Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 25, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Quarterly Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-37980 | ||
Entity Registrant Name | COLONY CAPITAL, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-4591526 | ||
Entity Address, Address Line One | 515 South Flower Street | ||
Entity Address, Address Line Two | 44th Floor | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90071 | ||
City Area Code | 310 | ||
Local Phone Number | 282-8820 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,410 | ||
Entity Central Index Key | 0001679688 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Class A Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 486,636,319 | ||
Class A Common Stock | New York Stock Exchange | |||
Entity Information [Line Items] | |||
Title of Class | Class A Common Stock, $0.01 par value | ||
Trading Symbol(s) | CLNY | ||
Name of Each Exchange on Which Registered | NYSE | ||
Series G | New York Stock Exchange | |||
Entity Information [Line Items] | |||
Title of Class | Preferred Stock, 7.50% Series G Cumulative Redeemable, $0.01 par value | ||
Trading Symbol(s) | CLNY.PRG | ||
Name of Each Exchange on Which Registered | NYSE | ||
Series I | New York Stock Exchange | |||
Entity Information [Line Items] | |||
Title of Class | Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value | ||
Trading Symbol(s) | CLNY.PRI | ||
Name of Each Exchange on Which Registered | NYSE | ||
Series H | New York Stock Exchange | |||
Entity Information [Line Items] | |||
Title of Class | Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value | ||
Trading Symbol(s) | CLNY.PRH | ||
Name of Each Exchange on Which Registered | NYSE | ||
Series J | New York Stock Exchange | |||
Entity Information [Line Items] | |||
Title of Class | Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value | ||
Trading Symbol(s) | CLNY.PRJ | ||
Name of Each Exchange on Which Registered | NYSE | ||
Class B Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 733,931 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 1,205,190 | $ 461,912 |
Restricted cash | 203,923 | 364,605 |
Real estate, net | 10,860,518 | 10,826,010 |
Loans receivable, net | 1,552,824 | 1,659,217 |
Equity and debt investments ($457,693 and $142,130 at fair value, respectively) | 2,313,805 | 2,529,747 |
Goodwill | 1,452,891 | 1,514,561 |
Deferred leasing costs and intangible assets, net | 638,853 | 445,930 |
Assets held for sale | 870,052 | 3,969,635 |
Other assets ($21,386 and $33,558 at fair value, respectively) | 682,648 | 400,143 |
Due from affiliates | 51,480 | 43,489 |
Total assets | 19,832,184 | 22,215,249 |
Liabilities | ||
Debt, net | 8,983,908 | 8,975,372 |
Accrued and other liabilities ($136,861 and $141,711 at fair value, respectively) | 1,015,898 | 634,144 |
Intangible liabilities, net | 111,484 | 147,470 |
Liabilities related to assets held for sale | 268,152 | 1,218,495 |
Due to affiliates | 34,064 | 0 |
Dividends and distributions payable | 83,301 | 84,013 |
Preferred stock redemptions payable | 402,855 | 0 |
Total liabilities | 10,899,662 | 11,059,494 |
Commitments and contingencies (Note 22) | ||
Redeemable noncontrolling interests | 6,107 | 9,385 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value per share; $1,033,750 and $1,436,605 liquidation preference, respectively; 250,000 shares authorized; 41,350 and 57,464 shares issued and outstanding, respectively | 999,490 | 1,407,495 |
Additional paid-in capital | 7,553,599 | 7,598,019 |
Accumulated deficit | (3,389,592) | (2,018,302) |
Accumulated other comprehensive income | 47,668 | 13,999 |
Total stockholders’ equity | 5,216,043 | 7,006,052 |
Noncontrolling interests in investment entities | 3,254,188 | 3,779,728 |
Noncontrolling interests in Operating Company | 456,184 | 360,590 |
Total equity | 8,926,415 | 11,146,370 |
Total liabilities, redeemable noncontrolling interests and equity | 19,832,184 | 22,215,249 |
Class A, 949,000 shares authorized; 487,044 and 483,347 shares issued and outstanding, respectively | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value per share | 4,871 | 4,834 |
Class B, 1,000 shares authorized; 734 shares issued and outstanding | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value per share | $ 7 | $ 7 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity and debt investments, fair value disclosure | $ 457,693 | $ 142,130 |
Other assets, fair value | 21,386 | 33,558 |
Accrued and other liabilities, at fair value | $ 136,861 | $ 141,711 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 1,033,750 | $ 1,436,605 |
Preferred stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Preferred stock, shares issued (in shares) | 41,350,000 | 57,464,000 |
Preferred stock, shares outstanding (in shares) | 41,350,000 | 57,464,000 |
Class A Common Stock | ||
Common stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 949,000,000 | 949,000,000 |
Common stock, shares issued (in shares) | 487,044,000 | 483,347,000 |
Common stock, shares outstanding (in shares) | 487,044,000 | 483,347,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares issued (in shares) | 734,000 | 734,000 |
Common stock, shares outstanding (in shares) | 734,000 | 734,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Interest income | $ 166,771 | $ 214,588 | $ 416,234 |
Total revenues | 2,326,354 | 2,366,942 | 2,549,540 |
Expenses | |||
Property operating expense | 1,090,909 | 1,150,656 | 1,046,313 |
Interest expense | 535,538 | 552,838 | 536,256 |
Investment and servicing expense | 78,258 | 67,113 | 67,455 |
Transaction costs | 3,607 | 7,266 | 95,859 |
Placement fees | 1,802 | 7,615 | 824 |
Depreciation and amortization | 489,792 | 443,302 | 508,514 |
Provision for loan loss | 35,880 | 43,034 | 19,741 |
Impairment loss | 1,146,443 | 587,275 | 420,316 |
Compensation expense—cash and equity-based | 214,826 | 213,882 | 338,766 |
Compensation expense—carried interest and incentive fee | 16,564 | 7,485 | 0 |
Administrative expenses | 90,356 | 92,431 | 106,279 |
Total expenses | 3,703,975 | 3,172,897 | 3,140,323 |
Other income (loss) | |||
Gain on sale of real estate | 62,916 | 159,598 | 112,758 |
Other gain (loss), net | (193,302) | 51,706 | (25,814) |
Equity method earnings (losses) | (140,384) | (9,601) | 283,283 |
Equity method earnings—carried interest | 11,682 | 9,525 | 0 |
Loss from continuing operations before income taxes | (1,636,709) | (594,727) | (220,556) |
Income tax benefit (expense) | (14,003) | 59,970 | 100,495 |
Loss from continuing operations | (1,650,712) | (534,757) | (120,061) |
Income from discontinued operations | 1,501,797 | 39,582 | 55,448 |
Net loss | (148,915) | (495,175) | (64,613) |
Net income (loss) attributable to noncontrolling interests: | |||
Redeemable noncontrolling interests | 2,559 | (3,708) | 23,543 |
Investment entities | 990,360 | 67,994 | 129,996 |
Operating Company | (93,027) | (39,854) | (20,261) |
Net loss attributable to Colony Capital, Inc. | (1,048,807) | (519,607) | (197,891) |
Preferred stock redemption (Note 14) | (5,150) | (3,995) | |
Preferred stock redemption (Note 14) | 4,530 | ||
Preferred stock dividends | 108,550 | 117,097 | 130,672 |
Net loss attributable to common stockholders | $ (1,152,207) | $ (632,709) | $ (333,093) |
Basic loss per share | |||
Loss from continuing operations per basic common share (in dollars per share) | $ (3.38) | $ (1.31) | $ (0.70) |
Net loss per basic common share (in dollars per share) | (2.41) | (1.28) | (0.64) |
Diluted loss per share | |||
Loss from continuing operations per diluted common share (in dollars per share) | (3.38) | (1.31) | (0.70) |
Net loss per diluted common share (in dollars per share) | $ (2.41) | $ (1.28) | $ (0.64) |
Weighted average number of shares | |||
Basic (in shares) | 479,588 | 496,993 | 532,600 |
Diluted (in shares) | 479,588 | 496,993 | 532,600 |
Property operating income | |||
Revenues | |||
Income | $ 1,856,409 | $ 1,960,559 | $ 1,873,055 |
Fee income ($220,584, $143,218 and $180,892 from affiliates, respectively) | |||
Revenues | |||
Income | 223,915 | 144,443 | 216,767 |
Other income ($64,226, $34,695 and $25,630 from affiliates, respectively) | |||
Revenues | |||
Income | $ 79,259 | $ 47,352 | $ 43,484 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total fee income | |||
Income | $ 223,915 | $ 144,443 | $ 216,767 |
Total fee income | Affiliated Entity | |||
Income | 220,584 | 143,218 | 180,892 |
Other Income | |||
Income | 79,259 | 47,352 | $ 43,484 |
Other Income | Affiliated Entity | |||
Income | $ 64,226 | $ 34,695 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ (148,915) | $ (495,175) | $ (64,613) |
Changes in accumulated other comprehensive income (loss) related to: | |||
Investments in unconsolidated ventures, net | 6,366 | (1,809) | 5,849 |
Available-for-sale debt securities | 12,052 | (18,645) | 15,918 |
Cash flow hedges | (767) | (487) | 0 |
Foreign currency translation | (24,234) | (81,135) | 216,262 |
Net investment hedges | 27,541 | 33,747 | (70,661) |
Other comprehensive income (loss) | 20,958 | (68,329) | 167,368 |
Comprehensive income (loss) | (127,957) | (563,504) | 102,755 |
Comprehensive income (loss) attributable to noncontrolling interests: | |||
Comprehensive loss attributable to stockholders | (1,014,170) | (552,650) | (123,012) |
Investment entities | |||
Comprehensive income (loss) attributable to noncontrolling interests: | |||
Redeemable noncontrolling interests | 2,559 | (3,708) | 23,543 |
Comprehensive income attributable to noncontrolling interests | 973,447 | 34,573 | 218,013 |
Operating Company | |||
Comprehensive income (loss) attributable to noncontrolling interests: | |||
Comprehensive income attributable to noncontrolling interests | $ (89,793) | $ (41,719) | $ (15,789) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total Stockholders’ Equity | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Investment Entities | Noncontrolling Interests in Operating Company | 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 | OP Units | OP UnitsNoncontrolling Interests in Operating Company | Colony NorthStar | Colony NorthStarTotal Stockholders’ Equity | Colony NorthStarPreferred Stock |
Beginning balance at Dec. 31, 2016 | $ 2,773,799 | $ 607,200 | $ 1,672 | $ 2,443,100 | $ (246,064) | $ (32,109) | |||||||||||||
Beginning balance at Dec. 31, 2016 | $ 2,453,938 | $ 389,190 | |||||||||||||||||
Beginning balance at Dec. 31, 2016 | $ 5,616,927 | (32,109) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | (88,156) | (197,891) | (197,891) | ||||||||||||||||
Net income (loss) | 129,996 | 129,996 | |||||||||||||||||
Net income (loss) | (20,261) | (20,261) | |||||||||||||||||
Other comprehensive income (loss) | 167,368 | 74,879 | 74,879 | 88,017 | 4,472 | ||||||||||||||
Merger consideration (Note 3) | 6,720,454 | 6,720,454 | 1,010,320 | 3,891 | 5,706,243 | ||||||||||||||
Preferred stock dividends | (138,196) | (138,196) | (138,196) | $ (12,869) | $ (12,869) | $ (12,869) | |||||||||||||
Fair value of noncontrolling interests assumed | 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 stock | (635,785) | (635,785) | (635,785) | 8 | (8) | ||||||||||||||
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 entities | (4,000) | (4,000) | |||||||||||||||||
Contributions from noncontrolling interests | 1,190,383 | 1,190,383 | |||||||||||||||||
Distributions to noncontrolling interests | (879,889) | (844,502) | (35,387) | ||||||||||||||||
Common stock dividends declared | (583,261) | (583,261) | (583,261) | ||||||||||||||||
Reallocation of equity (Note 2 and 15) | 0 | (53,635) | (58,181) | 4,546 | 19,555 | 34,080 | |||||||||||||
Ending balance at Dec. 31, 2017 | 8,407,925 | 1,606,966 | 5,433 | 7,913,622 | (1,165,412) | 47,316 | |||||||||||||
Ending balance at Dec. 31, 2017 | 3,539,072 | 402,395 | |||||||||||||||||
Ending balance at Dec. 31, 2017 | 12,349,392 | 47,316 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | (491,467) | (519,607) | (519,607) | ||||||||||||||||
Net income (loss) | 67,994 | 67,994 | |||||||||||||||||
Net income (loss) | (39,854) | (39,854) | |||||||||||||||||
Other comprehensive income (loss) | (68,329) | (33,043) | (33,043) | (33,421) | (1,865) | ||||||||||||||
Preferred stock dividends | (115,019) | (115,019) | (115,019) | ||||||||||||||||
Redemption of stock | (200,000) | (200,000) | (199,471) | (529) | |||||||||||||||
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 | (34,100) | (4,830) | 29,034 | 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 entities | (330,980) | (330,980) | |||||||||||||||||
Contributions from noncontrolling interests | 1,059,891 | 1,059,891 | |||||||||||||||||
Distributions to noncontrolling interests | (503,054) | (489,261) | (13,793) | ||||||||||||||||
Common stock dividends declared | (217,246) | (217,246) | (217,246) | ||||||||||||||||
Reallocation of equity (Note 2 and 15) | (24,609) | (12,105) | (12,033) | (72) | (34,053) | 21,549 | |||||||||||||
Ending balance at Dec. 31, 2018 | 7,006,052 | 7,006,052 | 1,407,495 | 4,841 | 7,598,019 | (2,018,302) | 13,999 | ||||||||||||
Ending balance at Dec. 31, 2018 | 3,779,728 | 360,590 | |||||||||||||||||
Ending balance at Dec. 31, 2018 | 11,146,370 | 13,999 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | (151,474) | (1,048,807) | (1,048,807) | ||||||||||||||||
Net income (loss) | 990,360 | 990,360 | |||||||||||||||||
Net income (loss) | (93,027) | (93,027) | |||||||||||||||||
Other comprehensive income (loss) | 20,958 | 34,637 | 34,637 | (16,913) | 3,234 | ||||||||||||||
Preferred stock dividends | (105,198) | (105,198) | (105,198) | ||||||||||||||||
Fair value of noncontrolling interests assumed | 789,367 | 789,367 | |||||||||||||||||
Redemption of stock | (402,855) | (402,855) | (408,005) | 5,150 | |||||||||||||||
Common stock repurchases | (3,167) | (3,167) | (7) | (3,160) | |||||||||||||||
Equity-based compensation | 39,112 | 35,573 | 49 | 35,524 | 2,519 | 1,020 | |||||||||||||
Redemption of OP Units for cash and class A common | (12,400) | $ 0 | $ 2,104 | $ 2 | $ 2,102 | $ (2,104) | |||||||||||||
Shares canceled for tax withholdings on vested stock awards | (3,627) | (3,627) | (7) | (3,620) | |||||||||||||||
Issuance of OP Units and common stock—contingent consideration | $ 114,865 | $ 114,865 | |||||||||||||||||
Deconsolidation of investment entities | (6,235) | (6,235) | |||||||||||||||||
Contributions from noncontrolling interests | 536,235 | 536,235 | |||||||||||||||||
Distributions to noncontrolling interests | (2,829,088) | (2,810,560) | (18,528) | ||||||||||||||||
Common stock dividends declared | (214,380) | (214,380) | (214,380) | ||||||||||||||||
Reallocation of equity (Note 2 and 15) | 0 | (81,384) | (80,416) | (968) | (8,935) | 90,319 | |||||||||||||
Ending balance at Dec. 31, 2019 | 5,216,043 | $ 5,216,043 | $ 999,490 | $ 4,878 | $ 7,553,599 | $ (3,389,592) | 47,668 | ||||||||||||
Ending balance at Dec. 31, 2019 | $ 3,254,188 | $ 456,184 | |||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 8,926,415 | $ 47,668 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.44 | $ 0.44 | $ 1.08 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | |||
Net loss | $ (148,915) | $ (495,175) | $ (64,613) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Amortization of discount and net origination fees on loans receivable and debt securities | (19,602) | (23,194) | (55,059) |
Paid-in-kind interest added to loan principal, net of interest received | (62,464) | (38,408) | (25,152) |
Straight-line rents | (20,741) | (29,330) | (32,664) |
Amortization of above- and below-market lease values, net | (19,813) | (6,862) | (15,319) |
Amortization of deferred financing costs and debt discount and premium | 103,537 | 89,639 | 83,719 |
Equity method (earnings) losses | 87,444 | (10,560) | (285,151) |
Distributions of income from equity method investments | 143,417 | 79,995 | 72,197 |
Provision for loan loss | 35,880 | 43,034 | 19,741 |
Allowance for doubtful accounts | 6,793 | 26,860 | 14,602 |
Impairment of real estate and intangibles | 358,443 | 588,223 | 104,360 |
Goodwill impairment | 788,000 | 0 | 316,000 |
Depreciation and amortization | 596,262 | 572,406 | 617,779 |
Equity-based compensation | 39,573 | 41,876 | 154,429 |
Change in fair value of contingent consideration—Internalization (Note 12) | 0 | (1,730) | (20,600) |
Gain on sales of real estate, net | (1,520,808) | (167,231) | (135,262) |
Settlement of derivative | (365,111) | 0 | 0 |
Deferred income tax benefit | (9,602) | (69,430) | (138,459) |
Other (gain) loss, net | 190,638 | (49,976) | 45,360 |
Increase in other assets and due from affiliates | (23,937) | (40,123) | (66,287) |
Increase (decrease) in accrued and other liabilities and due to affiliates | 19,985 | (470) | (11,169) |
Other adjustments, net | (8,111) | (2,579) | 4,094 |
Net cash provided by operating activities | 170,868 | 506,965 | 582,546 |
Cash Flows from Investing Activities | |||
Contributions to and acquisition of equity investments | (247,357) | (548,163) | (522,935) |
Return of capital from equity method investments | 224,169 | 433,144 | 225,477 |
Acquisition of loans receivable and debt securities | (771) | (104,247) | (590,536) |
Cash and restricted cash assumed in Merger, net of payments for merger-related liabilities | 0 | 0 | 132,377 |
Net disbursements on originated loans | (168,960) | (317,952) | (392,790) |
Repayments of loans receivable | 229,970 | 143,360 | 831,074 |
Proceeds from sales of loans receivable and debt securities | 66,249 | 225,607 | 117,540 |
Cash receipts in excess of accretion on purchased credit-impaired loans | 31,128 | 159,229 | 357,423 |
Acquisition of and additions to real estate, related intangibles and leasing commissions | (1,918,317) | (1,349,467) | (1,325,122) |
Proceeds from sales of real estate | 6,108,153 | 864,347 | 1,607,806 |
Proceeds from paydown and maturity of debt securities | 11,205 | 43,625 | 112,939 |
Cash and restricted cash contributed to CLNC (Note 6) | 0 | (141,153) | 0 |
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 13) | 165,657 | 231,040 | 553,327 |
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 13) | 0 | 142,270 | 0 |
Proceeds from syndication of investment, net of cash and restricted cash deconsolidated | 0 | 0 | 156,897 |
Proceeds from sale of Townsend, net of cash assumed by buyer (Note 18) | 0 | 0 | 454,579 |
Investment deposits | (14,928) | (34,314) | (480) |
Return of borrower escrow deposits | 0 | 0 | (20,237) |
Net receipts (payments) on settlement of derivatives | 46,466 | (15,954) | (11,800) |
Other investing activities, net | 22,806 | 415 | 12,935 |
Net cash provided by (used in) investing activities | 4,198,938 | (268,213) | 1,666,387 |
Cash Flows from Financing Activities | |||
Proceeds from issuance of preferred stock, net | 0 | 0 | 638,100 |
Dividends paid to preferred stockholders | (108,548) | (120,702) | (130,182) |
Dividends paid to common stockholders | (214,149) | (310,519) | (482,156) |
Repurchase of common stock | (10,734) | (343,143) | (300,177) |
Borrowings from corporate credit facility | 810,200 | 685,000 | 1,041,000 |
Repayment of borrowings from corporate credit facility | (810,200) | (735,000) | (1,413,600) |
Borrowings from secured debt | 4,664,450 | 1,791,021 | 4,573,099 |
Repayments of secured debt | (5,745,509) | (1,985,990) | (4,733,640) |
Payment of deferred financing costs | (82,202) | (28,630) | (96,069) |
Contributions from noncontrolling interests | 578,706 | 1,019,888 | 1,173,432 |
Distributions to and redemptions of noncontrolling interests | (2,847,830) | (518,864) | (970,615) |
Redemption of preferred stock | 0 | (200,000) | (635,785) |
Shares canceled for tax withholdings on vested stock awards | (3,627) | (34,203) | (5,837) |
Redemption of OP Units for cash | 0 | (4,830) | (5,085) |
Repurchase of exchangeable senior notes | 0 | 0 | (15,455) |
Other financing activities, net | (10,143) | (2,432) | (1,411) |
Net cash used in financing activities | (3,779,586) | (788,404) | (1,364,381) |
Effect of exchange rates on cash, cash equivalents and restricted cash | 1,748 | (11,538) | 11,482 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 591,968 | (561,190) | 896,034 |
Cash, cash equivalents and restricted cash, beginning of period | 832,730 | 1,393,920 | 497,886 |
Cash, cash equivalents and restricted cash, end of period | 1,424,698 | 832,730 | 1,393,920 |
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets | |||
Cash and cash equivalents | 461,912 | 921,822 | 376,005 |
Restricted cash | 364,605 | 466,912 | 98,461 |
Restricted cash included in assets held for sale | 6,213 | 5,186 | 23,420 |
Cash, cash equivalents and restricted cash, beginning of period | 832,730 | 1,393,920 | 497,886 |
Cash and cash equivalents | 1,205,190 | 461,912 | 921,822 |
Restricted cash | 203,923 | 364,605 | 466,912 |
Restricted cash included in assets held for sale | 15,585 | 6,213 | 5,186 |
Cash, cash equivalents and restricted cash, end of period | 1,424,698 | 832,730 | 1,393,920 |
CPI | |||
Cash Flows from Investing Activities | |||
Acquisition of business | 0 | 0 | (23,111) |
THL Hotel Portfolio | |||
Cash Flows from Investing Activities | |||
Acquisition of business | 0 | 0 | (8,976) |
DBH | |||
Cash Flows from Investing Activities | |||
Acquisition of business | (184,167) | 0 | 0 |
DataBank | |||
Cash Flows from Investing Activities | |||
Acquisition of business | $ (172,365) | $ 0 | $ 0 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company," and formerly, Colony NorthStar, Inc. prior to June 25, 2018) is a global investment firm with a focus on becoming the leading digital real estate provider and funding source for the occupancy, infrastructure, equity and credit needs of the world’s mobile communications and data-driven companies. Following the acquisition in July 2019 of Digital Bridge Holdings, LLC (“DBH”), an investment manager dedicated to digital real estate and infrastructure, the Company is currently the only global REIT that owns, manages, and/or operates across all major infrastructure components of the digital ecosystem including data centers, cell towers, fiber networks and small cells . As part of the DBH transaction, Marc C. Ganzi, who co-founded DBH, is slated to become the Chief Executive Officer ("CEO") of the Company following a transition period . Thomas J. Barrack, Jr., the Company's Executive Chairman and CEO, will continue in his position as Executive Chairman. At December 31, 2019 , the Company has approximately $49 billion of assets under management, of which $36 billion is capital managed on behalf of third-party investors and the remainder represents investment interests on the Company's own balance sheet, managed on behalf of its stockholders . With respect to investment interests, the Company owns (a) a 20% controlling interest in Data Bridge Holdings, LLC and its wholly-owned subsidiary, DataBank Holdings, Ltd. (collectively, "DataBank"), a leading provider of enterprise-class data center, cloud, and connectivity services, (b) a portfolio of healthcare properties, (c) a portfolio of hospitality properties, (d) a 36% interest in Colony Credit Real Estate, Inc. (NYSE: CLNC) and (e) interests in various other equity and debt investments, including general partnership (“GP”) interests in funds sponsored by the Company, commercial real estate equity and debt investments and other real estate related securities. The Company also owns and operates an investment management business with $19 billion of fee earning equity under management, including $7 billion in digital real estate investments and the remainder in traditional commercial real estate debt and equity 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"). Refer to Note 3 for further details on the Merger. The Company elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. 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, 2019 , the Company owned 90.2% of the OP , as its sole managing member. The remaining 9.8% is owned primarily by certain current and former employees of the Company as noncontrolling interests. Digital Evolution In December 2019, the Company completed the sale of the light industrial portfolio and its related management platform, which resulted in over $1.2 billion of net proceeds to the Company. In the immediate term, the industrial proceeds were allocated to: (i) accelerate the expansion into digital real estate and infrastructure, with the acquisition in December 2019 of a 20% interest in DataBank for approximately $186 million , (ii) fund the remaining approximately $200 million commitment to Digital Colony Partners fund (“DCP”) and (iii) redeem $403 million of high cost preferred equity, which was settled in January 2020, to improve the Company’s capital structure. To execute on its digital evolution, the Company continues to operate its non-digital business units to maximize cash flows and value over time. With respect to the healthcare and hospitality segments, the Company successfully addressed all material near-term debt maturities, allowing the respective business unit leaders to focus on improving cash flows through operational management and capital expenditures. The Company does not currently anticipate significantly shortened hold periods for its healthcare and hospitality assets solely as a result of its current strategy to focus on digital real estate and infrastructure. Holding periods will depend, in part, on prevailing economic conditions and market opportunities as they arise. In the fourth quarter of 2019, the Company continued to perform its impairment assessment of healthcare and hospitality assets in accordance with its policies and in the normal course of business, and applied its best estimate at this time based upon undiscounted future net cash flows to be generated by these assets over a long-term hold. With respect to the other equity and debt segment, the Company expects to ultimately monetize the entire non-digital portfolio in the other equity and debt segment. With respect to CLNC, the Company will regularly evaluate sales of its equity interest in a responsible manner. In addition, the Company is pursuing a disposition of its management contract with CLNC, but there can be no assurance that the Company will consummate any transaction. Further, with respect to the other non-digital investment management business, the Company is exploring all potential opportunities to maximize value of the credit and opportunity fund investment management business, while minimizing balance sheet capital commitments, including, but not limited to, joint ventures with third party capital providers, sales and/or realignment of operational management. As part of the Company’s ongoing transition and rotation to an investment management and operating business focused on digital real estate and infrastructure, the Company continues to pivot away from certain of its legacy investment management business. As a result, the Company revalued its other investment management business and recorded an impairment to goodwill in the fourth quarter of 2019 of $401 million . The Company had previously recorded an impairment in the third quarter of 2019 of $387 million to its other investment management goodwill, taking into consideration the loss of future fee income as a result of the sale of its industrial business, and amendment of CLNC's management agreement to reduce the fee base to reflect CLNC's reduced book value . While the Company has a clear vision of becoming a leading digital real estate and infrastructure investment firm, the path to achieving its digital evolution and transition from legacy business segments continue to be subject to further refinement by the Company and its board of directors. The transformation and execution thereof may continue to evolve over time as the Company adapts and responds to changing economic and market conditions, among other factors. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for financial reporting purposes. The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of the Company was adjusted to reflect the equity structure of the legal acquirer, including for 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 in December 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. 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 is reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The sale of the industrial business, including its related management platform, represented a strategic shift that had a major effect on the Company’s operations and financial results, and had 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 8) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 16 ). 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 Land improvements 5 to 20 years Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of lease or remaining life of building Building improvements Lesser of useful life or remaining life of building Tenant improvements Lesser of useful life or remaining term of lease Data center infrastructure 5 to 10 years 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 either a probability-weighted cash flows approach or the single-most-likely estimate of cash flows approach, whichever is more appropriate under the circumstances. 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 for the duration of the estimated hold period of 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, expected capitalization rates at exit, 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 loss 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 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 pr |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations 2019 Pivot to Digital Strategy DBH On July 25, 2019, the Company acquired DBH in a combination of: (a) cash, a portion of which is deferred until the expiration of certain customary seller indemnification obligations (Note 20 ); and (b) issuance of 21,478,515 OP Units, which were measured based upon the closing price of the Company's class A common stock on July 24, 2019 of $5.21 per share. The Company did not acquire any equity interests, only the fee streams, related to the six portfolio companies managed by DBH. The principals of DBH retained their equity investments, including general partner interests in existing DBH investment vehicles and in the DCP fund, which was previously co-sponsored by the Company and DBH. The acquisition is a strategic transaction that is expected to generate meaningful accretion in value to the Company through expansion of the digital real estate management platform by combining the industry sector knowledge, experience and relationships from the DBH team with the capital raising resources of the Company, as represented by the goodwill value. The Company's acquisition of DBH included the remaining 50% equity interest held by DBH in Digital Colony Management, LLC ("Digital Colony Manager"), previously an equity method joint venture with DBH, which manages DCP. Upon closing of the acquisition, the Company obtained a controlling interest in Digital Colony Manager and remeasured its existing 50% interest at a fair value of $51.4 million . The full amount, representing the excess of fair value over carrying value of the Company's investment in Digital Colony Manager, was recognized in other gain on the Company's statement of operations, as the Company's carrying value of its investment in Digital Colony Manager prior to the business combination was nil . The fair value was based upon the value of 50% of estimated future net cash flows from the DCP fund management contract, discounted at 8% . DataBank On December 20, 2019, the Company acquired from third party investors a 20.4% interest in DataBank, a portfolio company managed by DBH and invested in by the principals and senior professionals of DBH. The Company is deemed to have a controlling interest in DataBank as control over the operations of DataBank resides substantially with the Company. Consideration included the payment of cash to third parties for the Company’s interests in DataBank and the issuance of 612,072 OP Units to Mr. Ganzi and Benjamin Jenkins (the DBH principals) for incentive units owned by the DBH principals and allocable to the Company’s acquired interests, measured based upon the closing price of the Company's class A common stock on December 20, 2019 of $4.85 per share. The OP Units were issued to the principals of DBH who had previously received incentive units from DataBank, in exchange for certain of their incentive units such that the Company will not be subject to future carried interest payments to the DBH principals with respect to the Company's investment in DataBank (Note 20 ). The DBH principals otherwise retained their equity interests in DataBank. Allocation of Consideration Transferred The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. As of December 31, 2019 , the estimated fair values and allocation of consideration are preliminary, based upon information available at the time of closing as the Company continues to evaluate underlying inputs and assumptions. Accordingly, these provisional values may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed at the time of closing. (In thousands) DBH DataBank Consideration Cash $ 181,167 $ 182,731 Deferred consideration 35,500 — OP Units issued 111,903 2,962 Total consideration for equity interest acquired 328,570 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — $ 379,970 $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 Real estate — 847,458 Assets held for sale — 29,114 Intangible assets 153,300 222,455 Other assets 13,008 106,648 Debt — (539,155 ) Tax liabilities, net (17,392 ) (113,228 ) Intangible and other liabilities (16,194 ) (132,480 ) Fair value of net assets acquired 132,722 431,178 Noncontrolling interests in investment entities — (724,567 ) Goodwill $ 247,248 $ 479,082 DBH • Intangible assets acquired included primarily management contracts, investor relationships and trade name. The fair value of management contracts, including the Company's 50% interest in Digital Colony Manager, was estimated based upon estimated net cash flows generated from those contracts, discounted at 8% , with remaining lives estimated between 3 and 10 years. Investor relationships represent the fair value of potential fees, net of operating costs, to be generated from repeat DBH investors through future sponsored funds, with future management fees discounted at 11.5% and potential carried interest discounted at 25% . The Digital Bridge trade name was valued using a relief-from-royalty method, based upon estimated savings from avoided royalty at a rate of 1% on expected net income, discounted at 11.5% , with estimated useful life of 10 years. • Other liabilities assumed were primarily deferred revenues and deferred tax liabilities recognized upon acquisition, representing book-to-tax basis difference associated with management contract intangibles. DataBank • Real estate and lease intangibles of DataBank were measured based upon recent third party appraised values, allocated to tangible assets of land, building, construction in progress, data center infrastructure, as well as identified intangibles of in-place leases, above- and below-market leases, and tenant relationships. The remaining intangible assets acquired include customer relationships and trade name. Customer relationships were valued as the incremental net income attributable to these relationships considering the projected net cash flows of the business with and without the customer relationships in place. The trade name of DataBank was valued based upon estimated savings from avoided royalty at a royalty rate of 2% . • Other assets acquired and liabilities assumed primarily include right-of-use lease assets associated with leasehold data centers and corresponding lease liabilities. Deferred tax liabilities represent the tax effect on the book-to-tax basis difference related primarily to real estate assets arising from the transaction. • All assumed debt bears variable rates, with carrying values approximating fair values based upon current market rates and spreads. • Noncontrolling interests in investment entities represent the remaining 71.6% interest in DataBank, valued based upon their proportionate share of net assets of DataBank at fair value. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests was recorded as goodwill assigned to the DataBank reporting unit within the digital segment. Goodwill represents the value of the business acquired not already captured in identifiable assets, such as the potential for future customers, synergies, revenue and profit growth, as well as industry knowledge, experience and relationships that the DataBank management team brings. Results of Operations The acquired businesses of DBH and DataBank contributed a combined $40.4 million of revenues and $5.9 million of net income attributable to Colony Capital, Inc. for the year ended December 31, 2019 . Other Acquisitions Colony Latam In April 2019, the Company acquired the private equity platform of The Abraaj Group in Latin America, which has been renamed Colony Latam Partners, for approximately $5.5 million . The Company acquired primarily management contract intangible assets and a limited partnership interest in a fund which the Company now manages, and certain Abraaj employees became employees of the Company. 2017 Merger with NSAM and NRF The Company was created through the Merger of Colony, NSAM and NRF in an all-stock exchange on January 10, 2017 (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 and Allocation 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 in investment entities — 505,685 505,685 Noncontrolling interests in 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 investor relationships represents the potential fee income from repeat investors 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. 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). Consideration and Allocation The following table summarizes the consideration and allocation to assets acquired and liabilities assumed. (In thousands) CPI THL Hotel Portfolio Consideration Carrying value of loans receivable outstanding at time of restructuring or foreclosure $ 182,644 $ 310,932 Cash 49,537 43,643 Contingent consideration (Note 12) — 6,771 Total consideration $ 232,181 $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 303 $ 16,188 Restricted cash 12,600 18,479 Real estate 543,649 1,184,447 Real estate held for sale 21,605 69,676 Lease intangibles and other assets 27,685 26,711 Debt (277,590 ) (907,867 ) Tax liabilities (32,078 ) (16,292 ) Lease intangibles and other liabilities (61,205 ) (29,996 ) Liabilities related to assets held for sale (2,788 ) — Fair value of net assets acquired $ 232,181 $ 361,346 Fair value of assets acquired and liabilities assumed were measured as follows: Real Estate and Lease Intangibles —Fair value of real estate was based upon a combination of the cost, income and market approaches which applied weighted average capitalization rates of 6.6% for CPI and 8.9% for the THL Hotel Portfolio, weighted average discount rate of 10.4% for the THL Hotel Portfolio, and also considered future capital expenditures of the acquired hotels. 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, site and tenant improvements, and furniture, fixtures and equipment, as well as identified intangibles for above and below--market leases, in-place lease values and below-market ground lease obligations. Debt —Fair value of CPI debt was 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% |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate | Real Estate The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 8 . (In thousands) December 31, 2019 December 31, 2018 Land $ 1,360,435 $ 1,443,250 Buildings and improvements 9,022,971 9,442,443 Tenant improvements 105,440 96,740 Data center infrastructure 595,603 — Furniture, fixtures and equipment 511,329 389,969 Construction in progress 255,115 123,002 11,850,893 11,495,404 Less: Accumulated depreciation (990,375 ) (669,394 ) Real estate assets, net (1) $ 10,860,518 $ 10,826,010 __________ (1) For real estate acquired in a business combination, the purchase price allocation may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Real Estate Sales Results from sales of real estate, including discontinued operations (Note 16 ), were as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Proceeds from sales of real estate $ 6,108,153 $ 864,347 $ 1,607,806 Gain on sale of real estate 1,520,808 167,231 135,262 Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations (Note 3 ). Light and bulk industrial properties acquired, as presented below, form part of the industrial segment, of which the entire light portfolio was sold in December 2019 and the bulk portfolio 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 Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ (165 ) October Healthcare—United Kingdom (2)(3) 1 12,376 3,478 9,986 732 (1,820 ) Various Light industrial—Various in U.S. 84 1,158,423 264,816 850,550 47,945 (4,888 ) $ 1,543,981 $ 317,740 $ 1,156,884 $ 76,230 $ (6,873 ) Year Ended December 31, 2018 Asset Acquisitions September Healthcare—United Kingdom (3) 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. 40 569,442 111,194 433,040 30,183 (4,975 ) $ 1,072,730 $ 231,283 $ 776,525 $ 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 1 455,699 93,577 314,590 50,518 (2,986 ) Various Light 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 ) __________ (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 that is classified as held for investment is 40 years for buildings, 12 years for site improvements, and 9 years for lease intangibles (based on remaining lease terms). (3) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. Depreciation and Impairment Depreciation expense on real estate, excluding amounts related to discontinued operations (Note 16 ), was $358.8 million , $374.7 million and $372.9 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Refer to Note 12 for a discussion of impairment on real estate. Property Operating Income Property operating income presented below excludes amounts related to discontinued operations (Note 16 ). For the years ended December 31, 2018 and 2017, property operating income was composed of $0.8 billion and $0.9 billion of total lease income, respectively, and $1.2 billion and 1.0 billion of hotel operating income, respectively. For the year ended December 31, 2019 , components of property operating income were as follows: (In thousands) Year Ended Lease income: Fixed lease income $ 663,445 Variable lease income 57,575 721,020 Hotel operating income 1,135,389 $ 1,856,409 Future Fixed Lease Income At December 31, 2019 , future fixed lease payments receivable under noncancelable operating leases for real estate held for investment were as follows. These operating leases have expiration dates through 2034 , taking into consideration renewal options exercisable at the lessee's election only when they are deemed reasonably certain, typically at the time the option is exercised. Year Ending December 31, (In thousands) 2020 $ 391,332 2021 329,593 2022 285,979 2023 248,363 2024 214,315 2025 and thereafter 887,404 Total (1) $ 2,356,986 __________ (1) Excludes future fixed lease payments in connection with resident fee income as the related lease agreements are generally cancelable by residents with 30 days’ notice. At December 31, 2018, future contractual minimum lease payments to be received under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) 2019 $ 293,906 2020 285,051 2021 265,612 2022 254,881 2023 242,151 2024 and thereafter 961,591 Total (1) $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that was held for sale totaling $894.4 million . Commitments and Contractual Obligations 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 $75 million |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table provides a summary of the Company’s loans held for investment, including PCI loans: December 31, 2019 December 31, 2018 ($ 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 $ 471,472 $ 492,709 10.7 % 1.6 $ 643,973 $ 667,590 10.7 % 2.2 Mezzanine loans 495,182 494,238 12.6 % 0.6 357,590 354,326 12.5 % 1.5 Corporate loans 149,380 148,623 12.9 % 5.4 108,944 107,796 12.3 % 5.8 1,116,034 1,135,570 1,110,507 1,129,712 Variable rate Mortgage loans 171,848 172,269 4.1 % 0.3 178,650 179,711 4.3 % 0.1 Mezzanine loans 44,887 44,637 12.7 % 1.6 27,772 27,417 13.4 % 2.5 216,735 216,906 206,422 207,128 1,332,769 1,352,476 1,316,929 1,336,840 PCI Loans Mortgage loans 1,165,804 248,535 1,324,287 351,646 Mezzanine loans — — 7,425 3,671 1,165,804 248,535 1,331,712 355,317 Allowance for loan losses (48,187 ) (32,940 ) Loans receivable, net $ 2,498,573 $ 1,552,824 $ 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 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 December 31, 2019 $ 1,042,260 $ — $ — $ 310,216 $ 1,352,476 December 31, 2018 1,052,303 — 44,392 240,145 1,336,840 Troubled Debt Restructuring During the years ended December 31, 2019 , 2018 and 2017, there were no loans modified in a troubled debt restructuring ("TDR"), in which the Company provided borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. At both December 31, 2019 and 2018 , the Company had one existing TDR loan that was in maturity default with a carrying value before allowance for loan loss of $37.8 million and an allowance for loan loss of $37.8 million and $12.8 million as of December 31, 2019 and 2018 , respectively. The Company has no additional lending commitment on this TDR loan. Non-PCI Impaired Loans Non-PCI loans, excluding loans carried at fair value, are identified as impaired when it is no longer probable that interest or principal will be collected according to the contractual terms of the original loan agreement. Non-PCI impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs, as well as loans in maturity default. The following table summarizes the 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 December 31, 2019 $ 326,151 $ 71,754 $ 259,011 $ 330,765 $ 48,146 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. Year Ended December 31, (In thousands) 2019 2018 2017 Average carrying value before allowance for loan losses $ 305,293 $ 282,325 $ 202,397 Total interest income recognized during the period impaired 7,514 7,127 10,192 Cash basis interest income recognized 447 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. 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 years ended December 31, 2019 and 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) 2019 2018 2017 Beginning accretable yield $ 9,620 $ 42,435 $ 52,572 Additions — — 23,594 Dispositions — (5,484 ) — Changes in accretable yield 43,246 1,882 25,720 Accretion recognized in earnings (19,637 ) (27,911 ) (61,809 ) Deconsolidation — (991 ) — Effect of changes in foreign exchange rates 332 (311 ) 2,358 Ending accretable yield $ 33,561 $ 9,620 $ 42,435 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 , as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans. There were no PCI loans on the cash basis or cost recovery method for recognition of interest income at December 31, 2019 . Allowance for Loan Losses Allowance for loan losses and related carrying values of loans held for investment were as follows: December 31, 2019 December 31, 2018 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 48,146 $ 71,754 $ 18,304 $ 75,179 PCI loans 41 17,935 14,636 54,440 $ 48,187 $ 89,689 $ 32,940 $ 129,619 Changes in allowance for loan losses are presented below: Year Ended December 31, (In thousands) 2019 2018 2017 Allowance for loan losses at January 1 $ 32,940 $ 52,709 $ 67,980 Contribution to CLNC — (518 ) — Deconsolidation — (5,983 ) — Provision for loan losses, net 35,880 43,034 19,741 Charge-off (20,633 ) (56,302 ) (35,012 ) Allowance for loan losses at December 30 $ 48,187 $ 32,940 $ 52,709 Provision for loan losses by loan type is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Non-PCI loans $ 30,035 $ 22,557 $ 7,534 PCI loans 5,845 20,477 12,207 Total provision for loan losses, net $ 35,880 $ 43,034 $ 19,741 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, 2019 , total unfunded lending commitments was $306.6 million , of which the Company's share was $128.0 million , net of amounts attributable to noncontrolling interests. |
Equity and Debt Investments
Equity and Debt Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity and Debt Investments | Equity and Debt Investments The Company's equity investments and debt securities are represented by the following: (In thousands) December 31, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 1,845,129 $ 2,151,847 Private funds 142,386 124,826 1,987,515 2,276,673 Other equity investments Marketable equity securities 138,586 36,438 Investment ventures 91,472 95,196 Private funds and non-traded REIT 38,641 24,607 Total equity investments 2,256,214 2,432,914 Debt Securities N-Star CDO bonds, available for sale 54,859 64,127 CMBS of consolidated fund, at fair value 2,732 32,706 Total debt securities 57,591 96,833 Equity and debt investments $ 2,313,805 $ 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 publicly-traded REITs that it manages, CLNC and NRE (prior to the sale of NRE in September 2019). The Company accounts for its investments under the equity method as it exercises significant influence over operating and financial policies of these entities through a combination of its ownership interest, its role as the external manager and board representation, but does not control these entities. The Company also owns equity method investments that are structured as joint ventures with one or more private funds or other investment vehicles managed by the Company, or with third party joint venture partners. These investment ventures are generally capitalized through equity contributions from the members and/or leveraged through various financing arrangements. The Company elected the fair value option to account for its interests in certain investment ventures and limited partnership interests in third party private equity funds (Note 12 ). 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 are summarized below, excluding investments classified as held for sale (Note 8 ): ($ in thousands) Ownership Interest at December 31, 2019 (1) Carrying Value at Investments Description December 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% $ 725,443 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) —% — 87,696 RXR Realty, LLC Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 93,390 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 138,428 219,913 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 543,296 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) Various 115,055 109,393 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 Various 21,940 9,525 Other investment ventures Interests in 12 investments at December 31, 2019 Various 127,088 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 222,875 81,085 $ 1,987,515 $ 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. (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. CLNC The Company owns an approximate 36.4% interest, on a fully diluted basis, in CLNC. CLNC 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 CLNC'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 CLNC. The Company's contribution of the CLNY Contributed Portfolio to CLNC, and the merger of CLNC with NorthStar I and NorthStar II, resulted in a deconsolidation of the CLNY Investment Entities. Accordingly, the Company deconsolidated: (i) assets totaling $1.9 billion , primarily loans receivable of $1.3 billion , and real estate and equity investments of $0.2 billion each; (ii) liabilities totaling $0.4 billion , predominantly investment level debt; and (iii) noncontrolling interests in investment entities of $0.3 billion . Upon closing of the Combination, the Company measured its interest in CLNC based upon its proportionate share of CLNC's estimated fair value at closing. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities of $9.9 million was recognized in other gain on the consolidated statement of operations in 2018. As part of CLNC's strategic plan, in the third quarter of 2019, CLNC bifurcated its assets into a core portfolio and a legacy, non-strategic portfolio, which will allow CLNC to focus on the divestment of its legacy, non-strategic portfolio and to redeploy the proceeds into and grow its core portfolio. In conjunction with its focus on its core portfolio, CLNC meaningfully reduced the book value of its legacy, non-strategic assets to better reflect its market value and reset its annualized dividend from $1.74 per share to $1.20 per share. Significant Sales of Equity Method Investments Following a comprehensive review by NRE's Strategic Review Committee and approval by its board of directors and a majority of its stockholders, NRE sold all of its outstanding common stock on September 30, 2019 for a price of approximately $17.01 per share. As a result, the Company monetized its investment of 5.6 million shares of NRE common stock and recorded a gain of $12.4 million , included in equity method earnings. Impairment of Equity Method Investments The Company evaluates its equity method investments for OTTI at each reporting period and recorded impairments of $258.0 million , $61.2 million and $6.8 million for the years ended December 31, 2019 , 2018 and 2017 . Impairment in 2019 was principally on the Company's investment in CLNC, as discussed below. For remaining impairments, in making its assessment, the Company considered a variety of factors and assumptions specific to each investment, including: offer prices on the investment; expected payoffs from sales of the underlying business or real estate of the investee; estimated enterprise value of the investee; projected future operating cash flows of the investee; or a change in the Company's strategy regarding an investment. CLNC —Since CLNC began trading on February 1, 2018 through June 30, 2019, CLNC's common stock had traded between $15.10 and $23.23 per share. During this period, the carrying value of the Company's investment in CLNC ranged between $24.74 per share at inception and $20.25 at June 30, 2019 (prior to impairment). Based upon CLNC's closing stock price of $15.50 per share on June 30, 2019, the last trading day of the second quarter, the carrying value of the Company's investment in CLNC was $227.9 million in excess of its market value of $743.0 million . In connection with the preparation and review of the Company's financial statements, given the prolonged period of time that the carrying value of the Company's investment in CLNC has exceeded its market value, the Company determined that its investment in CLNC was other-than-temporarily impaired and recorded an impairment charge of $227.9 million as part of equity method loss in the second quarter of 2019. At December 31, 2019 , the Company's investment in CLNC had a carrying value of $725.4 million or $15.13 per share, which was approximately $94.6 million in excess of its fair value of $630.8 million based upon the closing stock price of $13.16 per share on December 31, 2019 . The Company believes that the current carrying value of its investment in CLNC is recoverable in the near term and determined that its investment in CLNC as of December 31, 2019 was not other-than-temporarily impaired. If CLNC's common stock continues to trade below the Company's carrying value for a further prolonged period of time, additional other-than-temporary impairment may be recognized in the future. The impairment charge in June 2019 resulted in a basis difference between the Company's carrying value of its investment in CLNC and the Company's proportionate share of CLNC's book value of equity. The impairment charge was applied to the Company's investment in CLNC as a whole and was not determined based on an impairment assessment of individual assets held by CLNC. In order to address this basis difference, the Company allocated the impairment charge on a relative fair value basis to investments identified by CLNC as non-strategic assets. Accordingly, for any future impairment charges taken by CLNC on these non-strategic assets, the Company's share thereof will be applied to reduce the basis difference and will not be recorded as an equity method loss until such time the basis difference associated with the respective underlying investments has been fully eliminated. For the year ended December 31, 2019 , the Company did not recognize $140.3 million of equity method loss, representing its proportionate share of loan loss provisions and impairments recognized by CLNC on its non-strategic assets subsequent to June 2019, which was applied to reduce the basis difference. At December 31, 2019 , the remaining basis difference related to the OTTI charge was $86.8 million . Combined Financial Information of Equity Method Investees The following tables present selected combined financial information of the Company's equity method investees. Amounts presented represent combined totals at the investee level and not the Company's proportionate share. Selected Combined Balance Sheet Information (In thousands) December 31, 2019 December 31, 2018 Total assets $ 14,026,862 $ 15,499,159 Total liabilities 9,354,120 9,803,705 Owners' equity 4,509,879 5,511,548 Noncontrolling interests 162,863 183,906 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2019 2018 2017 Total revenues $ 1,455,631 $ 1,486,511 $ 1,519,728 Net income (loss) (827,550 ) 220,191 174,222 Net income (loss) attributable to noncontrolling interests (50,350 ) 23,878 (18,381 ) Net income (loss) attributable to owners (777,200 ) 196,313 192,603 Other Equity Investments Other equity investments that do not qualify for equity method accounting consist of the following: Marketable Equity Securities —These are primarily equity investment in a third party managed mutual fund and publicly traded equity securities held by a consolidated private open-end fund. The equity securities of the consolidated fund comprise listed stocks predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors. Investment Ventures —This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which was initially recorded at cost and prior to 2018, adjusted for distributions in excess of cumulative earnings. There were no adjustments for any impairment or observable price changes. Private Funds and Non-Traded REIT —This represents interests in a Company-sponsored private fund and a non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare"), and limited partnership interest in a third party private fund sponsored by an equity method investee, for which the Company elected the NAV practical expedient (see Note 12 ). 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, 2019 , the Company’s share of these commitments was $84.1 million . Private Funds— At December 31, 2019 , the Company has unfunded commitments of $306.5 million to funds sponsored by the Company that are accounted for as equity method investments. Debt Securities The Company's investment in debt securities is composed of N-Star CDO Bonds, classified as AFS and commercial mortgage-backed securities (“CMBS”) held by a consolidated sponsored investment company that is currently in liquidation, accounted for at fair value through earnings. AFS Debt Securities The N-Star CDO bonds are investment-grade subordinate bonds retained by NRF from its sponsored collateralized debt obligations ("CDOs"), and CDO bonds originally issued by NRF that were subsequently repurchased by NRF at a discount. These CDOs are collateralized primarily by commercial real estate ("CRE") debt and CRE securities. The following tables summarize the balance and activities of the N-Star CDO bonds. Gross Cumulative Unrealized (in thousands) Amortized Cost Gains Losses Fair Value December 31, 2019 $ 46,002 $ 8,857 $ — $ 54,859 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 years ended December 31, 2018 and 2017 . There were no sales of AFS debt securities in the year ended December 31, 2019 . Year Ended December 31, (In thousands) 2018 2017 Proceeds from sale $ 78,197 $ 30,279 Gross realized gain 11,304 951 Gross realized loss (592 ) — Impairment of AFS Debt Securities At December 31, 2018 , there was $54.5 million of AFS debt securities that was in gross unrealized loss position for less than 12 months, with such losses totaling approximately $5.0 million , for which the Company believed were not other-than-temporarily impaired. There were no AFS debt securities with unrealized loss in AOCI at December 31, 2019 . 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. The Company recorded OTTI loss in other gain (loss) of $16.9 million and $8.2 million for the years ended December 31, 2019 and 2018 |
Goodwill, Deferred Leasing Cost
