,880
Net Carrying Amount	$ 43,214
MICHIGAN | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 79,189
Land	10,430
Buildings and Improvements	97,029
Costs Capitalized	3,738
Gross Cost Basis at December 31, 2018
Land	10,430
Buildings and Improvements	100,767
Total	111,197
Accumulated Depreciation	7,487
Net Carrying Amount	$ 103,710
MICHIGAN | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 23,860
Land	3,276
Buildings and Improvements	22,820
Costs Capitalized	773
Gross Cost Basis at December 31, 2018
Land	3,276
Buildings and Improvements	23,593
Total	26,869
Accumulated Depreciation	1,815
Net Carrying Amount	$ 25,054
MISSISSIPPI | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 13,720
Land	0
Buildings and Improvements	21,465
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	0
Buildings and Improvements	21,465
Total	21,465
Accumulated Depreciation	1,353
Net Carrying Amount	$ 20,112
NEW MEXICO | Real Estate Held for Investment | Medical Office Buildings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 14,751
Land	0
Buildings and Improvements	16,344
Costs Capitalized	173
Gross Cost Basis at December 31, 2018
Land	0
Buildings and Improvements	16,517
Total	16,517
Accumulated Depreciation	1,772
Net Carrying Amount	$ 14,745
NEW MEXICO | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 17,594
Land	2,125
Buildings and Improvements	22,446
Costs Capitalized	733
Gross Cost Basis at December 31, 2018
Land	2,125
Buildings and Improvements	23,179
Total	25,304
Accumulated Depreciation	2,262
Net Carrying Amount	$ 23,042
KENTUCKY | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 8,979
Land	362
Buildings and Improvements	17,493
Costs Capitalized	3,084
Gross Cost Basis at December 31, 2018
Land	362
Buildings and Improvements	20,577
Total	20,939
Accumulated Depreciation	1,195
Net Carrying Amount	$ 19,744
KENTUCKY | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 16,809
Land	2,956
Buildings and Improvements	29,407
Costs Capitalized	(8,126)
Gross Cost Basis at December 31, 2018
Land	2,956
Buildings and Improvements	21,281
Total	24,237
Accumulated Depreciation	2,169
Net Carrying Amount	$ 22,068
KENTUCKY | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 29,201
Land	6,660
Buildings and Improvements	31,618
Costs Capitalized	2,456
Gross Cost Basis at December 31, 2018
Land	6,660
Buildings and Improvements	34,074
Total	40,734
Accumulated Depreciation	2,483
Net Carrying Amount	$ 38,251
KENTUCKY | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 6,122
Land	1,358
Buildings and Improvements	5,576
Costs Capitalized	11
Gross Cost Basis at December 31, 2018
Land	1,358
Buildings and Improvements	5,587
Total	6,945
Accumulated Depreciation	429
Net Carrying Amount	$ 6,516
MARYLAND | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 6,908
Land	1,219
Buildings and Improvements	14,556
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	1,219
Buildings and Improvements	14,556
Total	15,775
Accumulated Depreciation	836
Net Carrying Amount	$ 14,939
MARYLAND | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 19,889
Land	3,003
Buildings and Improvements	24,644
Costs Capitalized	302
Gross Cost Basis at December 31, 2018
Land	3,003
Buildings and Improvements	24,946
Total	27,949
Accumulated Depreciation	1,903
Net Carrying Amount	$ 26,046
MARYLAND | Real Estate Held for Investment | Hotel Full Service
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 11,765
Land	3,086
Buildings and Improvements	12,964
Costs Capitalized	276
Gross Cost Basis at December 31, 2018
Land	3,086
Buildings and Improvements	13,240
Total	16,326
Accumulated Depreciation	918
Net Carrying Amount	$ 15,408
MARYLAND | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 39,090
Land	10,405
Buildings and Improvements	78,892
Costs Capitalized	(34,838)
Gross Cost Basis at December 31, 2018
Land	4,994
Buildings and Improvements	49,465
Total	54,459
Accumulated Depreciation	3,267
Net Carrying Amount	$ 51,192
PENNSYLVANIA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	11
Initial Cost
Encumbrances	$ 188,683
Land	20,010
Buildings and Improvements	240,922
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	20,010
Buildings and Improvements	240,922
Total	260,932
Accumulated Depreciation	13,747
Net Carrying Amount	$ 247,185
PENNSYLVANIA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 30,727
Land	4,526
Buildings and Improvements	36,759
Costs Capitalized	1,925
Gross Cost Basis at December 31, 2018
Land	4,526
Buildings and Improvements	38,684
Total	43,210
Accumulated Depreciation	2,630
Net Carrying Amount	$ 40,580
PENNSYLVANIA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 41,918
Land	7,469
Buildings and Improvements	47,626
Costs Capitalized	3,641
Gross Cost Basis at December 31, 2018
Land	7,469
Buildings and Improvements	51,267
Total	58,736
Accumulated Depreciation	3,841
Net Carrying Amount	$ 54,895
PENNSYLVANIA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 60,592
Land	12,148
Buildings and Improvements	71,347
Costs Capitalized	4,238
Gross Cost Basis at December 31, 2018
Land	12,148
Buildings and Improvements	75,585
Total	87,733
Accumulated Depreciation	5,689
Net Carrying Amount	$ 82,044
VIRGINIA | Real Estate Held for Investment | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 50,168
Land	7,650
Buildings and Improvements	88,135
Costs Capitalized	0
