QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
(Exact Name of Registrant as Specified in Its Charter) | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
☒ | Accelerated Filer | ☐ | ||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||
Emerging Growth Company | ||||
PART I. FINANCIAL INFORMATION | Page | |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
June 30, 2019 | December 31, 2018(1) | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash | ||||||||
Real estate, net | ||||||||
Loans receivable, net | ||||||||
Equity and debt investments ($413,887 and $238,963 at fair value, respectively) | ||||||||
Goodwill | ||||||||
Deferred leasing costs and intangible assets, net | ||||||||
Assets held for sale | ||||||||
Other assets ($20,953 and $33,558 at fair value, respectively) | ||||||||
Due from affiliates | ||||||||
Total assets | $ | $ | ||||||
Liabilities | ||||||||
Debt, net | $ | $ | ||||||
Accrued and other liabilities ($398,083 and $141,711 at fair value, respectively) | ||||||||
Intangible liabilities, net | ||||||||
Liabilities related to assets held for sale | ||||||||
Dividends and distributions payable | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Note 20) | ||||||||
Redeemable noncontrolling interests | ||||||||
Equity | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value per share; $1,436,605 liquidation preference; 250,000 shares authorized; 57,464 shares issued and outstanding | ||||||||
Common stock, $0.01 par value per share | ||||||||
Class A, 949,000 shares authorized; 487,013 and 483,347 shares issued and outstanding, respectively | ||||||||
Class B, 1,000 shares authorized; 734 shares issued and outstanding | ||||||||
Additional paid-in capital | ||||||||
Distributions in excess of earnings | ( | ) | ( | ) | ||||
Accumulated other comprehensive income | ||||||||
Total stockholders’ equity | ||||||||
Noncontrolling interests in investment entities | ||||||||
Noncontrolling interests in Operating Company | ||||||||
Total equity | ||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | $ | ||||||
(1) | Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of the assets and liabilities of the industrial business as assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets (Note 7). |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 (1) | 2019 | 2018 (1) | |||||||||||||
Revenues | ||||||||||||||||
Property operating income | $ | $ | $ | $ | ||||||||||||
Interest income | ||||||||||||||||
Fee income ($33,267, $38,000, $64,118 and $73,458 from affiliates, respectively) | ||||||||||||||||
Other income ($11,339, $10,094, $21,184 and $16,887 from affiliates, respectively) | ||||||||||||||||
Total revenues | ||||||||||||||||
Expenses | ||||||||||||||||
Property operating expense | ||||||||||||||||
Interest expense | ||||||||||||||||
Investment and servicing expense | ||||||||||||||||
Transaction costs | ||||||||||||||||
Placement fees | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Provision for loan loss | ||||||||||||||||
Impairment loss | ||||||||||||||||
Compensation expense—cash and equity-based | ||||||||||||||||
Compensation expense—carried interest | ||||||||||||||||
Administrative expenses | ||||||||||||||||
Total expenses | ||||||||||||||||
Other income (loss) | ||||||||||||||||
Gain on sale of real estate | ||||||||||||||||
Other gain (loss), net | ( | ) | ( | ) | ||||||||||||
Equity method earnings (losses) | ( | ) | ( | ) | ( | ) | ||||||||||
Equity method earnings—carried interest | ||||||||||||||||
Loss from continuing operations before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income tax benefit (expense) | ( | ) | ( | ) | ||||||||||||
Loss from continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income (loss) from discontinued operations | ( | ) | ||||||||||||||
Net loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net income (loss) attributable to noncontrolling interests: | ||||||||||||||||
Redeemable noncontrolling interests | ||||||||||||||||
Investment entities | ( | ) | ||||||||||||||
Operating Company | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net loss attributable to Colony Capital, Inc. | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Preferred stock redemption (Note 13) | ( | ) | ( | ) | ||||||||||||
Preferred stock dividends | ||||||||||||||||
Net loss attributable to common stockholders | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Basic loss per share | ||||||||||||||||
Loss from continuing operations per basic common share | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Net loss per basic common share | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Diluted loss per share | ||||||||||||||||
Loss from continuing operations per diluted common share | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Net loss per diluted common share | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Weighted average number of shares | ||||||||||||||||
Basic | ||||||||||||||||
Diluted | ||||||||||||||||
Dividends declared per common share | $ | $ | $ | $ | ||||||||||||
(1) | Prior period amounts have been revised to reflect classification of the industrial business as a discontinued operation and presentation of results of operations of the industrial business as income (loss) from discontinued operations on the consolidated statement of operations (Note 15). |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Other comprehensive income (loss): | ||||||||||||||||
Other comprehensive income from investments in unconsolidated ventures, net | ||||||||||||||||
Net change in fair value of available-for-sale debt securities | ( | ) | ( | ) | ||||||||||||
Net change in fair value of cash flow hedges | ( | ) | ( | ) | ||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||
Foreign currency translation gain (loss) | ( | ) | ( | ) | ( | ) | ||||||||||
Change in fair value of net investment hedges | ||||||||||||||||
Net foreign currency translation adjustments | ( | ) | ( | ) | ( | ) | ||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||
Comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests: | ||||||||||||||||
Redeemable noncontrolling interests | ||||||||||||||||
Investment entities | ( | ) | ( | ) | ||||||||||||
Operating Company | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Comprehensive loss attributable to stockholders | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Distributions in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | Noncontrolling Interests in Investment Entities | Noncontrolling Interests in Operating Company | Total Equity | ||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Cumulative effect of adoption of new accounting pronouncements | — | — | — | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | ) | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||
Common stock repurchases | — | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
Equity-based compensation | — | — | — | |||||||||||||||||||||||||||||||||
Redemption of OP Units for cash and class A common stock | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||
Shares canceled for tax withholdings on vested stock awards | — | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
Deconsolidation of investment entities | — | — | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Preferred stock dividends | — | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Common stock dividends declared ($0.11 per share) | — | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Reallocation of equity (Note 2 and 14) | — | — | ( | ) | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Balance at March 31, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | ) | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Redemption of preferred stock | ( | ) | — | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
Common stock repurchases | — | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
Equity-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||
Redemption of OP Units for cash and class A common stock | — | — | — | — | ( | ) | ||||||||||||||||||||||||||||||
Shares canceled for tax withholdings on vested stock awards | — | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||||
Reclassification of contingent consideration out of liability at end of measurement period | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Preferred stock dividends | — | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Common stock dividends declared ($0.11 per share) | — | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Reallocation of equity (Note 2 and 14) | — | — | — | ( | ) | |||||||||||||||||||||||||||||||
Balance at June 30, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Distributions in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | Noncontrolling Interests in Investment Entities | Noncontrolling Interests in Operating Company | Total Equity | ||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Cumulative effect of adoption of new accounting pronouncement (Note 2) | — | — | — | ( | ) | — | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net income (loss) | — | — | — | ( | ) | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Common stock repurchases | — | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
Redemption of OP Units for cash and class A common stock | — | — | — | — | — | ( | ) | |||||||||||||||||||||||||||||
Equity-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||
Shares canceled for tax withholdings on vested stock awards | — | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Preferred stock dividends | — | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Common stock dividends declared ($0.11 per share) | — | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Reallocation of equity (Notes 2 and 14) | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Net loss | — | — | — | ( | ) | — | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||
Redemption of OP Units for cash and class A common stock | — | 2 | — | — | — | ( | ) | |||||||||||||||||||||||||||||
Equity-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Preferred stock dividends | — | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Common stock dividends declared ($0.11 per share) | — | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||||
Reallocation of equity (Notes 2 and 14) | — | — | — | ( | ) | |||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Cash Flows from Operating Activities | ||||||||
Net loss | $ | ( | ) | $ | ( | ) | ||
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 | ( | ) | ( | ) | ||||
Paid-in-kind interest added to loan principal, net of interest received | ( | ) | ( | ) | ||||
Straight-line rents | ( | ) | ( | ) | ||||
Amortization of above- and below-market lease values, net | ( | ) | ( | ) | ||||
Amortization of deferred financing costs and debt discount and premium | ||||||||
Equity method (earnings) losses | ( | ) | ||||||
Distributions of income from equity method investments | ||||||||
Provision for loan losses | ||||||||
Allowance for doubtful accounts | ||||||||
Impairment of real estate and intangibles | ||||||||
Depreciation and amortization | ||||||||
Equity-based compensation | ||||||||
Change in fair value of contingent consideration—Internalization | ( | ) | ||||||
Gain on sales of real estate, net | ( | ) | ( | ) | ||||
Payments of cash collateral on derivative, net of cash received | ( | ) | ||||||
Deferred income tax expense (benefit) | ( | ) | ||||||
Other (gain) loss, net | ( | ) | ||||||
Increase in other assets and due from affiliates | ( | ) | ( | ) | ||||
Decrease in accrued and other liabilities and due to affiliates | ( | ) | ( | ) | ||||
Other adjustments, net | ( | ) | ||||||
Net cash provided by operating activities | ||||||||
Cash Flows from Investing Activities | ||||||||
Contributions to and acquisition of equity investments | ( | ) | ( | ) | ||||
Return of capital from equity method investments | ||||||||
Acquisition of loans receivable and debt securities | ( | ) | ( | ) | ||||
Net disbursements on originated loans | ( | ) | ( | ) | ||||
Repayments of loans receivable | ||||||||
Proceeds from sales of loans receivable and debt securities | ||||||||
Cash receipts in excess of accretion on purchased credit-impaired loans | ||||||||
Acquisition of and additions to real estate, related intangibles and leasing commissions | ( | ) | ( | ) | ||||
Proceeds from sales of real estate | ||||||||
Proceeds from paydown and maturity of debt securities | ||||||||
Cash and restricted cash contributed to Colony Credit | ( | ) | ||||||
Proceeds from sale of equity investments | ||||||||
Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 12) | ||||||||
Investment deposits | ( | ) | ( | ) | ||||
Net receipts (payments) on settlement of derivative instruments | ( | ) | ||||||
Other investing activities, net | ( | ) | ||||||
Net cash provided by (used in) investing activities | ( | ) | ||||||
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Cash Flows from Financing Activities | ||||||||
Dividends paid to preferred stockholders | ( | ) | ( | ) | ||||
Dividends paid to common stockholders | ( | ) | ( | ) | ||||
Repurchase of common stock | ( | ) | ( | ) | ||||
Borrowings from corporate credit facility | ||||||||
Repayment of borrowings from corporate credit facility | ( | ) | ( | ) | ||||
Borrowings from secured debt | ||||||||
Repayments of secured debt | ( | ) | ( | ) | ||||
Payment of deferred financing costs | ( | ) | ( | ) | ||||
Contributions from noncontrolling interests | ||||||||
Distributions to and redemptions of noncontrolling interests | ( | ) | ( | ) | ||||
Shares canceled for tax withholdings on vested stock awards | ( | ) | ( | ) | ||||
Redemption of OP Units for cash | ( | ) | ||||||
Other financing activities, net | ( | ) | ( | ) | ||||
Net cash provided by (used in) financing activities | ( | ) | ||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | ( | ) | ||||||
Net decrease in cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||||
Cash, cash equivalents and restricted cash, beginning of period | ||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | ||||||
Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Beginning of the period | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash | ||||||||
Restricted cash included in assets held for sale | ||||||||
Total cash, cash equivalents and restricted cash, beginning of period | $ | $ | ||||||
End of the period | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash | ||||||||
Restricted cash included in assets held for sale | ||||||||
Total cash, cash equivalents and restricted cash, end of period | $ | $ | ||||||
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Land | $ | $ | ||||||
Buildings and improvements | ||||||||
Tenant improvements | ||||||||
Furniture, fixtures and equipment | ||||||||
Construction in progress | ||||||||
Less: Accumulated depreciation | ( | ) | ( | ) | ||||
Real estate assets, net | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Proceeds from sales of real estate | $ | $ | $ | $ | ||||||||||||
Gain on sale of real estate | ||||||||||||||||
($ in thousands) | Purchase Price Allocation (1) | ||||||||||||||||||||||||
Acquisition Date | Property Type and Location | Number of Buildings | Purchase Price (1) | Land | Building and Improvements | Lease Intangible Assets | Lease Intangible Liabilities | ||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||||
Asset Acquisitions(2) | |||||||||||||||||||||||||
February | Bulk industrial—Various in U.S. | $ | $ | $ | $ | $ | ( | ) | |||||||||||||||||
Various | Light industrial—Various in U.S.(3) | ( | ) | ||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | |||||||||||||||||||
Year Ended Ended December 31, 2018 | |||||||||||||||||||||||||
Asset Acquisitions | |||||||||||||||||||||||||
September | Healthcare—United Kingdom(4) | $ | $ | $ | $ | $ | |||||||||||||||||||
November | Office and Industrial—France | ||||||||||||||||||||||||
Various | Light industrial—Various in U.S.(3) | ( | ) | ||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | |||||||||||||||||||
(1) | Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable. |
(2) | Useful life of real estate acquired in 2019 is 25 to 49 years for buildings, 9 to 14 years for site improvements, 4 to 11 years for tenant improvements and 1 to 15 years for lease intangibles (based on remaining lease terms). |
(3) | Includes acquisition of land totaling $ |
(4) | Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance. |
(In thousands) | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||
Lease revenue: | ||||||||
Fixed lease revenue | $ | $ | ||||||
Variable lease revenue | ||||||||
Hotel operating income | ||||||||
$ | $ | |||||||
Year Ending December 31, | (In thousands) | |||
Remaining 2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
2024 and thereafter | ||||
Total (1) | $ | |||
(1) | Excludes future fixed lease payments for real estate in the industrial segment that is classified as held for sale totaling $ |
Year Ending December 31, | (In thousands) | |||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
2024 and thereafter | ||||
Total (1) | $ | |||
(1) | Excludes future contractual minimum lease payments for real estate in the industrial segment that is held for sale totaling $ |
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||
($ in thousands) | Unpaid Principal Balance | Carrying Value | Weighted Average Coupon | Weighted Average Maturity in Years | Unpaid Principal Balance | Carrying Value | Weighted Average Coupon | Weighted Average Maturity in Years | ||||||||||||||||||
Loans at amortized cost | ||||||||||||||||||||||||||
Non-PCI Loans | ||||||||||||||||||||||||||
Fixed rate | ||||||||||||||||||||||||||
Mortgage loans | $ | $ | % | $ | $ | % | ||||||||||||||||||||
Mezzanine loans | % | % | ||||||||||||||||||||||||
Corporate loans | % | % | ||||||||||||||||||||||||
Variable rate | ||||||||||||||||||||||||||
Mortgage loans | % | % | ||||||||||||||||||||||||
Mezzanine loans | % | % | ||||||||||||||||||||||||
PCI Loans | ||||||||||||||||||||||||||
Mortgage loans | ||||||||||||||||||||||||||
Mezzanine loans | ||||||||||||||||||||||||||
Allowance for loan losses | ( | ) | ( | ) | ||||||||||||||||||||||
Loans receivable, net | $ | $ | $ | $ | ||||||||||||||||||||||
(In thousands) | Current or Less Than 30 Days Past Due | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due and Nonaccrual | Total Non-PCI Loans | ||||||||||||||
June 30, 2019 | $ | $ | $ | $ | $ | ||||||||||||||
December 31, 2018 | |||||||||||||||||||
Gross Carrying Value | ||||||||||||||||||||
(In thousands) | Unpaid Principal Balance | With Allowance for Loan Losses | Without Allowance for Loan Losses | Total | Allowance for Loan Losses | |||||||||||||||
June 30, 2019 | $ | $ | $ | $ | $ | |||||||||||||||
December 31, 2018 | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Average carrying value before allowance for loan losses | $ | $ | $ | $ | ||||||||||||
Total interest income recognized during the period impaired | ||||||||||||||||
Cash basis interest income recognized | ||||||||||||||||
Six Months Ended June 30, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Beginning accretable yield | $ | $ | ||||||
Dispositions | ( | ) | ||||||
Changes in accretable yield | ||||||||
Accretion recognized in earnings | ( | ) | ( | ) | ||||
Deconsolidation | ( | ) | ||||||
Effect of changes in foreign exchange rates | ( | ) | ( | ) | ||||
Ending accretable yield | $ | $ | ||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||
(In thousands) | Allowance for Loan Losses | Carrying Value | Allowance for Loan Losses | Carrying Value | ||||||||||||
Non-PCI loans | $ | $ | $ | $ | ||||||||||||
PCI loans | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||
Six Months Ended June 30, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Allowance for loan losses at January 1 | $ | $ | ||||||
Contribution to Colony Credit | ( | ) | ||||||
Deconsolidation | ( | ) | ||||||
Provision for loan losses, net | ||||||||
Charge-off | ( | ) | ( | ) | ||||
Allowance for loan losses at June 30 | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Non-PCI loans | $ | $ | $ | $ | ||||||||||||
PCI loans | ||||||||||||||||
Total provision for loan losses, net | $ | $ | $ | $ | ||||||||||||
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Equity Investments | ||||||||
Equity method investments | ||||||||
Investment ventures | $ | $ | ||||||
Private funds | ||||||||
Other equity investments | ||||||||
Marketable equity securities | ||||||||
Investment ventures | ||||||||
Private funds and non-traded REIT | ||||||||
Total equity investments | ||||||||
Debt Securities | ||||||||
N-Star CDO bonds, available for sale | ||||||||
CMBS of consolidated fund, at fair value | ||||||||
Total debt securities | ||||||||
Equity and debt investments | $ | $ | ||||||
($ in thousands) | Ownership Interest at June 30, 2019(1) | Carrying Value at | ||||||||||
Investments | Description | June 30, 2019 | December 31, 2018 | |||||||||
Colony Credit Real Estate, Inc. | Common equity in publicly traded commercial real estate credit REIT managed by the Company and membership units in its operating subsidiary | (2) | $ | $ | ||||||||