Goodwill, Deferred Leasing Costs and Other Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Deferred Leasing Costs and Other Intangibles | Goodwill, Deferred Leasing Costs and Other Intangibles Goodwill The following table presents changes in the total carrying value of goodwill. Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 1,514,561 $ 1,514,561 $ 660,127 Business combination (Note 3) (1) 726,330 — 1,440,229 Classification as held for sale (2) — — (20,000 ) Disposition (3) — — (249,795 ) Impairment (788,000 ) — (316,000 ) Ending balance (4) $ 1,452,891 $ 1,514,561 $ 1,514,561 __________ (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. The broker-dealer business was contributed to a joint venture, accounted for as 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 in December 2017. (4) At December 31, 2019 , goodwill of $140.5 million related to the DBH acquisition was deductible for income tax purposes. There was no tax deductible goodwill at December 31, 2018 and 2017. Goodwill balance by reportable segment is as follows. Goodwill associated with the acquisitions of DBH in July 2019 and DataBank in December 2019 were assigned to the Company's new digital reportable segment, established in the fourth quarter of 2019. (In thousands) December 31, 2019 December 31, 2018 Balance by reportable segment: Digital $ 726,330 $ — Other investment management 726,561 1,514,561 $ 1,452,891 $ 1,514,561 The industrial segment, along with its $20.0 million goodwill, was disposed in December 2019, previously classified as held for sale (Note 8 ). Impairment of Other Investment Management Goodwill 2019 —In the third and fourth quarters of 2019, the Company considered the following as indicators of potential impairment to its other investment management goodwill: • the loss of future fee income as a result of the sale of the industrial business, and amendment of CLNC's management agreement to reduce the fee base to reflect CLNC's reduced book value in the third quarter; and • the Company's pivot away from certain of its legacy investment management business as it transitions to an investment management business focused on digital real estate and infrastructure beginning in the fourth quarter. The Company updated its quantitative test of the other investment management goodwill, which indicated that the carrying value of the other investment management reporting unit including goodwill, at September 30, 2019 and at December 31, 2019 , exceeded its estimated fair value at each respective reporting period. As a result, the Company recognized impairment charges to its other investment management goodwill of $387.0 million and $401.0 million in each of the third and fourth quarters of 2019, respectively. In general, the fair value of the investment management reporting unit was estimated using the income approach. Projections of discounted net cash flows were based upon various factors, including, but not limited to, assumptions around forecasted capital raising for existing and future investment vehicles, fee related earnings 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 16x to 20x , and discount rates between 10% and 20% . The Company considered a range of fee related earnings 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. In the fourth quarter of 2019, the CLNC management contract, however, was valued based upon a potential sale of the contract, which represents a strategic alternative currently under consideration by the Company in conjunction with a special committee of the board of directors of CLNC, although there can be no assurance that any transaction will be consummated. The Company also considered the hypothetical value of its non-digital investment management business in a spinoff that would result in the Company becoming externally managed, and assigned a value to internally managing the Company's non-digital balance sheet assets based on market terms of management contracts of externally-managed REITs that otherwise engage in similar real estate operations. In the fourth quarter of 2019, valuation of the hypothetical contract contemplated a gradually diminishing balance sheet in non-digital assets, as the Company anticipates a redeployment of available capital into its digital business over time. Due to the inherently judgmental nature of the various projections and assumptions used, in particular, the estimated value of the CLNC management contract, whether realized through an internalization of CLNC or otherwise through a third party transaction, and the unpredictability of economic and 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 Company's investment management reporting unit, which may result in further impairment of goodwill in the future. 2018 —The Company performed a quantitative assessment in its annual impairment test and determined that its investment management goodwill was not impaired in 2018. 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 impairment of $316.0 million to its investment management goodwill 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, similar to the methodology used in 2019, with the application of terminal year residual multiples on fee related earnings ranging from 6.5x to 20x , incentive fee multiples ranging from 3x to 5x and discount rates ranging from 9% to 25% . As a final step, the Company evaluated 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 evaluation 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. Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for sale, are as follows. December 31, 2019 December 31, 2018 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization (1) Net Carrying Amount (1) Carrying Amount (Net of Impairment) (1) Accumulated Amortization (1) Net Carrying Amount (1) Deferred Leasing Costs and Intangible Assets Deferred leasing costs and lease intangible assets (2) $ 425,106 $ (123,686 ) $ 301,420 $ 330,353 $ (91,183 ) $ 239,170 Investment management intangibles (3) 285,233 (96,466 ) 188,767 243,989 (107,645 ) 136,344 Customer relationships (4) 71,000 (250 ) 70,750 — — — Trade names (5) 39,600 (185 ) 39,415 15,500 — 15,500 Other (6) 41,211 (2,710 ) 38,501 59,157 (4,241 ) 54,916 Total deferred leasing costs and intangible assets $ 862,150 $ (223,297 ) $ 638,853 $ 648,999 $ (203,069 ) $ 445,930 Intangible Liabilities Lease intangible liabilities (2) $ 174,208 $ (62,724 ) $ 111,484 $ 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 12 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) Lease intangible assets are composed of in-place leases, above-market leases and lease incentives. Lease intangible liabilities are composed of below-market leases. Prior to January 1, 2019, lease intangible assets and liabilities included below- and above-market ground leases, respectively, which have been reclassified as a component of operating lease right-of-use asset, included in other assets, upon adoption of the new lease standard. (3) Composed of investment management contracts and investor relationships. (4) Represent DataBank customer relationships. (5) Finite-lived trade names are amortized over estimated useful lives of 5 to 10 years . The Colony trade name with a carrying value of $15.5 million is determined to have an indefinite useful life and is not currently subject to amortization. (6) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with hotel properties which are subject to amortization over the term of the respective agreements. Impairment of Identifiable Intangible Assets Impairments were recorded on investment management intangible assets as follows: 2019 —Primarily $8.6 million on NorthStar Healthcare management contract, valued based upon revised future net cash flows to be generated over the remaining life of the contract, discounted at 10% . 2018 —(i) $147.4 million on management contracts of retail vehicles, primarily $139.0 million write-off of NorthStar I and NorthStar II contracts upon termination concurrent with closing of the Combination, and $7.0 million on NorthStar Healthcare contract, valued based upon future net cash flows, discounted at 10% ; and (ii) write-offs of retail investor relationship of $10.1 million and NorthStar trade name of $59.5 million resulting from reassessment of future retail fundraising and a change in the Company's name in June 2018, respectively. 2017 —Management contracts of retail vehicles of $55.3 million on NorthStar Healthcare following an amendment to its agreement and $3.7 million on NorthStar/RXR NY Metro Real Estate, Inc. based upon revised capital raising projections, both valued based upon future net cash flows, discounted at 9% . Amortization of Intangible Assets and Liabilities The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 16 ): Year Ended December 31, (In thousands) 2019 2018 2017 Net increase to rental income (1) $ 14,443 $ 2,723 $ 14,561 Net increase (decrease) to ground rent expense (2) $ — $ (250 ) $ 108 Amortization expense Deferred leasing costs and lease intangibles $ 33,922 $ 31,466 $ 64,943 Investment management intangibles 89,236 26,992 51,154 Customer relationships 250 — — Trade name 186 1,606 3,682 Other 1,171 2,291 10,215 $ 124,765 $ 62,355 $ 129,994 __________ (1) Represents the impact of amortizing above- and below-market leases and lease incentives. (2) Represents the impact of amortizing above- and below-market ground leases prior to adoption of the lease standard on January 1, 2019. The following table presents the future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale. Year Ending December 31, (In thousands) 2020 2021 2022 2023 2024 2025 and Thereafter Total Net increase (decrease) to rental income $ 7,410 $ 6,638 $ 6,204 $ 6,629 $ (6,692 ) $ (8,362 ) $ 11,827 Amortization expense 90,708 83,468 69,326 56,462 50,132 147,134 497,230 |
Assets and Related Liabilities
Assets and Related Liabilities Held For Sale | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Related Liabilities Held For Sale | Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2019 December 31, 2018 Assets Restricted cash $ 15,585 $ 6,213 Real estate, net 799,415 3,645,406 Equity investment—private fund — 13,422 Goodwill — 20,000 Deferred leasing costs and intangible assets, net 33,236 135,924 Other assets 21,816 146,380 Due from affiliates — 2,290 Total assets held for sale $ 870,052 $ 3,969,635 Liabilities Debt, net $ 232,944 $ 1,064,585 Lease intangibles and other liabilities, net 35,208 153,910 Total liabilities related to assets held for sale $ 268,152 $ 1,218,495 Assets and Liabilities Related to Discontinued Operations At December 31, 2019 and 2018 , assets totaling $0.4 billion and $3.2 billion , respectively, and liabilities totaling $0.2 billion and $1.2 billion , respectively, of the industrial segment were classified as held for sale. Amounts as of December 31, 2018 included the light industrial portfolio and the related management platform prior to their sale in December 2019. At December 31, 2019 , only the assets and liabilities related to the bulk industrial portfolio remain as held for sale. The industrial assets held for sale consisted primarily of real estate and related intangible assets of $0.4 billion at December 31, 2019 and $3.0 billion at December 31, 2018 . Also included prior to the December 2019 sale were goodwill associated with the industrial management platform, fee receivable presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment—private fund. Debt financing the light industrial portfolio was either repaid or assumed by the buyer concurrent with closing of the sale in December 2019. At December 31, 2019 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 light industrial portfolio and management platform were sold in December 2019. The first six months of 2018 also included loss from discontinued operations of $0.2 million related to certain properties in the THL Hotel Portfolio acquired in July 2017 that qualified as held for sale at the time of foreclosure. Such properties were fully disposed of in the second quarter of 2018. Income from discontinued operations is presented below. Year Ended December 31, (In thousands) 2019 2018 2017 Revenues Property operating income $ 346,431 $ 288,367 $ 284,051 Fee income 11,646 7,378 4,022 Interest and other income 5,163 3,775 4,742 Revenues from discontinued operations 363,240 299,520 292,815 Expenses Property operating expense 93,440 84,162 87,726 Interest expense 91,863 42,713 47,594 Investment and servicing expense 658 436 542 Placement fees — 234 1,650 Depreciation and amortization 106,470 129,104 109,265 Impairment loss — 948 44 Compensation expense—cash and equity-based (1) 29,791 11,156 8,119 Compensation expense—carried interest (2) 35,170 4,696 — Administrative expenses 6,089 4,569 4,703 Expenses from discontinued operations 363,481 278,018 259,643 Other income (loss) Gain on sale of real estate 1,457,892 7,633 22,504 Other gain, net 1,338 — — Equity method earnings, including carried interest (2) 41,258 10,636 1,868 Income from discontinued operations before income taxes 1,500,247 39,771 57,544 Income tax benefit (expense) 1,550 (189 ) (2,096 ) Income from discontinued operations 1,501,797 39,582 55,448 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 989,358 21,260 24,407 Noncontrolling interests in Operating Company 49,391 1,113 1,249 Income from discontinued operations attributable to Colony Capital, Inc. (2) $ 463,048 $ 17,209 $ 29,792 __________ (1) Includes equity-based compensation of $8.2 million , $2.9 million and $3.3 million for the years ended December 31, 2019 , 2018 and 2017, respectively. (2) In December 2019, carried interest totaling $81.2 million was realized upon sale of the light industrial portfolio, of which $52.8 million related to the unconsolidated industrial open-end fund had been recognized as unrealized equity method earnings over time, and $28.4 million related to the consolidated industrial closed-end fund was recorded upon realization in December 2019 as a disproportionate allocation to the Company from noncontrolling interests in investment entities. Approximately $39.9 million of total carried interest represents carried interest sharing compensation expense, recognized in the same period as the related carried interest income. |
Restricted Cash, Other Assets a
Restricted Cash, Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash, Other Assets And Other Liabilities [Abstract] | |
Restricted Cash, Other Assets and Other Liabilities | Restricted Cash, Other Assets and Other Liabilities Restricted Cash The following table summarizes the Company's restricted cash balance: (In thousands) December 31, 2019 December 31, 2018 Capital expenditures reserves (1) $ 89,901 $ 214,863 Real estate escrow reserves (2) 38,326 49,702 Borrower escrow deposits 8,079 10,412 Working capital and other reserves (3) 1,800 19,586 Tenant lock boxes (4) 18,889 15,666 Other 46,928 54,376 Total restricted cash $ 203,923 $ 364,605 __________ (1) Represents primarily cash held by lenders for 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 certain joint venture arrangements. (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) December 31, 2019 December 31, 2018 Interest receivable $ 14,066 $ 14,005 Straight-line rents 37,352 34,931 Hotel-related deposits and reserves (1) 18,065 21,636 Investment deposits and pending deal costs 32,994 27,534 Deferred financing costs, net (2) 2,794 5,467 Derivative assets (Note 11) 21,386 33,558 Prepaid taxes and deferred tax assets, net 82,344 71,656 Receivables from resolution of investments (3) 63,984 30,770 Operating lease right-of-use asset, net 220,560 — Accounts receivable, net (4) 83,161 58,830 Prepaid expenses 30,761 23,771 Other assets 30,413 30,604 Fixed assets, net 44,768 47,381 Total other assets $ 682,648 $ 400,143 __________ (1) Represents working capital deposits and reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment expenditures. Funding of reserves is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Represents primarily proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement. (4) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables, net of allowance, where applicable. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) December 31, 2019 December 31, 2018 Tenant security deposits and payable $ 15,293 $ 15,135 Borrower escrow deposits 9,903 13,001 Deferred income (1) 32,318 27,124 Interest payable 38,487 40,622 Derivative liabilities (Note 11) 127,531 132,808 Contingent consideration—THL Hotel Portfolio (Note 12) 9,330 8,903 Share repurchase payable (2) — 7,567 Current and deferred income tax liability 222,206 92,808 Operating lease liability (Note 22) 181,297 — Accrued compensation 83,351 79,320 Accrued carried interest and incentive fee compensation 50,360 7,486 Accrued real estate and other taxes 39,923 38,714 Accounts payable and accrued expenses 143,852 91,244 Other liabilities 62,047 79,412 Total accrued and other liabilities $ 1,015,898 $ 634,144 __________ (1) Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, deferred asset management fees from private funds, and deferred base management fees assumed in the DBH acquisition. Deferred management fees totaling $18.3 million at December 31, 2019 and $3.2 million at December 31, 2018 will be recognized as fee income over a weighted average period of 1.2 years . (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is included in liabilities related to assets held for sale (Note 8 ). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured Debt (2) Junior Subordinated Notes Total Debt December 31, 2019 Debt at amortized cost Principal $ — $ 616,105 $ 8,276,620 $ 280,117 $ 9,172,842 Premium (discount), net — 2,243 (17,126 ) (78,927 ) (93,810 ) Deferred financing costs — (4,296 ) (90,828 ) — (95,124 ) $ — $ 614,052 $ 8,168,666 $ 201,190 $ 8,983,908 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 $515.6 million at December 31, 2019 and $425.9 million at December 31, 2018 relates to financing on assets held for sale. Debt associated with assets held for sale that is expected to be assumed by the buyer is included in liabilities related to assets held for sale (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of the balance sheet date and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) December 31, 2019 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.0 $ — N/A 2.0 Convertible and exchangeable senior notes 616,105 4.27 % 2.0 — N/A N/A 616,105 4.27 % 2.0 Junior subordinated debt — N/A N/A 280,117 4.77 % 16.4 280,117 4.77 % 16.4 Secured debt (1) 35,072 5.02 % 5.9 — N/A N/A 35,072 5.02 % 5.9 651,177 280,117 931,294 Non-recourse Secured debt Digital — N/A N/A 539,155 6.98 % 4.8 539,155 6.98 % 4.8 Healthcare (2) 405,980 4.55 % 5.1 2,547,726 5.22 % 4.3 2,953,706 5.13 % 4.4 Hospitality 13,494 12.71 % 1.6 2,653,853 4.83 % 4.6 2,667,347 4.87 % 4.6 Other Real Estate Equity (2) 151,777 4.26 % 3.4 1,652,870 4.08 % 2.8 1,804,647 4.09 % 2.9 Real Estate Debt — N/A N/A 276,693 3.72 % 1.8 276,693 3.72 % 1.8 571,251 7,670,297 8,241,548 $ 1,222,428 $ 7,950,414 $ 9,172,842 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) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 Hospitality 12,019 12.99 % 2.6 2,636,053 5.68 % 3.8 2,648,072 5.71 % 3.8 Other Real Estate Equity (2) 200,814 4.02 % 3.8 1,789,431 4.43 % 3.6 1,990,245 4.39 % 3.7 Real Estate Debt — N/A N/A 359,511 4.50 % 2.4 359,511 4.50 % 2.4 2,343,832 5,894,676 8,238,508 $ 2,997,136 $ 6,174,793 $ 9,171,929 __________ (1) The fixed rate recourse debt is secured by the Company's aircraft. (2) Mortgage debt in the healthcare and other real estate equity segment with an aggregate outstanding principal of $235.6 million at December 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) Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index at balance sheet date. (4) Calculated based upon initial maturity dates of the respective debt or extended maturity dates if extension criteria are met and extension option is at the Company's discretion. 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 initially provided a secured revolving credit facility in the maximum principal amount of $1.0 billion , with an option to increase up to $1.5 billion , subject to agreement of existing or substitute lenders to provide the additional loan commitment and satisfaction of customary closing conditions. The credit facility is scheduled to mature in January 2021 , with two 6 -month extension options, each subject to a fee of 0.10% of the commitment amount upon exercise. In April 2019, the Credit Agreement was amended to reduce the aggregate commitments available from $1.0 billion to $750 million , and the option to increase the borrowing commitments, subject to agreement by the lenders and customary closing conditions, from $1.5 billion to $1.125 billion . The amendment also provides that the Company may operate at below the minimum fixed charge coverage ratio, as defined in the Credit Agreement, for a reduced valuation of the borrowing base, and establishes a new floor for the minimum fixed charge coverage ratio beginning fiscal quarter ended March 31, 2019. The maximum amount available at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value or a multiple of base management fee EBITDA (as defined in the Credit Agreement). Advances under the Credit Agreement accrue interest at a per annum rate equal to the sum of one-month London Inter-bank Offered Rate ("LIBOR") plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25% . The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount ( 0.35% at December 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. At December 31, 2019 , the Company was in compliance with all of the financial covenants. The Credit Agreement also includes customary events of default, in certain cases subject to reasonable and customary periods to cure. The occurrence of an event of default may result in the termination of the credit facility, accelerate the Company’s repayment obligations, in certain cases limit the Company’s ability to make distributions, and allow the lenders to exercise all rights and remedies available to them with respect to the collateral. There have been no events of default since the inception of the credit facility. Convertible and Exchangeable Senior Notes Convertible senior notes and exchangeable senior notes are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis. Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (in shares) (1) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal December 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 June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note. The convertible and exchangeable senior notes mature on their respective due dates, unless redeemed, repurchased or exchanged prior to such date in accordance with the terms of their respective governing documents. The convertible and exchangeable senior notes are redeemable at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date. The Company may redeem the convertible notes for cash at its option at any time on or after their respective redemption dates if the last reported sale price of the Company's common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The exchangeable notes may be exchanged for cash, common stock or a combination thereof, at the Company's election, upon the occurrence of specified events, and at any time on or after their respective redemption dates, and on the second business day immediately preceding their maturity dates. The holders of the exchangeable notes have the right, at their option, to require the Company to repurchase the exchangeable notes for cash on certain specific dates in accordance with the terms of their respective governing documents. Secured 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. Future Minimum Principal Payments The following table summarizes future scheduled minimum principal payments of debt at December 31, 2019 , excluding bulk industrial secured debt of $235.0 million that is 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 Company'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, 2020 $ — $ — $ 393,341 $ — $ 393,341 2021 — 402,500 749,367 — 1,151,867 2022 — — 1,811,515 — 1,811,515 2023 — 200,000 134,515 — 334,515 2024 — — 3,420,860 — 3,420,860 2025 and thereafter — 13,605 1,767,022 280,117 2,060,744 Total $ — $ 616,105 $ 8,276,620 $ 280,117 $ 9,172,842 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments and borrowings. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign interest rates and exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships (“designated hedges”) or otherwise used for economic hedging purposes (“non-designated hedges”). Fair value of derivative assets and derivative liabilities were as follows: December 31, 2019 December 31, 2018 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 15,307 $ 1,271 $ 16,578 $ 31,127 $ 1,069 $ 32,196 Interest rate contracts 78 237 315 862 500 1,362 Performance swaps — 4,493 4,493 — — — Included in other assets $ 15,385 $ 6,001 $ 21,386 $ 31,989 $ 1,569 $ 33,558 Derivative Liabilities Foreign exchange contracts $ 8,134 $ 2,482 $ 10,616 $ 6,193 $ 211 $ 6,404 Interest rate contracts — — — — 126,404 126,404 Forward contracts — 116,915 116,915 — — — Included in accrued and other liabilities $ 8,134 $ 119,397 $ 127,531 $ 6,193 $ 126,615 $ 132,808 Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had cash collateral on deposit of $10.0 million and $0.8 million at December 31, 2019 and 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 December 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 € 54,727 € 6,935 Min $1.06 / Max $1.31 March 2020 to November 2020 EUR FX Forward € 303,157 € 6,955 Min $1.11 / Max $1.38 January 2020 to February 2024 GBP FX Forward £ 84,187 £ 27,003 Min $1.24 / Max $1.32 March 2020 to December 2020 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures were €517.9 million and £275.5 million , or a total of $0.9 billion at December 31, 2019 , and €614.0 million and £280.8 million , or a total of $1.1 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 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) 2019 2018 2017 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 1,790 $ 7,426 $ (3,931 ) 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 amount 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) 2019 2018 2017 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ (2,693 ) $ 3,726 $ (3,928 ) 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. The following table summarizes the interest rate contracts held by the Company at December 31, 2019 . Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate caps $ — $ 6,436,254 1-Month LIBOR 3.0% - 6.26% June 2020 to November 2021 Interest rate caps € 232,845 € 485,405 3-Month EURIBOR 1.0% - 1.5% January 2021 to June 2024 Interest rate caps £ — £ 363,794 3-Month GBP LIBOR 1.5% - 2.25% February 2020 to October 2022 In connection with the Merger, the Company had assumed a $2.0 billion notional forward starting swap that required the Company to pay 3.394% fixed and receive 3-month LIBOR beginning December 2019, with a maturity date in December 2029 and a mandatory cash settlement at fair value in December 2019. The non-designated swap was intended to hedge the interest rate risk on future refinancing of certain healthcare mortgage debt assumed in the Merger. Such healthcare mortgage debt was refinanced in May 2019. During 2019, the Company settled the entire swap position for a total cash payment of $365.1 million . For the year ended December 31, 2019 , total fair value change on these swaps was $239.3 million , included in other gain (loss) below. The following table summarizes amounts recorded in other gain (loss) related to interest rate contracts. Amounts includes an amount reclassified from AOCI to earnings on a designated interest rate contract upon termination of the derivative in connection with extinguishment of debt financing the light industrial portfolio that was sold in December 2019, presented as part of discontinued operations (Note 16 ). Year Ended December 31, (In thousands) 2019 2018 2017 Realized and unrealized gain (loss) net: Designated interest rate contracts $ (8,019 ) $ — $ — Non-designated interest rate contracts (242,898 ) 33,307 (15,080 ) 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 an initial combined collateral deposit of $12 million , subject to daily net settlements in net fair value changes in excess of a predetermined threshold. At December 31, 2019 , the collateral deposit was $10.0 million . The forwards and swaps are not designated as hedges for accounting purposes and are subject to fair value adjustments through earnings. For the year ended December 31, 2019 , fair value loss on the forwards of $16.9 million and fair value gain on the swaps of $4.5 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 $17.4 million for the year ended December 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, and 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) 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, 2019 Derivative Assets Foreign exchange contracts $ 16,578 $ (4,385 ) $ — $ 12,193 Interest rate contracts 315 — — 315 Performance swaps 4,493 (4,493 ) — — $ 21,386 $ (8,878 ) $ — $ 12,508 Derivative Liabilities Foreign exchange contracts $ (10,616 ) $ 4,385 $ — $ (6,231 ) Forward contract (116,915 ) 4,493 9,981 (102,441 ) $ (127,531 ) $ 8,878 $ 9,981 $ (108,672 ) December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 ) |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Recurring Fair Values The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected, but excluding financial assets under the NAV practical expedient, categorized into the three tier fair value hierarchy. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Assets Equity method investments $ — $ — $ 222,875 $ 222,875 Marketable equity securities 138,586 — — 138,586 Debt securities available for sale — N-Star CDO bonds — — 54,859 54,859 CMBS of consolidated fund — 2,732 — 2,732 Other assets—derivative assets — 21,386 — 21,386 Liabilities Other liabilities — derivative liabilities — 127,531 — 127,531 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,330 9,330 December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Marketable equity securities 36,438 — — 36,438 Debt securities available for sale—N-Star CDO bonds — — 64,127 64,127 CMBS of consolidated fund — 32,706 — 32,706 Other assets—derivative assets — 33,558 — 33,558 Liabilities Other liabilities — derivative liabilities — 132,808 — 132,808 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,903 8,903 Equity Method Investments Equity method investments for which fair value option was elected are carried at fair value on a recurring basis. Fair values are determined using either discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, applying revenue multiples, based on transaction price for recently acquired investments, or pending or comparable market sales price on an investment, as applicable. In valuing the Company's investment in third party private equity funds, the Company considers cash flows provided by the general partners of the funds and the implied yields of the funds. The Company has not elected the practical expedient to measure the fair value of its investments in these private equity funds using NAV of the underlying funds. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy, unless investments are valued based on contracted sales prices which are classified as Level 2 of the fair value hierarchy. Changes in fair value of equity method investments under the fair value option are recorded in equity method earnings. Marketable Equity Securities Marketable equity securities consist primarily of investment in a third party managed mutual fund and equity securities held by a consolidated fund. These marketable equity securities are valued based on listed prices in active markets and classified as Level 1 of the fair value hierarchy. Debt Securities N-Star CDO bonds—Fair value of N-Star CDO bonds are determined internally based on recent trades, if any with such securitizations, the Company's knowledge of the underlying collateral and are determined using an internal price interpolated based on third party prices of the senior N-Star CDO bonds of the respective CDOs. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy. CMBS of consolidated fund—Fair value is determined based on broker quotes or third party pricing services, classified as Level 2 of the fair value hierarchy. Derivatives Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider, except for exchange traded futures contracts which are Level 1 fair values. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Other Liabilities — Contingent Consideration for THL Hotel Portfolio In connection with the consensual foreclosure of the THL Hotel Portfolio (Note 3 ), contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million based upon 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). 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) December 31, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,391 NAV (2) N/A N/A N/A Equity method investments—other 18,574 Discounted cash flows Discount rate 10.1% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 3.7x (3) Equity method investments—other 173,910 Transaction price (4) N/A N/A N/A N-Star CDO bonds 54,859 Discounted cash flows Discount rate 22.3% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,330 Discounted cash flows Discount rate 12.0% 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 underlying NAV of the respective funds on a quarter lag, adjusted as deemed appropriate by management, and in 2018, in combination with indicative prices of investments sold by the Company. (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 investee engaged in real estate development during the development stage. The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and AOCI. 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, 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, contribution or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized and unrealized gains (losses) in earnings, net (2,309 ) 6,104 (38,885 ) 1,822 20,600 (648 ) Other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2017 $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions and accretion — 61,113 21,049 — — — Paydowns, distributions and sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities to equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to CLNC — (26,134 ) — — — — Realized and unrealized gains (losses) in earnings, net (715 ) 3,141 3,877 57 1,730 (1,484 ) Other comprehensive loss — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2018 $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions and accretion — 141,070 6,380 — — — Paydowns, distributions and sales — (8,338 ) (10,779 ) — — — Realized and unrealized gains (losses) in earnings, net — 9,058 (16,920 ) — — (427 ) Other comprehensive income — — 12,051 — — — Fair value at December 31, 2019 $ — $ 222,875 $ 54,859 $ — $ — $ (9,330 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2019 $ — $ 8,280 $ (16,920 ) $ — $ — $ (427 ) 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. Securitized Loans and Securitized Bonds Payable Prior to May 2018, the Company had elected the fair value option for loans receivable and bonds payable issued by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company. In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO along with the securitization trust consolidated by the N-Star CDO. Prior to deconsolidation, the Company had adopted the measurement alternative to measure the fair value of the loans receivable held by the securitization trust using the fair value of the bonds payable issued by the securitization trust as the latter represented the more observable fair value. As such, the net gain or loss that was reflected in earnings was limited to changes in fair value of the beneficial interest held by the Company in the previously consolidated securitization trust, and not as a result of a remeasurement of the loans receivable and bonds payable held by third parties in the previously consolidated securitization trust. Fair value of the bonds payable issued by the securitization trust was determined based on broker quotes, which were generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Correspondingly, the fair value of the loans receivable held by the securitization trust was also classified as Level 3. Due To Affiliates — Contingent Consideration for Internalization In connection with the Company's acquisition of the investment management business and operations of its former manager in April 2015 (the "Internalization"), contingent consideration is payable to certain senior management personnel of the Company. The contingent consideration is payable in a combination of shares of class A common stock, shares of class B common stock and OP Units, measured based on multi-year performance targets for achievement of a contractually-defined funds from operations ("Benchmark FFO") per share target, as well as real estate and non-real estate capital-raising thresholds from the funds management business, to the extent these targets are met. If the minimum performance target for either of these metrics is not met or exceeded, a portion of the contingent consideration paid in respect of the other metric would not be paid out in full. Prior to June 30, 2018, the contingent consideration had been remeasured at fair value using a third party valuation service provider and classified as Level 3 of the fair value hierarchy, with the change in fair value recorded in other gain (loss). Fair value of the contingent consideration was measured using a Monte Carlo probability simulation model for the Benchmark FFO component and a discounted payout analysis based on probabilities of achieving prescribed targets for the capital-raising component, adjusted for certain targets that had not been met and that had expired. The Company's class A common stock price and related equity volatilities were applied to convert the contingent consideration payout into shares. At June 30, 2018, the end of the measurement period, the contingent consideration was settled with certain senior management personnel of the Company in a combination of approximately 15,000 shares of class A common stock, 40,000 shares of class B common stock and 1.95 million OP Units. At June 30, 2018, as the contingency was resolved and the number of shares and units to be issued was no longer variable, the payable of $12.5 million , valued based on the closing price of the Company's class A common stock on June 29, 2018, the last trading day of the second quarter, was reclassified out of liabilities into equity, while the associated dividends payable of approximately $6.4 million remained in liabilities. The contingent consideration and associated dividends were fully settled in August 2018. Investments Carried at Fair Value Using Net Asset Value Investments in a Company-sponsored private fund and a non-traded REIT, and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles. December 31, 2019 December 31, 2018 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 16,271 $ 11,058 $ 12,617 $ 13,658 Non-traded REIT—real estate 19,358 — 11,990 — Private fund—emerging market private equity 3,012 — — — The Company's interests in the private funds are not subject to redemption, with distributions to be received through liquidation of underlying investments of the funds. The private funds each have eight and ten year lives, respectively, at inception, both of which may be extended in one year increments up to two years . No secondary market currently exists for shares of the non-traded REIT and the Company does not currently expect to seek liquidity of its shares of the non-traded REIT. Subject to then-existing market conditions, the board of directors of the non-traded REIT, along with the Company, as sponsor, expects to consider alternatives for providing liquidity to the non-traded REIT shares beginning five years from completion of the offering stage in January 2016, but with no definitive date by which it must do so. In addition, the Company has agreed that any right to have its shares redeemed is subordinated to third party stockholders for so long as its advisory agreement is in effect. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or otherwise, 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, 2019 December 31, 2018 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 70,191 $ 183,257 $ 253,448 $ 68,864 $ 200,281 $ 269,145 Real estate held for investment — 354,976 354,976 — 416,272 416,272 Intangible assets—investment management contracts — 62,354 62,354 — 36,400 36,400 Equity method investments — 745,320 745,320 — 32,761 32,761 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) 2019 2018 2017 Impairment loss Real estate held for sale $ 120,329 $ 77,211 $ 25,619 Real estate held for investment 227,510 280,418 19,668 Intangible assets—investment management 9,955 157,538 59,073 Intangible assets—trade name — 59,464 — Equity method loss 257,952 61,182 6,774 Provision for loan losses is presented in Note 5 for loans receivable, and impairments are discussed in Note 6 for equity method investments and Note 7 for investment management intangible assets, including goodwill. Real Estate Held For Sale Real estate held for sale is carried at the lower of amortized cost or fair value. Real estate held for sale that was written down to fair value was generally valued using either broker opinions of value, or a combination of market information, including third-party appraisals and indicative sale prices, adjusted as deemed appropriate by management to account for the inherent risk associated with specific properties. In all cases, fair value of real estate held for sale is reduced for estimated selling costs ranging from 1% to 3% . Real Estate Held For Investment Real estate held for investment that is impaired is carried at fair value at the time of impairment. Impairment was driven by various factors, including, but not limited to: change in expected holding period assumptions which resulted in a shortfall in undiscounted future net cash flows expected to be generated by the properties in comparison to their respective carrying values, decline in operating performance or physical damage to properties. Fair value of impaired real estate held for investment was estimated based upon various approaches: income capitalization method using capitalization rates ranging from 7% to 9% , discounted cash flow analysis using terminal capitalization rates ranging from 6% to 8.5% and discount rates ranging from 6.5% to 9% , third party appraisals, offer prices or broker opinions of value, or insurance estimates for properties that incurred physical damage. Specifically, at December 31, 2018 , real estate held for investment carried at fair value included $282.4 million of healthcare properties that were impaired in the fourth quarter of 2018, driven by shorter holding period assumptions. In the fourth quarter of 2018, the Company had reassessed the holding 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 holding 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 holding 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 holding 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 upon the income capitalization approach, using net operating income for each property and applying various capitalization rates. Impairment was measured as the excess of carrying value over fair value, totaling $212.0 million . As impairment assessments involve 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. 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, 2019 Assets Loans at amortized cost $ — $ — $ 1,557,850 $ 1,557,850 $ 1,552,824 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 602,000 13,095 — 615,095 614,052 Secured debt — — 8,213,550 8,213,550 8,168,666 Secured debt related to assets held for sale — — 235,000 235,000 232,944 Junior subordinated debt — — 225,835 225,835 201,190 December 31, 2018 Assets Loans at amortized cost $ — $ — $ 1,667,892 $ 1,667,892 $ 1,659,217 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 547,300 13,095 — 560,395 612,150 Secured debt — — 8,141,497 8,141,497 8,164,136 Secured debt related to assets held for sale — — 1,077,195 1,077,195 1,064,585 Junior subordinated debt — — 169,619 169,619 199,086 Loans Receivable —Loans receivable carried at amortized cost consist of first mortgages, subordinated mortgages and corporate loans. Fair values were determined by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which includes, but is not limited to, 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 amounts outstanding on the corporate credit facility and secured debt were estimated by discounting expected future cash outlays at interest rates currently available to the Company for instruments with similar terms and remaining maturities; and such fair values approximated carrying value for floating rate debt with credit spreads that approximate market rates. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Other —The carrying values of cash, due from and to affiliates, other receivables and other payables generally approximate fair value due to their short term nature, and credit risk, if any, are negligible. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs. Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Company-Sponsored Private Funds The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. Consolidated Company-Sponsored Private Fund —The Company currently consolidates a sponsored private fund in which it has more than an insignificant equity interest in the fund as general partner. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private fund of $18.5 million at December 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 December 31, 2019 and 2018 , the consolidated private fund had total assets of $24.7 million and $42.7 million , respectively, and total liabilities of $0.1 million and $20.1 million , respectively. Assets and liabilities were made up primarily of marketable equity securities and unsettled trades. 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 $137.0 million at December 31, 2019 and $117.3 million at December 31, 2018 , included within equity and debt investments and where applicable, assets held for sale, on the consolidated balance sheets. Securitizations The Company previously securitized loans receivable and CRE debt securities using VIEs. Upon securitization, the Company had retained beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. The Company also acquired securities issued by securitization trusts that are VIEs. The securitization vehicles were structured as pass-through entities that receive principal and interest on the underlying mortgage loans and debt securities and distribute those payments to the holders of the notes, certificates or bonds issued by the securitization vehicles. The loans and debt securities were transferred into securitization vehicles such that these assets are restricted and legally isolated from the creditors of the Company, and therefore are not available to satisfy the Company's obligations but only the obligations of the securitization vehicles. The obligations of the securitization vehicles did not have any recourse to the general credit of the Company and its other subsidiaries. Consolidated Securitizations —Prior to June 30, 2018, the Company consolidated securitization trusts for which it had a retained interest and for which it acted as special servicer or collateral manager or otherwise, its interest in the trust may have become the controlling class or directing holder. The Company's role as special servicer, collateral manager or as controlling class or directing holder provided the Company with the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, and together with the interests previously retained by the Company in the securitization vehicles, the Company was deemed to be the primary beneficiary and consolidated these securitization vehicles. As of June 30, 2018, the Company no longer has any consolidated securitization trusts. The Company contributed its interests in three consolidated securitization trusts to CLNC 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 $46.0 million at December 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 10 ). 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, 2019 and 2018 , recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the consolidated balance sheet. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The table below summarizes the share activities of the Company's preferred and common stock. Number of Shares (In thousands) Preferred Stock Class A Common Stock Class B Common Stock Shares outstanding at December 31, 2016 25,030 166,440 770 Consideration for the Merger (1) 39,466 392,120 — Issuance of preferred stock 26,400 — — Redemption of preferred stock (25,432 ) — — Shares canceled (2) — (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 (3) — 2,074 — Shares issued for settlement of contingent consideration—Internalization — 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 Redemption of preferred stock (16,114 ) — — Shares issued upon redemption of OP Units — 188 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 4,850 — Shares canceled for tax withholding on vested stock awards — (689 ) — Shares outstanding at December 31, 2019 41,350 487,044 734 __________ (1) 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. (2) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. (3) 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 12 ). 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, 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 G 7.5 % June 2014 3,450 $ 35 $ 86,250 Currently redeemable Series H 7.125 % April 2015 11,500 115 287,500 April 13, 2020 Series I 7.15 % June 2017 13,800 138 345,000 June 5, 2022 Series J 7.125 % September 2017 12,600 126 315,000 September 22, 2022 41,350 414 1,033,750 Series B 8.25 % February 2007 6,114 61 152,855 Redemption pending Series E 8.75 % May 2014 10,000 100 250,000 Redemption pending 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 Series G, H, I and J of preferred stock are payable quarterly in arrears in January, April, July and October. Prior to their full redemption as discussed below, dividends on Series B and E preferred stock were payable in February, May, August and November. 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. The Company issued notices of redemption for all outstanding Series D preferred stock in May 2018, with redemption settled in July 2018, and for remaining outstanding shares of Series B and all outstanding shares of Series E preferred stock in December 2019, with redemption settled in January 2020. 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 Chief Executive Officer. Each share of class B common stock shall convert automatically into one share of class A common stock if the Chief Executive Officer or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock. Common Stock Repurchases During the year ended December 31, 2019 , the Company repurchased 652,311 shares of its class A common stock, at an aggregate cost of approximately $3.2 million , 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 , or a weighted average price of $5.70 per share. These repurchases were made pursuant to the Company's share repurchase programs authorized in February 2018 and in May 2018 of $300 million each. Dividend Reinvestment and Direct Stock Purchase Plan The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves the acquisition of the Company's class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of class A common stock acquired under the DRIP Plan in the form of new issuances during the years ended December 31, 2019 and 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, 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 Other comprehensive income (loss) before reclassifications 9,206 (4,358 ) (2,563 ) (5,398 ) 24,945 21,832 Amounts reclassified from AOCI (3,554 ) 15,356 2,428 (1,081 ) (1,312 ) 11,837 AOCI at December 31, 2019 $ 9,281 $ 7,823 $ (226 ) $ 139 $ 30,651 $ 47,668 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, 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 Other comprehensive loss before reclassifications — (5,943 ) (16,848 ) (1,291 ) (24,082 ) Amounts reclassified from AOCI — 5,328 (465 ) 2,306 7,169 AOCI at December 31, 2019 $ — $ (1,005 ) $ (17,913 ) $ 10,659 $ (8,259 ) 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 2019 2018 2017 Realized gain (loss) on marketable securities $ — $ 10,100 $ (5,285 ) Other gain (loss), net Other-than-temporary impairment and write-offs of securities (15,356 ) (6,149 ) (31,259 ) Other gain (loss), net Deconsolidation of N-Star CDO — (2,596 ) — Other gain (loss), net Release of cumulative translation adjustments 1,081 (6,870 ) 2,489 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges (340 ) 1,454 (1,829 ) Other gain (loss), net Realized gain (loss) on net investment hedges 1,652 6,992 (3,718 ) Other gain (loss), net Release of equity in AOCI of unconsolidated ventures 3,554 — (81 ) Equity method earnings (losses) |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Redeemable Noncontrolling Interests This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company beginning in August 2017, and in the Townsend investment management subsidiary acquired through the Merger for the year ended December 31, 2017. In connection with the sale of Townsend in December 2017, $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 the activity in redeemable noncontrolling interests. Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 9,385 $ 34,144 $ — Assumed through the Merger — — 78,843 Assumed through consolidation of sponsored private fund — — 24,763 Contributions — 354 8,550 Distributions and redemptions (5,837 ) (21,405 ) (100,830 ) Net income (loss) 2,559 (3,708 ) 23,543 Currency translation adjustment and other — — (725 ) Ending balance $ 6,107 $ 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 partners. The Company's investment in its light industrial portfolio prior to its sale in December 2019 was made alongside third party limited partners through a joint venture consolidated by the Company. The Company's ownership interest changed over the course of the investment vehicle due to capital contributions from or redemptions of limited partner interests. Limited partners were admitted or redeemed at the net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of their contributions or redemptions. For the years ended December 31, 2019 , 2018 and 2017, the difference between contributions or redemptions and the respective limited partners' share of the joint venture resulted in a net increase to additional paid-in capital of $12.4 million , $34.1 million and $21.8 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. Issuance of OP Units —The Company issued 21,478,515 OP Units in July 2019 and 612,072 OP Units in December 2019 as part of the consideration for the acquisitions of DBH, valued at $111.9 million , and DataBank, valued at $3.0 million , based upon the closing price of the Company's class A common stock on July 24, 2019 and December 20, 2019, respectively (Note 3 ). Redemption of OP Units —For the year ended December 31, 2019 , the Company redeemed 187,995 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 12 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Assets and Related Liabilities Held for Sale The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2019 December 31, 2018 Assets Restricted cash $ 15,585 $ 6,213 Real estate, net 799,415 3,645,406 Equity investment—private fund — 13,422 Goodwill — 20,000 Deferred leasing costs and intangible assets, net 33,236 135,924 Other assets 21,816 146,380 Due from affiliates — 2,290 Total assets held for sale $ 870,052 $ 3,969,635 Liabilities Debt, net $ 232,944 $ 1,064,585 Lease intangibles and other liabilities, net 35,208 153,910 Total liabilities related to assets held for sale $ 268,152 $ 1,218,495 Assets and Liabilities Related to Discontinued Operations At December 31, 2019 and 2018 , assets totaling $0.4 billion and $3.2 billion , respectively, and liabilities totaling $0.2 billion and $1.2 billion , respectively, of the industrial segment were classified as held for sale. Amounts as of December 31, 2018 included the light industrial portfolio and the related management platform prior to their sale in December 2019. At December 31, 2019 , only the assets and liabilities related to the bulk industrial portfolio remain as held for sale. The industrial assets held for sale consisted primarily of real estate and related intangible assets of $0.4 billion at December 31, 2019 and $3.0 billion at December 31, 2018 . Also included prior to the December 2019 sale were goodwill associated with the industrial management platform, fee receivable presented as due from affiliates, and the Company's general partner interest in the industrial open-end fund, presented as equity investment—private fund. Debt financing the light industrial portfolio was either repaid or assumed by the buyer concurrent with closing of the sale in December 2019. At December 31, 2019 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 light industrial portfolio and management platform were sold in December 2019. The first six months of 2018 also included loss from discontinued operations of $0.2 million related to certain properties in the THL Hotel Portfolio acquired in July 2017 that qualified as held for sale at the time of foreclosure. Such properties were fully disposed of in the second quarter of 2018. Income from discontinued operations is presented below. Year Ended December 31, (In thousands) 2019 2018 2017 Revenues Property operating income $ 346,431 $ 288,367 $ 284,051 Fee income 11,646 7,378 4,022 Interest and other income 5,163 3,775 4,742 Revenues from discontinued operations 363,240 299,520 292,815 Expenses Property operating expense 93,440 84,162 87,726 Interest expense 91,863 42,713 47,594 Investment and servicing expense 658 436 542 Placement fees — 234 1,650 Depreciation and amortization 106,470 129,104 109,265 Impairment loss — 948 44 Compensation expense—cash and equity-based (1) 29,791 11,156 8,119 Compensation expense—carried interest (2) 35,170 4,696 — Administrative expenses 6,089 4,569 4,703 Expenses from discontinued operations 363,481 278,018 259,643 Other income (loss) Gain on sale of real estate 1,457,892 7,633 22,504 Other gain, net 1,338 — — Equity method earnings, including carried interest (2) 41,258 10,636 1,868 Income from discontinued operations before income taxes 1,500,247 39,771 57,544 Income tax benefit (expense) 1,550 (189 ) (2,096 ) Income from discontinued operations 1,501,797 39,582 55,448 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 989,358 21,260 24,407 Noncontrolling interests in Operating Company 49,391 1,113 1,249 Income from discontinued operations attributable to Colony Capital, Inc. (2) $ 463,048 $ 17,209 $ 29,792 __________ (1) Includes equity-based compensation of $8.2 million , $2.9 million and $3.3 million for the years ended December 31, 2019 , 2018 and 2017, respectively. (2) In December 2019, carried interest totaling $81.2 million was realized upon sale of the light industrial portfolio, of which $52.8 million related to the unconsolidated industrial open-end fund had been recognized as unrealized equity method earnings over time, and $28.4 million related to the consolidated industrial closed-end fund was recorded upon realization in December 2019 as a disproportionate allocation to the Company from noncontrolling interests in investment entities. Approximately $39.9 million of total carried interest represents carried interest sharing compensation expense, recognized in the same period as the related carried interest income. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table provides the basic and diluted earnings per common share computations: Year Ended December 31, (In thousands, except per share data) 2019 2018 2017 Net loss allocated to common stockholders Loss from continuing operations $ (1,650,712 ) $ (534,757 ) $ (120,061 ) (Income) loss from continuing operations attributable to noncontrolling interests 138,857 (2,059 ) (107,622 ) Loss from continuing operations attributable to Colony Capital, Inc. (1,511,855 ) (536,816 ) (227,683 ) Income from discontinued operations attributable to Colony Capital, Inc. 463,048 17,209 29,792 Net loss attributable to Colony Capital, Inc. (1,048,807 ) (519,607 ) (197,891 ) Preferred stock redemption 5,150 3,995 (4,530 ) Preferred dividends (108,550 ) (117,097 ) (130,672 ) Net loss attributable to common stockholders (1,152,207 ) (632,709 ) (333,093 ) Net income allocated to participating securities (3,491 ) (2,504 ) (9,168 ) Net loss allocated to common stockholders—basic (1,155,698 ) (635,213 ) (342,261 ) Interest expense attributable to convertible notes (1) — — — Net loss allocated to common stockholders—diluted $ (1,155,698 ) $ (635,213 ) $ (342,261 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 479,588 496,993 532,600 Weighted average effect of dilutive shares (1)(2)(3) — — — Weighted average number of common shares outstanding—diluted 479,588 496,993 532,600 Basic loss per share Loss from continuing operations $ (3.38 ) $ (1.31 ) $ (0.70 ) Income from discontinued operations 0.97 0.03 0.06 Net loss attributable to common stockholders per basic common share $ (2.41 ) $ (1.28 ) $ (0.64 ) Diluted loss per share Loss from continuing operations $ (3.38 ) $ (1.31 ) $ (0.70 ) Income from discontinued operations 0.97 0.03 0.06 Net loss attributable to common stockholders per diluted common share $ (2.41 ) $ (1.28 ) $ (0.64 ) __________ (1) For the years ended December 31, 2019 , 2018 and 2017, excluded from the calculation of diluted earnings per share is the effect of adding back $28.2 million , $28.6 million and $28.9 million of interest expense, respectively, and 38,112,100 , 38,112,100 , and 38,564,400 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, 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 74,100 , 571,500 and 534,100 for the years ended December 31, 2019 , 2018 and 2017 , respectively, as the effect would be antidilutive. The calculation of diluted earnings per share also excludes the effect of weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 19 ) of 990,700 and 532,900 for the years ended December 31, 2019 and 2018 , respectively. (3) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one -for-one basis. At December 31, 2019 , 2018 and 2017 there were 53,261,100 , 31,358,500 and 32,282,500 |