Gross Cost Basis at December 31, 2018
Land	7,650
Buildings and Improvements	88,135
Total	95,785
Accumulated Depreciation	5,124
Net Carrying Amount	$ 90,661
VIRGINIA | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 33,075
Land	5,981
Buildings and Improvements	38,545
Costs Capitalized	2,375
Gross Cost Basis at December 31, 2018
Land	5,981
Buildings and Improvements	40,920
Total	46,901
Accumulated Depreciation	3,346
Net Carrying Amount	$ 43,555
VIRGINIA | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 101,057
Land	23,071
Buildings and Improvements	140,115
Costs Capitalized	(21,833)
Gross Cost Basis at December 31, 2018
Land	17,577
Buildings and Improvements	123,776
Total	141,353
Accumulated Depreciation	9,009
Net Carrying Amount	$ 132,344
VIRGINIA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 38,459
Land	8,446
Buildings and Improvements	37,575
Costs Capitalized	171
Gross Cost Basis at December 31, 2018
Land	8,446
Buildings and Improvements	37,746
Total	46,192
Accumulated Depreciation	2,733
Net Carrying Amount	$ 43,459
Atlanta | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	63
Initial Cost
Encumbrances	$ 200,821
Land	58,491
Buildings and Improvements	381,489
Costs Capitalized	13,442
Gross Cost Basis at December 31, 2018
Land	58,491
Buildings and Improvements	394,933
Total	453,424
Accumulated Depreciation	48,777
Net Carrying Amount	$ 404,647
Austin, TX | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 0
Land	9,174
Buildings and Improvements	60,537
Costs Capitalized	955
Gross Cost Basis at December 31, 2018
Land	9,174
Buildings and Improvements	61,492
Total	70,666
Accumulated Depreciation	6,066
Net Carrying Amount	$ 64,600
Chicago | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	26
Initial Cost
Encumbrances	$ 0
Land	30,587
Buildings and Improvements	119,918
Costs Capitalized	7,595
Gross Cost Basis at December 31, 2018
Land	30,587
Buildings and Improvements	127,513
Total	158,100
Accumulated Depreciation	20,570
Net Carrying Amount	$ 137,530
Dallas | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	64
Initial Cost
Encumbrances	$ 192,007
Land	73,448
Buildings and Improvements	351,074
Costs Capitalized	12,280
Gross Cost Basis at December 31, 2018
Land	73,448
Buildings and Improvements	363,354
Total	436,802
Accumulated Depreciation	47,030
Net Carrying Amount	$ 389,772
Denver CO | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 38,689
Land	14,253
Buildings and Improvements	60,415
Costs Capitalized	4,359
Gross Cost Basis at December 31, 2018
Land	14,253
Buildings and Improvements	64,774
Total	79,027
Accumulated Depreciation	7,565
Net Carrying Amount	$ 71,462
Houston | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	12
Initial Cost
Encumbrances	$ 21,446
Land	27,635
Buildings and Improvements	135,408
Costs Capitalized	3,963
Gross Cost Basis at December 31, 2018
Land	27,635
Buildings and Improvements	139,371
Total	167,006
Accumulated Depreciation	16,908
Net Carrying Amount	$ 150,098
Jacksonville | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	13
Initial Cost
Encumbrances	$ 5,474
Land	21,565
Buildings and Improvements	103,560
Costs Capitalized	12,400
Gross Cost Basis at December 31, 2018
Land	21,565
Buildings and Improvements	115,960
Total	137,525
Accumulated Depreciation	3,755
Net Carrying Amount	$ 133,770
Kansas City | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	14
Initial Cost
Encumbrances	$ 49,000
Land	13,423
Buildings and Improvements	75,709
Costs Capitalized	3,635
Gross Cost Basis at December 31, 2018
Land	13,423
Buildings and Improvements	79,344
Total	92,767
Accumulated Depreciation	9,902
Net Carrying Amount	$ 82,865
Las Vegas | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 0
Land	24,553
Buildings and Improvements	77,093
Costs Capitalized	11,394
Gross Cost Basis at December 31, 2018
Land	24,553
Buildings and Improvements	88,487
Total	113,040
Accumulated Depreciation	2,670
Net Carrying Amount	$ 110,370
Maryland-BWI | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	20
Initial Cost
Encumbrances	$ 113,198
Land	51,042
Buildings and Improvements	170,623
Costs Capitalized	1,537
Gross Cost Basis at December 31, 2018
Land	51,042
Buildings and Improvements	172,160
Total	223,202
Accumulated Depreciation	11,158
Net Carrying Amount	$ 212,044
Minneapolis | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	17
Initial Cost
Encumbrances	$ 102,755
Land	26,311
Buildings and Improvements	141,513
Costs Capitalized	7,089
Gross Cost Basis at December 31, 2018
Land	26,311
Buildings and Improvements	148,602
Total	174,913
Accumulated Depreciation	22,047
Net Carrying Amount	$ 152,866
New Jersey, Northern | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	10
Initial Cost
Encumbrances	$ 0
Land	20,133
Buildings and Improvements	70,432
Costs Capitalized	812
Gross Cost Basis at December 31, 2018
Land	20,133
Buildings and Improvements	71,244
Total	91,377
Accumulated Depreciation	1,645
Net Carrying Amount	$ 89,732
New Jersey, South Philadelphia | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	31
Initial Cost
Encumbrances	$ 58,852
Land	38,540
Buildings and Improvements	162,730
Costs Capitalized	5,931
Gross Cost Basis at December 31, 2018
Land	38,540
Buildings and Improvements	168,661
Total	207,201
Accumulated Depreciation	26,825
Net Carrying Amount	$ 180,376
Oakland | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 60,000