NorthStar Realty Europe Corp. | Common equity in publicly traded equity REIT managed by the Company | (2) | ||||||||||
RXR Realty | Common equity in investment venture with a real estate investor, developer and investment manager | |||||||||||
Preferred equity | Preferred equity investments with underlying real estate | (3) | NA | |||||||||
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 | |||||||||
Private funds | General partner and/or limited partner interests in private funds (excluding carried interest allocation) | (5) | Various | |||||||||
Private funds—carried interest | Disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles | (5) | Various | |||||||||
Other investment ventures | Interests in 16 investments at June 30, 2019 | Various | ||||||||||
Fair value option | Interests in initial stage, real estate development and hotel ventures and limited partnership interests in private equity funds | Various | ||||||||||
$ | $ | |||||||||||
(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. |
(5) | Excludes the Company's general partner equity, including carried interest associated with the open-end industrial fund, which is classified as held for sale for all periods presented (Note 7). |
Gross Cumulative Unrealized | ||||||||||||||||
(in thousands) | Amortized Cost | Gains | Losses | Fair Value | ||||||||||||
June 30, 2019 | $ | $ | $ | ( | ) | $ | ||||||||||
December 31, 2018 | ( | ) | ||||||||||||||
(In thousands) | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||||
Proceeds from sale | $ | $ | ||||||
Gross realized gain | ||||||||
Gross realized loss | ( | ) | ( | ) | ||||
June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Less Than 12 Months | |||||||||||||||||||||
(In thousands) | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||
N-Star CDO bonds | $ | $ | $ | $ | $ | $ | |||||||||||||||||
June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||
(In thousands) | Carrying Amount (Net of Impairment)(1) | Accumulated Amortization | Net Carrying Amount | Carrying Amount (Net of Impairment)(1) | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||
Deferred Leasing Costs and Intangible Assets | |||||||||||||||||||||||
In-place lease values | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
Above-market lease values | ( | ) | ( | ) | |||||||||||||||||||
Below-market ground lease obligations (2) | ( | ) | |||||||||||||||||||||
Deferred leasing costs | ( | ) | ( | ) | |||||||||||||||||||
Lease incentives | ( | ) | ( | ) | |||||||||||||||||||
Trade name (3) | |||||||||||||||||||||||
Investment management contracts | ( | ) | ( | ) | |||||||||||||||||||
Customer relationships | ( | ) | ( | ) | |||||||||||||||||||
Other (4) | ( | ) | ( | ) | |||||||||||||||||||
Total deferred leasing costs and intangible assets | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
Intangible Liabilities | |||||||||||||||||||||||
Below-market lease values | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
Above-market ground lease obligations (2) | ( | ) | |||||||||||||||||||||
Total intangible liabilities | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
(1) | For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed twelve months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Amounts are presented net of impairments and write-offs. |
(2) | Upon adoption of the new lease standard on January 1, 2019, below-market and above-market ground lease obligations were reclassified as a component of operating lease right-of-use asset, included in other assets. |
(3) | The Colony trade name is determined to have an indefinite useful life and is not currently subject to amortization. |
(4) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Above-market lease values | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Below-market lease values | |||||||||||||||
Lease incentives | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net increase (decrease) to rental income | $ | $ | ( | ) | $ | $ | ( | ) | |||||||
Above-market ground lease obligations | $ | $ | ( | ) | $ | $ | ( | ) | |||||||
Below-market ground lease obligations | |||||||||||||||
Net increase (decrease) to ground rent expense | $ | $ | ( | ) | $ | $ | ( | ) | |||||||
In-place lease values | $ | $ | $ | $ | |||||||||||
Deferred leasing costs | |||||||||||||||
Trade name | |||||||||||||||
Investment management contracts | |||||||||||||||
Customer relationships | |||||||||||||||
Other | |||||||||||||||
Amortization expense | $ | $ | $ | $ | |||||||||||
Year Ending December 31, | |||||||||||||||||||||||||||
(In thousands) | Remaining 2019 | 2020 | 2021 | 2022 | 2023 | 2024 and Thereafter | Total | ||||||||||||||||||||
Net increase (decrease) to rental income (1) | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
Amortization expense (1) | |||||||||||||||||||||||||||
(1) | Excludes $ |
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Assets | ||||||||
Restricted cash | $ | $ | ||||||
Real estate, net | ||||||||
Equity investment—private fund | ||||||||
Goodwill | ||||||||
Deferred leasing costs and intangible assets, net | ||||||||
Other assets | ||||||||
Total assets held for sale | $ | $ | ||||||
Liabilities | ||||||||
Debt, net | $ | $ | ||||||
Lease intangibles and other liabilities, net | ||||||||
Total liabilities related to assets held for sale | $ | $ | ||||||
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Capital expenditures reserves (1) | $ | $ | ||||||
Real estate escrow reserves (2) | ||||||||
Borrower escrow deposits | ||||||||
Working capital and other reserves (3) | ||||||||
Tenant lock boxes (4) | ||||||||
Other | ||||||||
Total restricted cash | $ | $ | ||||||
(1) | Represents primarily capital improvements, furniture, fixtures and equipment, tenant improvements, lease renewal and replacement reserves related to real estate assets. |
(2) | Represents primarily insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to real estate assets. |
(3) | Represents reserves for working capital and property development expenditures, as well as in connection with letter of credit provisions, as required in joint venture arrangements with the Federal Deposit Insurance Corporation. |
(4) | Represents tenant rents held in lock boxes controlled by the lender. The Company receives the monies after application of rent receipts to service its debt. |
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Interest receivable | $ | $ | ||||||
Straight-line rents | ||||||||
Hotel-related deposits and reserves (1) | ||||||||
Investment deposits and pending deal costs | ||||||||
Deferred financing costs, net (2) | ||||||||
Derivative assets (Note 10) | ||||||||
Prepaid taxes and deferred tax assets, net | ||||||||
Receivables from resolution of investments (3) | ||||||||
Operating lease right-of-use asset, net | ||||||||
Accounts receivable, net (4) | ||||||||
Prepaid expenses | ||||||||
Other assets | ||||||||
Fixed assets, net | ||||||||
Total other assets | $ | $ | ||||||
(1) | Represents working capital deposits and reserves held by third party managers at certain hotel properties to fund furniture, fixtures and equipment expenditures. Funding of reserves is made periodically based on a percentage of hotel operating income. |
(2) | Deferred financing costs relate to revolving credit arrangements. |
(3) | Represents primarily proceeds from loan repayments held in escrow and sales of marketable equity securities pending settlement. |
(4) | Includes receivables for hotel operating income, resident fees, rent and other tenant receivables, net of allowance. |
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Tenant security deposits and payable | $ | $ | ||||||
Borrower escrow deposits | ||||||||
Deferred income (1) | ||||||||
Interest payable | ||||||||
Derivative liabilities (Note 10) | ||||||||
Contingent consideration—THL Hotel Portfolio (Note 11) | ||||||||
Share repurchase payable (2) | ||||||||
Current and deferred income tax liability | ||||||||
Operating lease liability (Note 20) | ||||||||
Accrued compensation | ||||||||
Accrued carried interest and contractual incentive fee compensation | ||||||||
Accrued real estate and other taxes | ||||||||
Accounts payable and accrued expenses | ||||||||
Other liabilities | ||||||||
Total accrued and other liabilities | $ | $ | ||||||
(1) | Represents primarily prepaid rental income and interest income held in reserve accounts. Includes deferred asset management fee income of $ |
(2) | Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019. |
(In thousands) | Corporate Credit Facility(1) | Convertible and Exchangeable Senior Notes | Secured Debt (2) | Junior Subordinated Notes | Total Debt | |||||||||||||||
June 30, 2019 | ||||||||||||||||||||
Debt at amortized cost | ||||||||||||||||||||
Principal | $ | $ | $ | $ | $ | |||||||||||||||
Premium (discount), net | ( | ) | ( | ) | ( | ) | ||||||||||||||
Deferred financing costs | ( | ) | ( | ) | ( | ) | ||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||
December 31, 2018 | ||||||||||||||||||||
Debt at amortized cost | ||||||||||||||||||||
Principal | $ | $ | $ | $ | $ | |||||||||||||||
Premium (discount), net | ( | ) | ( | ) | ( | ) | ||||||||||||||
Deferred financing costs | ( | ) | ( | ) | ( | ) | ||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||
(1) | Deferred financing costs related to the corporate credit facility are included in other assets. |
(2) | Debt principal totaling $ |
Fixed Rate | Variable Rate | Total | ||||||||||||||||||||||||
($ in thousands) | Outstanding Principal | Weighted Average Interest Rate (Per Annum) | Weighted Average Years Remaining to Maturity | Outstanding Principal | Weighted Average Interest Rate (Per Annum) | Weighted Average Years Remaining to Maturity | Outstanding Principal | Weighted Average Interest Rate (Per Annum) | Weighted Average Years Remaining to Maturity | |||||||||||||||||
June 30, 2019 | ||||||||||||||||||||||||||
Recourse | ||||||||||||||||||||||||||
Corporate credit facility | $ | N/A | N/A | $ | % | $ | % | |||||||||||||||||||
Convertible and exchangeable senior notes | % | N/A | N/A | % | ||||||||||||||||||||||
Junior subordinated debt | N/A | N/A | % | % | ||||||||||||||||||||||
Secured debt (1) | % | N/A | N/A | % | ||||||||||||||||||||||
Non-recourse | ||||||||||||||||||||||||||
Healthcare (2) (3) | % | % | % | |||||||||||||||||||||||
Hospitality | % | % | % | |||||||||||||||||||||||
Other Real Estate Equity (2) | % | % | % | |||||||||||||||||||||||
Real Estate Debt | N/A | N/A | % | % | ||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||
Recourse | ||||||||||||||||||||||||||
Corporate credit facility | $ | N/A | N/A | $ | N/A | $ | N/A | |||||||||||||||||||
Convertible and exchangeable senior notes | % | N/A | N/A | % | ||||||||||||||||||||||
Junior subordinated debt | N/A | N/A | % | % | ||||||||||||||||||||||
Secured debt (1) | % | N/A | N/A | % | ||||||||||||||||||||||
Non-recourse | ||||||||||||||||||||||||||
Healthcare (2)(3) | % | % | % | |||||||||||||||||||||||
Hospitality | % | % | % | |||||||||||||||||||||||
Other Real Estate Equity (2) | % | % | % | |||||||||||||||||||||||
Real Estate Debt | N/A | N/A | % | % | ||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||
(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 $ |
(3) | At December 31, 2018, included $ |
Description | Issuance Date | Due Date | Interest Rate | Conversion or Exchange Price (per share of common stock) | Conversion or Exchange Ratio (in shares)(1) | Conversion or Exchange Shares (in thousands) | Earliest Redemption Date | Outstanding Principal | ||||||||||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||
5.00% Convertible Notes | April 2013 | April 15, 2023 | $ | April 22, 2020 | $ | $ | ||||||||||||||||||||
3.875% Convertible Notes | January and June 2014 | January 15, 2021 | January 22, 2019 | |||||||||||||||||||||||
5.375% Exchangeable Notes | June 2013 | June 15, 2033 | June 15, 2023 | |||||||||||||||||||||||
$ | $ | |||||||||||||||||||||||||
(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 $ |
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
(In thousands) | Designated Hedges | Non-Designated Hedges | Total | Designated Hedges | Non-Designated Hedges | Total | ||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||
Performance swaps | ||||||||||||||||||||||||
Included in other assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||
Forward contracts | ||||||||||||||||||||||||
Included in accrued and other liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Hedged Currency | Instrument Type | Notional Amount (in thousands) | FX Rates ($ per unit of foreign currency) | Range of Expiration Dates | ||||||||||
Designated | Non-Designated | |||||||||||||
EUR | FX Collar | € | € | Min $1.06 / Max $1.31 | March 2020 to November 2020 | |||||||||
GBP | FX Collar | £ | £ | Min $1.45 / Max $1.76 | September 2019 to December 2019 | |||||||||
EUR | FX Forward | € | € | Min $1.12 / Max $1.38 | July 2019 to February 2024 | |||||||||
GBP | FX Forward | £ | £ | Min $1.24 / Max $1.32 | December 2019 to December 2020 | |||||||||
• | 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. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Designated net investment hedges: | ||||||||||||||||
Realized gain (loss) transferred from AOCI to earnings | $ | $ | ( | ) | $ | $ | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Non-designated net investment hedges: | ||||||||||||||||
Unrealized gain (loss) transferred from AOCI to earnings | $ | $ | $ | ( | ) | $ | ||||||||||
Notional Amount (in thousands) | Strike Rate / Forward Rate | |||||||||||||
Instrument Type | Designated | Non-Designated | Index | Range of Expiration Dates | ||||||||||
Interest rate swap (1) | $ | $ | 3-Month LIBOR | December 2019 | ||||||||||
Interest rate swap | $ | $ | 1-Month LIBOR | February 2022 to February 2024 | ||||||||||
Interest rate caps | $ | $ | 1-Month LIBOR | 3.0% - 6.26% | August 2019 to June 2021 | |||||||||
Interest rate caps | € | € | 3-Month EURIBOR | 1.0% - 1.5% | October 2019 to June 2024 | |||||||||
Interest rate caps | £ | £ | 3-Month GBP LIBOR | 1.5% - 2.5% | November 2019 to February 2020 | |||||||||
(1) | Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Unrealized gain (loss): | ||||||||||||||||
Non-designated interest rate contracts | $ | $ | $ | $ | ||||||||||||
Gross Assets (Liabilities) Included on Consolidated Balance Sheets | Gross Amounts Not Offset on Consolidated Balance Sheets | Net Amounts of Assets (Liabilities) | ||||||||||||||
(In thousands) | (Assets) Liabilities | Cash Collateral Pledged | ||||||||||||||
June 30, 2019 | ||||||||||||||||
Derivative Assets | ||||||||||||||||
Foreign exchange contracts | $ | $ | ( | ) | $ | $ | ||||||||||
Interest rate contracts | ( | ) | ||||||||||||||
Performance swaps | ( | ) | ||||||||||||||
$ | $ | ( | ) | $ | $ | |||||||||||
Derivative Liabilities | ||||||||||||||||
Foreign exchange contracts | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||
Interest rate contracts | ( | ) | ( | ) | ||||||||||||
Forward contract | ( | ) | ( | ) | ||||||||||||
$ | ( | ) | $ | $ | $ | ( | ) | |||||||||
December 31, 2018 | ||||||||||||||||
Derivative Assets | ||||||||||||||||
Foreign exchange contracts | $ | $ | ( | ) | $ | $ | ||||||||||
Interest rate contracts | ( | ) | ||||||||||||||
$ | $ | ( | ) | $ | $ | |||||||||||
Derivative Liabilities | ||||||||||||||||
Foreign exchange contracts | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||
Interest rate contracts | ( | ) | ( | ) | ||||||||||||
$ | ( | ) | $ | $ | $ | ( | ) | |||||||||
Fair Value Measurements | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
June 30, 2019 | ||||||||||||||||
Assets | ||||||||||||||||
Equity method investments | $ | $ | $ | $ | ||||||||||||
Marketable equity securities | ||||||||||||||||
Debt securities available for sale—N-Star CDO bonds | ||||||||||||||||
CMBS of consolidated fund | ||||||||||||||||
Other assets—derivative assets | ||||||||||||||||
Liabilities | ||||||||||||||||
Other liabilities—derivative liabilities | ||||||||||||||||
Other liabilities—contingent consideration for THL Hotel Portfolio | ||||||||||||||||
December 31, 2018 | ||||||||||||||||
Assets | ||||||||||||||||
Equity method investments | $ | $ | $ | $ | ||||||||||||
Marketable equity securities | ||||||||||||||||
Debt securities available for sale—N-Star CDO bonds | ||||||||||||||||
CMBS of consolidated fund | ||||||||||||||||
Other assets—derivative assets | ||||||||||||||||
Liabilities | ||||||||||||||||
Other liabilities—derivative liabilities | ||||||||||||||||
Other liabilities—contingent consideration for THL Hotel Portfolio | ||||||||||||||||
Valuation Technique | Key Unobservable Inputs | Input Value | Effect on Fair Value from Increase in Input Value (1) | |||||||||
Financial Instrument | Fair Value (In thousands) | Weighted Average (Range) | ||||||||||
June 30, 2019 | ||||||||||||
Level 3 Assets | ||||||||||||
Equity method investments—third party private equity funds | $ | Transaction price and NAV(2) | N/A | N/A | N/A | |||||||
Equity method investments—other | Discounted cash flows | Discount rate | 13.7% (12.1% - 14.4%) | Decrease | ||||||||
Equity method investments—other | Multiple | Revenue multiple | 5.5x | (3) | ||||||||
Equity method investments—other | Transaction price(4) | N/A | N/A | N/A | ||||||||
N-Star CDO bonds | Discounted cash flows | Discount rate | 21.8% (16.6% - 26.0%) | Decrease | ||||||||
Level 3 Liabilities | ||||||||||||
Other liabilities—contingent consideration for THL Hotel Portfolio | Discounted cash flows | Discount rate | Decrease | |||||||||
December 31, 2018 | ||||||||||||
Level 3 Assets | ||||||||||||
Equity method investments—third party private equity funds | $ | Transaction price and NAV(2) | N/A | N/A | N/A | |||||||
Equity method investments—other | Discounted cash flows | Discount rate | 17.5% (9.1% - 18.4%) | Decrease | ||||||||
Equity method investments—other | Multiple | Revenue multiple | 5.8x | (3) | ||||||||
Equity method investments—other | Transaction price(4) | N/A | N/A | N/A | ||||||||
N-Star CDO bonds | Discounted cash flows | Discount rate | 21.6% (13.6% - 56.5%) | Decrease | ||||||||
Level 3 Liabilities | ||||||||||||
Other liabilities—contingent consideration for THL Hotel Portfolio | Discounted cash flows | Discount rate | Decrease | |||||||||
(1) | Represents the directional change in fair value that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measures. |
(2) | Fair value was estimated based on a combination of inputs, namely indicative prices of investments sold by the Company as well as underlying NAV of the respective funds on a quarter lag. |
(3) | Fair value is affected by change in revenue multiple relative to change in rate of revenue growth. |
(4) | Valued based upon transaction price of investments recently acquired or offer prices on investments or underlying assets of investee pending sales. Transaction price approximates fair value for an investee engaged in real estate development during the development stage. |
Level 3 Assets | Level 3 Liabilities | |||||||||||||||||||||||
(In thousands) | Securitized Loans Receivable | Equity Method Investments | Securities | Debt—Securitized Bonds Payable | Due to Affiliates—Contingent Consideration for Internalization | Other Liabilities—Contingent Consideration for THL Hotel Portfolio | ||||||||||||||||||
Fair value at December 31, 2017 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||
Purchases, contributions or accretion | — | — | — | — | ||||||||||||||||||||
Paydowns or distributions | ( | ) | ( | ) | ( | ) | — | — | ||||||||||||||||
Deconsolidation | ( | ) | — | ( | ) | — | — | |||||||||||||||||
Transfer out of liabilities into equity | — | — | — | — | — | |||||||||||||||||||
Transfers out of Level 3 | — | ( | ) | — | — | — | ||||||||||||||||||
Contribution to Colony Credit | — | ( | ) | — | — | — | — | |||||||||||||||||
Realized gains in earnings | — | — | — | — | ||||||||||||||||||||
Unrealized gains (losses): | ||||||||||||||||||||||||
In earnings | ( | ) | ( | ) | — | ( | ) | |||||||||||||||||
In other comprehensive loss | — | — | ( | ) | — | — | — | |||||||||||||||||
Fair value at June 30, 2018 | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
Unrealized gains (losses) on ending balance: | ||||||||||||||||||||||||
In earnings | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | ( | ) | ||||||||||||
In other comprehensive income (loss) | $ | — | $ | — | $ | ( | ) | $ | — | $ | — | $ | — | |||||||||||
Fair value at December 31, 2018 | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
Purchases, contributions or accretion | — | — | — | — | ||||||||||||||||||||
Paydowns, distributions or sales | — | ( | ) | ( | ) | — | — | |||||||||||||||||
Realized gains in earnings | — | ( | ) | — | — | — | ||||||||||||||||||
Unrealized gains (losses): | ||||||||||||||||||||||||
In earnings | — | — | — | — | ( | ) | ||||||||||||||||||
In other comprehensive income (loss) | — | — | — | — | — | |||||||||||||||||||
Fair value at June 30, 2019 | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
Unrealized gains (losses) on ending balance: | ||||||||||||||||||||||||
In earnings | $ | $ | $ | $ | $ | $ | ( | ) | ||||||||||||||||