Fee Income
Fee Income | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Fee Income | Fee Income The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, and traded and non-traded REITs, for which the Company earns fee income. For investment vehicles in which the Company co-sponsors with a third party or for which the Company engages a third party sub-advisor, such fee income is shared with the respective co-sponsor or sub-advisor. In December 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 CLNC. In April 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 partner to form a new joint venture, accounted for under the equity method. Fee income for all periods presented excludes management fees from the Company's open-end industrial fund which was classified as held for sale. Such fees are included in income from discontinued operations (Note 16 ). The Company's fee income is earned from the following sources. Year Ended December 31, (In thousands) 2019 2018 2017 Institutional funds and other investment vehicles $ 82,188 $ 48,624 $ 56,966 Public companies (CLNC, NRE) 118,049 65,258 14,003 Non-traded REITs 19,896 29,597 88,081 Other 3,782 964 57,717 $ 223,915 $ 144,443 $ 216,767 The following table presents the Company's fee income by type: Year Ended December 31, (In thousands) 2019 2018 2017 Base management fees ($151,452, $130,384, and $161,414 from affiliates, respectively) $ 152,189 $ 131,406 $ 179,816 Asset management fees ($2,371, $2,078, and $3,069 from affiliates, respectively) 3,559 2,078 3,069 Acquisition and disposition fees—from affiliates — 1,922 16,237 Incentive and termination fees ($64,555, $5,445, and $172 from affiliates, respectively) 64,555 5,445 1,043 Other fee income ($2,206, $3,389 and $0 from affiliates, respectively) 3,612 3,592 16,602 Total fee income $ 223,915 $ 144,443 $ 216,767 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 and similar investment vehicles—generally (a) 1% per annum of limited partners' net funded capital, or (b) 0.9% to 1.75% per annum of investors' committed capital during commitment or investment period and thereafter, of contributed or invested capital; • CLNC— 1.5% per annum of CLNC's stockholders' equity (as defined in its management agreement). In November 2019, the management agreement with CLNC was amended and restated to reduce the fee base to reflect CLNC's reduced book value, which resulted in a decrease in management fees effective in the beginning of the fourth quarter of 2019 (Note 6 ); • 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—prior to termination of the NRE management contract in connection with the sale of NRE on September 30, 2019 , 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 . 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 and Termination Fees —The Company may earn incentive fees from NRE (prior to termination of the NRE management contract) and CLNC, 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. Termination of the NRE management contract in September 2019 resulted in payment and recognition of a termination fee to the Company of $64.6 million , of which $21.5 million represents incentive fees earned for fiscal year 2019 through the date of termination. Other Fee Income —Other fees include service fees for information technology and operational support services and facilities to portfolio companies, advisory fees, and licensing fees related to the Colony Capital Fundamental U.S. Real Estate Index, a rules-based strategy that invests in common stock of REITs. Other fees also included selling commission and dealer manager fees through NorthStar Securities prior to May 2018 and advisory fees from Townsend clients on a fixed annual retainer in 2017. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation The Colony Capital, Inc. 2014 Omnibus Stock Incentive Plan (the "Equity Incentive Plan") provides for the grant of restricted stock, performance stock units ("PSUs"), Long Term Incentive Plan ("LTIP") units, RSUs, deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards to the Company's officers, directors (including non-employee directors), employees, co-employees, consultants or advisors of the Company or of any parent or subsidiary who provides services to the Company. Shares reserved for the issuance of awards under the Equity Incentive Plan are subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st. At December 31, 2019 , an aggregate 54.4 million shares of the Company's class A common stock were reserved for the issuance of awards under the Equity Incentive Plan. Restricted Stock — Restricted stock awards relating to the Company's class A common stock are granted to senior executives, directors and certain employees, with a service condition only and are generally subject to annual time-based vesting in equal tranches over a three -year period. Restricted stock is entitled to dividends declared and paid on the Company's class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company's class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three -year service period. Performance Stock Units ("PSUs") — PSUs are granted to senior executives and certain employees, and are subject to both a service condition and market condition. Following the end of the measurement period for the PSUs, the recipients of PSUs who remain employed will vest in, and be issued a number of shares of the Company's class A common stock, ranging from 0% to 200% of the number of PSUs granted, to be determined based upon the performance of the Company's class A common stock either relative to that of a specified peer group or against a target stock price over a three -year measurement period (such measurement metric the "total shareholder return"). In addition, recipients of PSUs whose employment is terminated after the first anniversary of the PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based on achievement of the total shareholder return metric otherwise applicable to the award. PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period. In February 2019, the PSUs issued in 2018 were modified to, among other things, reduce the potential maximum number of shares of the Company’s class A common stock to be issued upon final vesting from 200% to 125% of the number of PSUs granted. The incremental value resulting from the modification was immaterial. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2019 PSU Grants 2018 PSU Grant (4) Expected volatility of the Company's class A common stock (1) 26.2% 29.0% Expected annual dividend yield (2) 8.5% - 8.7% 7.3% Risk-free rate (per annum) (3) 2.2% - 2.4% 2.1% __________ (1) Based upon historical volatility of the Company's stock, and where applicable, a combination of historical volatility and implied volatility on actively traded stock options of a specified peer group. (2) Based upon a combination of historical dividend yields and the current annualized dividends. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date. (4) Reflects assumptions applied in valuing the award upon modification in February 2019. Fair value of PSU awards, excluding dividend equivalent rights, is recognized on a straight-line basis over their measurement period as compensation expense, and is not subject to reversal even if the market condition is not achieved. The dividend equivalent right is accounted for as a liability-classified award. The fair value of the dividend equivalent right is recognized as compensation expense on a straight-line basis over the measurement period, and is subject to adjustment to fair value at each reporting period. LTIP Units — LTIP units are units in the Operating Company that 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 (subject to capital account limitation), into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 15 ). LTIP units issued to certain employees have a service condition only, and are valued based upon the Company's class A common stock price on grant date. In connection with the acquisition of DBH in July 2019, the Company granted 10 million LTIP units to Marc C. Ganzi, co-founder and Chief Executive Officer ("CEO") of DBH and CEO-elect of the Company, subject to both a service condition and a market condition. The LTIP units will vest based upon achievement of the Company's class A common stock price closing at or above $10.00 over any 90 consecutive trading days prior to the fifth anniversary of the grant date, subject to Mr. Ganzi's continuous employment to the time of such vesting. Fair value of these LTIP units was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: Ganzi LTIP Grant Expected volatility of the Company's class A common stock (1) 28.3% Expected dividend yield (2) 8.1% Risk-free rate (per annum) (3) 1.8% __________ (1) Based upon historical volatility of the Company's stock and those of a specified peer group. (2) Based upon the Company's most recently issued dividend prior to grant date and closing price of the Company's class A common stock on grant date. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the measurement period of the award as of valuation date. Equity-based compensation cost on LTIP units is recognized on a straight-line basis over either the service period for awards with a service condition only, or over the derived service period for awards with both a service condition and a market condition. The derived service period is a service period that is inferred from the application of the simulation technique used in the valuation of the award, and represents the median of the terms in the simulation in which the market condition is satisfied. Deferred Stock Units — Certain non-employee directors may elect to defer the receipt of annual base fees and/or restricted stock awards, and in lieu, receive awards of DSUs. DSUs awarded in lieu of annual base fees are fully vested on their grant date, while DSUs awarded in lieu of restricted stock awards vest one year from their grant date. DSUs are entitled to a dividend equivalent, in the form of additional DSUs based on dividends declared and paid on the Company's class A common stock. Any such additional DSUs will also be credited with additional DSUs as cash dividends are paid, subject to the same restrictions and vesting conditions, if any. Upon separation of service from the Company, vested DSUs are to be settled in shares of the Company’s class A common stock. Fair value of DSUs are determined based on the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, or on a straight-line basis over the vesting period as equity based compensation expense and equity. Equity-based compensation expense, excluding amounts related to the industrial segment which is presented as discontinued operations (Note 16 ), is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights) $ 31,403 $ 38,928 $ 146,563 Earnings from investments in unconsolidated ventures — — 61 Investment and servicing expense — — 4,070 $ 31,403 $ 38,928 $ 150,694 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, 2018 5,422,090 — 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 Granted 5,085,924 10,000,000 386,834 3,760,864 19,233,622 2.92 2.30 Vested (2,570,167 ) — (304,184 ) (60,514 ) (2,934,865 ) 5.09 9.79 Forfeited (296,139 ) — — (64,104 ) (360,243 ) 4.53 6.26 Unvested shares and units at December 31, 2019 7,641,708 10,000,000 265,784 5,680,195 23,587,687 3.66 3.25 __________ (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 measured 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 $14.7 million , $111.2 million and $31.9 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. At December 31, 2019 , aggregate unrecognized compensation cost for all unvested equity awards was $44.5 million , which is expected to be recognized over a weighted average period of 2.0 years . Awards Granted by Managed Companies CLNC and NRE, both managed by the Company prior to the sale of NRE, issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). CLNC awards are primarily restricted stock grants that typically vest over a three -year period, subject to service conditions. NRE awards generally had similar terms as the Company's stock awards, except that the NRE performance stock units measured NRE's stock performance against either an absolute total shareholder return threshold or relative to the performance of a specified market index. Employees were entitled to receive shares of NRE common stock if service conditions and/or market conditions were 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 grant by the Company to its employees, are recognized based upon their fair value at grant date as an equity investment 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 CLNC, or through the Company, are recorded as other asset and other liability, and amortized on a straight-line basis as equity-based compensation expense and as other income, respectively, as the awards vest to the employees. The other asset and other liability associated with managed company awards granted to employees are subject to adjustment to fair value at each reporting period, with changes reflected in equity-based compensation and other income, respectively. Equity-based compensation expense recognized related to managed company awards was $32.3 million and $9.6 million for the years ended December 31, 2019 and 2018 , respectively, which included the acceleration of all outstanding NRE awards and certain CLNC awards upon the sale of NRE in September 2019. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 20 ). At December 31, 2019 , aggregate unrecognized compensation cost for unvested managed company awards was $11.4 million , pertaining only to CLNC, which is expected to be recognized over a weighted average period of 1.9 years . |
Transactions with Affiliates
Transactions with Affiliates | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | Transactions with Affiliates Affiliates include (i) private funds, traded and non-traded REITs and investment companies that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees"). Amounts due from and due to affiliates consist of the following: (In thousands) December 31, 2019 December 31, 2018 Due from Affiliates Investment vehicles, portfolio companies and unconsolidated ventures Fee income $ 36,106 $ 32,139 Cost reimbursements and recoverable expenses 14,624 10,754 Employees and other affiliates 750 596 $ 51,480 $ 43,489 Due to Affiliates Employees and other affiliates $ 34,064 $ — 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 18 . 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 non-traded REITs and CLNC, 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 (prior to termination of management agreement and sale of NRE in September 2019) 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 NorthStar Healthcare and private funds managed by the Company; • Equity awards granted to employees of the Company by CLNC and NRE (prior to termination of the NRE management agreement) and cash compensation paid by NRE to certain employees of the Company in connection with the sale of NRE in September 2019, which are presented gross as other income and compensation expense (Note 19 ); • Services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties, and services to the Digital Colony Manager joint venture prior to the Company's acquisition of DBH in July 2019; and • Administrative services provided to certain senior executives of the Company. Cost reimbursements, included in other income, were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Retail companies $ 3,098 $ 4,672 $ 19,545 Public companies (CLNC, NRE) 14,442 10,747 — Private investment vehicles and other 14,059 9,198 3,779 Equity awards of CLNC and NRE (Note 19) 32,627 10,078 — Townsend — — 2,306 $ 64,226 $ 34,695 $ 25,630 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, 2019 and 2018, there were no outstanding advances under the revolving credit facility. Liquidating Trust— As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I was not transferred to CLNC, for which the Company acquired a senior participation interest at par, and the remaining junior participation interest ("NorthStar I Retained Asset") was transferred to a liquidating trust. The Company entered into a management services agreement with the liquidating trust to service and assist in the potential sale of the NorthStar I Retained Asset, and to provide administrative services on such terms and conditions as approved by the trustees for a management fee of 1.25% per annum of the net assets of the liquidating trust. Such fee amount is immaterial. Sales to CLNC— There were no such sales in the year ended December 31, 2019 . In May 2018, the Company sold a preferred equity investment sponsored by the Company's equity method investee, RXR Realty, to CLNC at the unpaid principal amount of the investment of $89.1 million . In July 2018, the Company sold to CLNC 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— 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”). 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 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. Acquisition of DBH and DataBank— In connection with the acquisition of DBH in July 2019, payment of a portion of the cash consideration was deferred until the expiration of certain customary seller indemnification obligations (Note 3 ). The deferred consideration of $32.5 million remaining at December 31, 2019 is payable to principals of DBH, including Mr. Ganzi, who became employees or affiliate of the Company post-acquisition. In connection with the Company's acquisition in December 2019 of interests in DataBank from third parties (Note 3 ) , Mr. Ganzi and Mr. Jenkins , the Chairman of the Company’s digital realty platform, entered into voting agreements with the Company, which provide the Company with majority voting power over DataBank's board. T he Company took a series of steps to mitigate conflicts in the transaction, including receiving a fairness opinion on its purchase price from a nationally recognized third party valuation firm. Additionally, in exchange for incentive units owned by Messrs. Ganzi and Jenkins allocable to the DataBank stake acquired by the Company, the Company issued OP Units with a value of $3 million , which are subject to a multi-year lockup. The value represents consideration paid to Messrs. Ganzi and Jenkins by the Company for such incentive units in connection with its investment in DataBank, which was in addition to the cash consideration paid to third parties by the Company for its acquired interests in Databank. As a result, the Company will not be subject to future carried interest payments to the DBH principals with respect to the Company's investment in DataBank. In addition, the DataBank transaction was approved by the Company's board of directors. 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, 2019 , 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. Equity Awards of CLNC and NRE —As discussed in Note 19 , CLNC and NRE (prior to the sale of NRE in September 2019) grant equity awards to the Company and certain of the Company's employees, either directly 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 invest 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, 2019 and 2018, such investments in consolidated investment vehicles and general partner entities totaled $4.0 million and $5.7 million , respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income was $2.5 million and $0.4 million for the years ended December 31, 2019 and 2018, respectively. Corporate Aircraft— The Company, through its subsidiary, Colony Capital Advisors, LLC, has entered into a time sharing agreement with Thomas J. Barrack, Jr., the Company's Executive Chairman and Chief Executive Officer, under which Mr. Barrack may use the Company’s aircraft for personal travel. Under this arrangement, Mr. Barrack pays the Company for personal usage based on the incremental cost to the Company, including direct and indirect variable costs, but in no case more than the maximum reimbursement permitted by the Federal Aviation Regulations under the agreement. Mr. Barrack has reimbursed the Company $1.4 million , $0.7 million and $1.9 million for personal flights taken during the years ended December 31, 2019 , 2018 and 2017 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
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 related to the industrial business presented as discontinued operations (Note 16 ), were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Current Federal $ (6,320 ) $ 2,881 $ (20,316 ) State and local (3,276 ) 1,168 (3,606 ) Foreign (12,459 ) (13,698 ) (16,138 ) Total current tax benefit (expense) (22,055 ) (9,649 ) (40,060 ) Deferred Federal 1,652 64,962 110,711 State and local 2,800 1,320 18,235 Foreign 5,150 3,148 9,513 Total deferred tax benefit 9,602 69,430 138,459 Total income tax benefit (expense) from continuing and discontinued operations $ (12,453 ) $ 59,781 $ 98,399 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. Certain deferred tax liabilities were recognized in connection with business combinations in 2019, related primarily to book-to-tax basis differences in real estate assets recorded at fair value upon acquisition of DataBank, for which a TRS election was made, and investment management contract intangible assets recognized from the acquisition of DBH. At December 31, 2018, the Company believed that it was 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 are as follows. (In thousands) December 31, 2019 December 31, 2018 Deferred tax assets Net operating and capital loss carry forwards (1) $ 67,785 $ 56,609 Equity-based compensation 23,410 17,162 Investment in partnerships 625 7,745 Real estate, leases and related intangibles 15,870 — Foreign tax credits (2) — 892 Straight-line and prepaid rent 6,270 7,850 Deferred income 3,520 — Deferred interest expense 5,881 472 Other (3) 11,853 2,904 Gross deferred tax assets 135,214 93,634 Valuation allowance (26,305 ) (22,062 ) Deferred tax assets, net of valuation allowance 108,909 71,572 Deferred tax liabilities Real estate, leases and related intangibles 209,474 63,901 Other intangible assets 31,124 33,693 Deferred income — 1,263 Other (3) 9,420 108 Gross deferred tax liabilities 250,018 98,965 Net deferred tax liability $ (141,109 ) $ (27,393 ) __________ (1) At December 31, 2019 and 2018, deferred tax asset was recognized on net operating losses of $269.7 million and $251.2 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2031 , except those incurred after December 31, 2017 attributable to U.S. federal, and those attributable to foreign operations can generally be carried forward indefinitely. (2) Foreign tax credits expire beginning 2027 . (3) Other includes deferred tax asset on lease liability and deferred tax liability on lease ROU asset related to office leases at December 31, 2019. 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) 2019 2018 2017 Loss from continuing and discontinued operations before income taxes $ (136,462 ) $ (554,956 ) $ (163,012 ) Pre-tax (income) loss attributable to pass-through subsidiaries (675,635 ) 312,939 (405,104 ) Pre-tax loss attributable to taxable subsidiaries (812,097 ) (242,017 ) (568,116 ) Federal tax benefit at statutory tax rate (21%, 21% and 35%, respectively) 170,540 50,824 198,841 State and local income taxes, net of federal income tax benefit 1,362 10,983 9,380 Foreign income tax differential (8,979 ) (3,533 ) 6 Nondeductible expenses—goodwill impairment (165,480 ) — (110,600 ) Nondeductible expenses—other (4,390 ) (4,648 ) (20,372 ) Valuation allowance, net (4,151 ) 2,874 (3,555 ) Impact of Tax Cuts and Jobs Act — 2,190 24,908 Other (1,355 ) 1,091 (209 ) Income tax benefit (expense) from continuing and discontinued operations $ (12,453 ) $ 59,781 $ 98,399 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 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company's operating leases, as lessee, are primarily leases on investment properties, consisting primarily of powered shell spaces for data centers, an air rights lease and ground leases assumed through real estate acquisitions, and leases for corporate offices. The weighted average remaining lease terms based upon outstanding lease liability balances at December 31, 2019 were 19.7 years for leases on investment properties and 7.4 years for office leases. For the years ended December 31, 2018 and 2017 , lease expense, including variable lease expense, was $8.2 million and $6.7 million for ground leases, respectively, and $10.1 million and $13.3 million for office leases, respectively. For the year ended December 31, 2019 , the following table summarizes lease expense for investment properties, included in property operating expense, and office leases, included in administrative expense. Year Ended December 31, 2019 (In thousands) Investment Properties Corporate Offices Operating lease expense: Fixed lease expense $ 8,292 $ 9,213 Variable lease expense 1,898 2,516 $ 10,190 $ 11,729 Operating Lease Commitments The operating lease liability was determined using a weighted average discount rate of 6.8% . At December 31, 2019 , the Company's future operating lease commitments for investment properties, excluding real estate held for sale, and for corporate offices were as follows: (In thousands) Year Ending December 31, Investment Properties Corporate Offices Total 2020 $ 17,295 $ 10,314 $ 27,609 2021 16,847 9,735 26,582 2022 17,015 8,074 25,089 2023 17,054 7,778 24,832 2024 17,060 8,314 25,374 2025 and thereafter 211,195 23,337 234,532 Total lease payments 296,466 67,552 364,018 Present value discount (182,721 ) Operating lease liability (Note 9) $ 181,297 At December 31, 2018 , the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Corporate Offices 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 in an amount up to $13.0 million (Note 12 ), subject to the Company achieving certain agreed upon returns. Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of December 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. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company's seven reportable segments are as follows: • Digital Real Estate and Investment Management ("Digital")— The Company's digital segment is composed of (i) balance sheet equity interests in digital infrastructure and real estate; and (ii) digital infrastructure and real estate investment management business. For digital investments on our balance sheet, these assets earn rental income from providing use of space and/or capacity in or on our digital assets through long-term leases, services and other agreements . In the digital investment management business, we earn management fees, generally based on the amount of assets or capital managed in investment vehicles, and have the potential to earn carried interest based on the performance of such investment vehicles subject to the achievement of minimum return hurdles. • 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 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— In December 2019, the Company completed the sale of the light industrial portfolio and its related management platform, which represented the vast majority of the segment. Therefore, the industrial segment will no longer constitute a reportable segment in the future. The Company continues to own the remaining bulk industrial assets which remain held for sale. As the sale represented a strategic shift that had a major effect on the Company’s operations and financial results, the historical results of the industrial segment are presented as discontinued operations on the consolidated statements of operations (Note 16 ). • Hospitality— The Company's hospitality segment 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 segment is composed of our 36% interest in CLNC, an externally managed commercial real estate credit REIT. CLNC is focused on originating, acquiring, financing and managing a diversified commercial real estate portfolio, consisting primarily of senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States. • Other Equity and Debt— This segment is composed 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 on real estate or real estate-related investments, excluding digital real estate. Non-strategic investments are composed of those investments the Company does not intend to own for the long term including commercial real estate equity and debt investments and other real estate related securities, among other holdings. • Other Investment Management— This segment, which is separate from the digital investment management business that resides in the digital segment, encompasses the Company’s management of private real estate credit funds and related co-investment vehicles, CLNC, a public non-traded healthcare REIT and interests in other investment management platforms, among other smaller investment funds. This segment also included the industrial investment management business prior to the sale of the light industrial portfolio in December 2019, and is presented as discontinued operations on the consolidated statements of operations. The Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or potential carried interest based on the performance of the investment vehicles managed subject to the achievement of minimum return hurdles . In December 2019, the acquisition of DataBank marked the Company's inaugural direct balance sheet investment in digital real estate. Together with the acquisition of DBH in July 2019, the Company now has a footprint in both ownership and management of digital real estate assets, which signals the beginning of the Company's pivot into its new digital real estate strategy. As of December 31, 2019, the Company has determined that digital real estate represents a new reportable segment. As of December 31, 2019, the digital segment is composed of the Company's DataBank and DBH subsidiaries, along with the Company's existing investments in the DCP fund and its manager. As a result, the Company's equity method investment and its corresponding share of earnings in the DCP fund, which was in the other equity and debt segment, and in Digital Colony Manager prior to its consolidation (Note 3 ), along with transaction and financing costs related to the DBH acquisition, which resided in the investment management segment, have been reclassified into the digital segment as of and for the years ended December 31, 2019 and 2018. Additionally, the Company has determined that on a go forward basis, future benefits from its remaining customer relationship intangible (outside of DBH customer relationships) will be derived by its digital business, and therefore, the Company has reallocated the remaining customer relationship intangible from its investment management segment to its digital segment effective December 31, 2019. Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets for administrative use, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with certain affiliates, costs in connection with unconsummated investments, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs as well as corporate level transaction and integration costs. The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments. The various reportable segments generate distinct revenue streams, consisting of property operating income, interest income and fee income. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments. Results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from our general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment, are presented as discontinued operations for all current and prior periods presented (Note 16 ). (In thousands) Digital Healthcare Industrial Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2019 Total revenues $ 40,407 $ 582,139 $ — $ 828,523 $ — $ 614,551 $ 246,499 $ 14,235 $ 2,326,354 Property operating expenses 2,197 260,374 — 554,981 — 273,357 — — 1,090,909 Interest expense 4,502 192,621 — 169,781 — 113,762 — 54,872 535,538 Depreciation and amortization 12,209 161,115 — 145,424 — 85,910 79,097 6,037 489,792 Provision for loan losses — — — — — 35,880 — — 35,880 Impairment loss — 187,341 — 50,474 — 110,025 797,954 649 1,146,443 Gain on sale of real estate — 1,384 — 279 — 61,253 — — 62,916 Equity method earnings (losses) 2,647 — — — (241,356 ) 115,927 (17,602 ) — (140,384 ) Equity method earnings—carried interest — — — — — — 11,682 — 11,682 Income tax benefit (expense) (15,104 ) 612 — (898 ) — (7,270 ) 9,311 (654 ) (14,003 ) Income (loss) from continuing operations 43,786 (239,888 ) — (107,066 ) (241,356 ) 87,004 (754,314 ) (438,878 ) (1,650,712 ) Income from discontinued operations — — 1,486,691 — — — 15,106 — 1,501,797 Net income (loss) 43,786 (239,888 ) 1,486,691 (107,066 ) (241,356 ) 87,004 (739,208 ) (438,878 ) (148,915 ) Net income (loss) attributable to Colony Capital, Inc. 40,658 (179,976 ) 449,050 (90,139 ) (227,548 ) 1,436 (643,631 ) (398,657 ) (1,048,807 ) 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) 8,845 — — — (65,366 ) 97,416 (50,496 ) — (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 5,955 (283,516 ) — (90,581 ) (65,366 ) 266,886 (145,161 ) (222,974 ) (534,757 ) Income (loss) from discontinued operations — — 26,749 — — (102 ) 12,935 — 39,582 Net income (loss) 5,955 (283,516 ) 26,749 (90,581 ) (65,366 ) 266,784 (132,226 ) (222,974 ) (495,175 ) Net income (loss) attributable to Colony Capital, Inc. 5,606 (199,277 ) 4,246 (82,798 ) (61,457 ) 141,197 (124,024 ) (203,100 ) (519,607 ) (In thousands) Digital Healthcare Industrial Hospitality CLNC Other Equity and Debt Other 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 ) Total assets and equity method investments excluding investments held for sale (Note 8 ) of the reportable segments are summarized as follows: December 31, 2019 December 31, 2018 (In thousands) Total Assets Equity Method Investments Total Assets Equity Method Investments Digital $ 2,160,402 $ 47,891 $ 32,354 $ 32,354 Healthcare 4,886,374 — 5,395,550 — Industrial 458,673 — 3,185,906 — Hospitality 3,789,098 — 3,980,988 — CLNC 725,443 725,443 1,037,754 1,037,754 Other Equity and Debt 5,749,455 1,070,462 6,344,124 1,026,420 Other Investment Management 1,085,234 139,977 1,979,432 176,403 Amounts not allocated to segments 977,505 3,742 259,141 3,742 $ 19,832,184 $ 1,987,515 $ 22,215,249 $ 2,276,673 Geography Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Year Ended December 31, (In thousands) 2019 2018 2017 Total income by geography: United States $ 1,772,135 $ 2,002,260 $ 2,492,800 Europe 354,164 329,609 310,783 Other 7,127 302 3,610 Total (1) $ 2,133,426 $ 2,332,171 $ 2,807,193 (In thousands) December 31, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,956,282 $ 9,566,982 Europe 1,508,347 1,600,623 Total (2) $ 11,464,629 $ 11,167,605 __________ (1) Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale at December 31, 2019 and 2018 included $0.5 billion and $ 3.3 billion located in the United States, respectively, and $0.3 billion and $ 0.5 billion |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information Year Ended December 31, (In thousands) 2019 2018 2017 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized of $3,192, $5,554, and $0 $ 523,533 $ 507,495 $ 452,726 Cash received for income tax refunds (paid for income taxes), net (12,595 ) 14,476 53,017 Cash paid for operating lease liabilities 16,234 — — SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations $ 149,737 $ 158,666 $ 153,379 Net cash provided by (used in) investing activities of discontinued operations 3,721,764 (599,940 ) 82,408 Net cash provided by (used in) financing activities of discontinued operations (2,640,171 ) 351,052 378,788 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 83,301 $ 84,013 $ 188,202 Improvements in operating real estate in accrued and other liabilities 20,230 2,249 18,221 Redemption of OP Units for common stock 2,104 29,034 22,831 Preferred stock redemptions payable 402,855 — — ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption 139,157 — — Deferred cash consideration for acquisition of DBH (Note 3) 32,500 — — Issuance of OP Units for business combinations (Note 3) 114,865 — — Proceeds from loan repayments and asset sales held in escrow 63,984 19,425 27,426 Distributions payable to noncontrolling interests included in other liabilities 3,986 19,297 10,786 Foreclosures and exchanges of loans receivable for real estate 28,562 47,097 54,615 Debt assumed by buyer in sale of real estate 295,562 196,416 1,258,558 Debt issued to buyer in sale of real estate 4,000 — — Fair value of Digital Colony Manager contract intangible consolidated (Note 3) 51,400 — — Assets acquired in business combinations, net of cash and restricted cash acquired (Note 3) 2,098,313 — 16,684,675 Liabilities assumed in business combinations (Note 3) 818,449 — 11,249,183 Noncontrolling interests assumed in business combinations (Note 3) 724,567 — 592,690 Deconsolidation of net assets of securitization trusts — 131,386 — Assets held for sale contributed to equity method investee — 20,350 — Deferred tax liabilities assumed by buyer of related real estate — 26,629 — Share repurchase payable — 7,567 — Contributions receivable from noncontrolling interests — 29,721 25,501 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 — Year Ended December 31, (In thousands) 2019 2018 2017 Net assets of investment entity deconsolidated, net of cash and restricted cash contributed — — 153,368 Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — — 66,020 Common stock issued for acquisition of NSAM and NRF — — 5,710,134 Preferred stock issued for acquisition of NRF — — 1,010,320 Net assets acquired in CPI restructuring, net of cash and restricted cash assumed — — 219,278 Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed — — 326,679 Net assets of sponsored fund consolidated, net of cash and restricted cash assumed — — 13,370 Exchange of notes for class A common shares — — 3,279 Assets of consolidated securitization trust — — 58,296 Liabilities of consolidated securitization trust — — 56,928 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the accompanying notes. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018 and 2017 The following table summarizes the activities in the allowance for doubtful accounts established on all of the Company's receivable balances, primarily receivables from borrowers other than interest, hotel operating income receivables, property level insurance receivables, and other receivables from managed investment vehicles. In 2018 and 2017, allowances were established on lease-related receivables such as base rents, expense reimbursements and straight-line rents from tenants, and resident fees. Upon adoption of ASC 842 on January 1, 2019, such allowances were charged off against the receivable to the extent collection of the related lease receivables were determined to not be probable, and any remaining allowance related to amounts probable of collection were subsequently charged off at such time cash was collected as a reduction to bad debt expense (Note 2 ). Year Ended December 31, (In thousands) 2019 2018 2017 Balance at January 1 $ 14,514 $ 6,869 $ 1,708 Cumulative effect of adoption of ASC 842 (13,889 ) — — Allowance for doubtful accounts 6,793 26,860 14,602 Charge-offs (4,605 ) (19,155 ) (9,531 ) Effect of changes in foreign exchange rates — (60 ) 90 Balance at December 31 $ 2,813 $ 14,514 $ 6,869 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulative Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2019 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 Digital Data Centers (4) 20 $ 539,155 $ 29,508 $ 817,950 $ — $ 29,508 $ 817,950 $ 847,458 $ 1,065 $ 846,393 2019 Healthcare Assisted Living Facilities Alabama 1 4,540 337 2,583 1,505 337 4,088 4,425 431 3,994 2017 Arizona 1 8,998 536 14,434 1,354 536 15,788 16,324 1,374 14,950 2017 California 5 35,823 12,157 76,393 (24,087 ) 7,286 57,177 64,463 6,353 58,110 2017 Colorado 2 102,295 7,734 138,276 3,849 7,734 142,125 149,859 11,542 138,317 2017 Georgia 1 7,031 516 14,220 (2,994 ) 366 11,376 11,742 1,321 10,421 2017 Illinois 22 184,017 9,433 289,465 (30,893 ) 8,476 259,529 268,005 24,996 243,009 2017 Indiana 9 25,835 7,170 26,900 — 7,170 26,900 34,070 2,753 31,317 2017 Kansas 1 5,963 915 12,105 (6,861 ) 302 5,857 6,159 1,111 5,048 2017 Massachusetts 1 2,932 1,346 1,523 279 1,346 1,802 3,148 278 2,870 2017 North Carolina 8 81,404 11,656 151,555 723 11,656 152,278 163,934 12,253 151,681 2017 Nebraska 1 2,531 559 3,161 (756 ) 396 2,568 2,964 330 2,634 2017 Ohio 9 188,728 16,108 247,227 (17,054 ) 14,728 231,553 246,281 21,668 224,613 2017 Oklahoma 5 10,294 1,419 17,467 (3,372 ) 952 14,562 15,514 2,158 13,356 2017 Oregon 25 171,437 20,905 269,521 (341 ) 20,437 269,648 290,085 23,252 266,833 2017 South Carolina 1 16,183 1,105 17,975 1,236 1,105 19,211 20,316 1,573 18,743 2017 Tennessee 2 12,090 2,179 24,880 (7,305 ) 1,540 18,214 19,754 2,326 17,428 2017 Texas 8 119,609 18,144 138,400 6,427 18,063 144,908 162,971 13,079 149,892 2017 Washington 6 45,314 3,765 68,188 (1,406 ) 3,673 66,874 70,547 5,852 64,695 2017 United Kingdom 46 293,661 129,071 510,026 43,209 132,686 549,620 682,306 41,615 640,691 2017-2019 Hospitals Georgia 1 9,012 2,047 16,650 — 2,047 16,650 18,697 1,283 17,414 2017 Louisiana 1 13,049 1,591 13,991 — 1,591 13,991 15,582 1,069 14,513 2017 Missouri 3 18,605 3,586 22,684 — 3,586 22,684 26,270 1,813 24,457 2017 Oklahoma 1 15,320 536 15,954 — 536 15,954 16,490 1,216 15,274 2017 Texas 2 18,406 3,191 52,140 2,399 3,191 54,539 57,730 4,067 53,663 2017 Utah 1 3,386 2,151 7,073 — 2,151 7,073 9,224 560 8,664 2017 Medical Office Buildings Alabama 2 34,502 — 56,252 (23,258 ) — 32,994 32,994 4,069 28,925 2017 Arkansas 1 807 — 1,343 — — 1,343 1,343 300 1,043 2017 California 2 18,613 5,708 33,831 1,102 5,708 34,933 40,641 3,346 37,295 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2019 Accumulated Depreciation (2) Net Carrying Amount Date of Acquisition Property Description / Location Number of Properties Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Colorado 6 21,005 8,330 57,618 2,756 7,951 60,753 68,704 6,041 62,663 2017 Florida 3 23,198 2,119 41,279 (4,485 ) 1,794 37,119 38,913 3,648 35,265 2017 Georgia 13 61,022 12,976 100,152 4,074 12,976 104,226 117,202 9,823 107,379 2017 Hawaii 1 4,737 519 14,030 2,945 519 16,975 17,494 1,098 16,396 2017 Idaho 1 18,431 — 30,473 — — 30,473 30,473 2,633 27,840 2017 Illinois 6 62,660 9,809 97,772 1,860 9,426 100,015 109,441 9,185 100,256 2017 Indiana 27 160,241 18,106 297,676 (7,635 ) 16,302 291,845 308,147 29,176 278,971 2017 Louisiana 4 25,580 2,406 52,142 (5,070 ) 1,889 47,589 49,478 4,851 44,627 2017 Michigan 3 29,871 3,856 48,703 (8,785 ) 2,770 41,004 43,774 4,141 39,633 2017 Minnesota 2 4,812 1,144 9,348 141 1,144 9,489 10,633 892 9,741 2017 Mississippi 1 13,720 — 21,465 — — 21,465 21,465 1,951 19,514 2017 New Mexico 3 9,941 — 16,344 531 — 16,875 16,875 2,675 14,200 2017 Ohio 5 42,235 5,036 99,039 (6,128 ) 3,821 94,126 97,947 8,663 89,284 2017 Oklahoma 2 11,865 — 18,382 — — 18,382 18,382 1,669 16,713 2017 South Carolina 2 14,936 761 22,966 (4,707 ) 343 18,677 19,020 2,102 16,918 2017 Tennessee 2 3,851 449 20,022 (3,615 ) 449 16,407 16,856 1,676 15,180 2017 Texas 19 93,013 5,808 168,060 2,752 5,751 170,869 176,620 18,352 158,268 2017 Washington 1 22,470 998 47,052 107 998 47,159 48,157 3,922 44,235 2017 Skilled Nursing Facilities Alabama 1 8,418 433 7,169 — 433 7,169 7,602 711 6,891 2017 California 2 13,518 1,936 37,612 — 1,936 37,612 39,548 7,003 32,545 2017 Florida 22 155,663 24,326 323,769 (6,722 ) 23,907 317,466 341,373 27,392 313,981 2017 Georgia 6 99,836 12,140 130,707 — 12,140 130,707 142,847 10,901 131,946 2017 Illinois 2 9,620 2,716 15,941 — 2,716 15,941 18,657 1,864 16,793 2017 Indiana 19 95,295 5,634 132,921 — 5,634 132,921 138,555 12,672 125,883 2017 Kentucky 1 13,916 362 17,493 3,084 362 20,577 20,939 1,870 19,069 2017 Louisiana 1 26,263 1,068 28,675 — 1,068 28,675 29,743 2,454 27,289 2017 Massachusetts 3 9,512 6,179 8,006 — 6,179 8,006 14,185 651 13,534 2017 North Carolina 1 5,706 286 10,549 — 286 10,549 10,835 936 9,899 2017 Oregon 6 22,450 4,330 38,024 (6,359 ) 3,596 32,399 35,995 3,207 32,788 2017 Pennsylvania 8 209,521 20,010 240,922 (437 ) 19,573 240,922 260,495 20,614 239,881 2017 Tennessee 2 29,547 2,760 38,863 (2,426 ) 2,305 36,892 39,197 3,081 36,116 2017 Virginia 6 44,199 4,953 61,032 (7,877 ) 4,157 53,951 58,108 4,758 53,350 2017 Washington 3 10,353 3,647 16,108 (1,254 ) 3,429 15,072 18,501 1,574 16,927 2017 352 2,827,790 426,962 4,514,531 (103,494 ) 411,453 4,426,546 4,837,999 404,174 4,433,825 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2019 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 14,339 1,897 15,843 2,760 1,897 18,603 20,500 1,752 18,748 2017 California 8 207,841 59,120 241,574 8,118 59,120 249,692 308,812 28,115 280,697 2017 Colorado 3 56,773 13,163 67,804 6,495 13,163 74,299 87,462 9,181 78,281 2017 Connecticut 2 23,599 3,454 30,231 3,218 3,454 33,449 36,903 3,734 33,169 2017 Florida 2 32,432 2,991 50,761 546 2,991 51,307 54,298 6,223 48,075 2017 Georgia 2 40,561 7,278 52,967 2,465 7,278 55,432 62,710 5,701 57,009 2017 Illinois 1 25,234 4,375 34,567 665 4,375 35,232 39,607 4,139 35,468 2017 Kentucky 2 9,919 2,956 29,407 (15,146 ) 845 16,372 17,217 3,275 13,942 2017 Louisiana 1 11,574 1,874 15,043 790 1,874 15,833 17,707 2,573 15,134 2017 Massachusetts 3 54,598 8,274 74,973 1,300 8,274 76,273 84,547 8,018 76,529 2017 Maryland 1 17,881 3,003 24,644 361 3,003 25,005 28,008 2,877 25,131 2017 Maine 1 11,971 1,572 15,610 1,859 1,572 17,469 19,041 2,216 16,825 2017 Michigan 2 30,846 4,521 39,797 3,569 4,521 43,366 47,887 4,533 43,354 2017 North Carolina 1 17,314 1,693 23,893 521 1,693 24,414 26,107 3,470 22,637 2017 New Hampshire 3 43,411 7,167 59,440 954 7,167 60,394 67,561 6,713 60,848 2017 New Jersey 7 115,347 20,639 145,058 10,647 20,639 155,705 176,344 20,387 155,957 2017 New Mexico 1 16,739 2,125 22,446 747 2,125 23,193 25,318 3,431 21,887 2017 New York 3 39,511 4,108 48,124 5,820 4,108 53,944 58,052 5,799 52,253 2017 Ohio 1 8,417 575 11,747 330 575 12,077 12,652 1,647 11,005 2017 Pennsylvania 2 13,239 4,526 36,759 (18,808 ) 2,105 20,372 22,477 3,869 18,608 2017 Tennessee 1 23,186 4,118 28,471 1,037 4,118 29,508 33,626 3,310 30,316 2017 Texas 11 141,139 19,932 165,947 11,886 17,008 180,757 197,765 23,022 174,743 2017 Virginia 3 30,787 5,981 38,545 2,951 5,981 41,496 47,477 5,180 42,297 2017 Washington 4 95,883 22,388 116,391 8,120 22,387 124,512 146,899 12,134 134,765 2017 Full Service Florida 2 108,114 12,328 133,394 34,517 12,328 167,911 180,239 20,165 160,074 2017 Maryland 1 10,709 3,086 12,964 409 3,086 13,373 16,459 1,408 15,051 2017 New Jersey 1 38,763 16,282 35,308 8,048 16,282 43,356 59,638 5,155 54,483 2017 Select Service Alabama 1 14,542 1,134 19,213 815 1,134 20,028 21,162 2,148 19,014 2017 Arizona 2 28,643 7,831 34,616 1,119 7,831 35,735 43,566 4,596 38,970 2017 California 9 188,641 38,775 221,428 13,046 38,775 234,474 273,249 25,179 248,070 2017 Colorado 1 15,574 2,018 20,047 729 2,018 20,776 22,794 2,431 20,363 2017 Connecticut 3 52,203 6,735 67,148 3,883 6,735 71,031 77,766 7,670 70,096 2017 Florida 8 152,574 16,852 219,288 4,590 16,853 223,877 240,730 24,852 215,878 2017 Georgia 4 55,503 11,505 77,275 (2,569 ) 9,932 76,279 86,211 9,510 76,701 2017 (Amounts in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Cost Basis at December 31, 2019 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 Illinois 1 16,846 2,738 22,368 1,143 2,738 23,511 26,249 2,637 23,612 2017 Kentucky 1 26,501 6,660 31,618 3,024 6,660 34,642 41,302 4,054 37,248 2017 Louisiana 2 31,644 2,409 23,780 1,458 2,409 25,238 27,647 3,483 24,164 2017 Massachusetts 1 24,485 3,272 31,343 739 3,272 32,082 35,354 3,341 32,013 2017 Maryland 3 38,974 10,405 78,892 (31,138 ) 4,994 53,165 58,159 5,069 53,090 2017 Michigan 4 73,704 10,430 97,029 5,305 10,430 102,334 112,764 11,559 101,205 2017 North Carolina 6 97,952 13,689 123,653 7,835 13,574 131,603 145,177 14,265 130,912 2017 New Hampshire 3 37,242 6,092 50,557 1,023 6,092 51,580 57,672 5,477 52,195 2017 New Jersey 4 87,183 18,073 110,251 3,410 18,073 113,661 131,734 12,998 118,736 2017 New York 5 97,477 30,292 105,153 8,153 30,292 113,306 143,598 12,820 130,778 2017 Ohio 1 15,880 7,655 56,496 (39,253 ) 2,634 22,264 24,898 2,641 22,257 2017 Oklahoma 1 4,297 447 5,387 (1,625 ) 203 4,006 4,209 927 3,282 2017 Pennsylvania 2 29,640 4,627 38,435 1,974 4,627 40,409 45,036 4,399 40,637 2017 Tennessee 2 32,457 5,699 42,462 2,733 5,699 45,195 50,894 5,403 45,491 2017 Texas 15 171,099 27,974 177,156 (9,388 ) 24,389 171,353 195,742 24,043 171,699 2017 Virginia 6 90,293 23,071 140,115 (16,596 ) 17,042 129,548 146,590 13,713 132,877 2017 Washington 1 28,826 2,125 38,975 723 2,124 39,699 41,823 4,133 37,690 2017 156 2,652,307 499,934 3,404,393 45,312 470,499 3,479,140 3,949,639 405,375 3,544,264 Other Equity and Debt Hotel—Arizona 5 41,085 10,917 43,884 13,788 10,917 57,672 68,589 5,851 62,738 2017 Hotel—California 21 288,377 57,970 274,907 50,738 57,970 325,645 383,615 31,326 352,289 2017 Hotel—Florida 3 25,649 8,508 24,764 8,859 8,508 33,623 42,131 3,551 38,580 2017 Hotel—Georgia 1 10,681 1,905 9,296 5,212 1,905 14,508 16,413 1,146 15,267 2017 Hotel—Iowa 1 10,213 — 15,832 1,290 — 17,122 17,122 1,642 15,480 2017 Hotel—Illinois 5 28,612 4,553 30,274 8,057 4,553 38,331 42,884 4,027 38,857 2017 Hotel—Indiana 1 9,121 1,232 9,325 2,789 1,232 12,114 13,346 1,048 12,298 2017 Hotel—Kansas 1 4,834 517 4,930 3,549 517 8,479 8,996 731 8,265 2017 Hotel—Kentucky 1 6,081 1,358 5,576 265 1,358 5,841 7,199 658 6,541 2017 Hotel—Massachusetts 1 9,121 1,152 9,261 4,051 1,152 13,312 14,464 1,092 13,372 2017 Hotel—Michigan 3 23,700 3,276 22,820 (2,131 ) 3,276 20,689 23,965 2,736 21,229 2017 Hotel—Missouri 1 4,756 471 5,597 3,566 471 9,163 9,634 796 8,838 2017 Hotel—Nevada 4 15,670 27,160 71,823 6,619 27,160 78,442 105,602 8,217 97,385 2017 Hotel—New Jersey 2 84,120 3,572 13,553 7,400 3,572 20,953 24,525 2,227 22,298 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—New York 6 24,246 3,791 25,267 14,946 3,791 40,213 44,004 4,625 39,379 2017 Hotel—Ohio 7 24,324 4,557 31,786 9,776 4,557 41,562 46,119 4,757 41,362 2017 Hotel—Oklahoma 1 2,807 — 4,751 57 — 4,808 4,808 724 4,084 2017 Hotel—Oregon 1 16,138 2,413 12,142 3,137 2,413 15,279 17,692 1,219 16,473 2017 Hotel—Pennsylvania 8 60,186 12,148 71,347 17,675 12,148 89,022 101,170 8,669 92,501 2017 Hotel—Rhode Island 1 6,705 910 7,017 2,146 910 9,163 10,073 1,148 8,925 2017 Hotel—Tennessee 1 9,511 2,020 8,803 246 2,020 9,049 11,069 1,201 9,868 2017 Hotel—Texas 11 98,542 16,720 90,428 28,037 16,720 118,465 135,185 10,888 124,297 2017 Hotel—Virginia 3 38,200 8,446 37,575 5,834 8,446 43,409 51,855 4,123 47,732 2017 Industrial—France 3 20,991 5,235 23,483 1,069 5,235 24,552 29,787 1,947 27,840 2017 Industrial—Spain 1 — — 2,299 275 — 2,574 2,574 400 2,174 2017 Mixed-Use—Italy 14 22,182 32,035 22,199 10,023 32,035 32,222 64,257 2,139 62,118 2015 Office—France 25 84,142 41,312 90,220 17,722 41,312 107,942 149,254 8,754 140,500 2016-2017 Office—Spain 2 105,160 94,078 86,991 4,957 94,080 91,946 186,026 7,045 178,981 2017 Office—US 2 104,061 11,862 128,004 15,000 11,862 143,004 154,866 24,747 130,119 2013-2017 Office—UK 1 27,230 7,719 31,485 (11,014 ) 7,719 20,471 28,190 4,105 24,085 2015 Office/Industrial—France 180 296,497 82,193 262,218 2,032 82,193 264,250 346,443 18,747 327,696 2018 Retail—UK 2 69,890 943 84,232 (31,235 ) 943 52,997 53,940 9,475 44,465 2015 319 1,572,832 448,973 1,562,089 204,735 448,975 1,766,822 2,215,797 179,761 2,036,036 Real estate held for investment 847 $ 7,592,084 $ 1,405,377 $ 10,298,963 $ 146,553 $ 1,360,435 $ 10,490,458 $ 11,850,893 $ 990,375 10,860,518 Real estate held for sale Digital 29,114 2019 Healthcare 57,664 2017 Hotel 16,155 2017 Industrial 342,758 2019 Other Equity & Debt—US 77,706 Various Other Equity & Debt—Europe 276,018 Various Total real estate assets $ 11,659,933 __________ (1) Includes adjustment for impairment of real estate. (2) Depreciation is calculated using a useful life ranging from 1 month 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 for federal income tax purposes was $11.2 billion at December 31, 2019 . (4) Includes 12 properties under leasehold interests for which the Company owns the data center infrastructure. For real estate acquired in a business combination, the purchase price allocation may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. The following tables summarize the activity in real estate assets and accumulated depreciation: Year Ended December 31, (In thousands) 2019 2018 2017 Real Estate, at Gross Cost Basis Balance at January 1 $ 15,500,802 $ 15,791,144 $ 3,656,094 Assumed through business combinations 876,572 — 11,730,087 Foreclosures and exchanges of loans receivable for real estate (Note 3) 14,866 45,617 1,867,655 Acquisitions 1,474,624 984,844 1,027,889 Improvements and capitalized costs (1) 366,817 276,210 237,125 Deconsolidation of real estate held by investment entity upon closing of Combination — (226,004 ) (407,653 ) Dispositions (2) (5,197,705 ) (933,217 ) (2,484,616 ) Impairment (348,710 ) (357,629 ) (59,652 ) Effect of changes in foreign exchange rates 15,089 (80,163 ) 224,215 Balance at December 31 12,702,355 15,500,802 15,791,144 Classified as held for sale, net (3) (851,462 ) (4,005,398 ) (3,390,528 ) Balance at December 31, held for investment $ 11,850,893 $ 11,495,404 $ 12,400,616 Year Ended December 31, (In thousands) 2019 2018 2017 Accumulated Depreciation Balance at January 1 $ 1,029,386 $ 606,200 $ 188,509 Depreciation 500,240 471,599 453,331 Deconsolidation of real estate held by investment entity upon closing of Combination — (6,256 ) (3,212 ) Dispositions (2) (489,276 ) (42,873 ) (34,854 ) Effect of changes in foreign exchange rates 2,072 716 2,426 Balance at December 31 1,042,422 1,029,386 606,200 Classified as held for sale, net (3) (52,047 ) (359,992 ) (218,751 ) Balance at December 31, held for investment $ 990,375 $ 669,394 $ 387,449 __________ (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, 2019 | |
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, 2019 (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 $ — $ 20,207 $ 19,980 $ — Multifamily—Ireland 1 I/O 3.1% January 2018 — 81,552 81,557 81,552 Office—Ireland 1 I/O 2.3% December 2017 — 44,146 44,145 44,146 Office—Ireland 1 I/O 12.5% December 2021 — 69,283 69,283 — Retail—Various, USA 1 I/O 8.0% December 2020 — 42,394 42,394 — Retail—France 1 I/O 3.5% June 2018 — 2,505 2,818 2,505 Hospitality—France 1 I/O 10.0% December 2021 — 93,129 94,256 — Hospitality—Spain 1 I/O 11.0% December 2019 — 41,751 44,100 41,751 Healthcare—UK 4 I/O 7.5% March 2022 — 43,347 43,347 — Land—TX, USA 1 I/O 14.0% May 2020 — 32,245 23,604 32,245 Other—Various, USA 1 I/O 11.0% February 2020 — 1,222 1,222 — Other—France 3 I/O 3.5% - 15.0% June 2018 to December 2020 — 6,612 6,716 1,604 17 — 478,393 473,422 203,803 Subordinated mortgage and mezzanine: Multifamily—CA, USA 2 I/O 12.7% April 2021 to September 2021 34,767 44,887 44,637 — Office—Various, USA 2 I/O 8.0% - 12.0% February 2020 to April 2025 78,000 32,549 30,004 — Office—Ireland / France 1 I/O 11.0% January 2022 158,611 127,161 143,406 — Retail—NC, USA 1 P&I 5.7% December 2018 74,712 37,766 — 37,766 Retail—UK 1 I/O 12.0% January 2020 119,884 64,134 64,134 64,134 Mixed Use—CA, USA 1 I/O 12.9% July 2020 602,411 398,499 400,100 — 8 1,068,385 704,996 682,281 101,900 (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) Multifamily—Ireland 2 — 5,253 886 — Industrial—Ireland 3 — 79,140 7,681 — Office—Ireland 8 — 51,914 517 — Office—Ireland 1 — 175,421 169,673 — Retail—Ireland 7 — 98,895 16,370 — Hospitality—France 1 — 15,934 17,897 — Hospitality—Ireland 7 — 54,185 368 — Land—Ireland 4 — 104,953 27,014 — Other—Ireland 38 — 580,109 8,092 — 71 — 1,165,804 248,498 — Corporate loans N/A (10) 1 I/O 8.00% January 2027 — 27,287 27,287 — N/A (10) 2 I/O 8.0% - 13.0% September 2020 to June 2025 — 30,367 30,367 — N/A (10) 1 I/O 14.0% January 2025 — 91,726 90,969 — 4 — 149,380 148,623 — Total 100 $ 1,068,385 $ 2,498,573 $ 1,552,824 $ 305,703 __________ (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, 2019 . (4) Represents contractual maturity and 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, 2019 are presented net of $48.2 million of allowance for loan losses. (7) The aggregate cost basis of loans held for investment for federal income tax purposes was $1.6 billion at December 31, 2019 . (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) 2019 2018 2017 Balance at January 1 $ 1,659,217 $ 3,223,762 $ 3,430,608 Loans acquired in Merger — — 359,541 Loan acquisitions and originations 174,182 386,532 991,239 Paid-in-kind interest added to loan principal 68,810 52,234 56,131 Discount and net loan fee amortization 12,649 14,524 43,877 Accretion on PCI loans 19,637 27,911 61,809 Consolidation of loans receivable held by investment entities and securitization trusts — — 58,296 Loan repayments (216,891 ) (166,267 ) (902,190 ) Payments received from PCI loans (50,765 ) (187,140 ) (419,232 ) Transfer to loans held for sale — — (50,894 ) Carrying value of loans sold (35,158 ) (111,864 ) — Foreclosures and other conversions to real estate (28,562 ) (47,097 ) (515,055 ) Loans receivable contributed to CLNC — (1,287,994 ) — Deconsolidation of loans receivable in securitization trusts — (149,447 ) — Provision for loan losses (35,880 ) (43,034 ) (19,741 ) Other loss — — (2,309 ) Effect of changes in foreign exchange rates (14,415 ) (52,903 ) 131,682 Balance at December 31 $ 1,552,824 $ 1,659,217 $ 3,223,762 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. |
Merger and Business Combinations | Business Combinations Definition of a Business — The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions — For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations — The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration — Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. 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 comparative periods by applying the Colony share exchange ratio of 1.4663 . The historical financial information as of any date or for any periods on or prior to the Closing Date represents the pre-Merger financial information of Colony. The assets and liabilities of Colony are reflected by the Company at their pre-Merger carrying values while the assets and liabilities of NSAM and NRF are accounted for at their acquisition date fair value. The results of operations of NSAM and NRF were incorporated into the Company effective from January 11, 2017. |
Principles of Consolidation | Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities — A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities —Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. |
Noncontrolling Interests | Noncontrolling Interests Redeemable Noncontrolling Interests —This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company, and during 2017, an investment management subsidiary acquired through the Merger, Townsend Holdings, LLC ("Townsend"). The Company sold its interest in Townsend in December 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. |
Discontinued Operations | Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The sale of the industrial business, including its related management platform, represented a strategic shift that had a major effect on the Company’s operations and financial results, and had 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 8) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 16 ). |