Land	20,648
Buildings and Improvements	74,993
Costs Capitalized	1,660
Gross Cost Basis at December 31, 2018
Land	20,648
Buildings and Improvements	76,653
Total	97,301
Accumulated Depreciation	1,907
Net Carrying Amount	$ 95,394
Orlando | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	16
Initial Cost
Encumbrances	$ 131,500
Land	27,610
Buildings and Improvements	180,144
Costs Capitalized	5,996
Gross Cost Basis at December 31, 2018
Land	27,610
Buildings and Improvements	186,140
Total	213,750
Accumulated Depreciation	17,726
Net Carrying Amount	$ 196,024
Phoenix | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	22
Initial Cost
Encumbrances	$ 59,000
Land	31,983
Buildings and Improvements	181,795
Costs Capitalized	5,068
Gross Cost Basis at December 31, 2018
Land	31,983
Buildings and Improvements	186,863
Total	218,846
Accumulated Depreciation	16,429
Net Carrying Amount	$ 202,417
Salt Lake City | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	15
Initial Cost
Encumbrances	$ 44,453
Land	18,892
Buildings and Improvements	85,594
Costs Capitalized	3,131
Gross Cost Basis at December 31, 2018
Land	18,892
Buildings and Improvements	88,725
Total	107,617
Accumulated Depreciation	10,206
Net Carrying Amount	$ 97,411
San Antonio | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 0
Land	11,045
Buildings and Improvements	61,638
Costs Capitalized	459
Gross Cost Basis at December 31, 2018
Land	11,045
Buildings and Improvements	62,097
Total	73,142
Accumulated Depreciation	1,596
Net Carrying Amount	$ 71,546
St Louis, MO | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 0
Land	8,813
Buildings and Improvements	43,702
Costs Capitalized	3,140
Gross Cost Basis at December 31, 2018
Land	8,813
Buildings and Improvements	46,842
Total	55,655
Accumulated Depreciation	7,403
Net Carrying Amount	$ 48,252
Tampa | Real Estate Held for Investment | Industrial Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 0
Land	4,278
Buildings and Improvements	32,138
Costs Capitalized	2,317
Gross Cost Basis at December 31, 2018
Land	4,278
Buildings and Improvements	34,455
Total	38,733
Accumulated Depreciation	5,505
Net Carrying Amount	$ 33,228
CONNECTICUT | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 25,056
Land	3,454
Buildings and Improvements	30,231
Costs Capitalized	1,498
Gross Cost Basis at December 31, 2018
Land	3,454
Buildings and Improvements	31,729
Total	35,183
Accumulated Depreciation	2,356
Net Carrying Amount	$ 32,827
CONNECTICUT | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 53,877
Land	6,735
Buildings and Improvements	67,148
Costs Capitalized	1,696
Gross Cost Basis at December 31, 2018
Land	6,735
Buildings and Improvements	68,844
Total	75,579
Accumulated Depreciation	5,013
Net Carrying Amount	$ 70,566
MAINE | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 13,346
Land	1,572
Buildings and Improvements	15,610
Costs Capitalized	1,735
Gross Cost Basis at December 31, 2018
Land	1,572
Buildings and Improvements	17,345
Total	18,917
Accumulated Depreciation	1,426
Net Carrying Amount	$ 17,491
NEW HAMPSHIRE | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 48,084
Land	7,167
Buildings and Improvements	59,440
Costs Capitalized	801
Gross Cost Basis at December 31, 2018
Land	7,167
Buildings and Improvements	60,241
Total	67,408
Accumulated Depreciation	4,437
Net Carrying Amount	$ 62,971
NEW HAMPSHIRE | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 41,159
Land	6,092
Buildings and Improvements	50,557
Costs Capitalized	854
Gross Cost Basis at December 31, 2018
Land	6,092
Buildings and Improvements	51,411
Total	57,503
Accumulated Depreciation	3,601
Net Carrying Amount	$ 53,902
NEW JERSEY | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	7
Initial Cost
Encumbrances	$ 123,033
Land	20,639
Buildings and Improvements	145,058
Costs Capitalized	8,689
Gross Cost Basis at December 31, 2018
Land	20,639
Buildings and Improvements	153,747
Total	174,386
Accumulated Depreciation	13,119
Net Carrying Amount	$ 161,267
NEW JERSEY | Real Estate Held for Investment | Hotel Full Service
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 39,893
Land	16,282
Buildings and Improvements	35,308
Costs Capitalized	3,786
Gross Cost Basis at December 31, 2018
Land	16,282
Buildings and Improvements	39,094
Total	55,376
Accumulated Depreciation	3,118
Net Carrying Amount	$ 52,258
NEW JERSEY | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 93,153
Land	18,073
Buildings and Improvements	110,251
Costs Capitalized	2,182
Gross Cost Basis at December 31, 2018
Land	18,073
Buildings and Improvements	112,433
Total	130,506
Accumulated Depreciation	8,484
Net Carrying Amount	$ 122,022
NEW JERSEY | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 15,776
Land	3,572
Buildings and Improvements	13,553
Costs Capitalized	2,154
Gross Cost Basis at December 31, 2018
Land	3,572
Buildings and Improvements	15,707
Total	19,279
Accumulated Depreciation	1,514
Net Carrying Amount	$ 17,765
NEW YORK | Real Estate Held for Investment | Hotel Extended Stay
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 39,657
Land	4,108
Buildings and Improvements	48,124
Costs Capitalized	3,584
Gross Cost Basis at December 31, 2018
Land	4,108
Buildings and Improvements	51,708
Total	55,816
Accumulated Depreciation	3,606
Net Carrying Amount	$ 52,210