In other comprehensive income (loss) | $ | — | $ | — | $ | ( | ) | $ | — | $ | — | $ | — | |||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||
(In thousands) | Fair Value | Unfunded Commitments | Fair Value | Unfunded Commitments | ||||||||||||
Private fund—real estate | $ | $ | $ | $ | ||||||||||||
Non-traded REIT—real estate | ||||||||||||||||
Private fund—emerging market private equity | ||||||||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
(In thousands) | Level 2 | Level 3 | Total | Level 2 | Level 3 | Total | ||||||||||||||||||
Real estate held for sale | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Real estate held for investment | ||||||||||||||||||||||||
Intangible assets—lease intangibles | ||||||||||||||||||||||||
Intangible assets—investment management contracts | ||||||||||||||||||||||||
Equity method investments | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Impairment loss | ||||||||||||||||
Real estate held for sale | $ | $ | $ | $ | ||||||||||||
Real estate held for investment | ||||||||||||||||
Intangible assets—investment management contracts | ||||||||||||||||
Intangible assets—trade name | ||||||||||||||||
Equity method loss | ||||||||||||||||
Fair Value Measurements | Carrying Value | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
June 30, 2019 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Loans at amortized cost | $ | $ | $ | $ | $ | |||||||||||||||
Liabilities | ||||||||||||||||||||
Debt at amortized cost | ||||||||||||||||||||
Corporate credit facility | ||||||||||||||||||||
Convertible and exchangeable senior notes | ||||||||||||||||||||
Secured debt | ||||||||||||||||||||
Secured and unsecured debt related to assets held for sale | ||||||||||||||||||||
Junior subordinated debt | ||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Loans at amortized cost | $ | $ | $ | $ | $ | |||||||||||||||
Liabilities | ||||||||||||||||||||
Debt at amortized cost | ||||||||||||||||||||
Convertible and exchangeable senior notes | ||||||||||||||||||||
Secured debt | ||||||||||||||||||||
Secured debt related to assets held for sale | ||||||||||||||||||||
Junior subordinated debt | ||||||||||||||||||||
Number of Shares | |||||||||
(In thousands) | Preferred Stock | Class A Common Stock | Class B Common Stock | ||||||
Shares outstanding at December 31, 2017 | |||||||||
Redemption of preferred stock | ( | ) | — | — | |||||
Shares issued upon redemption of OP Units | — | — | |||||||
Conversion of class B to class A common stock | — | ( | ) | ||||||
Repurchase of common stock | — | ( | ) | — | |||||
Equity-based compensation, net of forfeitures | — | — | |||||||
Shares canceled for tax withholding on vested stock awards | — | ( | ) | — | |||||
Shares outstanding at June 30, 2018 | |||||||||
Shares outstanding at December 31, 2018 | |||||||||
Shares issued upon redemption of OP Units | — | — | |||||||
Repurchase of common stock | — | ( | ) | — | |||||
Equity-based compensation, net of forfeitures | — | — | |||||||
Shares canceled for tax withholding on vested stock awards | — | ( | ) | — | |||||
Shares outstanding at June 30, 2019 | |||||||||
Description | Dividend Rate Per Annum | Initial Issuance Date | Shares Outstanding (in thousands) | Par Value (in thousands) | Liquidation Preference (in thousands) | Earliest Redemption Date | ||||||||||||
Series B | % | February 2007 | $ | $ | Currently redeemable | |||||||||||||
Series E | % | May 2014 | Currently redeemable | |||||||||||||||
Series G | % | June 2014 | Currently redeemable | |||||||||||||||
Series H | % | April 2015 | April 13, 2020 | |||||||||||||||
Series I | % | June 2017 | June 5, 2022 | |||||||||||||||
Series J | % | September 2017 | September 22, 2022 | |||||||||||||||
$ | $ | |||||||||||||||||
(In thousands) | Company's Share in AOCI of Equity Method Investments | Unrealized Gain (Loss) on Securities | Unrealized Gain (Loss) on Cash Flow Hedges | Foreign Currency Translation Gain (Loss) | Unrealized Gain (Loss) on Net Investment Hedges | Total | ||||||||||||||||||
AOCI at December 31, 2017 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Cumulative effect of adoption of new accounting pronouncements | ( | ) | ( | ) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Amounts reclassified from AOCI | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Deconsolidation of N-Star CDO | ||||||||||||||||||||||||
AOCI at June 30, 2018 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
AOCI at December 31, 2018 | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ||||||||||||||||||||
Amounts reclassified from AOCI | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
AOCI at June 30, 2019 | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||
(In thousands) | Unrealized Gain (Loss) on Cash Flow Hedges | Foreign Currency Translation Gain (Loss) | Unrealized Gain (Loss) on Net Investment Hedges | Total | ||||||||||||
AOCI at December 31, 2017 | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ||||||||||||
Amounts reclassified from AOCI | ( | ) | ||||||||||||||
AOCI at June 30, 2018 | $ | $ | $ | $ | ||||||||||||
AOCI at December 31, 2018 | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | ||||||||||
Amounts reclassified from AOCI | ( | ) | ( | ) | ||||||||||||
AOCI at June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||
Component of AOCI reclassified into earnings | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
Realized gain (loss) on marketable securities | $ | $ | $ | $ | Other gain (loss), net | |||||||||||||
Other-than-temporary impairment and write-offs of securities | ( | ) | ( | ) | ( | ) | Other gain (loss), net | |||||||||||
Deconsolidation of N-Star CDO | ( | ) | ( | ) | Other gain (loss), net | |||||||||||||
Release of cumulative translation adjustments | ( | ) | Other gain (loss), net | |||||||||||||||
Unrealized gain (loss) on dedesignated net investment hedges | Other gain (loss), net | |||||||||||||||||
Realized gain (loss) on net investment hedges | ( | ) | Other gain (loss), net | |||||||||||||||
Six Months Ended June 30, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Beginning balance | $ | $ | ||||||
Contributions | ||||||||
Distributions and redemptions | ( | ) | ( | ) | ||||
Net income (loss) | ||||||||
Ending balance | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Revenues | |||||||||||||||
Property operating income | $ | $ | $ | $ | |||||||||||
Fee income | |||||||||||||||
Interest and other income | |||||||||||||||
Revenues from discontinued operations | |||||||||||||||
Expenses | |||||||||||||||
Property operating expense | |||||||||||||||
Interest expense | |||||||||||||||
Investment and servicing expense | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Impairment loss | |||||||||||||||
Compensation expense—cash and equity-based (1) | |||||||||||||||
Compensation expense—carried interest | |||||||||||||||
Administrative expenses | |||||||||||||||
Expenses from discontinued operations | |||||||||||||||
Other income (loss) | |||||||||||||||
Gain from sale of real estate | |||||||||||||||
Other loss, net | ( | ) | ( | ) | |||||||||||
Equity method earnings (losses) | ( | ) | ( | ) | |||||||||||
Income (loss) from discontinued operations before income taxes | ( | ) | |||||||||||||
Income tax benefit (expense) | ( | ) | ( | ) | |||||||||||
Income (loss) from discontinued operations | ( | ) | |||||||||||||
Income (loss) from discontinued operations attributable to: | |||||||||||||||
Noncontrolling interests in investment entities | |||||||||||||||
Noncontrolling interests in Operating Company | ( | ) | |||||||||||||
Income (loss) from discontinued operations attributable to Colony Capital, Inc. | $ | ( | ) | $ | $ | $ | |||||||||
(1) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands, except per share data) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) allocated to common stockholders | ||||||||||||||||
Loss from continuing operations | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
(Income) loss from continuing operations attributable to noncontrolling interests | ( | ) | ( | ) | ||||||||||||
Loss from continuing operations attributable to Colony Capital, Inc. | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income (loss) from discontinued operations attributable to Colony Capital, Inc. | ( | ) | ||||||||||||||
Net loss attributable to Colony Capital, Inc. | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Preferred stock redemption | ||||||||||||||||
Preferred dividends | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net loss attributable to common stockholders | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net income allocated to participating securities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net loss allocated to common stockholders—basic | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest expense attributable to convertible notes (1) | ||||||||||||||||
Net loss allocated to common stockholders—diluted | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Weighted average common shares outstanding | ||||||||||||||||
Weighted average number of common shares outstanding—basic | ||||||||||||||||
Weighted average effect of dilutive shares (1)(2)(3) | ||||||||||||||||
Weighted average number of common shares outstanding—diluted | ||||||||||||||||
Basic loss per share | ||||||||||||||||
Loss from continuing operations | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Income from discontinued operations | ||||||||||||||||
Net loss attributable to common stockholders per basic common share | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Diluted loss per share | ||||||||||||||||
Loss from continuing operations | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Income from discontinued operations | ||||||||||||||||
Net loss attributable to common stockholders per diluted common share | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
(1) | For both the three months ended June 30, 2019 and 2018, excluded from the calculation of diluted earnings per share is the effect of adding back $ |
(2) | The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of |
(3) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Institutional funds | $ | $ | $ | $ | ||||||||||||
Public companies (Colony Credit, NRE) | ||||||||||||||||
Non-traded REITs | ||||||||||||||||
Other | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Base management fees ($32,418, $33,850, $62,620 and $66,712 from affiliates, respectively) | $ | $ | $ | $ | ||||||||||||
Asset management fees ($601, $761, $1,236 and $1,435 from affiliates, respectively) | ||||||||||||||||
Acquisition and disposition fees—from affiliates | ||||||||||||||||
Other fee income ($248, $3,389, $262 and $3,389 from affiliates, respectively) | ||||||||||||||||
Total fee income | $ | $ | $ | $ | ||||||||||||
• | Private Funds—generally |
• | Colony Credit— |
• | Non-Traded REITs— |
• | NRE—a variable fee of |
2019 PSU Grants | 2018 PSU Grant (4) | ||
Expected volatility of the Company's class A common stock (1) | |||
Expected annual dividend yield (2) | 8.5% - 8.7% | ||
Risk-free rate (per annum) (3) | 2.2% - 2.4% | ||
(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. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Compensation expense (including $315, $181, $432 and $203 amortization of fair value of dividend equivalent right) | $ | $ | $ | $ | ||||||||||||
Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Restricted Stock | DSUs | PSUs (1) | Total | PSUs | All Other Awards | |||||||||||||||
Unvested shares and units at December 31, 2018 | $ | $ | ||||||||||||||||||
Granted | ||||||||||||||||||||
Vested | ( | ) | ( | ) | ( | ) | ||||||||||||||
Forfeited | ( | ) | ( | ) | ( | ) | ||||||||||||||
Unvested shares and units at June 30, 2019 | $ | $ | ||||||||||||||||||
(1) | Represents the number of PSUs granted which does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return at the end of the performance period. |
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Investment vehicles and unconsolidated ventures | ||||||||
Fee income | $ | $ | ||||||
Cost reimbursements and recoverable expenses | ||||||||
Employees and other affiliates | ||||||||
$ | $ | |||||||
• | Direct and indirect operating costs, including but not limited to compensation, overhead and other administrative costs, for managing the operations of the non-traded REITs and Colony Credit, with reimbursements for non- |
• | Direct costs of personnel dedicated solely to NRE plus |
• | Costs incurred in performing investment due diligence for retail companies and private funds managed by the Company; |
• | Equity awards granted by Colony Credit and NRE to employees of the Company, which are presented gross as other income and compensation expense (Note 18); |
• | Services provided to the Company's unconsolidated investment ventures for servicing and managing their loan portfolios, including foreclosed properties, and services to the Company's joint venture with DBH which manages the Company's digital infrastructure investment vehicle; and |
• | Administrative services provided to certain senior executives of the Company. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Retail companies | $ | $ | $ | $ | ||||||||||||
Public companies (Colony Credit, NRE) | ||||||||||||||||
Private funds and other | ||||||||||||||||
Equity awards of Colony Credit and NRE (Note 18) | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | |||||||||||||||
(In thousands) | Ground Leases | Office Leases | Ground Leases | Office Leases | ||||||||||||
Operating lease expense: | ||||||||||||||||
Fixed lease expense | $ | $ | $ | $ | ||||||||||||
Variable lease expense | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||
(In thousands) | ||||||||||||
Year Ending December 31, | Ground Leases | Office Leases | Total | |||||||||
Remaining 2019 | $ | $ | $ | |||||||||
2020 | ||||||||||||
2021 | ||||||||||||
2022 | ||||||||||||
2023 | ||||||||||||
2024 and thereafter | ||||||||||||
Total lease payments | ||||||||||||
Present value discount | ( | ) | ||||||||||
Operating lease liability (Note 8) | $ | |||||||||||
(In thousands) | ||||||||||||
Year Ending December 31, | Ground Leases | Office Leases | Total | |||||||||
2019 | $ | $ | $ | |||||||||
2020 | ||||||||||||
2021 | ||||||||||||
2022 | ||||||||||||
2023 | ||||||||||||
2024 and thereafter | ||||||||||||
Total lease payments | $ | $ | $ | |||||||||
• | Healthcare—The Company's healthcare segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings, and hospitals. The Company earns rental income from senior housing, skilled nursing facilities and hospital assets that are under net leases to single tenants/operators and from medical office buildings which are both single tenant and multi-tenant. In addition, certain of the Company's senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which effectively allows the Company to gain financial exposure to underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement. |
• | Industrial—The Company's industrial segment is composed of primarily light industrial assets throughout the U.S. Light industrial properties serve as the “last mile” of the logistics chain, which are vital for e-commerce and tenants that require increasingly quick delivery times. In addition, in February 2019, the Company entered into the bulk industrial market as bulk assets remain integral to highly functional distribution networks. Driven by significant appreciation in the value of the Company's industrial portfolio, in June 2019, the Company engaged advisors to market its industrial portfolio for sale, which may include the related management platform. As the planned sale represents a strategic shift that will have a major effect on the Company’s operations and financial |
• | Hospitality—The Company's hospitality portfolio is composed of primarily extended stay and select service hotels located mainly in major metropolitan and high-demand suburban markets in the U.S., with the majority affiliated with top hotel brands such as Marriott and Hilton. |
• | CLNC—This represents the Company's investment in Colony Credit, a commercial real estate credit REIT with a diverse portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net lease properties primarily in the U.S. |
• | Other Equity and Debt—The Company's other equity and debt segment consists of a diversified group of strategic and non-strategic real estate and real estate-related debt and equity investments. Strategic investments include investments for which the Company acts as a general partner and/or manager (“GP Co-Investments”) and receives various forms of investment management economics on related third-party capital. Non-strategic investments are composed of those investments the Company does not intend to own for the long term including other real estate equity, real estate debt, and net leased assets, among other holdings. |
• | Investment Management—The Company's investment management business raises, invests and manages funds on behalf of a diverse set of institutional and individual investors, for which the Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or carried interest based on the performance of the investment vehicles managed subject to the achievement of minimum return hurdles. The potential sale of the industrial segment includes the Company's general partner interest in the industrial investment vehicles and related management contracts, reported under the investment management segment. |
(In thousands) | Healthcare | Industrial | Hospitality | CLNC | Other Equity and Debt | Investment Management | Amounts Not Allocated to Segments | Total | ||||||||||||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||||||
Provision for loan loss | ||||||||||||||||||||||||||||||||
Impairment loss | ||||||||||||||||||||||||||||||||
Gain on sale of real estate | ||||||||||||||||||||||||||||||||
Equity method earnings (losses) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Equity method earnings—carried interest | ||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Income (loss) from continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Income (loss) from discontinued operations | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Net income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Net income (loss) attributable to Colony Capital, Inc. | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||||||
Provision for loan loss | ||||||||||||||||||||||||||||||||
Impairment loss | ||||||||||||||||||||||||||||||||
Gain on sale of real estate | ||||||||||||||||||||||||||||||||
Equity method earnings (losses) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Income (loss) from continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Income (loss) from discontinued operations | ( | ) | ||||||||||||||||||||||||||||||
Net income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Net income (loss) attributable to Colony Capital, Inc. | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||||||
Provision for loan losses | ||||||||||||||||||||||||||||||||
Impairment loss | ||||||||||||||||||||||||||||||||
Gain on sale of real estate | ||||||||||||||||||||||||||||||||
Equity method earnings (losses) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Equity method earnings—carried interest | ||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Income (loss) from continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Income from discontinued operations | ||||||||||||||||||||||||||||||||
Net income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net income (loss) attributable to Colony Capital, Inc. | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
(In thousands) | Healthcare | Industrial | Hospitality | CLNC | Other Equity and Debt | Investment Management | Amounts Not Allocated to Segments | Total | ||||||||||||||||||||||||
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Property operating expenses | ||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||||||
Provision for loan losses | ||||||||||||||||||||||||||||||||
Impairment loss | ||||||||||||||||||||||||||||||||
Gain on sale of real estate | ||||||||||||||||||||||||||||||||
Equity method earnings (losses) | ( | ) | ||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Income (loss) from continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Income (loss) from discontinued operations | ( | ) | ||||||||||||||||||||||||||||||
Net income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net income (loss) attributable to Colony Capital, Inc. | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
(In thousands) | Healthcare | Industrial | Hospitality | CLNC | Other Equity and Debt | Investment Management | Amounts Not Allocated to Segments | Total | ||||||||||||||||||||||||
June 30, 2019 | ||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Equity method investments (1) | ||||||||||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Equity method investments (1) | ||||||||||||||||||||||||||||||||
(1) | Excludes the Company's general partner equity, including carried interest allocation, in connection with its open-end industrial fund that is classified as held for sale (Note 7). |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total income by geography: | ||||||||||||||||
United States | $ | $ | $ | $ | ||||||||||||