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 Land improvements 5 to 20 years Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of lease or remaining life of building Building improvements Lesser of useful life or remaining life of building Tenant improvements Lesser of useful life or remaining term of lease Data center infrastructure 5 to 10 years 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 either a probability-weighted cash flows approach or the single-most-likely estimate of cash flows approach, whichever is more appropriate under the circumstances. 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 for the duration of the estimated hold period of 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, expected capitalization rates at exit, 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 loss 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 (excluding lease income receivables) —The Company periodically evaluates aged receivables and considers the collectability of unbilled receivables. The Company establishes an allowance when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under existing contractual terms, and the amount can be reasonably estimated. Cost Reimbursements and Recoverable Expenses —The Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the retail companies and private funds managed by the Company, which include: (i) organization and offering costs associated with the formation and offering of the retail companies not to exceed a certain percentage of the proceeds expected to be raised from the offering and excluding shares being offered pursuant to distribution reinvestment plans; (ii) direct and indirect operating costs associated with managing the operations of the retail companies; and (iii) costs incurred in performing investment due diligence. Indirect operating costs are recorded as expenses of the Company when incurred and amounts allocated and reimbursable are recorded as other income in the consolidated statements of operations. The Company facilitates the payments of organization and offering costs, due diligence costs to the extent the related investments are consummated and direct operating costs, all of which are recorded as due from affiliates on the consolidated balance sheets, until such amounts are repaid. Due diligence costs related to unconsummated investments are borne by the Company and expensed as investment, servicing and commission expense in the consolidated statement of operations. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted sales of shares and capital reinvestment of the proceeds from the sale of shares under the respective offerings of the retail companies, and establishes an allowance for any balances considered not collectible. |
Fixed Assets | Fixed Assets Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of assets are capitalized and depreciated over their useful life. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets, which range between 3 to 5 years for furniture, fixtures, equipment and capitalized software, 15 years for aircraft and over the shorter of the lease term or useful life for leasehold improvements. |
Transfers of Financial Assets | Transfers of Financial Assets Sale accounting for transfers of financial assets is limited to the transfer of an entire financial asset, a group of financial assets in its entirety, or a component of a financial asset which meets the definition of a participating interest with characteristics that are similar to the original financial asset. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur. If the criteria for sale accounting are met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions. |
Derivatives Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting. Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss). For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued. Cash Flow Hedges —The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. Changes in fair value of the derivative is recorded in accumulated other comprehensive income (loss) or AOCI and reclassified into earnings when the hedged item affects earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in AOCI are reclassified into earnings when the hedged item affects 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 fair value of derivatives used as hedges of net investment in foreign operations are recorded in the cumulative translation adjustment account within AOCI. 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 amounts in 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 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: Lease Income Lease income is composed of rental income, and variable lease income for tenant reimbursements, and resident fee income from healthcare properties. The nonlease components of tenant reimbursements for net leases and ancillary services within resident fee income are combined with their respective lease components and accounted for as a single component under the lease standard. The Company evaluates collectability of lease payments based upon the creditworthiness of the lessee and recognizes lease income only to the extent collection of all amounts due 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 income that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease income and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. Rental Income and Tenant Reimbursements —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. 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 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. For property taxes and insurance, amounts paid directly by lessees to third parties on behalf of the Company are not recognized in the statement of operations, while amounts paid by the Company and reimbursed by lessees are presented as gross property operating income and expenses. Also, sales and similar taxes assessed by a governmental authority that is imposed on specific lease income producing transactions are netted against related collections from lessees. 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 amounts 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. Resident Fee Income —Resident fee income is earned 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 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 primarily 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 —Through January 31, 2018, the Company earned fees related to acquisition and disposition of investments by certain managed non-traded REITs, which were 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. |
Other Income | Other Income Recurring other income includes primarily 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, NRE prior to its sale in September 2019 and CLNC, to the Company to be granted to its employees or directly to 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. |
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 Certain prior period amounts have been reclassified to conform to current period presentation, including segment reporting presentation to reflect the establishment of a new digital segment, as discussed in Note 23 . Such reclassifications did not affect the Company's financial position, results of operations or cash flows. |
Accounting Standards Adopted in 2019 and Future Application of Accounting Standards | Accounting Standards Adopted in 2019 Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases , which amended lease accounting standards. ASU 2016-02, along with several clarifying amendments were codified in Accounting Standards Codification ("ASC") Topic 842. The new standard primarily requires lessees to recognize their rights and obligations under most leases on balance sheet, to be capitalized as a right-of-use ("ROU") asset and a corresponding liability for future lease obligations. Targeted changes were made to lessor accounting, primarily to align to the lessee model and the new revenue recognition standard. ASC 842 also narrows the definition of initial direct leasing costs to only the incremental costs of obtaining a lease, such as leasing commissions, for both lessee and lessor accounting. Indirect costs such as allocated overhead, certain legal fees and negotiation costs are no longer capitalized under the new standard. The application of ASC 842 on accounting for initial direct leasing costs did not have a material impact on the Company's statement of operations. The Company adopted the new lease standard and related amendments on January 1, 2019 using the modified retrospective method to leases existing or commencing on or after January 1, 2019, with a cumulative effect adjustment to beginning retained earnings. Comparative periods have not been restated and continue to be reported under the standards in effect for those prior periods. The Company applied the package of practical expedients, which exempts the Company from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company also elected the practical expedient related to land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements. The Company did not, however, elect the hindsight practical expedient to determine the lease terms for existing leases. Lessee Accounting —The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. A leasing arrangement is classified by the lessee either as a finance lease, which represents a financed purchase of the leased asset, or as an operating lease. The Company has elected the accounting policy to combine lease and nonlease components in these contracts as a single lease component in its lease contracts. ROU assets and lease liabilities are recognized at the lease commencement date based upon the present value of lease payments over the lease term. The ROU assets also include capitalized initial direct costs offset by lease incentives. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation or increases in property fair value, (ii) hotel ground leases with rental payments calculated based on a percentage of revenue over contractual levels, and/or (iii) nonlease services, such as common area maintenance in net leases. Variable lease payments are not included in lease liability and are instead recognized as lease expense when incurred. The Company made the accounting policy election to recognize lease payments on short-term leases on a straight-line basis over the lease term and will not record these leases on the balance sheet. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Lease renewal or termination options are factored into the lease asset and lease liability only if it is reasonably certain that the option to extend or the option to terminate would be exercised. As the implicit rate is not readily determinable in most leases, the present value of the remaining lease payments is calculated for each lease using an estimated incremental borrowing rate, which is the interest rate that the Company or its subsidiary, where applicable, would have to pay to borrow over the lease term on a collateralized basis. Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases. On January 1, 2019, the Company recognized operating lease ROU assets totaling $143.7 million in other assets and corresponding operating lease liabilities totaling $126.8 million in accrued and other liabilities for ground leases in its real estate portfolio and corporate office leases. There was no impact to beginning equity as a result of adoption related to lessee accounting as the difference between the asset and liability balance is attributable to the derecognition of pre- existing balances, including straight-line rent, lease incentives, prepaid or deferred rent and ground lease obligation intangibles. Lessor Accounting —The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. 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 ancillary services within 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. Under ASC 842, lessors are required to evaluate the collectability of all operating lease payments based upon the creditworthiness of the lessee. Lease income 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 income that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease income and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. Upon adoption of ASC 842, the Company determined that collection of certain operating lease receivables, net of existing allowance for bad debts, was 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 income producing transactions with related collections from lessees. Property taxes and insurance paid directly by lessees to third parties on behalf of the Company are no longer recognized in the statement of operations, while such amounts paid by the Company and reimbursed by lessees continue to be presented as gross property operating income and expenses. Hedge Accounting In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities , which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation. The Company adopted the standard on its effective date of January 1, 2019. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company records the entire change in fair value of the hedging instrument (other than amounts excluded from assessment of hedge effectiveness for net investment hedges) in other comprehensive income and no hedge ineffectiveness is recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company has elected to perform effectiveness testing qualitatively so long as the Company can reasonably support an expectation that the hedge is highly effective now and in subsequent periods. As the standard allows more flexibility in hedging interest rate risk in cash flow hedges beyond a specified benchmark rate, the Company may be able to designate in the future other contractually specified variable interest rate as the hedged risk, which if effective, could decrease fluctuations in earnings. There was no impact to the Company's financial condition and results of operations upon adoption of this standard. Future Application of Accounting Standards Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses , followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as ASC Topic 326. The multiple existing incurred loss models are replaced with a lifetime current expected credit loss ("CECL") model for off-balance sheet credit exposures that are not unconditionally cancellable by the lender and financial instruments carried at amortized cost, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in sales-type and direct financing leases, reinsurance and trade receivables. Targeted changes are also made to the impairment model of AFS debt securities which are not within the scope of CECL. The CECL model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experience, current conditions and the effects of a reasonable and supportable expectation of changes in future macroeconomic conditions. Recognition of allowance for credit losses under the CECL model will generally be accelerated as it encompasses credit losses over the full remaining expected life of the affected financial instruments. For collateralized financial assets, measurement of credit losses under CECL is based on fair value of the collateral if foreclosure is probable or if the collateral-dependent practical expedient is elected for financial assets expected to be repaid substantially through operation or sale of the collateral when the borrower is experiencing financial difficulty. The accounting model for purchased credit-impaired loans and debt securities will be simplified to be consistent with the CECL model for originated and purchased non-credit-impaired assets. For AFS debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. ASC 326 also requires expanded disclosures on credit risk, including credit quality indicators by vintage of financing receivables. Transitional relief is provided through the ability, upon adoption of the new standard, to elect the fair value option for eligible financial instruments within the scope of the new standard, except for HTM and AFS debt securities. Transition will generally be on a modified retrospective basis, including the election of the fair value option, with a cumulative effect adjustment to beginning retained earnings, except for prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASC 326 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company will adopt the new standard on its effective date of January 1, 2020. The Company will elect the fair value option for all of its outstanding loans receivable, with a cumulative effect adjustment to increase beginning retained earnings by approximately $5.0 million . Under the fair value option, loans receivable will be measured at each reporting period based upon their exit values in an orderly transaction and unrealized gains or losses from changes in fair value will be recorded in other gain (loss) on the consolidated statement of operations. These loans will no longer be subject to evaluation for impairment through an allowance for loan loss as such losses will be captured through fair value changes. Additionally, there will be no amortization of loan origination fees or discounts on purchased loans as additional interest income. For the Company's remaining financial instruments affected by CECL, primarily other accounts receivable and AFS debt securities, the Company is in the process of finalizing its evaluation, but does not expect the impact of ASC 326 to be material to the Company's 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 January 1, 2020. Early adoption is permitted in an interim period for which financial statements have not been issued, and may be made only to provisions that eliminate or modify existing disclosures. The adoption of this standard is not expected to have a material effect on the Company's existing disclosures. Variable Interest Entities In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities . The ASU amends the VIE guidance to align, throughout the VIE model, the evaluation of a decision maker's or service provider's fee held by a related party, whether or not they are under common control, in both the assessment of whether a fee qualifies as a variable interest and the determination of a primary beneficiary. Specifically, a decision maker or service provider considers interests in a VIE held by a related party under common control only if it has a direct interest in that related party under common control and considers such indirect interest in the VIE held by the related party under common control on a proportionate basis, rather than in its entirety. Transition is generally on a modified retrospective basis, with the cumulative effect adjusted to retained earnings at the beginning of the earliest period presented. ASU No. 2018-17 is effective January 1, 2020, with early adoption permitted in an interim period. The Company is currently evaluating the impact of this new guidance and does not expect the adoption of this standard to have a material effect on its financial condition or results of operations. Income Tax Accounting In December 2019, the FASB issued ASU No. 2019-12, Simplifying Accounting for Income Taxes . The ASU simplifies accounting for income taxes by eliminating certain exceptions to the general approach in ASC 740, Income Taxes, and clarifies certain aspects of the guidance for more consistent application. The simplifications relate to intraperiod tax allocations when there is a loss in continuing operations and a gain outside of continuing operations, accounting for tax law or tax rate changes and year-to-date losses in interim periods, recognition of deferred tax liability for outside basis difference when investment ownership changes, and accounting for franchise taxes that are partially based on income. The ASU also provides new guidance that clarifies the accounting for transactions resulting in a step-up in tax basis of goodwill, among other changes. Transition is generally prospective, other than the provision related to outside basis difference which is on a modified retrospective basis with cumulative effect adjusted to retained earnings at the beginning of the period adopted, and franchise tax provision which is on either full or modified retrospective. ASU No. 2019-12 is effective January1, 2021, with early adoption permitted in an interim period, to be applied to all provisions. The Company is currently evaluating the impact of this new guidance. Accounting for Certain Equity Investments In January 2020, the FASB issued ASU No. 2020-01, Clarifying the Interactions between Topic 321 Investments—Equity Securities, Topic 323—Investments Equity Method and Joint Ventures, and Topic 815—Derivatives and Hedging . The ASU clarifies that if as a result of an observable transaction, an equity investment under the measurement alternative is transitioned into equity method and vice versa, an equity method investment is transitioned into measurement alternative, the investment is to be remeasured immediately before and after the transaction, respectively. The ASU also clarifies that certain forward contracts or purchased options to acquire equity securities that are not deemed to be derivatives or in-substance common stock will generally be measured using the fair value principles of ASC 321 before settlement or exercise, and that an entity should not be considering how it will account for the resulting investments upon eventual settlement or exercise. ASU No. 2020-01 is to be applied prospectively, effective January 1, 2021, with early adoption permitted in an interim period. The Company is currently evaluating the impact of this new guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Assets Estimated Useful Lives Related to Real Estate Held For Investment | 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 Land improvements 5 to 20 years Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of lease or remaining life of building Building improvements Lesser of useful life or remaining life of building Tenant improvements Lesser of useful life or remaining term of lease Data center infrastructure 5 to 10 years 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 8 . (In thousands) December 31, 2019 December 31, 2018 Land $ 1,360,435 $ 1,443,250 Buildings and improvements 9,022,971 9,442,443 Tenant improvements 105,440 96,740 Data center infrastructure 595,603 — Furniture, fixtures and equipment 511,329 389,969 Construction in progress 255,115 123,002 11,850,893 11,495,404 Less: Accumulated depreciation (990,375 ) (669,394 ) Real estate assets, net (1) $ 10,860,518 $ 10,826,010 __________ (1) For real estate acquired in a business combination, the purchase price allocation may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
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) CPI THL Hotel Portfolio Consideration Carrying value of loans receivable outstanding at time of restructuring or foreclosure $ 182,644 $ 310,932 Cash 49,537 43,643 Contingent consideration (Note 12) — 6,771 Total consideration $ 232,181 $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 303 $ 16,188 Restricted cash 12,600 18,479 Real estate 543,649 1,184,447 Real estate held for sale 21,605 69,676 Lease intangibles and other assets 27,685 26,711 Debt (277,590 ) (907,867 ) Tax liabilities (32,078 ) (16,292 ) Lease intangibles and other liabilities (61,205 ) (29,996 ) Liabilities related to assets held for sale (2,788 ) — Fair value of net assets acquired $ 232,181 $ 361,346 The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. As of December 31, 2019 , the estimated fair values and allocation of consideration are preliminary, based upon information available at the time of closing as the Company continues to evaluate underlying inputs and assumptions. Accordingly, these provisional values may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed at the time of closing. (In thousands) DBH DataBank Consideration Cash $ 181,167 $ 182,731 Deferred consideration 35,500 — OP Units issued 111,903 2,962 Total consideration for equity interest acquired 328,570 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — $ 379,970 $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 Real estate — 847,458 Assets held for sale — 29,114 Intangible assets 153,300 222,455 Other assets 13,008 106,648 Debt — (539,155 ) Tax liabilities, net (17,392 ) (113,228 ) Intangible and other liabilities (16,194 ) (132,480 ) Fair value of net assets acquired 132,722 431,178 Noncontrolling interests in investment entities — (724,567 ) Goodwill $ 247,248 $ 479,082 The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations (Note 3 ). Light and bulk industrial properties acquired, as presented below, form part of the industrial segment, of which the entire light portfolio was sold in December 2019 and the bulk portfolio 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 Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ (165 ) October Healthcare—United Kingdom (2)(3) 1 12,376 3,478 9,986 732 (1,820 ) Various Light industrial—Various in U.S. 84 1,158,423 264,816 850,550 47,945 (4,888 ) $ 1,543,981 $ 317,740 $ 1,156,884 $ 76,230 $ (6,873 ) Year Ended December 31, 2018 Asset Acquisitions September Healthcare—United Kingdom (3) 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. 40 569,442 111,194 433,040 30,183 (4,975 ) $ 1,072,730 $ 231,283 $ 776,525 $ 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 1 455,699 93,577 314,590 50,518 (2,986 ) Various Light 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 ) __________ (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 that is classified as held for investment is 40 years for buildings, 12 years for site improvements, and 9 years for lease intangibles (based on remaining lease terms). (3) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. |
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 in investment entities — 505,685 505,685 Noncontrolling interests in 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 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Components of Real Estates | Depreciation— Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Land improvements 5 to 20 years Building (fee interest) 5 to 51 years Building leasehold interests Lesser of remaining term of lease or remaining life of building Building improvements Lesser of useful life or remaining life of building Tenant improvements Lesser of useful life or remaining term of lease Data center infrastructure 5 to 10 years 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 8 . (In thousands) December 31, 2019 December 31, 2018 Land $ 1,360,435 $ 1,443,250 Buildings and improvements 9,022,971 9,442,443 Tenant improvements 105,440 96,740 Data center infrastructure 595,603 — Furniture, fixtures and equipment 511,329 389,969 Construction in progress 255,115 123,002 11,850,893 11,495,404 Less: Accumulated depreciation (990,375 ) (669,394 ) Real estate assets, net (1) $ 10,860,518 $ 10,826,010 __________ (1) For real estate acquired in a business combination, the purchase price allocation may be subject to adjustments during the measurement period, not to exceed 12 months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. |
Schedule of Proceeds From Sales of Real Estate | Results from sales of real estate, including discontinued operations (Note 16 ), were as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Proceeds from sales of real estate $ 6,108,153 $ 864,347 $ 1,607,806 Gain on sale of real estate 1,520,808 167,231 135,262 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration and allocation to assets acquired and liabilities assumed. (In thousands) CPI THL Hotel Portfolio Consideration Carrying value of loans receivable outstanding at time of restructuring or foreclosure $ 182,644 $ 310,932 Cash 49,537 43,643 Contingent consideration (Note 12) — 6,771 Total consideration $ 232,181 $ 361,346 Identifiable assets acquired and liabilities assumed Cash $ 303 $ 16,188 Restricted cash 12,600 18,479 Real estate 543,649 1,184,447 Real estate held for sale 21,605 69,676 Lease intangibles and other assets 27,685 26,711 Debt (277,590 ) (907,867 ) Tax liabilities (32,078 ) (16,292 ) Lease intangibles and other liabilities (61,205 ) (29,996 ) Liabilities related to assets held for sale (2,788 ) — Fair value of net assets acquired $ 232,181 $ 361,346 The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. As of December 31, 2019 , the estimated fair values and allocation of consideration are preliminary, based upon information available at the time of closing as the Company continues to evaluate underlying inputs and assumptions. Accordingly, these provisional values may be subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed at the time of closing. (In thousands) DBH DataBank Consideration Cash $ 181,167 $ 182,731 Deferred consideration 35,500 — OP Units issued 111,903 2,962 Total consideration for equity interest acquired 328,570 185,693 Fair value of equity interest in Digital Colony Manager 51,400 — $ 379,970 $ 185,693 Assets acquired, liabilities assumed and noncontrolling interests Cash $ — $ 10,366 Real estate — 847,458 Assets held for sale — 29,114 Intangible assets 153,300 222,455 Other assets 13,008 106,648 Debt — (539,155 ) Tax liabilities, net (17,392 ) (113,228 ) Intangible and other liabilities (16,194 ) (132,480 ) Fair value of net assets acquired 132,722 431,178 Noncontrolling interests in investment entities — (724,567 ) Goodwill $ 247,248 $ 479,082 The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations (Note 3 ). Light and bulk industrial properties acquired, as presented below, form part of the industrial segment, of which the entire light portfolio was sold in December 2019 and the bulk portfolio 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 Year Ended December 31, 2019 Asset Acquisitions February Bulk industrial—Various in U.S. 6 $ 373,182 $ 49,446 $ 296,348 $ 27,553 $ (165 ) October Healthcare—United Kingdom (2)(3) 1 12,376 3,478 9,986 732 (1,820 ) Various Light industrial—Various in U.S. 84 1,158,423 264,816 850,550 47,945 (4,888 ) $ 1,543,981 $ 317,740 $ 1,156,884 $ 76,230 $ (6,873 ) Year Ended December 31, 2018 Asset Acquisitions September Healthcare—United Kingdom (3) 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. 40 569,442 111,194 433,040 30,183 (4,975 ) $ 1,072,730 $ 231,283 $ 776,525 $ 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 1 455,699 93,577 314,590 50,518 (2,986 ) Various Light 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 ) __________ (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 that is classified as held for investment is 40 years for buildings, 12 years for site improvements, and 9 years for lease intangibles (based on remaining lease terms). (3) Properties acquired pursuant to purchase option under the Company's development facility to a healthcare operator at purchase price equivalent to outstanding loan balance. |
Schedule of Components of Property Operating Income | For the year ended December 31, 2019 , components of property operating income were as follows: (In thousands) Year Ended Lease income: Fixed lease income $ 663,445 Variable lease income 57,575 721,020 Hotel operating income 1,135,389 $ 1,856,409 |
Schedule of Future Minimum Operating Lease Payments to be Received (after adoption of ASC 842) | At December 31, 2019 , future fixed lease payments receivable under noncancelable operating leases for real estate held for investment were as follows. These operating leases have expiration dates through 2034 , taking into consideration renewal options exercisable at the lessee's election only when they are deemed reasonably certain, typically at the time the option is exercised. Year Ending December 31, (In thousands) 2020 $ 391,332 2021 329,593 2022 285,979 2023 248,363 2024 214,315 2025 and thereafter 887,404 Total (1) $ 2,356,986 __________ (1) Excludes future fixed lease payments in connection with resident fee income as the related lease agreements are generally cancelable by residents with 30 days’ notice. |
Schedule of Future Minimum Rental Payments for Operating Leases (prior to adoption of ASC 842) | At December 31, 2018, future contractual minimum lease payments to be received under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) 2019 $ 293,906 2020 285,051 2021 265,612 2022 254,881 2023 242,151 2024 and thereafter 961,591 Total (1) $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that was held for sale totaling $894.4 million . At December 31, 2018 , the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Corporate Offices 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 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Company Loans Receivable | The following table provides a summary of the Company’s loans held for investment, including PCI loans: December 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 $ 471,472 $ 492,709 10.7 % 1.6 $ 643,973 $ 667,590 10.7 % 2.2 Mezzanine loans 495,182 494,238 12.6 % 0.6 357,590 354,326 12.5 % 1.5 Corporate loans 149,380 148,623 12.9 % 5.4 108,944 107,796 12.3 % 5.8 1,116,034 1,135,570 1,110,507 1,129,712 Variable rate Mortgage loans 171,848 172,269 4.1 % 0.3 178,650 179,711 4.3 % 0.1 Mezzanine loans 44,887 44,637 12.7 % 1.6 27,772 27,417 13.4 % 2.5 216,735 216,906 206,422 207,128 1,332,769 1,352,476 1,316,929 1,336,840 PCI Loans Mortgage loans 1,165,804 248,535 1,324,287 351,646 Mezzanine loans — — 7,425 3,671 1,165,804 248,535 1,331,712 355,317 Allowance for loan losses (48,187 ) (32,940 ) Loans receivable, net $ 2,498,573 $ 1,552,824 $ 2,648,641 $ 1,659,217 |
Summary of Past Due Loans | The following table provides an aging summary of non-PCI loans 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 December 31, 2019 $ 1,042,260 $ — $ — $ 310,216 $ 1,352,476 December 31, 2018 1,052,303 — 44,392 240,145 1,336,840 |
Non-PCI Impaired Loans | The following table summarizes the 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 December 31, 2019 $ 326,151 $ 71,754 $ 259,011 $ 330,765 $ 48,146 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. Year Ended December 31, (In thousands) 2019 2018 2017 Average carrying value before allowance for loan losses $ 305,293 $ 282,325 $ 202,397 Total interest income recognized during the period impaired 7,514 7,127 10,192 Cash basis interest income recognized 447 1,190 — |
Loans Acquired Through Consolidation of Investment Entities | In January 2017, the Company acquired additional PCI loans through the Merger as well as part of a loan portfolio secured by commercial properties in Ireland. Information about these PCI loans at the time of their acquisition is presented below: (In thousands) January 2017 Contractually required payments including interest $ 1,154,596 Less: Nonaccretable difference (878,257 ) Cash flows expected to be collected 276,339 Less: Accretable yield (23,594 ) Fair value of loans acquired $ 252,745 |
Changes in Accretable Yield for the PCI loans | Changes in accretable yield of PCI loans were as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Beginning accretable yield $ 9,620 $ 42,435 $ 52,572 Additions — — 23,594 Dispositions — (5,484 ) — Changes in accretable yield 43,246 1,882 25,720 Accretion recognized in earnings (19,637 ) (27,911 ) (61,809 ) Deconsolidation — (991 ) — Effect of changes in foreign exchange rates 332 (311 ) 2,358 Ending accretable yield $ 33,561 $ 9,620 $ 42,435 |
Impairment and Allowance for Loan Losses | Allowance for loan losses and related carrying values of loans held for investment were as follows: December 31, 2019 December 31, 2018 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 48,146 $ 71,754 $ 18,304 $ 75,179 PCI loans 41 17,935 14,636 54,440 $ 48,187 $ 89,689 $ 32,940 $ 129,619 Changes in allowance for loan losses are presented below: Year Ended December 31, (In thousands) 2019 2018 2017 Allowance for loan losses at January 1 $ 32,940 $ 52,709 $ 67,980 Contribution to CLNC — (518 ) — Deconsolidation — (5,983 ) — Provision for loan losses, net 35,880 43,034 19,741 Charge-off (20,633 ) (56,302 ) (35,012 ) Allowance for loan losses at December 30 $ 48,187 $ 32,940 $ 52,709 |
Provision For Loan Losses By Loan Type | Provision for loan losses by loan type is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Non-PCI loans $ 30,035 $ 22,557 $ 7,534 PCI loans 5,845 20,477 12,207 Total provision for loan losses, net $ 35,880 $ 43,034 $ 19,741 |
Equity and Debt Investments (Ta
Equity and Debt Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Ventures | The Company's equity investments and debt securities are represented by the following: (In thousands) December 31, 2019 December 31, 2018 Equity Investments Equity method investments Investment ventures $ 1,845,129 $ 2,151,847 Private funds 142,386 124,826 1,987,515 2,276,673 Other equity investments Marketable equity securities 138,586 36,438 Investment ventures 91,472 95,196 Private funds and non-traded REIT 38,641 24,607 Total equity investments 2,256,214 2,432,914 Debt Securities N-Star CDO bonds, available for sale 54,859 64,127 CMBS of consolidated fund, at fair value 2,732 32,706 Total debt securities 57,591 96,833 Equity and debt investments $ 2,313,805 $ 2,529,747 |
Equity Method Investments | The Company’s investments accounted for under the equity method are summarized below, excluding investments classified as held for sale (Note 8 ): ($ in thousands) Ownership Interest at December 31, 2019 (1) Carrying Value at Investments Description December 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% $ 725,443 $ 1,037,754 NorthStar Realty Europe Corp. Common equity in publicly traded equity REIT managed by the Company (2) —% — 87,696 RXR Realty, LLC Common equity in investment venture with a real estate investor, developer and investment manager 27.2% 93,390 95,418 Preferred equity Preferred equity investments with underlying real estate (3) NA 138,428 219,913 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 543,296 481,477 Private funds General partner and/or limited partner interests in private funds (excluding carried interest allocation) Various 115,055 109,393 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 Various 21,940 9,525 Other investment ventures Interests in 12 investments at December 31, 2019 Various 127,088 154,412 Fair value option Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds Various 222,875 81,085 $ 1,987,515 $ 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. (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. The following tables present selected combined financial information of the Company's equity method investees. Amounts presented represent combined totals at the investee level and not the Company's proportionate share. Selected Combined Balance Sheet Information (In thousands) December 31, 2019 December 31, 2018 Total assets $ 14,026,862 $ 15,499,159 Total liabilities 9,354,120 9,803,705 Owners' equity 4,509,879 5,511,548 Noncontrolling interests 162,863 183,906 Selected Combined Statements of Operations Information Year Ended December 31, (In thousands) 2019 2018 2017 Total revenues $ 1,455,631 $ 1,486,511 $ 1,519,728 Net income (loss) (827,550 ) 220,191 174,222 Net income (loss) attributable to noncontrolling interests (50,350 ) 23,878 (18,381 ) Net income (loss) attributable to owners (777,200 ) 196,313 192,603 |
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 December 31, 2019 $ 46,002 $ 8,857 $ — $ 54,859 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 years ended December 31, 2018 and 2017 . There were no sales of AFS debt securities in the year ended December 31, 2019 . Year Ended December 31, (In thousands) 2018 2017 Proceeds from sale $ 78,197 $ 30,279 Gross realized gain 11,304 951 Gross realized loss (592 ) — |
Goodwill, Deferred Leasing Co_2
Goodwill, Deferred Leasing Costs and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill balance by reportable segment is as follows. Goodwill associated with the acquisitions of DBH in July 2019 and DataBank in December 2019 were assigned to the Company's new digital reportable segment, established in the fourth quarter of 2019. (In thousands) December 31, 2019 December 31, 2018 Balance by reportable segment: Digital $ 726,330 $ — Other investment management 726,561 1,514,561 $ 1,452,891 $ 1,514,561 The following table presents changes in the total carrying value of goodwill. Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 1,514,561 $ 1,514,561 $ 660,127 Business combination (Note 3) (1) 726,330 — 1,440,229 Classification as held for sale (2) — — (20,000 ) Disposition (3) — — (249,795 ) Impairment (788,000 ) — (316,000 ) Ending balance (4) $ 1,452,891 $ 1,514,561 $ 1,514,561 __________ (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. The broker-dealer business was contributed to a joint venture, accounted for as 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 in December 2017. (4) At December 31, 2019 , goodwill of $140.5 million related to the DBH acquisition was deductible for income tax purposes. There was no tax deductible goodwill at December 31, 2018 and 2017. |
Schedule of Deferred Leasing Costs and Other Intangibles | Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for sale, are as follows. December 31, 2019 December 31, 2018 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization (1) Net Carrying Amount (1) Carrying Amount (Net of Impairment) (1) Accumulated Amortization (1) Net Carrying Amount (1) Deferred Leasing Costs and Intangible Assets Deferred leasing costs and lease intangible assets (2) $ 425,106 $ (123,686 ) $ 301,420 $ 330,353 $ (91,183 ) $ 239,170 Investment management intangibles (3) 285,233 (96,466 ) 188,767 243,989 (107,645 ) 136,344 Customer relationships (4) 71,000 (250 ) 70,750 — — — Trade names (5) 39,600 (185 ) 39,415 15,500 — 15,500 Other (6) 41,211 (2,710 ) 38,501 59,157 (4,241 ) 54,916 Total deferred leasing costs and intangible assets $ 862,150 $ (223,297 ) $ 638,853 $ 648,999 $ (203,069 ) $ 445,930 Intangible Liabilities Lease intangible liabilities (2) $ 174,208 $ (62,724 ) $ 111,484 $ 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 12 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) Lease intangible assets are composed of in-place leases, above-market leases and lease incentives. Lease intangible liabilities are composed of below-market leases. Prior to January 1, 2019, lease intangible assets and liabilities included below- and above-market ground leases, respectively, which have been reclassified as a component of operating lease right-of-use asset, included in other assets, upon adoption of the new lease standard. (3) Composed of investment management contracts and investor relationships. (4) Represent DataBank customer relationships. (5) Finite-lived trade names are amortized over estimated useful lives of 5 to 10 years . The Colony trade name with a carrying value of $15.5 million is determined to have an indefinite useful life and is not currently subject to amortization. (6) |
Schedule of Amortization of Intangible Assets and Liabilities | The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 16 ): Year Ended December 31, (In thousands) 2019 2018 2017 Net increase to rental income (1) $ 14,443 $ 2,723 $ 14,561 Net increase (decrease) to ground rent expense (2) $ — $ (250 ) $ 108 Amortization expense Deferred leasing costs and lease intangibles $ 33,922 $ 31,466 $ 64,943 Investment management intangibles 89,236 26,992 51,154 Customer relationships 250 — — Trade name 186 1,606 3,682 Other 1,171 2,291 10,215 $ 124,765 $ 62,355 $ 129,994 __________ (1) Represents the impact of amortizing above- and below-market leases and lease incentives. (2) Represents the impact of amortizing above- and below-market ground leases prior to adoption of the lease standard on January 1, 2019. |
Schedule of Estimated Annual Amortization Expense | The following table presents the future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale. Year Ending December 31, (In thousands) 2020 2021 2022 2023 2024 2025 and Thereafter Total Net increase (decrease) to rental income $ 7,410 $ 6,638 $ 6,204 $ 6,629 $ (6,692 ) $ (8,362 ) $ 11,827 Amortization expense 90,708 83,468 69,326 56,462 50,132 147,134 497,230 |
Assets and Related Liabilitie_2
Assets and Related Liabilities Held For Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disclosure of Long Lived Assets and Liabilities Held-for-sale | The Company's assets and related liabilities held for sale are summarized below: (In thousands) December 31, 2019 December 31, 2018 Assets Restricted cash $ 15,585 $ 6,213 Real estate, net 799,415 3,645,406 Equity investment—private fund — 13,422 Goodwill — 20,000 Deferred leasing costs and intangible assets, net 33,236 135,924 Other assets 21,816 146,380 Due from affiliates — 2,290 Total assets held for sale $ 870,052 $ 3,969,635 Liabilities Debt, net $ 232,944 $ 1,064,585 Lease intangibles and other liabilities, net 35,208 153,910 Total liabilities related to assets held for sale $ 268,152 $ 1,218,495 |
Restricted Cash, Other Assets_2
Restricted Cash, Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash, Other Assets And Other Liabilities [Abstract] | |
Schedule of Restricted Cash | The following table summarizes the Company's restricted cash balance: (In thousands) December 31, 2019 December 31, 2018 Capital expenditures reserves (1) $ 89,901 $ 214,863 Real estate escrow reserves (2) 38,326 49,702 Borrower escrow deposits 8,079 10,412 Working capital and other reserves (3) 1,800 19,586 Tenant lock boxes (4) 18,889 15,666 Other 46,928 54,376 Total restricted cash $ 203,923 $ 364,605 __________ (1) Represents primarily cash held by lenders for 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 certain joint venture arrangements. (4) Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt. |
Schedule of the Company's Other Assets, Net | The following table summarizes the Company's other assets: (In thousands) December 31, 2019 December 31, 2018 Interest receivable $ 14,066 $ 14,005 Straight-line rents 37,352 34,931 Hotel-related deposits and reserves (1) 18,065 21,636 Investment deposits and pending deal costs 32,994 27,534 Deferred financing costs, net (2) 2,794 5,467 Derivative assets (Note 11) 21,386 33,558 Prepaid taxes and deferred tax assets, net 82,344 71,656 Receivables from resolution of investments (3) 63,984 30,770 Operating lease right-of-use asset, net 220,560 — Accounts receivable, net (4) 83,161 58,830 Prepaid expenses 30,761 23,771 Other assets 30,413 30,604 Fixed assets, net 44,768 47,381 Total other assets $ 682,648 $ 400,143 __________ (1) Represents working capital deposits and reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment expenditures. Funding of reserves is made periodically based on a percentage of hotel operating income. (2) Deferred financing costs relate to revolving credit arrangements. (3) Represents primarily proceeds from loan repayments and real estate sales held in escrow, and sales of equity investments pending settlement. (4) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables, net of allowance, where applicable. |
Schedule of Accrued and Other Liabilities | The following table summarizes the Company's accrued and other liabilities: (In thousands) December 31, 2019 December 31, 2018 Tenant security deposits and payable $ 15,293 $ 15,135 Borrower escrow deposits 9,903 13,001 Deferred income (1) 32,318 27,124 Interest payable 38,487 40,622 Derivative liabilities (Note 11) 127,531 132,808 Contingent consideration—THL Hotel Portfolio (Note 12) 9,330 8,903 Share repurchase payable (2) — 7,567 Current and deferred income tax liability 222,206 92,808 Operating lease liability (Note 22) 181,297 — Accrued compensation 83,351 79,320 Accrued carried interest and incentive fee compensation 50,360 7,486 Accrued real estate and other taxes 39,923 38,714 Accounts payable and accrued expenses 143,852 91,244 Other liabilities 62,047 79,412 Total accrued and other liabilities $ 1,015,898 $ 634,144 __________ (1) Represents primarily prepaid rental income, prepaid interest from borrowers held in reserve accounts, deferred asset management fees from private funds, and deferred base management fees assumed in the DBH acquisition. Deferred management fees totaling $18.3 million at December 31, 2019 and $3.2 million at December 31, 2018 will be recognized as fee income over a weighted average period of 1.2 years . (2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is included in liabilities related to assets held for sale (Note 8 ). (In thousands) Corporate Credit Facility (1) Convertible and Exchangeable Senior Notes Secured Debt (2) Junior Subordinated Notes Total Debt December 31, 2019 Debt at amortized cost Principal $ — $ 616,105 $ 8,276,620 $ 280,117 $ 9,172,842 Premium (discount), net — 2,243 (17,126 ) (78,927 ) (93,810 ) Deferred financing costs — (4,296 ) (90,828 ) — (95,124 ) $ — $ 614,052 $ 8,168,666 $ 201,190 $ 8,983,908 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 $515.6 million at December 31, 2019 and $425.9 million at December 31, 2018 relates to financing on assets held for sale. Debt associated with assets held for sale that is expected to be assumed by the buyer is included in liabilities related to assets held for sale (Note 8 ). The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates if the criteria to extend have been met as of the balance sheet date and the extension option is at the Company’s discretion. Fixed Rate Variable Rate Total ($ in thousands) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) Outstanding Principal Weighted Average Interest Rate (Per Annum) (3) Weighted Average Years Remaining to Maturity (4) December 31, 2019 Recourse Corporate credit facility $ — N/A N/A $ — N/A 2.0 $ — N/A 2.0 Convertible and exchangeable senior notes 616,105 4.27 % 2.0 — N/A N/A 616,105 4.27 % 2.0 Junior subordinated debt — N/A N/A 280,117 4.77 % 16.4 280,117 4.77 % 16.4 Secured debt (1) 35,072 5.02 % 5.9 — N/A N/A 35,072 5.02 % 5.9 651,177 280,117 931,294 Non-recourse Secured debt Digital — N/A N/A 539,155 6.98 % 4.8 539,155 6.98 % 4.8 Healthcare (2) 405,980 4.55 % 5.1 2,547,726 5.22 % 4.3 2,953,706 5.13 % 4.4 Hospitality 13,494 12.71 % 1.6 2,653,853 4.83 % 4.6 2,667,347 4.87 % 4.6 Other Real Estate Equity (2) 151,777 4.26 % 3.4 1,652,870 4.08 % 2.8 1,804,647 4.09 % 2.9 Real Estate Debt — N/A N/A 276,693 3.72 % 1.8 276,693 3.72 % 1.8 571,251 7,670,297 8,241,548 $ 1,222,428 $ 7,950,414 $ 9,172,842 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) 2,130,999 4.62 % 1.9 1,109,681 6.64 % 2.7 3,240,680 5.31 % 2.2 Hospitality 12,019 12.99 % 2.6 2,636,053 5.68 % 3.8 2,648,072 5.71 % 3.8 Other Real Estate Equity (2) 200,814 4.02 % 3.8 1,789,431 4.43 % 3.6 1,990,245 4.39 % 3.7 Real Estate Debt — N/A N/A 359,511 4.50 % 2.4 359,511 4.50 % 2.4 2,343,832 5,894,676 8,238,508 $ 2,997,136 $ 6,174,793 $ 9,171,929 __________ (1) The fixed rate recourse debt is secured by the Company's aircraft. (2) Mortgage debt in the healthcare and other real estate equity segment with an aggregate outstanding principal of $235.6 million at December 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) Calculated based upon outstanding debt principal at balance sheet date and for variable rate debt, the applicable index at balance sheet date. (4) Calculated based upon initial maturity dates of the respective debt or extended maturity dates if extension criteria are met and extension option is at the Company's discretion. |
Convertible Senior Notes Issued | Convertible and exchangeable senior notes issued by the Company and outstanding are as follows: Description Issuance Date Due Date Interest Rate Conversion or Exchange Price (per share of common stock) Conversion or Exchange Ratio (in shares) (1) Conversion or Exchange Shares (in thousands) Earliest Redemption Date Outstanding Principal December 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 June 15, 2033 5.375 12.04 83.0837 1,130 June 15, 2023 13,605 13,605 $ 616,105 $ 616,105 __________ (1) The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note. |
Schedule of Maturities of Long-term Debt | 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, 2020 $ — $ — $ 393,341 $ — $ 393,341 2021 — 402,500 749,367 — 1,151,867 2022 — — 1,811,515 — 1,811,515 2023 — 200,000 134,515 — 334,515 2024 — — 3,420,860 — 3,420,860 2025 and thereafter — 13,605 1,767,022 280,117 2,060,744 Total $ — $ 616,105 $ 8,276,620 $ 280,117 $ 9,172,842 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gross fair value of derivative assets and liabilities | Fair value of derivative assets and derivative liabilities were as follows: December 31, 2019 December 31, 2018 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 15,307 $ 1,271 $ 16,578 $ 31,127 $ 1,069 $ 32,196 Interest rate contracts 78 237 315 862 500 1,362 Performance swaps — 4,493 4,493 — — — Included in other assets $ 15,385 $ 6,001 $ 21,386 $ 31,989 $ 1,569 $ 33,558 Derivative Liabilities Foreign exchange contracts $ 8,134 $ 2,482 $ 10,616 $ 6,193 $ 211 $ 6,404 Interest rate contracts — — — — 126,404 126,404 Forward contracts — 116,915 116,915 — — — Included in accrued and other liabilities $ 8,134 $ 119,397 $ 127,531 $ 6,193 $ 126,615 $ 132,808 |
Schedule of foreign exchange contracts | The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 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 € 54,727 € 6,935 Min $1.06 / Max $1.31 March 2020 to November 2020 EUR FX Forward € 303,157 € 6,955 Min $1.11 / Max $1.38 January 2020 to February 2024 GBP FX Forward £ 84,187 £ 27,003 Min $1.24 / Max $1.32 March 2020 to December 2020 |
Schedule of net investment hedges included in accumulated other comprehensive income (loss) | Release of 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) 2019 2018 2017 Designated net investment hedges: Realized gain (loss) transferred from AOCI to earnings $ 1,790 $ 7,426 $ (3,931 ) 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 amount 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) 2019 2018 2017 Non-designated net investment hedges: Unrealized gain (loss) transferred from AOCI to earnings $ (2,693 ) $ 3,726 $ (3,928 ) |
Schedule of interest rate derivatives | The following table summarizes amounts recorded in other gain (loss) related to interest rate contracts. Amounts includes an amount reclassified from AOCI to earnings on a designated interest rate contract upon termination of the derivative in connection with extinguishment of debt financing the light industrial portfolio that was sold in December 2019, presented as part of discontinued operations (Note 16 ). Year Ended December 31, (In thousands) 2019 2018 2017 Realized and unrealized gain (loss) net: Designated interest rate contracts $ (8,019 ) $ — $ — Non-designated interest rate contracts (242,898 ) 33,307 (15,080 ) December 31, 2019 . Notional Amount (in thousands) Strike Rate / Forward Rate Instrument Type Designated Non-Designated Index Range of Expiration Dates Interest rate caps $ — $ 6,436,254 1-Month LIBOR 3.0% - 6.26% June 2020 to November 2021 Interest rate caps € 232,845 € 485,405 3-Month EURIBOR 1.0% - 1.5% January 2021 to June 2024 Interest rate caps £ — £ 363,794 3-Month GBP LIBOR 1.5% - 2.25% February 2020 to October 2022 |
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) 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, 2019 Derivative Assets Foreign exchange contracts $ 16,578 $ (4,385 ) $ — $ 12,193 Interest rate contracts 315 — — 315 Performance swaps 4,493 (4,493 ) — — $ 21,386 $ (8,878 ) $ — $ 12,508 Derivative Liabilities Foreign exchange contracts $ (10,616 ) $ 4,385 $ — $ (6,231 ) Forward contract (116,915 ) 4,493 9,981 (102,441 ) $ (127,531 ) $ 8,878 $ 9,981 $ (108,672 ) December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 ) |
Offsetting derivative liabilities | The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty. Gross Assets (Liabilities) 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, 2019 Derivative Assets Foreign exchange contracts $ 16,578 $ (4,385 ) $ — $ 12,193 Interest rate contracts 315 — — 315 Performance swaps 4,493 (4,493 ) — — $ 21,386 $ (8,878 ) $ — $ 12,508 Derivative Liabilities Foreign exchange contracts $ (10,616 ) $ 4,385 $ — $ (6,231 ) Forward contract (116,915 ) 4,493 9,981 (102,441 ) $ (127,531 ) $ 8,878 $ 9,981 $ (108,672 ) December 31, 2018 Derivative Assets Foreign exchange contracts $ 32,196 $ (1,743 ) $ — $ 30,453 Interest rate contracts 1,362 (823 ) — 539 $ 33,558 $ (2,566 ) $ — $ 30,992 Derivative Liabilities Foreign exchange contracts $ (6,404 ) $ 1,743 $ — $ (4,661 ) Interest rate contracts (126,404 ) 823 840 (124,741 ) $ (132,808 ) $ 2,566 $ 840 $ (129,402 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected, but excluding financial assets under the NAV practical expedient, categorized into the three tier fair value hierarchy. Fair Value Measurements (In thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Assets Equity method investments $ — $ — $ 222,875 $ 222,875 Marketable equity securities 138,586 — — 138,586 Debt securities available for sale — N-Star CDO bonds — — 54,859 54,859 CMBS of consolidated fund — 2,732 — 2,732 Other assets—derivative assets — 21,386 — 21,386 Liabilities Other liabilities — derivative liabilities — 127,531 — 127,531 Other liabilities—contingent consideration for THL Hotel Portfolio — — 9,330 9,330 December 31, 2018 Assets Equity method investments $ — $ — $ 81,085 $ 81,085 Marketable equity securities 36,438 — — 36,438 Debt securities available for sale—N-Star CDO bonds — — 64,127 64,127 CMBS of consolidated fund — 32,706 — 32,706 Other assets—derivative assets — 33,558 — 33,558 Liabilities Other liabilities — derivative liabilities — 132,808 — 132,808 Other liabilities—contingent consideration for THL Hotel Portfolio — — 8,903 8,903 |
Schedule of Fair Value Assumptions Related to Contingent Consideration | Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows. Valuation Technique Key Unobservable Inputs Input Value Effect on Fair Value from Increase in Input Value (1) Financial Instrument Fair Value (In thousands) Weighted Average (Range) December 31, 2019 Level 3 Assets Equity method investments—third party private equity funds $ 5,391 NAV (2) N/A N/A N/A Equity method investments—other 18,574 Discounted cash flows Discount rate 10.1% Decrease Equity method investments—other 25,000 Multiple Revenue multiple 3.7x (3) Equity method investments—other 173,910 Transaction price (4) N/A N/A N/A N-Star CDO bonds 54,859 Discounted cash flows Discount rate 22.3% Decrease Level 3 Liabilities Other liabilities—contingent consideration for THL Hotel Portfolio 9,330 Discounted cash flows Discount rate 12.0% 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 underlying NAV of the respective funds on a quarter lag, adjusted as deemed appropriate by management, and in 2018, in combination with indicative prices of investments sold by the Company. (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 investee engaged in real estate development during the development stage. |
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 AOCI. 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, 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, contribution or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized and unrealized gains (losses) in earnings, net (2,309 ) 6,104 (38,885 ) 1,822 20,600 (648 ) Other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2017 $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions and accretion — 61,113 21,049 — — — Paydowns, distributions and sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities to equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to CLNC — (26,134 ) — — — — Realized and unrealized gains (losses) in earnings, net (715 ) 3,141 3,877 57 1,730 (1,484 ) Other comprehensive loss — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2018 $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions and accretion — 141,070 6,380 — — — Paydowns, distributions and sales — (8,338 ) (10,779 ) — — — Realized and unrealized gains (losses) in earnings, net — 9,058 (16,920 ) — — (427 ) Other comprehensive income — — 12,051 — — — Fair value at December 31, 2019 $ — $ 222,875 $ 54,859 $ — $ — $ (9,330 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2019 $ — $ 8,280 $ (16,920 ) $ — $ — $ (427 ) |