NEW YORK | Real Estate Held for Investment | Hotel Select Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5
Initial Cost
Encumbrances	$ 102,426
Land	30,292
Buildings and Improvements	107,812
Costs Capitalized	5,838
Gross Cost Basis at December 31, 2018
Land	30,292
Buildings and Improvements	113,650
Total	143,942
Accumulated Depreciation	9,803
Net Carrying Amount	$ 134,139
NEW YORK | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8
Initial Cost
Encumbrances	$ 28,962
Land	3,791
Buildings and Improvements	25,267
Costs Capitalized	6,863
Gross Cost Basis at December 31, 2018
Land	3,791
Buildings and Improvements	32,130
Total	35,921
Accumulated Depreciation	2,991
Net Carrying Amount	$ 32,930
IOWA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3
Initial Cost
Encumbrances	$ 17,346
Land	0
Buildings and Improvements	15,832
Costs Capitalized	71
Gross Cost Basis at December 31, 2018
Land	0
Buildings and Improvements	15,903
Total	15,903
Accumulated Depreciation	1,066
Net Carrying Amount	$ 14,837
NEVADA | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 84,687
Land	27,160
Buildings and Improvements	71,823
Costs Capitalized	2,951
Gross Cost Basis at December 31, 2018
Land	27,160
Buildings and Improvements	74,774
Total	101,934
Accumulated Depreciation	5,211
Net Carrying Amount	$ 96,723
RHODE ISLAND | Real Estate Held for Investment | Hotel - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 6,750
Land	910
Buildings and Improvements	7,017
Costs Capitalized	972
Gross Cost Basis at December 31, 2018
Land	910
Buildings and Improvements	7,989
Total	8,899
Accumulated Depreciation	728
Net Carrying Amount	$ 8,171
FRANCE | Real Estate Held for Investment | Industrial - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4
Initial Cost
Encumbrances	$ 37,075
Land	13,034
Buildings and Improvements	36,185
Costs Capitalized	604
Gross Cost Basis at December 31, 2018
Land	13,034
Buildings and Improvements	36,789
Total	49,823
Accumulated Depreciation	1,960
Net Carrying Amount	$ 47,863
FRANCE | Real Estate Held for Investment | Office - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	33
Initial Cost
Encumbrances	$ 142,126
Land	60,301
Buildings and Improvements	139,169
Costs Capitalized	15,448
Gross Cost Basis at December 31, 2018
Land	60,301
Buildings and Improvements	154,617
Total	214,918
Accumulated Depreciation	7,573
Net Carrying Amount	$ 207,345
FRANCE | Real Estate Held for Investment | Office/Industrial - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	206
Initial Cost
Encumbrances	$ 346,727
Land	109,406
Buildings and Improvements	329,735
Costs Capitalized	663
Gross Cost Basis at December 31, 2018
Land	109,406
Buildings and Improvements	330,398
Total	439,804
Accumulated Depreciation	1,798
Net Carrying Amount	$ 438,006
FRANCE | Real Estate Held for Investment | Retail - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 11,349
Land	4,876
Buildings and Improvements	8,871
Costs Capitalized	62
Gross Cost Basis at December 31, 2018
Land	4,876
Buildings and Improvements	8,933
Total	13,809
Accumulated Depreciation	427
Net Carrying Amount	$ 13,382
SPAIN | Real Estate Held for Investment | Industrial - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 0
Land	0
Buildings and Improvements	2,346
Costs Capitalized	9
Gross Cost Basis at December 31, 2018
Land	0
Buildings and Improvements	2,355
Total	2,355
Accumulated Depreciation	146
Net Carrying Amount	$ 2,209
SPAIN | Real Estate Held for Investment | Office - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2
Initial Cost
Encumbrances	$ 12,931
Land	96,002
Buildings and Improvements	88,770
Costs Capitalized	168
Gross Cost Basis at December 31, 2018
Land	96,002
Buildings and Improvements	88,938
Total	184,940
Accumulated Depreciation	4,731
Net Carrying Amount	$ 180,209
ITALY | Real Estate Held for Investment | Mixed - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 10,467
Land	13,293
Buildings and Improvements	18,972
Costs Capitalized	4,232
Gross Cost Basis at December 31, 2018
Land	13,293
Buildings and Improvements	23,204
Total	36,497
Accumulated Depreciation	1,521
Net Carrying Amount	$ 34,976
United States | Real Estate Held for Investment | Multifamily - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1
Initial Cost
Encumbrances	$ 0
Land	1,659
Buildings and Improvements	269
Costs Capitalized	14,156
Gross Cost Basis at December 31, 2018
Land	1,659
Buildings and Improvements	14,425
Total	16,084
Accumulated Depreciation	392
Net Carrying Amount	$ 15,692
United States | Real Estate Held for Investment | Office - Other Equity and Debt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	6
Initial Cost
Encumbrances	$ 73,015
Land	24,510
Buildings and Improvements	198,612
Costs Capitalized	11,508
Gross Cost Basis at December 31, 2018
Land	24,510
Buildings and Improvements	210,120
Total	234,630
Accumulated Depreciation	28,039
Net Carrying Amount	206,591
United States | Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel, Mixed, Industrial, Leisure, Multifamily, Office, Retail And Residential - Other Equity and Debt
Gross Cost Basis at December 31, 2018
Net Carrying Amount	180,029
Europe | Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel, Mixed, Industrial, Leisure, Multifamily, Office, Retail And Residential - Other Equity and Debt
Gross Cost Basis at December 31, 2018
Net Carrying Amount	$ 471,274