Europe | ||||||||||||||||
Other | ||||||||||||||||
Total (1) | $ | $ | $ | $ | ||||||||||||
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Long-lived assets by geography: | ||||||||
United States | $ | $ | ||||||
Europe | ||||||||
Total (2) | $ | $ | ||||||
(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) |
Six Months Ended June 30, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
Cash paid for interest, net of amounts capitalized of $1,588 and $1,864 | $ | $ | ||||||
Cash received for income tax refunds (paid for income taxes), net | ( | ) | ||||||
Cash paid for operating lease liabilities | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||||||||
Net cash provided by operating activities of discontinued operations | $ | $ | ||||||
Net cash used in investing activities of discontinued operations | ( | ) | ( | ) | ||||
Net cash provided by financing activities of discontinued operations | ||||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Dividends and distributions payable | $ | $ | ||||||
Improvements in operating real estate in accrued and other liabilities | ||||||||
Redemption of OP Units for common stock | ||||||||
ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption | ||||||||
Proceeds from loan repayments and asset sales held in escrow | ||||||||
Deconsolidation of net assets of securitization trusts (Note 15) | ||||||||
Assets held for sale contributed to equity method investee | ||||||||
Preferred stock redemptions payable | ||||||||
Assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed | ||||||||
Liabilities of CLNY Investment Entities deconsolidated | ||||||||
Noncontrolling interests of CLNY Investment Entities deconsolidated | ||||||||
• | the market, economic and environmental conditions in the healthcare, hospitality and industrial real estate, other commercial real estate equity and debt, and investment management sectors; |
• | the impact of strategic initiatives, including the acquisition of Digital Bridge Holdings, the potential sale of our industrial platform, the acquisition of a Latin American private equity platform, and the formation of certain other investment management platforms, on our company's growth and earnings profile; |
• | any decrease in our net income and funds from operations as a result of the Merger or otherwise, or our other acquisition activity; |
• | our ability to integrate and maintain consistent standards and controls following the Merger, including our ability to manage our acquisitions effectively (such as Colony Latam Partners and Digital Bridge Holdings) and to realize the anticipated benefits of such acquisitions; |
• | our ability to realize anticipated compensation and administrative cost reductions in connection with our corporate restructuring and reorganization plan; |
• | our exposure to risks to which we have not historically been exposed, including liabilities with respect to the assets acquired through the Merger and our other acquisitions; |
• | whether we will complete a sale of our industrial business, and redeploy proceeds received from any such sale, within the time and manner contemplated or at all; |
• | whether the pending sale of NorthStar Realty Europe Corp. (NYSE:NRE), including the anticipated termination of our management agreement with NRE, will be completed within the time frame contemplated or at all; |
• | our business and investment strategy, including the ability of the businesses in which we have a significant investment (such as Colony Credit Real Estate, Inc. (NYSE:CLNC)) to execute their business strategies; |
• | performance of our investments relative to our expectations and the impact on our actual return on invested equity, as well as the cash provided by these investments and available for distribution; |
• | our ability to grow our business by raising capital for the companies that we manage; |
• | our ability to deploy capital into new investments consistent with our business strategies, including the earnings profile of such new investments; |
• | the impact of adverse conditions affecting a specific asset class in which we have investments; |
• | the availability of attractive investment opportunities; |
• | our ability to achieve any of the anticipated benefits of certain joint ventures, including any ability for such ventures to create and/or distribute new investment products; |
• | our ability to satisfy and manage our capital requirements; |
• | our expected holding period for our assets and the impact of any changes in our expectations on the carrying value of such assets; |
• | the general volatility of the securities markets in which we participate; |
• | our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; |
• | stability of the capital structure of our healthcare portfolio; |
• | changes in interest rates and the market value of our assets; |
• | interest rate mismatches between our assets and any borrowings used to fund such assets; |
• | effects of hedging instruments on our assets; |
• | the impact of economic conditions on third parties on which we rely; |
• | any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; |
• | our levels of leverage; |
• | adverse domestic or international economic conditions and the impact on the commercial real estate or real-estate related sectors; |
• | the impact of legislative, regulatory and competitive changes; |
• | actions, initiatives and policies of the U.S. and non-U.S. governments and changes to U.S. or non-U.S. government policies and the execution and impact of these actions, initiatives and policies; |
• | our ability to maintain our qualification as a real estate investment trust for U.S. federal income tax purposes; |
• | our ability to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”); |
• | changes in our management team, including Chief Executive Officer succession plans and availability of qualified personnel; |
• | our ability to make or maintain distributions to our stockholders; and |
• | our understanding of our competition. |
• | Healthcare—Our healthcare segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings and hospitals. We earn rental income from our 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 our senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which effectively allows us to gain financial exposure to the underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement. |
• | Industrial—Our industrial segment is composed of primarily light industrial assets throughout the U.S. The light industrial properties serve as the “last mile” of the logistics chain, which are vital for e-commerce and tenants that require increasingly quick delivery times. In addition, in February 2019, the Company entered into the bulk industrial market as bulk assets remain integral to highly functional distribution networks. Driven by significant appreciation in the value of our industrial portfolio, in June 2019, we engaged advisors to market our industrial portfolio for sale, which may include the related management platform. As the planned sale represents a strategic |
• | Hospitality—Our hospitality portfolio is composed of primarily extended stay and select service hotels located mainly in major metropolitan and high-demand suburban markets in the U.S., with the majority affiliated with top hotel brands such as Marriott and Hilton. |
• | CLNC—This represents our investment in Colony Credit (as described below), a commercial real estate credit REIT with a diverse portfolio consisting primarily of commercial real estate ("CRE") senior mortgage loans, mezzanine loans, preferred equity, debt securities and net lease properties primarily in the U.S. |
• | Other Equity and Debt—Our other equity and debt segment consists of a diversified group of strategic and non-strategic real estate and real estate-related debt and equity investments. Strategic investments include investments for which the Company acts as a general partner and/or manager (“GP Co-Investments”) and receives various forms of investment management economics on related third-party capital. Non-strategic investments are composed of those investments the Company does not intend to own for the long term including other real estate equity, real estate debt, and net leased assets, among other holdings. |
• | Investment Management—Our investment management business raises, invests and manages funds on behalf of a diverse set of institutional and individual investors, for which we earn management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or carried interest based on the performance of the investment vehicles managed subject to the achievement of minimum return hurdles. The potential sale of the industrial segment includes our general partner interest in the industrial investment vehicles and related management contracts, reported under the investment management segment. |
• | In April 2019, acquired the private equity platform of the Abraaj Group in Latin America, which has been renamed Colony Latam Partners and manages approximately $574 million of AUM, for $5.5 million, consisting primarily of management contracts and customer relationship intangible assets and limited partnership interest in a fund. Colony Latam Partners will continue to be headed by its existing senior management team. |
• | In June 2019, classified our industrial segment and the related management platform as held for sale and discontinued operations. In the first six months of 2019, the industrial segment acquired 85 buildings and three parcels of land for $1.4 billion, financed through $840 million of new debt, with its existing $400 million revolver replaced with a $600 million revolver. In terms of fundraising, additional $141.7 million of capital was raised in our open-end light industrial fund, bringing total third party capital raised to date in our light industrial platform to $1.66 billion. Additionally, raised $70.0 million of capital in our bulk industrial joint venture formed in February 2019. |
• | In July 2019, NRE entered into an agreement to be acquired, with an expected closing of the acquisition in the fourth quarter of 2019, for an estimated price of $17.03 per share based on three month forward foreign exchange rates. This will result in the sale of our 11% interest in NRE and termination of our NRE management agreement which will result in a termination payment by NRE of $70 million, inclusive of incentive fees paid and due to us through termination. |
• | In July 2019, acquired DBH for $325 million, in a combination of cash and OP units, as part of our strategic evolution to become the leading platform for digital infrastructure and real estate. This acquisition follows the May 2019 final closing of Digital Colony. |
• | In July 2019, formed a strategic joint venture with California Resources Corporation (NYSE: CRC) through our energy investment management arm, Colony HB2 Energy, for which we have committed to fund $320 million for |
• | In July 2019, held the first closing of our fifth global real estate credit fund (second as a public company), with total capital commitments of approximately $428 million (inclusive of our capital commitment of $121 million, which may be reduced to no less than 5% of total commitments from future third party commitments). |
• | Repurchased 652,311 shares of our class A common stock for $3.2 million under our May 2018 stock repurchase program, which has been extended for an additional one-year term. |
• | In April 2019, amended certain terms of our Credit Agreement, including a reduction of aggregate revolving commitments from $1.0 billion to $750 million and modification of a financial covenant and borrowing base formula. |
• | Refinanced $1.935 billion of debt principal in our healthcare segment that was scheduled to mature in 2019 and extended their maturities to 2024 (including extension options). Our completed refinancings included $1.725 billion of mortgage debt, which was paid in full with proceeds from a new $1.515 billion secured debt, and $250 million of new equity contribution, of which $174 million was funded by us and remainder by our equity partners in the healthcare portfolio. |
• | Refinanced $115.5 million of debt principal in our hospitality portfolio, extending its maturity to 2024 (including extension options). |
• | Recorded an impairment charge of $227.9 million to write down our 36.4% interest in Colony Credit to the closing price of Colony Credit's common stock at June 28, 2019, as part of equity method loss. |
(in thousands) | Total Revenues | Net Income (Loss) | Net Income (Loss) Attributable to Colony Capital, Inc. | |||||||||||||||||||||
Three Months Ended June 30, | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Healthcare | $ | 145,896 | $ | 145,419 | $ | (81,520 | ) | $ | (20,080 | ) | $ | (58,616 | ) | $ | (14,356 | ) | ||||||||
Industrial | — | — | (2,663 | ) | 4,668 | (3,135 | ) | 810 | ||||||||||||||||
Hospitality | 227,080 | 229,373 | (3,505 | ) | 6,771 | (3,330 | ) | 5,767 | ||||||||||||||||
CLNC | — | — | (267,912 | ) | 5,413 | (251,792 | ) | 5,104 | ||||||||||||||||
Other Equity and Debt | 152,066 | 190,950 | (4 | ) | 61,634 | (5,841 | ) | 31,333 | ||||||||||||||||
Investment Management | 43,802 | 47,909 | 4,009 | (49,760 | ) | 4,351 | (47,070 | ) | ||||||||||||||||
Amounts not allocated to segments | 4,595 | 1,837 | (133,051 | ) | (51,554 | ) | (123,389 | ) | (47,001 | ) | ||||||||||||||
$ | 573,439 | $ | 615,488 | $ | (484,646 | ) | $ | (42,908 | ) | $ | (441,752 | ) | $ | (65,413 | ) | |||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
Healthcare | $ | 291,670 | $ | 298,014 | $ | (88,726 | ) | $ | (32,614 | ) | $ | (66,078 | ) | $ | (24,716 | ) | ||||||||
Industrial | — | — | 21,491 | 10,989 | 3,293 | 2,088 | ||||||||||||||||||
Hospitality | 423,695 | 425,155 | (29,582 | ) | (5,115 | ) | (26,311 | ) | (4,283 | ) | ||||||||||||||
CLNC | — | — | (262,399 | ) | 1,759 | (246,614 | ) | 1,658 | ||||||||||||||||
Other Equity and Debt | 314,754 | 396,104 | 59,559 | 130,182 | 18,081 | 80,442 | ||||||||||||||||||
Investment Management | 83,807 | 89,116 | 26,786 | (135,243 | ) | 24,899 | (127,590 | ) | ||||||||||||||||
Amounts not allocated to segments | 7,572 | 3,696 | (241,930 | ) | (40,024 | ) | (223,998 | ) | (34,339 | ) | ||||||||||||||
$ | 1,121,498 | $ | 1,212,085 | $ | (514,801 | ) | $ | (70,066 | ) | $ | (516,728 | ) | $ | (106,740 | ) | |||||||||
(In thousands) | Healthcare | Hospitality | CLNC | Other Equity and Debt | Investment Management | Amounts Not Allocated to Segments | Total | Industrial Held For Sale | ||||||||||||||||||||||||
June 30, 2019 | ||||||||||||||||||||||||||||||||
Real estate, net | $ | 4,757,528 | $ | 3,645,079 | $ | — | $ | 1,945,823 | $ | — | $ | — | $ | 10,348,430 | $ | 4,115,436 | ||||||||||||||||
Loans receivable, net | 49,763 | — | — | 1,437,848 | — | — | 1,487,611 | — | ||||||||||||||||||||||||
Equity and debt investments | — | — | 743,015 | 1,451,058 | 175,875 | 3,742 | 2,373,690 | 12,748 | ||||||||||||||||||||||||
Debt, net | 2,979,931 | 2,619,849 | — | 2,205,593 | — | 934,294 | 8,739,667 | 2,004,201 | ||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||
Real estate, net | $ | 4,995,298 | $ | 3,668,824 | $ | — | $ | 2,161,888 | $ | — | $ | — | $ | 10,826,010 | $ | 2,793,004 | ||||||||||||||||
Loans receivable, net | 48,330 | — | — | 1,597,214 | 13,673 | — | 1,659,217 | — | ||||||||||||||||||||||||
Equity and debt investments | — | — | 1,037,754 | 1,307,369 | 180,882 | 3,742 | 2,529,747 | 13,422 | ||||||||||||||||||||||||
Debt, net | 3,213,992 | 2,603,599 | — | 2,309,347 | — | 848,434 | 8,975,372 | 1,064,585 | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Revenues | ||||||||||||
Property operating income | $ | 488,788 | $ | 518,953 | $ | (30,165 | ) | |||||
Interest income | 35,055 | 44,121 | (9,066 | ) | ||||||||
Fee income | 35,433 | 38,290 | (2,857 | ) | ||||||||
Other income | 14,163 | 14,124 | 39 | |||||||||
Total revenues | 573,439 | 615,488 | (42,049 | ) | ||||||||
Expenses | ||||||||||||
Property operating expense | 279,240 | 300,191 | (20,951 | ) | ||||||||
Interest expense | 141,738 | 142,453 | (715 | ) | ||||||||
Investment and servicing expense | 20,017 | 25,891 | (5,874 | ) | ||||||||
Transaction costs | 318 | 2,641 | (2,323 | ) | ||||||||
Placement fees | — | 1,170 | (1,170 | ) | ||||||||
Depreciation and amortization | 109,382 | 105,414 | 3,968 | |||||||||
Provision for loan loss | 15,003 | 13,933 | 1,070 | |||||||||
Impairment loss | 84,695 | 69,660 | 15,035 | |||||||||
Compensation expense | ||||||||||||
Cash and equity-based compensation | 42,430 | 52,527 | (10,097 | ) | ||||||||
Carried interest and incentive compensation | 1,146 | — | 1,146 | |||||||||
Administrative expenses | 20,146 | 23,536 | (3,390 | ) | ||||||||
Total expenses | 714,115 | 737,416 | (23,301 | ) | ||||||||
Other income | ||||||||||||
Gain on sale of real estate | 6,077 | 42,702 | (36,625 | ) | ||||||||
Other gain (loss), net | (89,506 | ) | 28,798 | (28,798 | ) | |||||||
Equity method losses | (259,288 | ) | (775 | ) | (258,513 | ) | ||||||
Equity method earnings—carried interest | 1,836 | — | 1,836 | |||||||||
Income (loss) before income taxes | (481,557 | ) | (51,203 | ) | (430,354 | ) | ||||||
Income tax benefit (expense) | (2,585 | ) | 531 | (3,116 | ) | |||||||
Income (loss) from continuing operations | (484,142 | ) | (50,672 | ) | (433,470 | ) | ||||||
Income from discontinued operations | (504 | ) | 7,764 | (8,268 | ) | |||||||
Net income (loss) | (484,646 | ) | (42,908 | ) | (441,738 | ) | ||||||
Net income (loss) attributable to noncontrolling interests: | ||||||||||||
Redeemable noncontrolling interests | 509 | 1,873 | (1,364 | ) | ||||||||
Investment entities | (13,414 | ) | 26,360 | (39,774 | ) | |||||||
Operating Company | (29,989 | ) | (5,728 | ) | (24,261 | ) | ||||||
Net income (loss) attributable to Colony Capital, Inc. | (441,752 | ) | (65,413 | ) | (376,339 | ) | ||||||
Preferred stock redemption | — | (3,995 | ) | 3,995 | ||||||||
Preferred stock dividends | 27,138 | 31,388 | (4,250 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | (468,890 | ) | $ | (92,806 | ) | (376,084 | ) | ||||
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Property operating income: | ||||||||||||
Healthcare | $ | 144,863 | $ | 143,839 | $ | 1,024 | ||||||
Hospitality | 227,016 | 229,259 | (2,243 | ) | ||||||||
Other Equity and Debt | 116,909 | 145,855 | (28,946 | ) | ||||||||
$ | 488,788 | $ | 518,953 | (30,165 | ) | |||||||
Property operating expenses: | ||||||||||||
Healthcare | $ | 63,924 | $ | 69,983 | $ | (6,059 | ) | |||||
Hospitality | 144,691 | 143,321 | 1,370 | |||||||||
Other Equity and Debt | 70,625 | 86,887 | (16,262 | ) | ||||||||
$ | 279,240 | $ | 300,191 | (20,951 | ) | |||||||
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Institutional funds | $ | 13,033 | $ | 15,537 | $ | (2,504 | ) | |||||
Public companies (Colony Credit, NRE) | 15,038 | 16,219 | (1,181 | ) | ||||||||
Non-traded REITs | 4,989 | 6,244 | (1,255 | ) | ||||||||
Other | 2,373 | 290 | 2,083 | |||||||||
$ | 35,433 | $ | 38,290 | (2,857 | ) | |||||||
• | net decrease of $2.5 million in fees from institutional funds, attributable to approximately $3.4 million of non-recurring subscription fee in the second quarter of 2018, excluding which, fees were approximately $0.9 million |
• | $0.8 million decrease in fees from Colony Credit due to a lower stockholders' equity fee basis; |
• | approximately $0.4 million of lower fees from NRE following the sale of a significant real estate asset in the fourth quarter of 2018 which reduced NRE's net asset value ("NAV") fee basis; and |
• | approximately $1.0 million decrease in fee income from NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") following a decrease in its NAV fee basis effective December 2018; partially offset by |
• | $2.1 million increase in other fees related to asset management and advisory services earned in the second quarter of 2019. |
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Investment-level financing: | ||||||||||||
Healthcare | $ | 57,135 | $ | 45,179 | $ | 11,956 | ||||||
Hospitality | 41,591 | 36,494 | 5,097 | |||||||||
Other Equity and Debt | 29,216 | 46,476 | (17,260 | ) | ||||||||
Corporate-level debt | 13,796 | 14,304 | (508 | ) | ||||||||
$ | 141,738 | $ | 142,453 | (715 | ) | |||||||
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Non-PCI loans | $ | 12,807 | $ | 5,072 | $ | 7,735 | ||||||
PCI loans | 2,196 | 8,861 | (6,665 | ) | ||||||||
Total provision for loan losses | $ | 15,003 | $ | 13,933 | 1,070 | |||||||
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Healthcare | $ | 51,324 | $ | 1,982 | $ | 49,342 | ||||||
Hospitality | 420 | — | 420 | |||||||||
Other Equity and Debt | 32,302 | 7,366 | 24,936 | |||||||||
Investment Management | — | 60,312 | (60,312 | ) | ||||||||
Unallocated | 649 | — | 649 | |||||||||
$ | 84,695 | $ | 69,660 | 15,035 | ||||||||
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Cash compensation and benefits | $ | 31,294 | $ | 39,611 | $ | (8,317 | ) | |||||
Carried interest compensation | 1,146 | — | 1,146 | |||||||||
Equity-based compensation | 11,136 | 12,916 | (1,780 | ) | ||||||||
$ | 43,576 | $ | 52,527 | (8,951 | ) | |||||||