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 AOCI. 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, 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, contribution or accretion — 162,323 40,035 10,564 — — Paydowns or distributions (10,564 ) (166,795 ) (120,728 ) — — — Realized and unrealized gains (losses) in earnings, net (2,309 ) 6,104 (38,885 ) 1,822 20,600 (648 ) Other comprehensive income — — 15,261 — — — Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2017 $ (2,309 ) $ 6,104 $ — $ 1,822 $ 20,600 $ (648 ) Fair value at December 31, 2017 $ 45,423 $ 363,901 $ 323,243 $ (44,542 ) $ (20,650 ) $ (7,419 ) Purchases, contributions and accretion — 61,113 21,049 — — — Paydowns, distributions and sales (638 ) (188,409 ) (138,261 ) 638 — — Deconsolidation (44,070 ) — (124,344 ) 43,847 — — Transfer out of liabilities to equity — — — — 12,539 — Transfers out of Level 3 — (132,527 ) — — 6,381 — Contribution to CLNC — (26,134 ) — — — — Realized and unrealized gains (losses) in earnings, net (715 ) 3,141 3,877 57 1,730 (1,484 ) Other comprehensive loss — — (21,437 ) — — — Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2018 $ (715 ) $ (67 ) $ — $ 57 $ 1,730 $ (1,484 ) Fair value at December 31, 2018 $ — $ 81,085 $ 64,127 $ — $ — $ (8,903 ) Purchases, contributions and accretion — 141,070 6,380 — — — Paydowns, distributions and sales — (8,338 ) (10,779 ) — — — Realized and unrealized gains (losses) in earnings, net — 9,058 (16,920 ) — — (427 ) Other comprehensive income — — 12,051 — — — Fair value at December 31, 2019 $ — $ 222,875 $ 54,859 $ — $ — $ (9,330 ) Net unrealized gains (losses) in earnings on instruments held at December 31, 2019 $ — $ 8,280 $ (16,920 ) $ — $ — $ (427 ) |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | Investments in a Company-sponsored private fund and a non-traded REIT, and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles. December 31, 2019 December 31, 2018 (In thousands) Fair Value Unfunded Commitments Fair Value Unfunded Commitments Private fund—real estate $ 16,271 $ 11,058 $ 12,617 $ 13,658 Non-traded REIT—real estate 19,358 — 11,990 — Private fund—emerging market private equity 3,012 — — — |
Fair Value Measurements, Nonrecurring | The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment. December 31, 2019 December 31, 2018 (In thousands) Level 2 Level 3 Total Level 2 Level 3 Total Real estate held for sale $ 70,191 $ 183,257 $ 253,448 $ 68,864 $ 200,281 $ 269,145 Real estate held for investment — 354,976 354,976 — 416,272 416,272 Intangible assets—investment management contracts — 62,354 62,354 — 36,400 36,400 Equity method investments — 745,320 745,320 — 32,761 32,761 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) 2019 2018 2017 Impairment loss Real estate held for sale $ 120,329 $ 77,211 $ 25,619 Real estate held for investment 227,510 280,418 19,668 Intangible assets—investment management 9,955 157,538 59,073 Intangible assets—trade name — 59,464 — Equity method loss 257,952 61,182 6,774 |
Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping | Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below. The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible. Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Assets Loans at amortized cost $ — $ — $ 1,557,850 $ 1,557,850 $ 1,552,824 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 602,000 13,095 — 615,095 614,052 Secured debt — — 8,213,550 8,213,550 8,168,666 Secured debt related to assets held for sale — — 235,000 235,000 232,944 Junior subordinated debt — — 225,835 225,835 201,190 December 31, 2018 Assets Loans at amortized cost $ — $ — $ 1,667,892 $ 1,667,892 $ 1,659,217 Liabilities Debt at amortized cost Convertible and exchangeable senior notes 547,300 13,095 — 560,395 612,150 Secured debt — — 8,141,497 8,141,497 8,164,136 Secured debt related to assets held for sale — — 1,077,195 1,077,195 1,064,585 Junior subordinated debt — — 169,619 169,619 199,086 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Activity of Preferred and Common Stock | The table below summarizes the preferred stock issued and outstanding at December 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 G 7.5 % June 2014 3,450 $ 35 $ 86,250 Currently redeemable Series H 7.125 % April 2015 11,500 115 287,500 April 13, 2020 Series I 7.15 % June 2017 13,800 138 345,000 June 5, 2022 Series J 7.125 % September 2017 12,600 126 315,000 September 22, 2022 41,350 414 1,033,750 Series B 8.25 % February 2007 6,114 61 152,855 Redemption pending Series E 8.75 % May 2014 10,000 100 250,000 Redemption pending 57,464 $ 575 $ 1,436,605 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, 2016 25,030 166,440 770 Consideration for the Merger (1) 39,466 392,120 — Issuance of preferred stock 26,400 — — Redemption of preferred stock (25,432 ) — — Shares canceled (2) — (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 (3) — 2,074 — Shares issued for settlement of contingent consideration—Internalization — 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 Redemption of preferred stock (16,114 ) — — Shares issued upon redemption of OP Units — 188 — Repurchase of common stock — (652 ) — Equity-based compensation, net of forfeitures — 4,850 — Shares canceled for tax withholding on vested stock awards — (689 ) — Shares outstanding at December 31, 2019 41,350 487,044 734 __________ (1) 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. (2) Represents NRF shares held by NSAM that were canceled upon consummation of the Merger, after giving effect to the exchange ratio. (3) 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 12 ). |
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, 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 Other comprehensive income (loss) before reclassifications 9,206 (4,358 ) (2,563 ) (5,398 ) 24,945 21,832 Amounts reclassified from AOCI (3,554 ) 15,356 2,428 (1,081 ) (1,312 ) 11,837 AOCI at December 31, 2019 $ 9,281 $ 7,823 $ (226 ) $ 139 $ 30,651 $ 47,668 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, 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 Other comprehensive loss before reclassifications — (5,943 ) (16,848 ) (1,291 ) (24,082 ) Amounts reclassified from AOCI — 5,328 (465 ) 2,306 7,169 AOCI at December 31, 2019 $ — $ (1,005 ) $ (17,913 ) $ 10,659 $ (8,259 ) |
Reclassification out of Accumulated Other Comprehensive Income | Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Year Ended December 31, Affected Line Item in the Component of AOCI reclassified into earnings 2019 2018 2017 Realized gain (loss) on marketable securities $ — $ 10,100 $ (5,285 ) Other gain (loss), net Other-than-temporary impairment and write-offs of securities (15,356 ) (6,149 ) (31,259 ) Other gain (loss), net Deconsolidation of N-Star CDO — (2,596 ) — Other gain (loss), net Release of cumulative translation adjustments 1,081 (6,870 ) 2,489 Other gain (loss), net Unrealized gain (loss) on dedesignated net investment hedges (340 ) 1,454 (1,829 ) Other gain (loss), net Realized gain (loss) on net investment hedges 1,652 6,992 (3,718 ) Other gain (loss), net Release of equity in AOCI of unconsolidated ventures 3,554 — (81 ) Equity method earnings (losses) |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The following table presents the activity in redeemable noncontrolling interests. Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 9,385 $ 34,144 $ — Assumed through the Merger — — 78,843 Assumed through consolidation of sponsored private fund — — 24,763 Contributions — 354 8,550 Distributions and redemptions (5,837 ) (21,405 ) (100,830 ) Net income (loss) 2,559 (3,708 ) 23,543 Currency translation adjustment and other — — (725 ) Ending balance $ 6,107 $ 9,385 $ 34,144 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations, Net Income (Loss) | Income from discontinued operations is presented below. Year Ended December 31, (In thousands) 2019 2018 2017 Revenues Property operating income $ 346,431 $ 288,367 $ 284,051 Fee income 11,646 7,378 4,022 Interest and other income 5,163 3,775 4,742 Revenues from discontinued operations 363,240 299,520 292,815 Expenses Property operating expense 93,440 84,162 87,726 Interest expense 91,863 42,713 47,594 Investment and servicing expense 658 436 542 Placement fees — 234 1,650 Depreciation and amortization 106,470 129,104 109,265 Impairment loss — 948 44 Compensation expense—cash and equity-based (1) 29,791 11,156 8,119 Compensation expense—carried interest (2) 35,170 4,696 — Administrative expenses 6,089 4,569 4,703 Expenses from discontinued operations 363,481 278,018 259,643 Other income (loss) Gain on sale of real estate 1,457,892 7,633 22,504 Other gain, net 1,338 — — Equity method earnings, including carried interest (2) 41,258 10,636 1,868 Income from discontinued operations before income taxes 1,500,247 39,771 57,544 Income tax benefit (expense) 1,550 (189 ) (2,096 ) Income from discontinued operations 1,501,797 39,582 55,448 Income from discontinued operations attributable to: Noncontrolling interests in investment entities 989,358 21,260 24,407 Noncontrolling interests in Operating Company 49,391 1,113 1,249 Income from discontinued operations attributable to Colony Capital, Inc. (2) $ 463,048 $ 17,209 $ 29,792 __________ (1) Includes equity-based compensation of $8.2 million , $2.9 million and $3.3 million for the years ended December 31, 2019 , 2018 and 2017, respectively. (2) In December 2019, carried interest totaling $81.2 million was realized upon sale of the light industrial portfolio, of which $52.8 million related to the unconsolidated industrial open-end fund had been recognized as unrealized equity method earnings over time, and $28.4 million related to the consolidated industrial closed-end fund was recorded upon realization in December 2019 as a disproportionate allocation to the Company from noncontrolling interests in investment entities. Approximately $39.9 million of total carried interest represents carried interest sharing compensation expense, recognized in the same period as the related carried interest income. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | The following table provides the basic and diluted earnings per common share computations: Year Ended December 31, (In thousands, except per share data) 2019 2018 2017 Net loss allocated to common stockholders Loss from continuing operations $ (1,650,712 ) $ (534,757 ) $ (120,061 ) (Income) loss from continuing operations attributable to noncontrolling interests 138,857 (2,059 ) (107,622 ) Loss from continuing operations attributable to Colony Capital, Inc. (1,511,855 ) (536,816 ) (227,683 ) Income from discontinued operations attributable to Colony Capital, Inc. 463,048 17,209 29,792 Net loss attributable to Colony Capital, Inc. (1,048,807 ) (519,607 ) (197,891 ) Preferred stock redemption 5,150 3,995 (4,530 ) Preferred dividends (108,550 ) (117,097 ) (130,672 ) Net loss attributable to common stockholders (1,152,207 ) (632,709 ) (333,093 ) Net income allocated to participating securities (3,491 ) (2,504 ) (9,168 ) Net loss allocated to common stockholders—basic (1,155,698 ) (635,213 ) (342,261 ) Interest expense attributable to convertible notes (1) — — — Net loss allocated to common stockholders—diluted $ (1,155,698 ) $ (635,213 ) $ (342,261 ) Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 479,588 496,993 532,600 Weighted average effect of dilutive shares (1)(2)(3) — — — Weighted average number of common shares outstanding—diluted 479,588 496,993 532,600 Basic loss per share Loss from continuing operations $ (3.38 ) $ (1.31 ) $ (0.70 ) Income from discontinued operations 0.97 0.03 0.06 Net loss attributable to common stockholders per basic common share $ (2.41 ) $ (1.28 ) $ (0.64 ) Diluted loss per share Loss from continuing operations $ (3.38 ) $ (1.31 ) $ (0.70 ) Income from discontinued operations 0.97 0.03 0.06 Net loss attributable to common stockholders per diluted common share $ (2.41 ) $ (1.28 ) $ (0.64 ) __________ (1) For the years ended December 31, 2019 , 2018 and 2017, excluded from the calculation of diluted earnings per share is the effect of adding back $28.2 million , $28.6 million and $28.9 million of interest expense, respectively, and 38,112,100 , 38,112,100 , and 38,564,400 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, 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 74,100 , 571,500 and 534,100 for the years ended December 31, 2019 , 2018 and 2017 , respectively, as the effect would be antidilutive. The calculation of diluted earnings per share also excludes the effect of weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 19 ) of 990,700 and 532,900 for the years ended December 31, 2019 and 2018 , respectively. (3) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one -for-one basis. At December 31, 2019 , 2018 and 2017 there were 53,261,100 , 31,358,500 and 32,282,500 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. |
Fee Income (Tables)
Fee Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Asset Management and Other Fees | The Company's fee income is earned from the following sources. Year Ended December 31, (In thousands) 2019 2018 2017 Institutional funds and other investment vehicles $ 82,188 $ 48,624 $ 56,966 Public companies (CLNC, NRE) 118,049 65,258 14,003 Non-traded REITs 19,896 29,597 88,081 Other 3,782 964 57,717 $ 223,915 $ 144,443 $ 216,767 The following table presents the Company's fee income by type: Year Ended December 31, (In thousands) 2019 2018 2017 Base management fees ($151,452, $130,384, and $161,414 from affiliates, respectively) $ 152,189 $ 131,406 $ 179,816 Asset management fees ($2,371, $2,078, and $3,069 from affiliates, respectively) 3,559 2,078 3,069 Acquisition and disposition fees—from affiliates — 1,922 16,237 Incentive and termination fees ($64,555, $5,445, and $172 from affiliates, respectively) 64,555 5,445 1,043 Other fee income ($2,206, $3,389 and $0 from affiliates, respectively) 3,612 3,592 16,602 Total fee income $ 223,915 $ 144,443 $ 216,767 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Components of Share-Based Compensation | Fair value of these LTIP units was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: Ganzi LTIP Grant Expected volatility of the Company's class A common stock (1) 28.3% Expected dividend yield (2) 8.1% Risk-free rate (per annum) (3) 1.8% __________ (1) Based upon historical volatility of the Company's stock and those of a specified peer group. (2) Based upon the Company's most recently issued dividend prior to grant date and closing price of the Company's class A common stock on grant date. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the measurement period of the award as of valuation date. Equity-based compensation expense, excluding amounts related to the industrial segment which is presented as discontinued operations (Note 16 ), is as follows: Year Ended December 31, (In thousands) 2019 2018 2017 Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights) $ 31,403 $ 38,928 $ 146,563 Earnings from investments in unconsolidated ventures — — 61 Investment and servicing expense — — 4,070 $ 31,403 $ 38,928 $ 150,694 Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions: 2019 PSU Grants 2018 PSU Grant (4) Expected volatility of the Company's class A common stock (1) 26.2% 29.0% Expected annual dividend yield (2) 8.5% - 8.7% 7.3% Risk-free rate (per annum) (3) 2.2% - 2.4% 2.1% __________ (1) Based upon historical volatility of the Company's stock, and where applicable, a combination of historical volatility and implied volatility on actively traded stock options of a specified peer group. (2) Based upon a combination of historical dividend yields and the current annualized dividends. (3) Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the remaining measurement period of the award as of valuation date. (4) Reflects assumptions applied in valuing the award upon modification in February 2019. |
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan | Changes in the Company’s unvested equity awards are summarized below: Weighted Average Grant Date Fair Value Restricted Stock LTIP Units DSUs PSUs (1) Total PSUs All Other Awards Unvested shares and units at December 31, 2018 5,422,090 — 183,134 2,043,949 7,649,173 $ 5.09 $ 9.39 Granted 5,085,924 10,000,000 386,834 3,760,864 19,233,622 2.92 2.30 Vested (2,570,167 ) — (304,184 ) (60,514 ) (2,934,865 ) 5.09 9.79 Forfeited (296,139 ) — — (64,104 ) (360,243 ) 4.53 6.26 Unvested shares and units at December 31, 2019 7,641,708 10,000,000 265,784 5,680,195 23,587,687 3.66 3.25 __________ (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 measured at the end of the performance period. |
Transactions with Affiliates (T
Transactions with Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Disclosures | Cost reimbursements, included in other income, were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Retail companies $ 3,098 $ 4,672 $ 19,545 Public companies (CLNC, NRE) 14,442 10,747 — Private investment vehicles and other 14,059 9,198 3,779 Equity awards of CLNC and NRE (Note 19) 32,627 10,078 — Townsend — — 2,306 $ 64,226 $ 34,695 $ 25,630 Amounts due from and due to affiliates consist of the following: (In thousands) December 31, 2019 December 31, 2018 Due from Affiliates Investment vehicles, portfolio companies and unconsolidated ventures Fee income $ 36,106 $ 32,139 Cost reimbursements and recoverable expenses 14,624 10,754 Employees and other affiliates 750 596 $ 51,480 $ 43,489 Due to Affiliates Employees and other affiliates $ 34,064 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of current and deferred tax benefit (expense), including amounts related to the industrial business presented as discontinued operations (Note 16 ), were as follows. Year Ended December 31, (In thousands) 2019 2018 2017 Current Federal $ (6,320 ) $ 2,881 $ (20,316 ) State and local (3,276 ) 1,168 (3,606 ) Foreign (12,459 ) (13,698 ) (16,138 ) Total current tax benefit (expense) (22,055 ) (9,649 ) (40,060 ) Deferred Federal 1,652 64,962 110,711 State and local 2,800 1,320 18,235 Foreign 5,150 3,148 9,513 Total deferred tax benefit 9,602 69,430 138,459 Total income tax benefit (expense) from continuing and discontinued operations $ (12,453 ) $ 59,781 $ 98,399 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows. (In thousands) December 31, 2019 December 31, 2018 Deferred tax assets Net operating and capital loss carry forwards (1) $ 67,785 $ 56,609 Equity-based compensation 23,410 17,162 Investment in partnerships 625 7,745 Real estate, leases and related intangibles 15,870 — Foreign tax credits (2) — 892 Straight-line and prepaid rent 6,270 7,850 Deferred income 3,520 — Deferred interest expense 5,881 472 Other (3) 11,853 2,904 Gross deferred tax assets 135,214 93,634 Valuation allowance (26,305 ) (22,062 ) Deferred tax assets, net of valuation allowance 108,909 71,572 Deferred tax liabilities Real estate, leases and related intangibles 209,474 63,901 Other intangible assets 31,124 33,693 Deferred income — 1,263 Other (3) 9,420 108 Gross deferred tax liabilities 250,018 98,965 Net deferred tax liability $ (141,109 ) $ (27,393 ) __________ (1) At December 31, 2019 and 2018, deferred tax asset was recognized on net operating losses of $269.7 million and $251.2 million , respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2031 , except those incurred after December 31, 2017 attributable to U.S. federal, and those attributable to foreign operations can generally be carried forward indefinitely. (2) Foreign tax credits expire beginning 2027 . (3) Other includes deferred tax asset on lease liability and deferred tax liability on lease ROU asset related to office leases at December 31, 2019. |
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) 2019 2018 2017 Loss from continuing and discontinued operations before income taxes $ (136,462 ) $ (554,956 ) $ (163,012 ) Pre-tax (income) loss attributable to pass-through subsidiaries (675,635 ) 312,939 (405,104 ) Pre-tax loss attributable to taxable subsidiaries (812,097 ) (242,017 ) (568,116 ) Federal tax benefit at statutory tax rate (21%, 21% and 35%, respectively) 170,540 50,824 198,841 State and local income taxes, net of federal income tax benefit 1,362 10,983 9,380 Foreign income tax differential (8,979 ) (3,533 ) 6 Nondeductible expenses—goodwill impairment (165,480 ) — (110,600 ) Nondeductible expenses—other (4,390 ) (4,648 ) (20,372 ) Valuation allowance, net (4,151 ) 2,874 (3,555 ) Impact of Tax Cuts and Jobs Act — 2,190 24,908 Other (1,355 ) 1,091 (209 ) Income tax benefit (expense) from continuing and discontinued operations $ (12,453 ) $ 59,781 $ 98,399 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Lease Expense | For the year ended December 31, 2019 , the following table summarizes lease expense for investment properties, included in property operating expense, and office leases, included in administrative expense. Year Ended December 31, 2019 (In thousands) Investment Properties Corporate Offices Operating lease expense: Fixed lease expense $ 8,292 $ 9,213 Variable lease expense 1,898 2,516 $ 10,190 $ 11,729 |
Schedule of Future Minimum Rental Payments | At December 31, 2019 , the Company's future operating lease commitments for investment properties, excluding real estate held for sale, and for corporate offices were as follows: (In thousands) Year Ending December 31, Investment Properties Corporate Offices Total 2020 $ 17,295 $ 10,314 $ 27,609 2021 16,847 9,735 26,582 2022 17,015 8,074 25,089 2023 17,054 7,778 24,832 2024 17,060 8,314 25,374 2025 and thereafter 211,195 23,337 234,532 Total lease payments 296,466 67,552 364,018 Present value discount (182,721 ) Operating lease liability (Note 9) $ 181,297 |
Schedule of Future Minimum Rental Payments for Operating Leases (prior to adoption of ASC 842) | At December 31, 2018, future contractual minimum lease payments to be received under noncancelable operating leases for real estate held for investment were as follows: Year Ending December 31, (In thousands) 2019 $ 293,906 2020 285,051 2021 265,612 2022 254,881 2023 242,151 2024 and thereafter 961,591 Total (1) $ 2,303,192 __________ (1) Excludes future contractual minimum lease payments for real estate in the industrial segment that was held for sale totaling $894.4 million . At December 31, 2018 , the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Corporate Offices 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 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment | The following table presents selected results of operations of the Company's reportable segments. Results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from our general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment, are presented as discontinued operations for all current and prior periods presented (Note 16 ). (In thousands) Digital Healthcare Industrial Hospitality CLNC Other Equity and Debt Other Investment Management Amounts Not Allocated to Segments Total Year Ended December 31, 2019 Total revenues $ 40,407 $ 582,139 $ — $ 828,523 $ — $ 614,551 $ 246,499 $ 14,235 $ 2,326,354 Property operating expenses 2,197 260,374 — 554,981 — 273,357 — — 1,090,909 Interest expense 4,502 192,621 — 169,781 — 113,762 — 54,872 535,538 Depreciation and amortization 12,209 161,115 — 145,424 — 85,910 79,097 6,037 489,792 Provision for loan losses — — — — — 35,880 — — 35,880 Impairment loss — 187,341 — 50,474 — 110,025 797,954 649 1,146,443 Gain on sale of real estate — 1,384 — 279 — 61,253 — — 62,916 Equity method earnings (losses) 2,647 — — — (241,356 ) 115,927 (17,602 ) — (140,384 ) Equity method earnings—carried interest — — — — — — 11,682 — 11,682 Income tax benefit (expense) (15,104 ) 612 — (898 ) — (7,270 ) 9,311 (654 ) (14,003 ) Income (loss) from continuing operations 43,786 (239,888 ) — (107,066 ) (241,356 ) 87,004 (754,314 ) (438,878 ) (1,650,712 ) Income from discontinued operations — — 1,486,691 — — — 15,106 — 1,501,797 Net income (loss) 43,786 (239,888 ) 1,486,691 (107,066 ) (241,356 ) 87,004 (739,208 ) (438,878 ) (148,915 ) Net income (loss) attributable to Colony Capital, Inc. 40,658 (179,976 ) 449,050 (90,139 ) (227,548 ) 1,436 (643,631 ) (398,657 ) (1,048,807 ) 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) 8,845 — — — (65,366 ) 97,416 (50,496 ) — (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 5,955 (283,516 ) — (90,581 ) (65,366 ) 266,886 (145,161 ) (222,974 ) (534,757 ) Income (loss) from discontinued operations — — 26,749 — — (102 ) 12,935 — 39,582 Net income (loss) 5,955 (283,516 ) 26,749 (90,581 ) (65,366 ) 266,784 (132,226 ) (222,974 ) (495,175 ) Net income (loss) attributable to Colony Capital, Inc. 5,606 (199,277 ) 4,246 (82,798 ) (61,457 ) 141,197 (124,024 ) (203,100 ) (519,607 ) (In thousands) Digital Healthcare Industrial Hospitality CLNC Other Equity and Debt Other 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 ) |
Assets and Equity Method Investments of Reportable Segments | Total assets and equity method investments excluding investments held for sale (Note 8 ) of the reportable segments are summarized as follows: December 31, 2019 December 31, 2018 (In thousands) Total Assets Equity Method Investments Total Assets Equity Method Investments Digital $ 2,160,402 $ 47,891 $ 32,354 $ 32,354 Healthcare 4,886,374 — 5,395,550 — Industrial 458,673 — 3,185,906 — Hospitality 3,789,098 — 3,980,988 — CLNC 725,443 725,443 1,037,754 1,037,754 Other Equity and Debt 5,749,455 1,070,462 6,344,124 1,026,420 Other Investment Management 1,085,234 139,977 1,979,432 176,403 Amounts not allocated to segments 977,505 3,742 259,141 3,742 $ 19,832,184 $ 1,987,515 $ 22,215,249 $ 2,276,673 |
Revenue by Geographic Areas | Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Year Ended December 31, (In thousands) 2019 2018 2017 Total income by geography: United States $ 1,772,135 $ 2,002,260 $ 2,492,800 Europe 354,164 329,609 310,783 Other 7,127 302 3,610 Total (1) $ 2,133,426 $ 2,332,171 $ 2,807,193 (In thousands) December 31, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,956,282 $ 9,566,982 Europe 1,508,347 1,600,623 Total (2) $ 11,464,629 $ 11,167,605 __________ (1) Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale at December 31, 2019 and 2018 included $0.5 billion and $ 3.3 billion located in the United States, respectively, and $0.3 billion and $ 0.5 billion |
Long-lived Assets by Geographic Areas | (In thousands) December 31, 2019 December 31, 2018 Long-lived assets by geography: United States $ 9,956,282 $ 9,566,982 Europe 1,508,347 1,600,623 Total (2) $ 11,464,629 $ 11,167,605 __________ (1) Total income includes equity method earnings (loss), and excludes cost reimbursement income from affiliates and income from discontinued operations. All income from discontinued operations are sourced in the United States. (2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale at December 31, 2019 and 2018 included $0.5 billion and $ 3.3 billion located in the United States, respectively, and $0.3 billion and $ 0.5 billion |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Year Ended December 31, (In thousands) 2019 2018 2017 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest, net of amounts capitalized of $3,192, $5,554, and $0 $ 523,533 $ 507,495 $ 452,726 Cash received for income tax refunds (paid for income taxes), net (12,595 ) 14,476 53,017 Cash paid for operating lease liabilities 16,234 — — SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by operating activities of discontinued operations $ 149,737 $ 158,666 $ 153,379 Net cash provided by (used in) investing activities of discontinued operations 3,721,764 (599,940 ) 82,408 Net cash provided by (used in) financing activities of discontinued operations (2,640,171 ) 351,052 378,788 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Dividends and distributions payable $ 83,301 $ 84,013 $ 188,202 Improvements in operating real estate in accrued and other liabilities 20,230 2,249 18,221 Redemption of OP Units for common stock 2,104 29,034 22,831 Preferred stock redemptions payable 402,855 — — ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption 139,157 — — Deferred cash consideration for acquisition of DBH (Note 3) 32,500 — — Issuance of OP Units for business combinations (Note 3) 114,865 — — Proceeds from loan repayments and asset sales held in escrow 63,984 19,425 27,426 Distributions payable to noncontrolling interests included in other liabilities 3,986 19,297 10,786 Foreclosures and exchanges of loans receivable for real estate 28,562 47,097 54,615 Debt assumed by buyer in sale of real estate 295,562 196,416 1,258,558 Debt issued to buyer in sale of real estate 4,000 — — Fair value of Digital Colony Manager contract intangible consolidated (Note 3) 51,400 — — Assets acquired in business combinations, net of cash and restricted cash acquired (Note 3) 2,098,313 — 16,684,675 Liabilities assumed in business combinations (Note 3) 818,449 — 11,249,183 Noncontrolling interests assumed in business combinations (Note 3) 724,567 — 592,690 Deconsolidation of net assets of securitization trusts — 131,386 — Assets held for sale contributed to equity method investee — 20,350 — Deferred tax liabilities assumed by buyer of related real estate — 26,629 — Share repurchase payable — 7,567 — Contributions receivable from noncontrolling interests — 29,721 25,501 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 — Year Ended December 31, (In thousands) 2019 2018 2017 Net assets of investment entity deconsolidated, net of cash and restricted cash contributed — — 153,368 Investment deposits applied to acquisition of loans receivable, real estate and CPI Group — — 66,020 Common stock issued for acquisition of NSAM and NRF — — 5,710,134 Preferred stock issued for acquisition of NRF — — 1,010,320 Net assets acquired in CPI restructuring, net of cash and restricted cash assumed — — 219,278 Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed — — 326,679 Net assets of sponsored fund consolidated, net of cash and restricted cash assumed — — 13,370 Exchange of notes for class A common shares — — 3,279 Assets of consolidated securitization trust — — 58,296 Liabilities of consolidated securitization trust — — 56,928 |
Business and Organization (Deta
Business and Organization (Details) - USD ($) $ in Thousands | Dec. 20, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||||
Assets under management | $ 49,000,000 | $ 49,000,000 | ||||
Redemption of stock | (402,855) | $ (200,000) | $ (635,785) | |||
Goodwill impairment | 401,000 | $ 387,000 | $ 788,000 | 0 | 316,000 | |
Parent | Colony Capital Operating Company, LLC | ||||||
Business Acquisition [Line Items] | ||||||
General partner ownership percent | 90.20% | |||||
Certain Employees | Colony Capital Operating Company, LLC | ||||||
Business Acquisition [Line Items] | ||||||
Senior management ownership percent | 9.80% | |||||
Third-party investor | ||||||
Business Acquisition [Line Items] | ||||||
Assets under management | 36,000,000 | $ 36,000,000 | ||||
Unnamed Investment Management Business | ||||||
Business Acquisition [Line Items] | ||||||
Assets under management | 19,000,000 | 19,000,000 | ||||
Digital Real Estate | Unnamed Investment Management Business | ||||||
Business Acquisition [Line Items] | ||||||
Assets under management | $ 7,000,000 | $ 7,000,000 | ||||
DataBank | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage | 20.40% | 20.00% | ||||
Consideration for equity interest acquired | $ 185,693 | |||||
Combination Agreement | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage | 36.40% | 36.40% | ||||
Light Industrial Platform | ||||||
Business Acquisition [Line Items] | ||||||
Consideration | $ 1,200,000 | $ 1,200,000 | ||||
Total Stockholders’ Equity | ||||||
Business Acquisition [Line Items] | ||||||
Redemption of stock | (402,855) | $ (200,000) | $ (635,785) | |||
Digital Colony Partners | ||||||
Business Acquisition [Line Items] | ||||||
Remaining unfunded commitment | $ 200,000 | $ 200,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Business combination, stock exchange, conversion ratio | 1.4663 | ||||
OP Units to common stock, conversion ratio | 1 | ||||
Operating lease, right-of-use asset | $ 220,560 | $ 0 | |||
Operating lease liability | $ 181,297 | $ 0 | |||
Cumulative effect of adoption of new accounting pronouncement | $ (4,468) | $ (1,220) | |||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proportionate share of income lag period | 1 month | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proportionate share of income lag period | 3 months | ||||
Incentive Fees | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of fees allocated to employees (as a percentage) | 40.00% | ||||
Incentive Fees | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of fees allocated to employees (as a percentage) | 50.00% | ||||
Accounting Standards Update 2016-02 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Operating lease, right-of-use asset | 143,700 | ||||
Operating lease liability | 126,800 | ||||
Cumulative effect of adoption of new accounting pronouncement | $ 4,500 | ||||
Subsequent Event | Accounting Standards Update 2016-13 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cumulative effect of adoption of new accounting pronouncement | $ 5,000 | ||||
Furniture, Fixtures, Equipment and Capitalized Software | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Property, plant and equipment, useful life | 3 years | ||||
Furniture, Fixtures, Equipment and Capitalized Software | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Property, plant and equipment, useful life | 5 years | ||||
Aircraft [Domain] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Property, plant and equipment, useful life | 15 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Real Estate Held for Investment, Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Building, Fee Interest | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Building, Fee Interest | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 51 years |
Data Center Infrastructure | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Data Center Infrastructure | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Furniture, Fixtures and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture, Fixtures and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Business Combinations - Pivot t
Business Combinations - Pivot to Digital (Narrative) (Details) $ / shares in Units, $ in Thousands | Dec. 20, 2019$ / shares | Jul. 25, 2019portfolioshares | Jul. 24, 2019$ / shares | Dec. 31, 2019shares | Jul. 31, 2019shares | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Revenues attributed to acquiree | $ 40,400 | |||||
Net income attributed to acquiree | 5,900 | |||||
DBH | ||||||
Business Acquisition [Line Items] | ||||||
Shares issued (USD per share) | $ / shares | $ 5.21 | |||||
Number of portfolio companies managed by DBH | portfolio | 6 | |||||
Outstanding ownership percentage before acquisition | 50.00% | 50.00% | ||||
Ownership percentage | 50.00% | |||||
Fair value of equity interest in Digital Colony Manager | $ 51,400 | |||||
Discount rate for future fee income (percentage) | 8.00% | |||||
Discount rate used for calculating future fee income (percentage) | 11.50% | |||||
Potential carried interest, discount rate (as a percentage) | 25.00% | |||||
Royalty rate (percentage) | 1.00% | |||||
Discount rate for projected future royalty fees (percentage) | 11.50% | |||||
DBH | OP Units | ||||||
Business Acquisition [Line Items] | ||||||
Issuance of shares (in shares) | shares | 21,478,515 | 21,478,515 | ||||
DataBank | ||||||
Business Acquisition [Line Items] | ||||||
Shares issued (USD per share) | $ / shares | $ 4.85 | |||||
Outstanding ownership percentage before acquisition | 20.40% | 20.00% | ||||
Fair value of equity interest in Digital Colony Manager | $ 0 | |||||
Royalty rate (percentage) | 2.00% | |||||
Ownership percentage of noncontrolling interest (percent) | 0.716 | |||||
DataBank | OP Units | ||||||
Business Acquisition [Line Items] | ||||||
Issuance of shares (in shares) | shares | 612,072 | |||||
Digital Colony Manager | DBH | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of equity interest in Digital Colony Manager | $ 51,400 | |||||
Management Contract | Minimum | DBH | ||||||
Business Acquisition [Line Items] | ||||||
Useful life | 3 years | |||||
Management Contract | Maximum | DBH | ||||||
Business Acquisition [Line Items] | ||||||
Useful life | 10 years | |||||
Trade name | DBH | ||||||
Business Acquisition [Line Items] | ||||||
Useful life | 10 years |
Business Combinations - Schedul
Business Combinations - Schedule of DBH and DataBank Consideration (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,452,891 | $ 1,452,891 | $ 1,514,561 | $ 1,514,561 | $ 660,127 |
DBH | |||||
Business Acquisition [Line Items] | |||||
Cash | 181,167 | ||||
Deferred consideration | 35,500 | ||||
OP Units issued | 111,903 | ||||
Total consideration for equity interest acquired | 328,570 | ||||
Fair value of equity interest in Digital Colony Manager | 51,400 | ||||
Fair value of equity interest | 379,970 | ||||
Cash | 0 | 0 | |||
Real estate | 0 | 0 | |||
Assets held for sale | 0 | 0 | |||
Intangible assets | 153,300 | 153,300 | |||
Other assets | 13,008 | 13,008 | |||
Debt | 0 | 0 | |||
Tax liabilities, net | (17,392) | (17,392) | |||
Intangible and other liabilities | (16,194) | (16,194) | |||
Fair value of net assets acquired | 132,722 | 132,722 | |||
Goodwill | 247,248 | 247,248 | |||
DataBank | |||||
Business Acquisition [Line Items] | |||||
Cash | 182,731 | ||||
Deferred consideration | 0 | ||||
OP Units issued | 3,000 | 2,962 | |||
Total consideration for equity interest acquired | 185,693 | ||||
Fair value of equity interest in Digital Colony Manager | 0 | ||||
Fair value of equity interest | 185,693 | ||||
Cash | 10,366 | 10,366 | |||
Real estate | 847,458 | 847,458 | |||
Assets held for sale | 29,114 | 29,114 | |||
Intangible assets | 222,455 | 222,455 | |||
Other assets | 106,648 | 106,648 | |||
Debt | (539,155) | (539,155) | |||
Tax liabilities, net | (113,228) | (113,228) | |||
Intangible and other liabilities | (132,480) | (132,480) | |||
Fair value of net assets acquired | 431,178 | 431,178 | |||
Noncontrolling interests in investment entities | (724,567) | (724,567) | |||
Goodwill | $ 479,082 | $ 479,082 |
Business Combinations - Other A
Business Combinations - Other Acquisitions and Merger with NSAM and NRF (Narrative) (Details) $ / shares in Units, $ in Thousands | Jan. 10, 2017USD ($)$ / sharesshares | Apr. 30, 2019USD ($) | Apr. 30, 2015 | Dec. 31, 2019 | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||
Acquisition price | $ 6,720,454 | ||||
Common stock conversion ratio for Class A to Class B / OP Units | 1 | ||||
Business combination, stock exchange, conversion ratio | 1.4663 | ||||
Colony Latam Partner (Formally The Abraaj Group) | |||||
Business Acquisition [Line Items] | |||||
Acquisition price | $ 5,500 | ||||
NSAM | |||||
Business Acquisition [Line Items] | |||||
Acquisition price | $ 2,752,095 | ||||
Business combination, stock exchange, conversion ratio | 1.4663 | ||||
Cash | $ 152,858 | ||||
NSAM and NRF | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 437,400 | $ 260,609 | |||
NSAM | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Ownership interest acquired (percent) | 32.85% | ||||
NRF | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Ownership interest acquired (percent) | 33.90% | ||||
Colony | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Ownership interest acquired (percent) | 33.25% | ||||
Colony Capital, Inc. | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Dividend payable assumed in merger | $ 226,100 | ||||
Payroll tax liability assumed in merger | $ 78,900 | ||||
Class A Common Stock | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Business combination, stock exchange, conversion ratio | 1.4663 | ||||
Class A Common Stock | NSAM | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Common stock conversion ratio for Class A to Class B / OP Units | 1 | ||||
Business combination, stock exchange, conversion ratio | 1.4663 | ||||
Class A Common Stock | NRF | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Business combination, stock exchange, conversion ratio | 1.0996 | ||||
Class A Common Stock | Colony | |||||
Business Acquisition [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 21.52 | ||||
Class A Common Stock | Colony | NSAM | |||||
Business Acquisition [Line Items] | |||||
Share price (in dollars per share) | $ / shares | 21.52 | ||||
Class A Common Stock | Colony Capital Operating Company, LLC | |||||
Business Acquisition [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 21.52 | ||||
Class A Common Stock | NorthStar Realty Finance Corp. | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Business combination, stock exchange, conversion ratio | 1.3335 | ||||
Preferred stock | Colony Capital, Inc. | Colony NorthStar | |||||
Business Acquisition [Line Items] | |||||
Number of shares issued for each share held by acquiree | shares | 1 |
Business Combinations - Sched_2
Business Combinations - Schedule of Fair Value of Merger Consideration (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 10, 2017USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2017shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2016shares |
Business Acquisition [Line Items] | |||||
Exchange ratio | 1.4663 | ||||
Total consideration | $ | $ 6,720,454 | ||||
Number of shares outstanding (in shares) | 39,466 | 41,350 | 57,464 | ||
Fair Value | $ | $ 1,010,320 | $ 414 | $ 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) | 41,350 | 65,464 | 57,464 | 25,030 | |
Series A 8.75% | |||||
Business Acquisition [Line Items] | |||||
Price per share (in dollars per share) | $ / shares | $ 25.61 | ||||
Dividend rate per annum, preferred stock (as a percentage) | 8.75% | ||||
Number of shares outstanding (in shares) | 2,467 | ||||
Fair Value | $ | $ 63,182 | ||||
Series B 8.25% | |||||
Business Acquisition [Line Items] | |||||
Price per share (in dollars per share) | $ / shares | $ 25.15 | ||||
Dividend rate per annum, preferred stock (as a percentage) | 8.25% | ||||
Number of shares outstanding (in shares) | 13,999 | 6,114 | |||
Fair Value | $ | $ 352,004 | $ 61 | |||
Series C 8.875% | |||||
Business Acquisition [Line Items] | |||||
Price per share (in dollars per share) | $ / shares | $ 25.80 | ||||
Dividend rate per annum, preferred stock (as a percentage) | 8.875% | ||||
Number of shares outstanding (in shares) | 5,000 | ||||
Fair Value | $ | $ 128,995 | ||||
Series D 8.50% | |||||
Business Acquisition [Line Items] | |||||
Price per share (in dollars per share) | $ / shares | $ 25.82 | ||||
Dividend rate per annum, preferred stock (as a percentage) | 8.50% | ||||
Number of shares outstanding (in shares) | 8,000 | ||||
Fair Value | $ | $ 206,597 | ||||
Series E 8.75% | |||||
Business Acquisition [Line Items] | |||||
Price per share (in dollars per share) | $ / shares | $ 25.95 | ||||
Dividend rate per annum, preferred stock (as a percentage) | 8.75% | ||||
Number of shares outstanding (in shares) | 10,000 | 10,000 | |||
Fair Value | $ | $ 259,542 | $ 100 | |||
Colony | Class A Common Stock | |||||
Business Acquisition [Line Items] | |||||
Equity issued as part of merger consideration (in shares) | 267,376 | ||||
Price per share (in dollars per share) | $ / shares | $ 21.52 | ||||
Fair value of stock issued | $ | $ 5,753,929 | ||||
Colony Capital, Inc. | Preferred stock | |||||
Business Acquisition [Line Items] | |||||
Fair value of stock issued | $ | $ 1,010,320 | ||||
NRF | |||||
Business Acquisition [Line Items] | |||||
Closing price of NRF common stock (in dollars per share) | $ / shares | $ 16.13 | ||||
NSAM | |||||
Business Acquisition [Line Items] | |||||
Fair value of NRF stock owned by NSAM | $ | $ (43,795) | ||||
Shares of NRF common stock owned by NSAM prior to the Merger (in shares) | 2,700 | ||||
NSAM | |||||
Business Acquisition [Line Items] | |||||
Equity issued as part of merger consideration (in shares) | 190,502 | ||||
Exchange ratio | 1.4663 | ||||
Total 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 | ||||
Fair value of stock issued | $ | $ 2,795,890 | ||||
NSAM | Colony Capital, Inc. | Preferred stock | |||||
Business Acquisition [Line Items] | |||||
Fair value of stock issued | $ | 0 | ||||
NSAM | NSAM | |||||
Business Acquisition [Line Items] | |||||
Fair value of NRF stock owned by NSAM | $ | $ (43,795) | ||||
NRF | |||||
Business Acquisition [Line Items] | |||||
Equity issued as part of merger consideration (in shares) | 183,297 | ||||
Exchange ratio | 1.3335 | ||||
Total 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 | ||||
Fair value of stock issued | $ | $ 2,958,039 | ||||
NRF | Colony Capital, Inc. | Preferred stock | |||||
Business Acquisition [Line Items] | |||||
Fair value of stock issued | $ | 1,010,320 | ||||
NRF | NSAM | |||||
Business Acquisition [Line Items] | |||||
Fair value of NRF stock owned by NSAM | $ | $ 0 | ||||
Colony NorthStar | Class A Common Stock | |||||
Business Acquisition [Line Items] | |||||
Exchange ratio | 1.4663 | ||||
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 | ||||
Colony NorthStar | NSAM | Class A Common Stock | |||||
Business Acquisition [Line Items] | |||||
Exchange ratio | 1.4663 | ||||
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_3
Business Combinations - Schedule of Fair Values and Allocation of the Merger (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 10, 2017 | Dec. 31, 2016 |
Liabilities | |||||
Liabilities assumed | $ 818,449 | $ 0 | $ 11,249,183 | ||
Noncontrolling interests—Operating Company | 724,567 | 0 | 592,690 | ||
Goodwill | $ 1,452,891 | $ 1,514,561 | 1,514,561 | $ 660,127 | |
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 | ||||
Identifiable assets acquired and liabilities assumed, including goodwill | 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 | ||||
Identifiable assets acquired and liabilities assumed, including goodwill | 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 | ||||
Identifiable assets acquired and liabilities assumed, including goodwill | 3,968,359 | ||||
Goodwill | $ 0 |
Business Combinations - Merger
Business Combinations - Merger Consideration (Narrative) (Details) - USD ($) $ in Thousands | Jan. 10, 2017 | Dec. 31, 2017 | Dec. 29, 2017 | Jan. 31, 2016 |
NSAM and NRF | ||||
Business Acquisition [Line Items] | ||||
Noncontrolling interests—investment entities | $ 1,500,000 | $ 1,514,085 | ||
NSAM | ||||
Business Acquisition [Line Items] | ||||
Noncontrolling interests—investment entities | $ 0 | |||
Management agreement, discount rate (percentage) | 10.00% | |||
NSAM | Colony NorthStar | ||||
Business Acquisition [Line Items] | ||||
Ownership interest acquired (percent) | 32.85% | |||
Minimum | ||||
Business Acquisition [Line Items] | ||||
Capitalization rate (percentage) | 4.40% | |||
Maximum | ||||
Business Acquisition [Line Items] | ||||
Capitalization rate (percentage) | 12.50% | |||
Ground lease obligations | Minimum | Colony NorthStar | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 6 years | |||
Ground lease obligations | Maximum | Colony NorthStar | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 90 years | |||
Other real estate related intangibles | Minimum | Colony NorthStar | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 1 year | |||
Other real estate related intangibles | Maximum | Colony NorthStar | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 17 years | |||
Investment management contracts | Minimum | ||||
Business Acquisition [Line Items] | ||||
Management agreement, discount rate (percentage) | 8.00% | |||
Weighted average useful life | 2 years | |||
Investment management contracts | Maximum | ||||
Business Acquisition [Line Items] | ||||
Management agreement, discount rate (percentage) | 10.00% | |||
Weighted average useful life | 18 years | |||
Vehicles | Minimum | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 20 years | |||
Vehicles | Maximum | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 30 years | |||
Trade name | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 20 years | |||
Trade name | Minimum | ||||
Business Acquisition [Line Items] | ||||
Management agreement, royalty rate | 1.50% | |||
Trade name | Maximum | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 30 years | |||
Management agreement, royalty rate | 2.00% | |||
Townsend | NSAM | ||||
Business Acquisition [Line Items] | ||||
Ownership interest acquired (percent) | 84.00% | 84.00% |
Business Combinations - Restruc
Business Combinations - Restructuring and Real Estate Loans into Equity Ownership (Narrative) (Details) | Jul. 01, 2017USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||
Contingent consideration, liability | $ 9,330,000 | $ 8,903,000 | |
THL Hotel Portfolio | |||
Business Acquisition [Line Items] | |||
Number of real estate properties acquired in foreclosure | property | 148 | ||
Maximum | THL Hotel Portfolio | |||
Business Acquisition [Line Items] | |||
Contingent consideration, liability | $ 13,000,000 |
Business Combinations - CPI and
Business Combinations - CPI and THL Acquisition, Consideration and Allocation (Details) - USD ($) $ in Thousands | Jan. 10, 2017 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||
Total consideration | $ 6,720,454 | |
CPI | ||
Business Acquisition [Line Items] | ||
Carrying value of loans receivable outstanding at time of restructuring or foreclosure | $ 182,644 | |
Cash | 49,537 | |
Contingent consideration (Note 12) | 0 | |
Total 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 | |
THL Hotel Portfolio | ||
Business Acquisition [Line Items] | ||
Carrying value of loans receivable outstanding at time of restructuring or foreclosure | 310,932 | |
Cash | 43,643 | |
Contingent consideration (Note 12) | 6,771 | |
Total consideration | 361,346 | |
Cash | 16,188 | |
Restricted cash | 18,479 | |
Real estate | 1,184,447 | |
Real estate held for sale | 69,676 | |
Lease intangibles and other assets | 26,711 | |
Debt | (907,867) | |
Tax liabilities | (16,292) | |
Lease intangibles and other liabilities | (29,996) | |
Liabilities related to assets held for sale | 0 | |
Fair value of net assets acquired | $ 361,346 |
Business Combinations - Fair Va
Business Combinations - Fair Values and Allocation of Consideration for DBH and DataBank Group (Details) | Jul. 01, 2017 | Jan. 25, 2017 | Jan. 10, 2017 |
Weighted Average | CPI | |||
Business Acquisition [Line Items] | |||
Capitalization rate (percentage) | 6.60% | ||
Weighted Average | THL Hotel Portfolio | |||
Business Acquisition [Line Items] | |||
Capitalization rate (percentage) | 8.90% | ||
Discount rate (percentage) | 10.40% | ||
Minimum | |||
Business Acquisition [Line Items] | |||
Capitalization rate (percentage) | 4.40% | ||
Maximum | |||
Business Acquisition [Line Items] | |||
Capitalization rate (percentage) | 12.50% | ||
Discount rate | Minimum | CPI | |||
Business Acquisition [Line Items] | |||
Debt discount rate (percentage) | 0.0125 | ||
Discount rate | Maximum | CPI | |||
Business Acquisition [Line Items] | |||
Debt discount rate (percentage) | 0.036 |
Real Estate - Components of Rea
Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | ||
Land | $ 1,360,435 | $ 1,443,250 |
Buildings and improvements | 9,022,971 | 9,442,443 |
Tenant improvements | 105,440 | 96,740 |
Data center infrastructure | 595,603 | 0 |
Furniture, fixtures and equipment | 511,329 | 389,969 |
Construction in progress | 255,115 | 123,002 |
Real estate held for investment, gross | 11,850,893 | 11,495,404 |
Less: Accumulated depreciation | (990,375) | (669,394) |
Real estate assets, net (1) | $ 10,860,518 | $ 10,826,010 |
Real Estate - Sales (Details)
Real Estate - Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Abstract] | |||
Proceeds from sales of real estate | $ 6,108,153 | $ 864,347 | $ 1,607,806 |
Gain on sale of real estate | $ 1,520,808 | $ 167,231 | $ 135,262 |
Real Estate - Acquisitions (Det
Real Estate - Acquisitions (Details) $ in Thousands | Jan. 10, 2017USD ($) | Oct. 31, 2019USD ($)property | Feb. 28, 2019USD ($)property | Nov. 30, 2018USD ($)property | Sep. 30, 2018USD ($)property | Jun. 30, 2017USD ($)property | Jan. 31, 2017USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property |
Business Acquisition [Line Items] | ||||||||||
Acquisition price | $ 6,720,454 | |||||||||
Asset Acquisitions | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition price | $ 1,543,981 | $ 1,072,730 | $ 1,102,763 | |||||||
Land | 317,740 | 231,283 | 234,437 | |||||||
Building and Improvements | 1,156,884 | 776,525 | 792,901 | |||||||
Lease Intangible Assets | 76,230 | 69,897 | 82,985 | |||||||
Lease Intangible Liabilities | $ (6,873) | $ (4,975) | $ (7,560) | |||||||
Asset Acquisitions | Bulk Industrial | United States | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Buildings | property | 6 | |||||||||
Acquisition price | $ 373,182 | |||||||||
Land | 49,446 | |||||||||
Building and Improvements | 296,348 | |||||||||
Lease Intangible Assets | 27,553 | |||||||||
Lease Intangible Liabilities | $ (165) | |||||||||
Asset Acquisitions | Healthcare | United Kingdom | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Buildings | property | 1 | 1 | ||||||||
Acquisition price | $ 12,376 | $ 24,444 | ||||||||
Land | 3,478 | 10,231 | ||||||||
Building and Improvements | 9,986 | 12,733 | ||||||||
Lease Intangible Assets | 732 | 1,480 | ||||||||
Lease Intangible Liabilities | $ (1,820) | $ 0 | ||||||||
Asset Acquisitions | Light industrial | United States | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Buildings | property | 84 | 40 | 55 | |||||||
Acquisition price | $ 1,158,423 | $ 569,442 | $ 636,690 | |||||||
Land | 264,816 | 111,194 | 137,005 | |||||||
Building and Improvements | 850,550 | 433,040 | 472,747 | |||||||
Lease Intangible Assets | 47,945 | 30,183 | 31,512 | |||||||
Lease Intangible Liabilities | $ (4,888) | $ (4,975) | $ (4,574) | |||||||
Asset Acquisitions | Office and Industrial | France | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Buildings | property | 220 | |||||||||
Acquisition price | $ 478,844 | |||||||||
Land | 109,858 | |||||||||
Building and Improvements | 330,752 | |||||||||
Lease Intangible Assets | 38,234 | |||||||||
Lease Intangible Liabilities | $ 0 | |||||||||
Asset Acquisitions | Industrial | United States | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Buildings | property | 1 | 2 | ||||||||
Land | $ 3,855 | |||||||||
Building and Improvements | 5,564 | |||||||||
Lease Intangible Assets | 955 | |||||||||
Lease Intangible Liabilities | 0 | |||||||||
Asset Acquisitions | Industrial | SPAIN | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition price | $ 10,374 | |||||||||
Asset Acquisitions | Office | California | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition price | $ 455,699 | |||||||||
Land | 93,577 | |||||||||
Building and Improvements | 314,590 | |||||||||
Lease Intangible Assets | 50,518 | |||||||||
Lease Intangible Liabilities | $ (2,986) | |||||||||
2019 Real Estate Acquisitions | Building | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Real estate assets estimated useful life | 40 years | |||||||||
2019 Real Estate Acquisitions | Site Improvements | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Real estate assets estimated useful life | 12 years | |||||||||
2019 Real Estate Acquisitions | Intangible assets—lease intangibles | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Real estate assets estimated useful life | 9 years |
Real Estate - Depreciation (Det
Real Estate - Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate | |||
Real Estate [Line Items] | |||
Depreciation | $ 358.8 | $ 374.7 | $ 372.9 |
Real Estate - Components of Pro
Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property operating income | |||
Revenue from External Customer [Line Items] | |||
Income | $ 1,856,409 | $ 1,960,559 | $ 1,873,055 |
Total Lease Revenue | |||
Revenue from External Customer [Line Items] | |||
Income | 721,020 | 800,000 | 900,000 |
Fixed lease income | |||
Revenue from External Customer [Line Items] | |||
Income | 663,445 | ||
Variable lease income | |||
Revenue from External Customer [Line Items] | |||
Income | 57,575 | ||
Hotel operating income | |||
Revenue from External Customer [Line Items] | |||
Income | $ 1,135,389 | $ 1,200,000 | $ 1,000,000 |
Real Estate - Future Fixed Leas
Real Estate - Future Fixed Lease Income Related to Operating Leases (After Adoption of ASC 842) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Real Estate [Abstract] | |
2020 | $ 391,332 |
2021 | 329,593 |
2022 | 285,979 |
2023 | 248,363 |
2024 | 214,315 |
2025 and thereafter | 887,404 |
Total | $ 2,356,986 |
Real Estate - Future Minimum Pa
Real Estate - Future Minimum Payments Receivable Related to Operating Leases (Prior to Adoption of ASC 842) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2019 | $ 293,906 |
2020 | 285,051 |
2021 | 265,612 |
2022 | 254,881 |
2023 | 242,151 |
2024 and thereafter | 961,591 |
Total | 2,303,192 |
Industrial | |
Operating Leased Assets [Line Items] | |
Total | $ 894,400 |
Real Estate - Commitments and C
Real Estate - Commitments and Contractual Obligations (Details) | Dec. 31, 2019USD ($) |
THL Hotel Portfolio | Guarantee of franchise obligations | |
Business Acquisition [Line Items] | |
Estimate of possible loss | $ 75,000,000 |
Loans Receivable - Company Loan
Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Allowance for loan losses | $ (48,187) | $ (32,940) | $ (52,709) | $ (67,980) |
Carrying Value | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | 2,498,573 | 2,648,641 | ||
Loans receivable, net | 1,552,824 | 1,659,217 | ||
Carrying Value | Non-PCI Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | 1,332,769 | 1,316,929 | ||
Carrying Value | 1,352,476 | 1,336,840 | ||
Carrying Value | PCI Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | 1,165,804 | 1,331,712 | ||
Carrying Value | 248,535 | 355,317 | ||
Allowance for loan losses | (48,187) | (32,940) | ||
Carrying Value | PCI Loans | Mortgage loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | 1,165,804 | 1,324,287 | ||
Carrying Value | 248,535 | 351,646 | ||
Carrying Value | PCI Loans | Mezzanine loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | 0 | 7,425 | ||
Carrying Value | 0 | 3,671 | ||
Carrying Value | Fixed rate | Non-PCI Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | 1,116,034 | 1,110,507 | ||
Carrying Value | 1,135,570 | 1,129,712 | ||
Carrying Value | Fixed rate | Non-PCI Loans | Mortgage loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | 471,472 | 643,973 | ||
Carrying Value | $ 492,709 | $ 667,590 | ||
Weighted Average Coupon, percentage | 10.70% | 10.70% | ||
Weighted Average Maturity in Years | 1 year 7 months 6 days | 2 years 2 months 12 days | ||
Carrying Value | Fixed rate | Non-PCI Loans | Mezzanine loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | $ 495,182 | $ 357,590 | ||
Carrying Value | $ 494,238 | $ 354,326 | ||
Weighted Average Coupon, percentage | 12.60% | 12.50% | ||
Weighted Average Maturity in Years | 7 months 6 days | 1 year 6 months | ||
Carrying Value | Fixed rate | Non-PCI Loans | Corporate loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | $ 149,380 | $ 108,944 | ||
Carrying Value | $ 148,623 | $ 107,796 | ||
Weighted Average Coupon, percentage | 12.90% | 12.30% | ||
Weighted Average Maturity in Years | 5 years 4 months 24 days | 5 years 9 months 18 days | ||
Carrying Value | Variable rate | Non-PCI Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | $ 216,735 | $ 206,422 | ||
Carrying Value | 216,906 | 207,128 | ||
Carrying Value | Variable rate | Non-PCI Loans | Mortgage loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | 171,848 | 178,650 | ||
Carrying Value | $ 172,269 | $ 179,711 | ||
Weighted Average Coupon, percentage | 4.10% | 4.30% | ||
Weighted Average Maturity in Years | 3 months 18 days | 1 month 6 days | ||
Carrying Value | Variable rate | Non-PCI Loans | Mezzanine loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Unpaid Principal Balance | $ 44,887 | $ 27,772 | ||
Carrying Value | $ 44,637 | $ 27,417 | ||
Weighted Average Coupon, percentage | 12.70% | 13.40% | ||
Weighted Average Maturity in Years | 1 year 7 months 6 days | 2 years 6 months |
Loans Receivable - Aging Summar
Loans Receivable - Aging Summary of Non-PCI Loans Held for Investment (Details) - Non-PCI Loans - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Loan receivable past due | $ 1,352,476 | $ 1,336,840 |
Current or Less Than 30 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loan receivable past due | 1,042,260 | 1,052,303 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loan receivable past due | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loan receivable past due | 0 | 44,392 |
90 Days or More Past Due and Nonaccrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loan receivable past due | $ 310,216 | $ 240,145 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | Dec. 31, 2017loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of outstanding TDR loans | 1 | 1 | |
Carrying value of loans before allowance for loan losses | $ | $ 37.8 | ||
Troubled debt restructuring, allowance for loan loss | $ | $ 37.8 | $ 12.8 | |
Number of additional lending commitments outstanding to this TDR | 0 | ||
Performing Financial Instruments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified | 0 | 0 | 0 |
Loans Receivable - Non-PCI Impa
Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, net | $ 1,552,824 | $ 1,659,217 | ||
Allowance for Loan Losses | 48,187 | 32,940 | $ 52,709 | $ 67,980 |
Non-PCI Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid Principal Balance | 326,151 | 280,337 | ||
Average carrying value before allowance for loan losses | 305,293 | 282,325 | 202,397 | |
Total interest income recognized during the period impaired | 7,514 | 7,127 | 10,192 | |
Cash basis interest income recognized | 447 | 1,190 | $ 0 | |