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total Investment in Real Estate Assets, at Gross Cost Basis
Balance at January 1	$ 15,791,144	$ 3,656,094	$ 3,518,682
Assumed through the Merger	0	11,730,087	0
Assumed through foreclosures or restructuring of mortgage loans	45,617	1,867,655	128,124
Acquisitions	984,844	1,027,889	434,266
Improvements and capitalized costs	276,210	237,125	16,072
Deconsolidation of real estate held by investment entity (Note 4)	(226,004)	(407,653)	0
Dispositions	(933,217)	(2,484,616)	(313,982)
Impairment	(357,629)	(59,652)	(11,391)
Measurement period adjustments for real estate acquired in business combination	0	0	(16,688)
Effect of changes in foreign exchange rates	(80,163)	224,215	(98,989)
Balance at December 31	15,500,802	15,791,144	3,656,094
Classified as held for sale, net	(4,005,398)	(3,390,528)	(2,349,210)
Balance at December 31, before reclassification to held for sale	$ 11,495,404	$ 12,400,616	$ 1,306,884

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Depreciation
Balance at January 1	$ 606,200	$ 188,509	$ 88,577
Depreciation	471,599	453,331	108,298
Deconsolidation of real estate held by investment entity (Note 4)	(6,256)	(3,212)	0
Dispositions	(42,873)	(34,854)	(6,025)
Effect of changes in foreign exchange rates	716	2,426	(2,341)
Balance at December 31, held for investment	1,029,386	606,200	188,509
Classified as held for sale, net	(359,992)	(218,751)	(132,505)
Balance at December 31, before reclassification to held for sale	$ 669,394	$ 387,449	$ 56,004