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Hospitality | $ | 140 | $ | — | $ | 140 | ||||||
Other Equity and Debt | 5,937 | 42,702 | (36,765 | ) | ||||||||
$ | 6,077 | $ | 42,702 | (36,625 | ) | |||||||
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Colony Credit | $ | (267,912 | ) | $ | 5,413 | $ | (273,325 | ) | ||||
Other Equity and Debt | 25,757 | 7,767 | 17,990 | |||||||||
Investment Management (including $1,836 and $0 of carried interest, respectively) | (15,297 | ) | (13,955 | ) | (1,342 | ) | ||||||
$ | (257,452 | ) | $ | (775 | ) | (256,677 | ) | |||||
• | $86.9 million loss in the three months ended June 30, 2019 compared to a $24.6 million gain in the same period 2018 on a non-designated out-of-money interest rate swap assumed through the Merger due to the flattening of the 10-year treasury forward curve. The swap was intended to hedge future refinancing risk on certain NRF mortgage debt; |
• | $3.3 million of higher unrealized loss on investments held by a consolidated investment company; and |
• | $10.9 million gain in 2018 from deconsolidation of N-Star CDOs; |
• | $2.8 million lower remeasurement loss on a foreign currency denominated loan receivable; and |
• | $8.7 million unrealized loss recorded upon final measurement in June 2018 of the contingent consideration liability in connection with Colony's management internalization in 2015, which was settled in August 2018 (refer to Note 11 of the consolidated financial statements). |
Three Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Revenues | ||||||||||||
Property operating income | $ | 91,741 | $ | 72,155 | $ | 19,586 | ||||||
Fee income | 2,978 | 1,634 | 1,344 | |||||||||
Interest and other income | 1,228 | 792 | 436 | |||||||||
Revenues from discontinued operations | 95,947 | 74,581 | 21,366 | |||||||||
Expenses | ||||||||||||
Property operating expense | 25,669 | 21,054 | 4,615 | |||||||||
Interest expense | 19,726 | 10,856 | 8,870 | |||||||||
Investment and servicing expense | 8 | 178 | (170 | ) | ||||||||
Depreciation and amortization | 45,360 | 32,482 | 12,878 | |||||||||
Impairment loss | — | 174 | (174 | ) | ||||||||
Compensation expense—cash and equity-based | 3,680 | 2,632 | 1,048 | |||||||||
Compensation expense—carried interest | 561 | 1,060 | (499 | ) | ||||||||
Administrative expenses | 1,386 | 1,084 | 302 | |||||||||
Expenses from discontinued operations | 96,390 | 69,520 | 26,870 | |||||||||
Other income (loss) | ||||||||||||
Gain from sale of real estate | 547 | — | 547 | |||||||||
Other loss, net | (49 | ) | — | (49 | ) | |||||||
Equity method earnings (losses) | (173 | ) | 2,650 | (2,823 | ) | |||||||
Income (loss) from discontinued operations before income taxes | (118 | ) | 7,711 | (7,829 | ) | |||||||
Income tax benefit (expense) | (386 | ) | 53 | (439 | ) | |||||||
Income (loss) from discontinued operations | $ | (504 | ) | $ | 7,764 | (8,268 | ) | |||||
• | Property operating income and expense were $19.6 million and $4.6 million higher, respectively, resulting from continued growth in our industrial portfolio as acquisitions outpaced dispositions, including the acquisition of a $1.1 billion portfolio of 50 properties in February 2019. At June 30, 2019 and June 30, 2018, our industrial portfolio consisted of 452 and 392 buildings, respectively, with a net addition of 60 buildings and 12.4 million rentable square feet. |
• | The positive impact to property operations was partially offset by a resulting increase in depreciation and amortization expense of $12.9 million. |
• | Similarly, interest expense increased $8.9 million as we obtained $840 million of additional debt to fund new acquisitions in the first six months of 2019, along with additional drawdowns from our industrial revolver, which capacity was expanded from $400 million to $600 million. As a result, we also incurred higher deferred financing costs as well as higher unused fees on the revolver. These increases, however, were partially offset by higher capitalization of interest on development projects in 2019. |
• | Cash and equity-based compensation was also higher, driven by compensatory arrangements with employees of the industrial segment in order to retain their employment through completion of the sale of the industrial business. |
• | In connection with managing third party capital in our sponsored open-end industrial fund, fee income, calculated based on net asset value of the fund, was $1.3 million higher as a result of additional capital raised and |
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Revenues | ||||||||||||
Property operating income | $ | 947,686 | $ | 1,006,046 | $ | (58,360 | ) | |||||
Interest income | 81,125 | 107,443 | (26,318 | ) | ||||||||
Fee income | 66,461 | 73,818 | (7,357 | ) | ||||||||
Other income | 26,226 | 24,778 | 1,448 | |||||||||
Total revenues | 1,121,498 | 1,212,085 | (90,587 | ) | ||||||||
Expenses | ||||||||||||
Property operating expense | 549,982 | 585,150 | (35,168 | ) | ||||||||
Interest expense | 276,627 | 281,152 | (4,525 | ) | ||||||||
Investment and servicing expense | 38,466 | 44,470 | (6,004 | ) | ||||||||
Transaction costs | 2,822 | 3,357 | (535 | ) | ||||||||
Placement fees | 309 | 1,293 | (984 | ) | ||||||||
Depreciation and amortization | 220,734 | 220,174 | 560 | |||||||||
Provision for loan loss | 18,614 | 19,308 | (694 | ) | ||||||||
Impairment loss | 110,317 | 223,058 | (112,741 | ) | ||||||||
Compensation expense | ||||||||||||
Cash and equity-based compensation | 73,947 | 99,616 | (25,669 | ) | ||||||||
Carried interest and incentive fee compensation | 2,418 | — | 2,418 | |||||||||
Administrative expenses | 42,531 | 46,969 | (4,438 | ) | ||||||||
Total expenses | 1,336,767 | 1,524,547 | (187,780 | ) | ||||||||
Other income | ||||||||||||
Gain on sale of real estate | 35,530 | 58,853 | (23,323 | ) | ||||||||
Other gain (loss), net | (138,575 | ) | 104,054 | (242,629 | ) | |||||||
Equity method earnings (losses) | (225,225 | ) | 29,307 | (254,532 | ) | |||||||
Equity method earnings—carried interest | 6,732 | — | 6,732 | |||||||||
Loss before income taxes | (536,807 | ) | (120,248 | ) | (416,559 | ) | ||||||
Income tax benefit (expense) | (3,783 | ) | 33,324 | (37,107 | ) | |||||||
Loss from continuing operations | (540,590 | ) | (86,924 | ) | (453,666 | ) | ||||||
Income from discontinued operations | 25,789 | 16,858 | 8,931 | |||||||||
Net loss | (514,801 | ) | (70,066 | ) | (444,735 | ) | ||||||
Net income (loss) attributable to noncontrolling interests: | ||||||||||||
Redeemable noncontrolling interests | 1,953 | 1,177 | 776 | |||||||||
Investment entities | 36,574 | 45,603 | (9,029 | ) | ||||||||
Operating Company | (36,600 | ) | (10,106 | ) | (26,494 | ) | ||||||
Net loss attributable to Colony Capital, Inc. | (516,728 | ) | (106,740 | ) | (409,988 | ) | ||||||
Preferred stock redemption | — | (3,995 | ) | 3,995 | ||||||||
Preferred stock dividends | 54,275 | 62,775 | (8,500 | ) | ||||||||
Net loss attributable to common stockholders | $ | (571,003 | ) | $ | (165,520 | ) | (405,483 | ) | ||||
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Property operating income: | ||||||||||||
Healthcare | $ | 289,553 | $ | 294,976 | $ | (5,423 | ) | |||||
Hospitality | 423,571 | 424,518 | (947 | ) | ||||||||
Other Equity and Debt | 234,562 | 286,552 | (51,990 | ) | ||||||||
$ | 947,686 | $ | 1,006,046 | (58,360 | ) | |||||||
Property operating expenses: | ||||||||||||
Healthcare | $ | 128,226 | $ | 136,949 | $ | (8,723 | ) | |||||
Hospitality | 281,036 | 279,416 | 1,620 | |||||||||
Other Equity and Debt | 140,720 | 168,785 | (28,065 | ) | ||||||||
$ | 549,982 | $ | 585,150 | (35,168 | ) | |||||||
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Institutional funds | $ | 23,671 | $ | 27,364 | $ | (3,693 | ) | |||||
Public companies (Colony Credit, NRE) | 30,144 | 28,391 | 1,753 | |||||||||
Non-traded REITs | 10,095 | 17,703 | (7,608 | ) | ||||||||
Other | 2,551 | 360 | 2,191 | |||||||||
$ | 66,461 | $ | 73,818 | (7,357 | ) | |||||||
• | net decrease of $3.7 million in fees from institutional funds, attributable to approximately $3.4 million of non-recurring subscription fee in the second quarter of 2018, excluding which, fees were $0.3 million lower higher due to continued liquidation of legacy funds which more than offset fees from the new Colony Latam funds and additional capital raises; |
• | $3.0 million decrease in fee income from Colony Credit, which replaced fees from non-traded REITs, NorthStar I and NorthStar II beginning February 1, 2018 due to acquisition and disposition fees from NorthStar I and NorthStar II in 2018 prior to the closing of the Combination as such fees are excluded from the Colony Credit fee structure, and lower fee basis in the first half of 2019 based on Colony Credit's stockholders' equity; |
• | approximately $0.7 million of lower fee income from NRE following the sale of a significant real estate asset in the fourth quarter of 2018 which reduced NRE's NAV fee basis; and |
• | approximately $1.9 million decrease in fee income from NorthStar Healthcare following a decrease in its NAV fee basis effective December 2018; partially offset by |
• | $2.2 million increase in other fees related to asset management and advisory services earned in the second quarter of 2019. |
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Investment-level financing: | ||||||||||||
Healthcare | $ | 104,662 | $ | 96,120 | $ | 8,542 | ||||||
Hospitality | 83,656 | 70,855 | 12,801 | |||||||||
Other Equity and Debt | 61,069 | 86,756 | (25,687 | ) | ||||||||
Corporate-level debt | 27,240 | 27,421 | (181 | ) | ||||||||
$ | 276,627 | $ | 281,152 | (4,525 | ) | |||||||
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Non-PCI loans | $ | 12,807 | $ | 7,737 | $ | 5,070 | ||||||
PCI loans | 5,807 | 11,571 | (5,764 | ) | ||||||||
Total provision for loan losses | $ | 18,614 | $ | 19,308 | (694 | ) | ||||||
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Healthcare | $ | 51,324 | $ | 5,762 | $ | 45,562 | ||||||
Hospitality | 4,270 | — | 4,270 | |||||||||
Other Equity and Debt | 54,074 | 16,555 | 37,519 | |||||||||
Investment Management | — | 200,741 | (200,741 | ) | ||||||||
Unallocated | 649 | — | 649 | |||||||||
$ | 110,317 | $ | 223,058 | (112,741 | ) | |||||||
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Cash compensation and benefits | $ | 54,086 | $ | 74,187 | $ | (20,101 | ) | |||||
Carried interest compensation | 2,418 | — | 2,418 | |||||||||
Equity-based compensation | 19,861 | 25,429 | (5,568 | ) | ||||||||
$ | 76,365 | $ | 99,616 | (23,251 | ) | |||||||
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Hospitality | $ | 279 | $ | — | $ | 279 | ||||||
Other Equity and Debt | 35,251 | 58,853 | (23,602 | ) | ||||||||
$ | 35,530 | $ | 58,853 | (23,323 | ) | |||||||
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Colony Credit | $ | (262,399 | ) | $ | 1,759 | $ | (264,158 | ) | ||||
Other Equity and Debt | 50,365 | 34,984 | 15,381 | |||||||||
Investment Management (including $6,732 and $0 of carried interest, respectively) | (6,459 | ) | (7,436 | ) | 977 | |||||||
$ | (218,493 | ) | $ | 29,307 | (247,800 | ) | ||||||
• | $146.1 million loss in the six months ended June 30, 2019 compared to $81.0 million gain in the same period in 2018 on a non-designated out-of-money interest rate swap assumed through the Merger due to the flattening of the 10-year treasury forward curve. The swap was intended to hedge future refinancing risk on certain NRF mortgage debt; |
• | $1.8 million of higher unrealized loss on investments held by a consolidated investment company; |
• | $9.5 million of lower gains from sale of CRE securities; |
• | Various gains recorded in the six months ended June 30, 2018 that were not recurring in 2019, namely: |
• | $9.9 million gain in connection with the Combination, which represents the excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities, retained through the Company’s interest in Colony Credit; |
• | $10.9 million gain from deconsolidation of N-Star CDOs; and |
• | $1.7 million unrealized fair value gain on the contingent consideration liability in connection with Colony's management internalization, which was settled in August 2018 (refer to Note 11 of the consolidated financial statements). |
• | $6.6 million of lower impairment on CRE securities; and |
• | $1.8 million of lower remeasurement loss on a foreign currency denominated loan receivable. |
Six Months Ended June 30, | ||||||||||||
(In thousands) | 2019 | 2018 | Change | |||||||||
Revenues | ||||||||||||
Property operating income | $ | 172,973 | $ | 140,508 | $ | 32,465 | ||||||
Fee income | 5,449 | 2,948 | 2,501 | |||||||||
Interest and other income | 2,368 | 1,908 | 460 | |||||||||
Revenues from discontinued operations | 180,790 | 145,364 | 35,426 | |||||||||
Expenses | ||||||||||||
Property operating expense | 48,007 | 42,453 | 5,554 | |||||||||
Interest expense | 34,352 | 21,046 | 13,306 | |||||||||
Investment and servicing expense | 538 | 263 | 275 | |||||||||
Depreciation and amortization | 84,805 | 62,427 | 22,378 | |||||||||
Impairment loss | — | 174 | (174 | ) | ||||||||
Compensation expense—cash and equity-based | 6,339 | 5,027 | 1,312 | |||||||||
Compensation expense—carried interest | 340 | 1,919 | (1,579 | ) | ||||||||
Administrative expenses | 3,016 | 2,391 | 625 | |||||||||
Expenses from discontinued operations | 177,397 | 135,700 | 41,697 | |||||||||
Other income (loss) | ||||||||||||
Gain from sale of real estate | 23,395 | 2,293 | 21,102 | |||||||||
Other loss, net | (57 | ) | — | (57 | ) | |||||||
Equity method earnings (losses) | (644 | ) | 4,833 | (5,477 | ) | |||||||
Income from discontinued operations before income taxes | 26,087 | 16,790 | 9,297 | |||||||||
Income tax benefit (expense) | (298 | ) | 68 | (366 | ) | |||||||
Income from discontinued operations | $ | 25,789 | $ | 16,858 | 8,931 | |||||||
• | Property operating income and expense were $32.5 million and $5.6 million higher, respectively, resulting from continued growth in our industrial portfolio as acquisitions outpaced dispositions, in particular, the acquisition of a $1.1 billion portfolio of 50 properties in February 2019. At June 30, 2019 and June 30, 2018, our industrial portfolio consisted of 452 and 392 buildings, respectively, with a net addition of 60 buildings and 12.4 million rentable square feet. |
• | The positive impact to property operations was partially offset by a resulting increase in depreciation and amortization expense of $22.4 million. |
• | Similarly, interest expense increased $13.3 million as we obtained $840 million of additional debt to fund new acquisitions in the first six months of 2019, along with additional drawdowns from our industrial revolver, which capacity was expanded from $400 million to $600 million. As a result, we also incurred higher deferred financing costs as well as higher unused fees on the revolver. These increases, however, were partially offset by higher capitalization of interest on development projects in 2019. |
• | Cash and equity-based compensation was also higher, driven by compensatory arrangements with employees of the industrial segment in order to retain their employment through completion of the sale of the industrial business. |
• | In connection with managing third party capital in our sponsored open-end industrial fund, fee income, calculated based on net asset value of the fund, was $2.5 million higher as a result of additional capital raised and appreciation in value of our industrial properties. Carried interest, however, decreased as NAV appreciation was lower in 2019 compared to 2018. The corresponding decrease in carried interest compensation was more than offset by an adjustment to the employee sharing percentage approved by the compensation committee in 2019. |
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Real estate | ||||||||
Held for investment | $ | 4,757,528 | $ | 4,995,298 | ||||
Held for sale | 129,327 | — | ||||||
Debt | 2,979,931 | 3,213,992 | ||||||
Number of Buildings | Capacity | Average Occupancy(1) | Average Remaining Lease Term (Years) | ||||||||
June 30, 2019 | |||||||||||
Senior housing—operating | 108 | 6,388 units | 84.8 | % | N/A | ||||||
Medical office buildings | 108 | 3.8 million sq. ft. | 82.3 | % | 4.5 | ||||||
Net lease—senior housing | 84 | 4,231 units | 80.9 | % | 11.2 | ||||||
Net lease—skilled nursing facilities | 99 | 11,829 beds | 83.3 | % | 5.6 | ||||||
Net lease—hospitals | 14 | 872 beds | 63.4 | % | 9.7 | ||||||
Total | 413 | ||||||||||
December 31, 2018 | |||||||||||
Senior housing—operating | 108 | 6,388 units | 86.8 | % | N/A | ||||||
Medical office buildings | 108 | 3.8 million sq. ft. | 82.3 | % | 4.5 | ||||||
Net lease—senior housing | 84 | 4,231 units | 82.1 | % | 11.7 | ||||||
Net lease—skilled nursing facilities | 99 | 11,829 beds | 82.4 | % | 5.9 | ||||||
Net lease—hospitals | 14 | 872 beds | 58.1 | % | 9.7 | ||||||
Total | 413 | ||||||||||
(1) | Occupancy represents property operator's patient occupancy for all types except medical office buildings. Average occupancy is based upon the number of units, beds or square footage by type of facility. Occupancy percentage is as of the last day of the quarter presented for medical office buildings, average of the quarter presented for senior housing—operating, and average of the prior quarter for net lease properties. |
Payor Sources | Revenue Mix % (1) | ||
Private Pay | 59 | % | |
Medicaid | 31 | % | |
Medicare | 10 | % | |
Total | 100 | % | |
(1) | Excludes two operating partners who do not track or report payor source data. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenues | $ | 145,896 | $ | 145,419 | $ | 291,670 | $ | 298,014 | ||||||||
Net income (loss) attributable to Colony Capital, Inc. | (58,616 | ) | (14,356 | ) | 66,078 | 24,716 | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenues | $ | 145,896 | $ | 145,419 | $ | 291,670 | $ | 298,014 | ||||||||
Straight-line rent and amortization of above- and below-market lease intangibles and ground lease asset | (4,817 | ) | (1,580 | ) | (10,044 | ) | (5,899 | ) | ||||||||
Other income | (36 | ) | — | (36 | ) | — | ||||||||||
Property operating expenses (1) | (63,924 | ) | (69,983 | ) | (128,226 | ) | (136,949 | ) | ||||||||
NOI—Healthcare | $ | 77,119 | $ | 73,856 | $ | 153,364 | $ | 155,166 | ||||||||
(1) | Fees paid to third parties for property management are included in property operating expenses. |
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||||||
($ in thousands) | 2019 | 2018 | $ | % | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Senior housing—operating | $ | 16,468 | $ | 16,770 | $ | (302 | ) | (1.8 | )% | $ | 33,803 | $ | 34,242 | $ | (439 | ) | (1.3 | )% | ||||||||||||
Medical office buildings | 13,481 | 13,718 | (237 | ) | (1.7 | )% | 25,905 | 30,269 | (4,364 | ) | (14.4 | )% | ||||||||||||||||||
Net lease—senior housing | 15,290 | 14,483 | 807 | 5.6 | % | 30,669 | 30,022 | 647 | 2.2 | % | ||||||||||||||||||||
Net lease—skilled nursing facilities | 26,895 | 24,079 | 2,816 | 11.7 | % | 52,639 | 50,904 | 1,735 | 3.4 | % | ||||||||||||||||||||
Net lease—hospitals | 4,985 | 4,806 | 179 | 3.7 | % | 10,348 | 9,729 | 619 | 6.4 | % | ||||||||||||||||||||
NOI—Healthcare | $ | 77,119 | $ | 73,856 | 3,263 | 4.4 | % | $ | 153,364 | $ | 155,166 | (1,802 | ) | (1.2 | )% | |||||||||||||||
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Real estate | $ | 4,115,436 | $ | 2,793,004 | ||||
Debt | 2,004,201 | 1,064,585 | ||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
Number of Buildings (1) | Rentable Square Feet (in thousands) | Leased % | Average Remaining Lease Term (Years) | Number of Buildings | Rentable Square Feet (in thousands) | Leased % | Average Remaining Lease Term (Years) | |||||||||||||||||
Light industrial | 446 | 55,728 | 91.6 | % | 3.9 | 400 | 48,526 | 94.5 | % | 3.8 | ||||||||||||||
Bulk industrial | 6 | 4,183 | 67.4 | % | 11.7 | — | — | — | — | |||||||||||||||
Total | 452 | 59,911 | 89.9 | % | 4.3 | 400 | 48,526 | 94.5 | % | 3.8 | ||||||||||||||
(1) | Includes two buildings for which development was completed in 2019. |
• | At June 30, 2019, as it relates to our total portfolio, 78.0% of our tenants (based upon leased square feet) were international and national companies, with the top ten tenants making up 8.4% of our portfolio based upon annualized base rent. |
• | Leased percentage for our light industrial portfolio declined from 94.5% at December 31, 2018 to 91.6% at June 30, 2019, driven largely by vacancy in new acquisitions. The market for light industrial space continues to experience capacity constraints and is driving rental rate growth and strong tenant demand, with initial rental rates on new and renewed leases commencing in 2019 (excluding leases less than 12 months) experiencing a 6.5% growth compared to prior ending rents (on a cash basis). |
• | At June 30, 2019, no more than 15.0% of existing leases by square footage in our total portfolio was scheduled to expire in any single year over the next ten years. |
• | Acquisitions and dispositions in 2019 are summarized below. We continually seek to redeploy capital into high quality real estate. |
Number of Buildings | Rentable Square Feet (in thousands) | Weighted Average Leased % At Acquisition | Purchase Price (1) (in thousands) | Gross Sales Price (in thousands) | Realized Gain (in thousands) | ||||||||||||||||