Loans held for investment, net | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, net | 89,689 | 129,619 | ||
Allowance for Loan Losses | 48,187 | 32,940 | ||
Loans held for investment, net | Non-PCI Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, net | 71,754 | 75,179 | ||
Without Allowance for Loan Losses | 259,011 | 206,628 | ||
Total | 330,765 | 281,807 | ||
Allowance for Loan Losses | $ 48,146 | $ 18,304 |
Loans Receivable - Purchase Cre
Loans Receivable - Purchase Credit-Impaired Loans (Details) - loan | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
PCI Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of contracts acquired | 0 | 0 |
Loans Receivable - PCI loans ac
Loans Receivable - PCI loans acquired through 2017 Merger (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Less: Accretable yield | $ (33,561) | $ (9,620) | $ (42,435) | $ (52,572) | |
Loans Acquired through Consolidation | PCI Loans | |||||
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 of PCI Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Beginning accretable yield | $ 9,620 | $ 42,435 | $ 52,572 |
Additions | 0 | 0 | 23,594 |
Dispositions | 0 | (5,484) | 0 |
Changes in accretable yield | 43,246 | 1,882 | 25,720 |
Accretion recognized in earnings | (19,637) | (27,911) | (61,809) |
Deconsolidation | 0 | (991) | 0 |
Effect of changes in foreign exchange rates | 332 | (311) | 2,358 |
Ending accretable yield | $ 33,561 | $ 9,620 | $ 42,435 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
PCI Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | $ 0 | $ 175,600,000 |
Loans Receivable - Allowance fo
Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | $ 48,187 | $ 52,709 | $ 67,980 | $ 48,187 | $ 32,940 |
Loans receivable, net | 1,552,824 | 1,659,217 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 32,940 | 52,709 | 67,980 | ||
Contribution to CLNC | 0 | (518) | 0 | ||
Deconsolidation | 0 | (5,983) | 0 | ||
Provision for loan loss | 35,880 | 43,034 | 19,741 | ||
Charge-off | (20,633) | (56,302) | (35,012) | ||
Allowance for loan losses | 48,187 | 32,940 | $ 52,709 | ||
Loans held for investment, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 32,940 | 32,940 | 48,187 | 32,940 | |
Loans receivable, net | 89,689 | 129,619 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 32,940 | ||||
Allowance for loan losses | 48,187 | 32,940 | |||
Non-PCI Loans | Loans held for investment, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 18,304 | 18,304 | 48,146 | 18,304 | |
Loans receivable, net | 71,754 | 75,179 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 18,304 | ||||
Allowance for loan losses | 48,146 | 18,304 | |||
PCI Loans | Loans held for investment, net | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 14,636 | 14,636 | 41 | 14,636 | |
Loans receivable, net | $ 17,935 | $ 54,440 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses | 14,636 | ||||
Allowance for loan losses | $ 41 | $ 14,636 |
Loans Receivable - Provision Fo
Loans Receivable - Provision For Loan Losses by Loan Type and Lending Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan loss | $ 35,880 | $ 43,034 | $ 19,741 |
Securitized Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan loss | 35,880 | 43,034 | 19,741 |
Non-PCI Loans | Securitized Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan loss | 30,035 | 22,557 | 7,534 |
PCI Loans | Securitized Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan loss | 5,845 | $ 20,477 | $ 12,207 |
Investment Commitments | Consolidated Real Estate Debt Investments | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other commitments | 306,600 | ||
Parent | Investment Commitments | Consolidated Real Estate Debt Investments | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other commitments | $ 128,000 |
Equity and Debt Investments - I
Equity and Debt Investments - Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Investments | ||
Equity method investments | $ 1,987,515 | $ 2,276,673 |
Total equity investments | 2,256,214 | 2,432,914 |
Debt Securities | ||
Total debt securities | 57,591 | 96,833 |
Equity and debt investments | 2,313,805 | 2,529,747 |
Investment ventures | ||
Equity Investments | ||
Equity method investments | 1,845,129 | 2,151,847 |
Investment ventures and Private funds and non-traded REIT | 91,472 | 95,196 |
Private funds | ||
Equity Investments | ||
Equity method investments | 142,386 | 124,826 |
Investment ventures and Private funds and non-traded REIT | 38,641 | 24,607 |
N-Star CDO bonds | ||
Debt Securities | ||
N-Star CDO bonds, available for sale | 54,859 | 64,127 |
CMBS of consolidated fund | ||
Debt Securities | ||
CMBS of consolidated fund, at fair value | 2,732 | 32,706 |
Level 1 | Marketable equity securities | ||
Equity Investments | ||
Marketable equity securities | $ 138,586 | $ 36,438 |
Equity and Debt Investments - E
Equity and Debt Investments - Equity Method Investments (Details) $ in Thousands | Dec. 31, 2019USD ($)investment | Dec. 31, 2018USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Carrying value | $ 1,987,515 | $ 2,276,673 |
Colony Credit Real Estate, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value | $ 725,443 | 1,037,754 |
NorthStar Realty Europe Corp. | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 0.00% | |
Carrying value | $ 0 | 87,696 |
RXR Realty, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 27.20% | |
Carrying value | $ 93,390 | 95,418 |
Preferred equity | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value | 138,428 | 219,913 |
ADC investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value | 543,296 | 481,477 |
Private funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value | 115,055 | 109,393 |
Private funds—carried interest | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value | 21,940 | 9,525 |
Other investment ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value | $ 127,088 | 154,412 |
Number of equity method investments | investment | 12 | |
Fair value option | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying value | $ 222,875 | $ 81,085 |
Combination Agreement | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 36.40% |
Equity and Debt Investments -_2
Equity and Debt Investments - Equity Method Investments Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | Sep. 30, 2019 | Jan. 31, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Feb. 01, 2018 |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Assets of investment entity deconsolidated | $ 870,052,000 | $ 3,969,635,000 | ||||||||
Investment level debt of investment entity deconsolidated | 268,152,000 | 1,218,495,000 | ||||||||
Other gain (loss), net | (193,302,000) | 51,706,000 | $ (25,814,000) | |||||||
Impairment loss | 1,146,443,000 | 587,275,000 | 420,316,000 | |||||||
Adjustments for any impairment or observable price changes | 16,900,000 | 8,200,000 | ||||||||
Equity method investments | 1,987,515,000 | 2,276,673,000 | ||||||||
Colony Credit | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Adjustments for any impairment or observable price changes | 94,600,000 | |||||||||
Equity method investments | 725,443,000 | 1,037,754,000 | ||||||||
Proportionate share of loan loss provisions and impairments not recognized | 140,300,000 | |||||||||
Basis difference | 86,800,000 | |||||||||
NRE | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Sale price of outstanding stock (in usd per share) | $ 17.01 | $ 17.01 | ||||||||
Equity method investment, number of shares monetized (in shares) | 5.6 | |||||||||
Equity method investment, gain on sale | $ 12,400,000 | |||||||||
ADC investments | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity method investments | 543,296,000 | 481,477,000 | ||||||||
Lending commitments | 84,100,000 | |||||||||
Company Sponsored Funds | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Unfunded lending commitment | $ 306,500,000 | |||||||||
Colony Credit | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Annualized dividend (in dollars per share) | $ 1.20 | $ 1.74 | ||||||||
Net asset value per share (in dollars per share) | $ 20.25 | 20.25 | $ 20.25 | $ 24.74 | ||||||
Class A Common Stock | Common Stock | Colony Credit | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Net asset value per share (in dollars per share) | $ 15.13 | |||||||||
Share price (in dollars per share) | $ 15.50 | $ 15.50 | $ 13.16 | $ 15.50 | ||||||
Equity Method Investment | Colony Credit | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Other gain (loss), net | $ 9,900,000 | |||||||||
Adjustments for any impairment or observable price changes | $ 227,900,000 | |||||||||
Equity method investment, fair value | $ 743,000,000 | $ 743,000,000 | $ 630,800,000 | $ 743,000,000 | ||||||
Investment ventures | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Adjustments for any impairment or observable price changes | 0 | |||||||||
Investment ventures | Nonrecurring | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Impairment loss | $ 257,952,000 | $ 61,182,000 | $ 6,774,000 | |||||||
Albertsons/Safeway | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage by co-investment partner (percentage) | 50.00% | |||||||||
Minimum | Class A Common Stock | Common Stock | Colony Credit | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Share price range (in dollars per share) | $ 15.10 | |||||||||
Maximum | Class A Common Stock | Common Stock | Colony Credit | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Share price range (in dollars per share) | $ 23.23 | |||||||||
Combination Agreement | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 36.40% | |||||||||
Combination Agreement | Minimum | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 38.00% | |||||||||
Combination Agreement | Maximum | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 100.00% | |||||||||
CLNY Investment Entities | Discontinued Operations, Disposed of by Means Other than Sale, Exchange | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Assets of investment entity deconsolidated | $ 1,900,000,000 | |||||||||
Loans receivable of investment entity deconsolidated | 1,300,000,000 | |||||||||
Real estate and equity investments, real estate | 200,000,000 | |||||||||
Equity investments | 200,000,000 | |||||||||
Investment level debt of investment entity deconsolidated | 400,000,000 | |||||||||
Net assets attributable to noncontrolling interest deconsolidated | $ 300,000,000 |
Equity and Debt Investments - A
Equity and Debt Investments - Available-for-Sale Debt Securities (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Number of AFS debt securities with unrealized loss in AOCI | security | 0 | ||
OTTI loss recorded in other gain (loss) | $ 16,900,000 | $ 8,200,000 | |
N-Star CDO bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 46,002,000 | 67,513,000 | |
Gross cumulative unrealized gains | 8,857,000 | 1,565,000 | |
Gross cumulative unrealized loss | 0 | (4,951,000) | |
Fair Value | 54,859,000 | 64,127,000 | |
AFS debt securities in gross unrealized loss position | 54,500,000 | ||
AFS debt securities in gross unrealized loss position, accumulated losses | 5,000,000 | ||
Colony | CMBS of consolidated fund | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale | $ 0 | 78,197,000 | $ 30,279,000 |
Gross realized gain | 11,304,000 | 951,000 | |
Gross realized loss | $ (592,000) | $ 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Total assets | $ 14,026,862 | $ 15,499,159 | |
Total liabilities | 9,354,120 | 9,803,705 | |
Owners' equity | 4,509,879 | 5,511,548 | |
Noncontrolling interests | 162,863 | 183,906 | |
Total revenues | 1,455,631 | 1,486,511 | $ 1,519,728 |
Net income (loss) | (827,550) | 220,191 | 174,222 |
Net income (loss) attributable to noncontrolling interests | (50,350) | 23,878 | (18,381) |
Net income (loss) attributable to owners | $ (777,200) | $ 196,313 | $ 192,603 |
Goodwill, Deferred Leasing Co_3
Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill Rollforward (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||||
Beginning balance | $ 1,514,561,000 | $ 1,514,561,000 | $ 660,127,000 | ||
Business combination (Note 3) | 726,330,000 | 0 | 1,440,229,000 | ||
Classification as held for sale | 0 | 0 | (20,000,000) | ||
Disposition | 0 | 0 | (249,795,000) | ||
Impairment | $ (401,000,000) | $ (387,000,000) | (788,000,000) | 0 | (316,000,000) |
Ending balance | 1,452,891,000 | 1,452,891,000 | 1,514,561,000 | 1,514,561,000 | |
Goodwill deductible for tax purposes | $ 140,500,000 | $ 140,500,000 | $ 0 | $ 0 |
Goodwill, Deferred Leasing Co_4
Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||||
Goodwill | $ 1,452,891 | $ 1,514,561 | $ 1,514,561 | $ 660,127 |
Goodwill attributable to the industrial segment | 0 | 20,000 | ||
Digital | ||||
Goodwill [Line Items] | ||||
Goodwill | 726,330 | 0 | ||
Investment management | ||||
Goodwill [Line Items] | ||||
Goodwill | 726,561 | $ 1,514,561 | ||
Industrial | ||||
Goodwill [Line Items] | ||||
Goodwill attributable to the industrial segment | $ 20,000 |
Goodwill, Deferred Leasing Co_5
Goodwill, Deferred Leasing Costs and Other Intangibles - Impairment of Other Investment Management Goodwill (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)multiple | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)multiple | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ | $ 401,000 | $ 387,000 | $ 788,000 | $ 0 | $ 316,000 |
Minimum | |||||
Goodwill [Line Items] | |||||
Terminal year residual multiples on fee related earnings | 16 | 6,500 | |||
Terminal year residual multiples on incentive fees | 3,000 | ||||
Terminal year residual discount rate (percentage) | 10.00% | 9.00% | |||
Maximum | |||||
Goodwill [Line Items] | |||||
Terminal year residual multiples on fee related earnings | 20 | 20,000 | |||
Terminal year residual multiples on incentive fees | 5,000 | ||||
Terminal year residual discount rate (percentage) | 20.00% | 25.00% |
Goodwill, Deferred Leasing Co_6
Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Leasing Costs and Intangible Assets | ||
Deferred leasing and other intangible assets, carrying amount | $ 862,150 | $ 648,999 |
Deferred leasing and other intangible assets, accumulated amortization | (223,297) | (203,069) |
Deferred leasing and other intangible assets, net carrying amount | 638,853 | 445,930 |
Intangible Liabilities | ||
Intangible liabilities, carrying amount | 174,208 | 191,922 |
Intangible liabilities, accumulated amortization | (62,724) | (44,452) |
Intangible liabilities, gross | 111,484 | 147,470 |
Deferred leasing costs and lease intangible assets | ||
Deferred Leasing Costs and Intangible Assets | ||
Deferred leasing and other intangible assets, carrying amount | 425,106 | 330,353 |
Deferred leasing and other intangible assets, accumulated amortization | (123,686) | (91,183) |
Deferred leasing and other intangible assets, net carrying amount | 301,420 | 239,170 |
Investment management intangibles | ||
Deferred Leasing Costs and Intangible Assets | ||
Deferred leasing and other intangible assets, carrying amount | 285,233 | 243,989 |
Deferred leasing and other intangible assets, accumulated amortization | (96,466) | (107,645) |
Deferred leasing and other intangible assets, net carrying amount | 188,767 | 136,344 |
Customer relationships | ||
Deferred Leasing Costs and Intangible Assets | ||
Deferred leasing and other intangible assets, carrying amount | 71,000 | 0 |
Deferred leasing and other intangible assets, accumulated amortization | (250) | 0 |
Deferred leasing and other intangible assets, net carrying amount | 70,750 | 0 |
Trade name | ||
Deferred Leasing Costs and Intangible Assets | ||
Deferred leasing and other intangible assets, carrying amount | 39,600 | 15,500 |
Deferred leasing and other intangible assets, accumulated amortization | (185) | 0 |
Deferred leasing and other intangible assets, net carrying amount | 39,415 | 15,500 |
Other | ||
Deferred Leasing Costs and Intangible Assets | ||
Deferred leasing and other intangible assets, carrying amount | 41,211 | 59,157 |
Deferred leasing and other intangible assets, accumulated amortization | (2,710) | (4,241) |
Deferred leasing and other intangible assets, net carrying amount | $ 38,501 | $ 54,916 |
Minimum | DBH | Trade name | ||
Intangible Liabilities | ||
Useful life | 5 years | |
Maximum | DBH | Trade name | ||
Intangible Liabilities | ||
Useful life | 10 years |
Goodwill, Deferred Leasing Co_7
Goodwill, Deferred Leasing Costs and Other Intangibles - Impairment of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment of real estate and intangibles | $ 358,443 | $ 588,223 | $ 104,360 | |||||
Impairment loss | 1,146,443 | 587,275 | 420,316 | |||||
Investment management intangibles | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible asset impairment | $ 8,600 | |||||||
Measurement input (percentage) | 10.00% | |||||||
Impairment of real estate and intangibles | 147,400 | |||||||
Customer relationships | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment of real estate and intangibles | $ 10,100 | |||||||
Trade name | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment of real estate and intangibles | $ 59,500 | $ 0 | $ 59,464 | $ 0 | ||||
NorthStar I And NorthStar II | Investment management intangibles | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Write-off of intangible assets | $ 139,000 | |||||||
NorthStar RXR NY Metro | Investment management intangibles | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Estimated future cash flows, discount rate, percentage | 10.00% | |||||||
NorthStar Healthcare | Investment management intangibles | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Write-off of intangible assets | $ 7,000 | |||||||
Nonrecurring | Investment management contracts | NorthStar Healthcare | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment loss | $ 55,300 | |||||||
Nonrecurring | Investment management contracts | NorthStar RXR NY Metro | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment loss | $ 3,700 | |||||||
Discount rate | Nonrecurring | Investment management contracts | NorthStar RXR NY Metro | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Measurement input (percentage) | 9.00% |
Goodwill, Deferred Leasing Co_8
Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net increase to rental income | $ 14,443 | $ 2,723 | $ 14,561 |
Net increase (decrease) to ground rent expense | 0 | (250) | 108 |
Amortization expense | 124,765 | 62,355 | 129,994 |
Deferred leasing costs and lease intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 33,922 | 31,466 | 64,943 |
Investment management intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 89,236 | 26,992 | 51,154 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 250 | 0 | 0 |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 186 | 1,606 | 3,682 |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 1,171 | $ 2,291 | $ 10,215 |
Goodwill, Deferred Leasing Co_9
Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Cash Collateral Pledged | $ 0 | $ 12,000 | $ 0 |
Net increase (decrease) to rental income | |||
2020 | 7,410 | ||
2021 | 6,638 | ||
2022 | 6,204 | ||
2023 | 6,629 | ||
2024 | (6,692) | ||
2025 and Thereafter | (8,362) | ||
Total | 11,827 | ||
Amortization expense | |||
2020 | 90,708 | ||
2021 | 83,468 | ||
2022 | 69,326 | ||
2023 | 56,462 | ||
2024 | 50,132 | ||
2025 and Thereafter | 147,134 | ||
Total | $ 497,230 |
Assets and Related Liabilitie_3
Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Restricted cash | $ 15,585 | $ 6,213 |
Real estate, net | 799,415 | 3,645,406 |
Equity investment—private fund | 0 | 13,422 |
Goodwill | 0 | 20,000 |
Deferred leasing costs and intangible assets, net | 33,236 | 135,924 |
Other assets | 21,816 | 146,380 |
Due from affiliates | 0 | 2,290 |
Total assets held for sale | 870,052 | 3,969,635 |
Liabilities | ||
Debt, net | 232,944 | 1,064,585 |
Lease intangibles and other liabilities, net | 35,208 | 153,910 |
Total liabilities related to assets held for sale | 268,152 | 1,218,495 |
Industrial | ||
Assets | ||
Real estate, net | 400,000 | 3,000,000 |
Goodwill | 20,000 | |
Total assets held for sale | 400,000 | 3,200,000 |
Liabilities | ||
Total liabilities related to assets held for sale | $ 200,000 | $ 1,200,000 |
Restricted Cash, Other Assets_3
Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 203,923 | $ 364,605 | $ 466,912 | $ 98,461 |
Capital expenditures reserves | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 89,901 | 214,863 | ||
Real estate escrow reserves | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 38,326 | 49,702 | ||
Borrower escrow deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 8,079 | 10,412 | ||
Working capital and other reserves | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 1,800 | 19,586 | ||
Tenant lock boxes | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 18,889 | 15,666 | ||
Other | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 46,928 | $ 54,376 |
Restricted Cash, Other Assets_4
Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash, Other Assets And Other Liabilities [Abstract] | ||
Interest receivable | $ 14,066 | $ 14,005 |
Straight-line rents | 37,352 | 34,931 |
Hotel-related deposits and reserves | 18,065 | 21,636 |
Investment deposits and pending deal costs | 32,994 | 27,534 |
Deferred financing costs, net | 2,794 | 5,467 |
Derivative assets (Note 11) | 21,386 | 33,558 |
Prepaid taxes and deferred tax assets, net | 82,344 | 71,656 |
Receivables from resolution of investments | 63,984 | 30,770 |
Operating lease right-of-use asset, net | 220,560 | 0 |
Accounts receivable, net | 83,161 | 58,830 |
Prepaid expenses | 30,761 | 23,771 |
Other assets | 30,413 | 30,604 |
Fixed assets, net | 44,768 | 47,381 |
Total other assets | $ 682,648 | $ 400,143 |
Restricted Cash, Other Assets_5
Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash, Other Assets And Other Liabilities [Abstract] | |||
Tenant security deposits and payable | $ 15,293 | $ 15,135 | |
Borrower escrow deposits | 9,903 | 13,001 | |
Deferred income | 32,318 | 27,124 | |
Interest payable | 38,487 | 40,622 | |
Derivative liabilities (Note 11) | 127,531 | 132,808 | |
Contingent consideration—THL Hotel Portfolio (Note 12) | 9,330 | 8,903 | |
Share repurchase payable | 0 | 7,567 | $ 0 |
Current and deferred income tax liability | 222,206 | 92,808 | |
Operating lease liability | 181,297 | 0 | |
Accrued compensation | 83,351 | 79,320 | |
Accrued carried interest and incentive fee compensation | 50,360 | 7,486 | |
Accrued real estate and other taxes | 39,923 | 38,714 | |
Accounts payable and accrued expenses | 143,852 | 91,244 | |
Other liabilities | 62,047 | 79,412 | |
Total accrued and other liabilities | 1,015,898 | 634,144 | |
Deferred asset management fee income | $ 18,300 | $ 3,200 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Fee income, weighted-average recognition period | 1 year 2 months 12 days |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Principal | $ 9,172,842 | $ 9,171,929 |
Long-term debt | 8,983,908 | 8,975,372 |
Assets Held For Sale | ||
Debt Instrument [Line Items] | ||
Long-term debt | 515,600 | 425,900 |
Corporate credit facility | ||
Debt Instrument [Line Items] | ||
Principal | 0 | |
Long-term debt | 0 | |
Convertible and Exchangeable Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 614,052 | |
Secured debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 8,168,666 | |
Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 201,190 | |
Carrying Value | ||
Debt Instrument [Line Items] | ||
Principal | 9,172,842 | 9,171,929 |
Premium (discount), net | (93,810) | (119,551) |
Deferred financing costs | (95,124) | (77,006) |
Long-term debt | 8,975,372 | |
Carrying Value | Corporate credit facility | ||
Debt Instrument [Line Items] | ||
Principal | 0 | 0 |
Premium (discount), net | 0 | 0 |
Deferred financing costs | 0 | 0 |
Long-term debt | 0 | |
Carrying Value | Convertible and Exchangeable Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal | 616,105 | 616,105 |
Premium (discount), net | 2,243 | 2,697 |
Deferred financing costs | (4,296) | (6,652) |
Long-term debt | 612,150 | |
Carrying Value | Secured debt | ||
Debt Instrument [Line Items] | ||
Principal | 8,276,620 | 8,275,707 |
Premium (discount), net | (17,126) | (41,217) |
Deferred financing costs | (90,828) | (70,354) |
Long-term debt | 8,164,136 | |
Carrying Value | Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Principal | 280,117 | 280,117 |
Premium (discount), net | (78,927) | (81,031) |
Deferred financing costs | $ 0 | 0 |
Long-term debt | $ 199,086 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 9,172,842 | $ 9,171,929 |
Fixed Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 1,222,428 | 2,997,136 |
Variable Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 7,950,414 | 6,174,793 |
Corporate credit facility | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 0 | |
Secured debt | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 8,276,620 | |
Recourse | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 931,294 | 933,421 |
Recourse | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 651,177 | 653,304 |
Recourse | Variable Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 280,117 | 280,117 |
Recourse | Corporate credit facility | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 0 | $ 0 |
Weighted Average Years Remaining to Maturity(4) | 2 years | 3 years |
Recourse | Corporate credit facility | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 0 | $ 0 |
Recourse | Corporate credit facility | Variable Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 0 | $ 0 |
Weighted Average Years Remaining to Maturity(4) | 2 years | 3 years |
Recourse | Convertible and Exchangeable Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 616,105 | $ 616,105 |
Weighted Average Interest Rate (Per Annum)(3) | 4.27% | 4.27% |
Weighted Average Years Remaining to Maturity(4) | 2 years | 3 years |
Recourse | Convertible and Exchangeable Senior Notes | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 616,105 | $ 616,105 |
Weighted Average Interest Rate (Per Annum)(3) | 4.27% | 4.27% |
Weighted Average Years Remaining to Maturity(4) | 2 years | 3 years |
Recourse | Convertible and Exchangeable Senior Notes | Variable Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 0 | $ 0 |
Recourse | Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 280,117 | $ 280,117 |
Weighted Average Interest Rate (Per Annum)(3) | 4.77% | 5.66% |
Weighted Average Years Remaining to Maturity(4) | 16 years 4 months 24 days | 17 years 4 months 24 days |
Recourse | Junior subordinated debt | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 0 | $ 0 |
Recourse | Junior subordinated debt | Variable Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 280,117 | $ 280,117 |
Weighted Average Interest Rate (Per Annum)(3) | 4.77% | 5.66% |
Weighted Average Years Remaining to Maturity(4) | 16 years 4 months 24 days | 17 years 4 months 24 days |
Recourse | Secured debt | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 35,072 | $ 37,199 |
Weighted Average Interest Rate (Per Annum)(3) | 5.02% | 5.02% |
Weighted Average Years Remaining to Maturity(4) | 5 years 10 months 24 days | 6 years 10 months 24 days |
Recourse | Secured debt | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 35,072 | $ 37,199 |
Weighted Average Interest Rate (Per Annum)(3) | 5.02% | 5.02% |
Weighted Average Years Remaining to Maturity(4) | 5 years 10 months 24 days | 6 years 10 months 24 days |
Recourse | Secured debt | Variable Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 0 | $ 0 |
Non-recourse | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 8,241,548 | 8,238,508 |
Non-recourse | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 571,251 | 2,343,832 |
Non-recourse | Variable Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 7,670,297 | 5,894,676 |
Non-recourse | Secured debt | Digital | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate (Per Annum)(3) | 6.98% | |
Weighted Average Years Remaining to Maturity(4) | 4 years 9 months 18 days | |
Non-recourse | Secured debt | Healthcare Segment | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 2,953,706 | $ 3,240,680 |
Weighted Average Interest Rate (Per Annum)(3) | 5.13% | 5.31% |
Weighted Average Years Remaining to Maturity(4) | 4 years 4 months 24 days | 2 years 2 months 12 days |
Non-recourse | Secured debt | Hospitality | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 2,667,347 | $ 2,648,072 |
Weighted Average Interest Rate (Per Annum)(3) | 4.87% | 5.71% |
Weighted Average Years Remaining to Maturity(4) | 4 years 7 months 6 days | 3 years 9 months 18 days |
Non-recourse | Secured debt | Other Real Estate Equity Investments | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 1,804,647 | $ 1,990,245 |
Weighted Average Interest Rate (Per Annum)(3) | 4.09% | 4.39% |
Weighted Average Years Remaining to Maturity(4) | 2 years 10 months 24 days | 3 years 8 months 12 days |
Non-recourse | Secured debt | Fixed Rate | Digital | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 0 | |
Non-recourse | Secured debt | Fixed Rate | Healthcare Segment | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 405,980 | $ 2,130,999 |
Weighted Average Interest Rate (Per Annum)(3) | 4.55% | 4.62% |
Weighted Average Years Remaining to Maturity(4) | 5 years 1 month 6 days | 1 year 10 months 24 days |
Non-recourse | Secured debt | Fixed Rate | Hospitality | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 13,494 | $ 12,019 |
Weighted Average Interest Rate (Per Annum)(3) | 12.71% | 12.99% |
Weighted Average Years Remaining to Maturity(4) | 1 year 7 months 6 days | 2 years 7 months 6 days |
Non-recourse | Secured debt | Fixed Rate | Other Real Estate Equity Investments | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 151,777 | $ 200,814 |
Weighted Average Interest Rate (Per Annum)(3) | 4.26% | 4.02% |
Weighted Average Years Remaining to Maturity(4) | 3 years 4 months 24 days | 3 years 9 months 18 days |
Non-recourse | Secured debt | Fixed Rate | Healthcare And Hospitality | ||
Debt Instrument [Line Items] | ||
Outstanding principal not in compliance with certain covenants | $ 235,600 | $ 538,500 |
Non-recourse | Secured debt | Variable Rate | Digital | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 539,155 | |
Weighted Average Interest Rate (Per Annum)(3) | 6.98% | |
Weighted Average Years Remaining to Maturity(4) | 4 years 9 months 18 days | |
Non-recourse | Secured debt | Variable Rate | Healthcare Segment | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 2,547,726 | $ 1,109,681 |
Weighted Average Interest Rate (Per Annum)(3) | 5.22% | 6.64% |
Weighted Average Years Remaining to Maturity(4) | 4 years 3 months 18 days | 2 years 8 months 12 days |
Non-recourse | Secured debt | Variable Rate | Hospitality | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 2,653,853 | $ 2,636,053 |
Weighted Average Interest Rate (Per Annum)(3) | 4.83% | 5.68% |
Weighted Average Years Remaining to Maturity(4) | 4 years 7 months 6 days | 3 years 9 months 18 days |
Non-recourse | Secured debt | Variable Rate | Other Real Estate Equity Investments | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 1,652,870 | $ 1,789,431 |
Weighted Average Interest Rate (Per Annum)(3) | 4.08% | 4.43% |
Weighted Average Years Remaining to Maturity(4) | 2 years 9 months 18 days | 3 years 7 months 6 days |
Non-recourse, real estate debt | Secured debt | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 276,693 | $ 359,511 |
Weighted Average Interest Rate (Per Annum)(3) | 3.72% | 4.50% |
Weighted Average Years Remaining to Maturity(4) | 1 year 9 months 18 days | 2 years 4 months 24 days |
Non-recourse, real estate debt | Secured debt | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 0 | $ 0 |
Non-recourse, real estate debt | Secured debt | Variable Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 276,693 | $ 359,511 |
Weighted Average Interest Rate (Per Annum)(3) | 3.72% | 4.50% |
Weighted Average Years Remaining to Maturity(4) | 1 year 9 months 18 days | 2 years 4 months 24 days |
Debt - Corporate Credit Facilit
Debt - Corporate Credit Facility (Details) - Corporate Credit Facility - Revolving Credit Facility - JPMorgan Chase Bank, N.A. | Jan. 10, 2017USD ($)extension | Dec. 31, 2019 | Apr. 30, 2019USD ($) |
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 (percentage) | 0.10% | ||
Percentage of unused amount (percentage) | 0.35% | ||
Minimum | |||
Line of Credit Facility [Line Items] | |||
Percentage of unused amount (percentage) | 0.25% | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Percentage of unused amount (percentage) | 0.35% | ||
LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percentage) | 2.25% | ||
Base Rate | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percentage) | 1.25% | ||
Accordion Feature | |||
Line of Credit Facility [Line Items] | |||
Maximum principal amount increase | $ 1,500,000,000 | $ 1,125,000,000 |
Debt - Convertible and Exchange
Debt - Convertible and Exchangeable Senior Notes (Details) $ / shares in Units, shares in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)d$ / sharesshares | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Convertible and exchangeable senior notes, outstanding principal | $ 616,105,000 | $ 616,105,000 |
Convertible and Exchangeable Senior Notes | ||
Debt Instrument [Line Items] | ||
Redemption price, percentage of principal amount (percentage) | 100.00% | |
Threshold percentage of stock price trigger (percentage) | 130.00% | |
Threshold trading days | d | 20 | |
Threshold consecutive trading days | d | 30 | |
Convertible and Exchangeable Senior Notes | 5.00% Convertible Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate (percentage) | 5.00% | |
Conversion or Exchange Price (in USD per share of common stock) | $ / shares | $ 15.76 | |
Conversion or Exchange Ratio (In Shares per $1,000) | 63.4700 | |
Conversion or Exchange Shares (in shares) | shares | 12,694 | |
Convertible and exchangeable senior notes, outstanding principal | $ 200,000,000 | 200,000,000 |
Convertible and Exchangeable Senior Notes | 3.875% Convertible Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate (percentage) | 3.875% | |
Conversion or Exchange Price (in USD per share of common stock) | $ / shares | $ 16.57 | |
Conversion or Exchange Ratio (In Shares per $1,000) | 60.3431 | |
Conversion or Exchange Shares (in shares) | shares | 24,288 | |
Convertible and exchangeable senior notes, outstanding principal | $ 402,500,000 | 402,500,000 |
Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate (percentage) | 5.375% | |
Conversion or Exchange Price (in USD per share of common stock) | $ / shares | $ 12.04 | |
Conversion or Exchange Ratio (In Shares per $1,000) | 83.0837 | |
Conversion or Exchange Shares (in shares) | shares | 1,130 | |
Convertible and exchangeable senior notes, outstanding principal | $ 13,605,000 | $ 13,605,000 |
Convertible and exchangeable senior notes | 5.00% Convertible Notes | ||
Debt Instrument [Line Items] | ||
Converted instrument, amount | $ 1,000 |
Debt - Junior Subordinated Debt
Debt - Junior Subordinated Debt (Details) - Junior Subordinated Notes | 12 Months Ended |
Dec. 31, 2019quarter | |
Debt Instrument [Line Items] | |
Redemption period | 5 years |
Interest payment deferral, number of consecutive quarters | 6 |
Debt - Future Minimum Principal
Debt - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2020 | $ 393,341 | |
2021 | 1,151,867 | |
2022 | 1,811,515 | |
2023 | 334,515 | |
2024 | 3,420,860 | |
2025 and thereafter | 2,060,744 | |
Total | 9,172,842 | $ 9,171,929 |
Recourse Debt | ||
Debt Instrument [Line Items] | ||
Total | 931,294 | 933,421 |
Corporate Credit Facility | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 and thereafter | 0 | |
Total | 0 | |
Corporate Credit Facility | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Total | 0 | 0 |
Convertible and Exchangeable Senior Notes | Recourse Debt | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 402,500 | |
2022 | 0 | |
2023 | 200,000 | |
2024 | 0 | |
2025 and thereafter | 13,605 | |
Total | 616,105 | 616,105 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
2020 | 393,341 | |
2021 | 749,367 | |
2022 | 1,811,515 | |
2023 | 134,515 | |
2024 | 3,420,860 | |
2025 and thereafter | 1,767,022 | |
Total | 8,276,620 | |
Secured Debt | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Total | 35,072 | 37,199 |
Junior Subordinated Notes | Recourse Debt | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 and thereafter | 280,117 | |
Total | 280,117 | $ 280,117 |
Discontinued Operations, Held-for-sale | ||
Debt Instrument [Line Items] | ||
Total | $ 235,000 |
Derivatives - Fair Value of Der
Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 21,386 | $ 33,558 |
Derivative Liabilities | 127,531 | 132,808 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 21,386 | 33,558 |
Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 127,531 | 132,808 |
Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 15,385 | 31,989 |
Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 8,134 | 6,193 |
Non-Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 6,001 | 1,569 |
Non-Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 119,397 | 126,615 |
Foreign exchange contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 16,578 | 32,196 |
Foreign exchange contracts | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 10,616 | 6,404 |
Foreign exchange contracts | Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 15,307 | 31,127 |
Foreign exchange contracts | Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 8,134 | 6,193 |
Foreign exchange contracts | Non-Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,271 | 1,069 |
Foreign exchange contracts | Non-Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 2,482 | 211 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 315 | 1,362 |
Derivative Liabilities | 126,404 | |
Interest rate contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 315 | 1,362 |
Interest rate contracts | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0 | 126,404 |
Interest rate contracts | Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 78 | 862 |
Interest rate contracts | Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Interest rate contracts | Non-Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 237 | 500 |
Interest rate contracts | Non-Designated Hedges | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0 | 126,404 |
Performance swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4,493 | |
Performance swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4,493 | 0 |
Performance swaps | Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Performance swaps | Non-Designated Hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4,493 | 0 |
Forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 116,915 | |
Forward contracts | Accrued and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 116,915 | 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 | $ 116,915 | $ 0 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) € in Millions, £ in Millions | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019EUR (€) | Dec. 31, 2018GBP (£) | Dec. 31, 2018EUR (€) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Deposits related to agreements included in other assets | $ 10,000,000 | $ 800,000 | |||||||
Investments in unconsolidated joint ventures | 2,256,214,000 | 2,432,914,000 | |||||||
Settlement of derivative | (365,111,000) | 0 | $ 0 | ||||||
Cash Collateral Pledged | $ 12,000,000 | 0 | 0 | ||||||
Unrealized gain on investments | 17,400,000 | ||||||||
Foreign currency risk | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Investments in unconsolidated joint ventures | 900,000,000 | $ 1,100,000,000 | £ 275.5 | € 517.9 | £ 280.8 | € 614 | |||
Forward contracts | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount | $ 100,000,000 | ||||||||
Term of derivative contract | 1 year | ||||||||
Cash Collateral Pledged | 10,000,000 | ||||||||
Realized loss | 16,900,000 | ||||||||
Performance swaps | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Cash Collateral Pledged | 0 | ||||||||
Gain on derivative | 4,500,000 | ||||||||
Non-Designated Hedges | 3-Month LIBOR | Interest rate swaps | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional amount | $ 2,000,000,000 | ||||||||
Forward rate (in $ per unit of foreign currency) | 0.03394 | 0.03394 | 0.03394 | ||||||
Settlement of derivative | $ 365,100,000 | ||||||||
Change in fair value of swaps | $ 239,300,000 |
Derivatives - Schedule of Forei
Derivatives - Schedule of Foreign Exchange Contracts (Details) € in Thousands, £ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($)$ / € | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019EUR (€) | Dec. 31, 2019$ / £ | |
Foreign exchange collars | Minimum | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Exchange rate floor (in $ per unit of foreign currency) | $ / € | 1.06 | |||||
Foreign exchange collars | Maximum | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Exchange rate cap (in $ per unit of foreign currency) | $ / € | 1.31 | |||||
Foreign exchange contracts | Minimum | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Forward exchange rate (in $ per unit of foreign currency) | 1.11 | 1.24 | ||||
Foreign exchange contracts | Maximum | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Forward exchange rate (in $ per unit of foreign currency) | 1.38 | 1.32 | ||||
Designated Hedges | Foreign exchange collars | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Notional amount | € | € 54,727 | |||||
Designated Hedges | Foreign exchange contracts | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Notional amount | £ 84,187 | 303,157 | ||||
Non-Designated Hedges | Foreign exchange collars | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Notional amount | € | 6,935 | |||||
Non-Designated Hedges | Foreign exchange contracts | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Notional amount | £ 27,003 | € 6,955 | ||||
Net Investment Hedging | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation | $ (3,928) | |||||
Net Investment Hedging | Non-Designated Hedges | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation | $ (2,693) | $ 3,726 | ||||
Net Investment Hedging | Other gain (loss), net | Designated Hedges | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Realization of net gain on net investment hedges | $ 1,790 | $ 7,426 | $ (3,931) |
Derivatives - Schedule of Inter
Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019EUR (€) | |
Interest rate contracts | |||||
Derivative [Line Items] | |||||
Realized and unrealized gain (loss) net: | $ (242,898) | $ 33,307 | $ (15,080) | ||
Designated Hedges | Interest rate caps | 1-Month LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | 0 | ||||
Designated Hedges | Interest rate caps | 3-Month EURIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | € | € 232,845 | ||||
Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | £ | £ 0 | ||||
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | $ 6,436,254 | ||||
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Minimum | |||||
Derivative [Line Items] | |||||
Forward rate (in $ per unit of foreign currency) | 0.030 | 0.030 | 0.030 | ||
Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Maximum | |||||
Derivative [Line Items] | |||||
Forward rate (in $ per unit of foreign currency) | 0.0626 | 0.0626 | 0.0626 | ||
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | € | € 485,405 | ||||
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Minimum | |||||
Derivative [Line Items] | |||||
Forward rate (in $ per unit of foreign currency) | 0.010 | 0.010 | 0.010 | ||
Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Maximum | |||||
Derivative [Line Items] | |||||
Forward rate (in $ per unit of foreign currency) | 0.015 | 0.015 | 0.015 | ||
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | |||||
Derivative [Line Items] | |||||
Notional amount | £ | £ 363,794 | ||||
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Minimum | |||||
Derivative [Line Items] | |||||
Forward rate (in $ per unit of foreign currency) | 0.015 | 0.015 | 0.015 | ||
Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Maximum | |||||
Derivative [Line Items] | |||||
Forward rate (in $ per unit of foreign currency) | 0.0225 | 0.0225 | 0.0225 | ||
Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Realized and unrealized gain (loss) net: | $ (8,019) | $ 0 | $ 0 |
Derivatives - Derivative Nettin
Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | |||
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | $ 21,386 | $ 33,558 | |
(Assets) Liabilities | (8,878) | (2,566) | |
Cash Collateral Pledged | 0 | $ 12,000 | 0 |
Net Amounts of Assets (Liabilities) | 12,508 | 30,992 | |
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (127,531) | (132,808) | |
(Assets) Liabilities | 8,878 | 2,566 | |
Cash Collateral Pledged | 9,981 | 840 | |
Net Amounts of Assets (Liabilities) | (108,672) | (129,402) | |
Foreign exchange contracts | |||
Derivative [Line Items] | |||
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | 16,578 | 32,196 | |
(Assets) Liabilities | (4,385) | (1,743) | |
Cash Collateral Pledged | 0 | 0 | |
Net Amounts of Assets (Liabilities) | 12,193 | 30,453 | |
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (10,616) | (6,404) | |
(Assets) Liabilities | 4,385 | 1,743 | |
Cash Collateral Pledged | 0 | 0 | |
Net Amounts of Assets (Liabilities) | (6,231) | (4,661) | |
Interest rate contracts | |||
Derivative [Line Items] | |||
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | 315 | 1,362 | |
(Assets) Liabilities | 0 | (823) | |
Cash Collateral Pledged | 0 | 0 | |
Net Amounts of Assets (Liabilities) | 315 | 539 | |
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (126,404) | ||
(Assets) Liabilities | 823 | ||
Cash Collateral Pledged | 840 | ||
Net Amounts of Assets (Liabilities) | $ (124,741) | ||
Performance swaps | |||
Derivative [Line Items] | |||
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | 4,493 | ||
(Assets) Liabilities | (4,493) | ||
Cash Collateral Pledged | 0 | ||
Net Amounts of Assets (Liabilities) | 0 | ||
Forward contracts | |||
Derivative [Line Items] | |||
Cash Collateral Pledged | 10,000 | ||
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (116,915) | ||
(Assets) Liabilities | 4,493 | ||
Cash Collateral Pledged | 9,981 | ||
Net Amounts of Assets (Liabilities) | $ (102,441) |
Fair Value - Recurring Fair Val
Fair Value - Recurring Fair Values and Level 3 Recurring Fair Value Measurements (Details) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 01, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | $ 222,875,000 | $ 81,085,000 | |
Other assets—derivative assets | 21,386,000 | 33,558,000 | |
Other liabilities—derivative liabilities | 127,531,000 | 132,808,000 | |
Contingent consideration—THL Hotel Portfolio (Note 12) | 9,330,000 | 8,903,000 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | 0 | 0 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | 222,875,000 | 81,085,000 | |
N-Star CDO bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
N-Star CDO bonds, available for sale | 54,859,000 | 64,127,000 | |
Discounted cash flows | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration—THL Hotel Portfolio (Note 12) | 8,903,000 | ||
Discounted cash flows | N-Star CDO bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
N-Star CDO bonds, available for sale | 64,127,000 | ||
Discounted cash flows | Private funds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | 5,391,000 | 5,908,000 | |
Discounted cash flows | Other investment ventures | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | 18,574,000 | 21,831,000 | |
Multiple | Other investment ventures | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | $ 25,000,000 | $ 25,000,000 | |
Measurement input, percentage | 3.7 | 5.8 | |
Recent Transaction Price | Other investment ventures | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | $ 173,910,000 | $ 28,346,000 | |
Discount rate | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input, percentage | 0.120 | 0.200 | |
Discount rate | N-Star CDO bonds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input, percentage | 0.223 | 0.216 | |
Discount rate | Minimum | N-Star CDO bonds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input, percentage | 0.168 | 0.136 | |
Discount rate | Maximum | N-Star CDO bonds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input, percentage | 0.650 | 0.565 | |
Discount rate | Other investment ventures | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input, percentage | 0.101 | 0.175 | |
Discount rate | Other investment ventures | Minimum | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input, percentage | 0.051 | 0.091 | |
Discount rate | Other investment ventures | Maximum | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input, percentage | 0.158 | 0.184 | |
THL Hotel Portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, liability | $ 13,000,000 | ||
THL Hotel Portfolio | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration—THL Hotel Portfolio (Note 12) | $ 13,000,000 | ||
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities | 138,586,000 | $ 36,438,000 | |
Other assets—derivative assets | 21,386,000 | 33,558,000 | |
Other liabilities—derivative liabilities | 127,531,000 | 132,808,000 | |
Contingent consideration—THL Hotel Portfolio (Note 12) | 9,330,000 | 8,903,000 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities | 138,586,000 | 36,438,000 | |
Other assets—derivative assets | 0 | 0 | |
Other liabilities—derivative liabilities | 0 | 0 | |
Contingent consideration—THL Hotel Portfolio (Note 12) | 0 | 0 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities | 0 | 0 | |
Other assets—derivative assets | 21,386,000 | 33,558,000 | |
Other liabilities—derivative liabilities | 127,531,000 | 132,808,000 | |
Contingent consideration—THL Hotel Portfolio (Note 12) | 0 | 0 | |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable equity securities | 0 | 0 | |
Other assets—derivative assets | 0 | 0 | |
Other liabilities—derivative liabilities | 0 | 0 | |
Contingent consideration—THL Hotel Portfolio (Note 12) | 9,330,000 | 8,903,000 | |
Recurring | N-Star CDO bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
N-Star CDO bonds, available for sale | 54,859,000 | 64,127,000 | |
Recurring | N-Star CDO bonds | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
N-Star CDO bonds, available for sale | 0 | 0 | |
Recurring | N-Star CDO bonds | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
N-Star CDO bonds, available for sale | 0 | 0 | |
Recurring | N-Star CDO bonds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
N-Star CDO bonds, available for sale | 54,859,000 | 64,127,000 | |
Recurring | CMBS of consolidated fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
CMBS of consolidated fund | 2,732,000 | 32,706,000 | |
Recurring | CMBS of consolidated fund | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
CMBS of consolidated fund | 0 | 0 | |
Recurring | CMBS of consolidated fund | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
CMBS of consolidated fund | 2,732,000 | 32,706,000 | |
Recurring | CMBS of consolidated fund | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
CMBS of consolidated fund | $ 0 | $ 0 |
Fair Value - Changes in Level 3
Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt—Securitized Bonds Payable | |||
Level 3 Liabilities | |||
Fair value, liability value | $ 0 | $ (44,542) | $ 0 |
Consolidation of securitization trust | (56,928) | ||
Purchases, contribution or accretion | 10,564 | ||
Paydowns, distributions and sales | 638 | ||
Deconsolidation | 43,847 | ||
Realized and unrealized gains (losses) in earnings, net | 57 | 1,822 | |
Fair value, liability value | 0 | 0 | (44,542) |
Unrealized gains (losses) on ending balance in earnings | 0 | 57 | 1,822 |
Due to Affiliates—Contingent Consideration for Internalization | |||
Level 3 Liabilities | |||
Fair value, liability value | 0 | (20,650) | (41,250) |
Transfer out of liabilities to equity | 12,539 | ||
Transfers out of Level 3 | 6,381 | ||
Realized and unrealized gains (losses) in earnings, net | 1,730 | 20,600 | |
Fair value, liability value | 0 | 0 | (20,650) |
Unrealized gains (losses) on ending balance in earnings | 0 | 1,730 | 20,600 |
Securitized Loans Receivable | |||
Level 3 Assets | |||
Fair value, asset value | 0 | 45,423 | 0 |
Consolidation of securitization trust | 58,296 | ||
Paydowns, distributions and sales | (638) | (10,564) | |
Deconsolidation | (44,070) | ||
Realized and unrealized gains (losses) in earnings, net | (715) | (2,309) | |
Fair value, asset value | 0 | 0 | 45,423 |
Unrealized gains (losses) on ending balance in earnings | 0 | (715) | (2,309) |
Equity Method Investments | |||
Level 3 Assets | |||
Fair value, asset value | 81,085 | 363,901 | 0 |
Acquired through the Merger | 362,269 | ||
Purchases, contributions and accretion | 141,070 | 61,113 | 162,323 |
Paydowns, distributions and sales | (8,338) | (188,409) | (166,795) |
Transfers out of Level 3 | (132,527) | ||
Contribution to CLNC | (26,134) | ||
Realized and unrealized gains (losses) in earnings, net | 9,058 | 3,141 | 6,104 |
Fair value, asset value | 222,875 | 81,085 | 363,901 |
Unrealized gains (losses) on ending balance in earnings | 8,280 | (67) | 6,104 |
Securities | |||
Level 3 Assets | |||
Fair value, asset value | 64,127 | 323,243 | 0 |
Acquired through the Merger | 427,560 | ||
Purchases, contributions and accretion | 6,380 | 21,049 | 40,035 |
Paydowns, distributions and sales | (10,779) | (138,261) | (120,728) |
Deconsolidation | (124,344) | ||
Realized and unrealized gains (losses) in earnings, net | (16,920) | 3,877 | (38,885) |
Other comprehensive loss | 12,051 | (21,437) | 15,261 |
Fair value, asset value | 54,859 | 64,127 | 323,243 |
Unrealized gains (losses) on ending balance in earnings | (16,920) | 0 | 0 |
THL Hotel Portfolio | Due to Affiliates—Contingent Consideration for Internalization | |||
Level 3 Liabilities | |||
Fair value, liability value | (8,903) | (7,419) | 0 |
Consideration for business combination | (6,771) | ||
Realized and unrealized gains (losses) in earnings, net | (427) | (1,484) | (648) |
Fair value, liability value | (9,330) | (8,903) | (7,419) |
Unrealized gains (losses) on ending balance in earnings | $ (427) | $ (1,484) | $ (648) |
Fair Value - Recurring Fair V_2
Fair Value - Recurring Fair Value Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2018 | Dec. 31, 2018 |
Contingent consideration | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer out of liabilities to equity | $ 12,539 | |
Transfers out of Level 3 | $ 6,381 | |
Class A Common Stock | Common Stock | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration, number of shares | 15 | |
Class B Common Stock | Common Stock | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration, number of shares | 40 | |
Settlement Of Contingent Consideration | OP Units | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OP units sold (in shares) | 1,950 | |
Contingent consideration | Senior Management | Contingent consideration | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers out of Level 3 | $ 6,400 | |
Affiliated Entity | Contingent consideration | Senior Management | Common Stock And OP Units | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer out of liabilities to equity | $ 12,500 |
Fair Value - Investments Carrie
Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Period before considering liquidity alternatives | 5 years | |
Private fund—real estate | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Expected life of investment, extension increment period | 1 year | |
Expected life of investment, extension period threshold | 2 years | |
Recurring | Fair Value Measured at Net Asset Value Per Share | Private fund—real estate | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 16,271 | $ 12,617 |
Unfunded Commitments | 11,058 | 13,658 |
Recurring | Fair Value Measured at Net Asset Value Per Share | Non-traded REIT—real estate | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 19,358 | 11,990 |
Unfunded Commitments | 0 | 0 |
Recurring | Fair Value Measured at Net Asset Value Per Share | Private fund—emerging market private equity | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 3,012 | 0 |
Unfunded Commitments | $ 0 | $ 0 |
Minimum | Private fund—real estate | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Expected life of investment | 8 years | |
Maximum | Private fund—real estate | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Expected life of investment | 10 years |
Fair Value - Nonrecurring Fair
Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands | Jan. 10, 2017 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity method investments | $ 222,875 | $ 222,875 | $ 81,085 | |||
Impairment loss | 1,146,443 | 587,275 | $ 420,316 | |||
Impairment loss | 358,443 | 588,223 | 104,360 | |||
Real estate held for sale | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | 253,448 | 253,448 | 269,145 | |||
Impairment loss | 120,329 | 77,211 | 25,619 | |||
Real estate held for investment | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | 354,976 | 354,976 | 416,272 | |||
Impairment loss | 227,510 | 280,418 | 19,668 | |||
Intangible assets—investment management contracts | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | 62,354 | 62,354 | 36,400 | |||
Equity Method Investments | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity method investments | 745,320 | 745,320 | 32,761 | |||
Impairment loss | $ 257,952 | 61,182 | 6,774 | |||
Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Capitalization rate (percentage) | 4.40% | |||||
Minimum | Real estate held for sale | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Selling costs (percentage) | 1.00% | |||||
Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Capitalization rate (percentage) | 12.50% | |||||
Maximum | Real estate held for sale | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Selling costs (percentage) | 3.00% | |||||
Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity method investments | 0 | $ 0 | 0 | |||
Level 2 | Real estate held for sale | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | 70,191 | 70,191 | 68,864 | |||
Level 2 | Real estate held for investment | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | 0 | 0 | 0 | |||
Level 2 | Intangible assets—investment management contracts | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | 0 | 0 | 0 | |||
Level 2 | Equity Method Investments | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity method investments | 0 | 0 | 0 | |||
Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity method investments | 222,875 | 222,875 | 81,085 | |||
Level 3 | Real estate held for sale | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | 183,257 | 183,257 | 200,281 | |||
Level 3 | Real estate held for investment | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | 354,976 | 354,976 | 416,272 | |||
Level 3 | Intangible assets—investment management contracts | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | 62,354 | 62,354 | 36,400 | |||
Level 3 | Equity Method Investments | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity method investments | 745,320 | 745,320 | 32,761 | |||
Investment management | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment loss | 9,955 | 157,538 | 59,073 | |||
Trade name | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment loss | $ 59,500 | $ 0 | 59,464 | $ 0 | ||
Healthcare Segment | Real estate held for investment | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, nonrecurring | $ 282,400 | |||||
Impairment loss | $ 212,000 | |||||
Healthcare Segment | Minimum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Capitalization rate (percentage) | 7.00% | |||||
Terminal capitalization rate (percentage) | 6.00% | |||||
Discount rate (percentage) | 6.50% | |||||
Healthcare Segment | Maximum | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Capitalization rate (percentage) | 9.00% | |||||
Terminal capitalization rate (percentage) | 8.50% | |||||
Discount rate (percentage) | 9.00% |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Level 1 | ||
Assets | ||
Loans at amortized cost | $ 0 | $ 0 |
Level 1 | Convertible and exchangeable senior notes | ||
Liabilities | ||
Secured and unsecured debt | 602,000 | 547,300 |
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 |
Level 1 | Junior subordinated debt | ||
Liabilities | ||
Secured and unsecured debt | 0 | 0 |
Level 2 | ||
Assets | ||
Loans at amortized cost | 0 | 0 |
Level 2 | Convertible and exchangeable senior notes | ||
Liabilities | ||
Secured and unsecured debt | 13,095 | 13,095 |
Level 2 | Secured debt | ||
Liabilities | ||
Secured and unsecured debt | 0 | 0 |
Level 2 | Secured debt related to assets held for sale | ||
Liabilities | ||
Secured and unsecured debt | 0 | 0 |