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Carrying Amount (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	206
Prior Liens	$ 813,662
Unpaid Principal Balance	2,648,641
Carrying Amount	1,659,217			$ 3,223,762	$ 3,430,608	$ 4,046,093
Principal Amount Subject to Delinquent Principal or Interest	$ 449,888
Threshold for aggregation (less than)	3.00%
Allowance for loan losses	$ 32,940	$ 36,357	$ 53,980	52,709	$ 67,980	$ 37,571
Aggregate cost basis of loans for federal income tax purposes	1,700,000
Loans held for investment, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Allowance for loan losses	$ 32,940	$ 36,357		$ 52,709
First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	18
Prior Liens	$ 0
Unpaid Principal Balance	546,388
Carrying Amount	548,203
Principal Amount Subject to Delinquent Principal or Interest	$ 132,570
Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	9
Prior Liens	$ 813,662
Unpaid Principal Balance	661,597
Carrying Amount	662,537
Principal Amount Subject to Delinquent Principal or Interest	$ 101,927
Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	176
Prior Liens	$ 0
Unpaid Principal Balance	1,331,712
Carrying Amount	340,681
Principal Amount Subject to Delinquent Principal or Interest	$ 215,391
Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Prior Liens	$ 0
Unpaid Principal Balance	108,944
Carrying Amount	107,796
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Retail | Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	14.00%
Prior Liens	$ 0
Unpaid Principal Balance	67,009
Carrying Amount	66,188
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Corporate | Corporate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Prior Liens	$ 0
Unpaid Principal Balance	41,935
Carrying Amount	41,608
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Corporate | Corporate loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
Corporate | Corporate loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.00%
Various, USA | Multifamily | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	99
Unpaid Principal Balance	$ 43,913
Carrying Amount	29,140
Principal Amount Subject to Delinquent Principal or Interest	$ 7,425
Various, USA | Office | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Prior Liens	$ 78,000
Unpaid Principal Balance	31,027
Carrying Amount	28,107
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Various, USA | Office | Subordinated Debt and Mezzanine | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.00%
Various, USA | Office | Subordinated Debt and Mezzanine | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.00%
Various, USA | Retail | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	8.60%
Prior Liens	$ 0
Unpaid Principal Balance	45,575
Carrying Amount	46,038
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California | Multifamily | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Interest Rate	13.40%
Prior Liens	$ 0
Unpaid Principal Balance	27,772
Carrying Amount	27,417
Principal Amount Subject to Delinquent Principal or Interest	$ 0
California | Mixed Use | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	12.90%
Prior Liens	$ 254,297
Unpaid Principal Balance	262,402
Carrying Amount	262,061
Principal Amount Subject to Delinquent Principal or Interest	$ 0
New York | Other | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 3,216
Carrying Amount	2,628
Principal Amount Subject to Delinquent Principal or Interest	$ 0
North Carolina | Office | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 475
Carrying Amount	0
Principal Amount Subject to Delinquent Principal or Interest	$ 0
North Carolina | Retail | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	5.70%
Prior Liens	$ 74,712
Unpaid Principal Balance	37,766
Carrying Amount	21,500
Principal Amount Subject to Delinquent Principal or Interest	$ 37,766
Texas | Land | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	14.00%
Prior Liens	$ 0
Unpaid Principal Balance	34,745
Carrying Amount	34,639
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Virginia | Retail | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 19,555
Carrying Amount	19,455
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Wisconsin | Residential | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 444
Carrying Amount	0
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND / FRANCE | Office | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.00%
Prior Liens	$ 161,854
Unpaid Principal Balance	124,020
Carrying Amount	136,009
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Residential | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	15.00%
Prior Liens	$ 0
Unpaid Principal Balance	19,254
Carrying Amount	18,788
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Office | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	4.00%
Prior Liens	$ 0
Unpaid Principal Balance	866
Carrying Amount	732
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Office | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 6,032
Carrying Amount	4,578
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Retail | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	3.50%
Prior Liens	$ 0
Unpaid Principal Balance	2,497
Carrying Amount	2,920
Principal Amount Subject to Delinquent Principal or Interest	$ 2,497
FRANCE | Hospitality | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	10.00%
Prior Liens	$ 0
Unpaid Principal Balance	91,652
Carrying Amount	91,470
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Hospitality | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 16,259
Carrying Amount	17,581
Principal Amount Subject to Delinquent Principal or Interest	$ 0
FRANCE | Other | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Prior Liens	$ 0
Unpaid Principal Balance	6,743
Carrying Amount	6,866
Principal Amount Subject to Delinquent Principal or Interest	$ 1,633
FRANCE | Other | First Mortgage | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
FRANCE | Other | First Mortgage | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	15.00%
IRELAND | Multifamily | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	3.10%
Prior Liens	$ 0
Unpaid Principal Balance	83,220
Carrying Amount	83,218
Principal Amount Subject to Delinquent Principal or Interest	$ 83,220
IRELAND | Multifamily | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	2
Unpaid Principal Balance	$ 5,360
Carrying Amount	739
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Office | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	2.30%
Prior Liens	$ 0
Unpaid Principal Balance	45,220
Carrying Amount	45,216
Principal Amount Subject to Delinquent Principal or Interest	$ 45,220
IRELAND | Office | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	7
Unpaid Principal Balance	$ 73,206
Carrying Amount	20,318
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Retail | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	7
Unpaid Principal Balance	$ 101,862
Carrying Amount	22,168
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Hospitality | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	7
Unpaid Principal Balance	$ 55,293
Carrying Amount	0
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Industrial | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	3
Unpaid Principal Balance	$ 89,477
Carrying Amount	14,740
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Land | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	4
Unpaid Principal Balance	$ 107,099
Carrying Amount	25,642
Principal Amount Subject to Delinquent Principal or Interest	$ 0
IRELAND | Other | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	38
Unpaid Principal Balance	$ 591,970
Carrying Amount	7,022
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Ireland Two | Office | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	12.50%
Prior Liens	$ 0
Unpaid Principal Balance	125,594
Carrying Amount	125,594
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Ireland Two | Office | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 182,569
Carrying Amount	168,940
Principal Amount Subject to Delinquent Principal or Interest	$ 182,569
SPAIN | Office | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 9,585
Carrying Amount	4,733
Principal Amount Subject to Delinquent Principal or Interest	$ 0
SPAIN | Hospitality | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	11.00%
Prior Liens	$ 0
Unpaid Principal Balance	42,692
Carrying Amount	44,392
Principal Amount Subject to Delinquent Principal or Interest	$ 0
GERMANY | Retail | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	10.00%
Prior Liens	$ 126,485
Unpaid Principal Balance	114,449
Carrying Amount	123,282
Principal Amount Subject to Delinquent Principal or Interest	$ 0
UNITED KINGDOM | Retail | Subordinated Debt and Mezzanine
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Interest Rate	12.00%
Prior Liens	$ 118,314
Unpaid Principal Balance	64,161
Carrying Amount	64,161
Principal Amount Subject to Delinquent Principal or Interest	$ 64,161
UNITED KINGDOM | Healthcare | First Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	5
Interest Rate	7.50%
Prior Liens	$ 0
Unpaid Principal Balance	48,330
Carrying Amount	48,330
Principal Amount Subject to Delinquent Principal or Interest	$ 0
BAHAMAS | Other | Purchased Credit-Impaired Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1
Unpaid Principal Balance	$ 25,397
Carrying Amount	2,997
Principal Amount Subject to Delinquent Principal or Interest	$ 25,397