Acquisitions | |||||||||||||||||||||
Light industrial | 79 | 9,241 | 81 | % | $ | 1,015,182 | NA | NA | |||||||||||||
Bulk industrial | 6 | 4,183 | 67 | % | 373,182 | NA | NA | ||||||||||||||
85 | 13,424 | $ | 1,388,364 | ||||||||||||||||||
Dispositions | |||||||||||||||||||||
Light industrial | 35 | 2,332 | NA | NA | $ | 139,417 | $ | 23,395 | |||||||||||||
(1) | Purchase price reflects capitalized transaction costs. Acquisitions include three land parcels totaling $20.7 million for co-development with operating partners. |
• | A significant value-add portfolio of 50 buildings was acquired in February 2019 at a purchase price of approximately $1.1 billion. The portfolio is located across 10 markets, totaling approximately 11.1 million square feet and averaged 73.4% leased at the time of purchase. Forty-four buildings are light industrial, while the remaining six buildings are bulk industrial. In addition, we will be acquiring another four light industrial buildings within the same portfolio that is expected to close upon completion of construction throughout the remainder of 2019. |
• | As of June 30, 2019, we had funded $13.1 million with remaining unfunded purchase commitment of $171.8 million for the acquisition of eight light industrial buildings which are under construction, aggregating 1.9 million square feet. In July and August 2019, we closed on the acquisition of one parcel of land and five light industrial buildings upon completion of construction totaling 1.1 million square feet. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenues | $ | 92,969 | $ | 72,477 | $ | 175,341 | $ | 141,230 | ||||||||
Net income (loss) attributable to Colony Capital, Inc. | (3,135 | ) | 810 | 3,293 | 2,088 | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
($ in thousands) | 2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||||
Industrial: (1) | ||||||||||||||||||||||
Same store property operating income | $ | 61,201 | $ | 60,902 | 0.5 | % | $ | 122,561 | $ | 122,735 | (0.1 | )% | ||||||||||
Same store property operating expenses | 17,649 | 17,398 | 1.4 | % | 35,398 | 36,051 | (1.8 | )% | ||||||||||||||
(1) | The same store portfolio is defined once a year at the beginning of the current calendar year and includes buildings that were owned and stabilized throughout the entirety of both the current and prior years. Stabilized properties are properties held for more than one year or that are greater than 90% leased. Properties acquired or disposed after the same store portfolio is determined are excluded. Our same store portfolio consisted of 312 buildings for both the quarter-to-date and year-to-date periods. |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | |||||||||||||||
(In thousands) | Light Industrial | Bulk Industrial | Total | Light Industrial | ||||||||||||
Total revenues | $ | 88,079 | $ | 4,890 | $ | 92,969 | $ | 72,477 | ||||||||
Straight-line rent and amortization of above- and below-market lease intangibles and ground lease asset | (3,562 | ) | (505 | ) | (4,067 | ) | (2,554 | ) | ||||||||
Interest income | (119 | ) | — | (119 | ) | (62 | ) | |||||||||
Property operating expenses | (24,236 | ) | (1,433 | ) | (25,669 | ) | (20,483 | ) | ||||||||
Compensation and administrative expense (1) | (875 | ) | — | (875 | ) | (300 | ) | |||||||||
NOI—Industrial | $ | 59,287 | $ | 2,952 | $ | 62,239 | $ | 49,078 | ||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||
(In thousands) | Light Industrial | Bulk Industrial | Total | Light Industrial | ||||||||||||
Total revenues | $ | 168,791 | $ | 6,550 | $ | 175,341 | $ | 141,230 | ||||||||
Straight-line rent and amortization of above- and below-market lease intangibles and ground lease asset | (6,606 | ) | (692 | ) | (7,298 | ) | (4,851 | ) | ||||||||
Interest income | (299 | ) | — | (299 | ) | (594 | ) | |||||||||
Property operating expenses | (46,361 | ) | (1,646 | ) | (48,007 | ) | (41,294 | ) | ||||||||
Compensation and administrative expense (1) | (1,659 | ) | — | (1,659 | ) | (779 | ) | |||||||||
NOI—Industrial | $ | 113,866 | $ | 4,212 | $ | 118,078 | $ | 93,712 | ||||||||
(1) | Compensation and administrative costs of employees engaged in property management and operations are included in compensation and administrative expenses. |
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Real estate | ||||||||
Held for investment | $ | 3,645,079 | $ | 3,668,824 | ||||
Held for sale | 44,580 | 69,699 | ||||||
Debt | 2,619,849 | 2,603,599 | ||||||
Brands | % by Rooms | ||
Marriott | 79 | % | |
Hilton | 16 | % | |
Hyatt | 4 | % | |
Intercontinental | 1 | % | |
Total | 100 | % | |
June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
Type | Number of Hotel Properties | Number of Rooms | Average Occupancy | ADR (1) | RevPAR (2) | Average Occupancy | ADR (1) | RevPAR (2) | ||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||
Select service | 94 | 12,762 | 76.0 | % | $ | 128 | $ | 98 | 71.5 | % | $ | 127 | $ | 91 | ||||||||||||||
Extended stay | 66 | 7,936 | 83.0 | % | 135 | 112 | 78.6 | % | 132 | 104 | ||||||||||||||||||
Full service | 4 | 966 | 78.2 | % | 168 | 132 | 74.1 | % | 170 | 126 | ||||||||||||||||||
Total | 164 | 21,664 | 78.6 | % | 133 | 104 | 74.2 | % | 131 | 97 | ||||||||||||||||||
2018 | ||||||||||||||||||||||||||||
Select service | 97 | 13,193 | 77.7 | % | $ | 127 | $ | 99 | 73.1 | % | $ | 125 | $ | 91 | ||||||||||||||
Extended stay | 66 | 7,936 | 82.9 | % | 136 | 113 | 78.6 | % | 133 | 104 | ||||||||||||||||||
Full service | 4 | 962 | 77.3 | % | 166 | 128 | 72.5 | % | 173 | 126 | ||||||||||||||||||
Total | 167 | 22,091 | 79.6 | % | 132 | 105 | 75.0 | % | 130 | 98 | ||||||||||||||||||
(1) | Average daily rate ("ADR") is calculated by dividing room revenue by total rooms sold. |
(2) | RevPAR is calculated by dividing room revenue by room nights available for the period. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenues | $ | 227,080 | $ | 229,373 | $ | 423,695 | $ | 425,155 | ||||||||
Net income (loss) attributable to Colony Capital, Inc. | (3,330 | ) | 5,767 | 26,311 | (4,283 | ) | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenues | $ | 227,080 | $ | 229,373 | $ | 423,695 | $ | 425,155 | ||||||||
Straight-line rent and amortization of above- and below-market lease intangibles and ground lease asset | 316 | (6 | ) | 626 | (13 | ) | ||||||||||
Interest income | (6 | ) | — | (6 | ) | — | ||||||||||
Other income | (3 | ) | (68 | ) | (3 | ) | (556 | ) | ||||||||
Property operating expenses (1) | (144,691 | ) | (143,321 | ) | (281,036 | ) | (279,416 | ) | ||||||||
NOI before FF&E Reserve—Hospitality | $ | 82,696 | $ | 85,978 | $ | 143,276 | $ | 145,170 | ||||||||
(1) | Fees paid to third parties for hotel management are included in property operating expenses. |
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||||||
($ in thousands) | 2019 | 2018 | $ | % | 2019 | 2018 | $ | % | ||||||||||||||||||||||
Select service | $ | 45,701 | $ | 48,103 | $ | (2,402 | ) | (5.0 | )% | $ | 79,882 | $ | 80,468 | $ | (586 | ) | (0.7 | )% | ||||||||||||
Extended stay | 32,723 | 33,549 | (826 | ) | (2.5 | )% | 55,570 | 56,467 | (897 | ) | (1.6 | )% | ||||||||||||||||||
Full service | 4,272 | 4,326 | (54 | ) | (1.2 | )% | 7,824 | 8,235 | (411 | ) | (5.0 | )% | ||||||||||||||||||
NOI before FF&E Reserve—Hospitality | $ | 82,696 | $ | 85,978 | $ | (3,282 | ) | (3.8 | )% | $ | 143,276 | $ | 145,170 | $ | (1,894 | ) | (1.3 | )% | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenues | $ | 152,066 | $ | 190,950 | $ | 314,754 | $ | 396,104 | ||||||||
Net income (loss) attributable to Colony Capital, Inc. | (5,841 | ) | 31,333 | 18,081 | 80,442 | |||||||||||
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Real estate | ||||||||
Held for investment | $ | 1,945,823 | $ | 2,161,888 | ||||
Held for sale | 596,172 | 651,303 | ||||||
Equity and debt investments | ||||||||
NRE | 86,581 | 87,696 | ||||||
Limited partnership interests in our sponsored and co-sponsored funds | 90,952 | 90,062 | ||||||
Other equity investments (1) | 1,206,025 | 1,026,870 | ||||||
N-Star CDO bonds | 62,442 | 64,127 | ||||||
CMBS of consolidated fund | 5,058 | 32,706 | ||||||
Loans receivable | 1,437,848 | 1,597,214 | ||||||
Debt (2) | 2,205,593 | 2,309,347 | ||||||
(1) | Significant investments include acquisition, development and construction loans ($527.8 million) and preferred equity investments ($139.2 million). |
(2) | Includes debt carrying value of $375.3 million related to real estate held for sale. |
• | Together with our sponsored credit fund, acquired a portfolio of six hotels in France from a distressed hotel owner, with the investment held through an equity method investee. |
• | We continue to monetize other non-strategic assets, primarily our loan portfolios and our real estate in Europe, in our efforts to streamline our business and redeploy capital to more strategic areas. |
• | In July 2019, NRE entered into an agreement to be acquired, with expected closing of the acquisition in the fourth quarter of 2019, for an estimated price of $17.03 per share based on three month forward foreign exchange rates. This will result in a sale of our 11% interest in NRE, totaling 5.6 million shares at June 30, 2019. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total revenues (1) | $ | 43,802 | $ | 47,909 | $ | 83,807 | $ | 89,116 | ||||||||
Net income (loss) attributable to Colony Capital, Inc. | 4,351 | (47,070 | ) | 24,899 | (127,590 | ) | ||||||||||
(1) | Includes cost reimbursement income from Colony Credit, NRE and retail companies of $3.4 million and $3.4 million for the three months ended June 30, 2019 and 2018, respectively, and $6.7 million and $7.6 million for the six months ended June 30, 2019 and 2018, respectively, which are recorded gross as income and expense in the results of operations. |
AUM (1) (In billions) | FEEUM (2) (In billions) | |||||||||||||||||||
Type | Products | Description | June 30, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | ||||||||||||||
Institutional funds | Credit funds, opportunistic funds, value-add funds, Colony industrial open end fund and other co-investment vehicles | Earns base and asset management fees from all managed funds; potential for carried interest on sponsored funds | $ | 10.2 | $ | 9.5 | $ | 6.8 | $ | 6.4 | ||||||||||
Retail Companies | NorthStar Healthcare | Earns base management fees and potential for carried interest | 3.4 | 3.5 | 1.4 | 1.4 | ||||||||||||||
CC Real Estate Income Fund (3) | ||||||||||||||||||||
Public companies | NorthStar Realty Europe Corp. | NYSE-listed European equity REIT | 1.5 | 1.7 | 1.0 | 1.0 | ||||||||||||||
Colony Credit Real Estate, Inc.(4) | NYSE-listed credit REIT | 3.7 | 3.5 | 3.1 | 3.1 | |||||||||||||||
Earns base management fees and potential for incentive fees | ||||||||||||||||||||
Non-wholly owned real estate investment management platform | Joint venture investments in co-sponsored investment vehicles and third party asset managers | Earns share of earnings from equity method investments: | ||||||||||||||||||
Digital Colony, 50% interest in co-sponsored digital infrastructure vehicle | 1.9 | 1.9 | 1.9 | 1.9 | ||||||||||||||||
Others include investments in RXR Realty (27% interest in a real estate investor, developer and asset manager) and AHI (43% interest in a healthcare asset manager and sponsor of non-traded vehicles) | 7.9 | 8.3 | 3.8 | 3.8 | ||||||||||||||||
$ | 28.6 | $ | 28.4 | $ | 18.0 | $ | 17.6 | |||||||||||||
(1) | Assets for which the Company and its affiliates provide investment management services, including assets for which the Company may or may not charge management fees and/or incentives. AUM is based upon reported gross undepreciated carrying value of managed investments as reported by each underlying vehicle. AUM further includes a) uncalled capital commitments and b) the Company’s pro rata share of assets of the real estate investment management platform of its joint ventures and investees as presented and calculated by them. The Company's calculation of AUM may differ materially from those of other asset managers, and as a result, may not be comparable to similar measures presented by other asset managers. |
(2) | Equity for which the Company and its affiliates provide investment management services and derive management fees and/or incentives. FEEUM generally represents a) the basis used to derive fees, which may be based upon invested equity, stockholders’ equity, or fair value pursuant to the terms of each underlying investment management agreement and b) the Company’s pro rata share of fee bearing equity of its joint ventures and investees as presented and calculated by them. The Company's calculation of FEEUM may differ materially from other asset managers, and as a result, may not be comparable to similar measures presented by other asset managers. |
(3) | In February 2019, the board of directors of CC Real Estate Income Fund (“CCREIF”) approved a plan to dissolve, liquidate and terminate CCREIF and distribute the net proceeds of such liquidation to its shareholders. As CCREIF’s advisor, we have begun the process of liquidating its portfolio, however, no assurances can be made as to the timing or completion of the liquidation. |
(4) | Represents third party ownership share of CLNC's pro rata share of total assets, excluding consolidated securitization trusts. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net loss attributable to common stockholders | $ | (468,890 | ) | $ | (92,806 | ) | $ | (571,003 | ) | $ | (165,520 | ) | ||||
Adjustments for FFO attributable to common interests in Operating Company and common stockholders: | ||||||||||||||||
Net loss attributable to noncontrolling common interests in Operating Company | (29,989 | ) | (5,728 | ) | (36,600 | ) | (10,106 | ) | ||||||||
Real estate depreciation and amortization | 159,496 | 140,599 | 313,898 | 284,505 | ||||||||||||
Impairment of real estate | 87,600 | 9,522 | 113,222 | 24,462 | ||||||||||||
Gain on sales of real estate | (7,088 | ) | (42,750 | ) | (62,322 | ) | (65,675 | ) | ||||||||
Less: Adjustments attributable to noncontrolling interests in investment entities(1) | (88,705 | ) | (29,471 | ) | (123,979 | ) | (70,234 | ) | ||||||||
FFO attributable to common interests in Operating Company and common stockholders | $ | (347,576 | ) | $ | (20,634 | ) | $ | (366,784 | ) | $ | (2,568 | ) | ||||
(1) | For the three months ended June 30, 2019 and 2018, adjustments attributable to noncontrolling interests in investment entities include $56.4 million and $44.4 million of real estate depreciation and amortization, $36.5 million and $5.6 million of impairment of real estate, offset by $4.1 million and $20.5 million of gain on sales of real estate, respectively. For the six months ended June 30, 2019 and 2018, adjustments attributable to noncontrolling interests in investment entities include $108.2 million and $88.1 million of real estate depreciation and amortization, $50.6 million and $13.4 million of impairment of real estate, offset by $34.8 million and $31.2 million of gain on sales of real estate, respectively. |
Healthcare | Industrial | Hospitality (1) | ||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Net income (loss) | $ | (81,520 | ) | $ | (20,080 | ) | $ | (2,663 | ) | $ | 4,668 | $ | (3,505 | ) | $ | 6,771 | ||||||||
Adjustments: | ||||||||||||||||||||||||
Straight-line rent and amortization of above- and below-market lease intangibles and ground lease asset | (4,817 | ) | (1,580 | ) | (4,067 | ) | (2,554 | ) | 316 | (6 | ) | |||||||||||||
Interest income | — | — | (119 | ) | (62 | ) | (6 | ) | — | |||||||||||||||
Other income | (36 | ) | — | — | — | (3 | ) | (68 | ) | |||||||||||||||
Interest expense | 57,135 | 45,179 | 19,726 | 10,856 | 41,591 | 36,494 | ||||||||||||||||||
Transaction, investment and servicing costs | 9,097 | 3,110 | 8 | 60 | 2,712 | 3,546 | ||||||||||||||||||
Depreciation and amortization | 40,778 | 38,229 | 45,360 | 32,482 | 37,008 | 35,925 | ||||||||||||||||||
Impairment loss | 51,324 | 1,982 | — | 174 | 420 | — | ||||||||||||||||||
Compensation and administrative expense | 2,301 | 2,196 | 4,192 | 3,416 | 2,183 | 1,598 | ||||||||||||||||||
Gain on sale of real estate | — | — | (547 | ) | — | (140 | ) | — | ||||||||||||||||
Other loss, net | 2,261 | 4,465 | 49 | 114 | 162 | |||||||||||||||||||
Income tax expense | 596 | 355 | 300 | 38 | 2,006 | 1,556 | ||||||||||||||||||
NOI / NOI (before FF&E Reserve) | $ | 77,119 | $ | 73,856 | $ | 62,239 | $ | 49,078 | $ | 82,696 | $ | 85,978 | ||||||||||||
Healthcare | Industrial | Hospitality (1) | ||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Net income (loss) | $ | (88,726 | ) | $ | (32,614 | ) | $ | 21,491 | $ | 10,989 | $ | (29,582 | ) | $ | (5,115 | ) | ||||||||
Adjustments: | ||||||||||||||||||||||||
Straight-line rent and amortization of above- and below-market lease intangibles and ground lease asset | (10,044 | ) | (5,899 | ) | (7,298 | ) | (4,851 | ) | 626 | (13 | ) | |||||||||||||
Interest income | — | — | (299 | ) | (594 | ) | (6 | ) | — | |||||||||||||||
Other income | (36 | ) | — | — | — | (3 | ) | (556 | ) | |||||||||||||||
Interest expense | 104,662 | 96,120 | 34,352 | 21,046 | 83,656 | 70,855 | ||||||||||||||||||
Transaction, investment and servicing costs | 12,205 | 5,420 | 538 | 134 | 4,296 | 5,088 | ||||||||||||||||||
Depreciation and amortization | 80,909 | 79,356 | 84,805 | 62,427 | 73,256 | 71,382 | ||||||||||||||||||
Impairment loss | 51,324 | 5,762 | — | 174 | 4,270 | — | ||||||||||||||||||
Compensation and administrative expense | 3,954 | 4,129 | 7,696 | 6,639 | 4,087 | 3,615 | ||||||||||||||||||
Gain on sale of real estate | — | — | (23,395 | ) | (2,293 | ) | (279 | ) | — | |||||||||||||||
Other (gain) loss, net | 394 | 1,539 | 57 | 113 | (161 | ) | ||||||||||||||||||
Income tax (benefit) expense | (1,278 | ) | 1,353 | 131 | 41 | 2,842 | 75 | |||||||||||||||||
NOI / NOI (before FF&E Reserve) | $ | 153,364 | $ | 155,166 | $ | 118,078 | $ | 93,712 | $ | 143,276 | $ | 145,170 | ||||||||||||
(1) | NOI for the hospitality segment excludes FF&E Reserve which is determined based on a percentage of revenues. |
• | our general partner commitments to our future investment vehicles and co-investment commitments to other investment vehicles; |
• | acquisitions of our target assets for our balance sheet and third party capital and related ongoing commitments; |
• | principal and interest payments on our borrowings, including interest obligation on our corporate level debt; |
• | our operations, including compensation, administrative and overhead costs; |
• | capital expenditures for our real estate investments; |
• | distributions to our stockholders; |
• | acquisitions of common stock under our common stock repurchase program and potentially other corporate securities; |
• | income tax liabilities of taxable REIT subsidiaries and of the Company subject to limitations as a REIT; and |
• | potential margin calls and/or out-of-the-money expiration of $2 billion notional interest rate swap in December 2019. |
• | cash on hand; |
• | our credit facilities; |
• | fees received from our investment management business; |
• | cash flow generated from our investments, both from operations and return of capital; |
• | proceeds from full or partial realization of investments; |
• | investment-level financing; |
• | proceeds from public or private equity and debt offerings; and |
• | third party capital commitments of sponsored investment vehicles. |
Declaration Date | Record Date | Payment Date | Dividend Per Share | |||||
February 27, 2019 | March 29, 2019 | April 15, 2019 | $ | 0.11 | ||||
May 7, 2019 | June 28, 2019 | July 15, 2019 | 0.11 | |||||
August 6, 2019 | September 30, 2019 | October 15, 2019 | 0.11 | |||||
Shares Outstanding June 30, 2019 (in thousands) | Quarterly Cash Distributions | ||||||||||||
Description | Dividend Rate Per Annum | Total (In thousands) | Per Share | ||||||||||
Series B | 8.25% | 6,114 | $ | 3,153 | $ | 0.5156250 | |||||||
Series E | 8.75% | 10,000 | 5,469 | 0.5468750 | |||||||||
Series G | 7.5% | 3,450 | 1,617 | 0.4687500 | |||||||||
Series H | 7.125% | 11,500 | 5,121 | 0.4453125 | |||||||||
Series I | 7.15% | 13,800 | 6,167 | 0.4468750 | |||||||||
Series J | 7.125% | 12,600 | 5,611 | 0.4453125 | |||||||||
57,464 | $ | 27,138 | |||||||||||
Six Months Ended June 30, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | 139,151 | $ | 211,380 | ||||
Investing activities | (858,190 | ) | 63,357 | |||||
Financing activities | 579,735 | (782,477 | ) | |||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. | Defaults Upon Senior Securities. |
Exhibit Number | Description | |
3.1 | ||
3.2 | ||
3.3 | ||
3.4 | ||
3.5 | ||
10.1 | ||
10.2 | ||
31.1* | ||
31.2* | ||
32.1* | ||
32.2* | ||
101.INS** | XBRL Instance Document | |
101.SCH | Inline XBRL Taxonomy Extension Schema | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |
* | Filed herewith. |
** | The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
COLONY CAPITAL, INC. | ||
By: | /s/ Thomas J. Barrack, Jr. | |
Thomas J. Barrack, Jr. | ||
Chief Executive Officer (Principal Executive Officer) | ||
By: | /s/ Mark M. Hedstrom | |
Mark M. Hedstrom | ||
Chief Financial Officer (Principal Financial Officer) | ||