Level 2 | Junior subordinated debt | ||
Liabilities | ||
Secured and unsecured debt | 0 | 0 |
Level 3 | ||
Assets | ||
Loans at amortized cost | 1,557,850 | 1,667,892 |
Level 3 | Convertible and exchangeable senior notes | ||
Liabilities | ||
Secured and unsecured debt | 0 | 0 |
Level 3 | Secured debt | ||
Liabilities | ||
Secured and unsecured debt | 8,213,550 | 8,141,497 |
Level 3 | Secured debt related to assets held for sale | ||
Liabilities | ||
Secured and unsecured debt | 235,000 | 1,077,195 |
Level 3 | Junior subordinated debt | ||
Liabilities | ||
Secured and unsecured debt | 225,835 | 169,619 |
Fair Value | ||
Assets | ||
Loans at amortized cost | 1,557,850 | 1,667,892 |
Fair Value | Convertible and exchangeable senior notes | ||
Liabilities | ||
Secured and unsecured debt | 615,095 | 560,395 |
Fair Value | Secured debt | ||
Liabilities | ||
Secured and unsecured debt | 8,213,550 | 8,141,497 |
Fair Value | Secured debt related to assets held for sale | ||
Liabilities | ||
Secured and unsecured debt | 235,000 | 1,077,195 |
Fair Value | Junior subordinated debt | ||
Liabilities | ||
Secured and unsecured debt | 225,835 | 169,619 |
Carrying Value | ||
Assets | ||
Loans at amortized cost | 1,552,824 | 1,659,217 |
Carrying Value | Convertible and exchangeable senior notes | ||
Liabilities | ||
Secured and unsecured debt | 614,052 | 612,150 |
Carrying Value | Secured debt | ||
Liabilities | ||
Secured and unsecured debt | 8,168,666 | 8,164,136 |
Carrying Value | Secured debt related to assets held for sale | ||
Liabilities | ||
Secured and unsecured debt | 232,944 | 1,064,585 |
Carrying Value | Junior subordinated debt | ||
Liabilities | ||
Secured and unsecured debt | $ 201,190 | $ 199,086 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018securitization_trust | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | |||
Total assets of consolidated private fund | $ 19,832,184 | $ 22,215,249 | |
Total liabilities of consolidated private fund | 10,899,662 | 11,059,494 | |
Number of securitization vehicles sold | securitization_trust | 2 | ||
Company Sponsored Funds | |||
Variable Interest Entity [Line Items] | |||
Exposure to the obligations of the investment entities | 18,500 | 13,200 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated private fund | 24,700 | 42,700 | |
Total liabilities of consolidated private fund | 100 | 20,100 | |
Consolidated open-end fund | |||
Variable Interest Entity [Line Items] | |||
Exposure to the obligations of the investment entities | 137,000 | 117,300 | |
Trust | |||
Variable Interest Entity [Line Items] | |||
Exposure to the obligations of the investment entities | 3,700 | 3,700 | |
Securitization Vehicles | Variable Interest Entity, Unconsolidated | |||
Variable Interest Entity [Line Items] | |||
Exposure to the obligations of the investment entities | $ 46,000 | $ 67,500 | |
Colony Credit Real Estate, Inc. | |||
Variable Interest Entity [Line Items] | |||
Number of securitization vehicles held | securitization_trust | 0 | ||
Number of securitization vehicles contributed | securitization_trust | 3 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares | Jan. 10, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share Activities Of Preferred And Common Stock [Roll Forward] | ||||
Preferred stock, shares outstanding (in shares) | 57,464,000 | |||
Preferred stock, shares outstanding (in shares) | 39,466,000 | 41,350,000 | 57,464,000 | |
Preferred Stock | ||||
Share Activities Of Preferred And Common Stock [Roll Forward] | ||||
Preferred stock, shares outstanding (in shares) | 57,464,000 | 65,464,000 | 25,030,000 | |
Consideration for the Merger (in shares) | 39,466,000 | |||
Issuance of shares (in shares) | 26,400,000 | |||
Redemption of preferred stock (in shares) | (16,114,000) | (8,000,000) | (25,432,000) | |
Preferred stock, shares outstanding (in shares) | 41,350,000 | 57,464,000 | 65,464,000 | |
Class A Common Stock | ||||
Share Activities Of Preferred And Common Stock [Roll Forward] | ||||
Common stock, shares outstanding (in shares) | 483,347,000 | 542,599,000 | 166,440,000 | |
Consideration for the Merger (in shares) | 392,120,000 | |||
Redemption of preferred stock (in shares) | (652,000) | (61,418,000) | (23,371,000) | |
Shares canceled (in shares) | (2,984,000) | |||
Shares issued for settlement of contingent consideration—Internalization (in shares) | 15,000 | |||
Conversion of class B to class A common stock (in shares) | 42,000 | 34,000 | ||
Exchange of notes for class A common stock (in shares) | 233,000 | |||
Equity-based compensation, net of forfeitures (in shares) | 4,850,000 | 3,394,000 | 8,096,000 | |
Redemption of restricted stock units (in shares) | 775,000 | |||
Shares canceled for tax withholding on vested stock awards (in shares) | (689,000) | (3,359,000) | (428,000) | |
Common stock, shares outstanding (in shares) | 487,044,000 | 483,347,000 | 542,599,000 | |
Class A Common Stock | OP Units | ||||
Share Activities Of Preferred And Common Stock [Roll Forward] | ||||
Issuance of shares (in shares) | 188,000 | 2,074,000 | 1,684,000 | |
Stock issued upon redemption of an equivalent number 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) | 734,000 | 736,000 | 770,000 | |
Shares issued for settlement of contingent consideration—Internalization (in shares) | 40,000 | |||
Conversion of class B to class A common stock (in shares) | (42,000) | (34,000) | ||
Shares canceled for tax withholding on vested stock awards (in shares) | 0 | |||
Common stock, shares outstanding (in shares) | 734,000 | 734,000 | 736,000 |
Stockholders' Equity - Prefer_2
Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 10, 2017 | |
Class of Stock [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 41,350 | 57,464 | 39,466 | ||
Preferred stock, par value (in dollars per share) | $ 414 | $ 575 | $ 1,010,320 | ||
Preferred stock, liquidation preference | $ 1,033,750 | $ 1,436,605 | |||
Series G | |||||
Class of Stock [Line Items] | |||||
Dividend Rate Per Annum (as a percentage) | 7.50% | ||||
Preferred stock, shares outstanding (in shares) | 3,450 | ||||
Preferred stock, par value (in dollars per share) | $ 35 | ||||
Preferred stock, liquidation preference | $ 86,250 | ||||
Series H | |||||
Class of Stock [Line Items] | |||||
Dividend Rate Per Annum (as a percentage) | 7.125% | ||||
Preferred stock, shares outstanding (in shares) | 11,500 | ||||
Preferred stock, par value (in dollars per share) | $ 115 | ||||
Preferred stock, liquidation preference | $ 287,500 | ||||
Series I | |||||
Class of Stock [Line Items] | |||||
Dividend Rate Per Annum (as a percentage) | 7.15% | 7.15% | |||
Preferred stock, shares outstanding (in shares) | 13,800 | 13,800 | |||
Preferred stock, par value (in dollars per share) | $ 138 | ||||
Preferred stock, liquidation preference | $ 345,000 | ||||
Series J | |||||
Class of Stock [Line Items] | |||||
Dividend Rate Per Annum (as a percentage) | 7.125% | 7.125% | |||
Preferred stock, shares outstanding (in shares) | 12,600 | 12,600 | |||
Preferred stock, par value (in dollars per share) | $ 126 | ||||
Preferred stock, liquidation preference | $ 315,000 | ||||
Series B | |||||
Class of Stock [Line Items] | |||||
Dividend Rate Per Annum (as a percentage) | 8.25% | ||||
Preferred stock, shares outstanding (in shares) | 6,114 | 13,999 | |||
Preferred stock, par value (in dollars per share) | $ 61 | $ 352,004 | |||
Preferred stock, liquidation preference | $ 152,855 | ||||
Series E | |||||
Class of Stock [Line Items] | |||||
Dividend Rate Per Annum (as a percentage) | 8.75% | ||||
Preferred stock, shares outstanding (in shares) | 10,000 | 10,000 | |||
Preferred stock, par value (in dollars per share) | $ 100 | $ 259,542 | |||
Preferred stock, liquidation preference | $ 250,000 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2017USD ($)shares | Jun. 30, 2017shares | Apr. 30, 2015 | Sep. 30, 2017USD ($)shares | Dec. 31, 2019USD ($)votequarterdirector$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | May 31, 2018USD ($)$ / shares | Feb. 28, 2018USD ($) | Jan. 10, 2017shares | Dec. 31, 2016shares | |
Class of Stock [Line Items] | |||||||||||
Redemption amount per share (in dollars per share) | $ / shares | $ 25 | ||||||||||
Minimum affirmative vote required for changes to any series of preferred stock | 66.67% | ||||||||||
Number of directors vote entitles | director | 2 | ||||||||||
Minimum period of dividend defaults providing preferred stockholders to voting rights | quarter | 6 | ||||||||||
Preferred stock, shares outstanding (in shares) | 41,350,000 | 57,464,000 | 39,466,000 | ||||||||
Proceeds from issuance of preferred stock, net | $ | $ 0 | $ 0 | $ 638,100,000 | ||||||||
Common stock conversion ratio for Class A to Class B / OP Units | 1 | ||||||||||
Stock repurchase, extension | 1 year | ||||||||||
Class A common stock acquired under the DRIP Plan (in shares) | 0 | 0 | |||||||||
Series I | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, shares outstanding (in shares) | 13,800,000 | 13,800,000 | |||||||||
Dividend rate per annum, preferred stock (as a percentage) | 7.15% | 7.15% | |||||||||
Series J | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock, shares outstanding (in shares) | 12,600,000 | 12,600,000 | 12,600,000 | ||||||||
Dividend rate per annum, preferred stock (as a percentage) | 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, redemption amount | $ | $ 644,900,000 | $ 644,900,000 | |||||||||
Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Redemption amount per share (in dollars per share) | $ / shares | $ 25 | ||||||||||
Preferred stock, shares outstanding (in shares) | 41,350,000 | 57,464,000 | 65,464,000 | 25,030,000 | |||||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25 | ||||||||||
Class A Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Voting rights attributable to each share | vote | 1 | ||||||||||
Shares repurchased (in 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 | |||||||||
Stock repurchase, authorized amount | $ | $ 300,000,000 | $ 300,000,000 | |||||||||
Class B Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Voting rights attributable to each share | vote | 36.5 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 11,146,370 | $ 12,349,392 | $ 5,616,927 |
Ending balance | 8,926,415 | 11,146,370 | 12,349,392 |
AOCI - Stockholders | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 13,999 | 47,316 | (32,109) |
Cumulative effect of adoption of new accounting pronouncements | (202) | ||
Other comprehensive income (loss) before reclassifications | 21,832 | (30,184) | 39,742 |
Amounts reclassified from AOCI | 11,837 | (5,527) | 39,683 |
Deconsolidation of N-Star CDO | 2,596 | ||
Ending balance | 47,668 | 13,999 | 47,316 |
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 | 85 |
Cumulative effect of adoption of new accounting pronouncements | (202) | ||
Other comprehensive income (loss) before reclassifications | 9,206 | (1,785) | 5,450 |
Amounts reclassified from AOCI | (3,554) | 0 | 81 |
Deconsolidation of N-Star CDO | 0 | ||
Ending balance | 9,281 | 3,629 | 5,616 |
Unrealized Gain (Loss) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (3,175) | 14,418 | (112) |
Cumulative effect of adoption of new accounting pronouncements | 0 | ||
Other comprehensive income (loss) before reclassifications | (4,358) | (16,238) | (22,014) |
Amounts reclassified from AOCI | 15,356 | (3,951) | 36,544 |
Deconsolidation of N-Star CDO | 2,596 | ||
Ending balance | 7,823 | (3,175) | 14,418 |
Unrealized Gain (Loss) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (91) | 0 | (41) |
Cumulative effect of adoption of new accounting pronouncements | 0 | ||
Other comprehensive income (loss) before reclassifications | (2,563) | (91) | 41 |
Amounts reclassified from AOCI | 2,428 | 0 | 0 |
Deconsolidation of N-Star CDO | 0 | ||
Ending balance | (226) | (91) | 0 |
Foreign Currency Translation Gain (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 6,618 | 45,931 | (76,426) |
Cumulative effect of adoption of new accounting pronouncements | 0 | ||
Other comprehensive income (loss) before reclassifications | (5,398) | (46,183) | 124,846 |
Amounts reclassified from AOCI | (1,081) | 6,870 | (2,489) |
Deconsolidation of N-Star CDO | 0 | ||
Ending balance | 139 | 6,618 | 45,931 |
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) | 44,385 |
Cumulative effect of adoption of new accounting pronouncements | 0 | ||
Other comprehensive income (loss) before reclassifications | 24,945 | 34,113 | (68,581) |
Amounts reclassified from AOCI | (1,312) | (8,446) | 5,547 |
Deconsolidation of N-Star CDO | 0 | ||
Ending balance | 30,651 | 7,018 | (18,649) |
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 | (45,942) |
Other comprehensive income (loss) before reclassifications | (24,082) | (31,315) | 88,162 |
Amounts reclassified from AOCI | 7,169 | (2,106) | (145) |
Ending balance | (8,259) | 8,654 | 42,075 |
Unrealized Gain (Loss) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | (527) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 981 |
Amounts reclassified from AOCI | 0 | 0 | (454) |
Ending balance | 0 | 0 | 0 |
Unrealized Gain (Loss) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (390) | 0 | 0 |
Other comprehensive income (loss) before reclassifications | (5,943) | (390) | 0 |
Amounts reclassified from AOCI | 5,328 | 0 | 0 |
Ending balance | (1,005) | (390) | 0 |
Foreign Currency Translation Gain (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (600) | 38,948 | (57,213) |
Other comprehensive income (loss) before reclassifications | (16,848) | (39,621) | 97,840 |
Amounts reclassified from AOCI | (465) | 73 | (1,679) |
Ending balance | (17,913) | (600) | 38,948 |
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 | 11,798 |
Other comprehensive income (loss) before reclassifications | (1,291) | 8,696 | (10,659) |
Amounts reclassified from AOCI | 2,306 | (2,179) | 1,988 |
Ending balance | $ 10,659 | $ 9,644 | $ 3,127 |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other gain (loss), net | $ (193,302) | $ 51,706 | $ (25,814) |
Release of equity in AOCI of unconsolidated ventures | (140,384) | (9,601) | 283,283 |
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 | 10,100 | (5,285) |
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 | (15,356) | (6,149) | (31,259) |
Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Deconsolidation of N-Star CDO | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other gain (loss), net | 0 | (2,596) | 0 |
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 | 1,081 | (6,870) | 2,489 |
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 | (340) | 1,454 | (1,829) |
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 | 1,652 | 6,992 | (3,718) |
Equity method earnings (losses) | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on marketable securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Release of equity in AOCI of unconsolidated ventures | $ 3,554 | $ 0 | $ (81) |
Noncontrolling Interests - Chan
Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | $ 9,385 | $ 34,144 | $ 0 | |
Fair value of noncontrolling interests assumed in Merger and assumed through consolidation of sponsored fund | 789,367 | 513,847 | ||
Distributions and redemptions | (2,829,088) | (503,054) | (879,889) | |
Ending balance | $ 34,144 | 6,107 | 9,385 | 34,144 |
Redeemable noncontrolling interests | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Contributions | 0 | 354 | 8,550 | |
Distributions and redemptions | (5,837) | (21,405) | (100,830) | |
Net income (loss) | 2,559 | (3,708) | 23,543 | |
Currency translation adjustment and other | 0 | 0 | (725) | |
Townsend | Redeemable noncontrolling interests | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Fair value of noncontrolling interests assumed in Merger and assumed through consolidation of sponsored fund | 0 | 0 | 78,843 | |
Consolidated open-end fund | Redeemable noncontrolling interests | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Fair value of noncontrolling interests assumed in Merger and assumed through consolidation of sponsored fund | $ 0 | $ 0 | $ 24,763 | |
Townsend | ||||
Noncontrolling Interest [Line Items] | ||||
Consideration allocated | $ 20,000 |
Noncontrolling Interests - In I
Noncontrolling Interests - In Investment Entities and in Operating Company (Details) $ in Thousands | Jul. 25, 2019shares | Dec. 31, 2019USD ($)shares | Jul. 31, 2019USD ($)shares | Dec. 20, 2019USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) |
Noncontrolling Interest [Line Items] | |||||||
OP Units to common stock, conversion ratio | 1 | ||||||
OP Units | |||||||
Noncontrolling Interest [Line Items] | |||||||
OP Units to common stock, conversion ratio | 1 | 1 | |||||
OP units redeemed (in shares) | shares | 187,995 | 2,870,422 | |||||
Shares redeemed (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 | ||||||
Additional Paid-in Capital | |||||||
Noncontrolling Interest [Line Items] | |||||||
Net increase to additional paid-in capital | $ | $ 12,400 | $ 34,100 | $ 21,800 | ||||
Settlement Of Contingent Consideration | OP Units | |||||||
Noncontrolling Interest [Line Items] | |||||||
OP units redeemed (in shares) | shares | 1,000,000 | ||||||
DBH | |||||||
Noncontrolling Interest [Line Items] | |||||||
OP Units issued | $ | 111,903 | ||||||
DBH | OP Units | |||||||
Noncontrolling Interest [Line Items] | |||||||
Issuance of shares (in shares) | shares | 21,478,515 | 21,478,515 | |||||
OP Units issued | $ | $ 111,900 | 114,865 | $ 0 | $ 0 | |||
DataBank | |||||||
Noncontrolling Interest [Line Items] | |||||||
OP Units issued | $ | $ 3,000 | $ 2,962 | |||||
DataBank | OP Units | |||||||
Noncontrolling Interest [Line Items] | |||||||
Issuance of shares (in shares) | shares | 612,072 | ||||||
OP Units issued | $ | $ 3,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||
Property operating income | $ 346,431 | $ 288,367 | $ 284,051 | ||
Fee income | 11,646 | 7,378 | 4,022 | ||
Interest and other income | 5,163 | 3,775 | 4,742 | ||
Revenues from discontinued operations | 363,240 | 299,520 | 292,815 | ||
Expenses | |||||
Property operating expenses | 93,440 | 84,162 | 87,726 | ||
Interest expense | 91,863 | 42,713 | 47,594 | ||
Investment and servicing expense | 658 | 436 | 542 | ||
Placement fees | 0 | 234 | 1,650 | ||
Depreciation and amortization | 106,470 | 129,104 | 109,265 | ||
Impairment loss | 0 | 948 | 44 | ||
Compensation expense—cash and equity-based | 29,791 | 11,156 | 8,119 | ||
Compensation expense—carried interest | 35,170 | 4,696 | 0 | ||
Administrative expenses | 6,089 | 4,569 | 4,703 | ||
Expenses from discontinued operations | 363,481 | 278,018 | 259,643 | ||
Other income (loss) | |||||
Gain on sale of real estate | 1,457,892 | 7,633 | 22,504 | ||
Other gain, net | 1,338 | 0 | 0 | ||
Equity method earnings, including carried interest | 41,258 | 10,636 | 1,868 | ||
Income from discontinued operations before income taxes | 1,500,247 | 39,771 | 57,544 | ||
Income tax benefit (expense) | 1,550 | (189) | (2,096) | ||
Income from discontinued operations | 1,501,797 | 39,582 | 55,448 | ||
Income from discontinued operations attributable to Colony Capital, Inc. | 463,048 | 17,209 | 29,792 | ||
Equity-based compensation | 8,200 | 2,900 | 3,300 | ||
Noncontrolling Interests in Investment Entities | |||||
Other income (loss) | |||||
Income from discontinued operations attributable to: | 989,358 | 21,260 | 24,407 | ||
Noncontrolling Interests in Operating Company | |||||
Other income (loss) | |||||
Income from discontinued operations attributable to: | $ 49,391 | $ 1,113 | $ 1,249 | ||
THL Hotel Portfolio | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss from operations of the THL Hotel Portfolio | $ 200 | ||||
Light industrial | |||||
Expenses | |||||
Compensation expense—carried interest | $ 81,200 | ||||
Other income (loss) | |||||
Carried interest in equity method earnings | 52,800 | ||||
Carried interest, disproportionate allocation from noncontrolling interests | 28,400 | ||||
Carried interest sharing compensation | $ 39,900 |
Earnings per Share (Details)
Earnings per Share (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Net loss allocated to common stockholders | |||
Loss from continuing operations | $ (1,650,712) | $ (534,757) | $ (120,061) |
(Income) loss from continuing operations attributable to noncontrolling interests | 138,857 | (2,059) | (107,622) |
Loss from continuing operations attributable to Colony Capital, Inc. | (1,511,855) | (536,816) | (227,683) |
Income from discontinued operations attributable to Colony Capital, Inc. | 463,048 | 17,209 | 29,792 |
Net loss attributable to Colony Capital, Inc. | (1,048,807) | (519,607) | (197,891) |
Preferred stock redemption | 5,150 | 3,995 | |
Preferred stock redemption | (4,530) | ||
Preferred dividends | (108,550) | (117,097) | (130,672) |
Net loss attributable to common stockholders | (1,152,207) | (632,709) | (333,093) |
Net income allocated to participating securities | (3,491) | (2,504) | (9,168) |
Net loss allocated to common stockholders—basic | (1,155,698) | (635,213) | (342,261) |
Interest expense attributable to convertible senior notes | 0 | 0 | 0 |
Net loss allocated to common stockholders—diluted | $ (1,155,698) | $ (635,213) | $ (342,261) |
Weighted average common shares outstanding | |||
Basic weighted average number of common shares outstanding (in shares) | shares | 479,588,000 | 496,993,000 | 532,600,000 |
Weighted average effect of dilutive shares (in shares) | shares | 0 | 0 | 0 |
Diluted weighted average number of common shares outstanding (in shares) | shares | 479,588,000 | 496,993,000 | 532,600,000 |
Basic loss per share | |||
Net income from continuing operations (in dollars per share) | $ / shares | $ (3.38) | $ (1.31) | $ (0.70) |
Income from discontinued operations (in dollars per share) | $ / shares | 0.97 | 0.03 | 0.06 |
Basic (in dollars per share) | $ / shares | (2.41) | (1.28) | (0.64) |
Diluted loss per share | |||
Net income from continuing operations (in dollars per share) | $ / shares | (3.38) | (1.31) | (0.70) |
Income from discontinued operations (in dollars per share) | $ / shares | 0.97 | 0.03 | 0.06 |
Diluted (in dollars per share) | $ / shares | $ (2.41) | $ (1.28) | $ (0.64) |
OP Units to common stock, conversion ratio | 1 | ||
Convertible Debt Securities | |||
Diluted loss per share | |||
Interest expense on convertible note excluded from diluted EPS | $ 28,200 | $ 28,600 | $ 28,900 |
Weighted average dilutive common share (in shares) | shares | 38,112,100 | 38,112,100 | 38,564,400 |
Restricted Stock | |||
Diluted loss per share | |||
Weighted average dilutive common share (in shares) | shares | 74,100 | 571,500 | 534,100 |
Performance Shares | |||
Diluted loss per share | |||
Weighted average dilutive common share (in shares) | shares | 990,700 | 532,900 | |
OP Units | |||
Diluted loss per share | |||
Weighted average dilutive common share (in shares) | shares | 53,261,100 | 31,358,500 | 32,282,500 |
OP Units to common stock, conversion ratio | 1 |
Fee Income - Earned (Details)
Fee Income - Earned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | $ 223,915 | $ 144,443 | $ 216,767 |
Total fee income | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 220,584 | 143,218 | 180,892 |
Base management fees ($151,452, $130,384, and $161,414 from affiliates, respectively) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 152,189 | 131,406 | 179,816 |
Base management fees ($151,452, $130,384, and $161,414 from affiliates, respectively) | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 151,452 | 130,384 | 161,414 |
Asset management fees ($2,371, $2,078, and $3,069 from affiliates, respectively) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 3,559 | 2,078 | 3,069 |
Asset management fees ($2,371, $2,078, and $3,069 from affiliates, respectively) | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 2,371 | 2,078 | 3,069 |
Acquisition and disposition fees—from affiliates | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 0 | 1,922 | 16,237 |
Incentive and termination fees ($64,555, $5,445, and $172 from affiliates, respectively) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 64,555 | 5,445 | 1,043 |
Incentive and termination fees ($64,555, $5,445, and $172 from affiliates, respectively) | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 64,555 | 5,445 | 172 |
Other fee income ($2,206, $3,389 and $0 from affiliates, respectively) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 3,612 | 3,592 | 16,602 |
Other fee income ($2,206, $3,389 and $0 from affiliates, respectively) | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 2,206 | 3,389 | 0 |
Institutional funds and other investment vehicles | Total fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 82,188 | 48,624 | 56,966 |
Public companies (CLNC, NRE) | Total fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 118,049 | 65,258 | 14,003 |
Non-traded REITs | Total fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 19,896 | 29,597 | 88,081 |
Other | Total fee income | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | $ 3,782 | $ 964 | $ 57,717 |
Fee Income - Additional Informa
Fee Income - Additional Information (Details) - USD ($) $ in Thousands | Jan. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Management Fee Income [Line Items] | |||||
Management fee, percent of net asset value, (percentage) | 1.25% | ||||
Base Management Fees | |||||
Management Fee Income [Line Items] | |||||
Revenue from contract with customer | $ 152,189 | $ 131,406 | $ 179,816 | ||
Base Management Fees | Private funds | Fee income | |||||
Management Fee Income [Line Items] | |||||
Limited partner net funded capital (as a percentage) | 1.00% | ||||
Base Management Fees | Private funds | Fee income | Minimum | |||||
Management Fee Income [Line Items] | |||||
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percentage) | 0.90% | ||||
Base Management Fees | Private funds | Fee income | Maximum | |||||
Management Fee Income [Line Items] | |||||
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percentage) | 1.75% | ||||
Base Management Fees | Colony Credit Real Estate, Inc. | Fee income | |||||
Management Fee Income [Line Items] | |||||
Percent of stockholders' equity (as a percentage) | 1.50% | ||||
Base Management Fees | Non-traded REITs | Fee income | |||||
Management Fee Income [Line Items] | |||||
Percent of gross assets or equity (as a percentage) | 1.00% | ||||
Revenue from contract with customer | $ 2,500 | ||||
Base Management Fees | Non-traded REITs | Fee income | Maximum | |||||
Management Fee Income [Line Items] | |||||
Percent of gross assets or equity (as a percentage) | 1.50% | ||||
Base Management Fees | Registered Investment Companies | Fee income | |||||
Management Fee Income [Line Items] | |||||
Percent of average net assets (as a percentage) | 1.25% | ||||
Base Management Fees | NorthStar Realty Europe Corp. | Fee income | |||||
Management Fee Income [Line Items] | |||||
Management fee, percent of net asset value, (percentage) | 1.50% | ||||
Management fee, threshold amount (as a percentage) | $ 2,000,000 | ||||
Percent of net asset value in excess of fixed fee amount (as a percentage) | 1.25% | ||||
Asset Management Fees | |||||
Management Fee Income [Line Items] | |||||
Revenue from contract with customer | $ 3,559 | 2,078 | 3,069 | ||
Asset Management Fees | Asset management fees | |||||
Management Fee Income [Line Items] | |||||
Limited partner net funded capital (as a percentage) | 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 (as a percentage) | 1.00% | ||||
Percent of contractual sales price for disposition of investment (as a percentage) | 1.00% | ||||
Acquisition and Disposition Fees | Asset management fees | Maximum | |||||
Management Fee Income [Line Items] | |||||
Percent of contractual sales price for disposition of investment (as a percentage) | 2.00% | ||||
Termination Fee | |||||
Management Fee Income [Line Items] | |||||
Revenue from contract with customer | $ 64,555 | $ 5,445 | $ 1,043 | ||
Termination Fee | NorthStar Realty Europe Corp. | Fee income | |||||
Management Fee Income [Line Items] | |||||
Termination fee | $ 64,600 | ||||
Incentive Fees | Minimum | |||||
Management Fee Income [Line Items] | |||||
Percent of fees allocated to employees (as a percentage) | 40.00% | ||||
Incentive Fees | Maximum | |||||
Management Fee Income [Line Items] | |||||
Percent of fees allocated to employees (as a percentage) | 50.00% | ||||
Incentive Fees | NorthStar Realty Europe Corp. | Fee income | |||||
Management Fee Income [Line Items] | |||||
Termination fee | $ 21,500 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 25, 2019 | Jul. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
LTIP units issued (in shares) | 19,233,622 | ||||||
Fair value of shares vested | $ 14,700 | $ 111,200 | $ 31,900 | ||||
Aggregate unrecognized compensation cost related to restricted stock granted | $ 44,500 | ||||||
Weighted average period of expected cost | 2 years | ||||||
Share-based compensation expenses | $ 31,403 | 38,928 | $ 150,694 | ||||
LTIP Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
LTIP units issued (in shares) | 10,000,000 | 10,000,000 | |||||
Target share price for LTIP vesting (in usd per share) | $ 10 | ||||||
LTIP vesting period, threshold of consecutive trading days | 90 days | ||||||
LTIP Units | CLNS Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, shares reserved for future issuance, annual increase (percentage) | 2.00% | ||||||
Common stock, shares reserved for future issuance | 54,400,000 | ||||||
Conversion of units, conversion ratio (LTIP to common OP Unit) | 1 | ||||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Service period | 3 years | ||||||
LTIP units issued (in shares) | 5,085,924 | ||||||
PSU | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
LTIP units issued (in shares) | 3,760,864 | ||||||
DSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
LTIP units issued (in shares) | 386,834 | ||||||
Managed Company Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate unrecognized compensation cost related to restricted stock granted | $ 11,400 | ||||||
Weighted average period of expected cost | 1 year 10 months 24 days | ||||||
Share-based compensation expenses | $ 32,300 | $ 9,600 | |||||
Class A Common Stock | PSU | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Measurement period | 3 years | ||||||
Minimum | Class A Common Stock | PSU | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued, percent of PSU granted (percentage) | 0.00% | ||||||
Maximum | Class A Common Stock | PSU | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued, percent of PSU granted (percentage) | 125.00% | 200.00% | 200.00% |
Equity-Based Compensation - Val
Equity-Based Compensation - Valuation Technique (Details) | 12 Months Ended |
Dec. 31, 2019 | |
2019 PSU Grants | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected volatility of the Company's class A common stock (percentage) | 26.20% |
2018 PSU Grant | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected volatility of the Company's class A common stock (percentage) | 29.00% |
Expected annual dividend yield (percentage) | 7.30% |
Risk-free rate (per annum) (percentage) | 2.10% |
Ganzi LTIP Grant | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected volatility of the Company's class A common stock (percentage) | 28.30% |
Expected annual dividend yield (percentage) | 8.10% |
Risk-free rate (per annum) (percentage) | 1.80% |
Minimum | 2019 PSU Grants | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected annual dividend yield (percentage) | 8.50% |
Risk-free rate (per annum) (percentage) | 2.20% |
Maximum | 2019 PSU Grants | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected annual dividend yield (percentage) | 8.70% |
Risk-free rate (per annum) (percentage) | 2.40% |
Equity-Based Compensation - Com
Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights) | $ 31,403 | $ 38,928 | $ 150,694 |
Compensation expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights) | 31,403 | 38,928 | 146,563 |
Amortization of fair value of dividend equivalent right | 345 | 270 | 0 |
Earnings from investments in unconsolidated ventures | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights) | 0 | 0 | 61 |
Investment and servicing expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (including $345, $270 and $0 amortization of fair value of dividend equivalent rights) | $ 0 | $ 0 | $ 4,070 |
Equity-Based Compensation - Non
Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares | 1 Months Ended | 12 Months Ended |
Jul. 31, 2019 | Dec. 31, 2019 | |
Number of Shares [Roll Forward] | ||
Nonvested shares at beginning period (shares) | 7,649,173 | |
Granted (shares) | 19,233,622 | |
Vested (shares) | (2,934,865) | |
Forfeited (shares) | (360,243) | |
Nonvested shares at period end (shares) | 23,587,687 | |
Weighted Average Grant Date Fair Value [Roll Forward] | ||
Nonvested shares at beginning period (USD per share) | $ 9.39 | |
Granted (USD per share) | 2.30 | |
Vested (USD per share) | 9.79 | |
Forfeited (USD per share) | 6.26 | |
Nonvested shares at period end (USD per share) | $ 3.25 | |
Restricted Stock | ||
Number of Shares [Roll Forward] | ||
Nonvested shares at beginning period (shares) | 5,422,090 | |
Granted (shares) | 5,085,924 | |
Vested (shares) | (2,570,167) | |
Forfeited (shares) | (296,139) | |
Nonvested shares at period end (shares) | 7,641,708 | |
LTIP Units | ||
Number of Shares [Roll Forward] | ||
Nonvested shares at beginning period (shares) | 0 | |
Granted (shares) | 10,000,000 | 10,000,000 |
Vested (shares) | 0 | |
Forfeited (shares) | 0 | |
Nonvested shares at period end (shares) | 10,000,000 | |
DSUs | ||
Number of Shares [Roll Forward] | ||
Nonvested shares at beginning period (shares) | 183,134 | |
Granted (shares) | 386,834 | |
Vested (shares) | (304,184) | |
Forfeited (shares) | 0 | |
Nonvested shares at period end (shares) | 265,784 | |
PSU | ||
Number of Shares [Roll Forward] | ||
Nonvested shares at beginning period (shares) | 2,043,949 | |
Granted (shares) | 3,760,864 | |
Vested (shares) | (60,514) | |
Forfeited (shares) | (64,104) | |
Nonvested shares at period end (shares) | 5,680,195 | |
Weighted Average Grant Date Fair Value [Roll Forward] | ||
Nonvested shares at beginning period (USD per share) | $ 5.09 | |
Granted (USD per share) | 2.92 | |
Vested (USD per share) | 5.09 | |
Forfeited (USD per share) | 4.53 | |
Nonvested shares at period end (USD per share) | $ 3.66 |
Transactions with Affiliates -
Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Due from affiliates | $ 51,480 | $ 43,489 |
Due to affiliates | 34,064 | 0 |
Fee income | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 36,106 | 32,139 |
Cost reimbursements and recoverable expenses | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 14,624 | 10,754 |
Employees and other affiliates | ||
Related Party Transaction [Line Items] | ||
Due from affiliates | 750 | 596 |
Senior Management | Employees and other affiliates | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 34,064 | $ 0 |
Transactions with Affiliates _2
Transactions with Affiliates - Narrative (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Jul. 31, 2018 | May 31, 2018 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||||
Management fee, percent of net asset value, (percentage) | 1.25% | ||||||
Proceeds from sale of equity method investments | $ 165,657,000 | $ 231,040,000 | $ 553,327,000 | ||||
Gain on sale of real estate | $ 62,916,000 | 159,598,000 | 112,758,000 | ||||
Non-traded REITs | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of average invested assets reimbursable as operating costs (percentage) | 2.00% | ||||||
Expected reimbursable direct and indirect operating costs, percent of net income (percentage) | 25.00% | ||||||
NorthStar Realty Europe Corp. | |||||||
Related Party Transaction [Line Items] | |||||||
Percent of combined general and administrative costs (percentage) | 20.00% | ||||||
American Healthcare Investors, LLC | Management and Advisory Fees | |||||||
Related Party Transaction [Line Items] | |||||||
Property management and sub-advisory fees | 4,100,000 | 4,800,000 | |||||
Minimum | Non-traded REITs | |||||||
Related Party Transaction [Line Items] | |||||||
Reimbursement percent for organization and offering costs (percentage) | 1.00% | ||||||
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 | Corporate credit facility | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum principal amount of credit facility | $ 35,000,000 | $ 35,000,000 | |||||
Extension option, term | 6 months | ||||||
Outstanding advances | 0 | $ 0 | 0 | ||||
Colony Credit Real Estate, Inc. | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from sale of equity method investments | $ 89,100,000 | ||||||
Proceeds from sale of real estate | $ 121,500,000 | ||||||
Gain on sale of real estate | $ 28,600,000 | ||||||
LIBOR | NorthStar Healthcare | Revolving Credit Facility | Corporate credit facility | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Basis spread on variable rate (percentage) | 3.50% | ||||||
Cost reimbursements | Corporate Aircraft Use Reimbursement | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from contract with customer | $ 1,400,000 | 700,000 | 1,900,000 | ||||
Cost reimbursements | Non-traded REITs | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from contract with customer | 3,098,000 | 4,672,000 | 19,545,000 | ||||
Cost reimbursements | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from contract with customer | 64,226,000 | 34,695,000 | $ 25,630,000 | ||||
Investment Vehicles | Redeemable noncontrolling interests | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Investments | 4,000,000 | 4,000,000 | 5,700,000 | ||||
Net income attributable to noncontrolling interest | 2,500,000 | $ 400,000 | |||||
DBH | |||||||
Related Party Transaction [Line Items] | |||||||
Deferred consideration | 32,500,000 | 32,500,000 | |||||
OP Units issued | 111,903,000 | ||||||
DataBank | |||||||
Related Party Transaction [Line Items] | |||||||
OP Units issued | $ 3,000,000 | $ 2,962,000 |
Transactions with Affiliates _3
Transactions with Affiliates - Cost Reimbursements (Details) - Cost reimbursements - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retail companies | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | $ 3,098 | $ 4,672 | $ 19,545 |
Public companies (CLNC, NRE) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 14,442 | 10,747 | 0 |
Private investment vehicles and other | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 14,059 | 9,198 | 3,779 |
Equity awards of CLNC and NRE (Note 19) | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 32,627 | 10,078 | 0 |
Townsend | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | 0 | 0 | 2,306 |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue from contract with customer | $ 64,226 | $ 34,695 | $ 25,630 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax Cuts and Jobs Act, incomplete accounting, change in tax rate, provisional income tax expense (benefit) | $ 24.9 | ||
Tax Cuts And Jobs Act Of 2017, change in tax rate, income tax expense | $ 2.2 | ||
Valuation allowance related to certain hotels, amount released | $ 10.7 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ (6,320) | $ 2,881 | $ (20,316) |
State and local | (3,276) | 1,168 | (3,606) |
Foreign | (12,459) | (13,698) | (16,138) |
Income tax benefit (expense) from continuing and discontinued operations | (22,055) | (9,649) | (40,060) |
Deferred | |||
Federal | 1,652 | 64,962 | 110,711 |
State and local | 2,800 | 1,320 | 18,235 |
Foreign | 5,150 | 3,148 | 9,513 |
Total deferred tax benefit | 9,602 | 69,430 | 138,459 |
Total income tax benefit (expense) from continuing and discontinued operations | $ (12,453) | $ 59,781 | $ 98,399 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Net operating and capital loss carry forwards | $ 67,785 | $ 56,609 |
Equity-based compensation | 23,410 | 17,162 |
Investment in partnerships | 625 | 7,745 |
Real estate, leases and related intangibles | 15,870 | 0 |
Foreign tax credits | 0 | 892 |
Straight-line and prepaid rent expense | 6,270 | 7,850 |
Deferred income | 3,520 | 0 |
Deferred interest expense | 5,881 | 472 |
Other | 11,853 | 2,904 |
Gross deferred tax assets | 135,214 | 93,634 |
Valuation allowance | (26,305) | (22,062) |
Deferred tax assets, net of valuation allowance | 108,909 | 71,572 |
Deferred tax liabilities | ||
Real estate, leases and related intangibles | 209,474 | 63,901 |
Other intangible assets | 31,124 | 33,693 |
Deferred income | 0 | 1,263 |
Other | 9,420 | 108 |
Gross deferred tax liabilities | 250,018 | 98,965 |
Net deferred tax liability | (141,109) | (27,393) |
Deferred tax assets, operating loss carryforwards, foreign | $ 269,700 | $ 251,200 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) from continuing and discontinued operations before income taxes | $ (136,462) | $ (554,956) | $ (163,012) |
Pre-tax income attributable to pass-through subsidiaries | (675,635) | 312,939 | (405,104) |
Pre-tax loss attributable to taxable subsidiaries | (812,097) | (242,017) | (568,116) |
Federal tax benefit at statutory tax rate (35%) | 170,540 | 50,824 | 198,841 |
State and local income taxes, net of federal income tax benefit | 1,362 | 10,983 | 9,380 |
Foreign income tax differential | (8,979) | (3,533) | 6 |
Nondeductible expenses—goodwill impairment | (165,480) | 0 | (110,600) |
Nondeductible expenses—other | (4,390) | (4,648) | (20,372) |
Valuation allowance, net | (4,151) | 2,874 | (3,555) |
Impact of Tax Cuts and Jobs Act | 0 | 2,190 | 24,908 |
Other | (1,355) | 1,091 | (209) |
Income tax benefit (expense) from continuing and discontinued operations | $ (12,453) | $ 59,781 | $ 98,399 |
Commitments and Contingencies
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Operating Leased Assets [Line Items] | |||
Weighted average discount rate (percentage) | 6.80% | ||
Operating lease liability | $ 0 | $ 181,297 | |
THL Hotel Portfolio | |||
Operating Leased Assets [Line Items] | |||
Contingent consideration, liability | $ 13,000 | ||
Investment Properties | |||
Operating Leased Assets [Line Items] | |||
Weighted average remaining lease term | 19 years 8 months 12 days | ||
Ground Leases | |||
Operating Leased Assets [Line Items] | |||
Operating lease expense | 8,200 | $ 6,700 | |
Corporate Offices | |||
Operating Leased Assets [Line Items] | |||
Weighted average remaining lease term | 7 years 4 months 24 days | ||
Operating lease expense | $ 10,100 | $ 13,300 |
Commitments and Contingencies -
Commitments and Contingencies - Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Investment Properties | |
Lessee, Lease, Description [Line Items] | |
Fixed lease expense | $ 8,292 |
Variable lease expense | 1,898 |
Operating lease expense | 10,190 |
Corporate Offices | |
Lessee, Lease, Description [Line Items] | |
Fixed lease expense | 9,213 |
Variable lease expense | 2,516 |
Operating lease expense | $ 11,729 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Lessor, Lease, Description [Line Items] | ||
2020 | $ 27,609 | |
2021 | 26,582 | |
2022 | 25,089 | |
2023 | 24,832 | |
2024 | 25,374 | |
2025 and thereafter | 234,532 | |
Total lease payments | 364,018 | |
Present value discount | (182,721) | |
Operating lease liability (Note 9) | 181,297 | $ 0 |
Investment Properties | ||
Lessor, Lease, Description [Line Items] | ||
2020 | 17,295 | |
2021 | 16,847 | |
2022 | 17,015 | |
2023 | 17,054 | |
2024 | 17,060 | |
2025 and thereafter | 211,195 | |
Total lease payments | 296,466 | |
Corporate Offices | ||
Lessor, Lease, Description [Line Items] | ||
2020 | 10,314 | |
2021 | 9,735 | |
2022 | 8,074 | |
2023 | 7,778 | |
2024 | 8,314 | |
2025 and thereafter | 23,337 | |
Total lease payments | $ 67,552 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Lease Payments (ASC 840) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2019 | $ 14,129 |
2020 | 13,815 |
2021 | 13,586 |
2022 | 12,952 |
2023 | 12,330 |
2024 and thereafter | 115,294 |
Total lease payments | 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 lease payments | 114,398 |
Corporate Offices | |
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 lease payments | $ 67,708 |
Segment Reporting - Summary of
Segment Reporting - Summary of Operating Results for Each Reportable Operating Segments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 7 | ||
Total revenues | $ 2,326,354 | $ 2,366,942 | $ 2,549,540 |
Property operating expenses | 1,090,909 | 1,150,656 | 1,046,313 |
Interest expense | 535,538 | 552,838 | 536,256 |
Depreciation and amortization | 489,792 | 443,302 | 508,514 |
Provision for loan loss | 35,880 | 43,034 | 19,741 |
(Reversal of) impairment loss | 1,146,443 | 587,275 | 420,316 |
Gain on sale of real estate | 62,916 | 159,598 | 112,758 |
Equity method earnings (losses) | (140,384) | (9,601) | 283,283 |
Equity method earnings—carried interest | 11,682 | 9,525 | 0 |
Income tax benefit (expense) | (14,003) | 59,970 | 100,495 |
Loss from continuing operations | (1,650,712) | (534,757) | (120,061) |
Income from discontinued operations | 1,501,797 | 39,582 | 55,448 |
Net loss | (148,915) | (495,175) | (64,613) |
Net loss attributable to Colony Capital, Inc. | (1,048,807) | (519,607) | (197,891) |
Operating segments | Digital | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 40,407 | 0 | 0 |
Property operating expenses | 2,197 | 0 | 0 |
Interest expense | 4,502 | 0 | 0 |
Depreciation and amortization | 12,209 | 0 | 0 |
Provision for loan loss | 0 | 0 | 0 |
(Reversal of) impairment loss | 0 | 0 | 0 |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | 2,647 | 8,845 | 0 |
Equity method earnings—carried interest | 0 | 0 | |
Income tax benefit (expense) | (15,104) | 0 | 0 |
Loss from continuing operations | 43,786 | 5,955 | 0 |
Income from discontinued operations | 0 | 0 | 0 |
Net loss | 43,786 | 5,955 | 0 |
Net loss attributable to Colony Capital, Inc. | 40,658 | 5,606 | 0 |
Operating segments | Healthcare | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 582,139 | 592,455 | 613,169 |
Property operating expenses | 260,374 | 271,166 | 274,528 |
Interest expense | 192,621 | 194,898 | 185,256 |
Depreciation and amortization | 161,115 | 164,389 | 183,897 |
Provision for loan loss | 0 | 213 | 1,588 |
(Reversal of) impairment loss | 187,341 | 217,524 | 14,375 |
Gain on sale of real estate | 1,384 | 0 | 0 |
Equity method earnings (losses) | 0 | 0 | 0 |
Equity method earnings—carried interest | 0 | 0 | |
Income tax benefit (expense) | 612 | (4,991) | (5,639) |
Loss from continuing operations | (239,888) | (283,516) | (64,767) |
Income from discontinued operations | 0 | 0 | 0 |
Net loss | (239,888) | (283,516) | (64,767) |
Net loss attributable to Colony Capital, Inc. | (179,976) | (199,277) | (51,428) |
Operating segments | Industrial | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Property operating expenses | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Provision for loan loss | 0 | 0 | 0 |
(Reversal of) impairment loss | 0 | 0 | 0 |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | 0 | 0 | 0 |
Equity method earnings—carried interest | 0 | 0 | |
Income tax benefit (expense) | 0 | 0 | 0 |
Loss from continuing operations | 0 | 0 | 0 |
Income from discontinued operations | 1,486,691 | 26,749 | 37,497 |
Net loss | 1,486,691 | 26,749 | 37,497 |
Net loss attributable to Colony Capital, Inc. | 449,050 | 4,246 | 12,537 |
Operating segments | Hospitality | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 828,523 | 849,513 | 815,831 |
Property operating expenses | 554,981 | 563,453 | 537,884 |
Interest expense | 169,781 | 153,395 | 134,729 |
Depreciation and amortization | 145,424 | 144,528 | 133,269 |
Provision for loan loss | 0 | 0 | 0 |
(Reversal of) impairment loss | 50,474 | 72,469 | 0 |
Gain on sale of real estate | 279 | 0 | 0 |
Equity method earnings (losses) | 0 | 0 | 0 |
Equity method earnings—carried interest | 0 | 0 | |
Income tax benefit (expense) | (898) | 9,875 | (2,779) |
Loss from continuing operations | (107,066) | (90,581) | (9,863) |
Income from discontinued operations | 0 | 0 | 0 |
Net loss | (107,066) | (90,581) | (9,863) |
Net loss attributable to Colony Capital, Inc. | (90,139) | (82,798) | (9,199) |
Operating segments | CLNC | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Property operating expenses | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Provision for loan loss | 0 | 0 | 0 |
(Reversal of) impairment loss | 0 | 0 | 0 |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | (241,356) | (65,366) | 0 |
Equity method earnings—carried interest | 0 | 0 | |
Income tax benefit (expense) | 0 | 0 | 0 |
Loss from continuing operations | (241,356) | (65,366) | 0 |
Income from discontinued operations | 0 | 0 | 0 |
Net loss | (241,356) | (65,366) | 0 |
Net loss attributable to Colony Capital, Inc. | (227,548) | (61,457) | 0 |
Operating segments | Other Equity and Debt | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 614,551 | 739,167 | 873,046 |
Property operating expenses | 273,357 | 316,037 | 233,901 |
Interest expense | 113,762 | 150,032 | 161,993 |
Depreciation and amortization | 85,910 | 99,525 | 128,942 |
Provision for loan loss | 35,880 | 42,821 | 18,153 |
(Reversal of) impairment loss | 110,025 | 79,432 | 30,867 |
Gain on sale of real estate | 61,253 | 159,598 | 112,758 |
Equity method earnings (losses) | 115,927 | 97,416 | 265,079 |
Equity method earnings—carried interest | 0 | 0 | |
Income tax benefit (expense) | (7,270) | (4,298) | (3,950) |
Loss from continuing operations | 87,004 | 266,886 | 567,752 |
Income from discontinued operations | 0 | (102) | 995 |
Net loss | 87,004 | 266,784 | 568,747 |
Net loss attributable to Colony Capital, Inc. | 1,436 | 141,197 | 426,052 |
Operating segments | Other Investment Management | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 246,499 | 176,568 | 240,632 |
Property operating expenses | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Depreciation and amortization | 79,097 | 28,653 | 56,616 |
Provision for loan loss | 0 | 0 | 0 |
(Reversal of) impairment loss | 797,954 | 217,850 | 375,074 |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | (17,602) | (50,496) | 18,204 |
Equity method earnings—carried interest | 11,682 | 9,525 | |
Income tax benefit (expense) | 9,311 | 59,179 | 111,049 |
Loss from continuing operations | (754,314) | (145,161) | (174,564) |
Income from discontinued operations | 15,106 | 12,935 | 4,396 |
Net loss | (739,208) | (132,226) | (170,168) |
Net loss attributable to Colony Capital, Inc. | (643,631) | (124,024) | (182,038) |
Amounts not allocated to segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 14,235 | 9,239 | 6,862 |
Property operating expenses | 0 | 0 | 0 |
Interest expense | 54,872 | 54,513 | 54,278 |
Depreciation and amortization | 6,037 | 6,207 | 5,790 |
Provision for loan loss | 0 | 0 | 0 |
(Reversal of) impairment loss | 649 | 0 | 0 |
Gain on sale of real estate | 0 | 0 | 0 |
Equity method earnings (losses) | 0 | 0 | 0 |
Equity method earnings—carried interest | 0 | 0 | |
Income tax benefit (expense) | (654) | 205 | 1,814 |
Loss from continuing operations | (438,878) | (222,974) | (438,619) |
Income from discontinued operations | 0 | 0 | 12,560 |
Net loss | (438,878) | (222,974) | (426,059) |
Net loss attributable to Colony Capital, Inc. | $ (398,657) | $ (203,100) | $ (393,815) |
Combination Agreement | |||
Segment Reporting Information [Line Items] | |||
Ownership percentage | 36.40% |
Segment Reporting - Assets and
Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 19,832,184 | $ 22,215,249 |
Equity method investments | 1,987,515 | 2,276,673 |
Operating segments | Digital | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 2,160,402 | 32,354 |
Equity method investments | 47,891 | 32,354 |
Operating segments | Healthcare Segment | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 4,886,374 | 5,395,550 |
Equity method investments | 0 | 0 |
Operating segments | Industrial | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 458,673 | 3,185,906 |
Equity method investments | 0 | 0 |
Operating segments | Hospitality | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 3,789,098 | 3,980,988 |
Equity method investments | 0 | 0 |
Operating segments | CLNC | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 725,443 | 1,037,754 |
Equity method investments | 725,443 | 1,037,754 |
Operating segments | Other Equity and Debt | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 5,749,455 | 6,344,124 |
Equity method investments | 1,070,462 | 1,026,420 |
Operating segments | Other Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 1,085,234 | 1,979,432 |
Equity method investments | 139,977 | 176,403 |
Amounts not allocated to segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 977,505 | 259,141 |
Equity method investments | $ 3,742 | $ 3,742 |
Segment Reporting - Geographic
Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total income by geography: | $ 2,133,426 | $ 2,332,171 | $ 2,807,193 |
Long-lived assets by geography: | 11,464,629 | 11,167,605 | |
Assets held for sale | 870,052 | 3,969,635 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Total income by geography: | 1,772,135 | 2,002,260 | 2,492,800 |
Long-lived assets by geography: | 9,956,282 | 9,566,982 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total income by geography: | 354,164 | 329,609 | 310,783 |
Long-lived assets by geography: | 1,508,347 | 1,600,623 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Total income by geography: | 7,127 | 302 | $ 3,610 |
Disposal Group, Held-for-sale, Not Discontinued Operations | United States | |||
Segment Reporting Information [Line Items] | |||
Assets held for sale | 500,000 | 3,300,000 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Europe | |||
Segment Reporting Information [Line Items] | |||
Assets held for sale | $ 300,000 | $ 500,000 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Cash paid for interest, net of amounts capitalized of $3,192, $5,554, and $0 | $ 523,533 | $ 507,495 | $ 452,726 | |
Interest capitalized | 3,192 | 5,554 | 0 | |
Cash received for income tax refunds (paid for income taxes), net | (12,595) | 14,476 | 53,017 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||||
Net cash provided by operating activities of discontinued operations | 149,737 | 158,666 | 153,379 | |
Net cash provided by (used in) investing activities of discontinued operations | 3,721,764 | (599,940) | 82,408 | |
Net cash provided by (used in) financing activities of discontinued operations | (2,640,171) | 351,052 | 378,788 | |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||
Dividends and distributions payable | 83,301 | 84,013 | 188,202 | |
Improvements in operating real estate in accrued and other liabilities | 20,230 | 2,249 | 18,221 | |
Redemption of OP Units for common stock | 2,104 | 29,034 | 22,831 | |
Preferred stock redemptions payable | 402,855 | 0 | 0 | |
ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption | 139,157 | |||
ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption | 16,234 | 0 | 0 | |
Proceeds from loan repayments and asset sales held in escrow | 63,984 | 19,425 | 27,426 | |
Distributions payable to noncontrolling interests included in other liabilities | 3,986 | 19,297 | 10,786 | |
Foreclosures and exchanges of loans receivable for real estate | 28,562 | 47,097 | 54,615 | |
Debt assumed by buyer in sale of real estate | 295,562 | 196,416 | 1,258,558 | |
Debt issued to buyer in sale of real estate | 4,000 | 0 | 0 | |
Assets acquired in business combinations, net of cash and restricted cash acquired (Note 3) | 2,098,313 | 0 | 16,684,675 | |
Liabilities assumed in business combinations (Note 3) | 818,449 | 0 | 11,249,183 | |
Noncontrolling interests assumed in business combinations (Note 3) | 724,567 | 0 | 592,690 | |
Deconsolidation of net assets of securitization trusts | 0 | 131,386 | 0 | |
Assets held for sale contributed to equity method investee | 0 | 20,350 | 0 | |
Deferred tax liabilities assumed by buyer of related real estate | 0 | 26,629 | 0 | |
Share repurchase payable | 0 | 7,567 | 0 | |
Contributions receivable from noncontrolling interests | 0 | 29,721 | 25,501 | |
Assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed | 0 | 1,753,066 | 0 | |
Liabilities of CLNY Investment Entities deconsolidated | 0 | 421,245 | 0 | |
Noncontrolling interests of CLNY Investment Entities deconsolidated | 0 | 395,274 | 0 | |
Net assets of investment entity deconsolidated, net of cash and restricted cash contributed | 0 | 0 | 153,368 | |
Investment deposits applied to acquisition of loans receivable, real estate and CPI Group | 0 | 0 | 66,020 | |
Common stock issued for acquisition of NSAM and NRF | 0 | 0 | 5,710,134 | |
Preferred stock issued for acquisition of NRF | 0 | 0 | 1,010,320 | |
Net assets acquired in CPI restructuring, net of cash and restricted cash assumed | 0 | 0 | 219,278 | |
Net assets acquired in THL Hotel Portfolio, net of cash and restricted cash assumed | 0 | 0 | 326,679 | |
Net assets of sponsored fund consolidated, net of cash and restricted cash assumed | 0 | 0 | 13,370 | |
Exchange of notes for class A common shares | 0 | 0 | 3,279 | |
Assets of consolidated securitization trust | 0 | 0 | 58,296 | |
Liabilities of consolidated securitization trust | 0 | 0 | 56,928 | |
DBH | ||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||
Deferred cash consideration for acquisition of DBH (Note 3) | 32,500 | 0 | 0 | |
Issuance of OP units for business combinations (Note 3) | 111,903 | |||
OP Units | DBH | ||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||
Issuance of OP units for business combinations (Note 3) | $ 111,900 | 114,865 | 0 | 0 |
Fair value of Digital Colony Manager contract intangible consolidated (Note 3) | $ 51,400 | $ 0 | $ 0 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1 | $ 14,514 | $ 6,869 | $ 1,708 |
Allowance for doubtful accounts | 6,793 | 26,860 | 14,602 |
Charge-offs | (4,605) | (19,155) | (9,531) |
Effect of changes in foreign exchange rates | 0 | (60) | 90 |
Balance at December 31 | 2,813 | 14,514 | 6,869 |
Accounting Standards Update 2016-02 | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Cumulative effect of adoption of ASC 842 | $ (13,889) | $ 0 | $ 0 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulative Depreciation - Net Carrying Amount (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Gross Cost Basis | ||||
Total | $ 12,702,355 | $ 15,500,802 | $ 15,791,144 | $ 3,656,094 |
Accumulated Depreciation | 1,042,422 | 1,029,386 | $ 606,200 | $ 188,509 |
Net Carrying Amount | 11,659,933 | |||
Real Estate tax basis | $ 11,200,000 | |||
Properties under leasehold interest | property | 12 | |||
Data Centers | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 20 | |||
Initial Cost | ||||
Encumbrances | $ 539,155 | |||
Land | 29,508 | |||
Buildings and Improvements | 817,950 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 29,508 | |||
Buildings and Improvements | 817,950 | |||
Total | 847,458 | |||
Accumulated Depreciation | 1,065 | |||
Net Carrying Amount | $ 846,393 | |||
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 | 847 | |||
Initial Cost | ||||
Encumbrances | $ 7,592,084 | |||
Land | 1,405,377 | |||
Buildings and Improvements | 10,298,963 | |||
Costs Capitalized | 146,553 | |||
Gross Cost Basis | ||||
Land | 1,360,435 | |||
Buildings and Improvements | 10,490,458 | |||
Total | 11,850,893 | |||
Accumulated Depreciation | 990,375 | |||
Net Carrying Amount | $ 10,860,518 | |||
Real Estate Held for Investment | Healthcare | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 352 | |||
Initial Cost | ||||
Encumbrances | $ 2,827,790 | |||
Land | 426,962 | |||
Buildings and Improvements | 4,514,531 | |||
Costs Capitalized | (103,494) | |||
Gross Cost Basis | ||||
Land | 411,453 | |||
Buildings and Improvements | 4,426,546 | |||
Total | 4,837,999 | |||
Accumulated Depreciation | 404,174 | |||
Net Carrying Amount | $ 4,433,825 | |||
Real Estate Held for Investment | Hospitality | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 156 | |||
Initial Cost | ||||
Encumbrances | $ 2,652,307 | |||
Land | 499,934 | |||
Buildings and Improvements | 3,404,393 | |||
Costs Capitalized | 45,312 | |||
Gross Cost Basis | ||||
Land | 470,499 | |||
Buildings and Improvements | 3,479,140 | |||
Total | 3,949,639 | |||
Accumulated Depreciation | 405,375 | |||
Net Carrying Amount | $ 3,544,264 | |||
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 | 319 | |||
Initial Cost | ||||
Encumbrances | $ 1,572,832 | |||
Land | 448,973 | |||
Buildings and Improvements | 1,562,089 | |||
Costs Capitalized | 204,735 | |||
Gross Cost Basis | ||||
Land | 448,975 | |||
Buildings and Improvements | 1,766,822 | |||
Total | 2,215,797 | |||
Accumulated Depreciation | 179,761 | |||
Net Carrying Amount | 2,036,036 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Data Centers | ||||
Gross Cost Basis | ||||
Net Carrying Amount | 29,114 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Healthcare | ||||
Gross Cost Basis | ||||