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Activity in Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 3,223,762	$ 3,430,608	$ 4,046,093
Loans acquired in Merger	0	359,541	0
Loan acquisitions and originations	386,532	991,239	551,456
Paid-in-kind interest added to loan principal	52,234	56,131	43,864
Discount and net loan fee amortization	14,524	43,877	27,038
Loan repayments	(166,267)	(902,190)	(735,162)
Payments received from PCI loans	(187,140)	(419,232)	(197,453)
Accretion on PCI loans	27,911	61,809	65,911
Transfer to loans held for sale	0	(50,894)	(56,357)
Carrying value of loans sold	(111,864)	0	(118,068)
Transfer to real estate assets upon foreclosure	(47,097)	(515,055)	(128,124)
Loans receivable contributed to Colony Credit (Note 4)	(1,287,994)	0	0
Deconsolidation of loans receivable in securitization trusts	(149,447)	0	0
Provision for loan losses	(43,034)	(19,741)	(34,864)
Other loss	0	(2,309)	0
Consolidation of loans receivable held by investment entities and securitization trusts (Notes 3 and 5)	0	58,296	0
Effect of changes in foreign exchange rates	(52,903)	131,682	(33,726)
Balance at December 31	$ 1,659,217	$ 3,223,762	$ 3,430,608

Equity and Debt Investments - I

Equity and Debt Investments - Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity method investments
Equity method investments(1)	$ 2,412,268	$ 2,276,673	$ 1,524,214
Marketable equity securities		26,754	35,600
Other equity investments		96,833	348,342
Investments in Unconsolidated Ventures	2,671,130	2,432,914	1,687,999
Debt Securities
N-Star CDO bonds, available for sale			323,243
Total debt securities	85,549	96,833
Equity and debt investments	2,756,679	2,529,747
Investment ventures
Equity method investments
Equity method investments(1)	2,282,817	2,151,847	1,297,180
Other equity investments	96,612	95,196	89,261
Private funds
Equity method investments
Equity method investments(1)	129,451	124,826	227,034
Other equity investments		34,291	38,924
private fund and retail
Equity method investments
Other equity investments	31,024	24,607
Equity Securities
Equity method investments
Marketable equity securities	131,226	36,438
Other equity investments		26,754	35,600
N-Star CDO bonds
Debt Securities
N-Star CDO bonds, available for sale	64,410	64,127	90,933
Commercial Mortgage Backed Securities
Equity method investments
Other equity investments	21,139	32,706	25,099
Debt Securities
N-Star CDO bonds, available for sale			147,945
CMBS of consolidated fund, at fair value	21,139	32,706
Level 1 | Equity Securities
Equity method investments
Marketable equity securities	131,226	36,438
Other equity investments			35,600
Level 1 | N-Star CDO bonds
Debt Securities
N-Star CDO bonds, available for sale	0	0	0
Level 1 | Commercial Mortgage Backed Securities
Equity method investments
Other equity investments	$ 0	$ 0	0
Debt Securities
N-Star CDO bonds, available for sale			$ 0