By: | /s/ Neale Redington | |
Neale Redington | ||
Chief Accounting Officer (Principal Accounting Officer) | ||
1. | I have reviewed this Quarterly Report on Form 10-Q of Colony Capital, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 9, 2019 | /s/ Thomas J. Barrack, Jr. | |||
Thomas J. Barrack, Jr. Chief Executive Officer | |||||
1. | I have reviewed this Quarterly Report on Form 10-Q of Colony Capital, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 9, 2019 | /s/ Mark M. Hedstrom | |||
Mark M. Hedstrom Chief Financial Officer | |||||
Date: | August 9, 2019 | /s/ Thomas J. Barrack, Jr. | ||
Thomas J. Barrack, Jr. Chief Executive Officer | ||||
Date: | August 9, 2019 | /s/ Mark M. Hedstrom | ||
Mark M. Hedstrom Chief Financial Officer | ||||
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
[1] | ||
|---|---|---|---|---|---|
| Equity and debt investments, fair value disclosure | $ 413,887 | $ 238,963 | |||
| Other assets, fair value | 20,953 | 33,558 | |||
| Accrued and other liabilities, at fair value | $ 398,083 | $ 141,711 | |||
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
| Preferred stock, liquidation preference | $ 1,436,605 | $ 1,436,605 | |||
| Preferred stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | |||
| Preferred stock, shares issued (in shares) | 57,464,000 | 57,464,000 | |||
| Preferred stock, shares outstanding (in shares) | 57,464,000 | 57,464,000 | |||
| Class A Common Stock | |||||
| Common stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 | |||
| Common stock, shares authorized (in shares) | 949,000,000 | 949,000,000 | |||
| Common stock, shares issued (in shares) | 487,013,000 | 483,347,000 | |||
| Common stock, shares outstanding (in shares) | 487,013,000 | 483,347,000 | |||
| Class B Common Stock | |||||
| Common stock, par value (in dollars per shares) | $ 0.01 | $ 0.01 | |||
| Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |||
| Common stock, shares issued (in shares) | 734,000 | 734,000 | |||
| Common stock, shares outstanding (in shares) | 734,000 | 734,000 | |||
| |||||
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
[1] | Jun. 30, 2019 |
Jun. 30, 2018 |
[1] | |||
| Revenues | ||||||||
| Interest income | $ 35,055 | $ 44,121 | $ 81,125 | $ 107,443 | ||||
| Total revenues | 573,439 | 615,488 | 1,121,498 | 1,212,085 | ||||
| Expenses | ||||||||
| Property operating expense | 279,240 | 300,191 | 549,982 | 585,150 | ||||
| Interest expense | 141,738 | 142,453 | 276,627 | 281,152 | ||||
| Investment and servicing expense | 20,017 | 25,891 | 38,466 | 44,470 | ||||
| Transaction costs | 318 | 2,641 | 2,822 | 3,357 | ||||
| Placement fees | 0 | 1,170 | 309 | 1,293 | ||||
| Depreciation and amortization | 109,382 | 105,414 | 220,734 | 220,174 | ||||
| Provision for loan loss | 15,003 | 13,933 | 18,614 | 19,308 | ||||
| Impairment loss | 84,695 | 69,660 | 110,317 | 223,058 | ||||
| Compensation expense—cash and equity-based | 42,430 | 52,527 | 73,947 | 99,616 | ||||
| Compensation expense—carried interest | 1,146 | 0 | 2,418 | 0 | ||||
| Administrative expenses | 20,146 | 23,536 | 42,531 | 46,969 | ||||
| Total expenses | 714,115 | 737,416 | 1,336,767 | 1,524,547 | ||||
| Gain on sale of real estate | 6,077 | 42,702 | 35,530 | 58,853 | ||||
| Other gain (loss), net | (89,506) | 28,798 | (138,575) | 104,054 | ||||
| Equity method earnings (losses) | (259,288) | (775) | (225,225) | 29,307 | ||||
| Equity method earnings—carried interest | 1,836 | 0 | 6,732 | 0 | ||||
| Loss from continuing operations before income taxes | (481,557) | (51,203) | (536,807) | (120,248) | ||||
| Income tax benefit (expense) | (2,585) | 531 | (3,783) | 33,324 | ||||
| Loss from continuing operations | (484,142) | (50,672) | (540,590) | (86,924) | ||||
| Income (loss) from discontinued operations | (504) | 7,764 | 25,789 | 16,858 | ||||
| Net loss | (484,646) | (42,908) | (514,801) | (70,066) | ||||
| Redeemable noncontrolling interests | ||||||||
| Redeemable noncontrolling interests | 509 | 1,873 | 1,953 | 1,177 | ||||
| Investment entities | (13,414) | 26,360 | 36,574 | 45,603 | ||||
| Operating Company | (29,989) | (5,728) | (36,600) | (10,106) | ||||
| Net loss attributable to Colony Capital, Inc. | (441,752) | (65,413) | (516,728) | (106,740) | ||||
| Preferred stock redemption (Note 13) | 0 | (3,995) | 0 | (3,995) | ||||
| Preferred stock dividends | 27,138 | 31,388 | 54,275 | 62,775 | ||||
| Net loss attributable to common stockholders | $ (468,890) | $ (92,806) | $ (571,003) | $ (165,520) | ||||
| Basic loss per share | ||||||||
| Loss from continuing operations per basic common share (in dollars per share) | $ (0.98) | $ (0.20) | $ (1.21) | $ (0.35) | ||||
| Net loss per basic common share (in dollars per share) | (0.98) | (0.19) | (1.19) | (0.33) | ||||
| Diluted loss per share | ||||||||
| Loss from continuing operations per diluted common share (in dollars per share) | (0.98) | (0.20) | (1.21) | (0.35) | ||||
| Net loss per diluted common share (in dollars per share) | $ (0.98) | $ (0.19) | $ (1.19) | $ (0.33) | ||||
| Weighted average number of shares | ||||||||
| Basic (in shares) | 479,228 | 488,676 | 479,577 | 509,562 | ||||
| Diluted (in shares) | 479,228 | 488,676 | 479,577 | 509,562 | ||||
| Dividends declared per common share (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.22 | ||||
| Property operating income | ||||||||
| Revenues | ||||||||
| Income | $ 488,788 | $ 518,953 | $ 947,686 | $ 1,006,046 | ||||
| Fee income ($33,267, $38,000, $64,118 and $73,458 from affiliates, respectively) | ||||||||
| Revenues | ||||||||
| Income | 35,433 | 38,290 | 66,461 | 73,818 | ||||
| Other income ($11,339, $10,094, $21,184 and $16,887 from affiliates, respectively) | ||||||||
| Revenues | ||||||||
| Income | $ 14,163 | $ 14,124 | $ 26,226 | $ 24,778 | ||||
| ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
| Fee income | ||||||||
| Income | $ 35,433 | $ 38,290 | [1] | $ 66,461 | $ 73,818 | [1] | ||
| Fee income | Affiliated Entity | ||||||||
| Income | 33,267 | 38,000 | 64,118 | 73,458 | ||||
| Other Income | ||||||||
| Income | 14,163 | 14,124 | [1] | 26,226 | 24,778 | [1] | ||
| Other Income | Affiliated Entity | ||||||||
| Income | $ 11,339 | $ 10,094 | $ 21,184 | $ 16,887 | ||||
| ||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
| Net loss | $ (484,646) | $ (42,908) | [1] | $ (514,801) | $ (70,066) | [1] | ||
| Other comprehensive income (loss): | ||||||||
| Other comprehensive income from investments in unconsolidated ventures, net | 4,409 | 999 | 9,319 | 2,098 | ||||
| Net change in fair value of available-for-sale debt securities | (766) | 1,632 | 1,298 | (19,086) | ||||
| Net change in fair value of cash flow hedges | (6,187) | 0 | (6,850) | 0 | ||||
| Foreign currency translation adjustments: | ||||||||
| Foreign currency translation gain (loss) | 7,574 | (103,050) | (20,672) | (26,649) | ||||
| Change in fair value of net investment hedges | 3,606 | 37,937 | 16,470 | 13,559 | ||||
| Net foreign currency translation adjustments | 11,180 | (65,113) | (4,202) | (13,090) | ||||
| Other comprehensive income (loss) | 8,636 | (62,482) | (435) | (30,078) | ||||
| Comprehensive loss | (476,010) | (105,390) | (515,236) | (100,144) | ||||
| Comprehensive income (loss) attributable to noncontrolling interests: | ||||||||
| Comprehensive loss attributable to stockholders | (436,933) | (90,648) | (503,864) | (129,798) | ||||
| Investment entities | ||||||||
| Comprehensive income (loss) attributable to noncontrolling interests: | ||||||||
| Redeemable noncontrolling interests | 509 | 1,873 | 1,953 | 1,177 | ||||
| Comprehensive income attributable to noncontrolling interests | (9,906) | (9,329) | 22,453 | 40,021 | ||||
| Operating Company | ||||||||
| Comprehensive income (loss) attributable to noncontrolling interests: | ||||||||
| Comprehensive income attributable to noncontrolling interests | $ (29,680) | $ (7,286) | $ (35,778) | $ (11,544) | ||||
| ||||||||
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands |
Total |
Total Stockholders’ Equity |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Distributions in Excess of Earnings |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests in Investment Entities |
Noncontrolling Interests in Operating Company |
Class A Common Stock
Common Stock
|
Class A Common Stock
Additional Paid-in Capital
|
Class A Common Stock
Noncontrolling Interests in Operating Company
|
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning balance at Dec. 31, 2017 | $ 12,349,392 | $ 8,407,925 | $ 1,606,966 | $ 5,433 | $ 7,913,622 | $ (1,165,412) | $ 47,316 | $ 3,539,072 | $ 402,395 | |||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
| Net income (loss) | (26,462) | (41,327) | (41,327) | |||||||||||||||
| Investment Entities | 19,243 | |||||||||||||||||
| Operating Company | (4,378) | |||||||||||||||||
| Other comprehensive income (loss) | 32,404 | 2,177 | 2,177 | 30,107 | 120 | |||||||||||||
| Common stock repurchases | (246,441) | (246,441) | (423) | (246,018) | ||||||||||||||
| Equity-based compensation | 12,169 | 10,755 | 33 | 10,722 | 0 | 1,414 | ||||||||||||
| Redemption of OP Units for cash and class A common | (2,096) | 24 | $ 24 | $ (2,120) | ||||||||||||||
| Shares canceled for tax withholdings on vested stock awards | (31,752) | (31,752) | (29) | (31,723) | ||||||||||||||
| Deconsolidation of investment entities | (330,980) | (330,980) | ||||||||||||||||
| Contributions from noncontrolling interests | 97,867 | 97,867 | ||||||||||||||||
| Distributions to noncontrolling interests | (86,063) | (82,512) | (3,551) | |||||||||||||||
| Preferred stock dividends | (31,387) | (31,387) | (31,387) | |||||||||||||||
| Common stock dividends declared | (55,852) | (55,852) | (55,852) | |||||||||||||||
| Reallocation of equity (Notes 2 and 14) | 0 | (11,929) | (11,675) | (254) | (5,822) | 17,751 | ||||||||||||
| Ending balance at Mar. 31, 2018 | 11,679,579 | 8,000,973 | 1,606,966 | 5,014 | 7,634,952 | (1,294,996) | 49,037 | 3,266,975 | 411,631 | |||||||||
| Beginning balance at Dec. 31, 2017 | 12,349,392 | 8,407,925 | 1,606,966 | 5,433 | 7,913,622 | (1,165,412) | 47,316 | 3,539,072 | 402,395 | |||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
| Investment Entities | [1] | 45,603 | ||||||||||||||||
| Operating Company | [1] | (10,106) | ||||||||||||||||
| Other comprehensive income (loss) | (30,078) | |||||||||||||||||
| Redemption of OP Units for cash and class A common | (21,100) | |||||||||||||||||
| Ending balance at Jun. 30, 2018 | 11,384,284 | 7,609,531 | 1,407,495 | 4,905 | 7,616,918 | (1,443,717) | 23,930 | 3,392,062 | 382,691 | |||||||||
| Beginning balance at Mar. 31, 2018 | 11,679,579 | 8,000,973 | 1,606,966 | 5,014 | 7,634,952 | (1,294,996) | 49,037 | 3,266,975 | 411,631 | |||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
| Net income (loss) | (44,781) | (65,413) | (65,413) | |||||||||||||||
| Investment Entities | 26,360 | [1] | 26,360 | |||||||||||||||
| Operating Company | (5,728) | [1] | (5,728) | |||||||||||||||
| Other comprehensive income (loss) | (62,482) | (25,235) | (25,235) | (35,689) | (1,558) | |||||||||||||
| Redemption of preferred stock | (200,000) | (200,000) | (199,471) | (529) | ||||||||||||||
| Common stock repurchases | (72,588) | (72,588) | (125) | (72,463) | ||||||||||||||
| Equity-based compensation | 9,194 | 9,194 | 1 | 9,193 | 0 | |||||||||||||
| Redemption of OP Units for cash and class A common | 0 | 18,875 | $ 15 | 18,860 | (18,875) | |||||||||||||
| Shares canceled for tax withholdings on vested stock awards | (298) | (298) | 0 | (298) | ||||||||||||||
| Reclassification of contingent consideration out of liability at end of measurement period | 12,539 | 12,539 | 12,539 | |||||||||||||||
| Contributions from noncontrolling interests | 287,090 | 287,090 | ||||||||||||||||
| Distributions to noncontrolling interests | (140,661) | (137,317) | (3,344) | |||||||||||||||
| Preferred stock dividends | (29,356) | (29,356) | (29,356) | |||||||||||||||
| Common stock dividends declared | (53,952) | (53,952) | (53,952) | |||||||||||||||
| Reallocation of equity (Notes 2 and 14) | 0 | 14,792 | 14,664 | 128 | (15,357) | 565 | ||||||||||||
| Ending balance at Jun. 30, 2018 | 11,384,284 | 7,609,531 | 1,407,495 | 4,905 | 7,616,918 | (1,443,717) | 23,930 | 3,392,062 | 382,691 | |||||||||
| Beginning balance at Dec. 31, 2018 | 11,146,370 | [2] | 7,006,052 | 1,407,495 | 4,841 | 7,598,019 | (2,018,302) | 13,999 | 3,779,728 | 360,590 | ||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
| Net income (loss) | (31,599) | (74,976) | (74,976) | |||||||||||||||
| Investment Entities | 49,988 | |||||||||||||||||
| Operating Company | (6,611) | |||||||||||||||||
| Other comprehensive income (loss) | (9,071) | 8,045 | 8,045 | (17,629) | 513 | |||||||||||||
| Common stock repurchases | (3,167) | (3,167) | (7) | (3,160) | ||||||||||||||
| Equity-based compensation | 6,541 | 6,350 | 27 | 6,323 | 191 | |||||||||||||
| Redemption of OP Units for cash and class A common | 0 | 33 | 33 | (33) | ||||||||||||||
| Shares canceled for tax withholdings on vested stock awards | (3,007) | (3,007) | (6) | (3,001) | ||||||||||||||
| Contributions from noncontrolling interests | 305,216 | 305,216 | ||||||||||||||||
| Distributions to noncontrolling interests | (110,827) | (107,377) | (3,450) | |||||||||||||||
| Preferred stock dividends | (27,137) | (27,137) | (27,137) | |||||||||||||||
| Common stock dividends declared | (53,410) | (53,410) | (53,410) | |||||||||||||||
| Reallocation of equity (Notes 2 and 14) | 0 | 12,827 | 12,733 | 94 | (12,533) | (294) | ||||||||||||
| Ending balance at Mar. 31, 2019 | 11,215,441 | 6,868,705 | 1,407,495 | 4,855 | 7,610,947 | (2,176,730) | 22,138 | 3,996,206 | 350,530 | |||||||||
| Beginning balance at Dec. 31, 2018 | 11,146,370 | [2] | 7,006,052 | 1,407,495 | 4,841 | 7,598,019 | (2,018,302) | 13,999 | 3,779,728 | 360,590 | ||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
| Investment Entities | 36,574 | |||||||||||||||||
| Operating Company | (36,600) | |||||||||||||||||
| Other comprehensive income (loss) | (435) | |||||||||||||||||
| Redemption of OP Units for cash and class A common | (12,400) | |||||||||||||||||
| Ending balance at Jun. 30, 2019 | 10,537,098 | 6,361,718 | 1,407,495 | 4,877 | 7,621,655 | (2,699,276) | 26,967 | 3,861,047 | 314,333 | |||||||||
| Beginning balance at Mar. 31, 2019 | 11,215,441 | 6,868,705 | 1,407,495 | 4,855 | 7,610,947 | (2,176,730) | 22,138 | 3,996,206 | 350,530 | |||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
| Net income (loss) | (485,155) | (441,752) | (441,752) | |||||||||||||||
| Investment Entities | (13,414) | (13,414) | ||||||||||||||||
| Operating Company | (29,989) | (29,989) | ||||||||||||||||
| Other comprehensive income (loss) | 8,636 | 4,819 | 4,819 | 3,508 | 309 | |||||||||||||
| Equity-based compensation | 7,937 | 7,740 | 20 | 7,720 | 197 | |||||||||||||
| Redemption of OP Units for cash and class A common | 0 | 2,063 | $ 2,061 | $ (2,063) | ||||||||||||||
| Contributions from noncontrolling interests | 87,304 | 87,304 | ||||||||||||||||
| Distributions to noncontrolling interests | (216,271) | (212,842) | (3,429) | |||||||||||||||
| Preferred stock dividends | (27,138) | (27,138) | (27,138) | |||||||||||||||
| Common stock dividends declared | (53,656) | (53,656) | (53,656) | |||||||||||||||
| Reallocation of equity (Notes 2 and 14) | 0 | 937 | 927 | 10 | 88 | (1,025) | ||||||||||||
| Ending balance at Jun. 30, 2019 | $ 10,537,098 | $ 6,361,718 | $ 1,407,495 | $ 4,877 | $ 7,621,655 | $ (2,699,276) | $ 26,967 | $ 3,861,047 | $ 314,333 | |||||||||
| ||||||||||||||||||
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
| Statement of Stockholders' Equity [Abstract] | ||||||||||
| Common stock, dividends, per share, declared (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.11 | [1] | $ 0.11 | $ 0.22 | $ 0.22 | [1] | ||
| ||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|||||||||
| Statement of Cash Flows [Abstract] | |||||||||||||
| Depreciation, Amortization and Accretion, Net | $ 305,539 | $ 282,601 | |||||||||||
| Cash Flows from Operating Activities | |||||||||||||
| Net loss | $ (484,646) | $ (42,908) | [1] | (514,801) | (70,066) | [1] | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||
| Amortization of discount and net origination fees on loans receivable and debt securities | (9,749) | (14,347) | |||||||||||
| Paid-in-kind interest added to loan principal, net of interest received | (25,028) | (16,615) | |||||||||||
| Straight-line rents | (12,502) | (14,754) | |||||||||||
| Amortization of above- and below-market lease values, net | (6,731) | (1,503) | |||||||||||
| Amortization of deferred financing costs and debt discount and premium | 45,578 | 48,093 | |||||||||||
| Equity method (earnings) losses | 219,137 | (34,140) | |||||||||||
| Distributions of income from equity method investments | 54,744 | 34,924 | |||||||||||
| Provision for loan loss | 15,003 | 13,933 | [1] | 18,614 | 19,308 | [1] | |||||||
| Allowance for doubtful accounts | 4,419 | 22,104 | |||||||||||
| Impairment of real estate and intangibles | 110,317 | 223,232 | |||||||||||
| Equity-based compensation | 14,929 | 21,566 | |||||||||||
| Change in fair value of contingent consideration—Internalization | 0 | (1,730) | |||||||||||
| Gain on sales of real estate, net | (58,925) | (61,146) | |||||||||||
| Payments of cash collateral on derivative, net of cash received | (106,399) | 0 | |||||||||||
| Deferred income tax expense (benefit) | 247 | (45,181) | |||||||||||
| Other (gain) loss, net | 137,300 | (102,324) | |||||||||||
| Increase in other assets and due from affiliates | (16,351) | (52,562) | |||||||||||
| Decrease in accrued and other liabilities and due to affiliates | (16,978) | (26,999) | |||||||||||
| Other adjustments, net | (4,209) | 919 | |||||||||||
| Net cash provided by operating activities | 139,151 | 211,380 | |||||||||||
| Cash Flows from Investing Activities | |||||||||||||
| Contributions to and acquisition of equity investments | (116,520) | (189,198) | |||||||||||
| Return of capital from equity method investments | 118,548 | 230,128 | |||||||||||
| Acquisition of loans receivable and debt securities | (771) | (82,477) | |||||||||||
| Net disbursements on originated loans | (40,415) | (88,543) | |||||||||||
| Repayments of loans receivable | 226,888 | 57,434 | |||||||||||
| Proceeds from sales of loans receivable and debt securities | 28,920 | 125,733 | |||||||||||
| Cash receipts in excess of accretion on purchased credit-impaired loans | 10,145 | 44,155 | |||||||||||
| Acquisition of and additions to real estate, related intangibles and leasing commissions | (1,590,459) | (542,572) | |||||||||||
| Proceeds from sales of real estate | 147,990 | 316,000 | 442,657 | 428,562 | |||||||||
| Proceeds from paydown and maturity of debt securities | 6,038 | 27,038 | |||||||||||
| Cash and restricted cash contributed to Colony Credit | 0 | (141,153) | |||||||||||
| Proceeds from sale of equity investments | 28,163 | 89,115 | |||||||||||
| Proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated (Note 12) | 0 | 142,270 | |||||||||||
| Investment deposits | (20,253) | (14,224) | |||||||||||
| Net receipts (payments) on settlement of derivative instruments | 29,793 | (19,852) | |||||||||||
| Other investing activities, net | 19,076 | (3,059) | |||||||||||
| Net cash provided by (used in) investing activities | (858,190) | 63,357 | |||||||||||
| Cash Flows from Financing Activities | |||||||||||||
| Dividends paid to preferred stockholders | (54,274) | (64,208) | |||||||||||
| Dividends paid to common stockholders | (106,836) | (202,552) | |||||||||||
| Repurchase of common stock | (10,734) | (319,029) | |||||||||||
| Borrowings from corporate credit facility | 218,000 | 504,000 | |||||||||||
| Repayment of borrowings from corporate credit facility | (133,000) | (554,000) | |||||||||||
| Borrowings from secured debt | 3,026,410 | 432,408 | |||||||||||
| Repayments of secured debt | (2,396,309) | (699,178) | |||||||||||
| Payment of deferred financing costs | (54,785) | (8,176) | |||||||||||
| Contributions from noncontrolling interests | 446,936 | 405,381 | |||||||||||
| Distributions to and redemptions of noncontrolling interests | (349,811) | (242,627) | |||||||||||
| Shares canceled for tax withholdings on vested stock awards | (3,007) | (32,050) | |||||||||||
| Redemption of OP Units for cash | 0 | (2,096) | |||||||||||
| Other financing activities, net | (2,855) | (350) | |||||||||||
| Net cash provided by (used in) financing activities | 579,735 | (782,477) | |||||||||||
| Effect of exchange rates on cash, cash equivalents and restricted cash | 365 | (4,920) | |||||||||||
| Net decrease in cash, cash equivalents and restricted cash | (138,939) | (512,660) | |||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 832,730 | 1,393,920 | $ 1,393,920 | ||||||||||
| Cash, cash equivalents and restricted cash, end of period | 693,791 | 881,260 | 693,791 | 881,260 | 832,730 | ||||||||
| Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets | |||||||||||||
| Cash and cash equivalents | 461,912 | [2] | 921,822 | 921,822 | |||||||||
| Restricted cash | 364,605 | [2] | 466,912 | 466,912 | |||||||||