Net Carrying Amount | 57,664 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Hospitality | ||||
Gross Cost Basis | ||||
Net Carrying Amount | $ 16,155 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Industrial | ||||
Gross Cost Basis | ||||
Net Carrying Amount | $ 342,758 | |||
ALABAMA | 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 | 1,505 | |||
Gross Cost Basis | ||||
Land | 337 | |||
Buildings and Improvements | 4,088 | |||
Total | 4,425 | |||
Accumulated Depreciation | 431 | |||
Net Carrying Amount | $ 3,994 | |||
ALABAMA | 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 | $ 34,502 | |||
Land | 0 | |||
Buildings and Improvements | 56,252 | |||
Costs Capitalized | (23,258) | |||
Gross Cost Basis | ||||
Land | 0 | |||
Buildings and Improvements | 32,994 | |||
Total | 32,994 | |||
Accumulated Depreciation | 4,069 | |||
Net Carrying Amount | $ 28,925 | |||
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 | $ 8,418 | |||
Land | 433 | |||
Buildings and Improvements | 7,169 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 433 | |||
Buildings and Improvements | 7,169 | |||
Total | 7,602 | |||
Accumulated Depreciation | 711 | |||
Net Carrying Amount | $ 6,891 | |||
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 | $ 14,542 | |||
Land | 1,134 | |||
Buildings and Improvements | 19,213 | |||
Costs Capitalized | 815 | |||
Gross Cost Basis | ||||
Land | 1,134 | |||
Buildings and Improvements | 20,028 | |||
Total | 21,162 | |||
Accumulated Depreciation | 2,148 | |||
Net Carrying Amount | $ 19,014 | |||
ARIZONA | 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 | 1,354 | |||
Gross Cost Basis | ||||
Land | 536 | |||
Buildings and Improvements | 15,788 | |||
Total | 16,324 | |||
Accumulated Depreciation | 1,374 | |||
Net Carrying Amount | $ 14,950 | |||
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 | $ 14,339 | |||
Land | 1,897 | |||
Buildings and Improvements | 15,843 | |||
Costs Capitalized | 2,760 | |||
Gross Cost Basis | ||||
Land | 1,897 | |||
Buildings and Improvements | 18,603 | |||
Total | 20,500 | |||
Accumulated Depreciation | 1,752 | |||
Net Carrying Amount | $ 18,748 | |||
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 | $ 28,643 | |||
Land | 7,831 | |||
Buildings and Improvements | 34,616 | |||
Costs Capitalized | 1,119 | |||
Gross Cost Basis | ||||
Land | 7,831 | |||
Buildings and Improvements | 35,735 | |||
Total | 43,566 | |||
Accumulated Depreciation | 4,596 | |||
Net Carrying Amount | $ 38,970 | |||
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 | $ 41,085 | |||
Land | 10,917 | |||
Buildings and Improvements | 43,884 | |||
Costs Capitalized | 13,788 | |||
Gross Cost Basis | ||||
Land | 10,917 | |||
Buildings and Improvements | 57,672 | |||
Total | 68,589 | |||
Accumulated Depreciation | 5,851 | |||
Net Carrying Amount | $ 62,738 | |||
California | 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 | $ 35,823 | |||
Land | 12,157 | |||
Buildings and Improvements | 76,393 | |||
Costs Capitalized | (24,087) | |||
Gross Cost Basis | ||||
Land | 7,286 | |||
Buildings and Improvements | 57,177 | |||
Total | 64,463 | |||
Accumulated Depreciation | 6,353 | |||
Net Carrying Amount | $ 58,110 | |||
California | 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 | $ 18,613 | |||
Land | 5,708 | |||
Buildings and Improvements | 33,831 | |||
Costs Capitalized | 1,102 | |||
Gross Cost Basis | ||||
Land | 5,708 | |||
Buildings and Improvements | 34,933 | |||
Total | 40,641 | |||
Accumulated Depreciation | 3,346 | |||
Net Carrying Amount | $ 37,295 | |||
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 | $ 13,518 | |||
Land | 1,936 | |||
Buildings and Improvements | 37,612 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 1,936 | |||
Buildings and Improvements | 37,612 | |||
Total | 39,548 | |||
Accumulated Depreciation | 7,003 | |||
Net Carrying Amount | $ 32,545 | |||
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 | $ 207,841 | |||
Land | 59,120 | |||
Buildings and Improvements | 241,574 | |||
Costs Capitalized | 8,118 | |||
Gross Cost Basis | ||||
Land | 59,120 | |||
Buildings and Improvements | 249,692 | |||
Total | 308,812 | |||
Accumulated Depreciation | 28,115 | |||
Net Carrying Amount | $ 280,697 | |||
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 | 9 | |||
Initial Cost | ||||
Encumbrances | $ 188,641 | |||
Land | 38,775 | |||
Buildings and Improvements | 221,428 | |||
Costs Capitalized | 13,046 | |||
Gross Cost Basis | ||||
Land | 38,775 | |||
Buildings and Improvements | 234,474 | |||
Total | 273,249 | |||
Accumulated Depreciation | 25,179 | |||
Net Carrying Amount | $ 248,070 | |||
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 | $ 288,377 | |||
Land | 57,970 | |||
Buildings and Improvements | 274,907 | |||
Costs Capitalized | 50,738 | |||
Gross Cost Basis | ||||
Land | 57,970 | |||
Buildings and Improvements | 325,645 | |||
Total | 383,615 | |||
Accumulated Depreciation | 31,326 | |||
Net Carrying Amount | $ 352,289 | |||
COLORADO | 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 | $ 102,295 | |||
Land | 7,734 | |||
Buildings and Improvements | 138,276 | |||
Costs Capitalized | 3,849 | |||
Gross Cost Basis | ||||
Land | 7,734 | |||
Buildings and Improvements | 142,125 | |||
Total | 149,859 | |||
Accumulated Depreciation | 11,542 | |||
Net Carrying Amount | $ 138,317 | |||
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 | $ 21,005 | |||
Land | 8,330 | |||
Buildings and Improvements | 57,618 | |||
Costs Capitalized | 2,756 | |||
Gross Cost Basis | ||||
Land | 7,951 | |||
Buildings and Improvements | 60,753 | |||
Total | 68,704 | |||
Accumulated Depreciation | 6,041 | |||
Net Carrying Amount | $ 62,663 | |||
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 | $ 56,773 | |||
Land | 13,163 | |||
Buildings and Improvements | 67,804 | |||
Costs Capitalized | 6,495 | |||
Gross Cost Basis | ||||
Land | 13,163 | |||
Buildings and Improvements | 74,299 | |||
Total | 87,462 | |||
Accumulated Depreciation | 9,181 | |||
Net Carrying Amount | $ 78,281 | |||
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 | $ 15,574 | |||
Land | 2,018 | |||
Buildings and Improvements | 20,047 | |||
Costs Capitalized | 729 | |||
Gross Cost Basis | ||||
Land | 2,018 | |||
Buildings and Improvements | 20,776 | |||
Total | 22,794 | |||
Accumulated Depreciation | 2,431 | |||
Net Carrying Amount | $ 20,363 | |||
GEORGIA | 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 | $ 7,031 | |||
Land | 516 | |||
Buildings and Improvements | 14,220 | |||
Costs Capitalized | (2,994) | |||
Gross Cost Basis | ||||
Land | 366 | |||
Buildings and Improvements | 11,376 | |||
Total | 11,742 | |||
Accumulated Depreciation | 1,321 | |||
Net Carrying Amount | $ 10,421 | |||
GEORGIA | Hospitals | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 9,012 | |||
Land | 2,047 | |||
Buildings and Improvements | 16,650 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 2,047 | |||
Buildings and Improvements | 16,650 | |||
Total | 18,697 | |||
Accumulated Depreciation | 1,283 | |||
Net Carrying Amount | $ 17,414 | |||
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 | $ 61,022 | |||
Land | 12,976 | |||
Buildings and Improvements | 100,152 | |||
Costs Capitalized | 4,074 | |||
Gross Cost Basis | ||||
Land | 12,976 | |||
Buildings and Improvements | 104,226 | |||
Total | 117,202 | |||
Accumulated Depreciation | 9,823 | |||
Net Carrying Amount | $ 107,379 | |||
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 | 6 | |||
Initial Cost | ||||
Encumbrances | $ 99,836 | |||
Land | 12,140 | |||
Buildings and Improvements | 130,707 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 12,140 | |||
Buildings and Improvements | 130,707 | |||
Total | 142,847 | |||
Accumulated Depreciation | 10,901 | |||
Net Carrying Amount | $ 131,946 | |||
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 | $ 40,561 | |||
Land | 7,278 | |||
Buildings and Improvements | 52,967 | |||
Costs Capitalized | 2,465 | |||
Gross Cost Basis | ||||
Land | 7,278 | |||
Buildings and Improvements | 55,432 | |||
Total | 62,710 | |||
Accumulated Depreciation | 5,701 | |||
Net Carrying Amount | $ 57,009 | |||
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 | $ 55,503 | |||
Land | 11,505 | |||
Buildings and Improvements | 77,275 | |||
Costs Capitalized | (2,569) | |||
Gross Cost Basis | ||||
Land | 9,932 | |||
Buildings and Improvements | 76,279 | |||
Total | 86,211 | |||
Accumulated Depreciation | 9,510 | |||
Net Carrying Amount | $ 76,701 | |||
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 | $ 10,681 | |||
Land | 1,905 | |||
Buildings and Improvements | 9,296 | |||
Costs Capitalized | 5,212 | |||
Gross Cost Basis | ||||
Land | 1,905 | |||
Buildings and Improvements | 14,508 | |||
Total | 16,413 | |||
Accumulated Depreciation | 1,146 | |||
Net Carrying Amount | $ 15,267 | |||
ILLINOIS | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 22 | |||
Initial Cost | ||||
Encumbrances | $ 184,017 | |||
Land | 9,433 | |||
Buildings and Improvements | 289,465 | |||
Costs Capitalized | (30,893) | |||
Gross Cost Basis | ||||
Land | 8,476 | |||
Buildings and Improvements | 259,529 | |||
Total | 268,005 | |||
Accumulated Depreciation | 24,996 | |||
Net Carrying Amount | $ 243,009 | |||
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 | $ 62,660 | |||
Land | 9,809 | |||
Buildings and Improvements | 97,772 | |||
Costs Capitalized | 1,860 | |||
Gross Cost Basis | ||||
Land | 9,426 | |||
Buildings and Improvements | 100,015 | |||
Total | 109,441 | |||
Accumulated Depreciation | 9,185 | |||
Net Carrying Amount | $ 100,256 | |||
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 | 2 | |||
Initial Cost | ||||
Encumbrances | $ 9,620 | |||
Land | 2,716 | |||
Buildings and Improvements | 15,941 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 2,716 | |||
Buildings and Improvements | 15,941 | |||
Total | 18,657 | |||
Accumulated Depreciation | 1,864 | |||
Net Carrying Amount | $ 16,793 | |||
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 | $ 25,234 | |||
Land | 4,375 | |||
Buildings and Improvements | 34,567 | |||
Costs Capitalized | 665 | |||
Gross Cost Basis | ||||
Land | 4,375 | |||
Buildings and Improvements | 35,232 | |||
Total | 39,607 | |||
Accumulated Depreciation | 4,139 | |||
Net Carrying Amount | $ 35,468 | |||
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 | $ 16,846 | |||
Land | 2,738 | |||
Buildings and Improvements | 22,368 | |||
Costs Capitalized | 1,143 | |||
Gross Cost Basis | ||||
Land | 2,738 | |||
Buildings and Improvements | 23,511 | |||
Total | 26,249 | |||
Accumulated Depreciation | 2,637 | |||
Net Carrying Amount | $ 23,612 | |||
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 | $ 28,612 | |||
Land | 4,553 | |||
Buildings and Improvements | 30,274 | |||
Costs Capitalized | 8,057 | |||
Gross Cost Basis | ||||
Land | 4,553 | |||
Buildings and Improvements | 38,331 | |||
Total | 42,884 | |||
Accumulated Depreciation | 4,027 | |||
Net Carrying Amount | $ 38,857 | |||
INDIANA | 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 | 0 | |||
Gross Cost Basis | ||||
Land | 7,170 | |||
Buildings and Improvements | 26,900 | |||
Total | 34,070 | |||
Accumulated Depreciation | 2,753 | |||
Net Carrying Amount | $ 31,317 | |||
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 | $ 160,241 | |||
Land | 18,106 | |||
Buildings and Improvements | 297,676 | |||
Costs Capitalized | (7,635) | |||
Gross Cost Basis | ||||
Land | 16,302 | |||
Buildings and Improvements | 291,845 | |||
Total | 308,147 | |||
Accumulated Depreciation | 29,176 | |||
Net Carrying Amount | $ 278,971 | |||
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 | ||||
Land | 5,634 | |||
Buildings and Improvements | 132,921 | |||
Total | 138,555 | |||
Accumulated Depreciation | 12,672 | |||
Net Carrying Amount | $ 125,883 | |||
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 | $ 9,121 | |||
Land | 1,232 | |||
Buildings and Improvements | 9,325 | |||
Costs Capitalized | 2,789 | |||
Gross Cost Basis | ||||
Land | 1,232 | |||
Buildings and Improvements | 12,114 | |||
Total | 13,346 | |||
Accumulated Depreciation | 1,048 | |||
Net Carrying Amount | $ 12,298 | |||
KANSAS | 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 | $ 5,963 | |||
Land | 915 | |||
Buildings and Improvements | 12,105 | |||
Costs Capitalized | (6,861) | |||
Gross Cost Basis | ||||
Land | 302 | |||
Buildings and Improvements | 5,857 | |||
Total | 6,159 | |||
Accumulated Depreciation | 1,111 | |||
Net Carrying Amount | $ 5,048 | |||
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 | $ 4,834 | |||
Land | 517 | |||
Buildings and Improvements | 4,930 | |||
Costs Capitalized | 3,549 | |||
Gross Cost Basis | ||||
Land | 517 | |||
Buildings and Improvements | 8,479 | |||
Total | 8,996 | |||
Accumulated Depreciation | 731 | |||
Net Carrying Amount | $ 8,265 | |||
MASSACHUSETTS | 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 | $ 2,932 | |||
Land | 1,346 | |||
Buildings and Improvements | 1,523 | |||
Costs Capitalized | 279 | |||
Gross Cost Basis | ||||
Land | 1,346 | |||
Buildings and Improvements | 1,802 | |||
Total | 3,148 | |||
Accumulated Depreciation | 278 | |||
Net Carrying Amount | $ 2,870 | |||
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 | $ 9,512 | |||
Land | 6,179 | |||
Buildings and Improvements | 8,006 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 6,179 | |||
Buildings and Improvements | 8,006 | |||
Total | 14,185 | |||
Accumulated Depreciation | 651 | |||
Net Carrying Amount | $ 13,534 | |||
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 | $ 54,598 | |||
Land | 8,274 | |||
Buildings and Improvements | 74,973 | |||
Costs Capitalized | 1,300 | |||
Gross Cost Basis | ||||
Land | 8,274 | |||
Buildings and Improvements | 76,273 | |||
Total | 84,547 | |||
Accumulated Depreciation | 8,018 | |||
Net Carrying Amount | $ 76,529 | |||
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 | $ 24,485 | |||
Land | 3,272 | |||
Buildings and Improvements | 31,343 | |||
Costs Capitalized | 739 | |||
Gross Cost Basis | ||||
Land | 3,272 | |||
Buildings and Improvements | 32,082 | |||
Total | 35,354 | |||
Accumulated Depreciation | 3,341 | |||
Net Carrying Amount | $ 32,013 | |||
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 | $ 9,121 | |||
Land | 1,152 | |||
Buildings and Improvements | 9,261 | |||
Costs Capitalized | 4,051 | |||
Gross Cost Basis | ||||
Land | 1,152 | |||
Buildings and Improvements | 13,312 | |||
Total | 14,464 | |||
Accumulated Depreciation | 1,092 | |||
Net Carrying Amount | $ 13,372 | |||
NORTH CAROLINA | 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 | $ 81,404 | |||
Land | 11,656 | |||
Buildings and Improvements | 151,555 | |||
Costs Capitalized | 723 | |||
Gross Cost Basis | ||||
Land | 11,656 | |||
Buildings and Improvements | 152,278 | |||
Total | 163,934 | |||
Accumulated Depreciation | 12,253 | |||
Net Carrying Amount | $ 151,681 | |||
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 | $ 5,706 | |||
Land | 286 | |||
Buildings and Improvements | 10,549 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 286 | |||
Buildings and Improvements | 10,549 | |||
Total | 10,835 | |||
Accumulated Depreciation | 936 | |||
Net Carrying Amount | $ 9,899 | |||
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 | $ 17,314 | |||
Land | 1,693 | |||
Buildings and Improvements | 23,893 | |||
Costs Capitalized | 521 | |||
Gross Cost Basis | ||||
Land | 1,693 | |||
Buildings and Improvements | 24,414 | |||
Total | 26,107 | |||
Accumulated Depreciation | 3,470 | |||
Net Carrying Amount | $ 22,637 | |||
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 | $ 97,952 | |||
Land | 13,689 | |||
Buildings and Improvements | 123,653 | |||
Costs Capitalized | 7,835 | |||
Gross Cost Basis | ||||
Land | 13,574 | |||
Buildings and Improvements | 131,603 | |||
Total | 145,177 | |||
Accumulated Depreciation | 14,265 | |||
Net Carrying Amount | $ 130,912 | |||
NEBRASKA | 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 | $ 2,531 | |||
Land | 559 | |||
Buildings and Improvements | 3,161 | |||
Costs Capitalized | (756) | |||
Gross Cost Basis | ||||
Land | 396 | |||
Buildings and Improvements | 2,568 | |||
Total | 2,964 | |||
Accumulated Depreciation | 330 | |||
Net Carrying Amount | $ 2,634 | |||
OHIO | 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 | $ 188,728 | |||
Land | 16,108 | |||
Buildings and Improvements | 247,227 | |||
Costs Capitalized | (17,054) | |||
Gross Cost Basis | ||||
Land | 14,728 | |||
Buildings and Improvements | 231,553 | |||
Total | 246,281 | |||
Accumulated Depreciation | 21,668 | |||
Net Carrying Amount | $ 224,613 | |||
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 | $ 42,235 | |||
Land | 5,036 | |||
Buildings and Improvements | 99,039 | |||
Costs Capitalized | (6,128) | |||
Gross Cost Basis | ||||
Land | 3,821 | |||
Buildings and Improvements | 94,126 | |||
Total | 97,947 | |||
Accumulated Depreciation | 8,663 | |||
Net Carrying Amount | $ 89,284 | |||
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 | $ 8,417 | |||
Land | 575 | |||
Buildings and Improvements | 11,747 | |||
Costs Capitalized | 330 | |||
Gross Cost Basis | ||||
Land | 575 | |||
Buildings and Improvements | 12,077 | |||
Total | 12,652 | |||
Accumulated Depreciation | 1,647 | |||
Net Carrying Amount | $ 11,005 | |||
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 | $ 15,880 | |||
Land | 7,655 | |||
Buildings and Improvements | 56,496 | |||
Costs Capitalized | (39,253) | |||
Gross Cost Basis | ||||
Land | 2,634 | |||
Buildings and Improvements | 22,264 | |||
Total | 24,898 | |||
Accumulated Depreciation | 2,641 | |||
Net Carrying Amount | $ 22,257 | |||
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 | $ 24,324 | |||
Land | 4,557 | |||
Buildings and Improvements | 31,786 | |||
Costs Capitalized | 9,776 | |||
Gross Cost Basis | ||||
Land | 4,557 | |||
Buildings and Improvements | 41,562 | |||
Total | 46,119 | |||
Accumulated Depreciation | 4,757 | |||
Net Carrying Amount | $ 41,362 | |||
OKLAHOMA | 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 | $ 10,294 | |||
Land | 1,419 | |||
Buildings and Improvements | 17,467 | |||
Costs Capitalized | (3,372) | |||
Gross Cost Basis | ||||
Land | 952 | |||
Buildings and Improvements | 14,562 | |||
Total | 15,514 | |||
Accumulated Depreciation | 2,158 | |||
Net Carrying Amount | $ 13,356 | |||
OKLAHOMA | Hospitals | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 15,320 | |||
Land | 536 | |||
Buildings and Improvements | 15,954 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 536 | |||
Buildings and Improvements | 15,954 | |||
Total | 16,490 | |||
Accumulated Depreciation | 1,216 | |||
Net Carrying Amount | $ 15,274 | |||
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 | ||||
Land | 0 | |||
Buildings and Improvements | 18,382 | |||
Total | 18,382 | |||
Accumulated Depreciation | 1,669 | |||
Net Carrying Amount | $ 16,713 | |||
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 | $ 4,297 | |||
Land | 447 | |||
Buildings and Improvements | 5,387 | |||
Costs Capitalized | (1,625) | |||
Gross Cost Basis | ||||
Land | 203 | |||
Buildings and Improvements | 4,006 | |||
Total | 4,209 | |||
Accumulated Depreciation | 927 | |||
Net Carrying Amount | $ 3,282 | |||
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 | $ 2,807 | |||
Land | 0 | |||
Buildings and Improvements | 4,751 | |||
Costs Capitalized | 57 | |||
Gross Cost Basis | ||||
Land | 0 | |||
Buildings and Improvements | 4,808 | |||
Total | 4,808 | |||
Accumulated Depreciation | 724 | |||
Net Carrying Amount | $ 4,084 | |||
OREGON | 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 | $ 171,437 | |||
Land | 20,905 | |||
Buildings and Improvements | 269,521 | |||
Costs Capitalized | (341) | |||
Gross Cost Basis | ||||
Land | 20,437 | |||
Buildings and Improvements | 269,648 | |||
Total | 290,085 | |||
Accumulated Depreciation | 23,252 | |||
Net Carrying Amount | $ 266,833 | |||
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 | $ 22,450 | |||
Land | 4,330 | |||
Buildings and Improvements | 38,024 | |||
Costs Capitalized | (6,359) | |||
Gross Cost Basis | ||||
Land | 3,596 | |||
Buildings and Improvements | 32,399 | |||
Total | 35,995 | |||
Accumulated Depreciation | 3,207 | |||
Net Carrying Amount | $ 32,788 | |||
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 | $ 16,138 | |||
Land | 2,413 | |||
Buildings and Improvements | 12,142 | |||
Costs Capitalized | 3,137 | |||
Gross Cost Basis | ||||
Land | 2,413 | |||
Buildings and Improvements | 15,279 | |||
Total | 17,692 | |||
Accumulated Depreciation | 1,219 | |||
Net Carrying Amount | $ 16,473 | |||
SOUTH CAROLINA | 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 | 1,236 | |||
Gross Cost Basis | ||||
Land | 1,105 | |||
Buildings and Improvements | 19,211 | |||
Total | 20,316 | |||
Accumulated Depreciation | 1,573 | |||
Net Carrying Amount | $ 18,743 | |||
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 | $ 14,936 | |||
Land | 761 | |||
Buildings and Improvements | 22,966 | |||
Costs Capitalized | (4,707) | |||
Gross Cost Basis | ||||
Land | 343 | |||
Buildings and Improvements | 18,677 | |||
Total | 19,020 | |||
Accumulated Depreciation | 2,102 | |||
Net Carrying Amount | $ 16,918 | |||
TENNESSEE | 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 | $ 12,090 | |||
Land | 2,179 | |||
Buildings and Improvements | 24,880 | |||
Costs Capitalized | (7,305) | |||
Gross Cost Basis | ||||
Land | 1,540 | |||
Buildings and Improvements | 18,214 | |||
Total | 19,754 | |||
Accumulated Depreciation | 2,326 | |||
Net Carrying Amount | $ 17,428 | |||
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 | $ 3,851 | |||
Land | 449 | |||
Buildings and Improvements | 20,022 | |||
Costs Capitalized | (3,615) | |||
Gross Cost Basis | ||||
Land | 449 | |||
Buildings and Improvements | 16,407 | |||
Total | 16,856 | |||
Accumulated Depreciation | 1,676 | |||
Net Carrying Amount | $ 15,180 | |||
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 | 2 | |||
Initial Cost | ||||
Encumbrances | $ 29,547 | |||
Land | 2,760 | |||
Buildings and Improvements | 38,863 | |||
Costs Capitalized | (2,426) | |||
Gross Cost Basis | ||||
Land | 2,305 | |||
Buildings and Improvements | 36,892 | |||
Total | 39,197 | |||
Accumulated Depreciation | 3,081 | |||
Net Carrying Amount | $ 36,116 | |||
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 | $ 23,186 | |||
Land | 4,118 | |||
Buildings and Improvements | 28,471 | |||
Costs Capitalized | 1,037 | |||
Gross Cost Basis | ||||
Land | 4,118 | |||
Buildings and Improvements | 29,508 | |||
Total | 33,626 | |||
Accumulated Depreciation | 3,310 | |||
Net Carrying Amount | $ 30,316 | |||
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 | $ 32,457 | |||
Land | 5,699 | |||
Buildings and Improvements | 42,462 | |||
Costs Capitalized | 2,733 | |||
Gross Cost Basis | ||||
Land | 5,699 | |||
Buildings and Improvements | 45,195 | |||
Total | 50,894 | |||
Accumulated Depreciation | 5,403 | |||
Net Carrying Amount | $ 45,491 | |||
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 | $ 9,511 | |||
Land | 2,020 | |||
Buildings and Improvements | 8,803 | |||
Costs Capitalized | 246 | |||
Gross Cost Basis | ||||
Land | 2,020 | |||
Buildings and Improvements | 9,049 | |||
Total | 11,069 | |||
Accumulated Depreciation | 1,201 | |||
Net Carrying Amount | $ 9,868 | |||
TEXAS | 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 | $ 119,609 | |||
Land | 18,144 | |||
Buildings and Improvements | 138,400 | |||
Costs Capitalized | 6,427 | |||
Gross Cost Basis | ||||
Land | 18,063 | |||
Buildings and Improvements | 144,908 | |||
Total | 162,971 | |||
Accumulated Depreciation | 13,079 | |||
Net Carrying Amount | $ 149,892 | |||
TEXAS | Hospitals | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Initial Cost | ||||
Encumbrances | $ 18,406 | |||
Land | 3,191 | |||
Buildings and Improvements | 52,140 | |||
Costs Capitalized | 2,399 | |||
Gross Cost Basis | ||||
Land | 3,191 | |||
Buildings and Improvements | 54,539 | |||
Total | 57,730 | |||
Accumulated Depreciation | 4,067 | |||
Net Carrying Amount | $ 53,663 | |||
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 | 19 | |||
Initial Cost | ||||
Encumbrances | $ 93,013 | |||
Land | 5,808 | |||
Buildings and Improvements | 168,060 | |||
Costs Capitalized | 2,752 | |||
Gross Cost Basis | ||||
Land | 5,751 | |||
Buildings and Improvements | 170,869 | |||
Total | 176,620 | |||
Accumulated Depreciation | 18,352 | |||
Net Carrying Amount | $ 158,268 | |||
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 | $ 141,139 | |||
Land | 19,932 | |||
Buildings and Improvements | 165,947 | |||
Costs Capitalized | 11,886 | |||
Gross Cost Basis | ||||
Land | 17,008 | |||
Buildings and Improvements | 180,757 | |||
Total | 197,765 | |||
Accumulated Depreciation | 23,022 | |||
Net Carrying Amount | $ 174,743 | |||
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 | $ 171,099 | |||
Land | 27,974 | |||
Buildings and Improvements | 177,156 | |||
Costs Capitalized | (9,388) | |||
Gross Cost Basis | ||||
Land | 24,389 | |||
Buildings and Improvements | 171,353 | |||
Total | 195,742 | |||
Accumulated Depreciation | 24,043 | |||
Net Carrying Amount | $ 171,699 | |||
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 | 11 | |||
Initial Cost | ||||
Encumbrances | $ 98,542 | |||
Land | 16,720 | |||
Buildings and Improvements | 90,428 | |||
Costs Capitalized | 28,037 | |||
Gross Cost Basis | ||||
Land | 16,720 | |||
Buildings and Improvements | 118,465 | |||
Total | 135,185 | |||
Accumulated Depreciation | 10,888 | |||
Net Carrying Amount | $ 124,297 | |||
WASHINGTON | 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 | $ 45,314 | |||
Land | 3,765 | |||
Buildings and Improvements | 68,188 | |||
Costs Capitalized | (1,406) | |||
Gross Cost Basis | ||||
Land | 3,673 | |||
Buildings and Improvements | 66,874 | |||
Total | 70,547 | |||
Accumulated Depreciation | 5,852 | |||
Net Carrying Amount | $ 64,695 | |||
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 | 107 | |||
Gross Cost Basis | ||||
Land | 998 | |||
Buildings and Improvements | 47,159 | |||
Total | 48,157 | |||
Accumulated Depreciation | 3,922 | |||
Net Carrying Amount | $ 44,235 | |||
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 | $ 10,353 | |||
Land | 3,647 | |||
Buildings and Improvements | 16,108 | |||
Costs Capitalized | (1,254) | |||
Gross Cost Basis | ||||
Land | 3,429 | |||
Buildings and Improvements | 15,072 | |||
Total | 18,501 | |||
Accumulated Depreciation | 1,574 | |||
Net Carrying Amount | $ 16,927 | |||
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 | $ 95,883 | |||
Land | 22,388 | |||
Buildings and Improvements | 116,391 | |||
Costs Capitalized | 8,120 | |||
Gross Cost Basis | ||||
Land | 22,387 | |||
Buildings and Improvements | 124,512 | |||
Total | 146,899 | |||
Accumulated Depreciation | 12,134 | |||
Net Carrying Amount | $ 134,765 | |||
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 | $ 28,826 | |||
Land | 2,125 | |||
Buildings and Improvements | 38,975 | |||
Costs Capitalized | 723 | |||
Gross Cost Basis | ||||
Land | 2,124 | |||
Buildings and Improvements | 39,699 | |||
Total | 41,823 | |||
Accumulated Depreciation | 4,133 | |||
Net Carrying Amount | $ 37,690 | |||
UNITED KINGDOM | Assisted Living Facilities | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 46 | |||
Initial Cost | ||||
Encumbrances | $ 293,661 | |||
Land | 129,071 | |||
Buildings and Improvements | 510,026 | |||
Costs Capitalized | 43,209 | |||
Gross Cost Basis | ||||
Land | 132,686 | |||
Buildings and Improvements | 549,620 | |||
Total | 682,306 | |||
Accumulated Depreciation | 41,615 | |||
Net Carrying Amount | $ 640,691 | |||
UNITED KINGDOM | 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 | 1 | |||
Initial Cost | ||||
Encumbrances | $ 27,230 | |||
Land | 7,719 | |||
Buildings and Improvements | 31,485 | |||
Costs Capitalized | (11,014) | |||
Gross Cost Basis | ||||
Land | 7,719 | |||
Buildings and Improvements | 20,471 | |||
Total | 28,190 | |||
Accumulated Depreciation | 4,105 | |||
Net Carrying Amount | $ 24,085 | |||
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 | 2 | |||
Initial Cost | ||||
Encumbrances | $ 69,890 | |||
Land | 943 | |||
Buildings and Improvements | 84,232 | |||
Costs Capitalized | (31,235) | |||
Gross Cost Basis | ||||
Land | 943 | |||
Buildings and Improvements | 52,997 | |||
Total | 53,940 | |||
Accumulated Depreciation | 9,475 | |||
Net Carrying Amount | $ 44,465 | |||
LOUISIANA | Hospitals | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 13,049 | |||
Land | 1,591 | |||
Buildings and Improvements | 13,991 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 1,591 | |||
Buildings and Improvements | 13,991 | |||
Total | 15,582 | |||
Accumulated Depreciation | 1,069 | |||
Net Carrying Amount | $ 14,513 | |||
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 | $ 25,580 | |||
Land | 2,406 | |||
Buildings and Improvements | 52,142 | |||
Costs Capitalized | (5,070) | |||
Gross Cost Basis | ||||
Land | 1,889 | |||
Buildings and Improvements | 47,589 | |||
Total | 49,478 | |||
Accumulated Depreciation | 4,851 | |||
Net Carrying Amount | $ 44,627 | |||
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 | $ 26,263 | |||
Land | 1,068 | |||
Buildings and Improvements | 28,675 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 1,068 | |||
Buildings and Improvements | 28,675 | |||
Total | 29,743 | |||
Accumulated Depreciation | 2,454 | |||
Net Carrying Amount | $ 27,289 | |||
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 | $ 11,574 | |||
Land | 1,874 | |||
Buildings and Improvements | 15,043 | |||
Costs Capitalized | 790 | |||
Gross Cost Basis | ||||
Land | 1,874 | |||
Buildings and Improvements | 15,833 | |||
Total | 17,707 | |||
Accumulated Depreciation | 2,573 | |||
Net Carrying Amount | $ 15,134 | |||
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 | $ 31,644 | |||
Land | 2,409 | |||
Buildings and Improvements | 23,780 | |||
Costs Capitalized | 1,458 | |||
Gross Cost Basis | ||||
Land | 2,409 | |||
Buildings and Improvements | 25,238 | |||
Total | 27,647 | |||
Accumulated Depreciation | 3,483 | |||
Net Carrying Amount | $ 24,164 | |||
MISSOURI | Hospitals | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Initial Cost | ||||
Encumbrances | $ 18,605 | |||
Land | 3,586 | |||
Buildings and Improvements | 22,684 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 3,586 | |||
Buildings and Improvements | 22,684 | |||
Total | 26,270 | |||
Accumulated Depreciation | 1,813 | |||
Net Carrying Amount | $ 24,457 | |||
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 | $ 4,756 | |||
Land | 471 | |||
Buildings and Improvements | 5,597 | |||
Costs Capitalized | 3,566 | |||
Gross Cost Basis | ||||
Land | 471 | |||
Buildings and Improvements | 9,163 | |||
Total | 9,634 | |||
Accumulated Depreciation | 796 | |||
Net Carrying Amount | $ 8,838 | |||
UTAH | Hospitals | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Initial Cost | ||||
Encumbrances | $ 3,386 | |||
Land | 2,151 | |||
Buildings and Improvements | 7,073 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 2,151 | |||
Buildings and Improvements | 7,073 | |||
Total | 9,224 | |||
Accumulated Depreciation | 560 | |||
Net Carrying Amount | $ 8,664 | |||
ARKANSAS | 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 | $ 807 | |||
Land | 0 | |||
Buildings and Improvements | 1,343 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 0 | |||
Buildings and Improvements | 1,343 | |||
Total | 1,343 | |||
Accumulated Depreciation | 300 | |||
Net Carrying Amount | $ 1,043 | |||
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 | $ 23,198 | |||
Land | 2,119 | |||
Buildings and Improvements | 41,279 | |||
Costs Capitalized | (4,485) | |||
Gross Cost Basis | ||||
Land | 1,794 | |||
Buildings and Improvements | 37,119 | |||
Total | 38,913 | |||
Accumulated Depreciation | 3,648 | |||
Net Carrying Amount | $ 35,265 | |||
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 | 22 | |||
Initial Cost | ||||
Encumbrances | $ 155,663 | |||
Land | 24,326 | |||
Buildings and Improvements | 323,769 | |||
Costs Capitalized | (6,722) | |||
Gross Cost Basis | ||||
Land | 23,907 | |||
Buildings and Improvements | 317,466 | |||
Total | 341,373 | |||
Accumulated Depreciation | 27,392 | |||
Net Carrying Amount | $ 313,981 | |||
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 | $ 32,432 | |||
Land | 2,991 | |||
Buildings and Improvements | 50,761 | |||
Costs Capitalized | 546 | |||
Gross Cost Basis | ||||
Land | 2,991 | |||
Buildings and Improvements | 51,307 | |||
Total | 54,298 | |||
Accumulated Depreciation | 6,223 | |||
Net Carrying Amount | $ 48,075 | |||
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 | $ 108,114 | |||
Land | 12,328 | |||
Buildings and Improvements | 133,394 | |||
Costs Capitalized | 34,517 | |||
Gross Cost Basis | ||||
Land | 12,328 | |||
Buildings and Improvements | 167,911 | |||
Total | 180,239 | |||
Accumulated Depreciation | 20,165 | |||
Net Carrying Amount | $ 160,074 | |||
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 | $ 152,574 | |||
Land | 16,852 | |||
Buildings and Improvements | 219,288 | |||
Costs Capitalized | 4,590 | |||
Gross Cost Basis | ||||
Land | 16,853 | |||
Buildings and Improvements | 223,877 | |||
Total | 240,730 | |||
Accumulated Depreciation | 24,852 | |||
Net Carrying Amount | $ 215,878 | |||
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 | $ 25,649 | |||
Land | 8,508 | |||
Buildings and Improvements | 24,764 | |||
Costs Capitalized | 8,859 | |||
Gross Cost Basis | ||||
Land | 8,508 | |||
Buildings and Improvements | 33,623 | |||
Total | 42,131 | |||
Accumulated Depreciation | 3,551 | |||
Net Carrying Amount | $ 38,580 | |||
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 | $ 4,737 | |||
Land | 519 | |||
Buildings and Improvements | 14,030 | |||
Costs Capitalized | 2,945 | |||
Gross Cost Basis | ||||
Land | 519 | |||
Buildings and Improvements | 16,975 | |||
Total | 17,494 | |||
Accumulated Depreciation | 1,098 | |||
Net Carrying Amount | $ 16,396 | |||
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 | $ 18,431 | |||
Land | 0 | |||
Buildings and Improvements | 30,473 | |||
Costs Capitalized | 0 | |||
Gross Cost Basis | ||||
Land | 0 | |||
Buildings and Improvements | 30,473 | |||
Total | 30,473 | |||
Accumulated Depreciation | 2,633 | |||
Net Carrying Amount | $ 27,840 | |||
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 | $ 29,871 | |||
Land | 3,856 | |||
Buildings and Improvements | 48,703 | |||
Costs Capitalized | (8,785) | |||
Gross Cost Basis | ||||
Land | 2,770 | |||
Buildings and Improvements | 41,004 | |||
Total | 43,774 | |||
Accumulated Depreciation | 4,141 | |||
Net Carrying Amount | $ 39,633 | |||
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 | $ 30,846 | |||
Land | 4,521 | |||
Buildings and Improvements | 39,797 | |||
Costs Capitalized | 3,569 | |||
Gross Cost Basis | ||||
Land | 4,521 | |||
Buildings and Improvements | 43,366 | |||
Total | 47,887 | |||
Accumulated Depreciation | 4,533 | |||
Net Carrying Amount | $ 43,354 | |||
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 | $ 73,704 | |||
Land | 10,430 | |||
Buildings and Improvements | 97,029 | |||
Costs Capitalized | 5,305 | |||
Gross Cost Basis | ||||
Land | 10,430 | |||
Buildings and Improvements | 102,334 | |||
Total | 112,764 | |||
Accumulated Depreciation | 11,559 | |||
Net Carrying Amount | $ 101,205 | |||
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 | $ 23,700 | |||
Land | 3,276 | |||
Buildings and Improvements | 22,820 | |||
Costs Capitalized | (2,131) | |||
Gross Cost Basis | ||||
Land | 3,276 | |||
Buildings and Improvements | 20,689 | |||
Total | 23,965 | |||
Accumulated Depreciation | 2,736 | |||
Net Carrying Amount | $ 21,229 | |||
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 | $ 4,812 | |||
Land | 1,144 | |||
Buildings and Improvements | 9,348 | |||
Costs Capitalized | 141 | |||
Gross Cost Basis | ||||
Land | 1,144 | |||
Buildings and Improvements | 9,489 | |||
Total | 10,633 | |||
Accumulated Depreciation | 892 | |||
Net Carrying Amount | $ 9,741 | |||
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 | ||||
Land | 0 | |||
Buildings and Improvements | 21,465 | |||
Total | 21,465 | |||
Accumulated Depreciation | 1,951 | |||
Net Carrying Amount | $ 19,514 | |||
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 | $ 9,941 | |||
Land | 0 | |||
Buildings and Improvements | 16,344 | |||
Costs Capitalized | 531 | |||
Gross Cost Basis | ||||
Land | 0 | |||
Buildings and Improvements | 16,875 | |||
Total | 16,875 | |||
Accumulated Depreciation | 2,675 | |||
Net Carrying Amount | $ 14,200 | |||
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 | $ 16,739 | |||
Land | 2,125 | |||
Buildings and Improvements | 22,446 | |||
Costs Capitalized | 747 | |||
Gross Cost Basis | ||||
Land | 2,125 | |||
Buildings and Improvements | 23,193 | |||
Total | 25,318 | |||
Accumulated Depreciation | 3,431 | |||
Net Carrying Amount | $ 21,887 | |||
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 | $ 13,916 | |||
Land | 362 | |||
Buildings and Improvements | 17,493 | |||
Costs Capitalized | 3,084 | |||
Gross Cost Basis | ||||
Land | 362 | |||
Buildings and Improvements | 20,577 | |||
Total | 20,939 | |||
Accumulated Depreciation | 1,870 | |||
Net Carrying Amount | $ 19,069 | |||
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 | $ 9,919 | |||
Land | 2,956 | |||
Buildings and Improvements | 29,407 | |||
Costs Capitalized | (15,146) | |||
Gross Cost Basis | ||||
Land | 845 | |||
Buildings and Improvements | 16,372 | |||
Total | 17,217 | |||
Accumulated Depreciation | 3,275 | |||
Net Carrying Amount | $ 13,942 | |||
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 | $ 26,501 | |||
Land | 6,660 | |||
Buildings and Improvements | 31,618 | |||
Costs Capitalized | 3,024 | |||
Gross Cost Basis | ||||
Land | 6,660 | |||
Buildings and Improvements | 34,642 | |||
Total | 41,302 | |||
Accumulated Depreciation | 4,054 | |||
Net Carrying Amount | $ 37,248 | |||
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 | $ 6,081 | |||
Land | 1,358 | |||
Buildings and Improvements | 5,576 | |||
Costs Capitalized | 265 | |||
Gross Cost Basis | ||||
Land | 1,358 | |||
Buildings and Improvements | 5,841 | |||
Total | 7,199 | |||
Accumulated Depreciation | 658 | |||
Net Carrying Amount | $ 6,541 | |||
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 | $ 17,881 | |||
Land | 3,003 | |||
Buildings and Improvements | 24,644 | |||
Costs Capitalized | 361 | |||
Gross Cost Basis | ||||
Land | 3,003 | |||
Buildings and Improvements | 25,005 | |||
Total | 28,008 | |||
Accumulated Depreciation | 2,877 | |||
Net Carrying Amount | $ 25,131 | |||
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 | $ 10,709 | |||
Land | 3,086 | |||
Buildings and Improvements | 12,964 | |||
Costs Capitalized | 409 | |||
Gross Cost Basis | ||||
Land | 3,086 | |||
Buildings and Improvements | 13,373 | |||
Total | 16,459 | |||
Accumulated Depreciation | 1,408 | |||
Net Carrying Amount | $ 15,051 | |||
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 | $ 38,974 | |||
Land | 10,405 | |||
Buildings and Improvements | 78,892 | |||
Costs Capitalized | (31,138) | |||
Gross Cost Basis | ||||
Land | 4,994 | |||
Buildings and Improvements | 53,165 | |||
Total | 58,159 | |||
Accumulated Depreciation | 5,069 | |||
Net Carrying Amount | $ 53,090 | |||
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 | 8 | |||
Initial Cost | ||||
Encumbrances | $ 209,521 | |||
Land | 20,010 | |||
Buildings and Improvements | 240,922 | |||
Costs Capitalized | (437) | |||
Gross Cost Basis | ||||
Land | 19,573 | |||
Buildings and Improvements | 240,922 | |||
Total | 260,495 | |||
Accumulated Depreciation | 20,614 | |||
Net Carrying Amount | $ 239,881 | |||
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 | $ 13,239 | |||
Land | 4,526 | |||
Buildings and Improvements | 36,759 | |||
Costs Capitalized | (18,808) | |||
Gross Cost Basis | ||||
Land | 2,105 | |||
Buildings and Improvements | 20,372 | |||
Total | 22,477 | |||
Accumulated Depreciation | 3,869 | |||
Net Carrying Amount | $ 18,608 | |||
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 | 2 | |||
Initial Cost | ||||
Encumbrances | $ 29,640 | |||
Land | 4,627 | |||
Buildings and Improvements | 38,435 | |||
Costs Capitalized | 1,974 | |||
Gross Cost Basis | ||||
Land | 4,627 | |||
Buildings and Improvements | 40,409 | |||
Total | 45,036 | |||
Accumulated Depreciation | 4,399 | |||
Net Carrying Amount | $ 40,637 | |||
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 | $ 60,186 | |||
Land | 12,148 | |||
Buildings and Improvements | 71,347 | |||
Costs Capitalized | 17,675 | |||
Gross Cost Basis | ||||
Land | 12,148 | |||
Buildings and Improvements | 89,022 | |||
Total | 101,170 | |||
Accumulated Depreciation | 8,669 | |||
Net Carrying Amount | $ 92,501 | |||
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 | 6 | |||
Initial Cost | ||||
Encumbrances | $ 44,199 | |||
Land | 4,953 | |||
Buildings and Improvements | 61,032 | |||
Costs Capitalized | (7,877) | |||
Gross Cost Basis | ||||
Land | 4,157 | |||
Buildings and Improvements | 53,951 | |||
Total | 58,108 | |||
Accumulated Depreciation | 4,758 | |||
Net Carrying Amount | $ 53,350 | |||
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 | $ 30,787 | |||
Land | 5,981 | |||
Buildings and Improvements | 38,545 | |||
Costs Capitalized | 2,951 | |||
Gross Cost Basis | ||||
Land | 5,981 | |||
Buildings and Improvements | 41,496 | |||
Total | 47,477 | |||
Accumulated Depreciation | 5,180 | |||
Net Carrying Amount | $ 42,297 | |||
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 | $ 90,293 | |||
Land | 23,071 | |||
Buildings and Improvements | 140,115 | |||
Costs Capitalized | (16,596) | |||
Gross Cost Basis | ||||
Land | 17,042 | |||
Buildings and Improvements | 129,548 | |||
Total | 146,590 | |||
Accumulated Depreciation | 13,713 | |||
Net Carrying Amount | $ 132,877 | |||
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 | $ 38,200 | |||
Land | 8,446 | |||
Buildings and Improvements | 37,575 | |||
Costs Capitalized | 5,834 | |||
Gross Cost Basis | ||||
Land | 8,446 | |||
Buildings and Improvements | 43,409 | |||
Total | 51,855 | |||
Accumulated Depreciation | 4,123 | |||
Net Carrying Amount | $ 47,732 | |||
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 | $ 23,599 | |||
Land | 3,454 | |||
Buildings and Improvements | 30,231 | |||
Costs Capitalized | 3,218 | |||
Gross Cost Basis | ||||
Land | 3,454 | |||
Buildings and Improvements | 33,449 | |||
Total | 36,903 | |||
Accumulated Depreciation | 3,734 | |||
Net Carrying Amount | $ 33,169 | |||
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 | $ 52,203 | |||
Land | 6,735 | |||
Buildings and Improvements | 67,148 | |||
Costs Capitalized | 3,883 | |||
Gross Cost Basis | ||||
Land | 6,735 | |||
Buildings and Improvements | 71,031 | |||
Total | 77,766 | |||
Accumulated Depreciation | 7,670 | |||
Net Carrying Amount | $ 70,096 | |||
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 | $ 11,971 | |||
Land | 1,572 | |||
Buildings and Improvements | 15,610 | |||
Costs Capitalized | 1,859 | |||
Gross Cost Basis | ||||
Land | 1,572 | |||
Buildings and Improvements | 17,469 | |||
Total | 19,041 | |||
Accumulated Depreciation | 2,216 | |||
Net Carrying Amount | $ 16,825 | |||
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 | $ 43,411 | |||
Land | 7,167 | |||
Buildings and Improvements | 59,440 | |||
Costs Capitalized | 954 | |||
Gross Cost Basis | ||||
Land | 7,167 | |||
Buildings and Improvements | 60,394 | |||
Total | 67,561 | |||
Accumulated Depreciation | 6,713 | |||
Net Carrying Amount | $ 60,848 | |||
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 | $ 37,242 | |||
Land | 6,092 | |||
Buildings and Improvements | 50,557 | |||
Costs Capitalized | 1,023 | |||
Gross Cost Basis | ||||
Land | 6,092 | |||
Buildings and Improvements | 51,580 | |||
Total | 57,672 | |||
Accumulated Depreciation | 5,477 | |||
Net Carrying Amount | $ 52,195 | |||
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 | $ 115,347 | |||
Land | 20,639 | |||
Buildings and Improvements | 145,058 | |||
Costs Capitalized | 10,647 | |||
Gross Cost Basis | ||||
Land | 20,639 | |||
Buildings and Improvements | 155,705 | |||
Total | 176,344 | |||
Accumulated Depreciation | 20,387 | |||
Net Carrying Amount | $ 155,957 | |||
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 | $ 38,763 | |||
Land | 16,282 | |||
Buildings and Improvements | 35,308 | |||
Costs Capitalized | 8,048 | |||
Gross Cost Basis | ||||
Land | 16,282 | |||
Buildings and Improvements | 43,356 | |||
Total | 59,638 | |||
Accumulated Depreciation | 5,155 | |||
Net Carrying Amount | $ 54,483 | |||
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 | $ 87,183 | |||
Land | 18,073 | |||
Buildings and Improvements | 110,251 | |||
Costs Capitalized | 3,410 | |||
Gross Cost Basis | ||||
Land | 18,073 | |||
Buildings and Improvements | 113,661 | |||
Total | 131,734 | |||
Accumulated Depreciation | 12,998 | |||
Net Carrying Amount | $ 118,736 | |||
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 | $ 84,120 | |||
Land | 3,572 | |||
Buildings and Improvements | 13,553 | |||
Costs Capitalized | 7,400 | |||
Gross Cost Basis | ||||
Land | 3,572 | |||
Buildings and Improvements | 20,953 | |||
Total | 24,525 | |||
Accumulated Depreciation | 2,227 | |||
Net Carrying Amount | $ 22,298 | |||
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 | $ 39,511 | |||
Land | 4,108 | |||
Buildings and Improvements | 48,124 | |||
Costs Capitalized | 5,820 | |||
Gross Cost Basis | ||||
Land | 4,108 | |||
Buildings and Improvements | 53,944 | |||
Total | 58,052 | |||
Accumulated Depreciation | 5,799 | |||
Net Carrying Amount | $ 52,253 | |||
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 | $ 97,477 | |||
Land | 30,292 | |||
Buildings and Improvements | 105,153 | |||
Costs Capitalized | 8,153 | |||
Gross Cost Basis | ||||
Land | 30,292 | |||
Buildings and Improvements | 113,306 | |||
Total | 143,598 | |||
Accumulated Depreciation | 12,820 | |||
Net Carrying Amount | $ 130,778 | |||
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 | 6 | |||
Initial Cost | ||||
Encumbrances | $ 24,246 | |||
Land | 3,791 | |||
Buildings and Improvements | 25,267 | |||
Costs Capitalized | 14,946 | |||
Gross Cost Basis | ||||
Land | 3,791 | |||
Buildings and Improvements | 40,213 | |||
Total | 44,004 | |||
Accumulated Depreciation | 4,625 | |||
Net Carrying Amount | $ 39,379 | |||
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 | 1 | |||
Initial Cost | ||||
Encumbrances | $ 10,213 | |||
Land | 0 | |||
Buildings and Improvements | 15,832 | |||
Costs Capitalized | 1,290 | |||
Gross Cost Basis | ||||
Land | 0 | |||
Buildings and Improvements | 17,122 | |||
Total | 17,122 | |||
Accumulated Depreciation | 1,642 | |||
Net Carrying Amount | $ 15,480 | |||
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 | $ 15,670 | |||
Land | 27,160 | |||
Buildings and Improvements | 71,823 | |||
Costs Capitalized | 6,619 | |||
Gross Cost Basis | ||||
Land | 27,160 | |||
Buildings and Improvements | 78,442 | |||
Total | 105,602 | |||
Accumulated Depreciation | 8,217 | |||
Net Carrying Amount | $ 97,385 | |||
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 | $ 6,705 | |||
Land | 910 | |||
Buildings and Improvements | 7,017 | |||
Costs Capitalized | 2,146 | |||
Gross Cost Basis | ||||
Land | 910 | |||
Buildings and Improvements | 9,163 | |||
Total | 10,073 | |||
Accumulated Depreciation | 1,148 | |||
Net Carrying Amount | $ 8,925 | |||
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 | 3 | |||
Initial Cost | ||||
Encumbrances | $ 20,991 | |||
Land | 5,235 | |||
Buildings and Improvements | 23,483 | |||
Costs Capitalized | 1,069 | |||
Gross Cost Basis | ||||
Land | 5,235 | |||
Buildings and Improvements | 24,552 | |||
Total | 29,787 | |||
Accumulated Depreciation | 1,947 | |||
Net Carrying Amount | $ 27,840 | |||
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 | 25 | |||
Initial Cost | ||||
Encumbrances | $ 84,142 | |||
Land | 41,312 | |||
Buildings and Improvements | 90,220 | |||
Costs Capitalized | 17,722 | |||
Gross Cost Basis | ||||
Land | 41,312 | |||
Buildings and Improvements | 107,942 | |||
Total | 149,254 | |||
Accumulated Depreciation | 8,754 | |||
Net Carrying Amount | $ 140,500 | |||
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 | 180 | |||
Initial Cost | ||||
Encumbrances | $ 296,497 | |||
Land | 82,193 | |||
Buildings and Improvements | 262,218 | |||
Costs Capitalized | 2,032 | |||
Gross Cost Basis | ||||
Land | 82,193 | |||
Buildings and Improvements | 264,250 | |||
Total | 346,443 | |||
Accumulated Depreciation | 18,747 | |||
Net Carrying Amount | $ 327,696 | |||
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 | 2,299 | |||
Costs Capitalized | 275 | |||
Gross Cost Basis | ||||
Land | 0 | |||
Buildings and Improvements | 2,574 | |||
Total | 2,574 | |||
Accumulated Depreciation | 400 | |||
Net Carrying Amount | $ 2,174 | |||
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 | $ 105,160 | |||
Land | 94,078 | |||
Buildings and Improvements | 86,991 | |||
Costs Capitalized | 4,957 | |||
Gross Cost Basis | ||||
Land | 94,080 | |||
Buildings and Improvements | 91,946 | |||
Total | 186,026 | |||
Accumulated Depreciation | 7,045 | |||
Net Carrying Amount | $ 178,981 | |||
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 | 14 | |||
Initial Cost | ||||
Encumbrances | $ 22,182 | |||
Land | 32,035 | |||
Buildings and Improvements | 22,199 | |||
Costs Capitalized | 10,023 | |||
Gross Cost Basis | ||||
Land | 32,035 | |||
Buildings and Improvements | 32,222 | |||
Total | 64,257 | |||
Accumulated Depreciation | 2,139 | |||
Net Carrying Amount | $ 62,118 | |||
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 | 2 | |||
Initial Cost | ||||
Encumbrances | $ 104,061 | |||
Land | 11,862 | |||
Buildings and Improvements | 128,004 | |||
Costs Capitalized | 15,000 | |||
Gross Cost Basis | ||||
Land | 11,862 | |||
Buildings and Improvements | 143,004 | |||
Total | 154,866 | |||
Accumulated Depreciation | 24,747 | |||
Net Carrying Amount | 130,119 | |||
United States | Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel - Other Equity and Debt | ||||
Gross Cost Basis | ||||
Net Carrying Amount | 77,706 | |||
Europe | Disposal Group, Held-for-sale, Not Discontinued Operations | Hotel - Other Equity and Debt | ||||
Gross Cost Basis | ||||
Net Carrying Amount | $ 276,018 | |||
Minimum | Building and Building Improvements | ||||
Gross Cost Basis | ||||
Useful life used for depreciation | 1 month | |||
Maximum | Building and Building Improvements | ||||
Gross Cost Basis | ||||
Useful life used for depreciation | 51 years |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total Investment in Real Estate Assets, at Gross Cost Basis | |||
Balance at January 1 | $ 15,500,802 | $ 15,791,144 | $ 3,656,094 |
Assumed through the Merger | 876,572 | 0 | 11,730,087 |
Assumed through foreclosures or restructuring of mortgage loans | 14,866 | 45,617 | 1,867,655 |
Acquisitions | 1,474,624 | 984,844 | 1,027,889 |
Improvements and capitalized costs | 366,817 | 276,210 | 237,125 |
Deconsolidation of real estate held by investment entity (Note 4) | 0 | (226,004) | (407,653) |
Dispositions | (5,197,705) | (933,217) | (2,484,616) |
Impairment | (348,710) | (357,629) | (59,652) |
Effect of changes in foreign exchange rates | 15,089 | (80,163) | 224,215 |
Balance at December 31 | 12,702,355 | 15,500,802 | 15,791,144 |
Classified as held for sale, net | (851,462) | (4,005,398) | (3,390,528) |
SEC Schedule III, Real Estate, Held for Investment | $ 11,850,893 | $ 11,495,404 | $ 12,400,616 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Depreciation | |||
Balance at January 1 | $ 1,029,386 | $ 606,200 | $ 188,509 |
Depreciation | 500,240 | 471,599 | 453,331 |
Deconsolidation of real estate held by investment entity (Note 4) | 0 | (6,256) | (3,212) |
Dispositions | (489,276) | (42,873) | (34,854) |
Effect of changes in foreign exchange rates | 2,072 | 716 | 2,426 |
Balance at December 31, held for investment | 1,042,422 | 1,029,386 | 606,200 |
Classified as held for sale, net | (52,047) | (359,992) | (218,751) |
Balance at December 31, before reclassification to held for sale | $ 990,375 | $ 669,394 | $ 387,449 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate - Carrying Amount (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 100 | |||
Prior Liens | $ 1,068,385 | |||
Unpaid Principal Balance | 2,498,573 | |||
Carrying Amount | 1,552,824 | $ 1,659,217 | $ 3,223,762 | $ 3,430,608 |
Principal Amount Subject to Delinquent Principal or Interest | $ 305,703 | |||
Threshold for aggregation (less than) (percentage) | 3.00% | |||
Allowance for loan losses | $ 48,187 | 32,940 | $ 52,709 | $ 67,980 |
Aggregate cost basis of loans for federal income tax purposes | 1,600,000 | |||
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 | $ 48,187 | $ 32,940 | ||
First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 17 | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 478,393 | |||
Carrying Amount | 473,422 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 203,803 | |||
Subordinated Debt and Mezzanine | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 8 | |||
Prior Liens | $ 1,068,385 | |||
Unpaid Principal Balance | 704,996 | |||
Carrying Amount | 682,281 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 101,900 | |||
Purchased Credit-Impaired Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 71 | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 1,165,804 | |||
Carrying Amount | 248,498 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Corporate loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | loan | 4 | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 149,380 | |||
Carrying Amount | 148,623 | |||
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 Range (percent) | 8.00% | |||
Corporate | Corporate loans | Maximum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate Range (percent) | 13.00% | |||
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 | 32,549 | |||
Carrying Amount | 30,004 | |||
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 Range (percent) | 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 Range (percent) | 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 Range (percent) | 8.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 42,394 | |||
Carrying Amount | 42,394 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Various, USA | Other | 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 Range (percent) | 11.00% | |||
Unpaid Principal Balance | $ 1,222 | |||
Carrying Amount | 1,222 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Various, USA | 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 | 30,367 | |||
Carrying Amount | 30,367 | |||
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 Range (percent) | 12.70% | |||
Prior Liens | $ 34,767 | |||
Unpaid Principal Balance | 44,887 | |||
Carrying Amount | 44,637 | |||
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 Range (percent) | 12.90% | |||
Prior Liens | $ 602,411 | |||
Unpaid Principal Balance | 398,499 | |||
Carrying Amount | 400,100 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
New York | Corporate | 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 Range (percent) | 8.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 27,287 | |||
Carrying Amount | 27,287 | |||
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 Range (percent) | 5.70% | |||
Prior Liens | $ 74,712 | |||
Unpaid Principal Balance | 37,766 | |||
Carrying Amount | 0 | |||
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 Range (percent) | 14.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 32,245 | |||
Carrying Amount | 23,604 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 32,245 | |||
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 Range (percent) | 11.00% | |||
Prior Liens | $ 158,611 | |||
Unpaid Principal Balance | 127,161 | |||
Carrying Amount | 143,406 | |||
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 Range (percent) | 15.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 20,207 | |||
Carrying Amount | 19,980 | |||
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 Range (percent) | 3.50% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 2,505 | |||
Carrying Amount | 2,818 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 2,505 | |||
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 Range (percent) | 10.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 93,129 | |||
Carrying Amount | 94,256 | |||
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 | $ 15,934 | |||
Carrying Amount | 17,897 | |||
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 | 6,612 | |||
Carrying Amount | 6,716 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 1,604 | |||
FRANCE | Other | First Mortgage | Minimum | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate Range (percent) | 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 Range (percent) | 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 Range (percent) | 3.10% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 81,552 | |||
Carrying Amount | 81,557 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 81,552 | |||
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 | $ 5,253 | |||
Carrying Amount | 886 | |||
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 Range (percent) | 2.30% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 44,146 | |||
Carrying Amount | 44,145 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 44,146 | |||
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 | 8 | |||
Unpaid Principal Balance | $ 51,914 | |||
Carrying Amount | 517 | |||
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 | $ 98,895 | |||
Carrying Amount | 16,370 | |||
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 | $ 54,185 | |||
Carrying Amount | 368 | |||
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 | $ 79,140 | |||
Carrying Amount | 7,681 | |||
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 | $ 104,953 | |||
Carrying Amount | 27,014 | |||
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 | $ 580,109 | |||
Carrying Amount | 8,092 | |||
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 Range (percent) | 12.50% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 69,283 | |||
Carrying Amount | 69,283 | |||
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 | $ 175,421 | |||
Carrying Amount | 169,673 | |||
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 Range (percent) | 11.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 41,751 | |||
Carrying Amount | 44,100 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 41,751 | |||
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 Range (percent) | 12.00% | |||
Prior Liens | $ 119,884 | |||
Unpaid Principal Balance | 64,134 | |||
Carrying Amount | 64,134 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 64,134 | |||
UNITED KINGDOM | 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 Range (percent) | 14.00% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 91,726 | |||
Carrying Amount | 90,969 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
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 | 4 | |||
Interest Rate Range (percent) | 7.50% | |||
Prior Liens | $ 0 | |||
Unpaid Principal Balance | 43,347 | |||
Carrying Amount | 43,347 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at January 1 | $ 1,659,217 | $ 3,223,762 | $ 3,430,608 |
Loans acquired in Merger | 0 | 0 | 359,541 |
Loan acquisitions and originations | 174,182 | 386,532 | 991,239 |
Paid-in-kind interest added to loan principal | 68,810 | 52,234 | 56,131 |
Discount and net loan fee amortization | 12,649 | 14,524 | 43,877 |
Accretion on PCI loans | 19,637 | 27,911 | 61,809 |
Consolidation of loans receivable held by investment entities and securitization trusts | 0 | 0 | 58,296 |
Loan repayments | (216,891) | (166,267) | (902,190) |
Payments received from PCI loans | (50,765) | (187,140) | (419,232) |
Transfer to loans held for sale | 0 | 0 | (50,894) |
Carrying value of loans sold | (35,158) | (111,864) | 0 |
Foreclosures and other conversions to real estate | (28,562) | (47,097) | (515,055) |
Loans receivable contributed to Colony Credit (Note 4) | 0 | (1,287,994) | 0 |
Deconsolidation of loans receivable in securitization trusts | 0 | (149,447) | 0 |
Provision for loan losses | (35,880) | (43,034) | (19,741) |
Other loss | 0 | 0 | (2,309) |
Effect of changes in foreign exchange rates | (14,415) | (52,903) | 131,682 |
Balance at December 31 | $ 1,552,824 | $ 1,659,217 | $ 3,223,762 |
Uncategorized Items - clny20191
Label | Element | Value |
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 | (2,905,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,220,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,905,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,018,000) |
Noncontrolling Interests in Operating Company [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (185,000) |
Noncontrolling Interests in Investment Entities [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,378,000) |