Equity and Debt Investments - E

Equity and Debt Investments - Equity Method Investments Narrative (Details) - USD ($)	Jan. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 29, 2019
Schedule of Equity Method Investments [Line Items]
Other gain (loss), net		$ (49,069,000)	$ 75,256,000		$ 51,706,000	$ (25,814,000)	$ 18,416,000
Equity method investments(1)		2,412,268,000			2,276,673,000	1,524,214,000
Equity method investment, fair value					142,130,000	399,501,000
Colony Credit
Schedule of Equity Method Investments [Line Items]
Equity method investments(1)		1,027,345,000			1,037,754,000	0
Equity method investment, fair value		750,700,000
Equity method investment, difference between fair value and carrying value		276,700,000
ADC investments
Schedule of Equity Method Investments [Line Items]
Equity method investments(1)		502,023,000			481,477,000	$ 331,268,000
Lending commitments		31,300,000			47,800,000
Company Sponsored Funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment		$ 270,800,000			$ 288,300,000
Colony Credit
Schedule of Equity Method Investments [Line Items]
Net asset value per share (in dollars per share)		$ 21.43			$ 21.65
Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)					$ 15.79			$ 15.66
Investment ventures
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes		$ 0			$ 0
Investment ventures | Nonrecurring
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes		$ 2,600,000	$ 0		$ 61,200,000
Equity Method Investment | Colony Credit
Schedule of Equity Method Investments [Line Items]
Other gain (loss), net	$ 9,900,000			$ 9,900,000
Albertsons/Safeway
Schedule of Equity Method Investments [Line Items]
Ownership percentage by co-investment partner		50.00%			50.00%
Minimum | Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)					$ 15.56			15.32
Maximum | Class A Common Stock | Common Stock | Colony Credit
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)					$ 23.23			$ 23.23

Equity and Debt Investments -_2

Equity and Debt Investments - Equity Method Investments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)investment	Dec. 31, 2018USD ($)investment	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 2,412,268	$ 2,276,673	$ 1,524,214
Colony Credit Real Estate, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	36.40%	36.60%
Carrying value	$ 1,027,345	$ 1,037,754	0
NorthStar Realty Europe Corp.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	11.30%	11.20%
Carrying value	$ 88,058	$ 87,696	73,578
RXR Realty
Schedule of Equity Method Investments [Line Items]
Ownership percentage	27.20%	27.20%
Carrying value	$ 100,386	$ 95,418	105,082
Preferred equity
Schedule of Equity Method Investments [Line Items]
Carrying value	221,183	219,913	440,704
ADC investments
Schedule of Equity Method Investments [Line Items]
Carrying value	502,023	481,477	331,268
Private funds and other
Schedule of Equity Method Investments [Line Items]
Carrying value	109,905	109,393	22,261
Private funds—carried interest
Schedule of Equity Method Investments [Line Items]
Carrying value	14,191	9,525	0
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 171,046	$ 154,412	187,420
Number of equity method investments | investment	17	18
Fair value option
Schedule of Equity Method Investments [Line Items]
Carrying value	$ 178,131	$ 81,085	$ 363,901
Individual other investment venture
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 66,000
Amended And Restated NRE Management Agreement | NorthStar Realty Europe Corp.
Schedule of Equity Method Investments [Line Items]
Maximum stock purchase eligibility, percent	45.00%	45.00%
Shares owned in excess of threshold, threshold percent	25.00%	25.00%

Equity and Debt Investments - A

Equity and Debt Investments - Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Amortized Cost				$ 307,981
Gross cumulative unrealized gains				16,510
Gross cumulative unrealized loss				(1,248)
Fair Value				323,243
Less than 12 months, fair value			$ 54,459	36,795
Less than 12 months, gross unrealized loss			4,951	1,248
OTTI loss	$ 700	$ 4,400	8,200	33,000
Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost				144,476
Gross cumulative unrealized gains				3,999
Gross cumulative unrealized loss				(530)
Fair Value				147,945
Less than 12 months, fair value			0	2,229
Less than 12 months, gross unrealized loss			0	530
N-Star CDO bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	65,732		67,513	88,374
Gross cumulative unrealized gains	2,180		1,565	2,778
Gross cumulative unrealized loss	(3,502)		(4,951)	(219)
Fair Value	64,410		64,127	90,933
Less than 12 months, fair value	9,194		54,459	13,392
Less than 12 months, gross unrealized loss	409		4,951	219
More than 12 months, fair value	42,865
More than 12 months, gross unrealized loss	3,093
Colony | Commercial Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale	63,185		78,197	30,279
Gross realized gain	8,384		11,304	951
Unrealized gain transferred from AOCI	8,205
Gross realized loss	$ 499		$ (592)	$ 0

Equity and Debt Investments - C

Equity and Debt Investments - Combined Financial Information for Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Total assets	$ 15,499,159	$ 9,537,068
Total liabilities	9,803,705	5,357,936
Owners' equity	5,511,548	3,662,764
Noncontrolling interests	183,906	516,368
Total revenues	1,486,511	1,519,728	$ 819,726
Net income (loss)	220,191	174,222	(32,493)
Net income (loss) attributable to noncontrolling interests	23,878	(18,381)	(3,494)
Net income (loss) attributable to owners	$ 196,313	$ 192,603	$ (28,999)

Uncategorized Items - _IXDS

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