| Restricted cash included in assets held for sale | 6,213 | 5,186 | 5,186 | ||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 832,730 | 1,393,920 | 1,393,920 | ||||||||||
| Cash and cash equivalents | 353,984 | 480,230 | 353,984 | 480,230 | 461,912 | [2] | |||||||
| Restricted cash | 336,491 | 395,842 | 336,491 | 395,842 | 364,605 | [2] | |||||||
| Restricted cash included in assets held for sale | 3,316 | 5,188 | 3,316 | 5,188 | 6,213 | ||||||||
| Cash, cash equivalents and restricted cash, end of period | $ 693,791 | $ 881,260 | $ 693,791 | $ 881,260 | $ 832,730 | ||||||||
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Business and Organization |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Business and Organization | Business and Organization Colony Capital, Inc. (together with its consolidated subsidiaries, the "Company" and formerly, Colony NorthStar, Inc. prior to June 25, 2018) is a leading global investment management firm with $43 billion of assets under management as of June 30, 2019. The Company manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, and traded and non-traded real estate investment trusts ("REITs"). The Company has significant holdings in: (a) the healthcare, industrial and hospitality property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC) and NorthStar Realty Europe, Corp. (NYSE: NRE), which are both externally managed by subsidiaries of the Company; and (c) various other equity and debt investments. The Company was organized in May 2016 as a Maryland corporation and was formed through a tri-party merger (the "Merger") among Colony Capital, Inc. ("Colony"), NorthStar Asset Management Group Inc. ("NSAM") and NorthStar Realty Finance Corp. ("NRF") in an all-stock exchange on January 10, 2017. The Company elected to be taxed as a REIT under the Internal Revenue Code, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Colony Capital Operating Company, LLC (the "Operating Company" or the "OP"). At June 30, 2019, the Company owned 94% of the OP, as its sole managing member. The remaining 6% is owned primarily by certain current and former employees of the Company as noncontrolling interests. Strategic Asset Review In February 2019, the Company announced the implementation of a series of changes designed to enhance its corporate governance, and entered into a cooperation agreement with Blackwells Capital LLC, a stockholder of the Company. In connection with the cooperation agreement, the Company's board of directors formed a Strategic Asset Review Committee, composed solely of independent directors, to review, evaluate and make recommendations to the board on issues relating to the Company's assets and business configuration. As part of a comprehensive review undertaken by the Company, together with its Strategic Asset Review Committee and an independent advisor, which was unanimously supported by the Company’s board of directors, the Company has undertaken certain strategic initiatives intended to build on core investment management competencies while focusing on high-growth businesses. A key component of this strategic evolution was the Company’s recent acquisition of Digital Bridge Holdings LLC (“DBH”), a leading investment manager of digital infrastructure investments dedicated to the next generation of mobile and internet connectivity (Note 23), which also addresses the Company's Chief Executive Officer succession plans. These previously announced and/or completed initiatives also include the anticipated termination of the Company’s management agreement with NRE in connection with the pending sale of NRE, a corporate restructuring and reorganization plan that is on track with its cost savings objectives, the stabilization of the capital structure of the healthcare portfolio, the acquisition of a high growth Latin American private equity platform, and the formation of investment management platforms addressing innovative energy investments and a data-driven REIT public securities platform. Additionally, the Company has engaged advisors to market the Company’s multi-billion dollar industrial portfolio for sale, which may include the related management platform. There has been significant appreciation in the value of the industrial portfolio driven by favorable operating fundamentals and strong investor demand for light industrial assets. As a result, a sale of the industrial portfolio may yield a price higher than the value that may be ascribed by the market to the industrial portfolio as part of the Company's overall valuation. The Company is seeking to complete a sale by the end of 2019, however, no assurances can be made that a sale can be completed within the time frame contemplated, or at all. If a sale is completed, the Company may redeploy a portion of the proceeds into higher total return strategies (e.g., digital infrastructure, emerging markets and energy) and may further consider the reduction of corporate leverage. The planned sale of the industrial segment, including its related management platform, represents a strategic shift that will have a major effect on the Company’s operations and financial results, and has met the criteria as held for sale and discontinued operations. Accordingly, for all current and prior periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 7) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 15). Colony Credit The Company owns an approximate 36.4% interest, on a fully diluted basis, in Colony Credit Real Estate, Inc. ("Colony Credit," formerly Colony NorthStar Credit Real Estate, Inc. prior to June 25, 2018). Colony Credit was formed on January 31, 2018 through a contribution of the CLNY Contributed Portfolio (as described below), represented by the Company's ownership interests ranging from 38% to 100% in certain investment entities ("CLNY Investment Entities"), and a concurrent all-stock merger with NorthStar Real Estate Income Trust, Inc. ("NorthStar I") and NorthStar Real Estate Income II, Inc. ("NorthStar II"), both publicly registered non-traded REITs sponsored and managed by a subsidiary of the Company (the "Combination"). The CLNY Contributed Portfolio comprised the Company's interests in certain commercial real estate loans, net lease properties and limited partnership interests in third party sponsored funds, which represented a select portfolio of U.S. investments within the Company’s other equity and debt segment that were transferable assets consistent with Colony Credit's strategy. Upon closing of the Combination, the Company's management contracts with NorthStar I and NorthStar II were terminated; concurrently, the Company entered into a new management agreement with Colony Credit. Corporate Restructuring Following a strategic review process, in November 2018, the Company announced a corporate restructuring and reorganization plan aimed at reducing its annual compensation and administrative expenses over approximately the next 12 months. The restructuring plan was designed to match resources that further align the Company's increasing focus on its investment management business. In the fourth quarter of 2018, the Company incurred $19.3 million of restructuring costs, predominantly severance costs and accelerated equity-based compensation. In the first six months of 2019, an additional $0.9 million of restructuring costs were incurred.
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Summary of Significant Accounting Policies |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for financial reporting purposes. The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of the Company was adjusted to reflect the equity structure of the legal acquirer, including for any comparative periods presented. Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. Noncontrolling Interests Redeemable Noncontrolling Interests—This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company. The limited partners in the consolidated open-end fund, who represent noncontrolling interests, generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities—This represents predominantly interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable. Business Combinations Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration—Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. In April 2019, the Company acquired the private equity platform of The Abraaj Group in Latin America, which has been renamed Colony Latam Partners, for approximately $5.5 million. The acquisition was accounted for as a business combination. The Company acquired primarily management contracts and customer relationship intangible assets and limited partnership interest in a fund, with certain Abraaj employees becoming employees of the Company. Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a purchase business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criteria. The planned sale of the industrial segment, including its related management platform, represents a strategic shift that will have a major effect on the Company’s operations and financial results, and has met the criteria as held for sale and discontinued operations in June 2019. Accordingly, for all current and prior periods presented, the related assets and liabilities are presented as assets and liabilities held for sale on the consolidated balance sheets (Note 7) and the related operating results are presented as income from discontinued operations on the consolidated statement of operations (Note 15). Reclassifications In addition to reclassifications related to discontinued operations as discussed above, beginning in the fourth quarter of 2018, the portion of carried interests earned by the Company that is allocated to employees is presented as carried interest and incentive compensation on the statement of operations. Such amounts had previously been presented as net income attributable to noncontrolling interests in investment entities. For the three and six months ended June 30, 2018, reclassifications were made in the statement of operations from net income attributable to noncontrolling interests in investment entities to carried interest and incentive compensation within net income from discontinued operations of $1.1 million and $1.9 million, respectively, to conform to the current period presentation. The reclassification did not have an impact on net loss attributable to Colony Capital, Inc. and net loss attributable to common stockholders. Accounting Standards Adopted in 2019 Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases, which amended lease accounting standards. ASU 2016-02, along with several clarifying amendments were codified in Accounting Standards Codification ("ASC") Topic 842. The new standard primarily requires lessees to recognize their rights and obligations under most leases on balance sheet, to be capitalized as a right-of-use ("ROU") asset and a corresponding liability for future lease obligations. Targeted changes were made to lessor accounting, primarily to align to the lessee model and the new revenue recognition standard. ASC 842 also limits the definition of initial direct leasing costs to only the incremental costs of obtaining a lease, such as leasing commissions, for both lessee and lessor accounting. Indirect costs such as allocated overhead, certain legal fees and negotiation costs are no longer capitalized under the new standard. The application of ASC 842 on accounting for initial direct leasing costs did not have a material impact on the Company's statement of operations. The Company adopted the new lease standard and related amendments on January 1, 2019 using the modified retrospective method to leases existing or commencing on or after January 1, 2019, with a cumulative effect adjustment to beginning retained earnings. Comparative periods have not been restated and continue to be reported under the standards in effect for those prior periods. The Company applied the package of practical expedients, which exempts the Company from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company also elected the practical expedient related to land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements. The Company did not, however, elect the hindsight practical expedient to determine the lease terms for existing leases. Lessee Accounting—The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. A leasing arrangement is classified by the lessee either as a finance lease, which represents a financed purchase of the leased asset, or as an operating lease. The Company's operating leases relate primarily to ground leases in connection with its acquired real estate and leases for its corporate offices. For these ground and office leases, the Company has elected the accounting policy to combine lease and related nonlease components as a single lease component. ROU assets and lease liabilities are recognized at the lease commencement date based upon the present value of lease payments over the lease term. The ROU assets also include capitalized initial direct costs offset by lease incentives. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation or increases in property fair value, (ii) hotel ground leases with rental payments calculated based on a percentage of revenue over contractual levels, and/or (iii) nonlease services, such as common area maintenance in net leases. Variable lease payments are not included in lease liability and are instead recognized as lease expense when incurred. The Company made the accounting policy election to recognize lease payments from short-term leases on a straight-line basis over the lease term and will not record these leases on the balance sheet. Lease renewal or termination options are factored into the lease asset and lease liability only if it is reasonably certain that the option to extend or the option to terminate would be exercised. As the implicit rate is not readily determinable in most leases, the present value of the remaining lease payments is calculated for each lease using an estimated incremental borrowing rate, which is the interest rate that the Company would have to pay to borrow over the lease term on a collateralized basis. Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases. On January 1, 2019, the Company recognized operating lease ROU assets totaling $143.7 million in other assets and corresponding operating lease liabilities totaling $126.8 million in accrued and other liabilities for ground leases in its real estate portfolio and corporate office leases. There was no impact to beginning equity as a result of adoption related to lessee accounting as the difference between the asset and liability balance is attributable to the derecognition of pre- existing balances, including straight-line rent, lease incentives, prepaid or deferred rent and ground lease obligation intangibles. Lessor Accounting—The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. The Company has operating leases with property tenants that expire at various dates through 2038 with renewal options typically exercised at the lessee's election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. Lease revenue is composed of rental income, which includes the effect of minimum rent increases and rent abatements, resident fee income from healthcare properties, and tenant reimbursements, such as common area maintenance costs and other costs associated with the leases. As lessor, the Company made the accounting policy election to treat the lease and nonlease components in a contract as a single component to the extent that the timing and pattern of transfer are similar for the lease and nonlease components and the lease component qualifies as an operating lease. Nonlease components of tenant reimbursements for net leases and resident fee income qualify for the practical expedient to be combined with their respective lease component and accounted for as a single component under the lease standard as the lease component is predominant. Lease revenue is recognized on a straight-line basis over the remaining lease term and is included in property operating income on the consolidated statements of operations. The Company receives variable lease revenues from tenant reimbursements and resident fee income from ancillary services provided to nursing home residents. Under ASC 842, lessors are required to evaluate the collectability of all operating lease payments based upon the creditworthiness of the lessee. Lease revenue is recognized only to the extent collection of all rents over the life of the lease is determined to be probable. If collection is subsequently determined to no longer be probable, any previously accrued lease revenue that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease revenue and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. Upon adoption of ASC 842, the Company determined that collection of certain operating lease receivables, net of existing allowance for bad debts, is not probable and recorded a cumulative adjustment of $4.5 million to reduce beginning equity. Beginning January 1, 2019, the Company also made the accounting policy election to present on a net basis sales and similar taxes assessed by a governmental authority that is imposed on specific lease revenue producing transactions with related collections from lessees. Property taxes and insurance paid directly by lessees to third parties on behalf of the Company are no longer recognized in the statement of operations, while such amounts paid by the Company and reimbursed by lessees continue to be presented as gross property operating income and expenses. Hedge Accounting In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities, which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation. The Company adopted the standard on its effective date of January 1, 2019. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company records the entire change in fair value of the hedging instrument (other than amounts excluded from assessment of hedge effectiveness for net investment hedges) in other comprehensive income and no hedge ineffectiveness is recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company has elected to perform effectiveness testing qualitatively so long as the Company can reasonably support an expectation that the hedge is highly effective now and in subsequent periods. As the standard allows more flexibility in hedging interest rate risk in cash flow hedges beyond a specified benchmark rate, the Company may be able to designate in the future other contractually specified variable interest rate as the hedged risk, which if effective, could decrease fluctuations in earnings. There was no impact to the Company's financial condition and results of operations upon adoption of this standard. Future Application of Accounting Standards Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses, followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as ASC Topic 326. The multiple existing incurred loss models are replaced with a lifetime current expected credit loss ("CECL") model for off-balance sheet credit exposures that are not unconditionally cancellable by the lender and financial instruments carried at amortized cost, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in sales-type and direct financing leases, reinsurance and trade receivables. Targeted changes are also made to the impairment model of available-for-sale ("AFS") debt securities which are not within the scope of CECL. The CECL model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experience, current conditions and the effects of a reasonable and supportable expectation of changes in future macroeconomic conditions. For collateralized financial assets, measurement of credit losses under CECL is based on fair value of the collateral if foreclosure is probable or if the collateral-dependent practical expedient is elected for financial assets expected to be repaid substantially through operation or sale of the collateral when the borrower is experiencing financial difficulty. ASC 326 also requires expanded disclosures on credit risk, including credit quality indicators by vintage of financing receivables. Transitional relief is provided through the ability, upon adoption of the new standard, to elect the fair value option for eligible financial instruments within the scope of the new standard, except for HTM and AFS debt securities. Transition will generally be on a modified retrospective basis, including the election of the fair value option, with a cumulative effect adjustment to beginning retained earnings, except for prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASC 326 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company will adopt the new standard on its effective date of January 1, 2020. The Company expects that recognition of allowance for credit losses under the CECL model will generally be accelerated as it encompasses credit losses over the full remaining expected life of the affected financial instruments. The extent of any changes in allowance for credit losses will depend upon the composition and risk characteristics of the Company's financial instrument portfolio that are within the scope of ASC 326 at adoption date, and conditions prevailing and forecasted at that time. Evaluation of the impact of ASC 326 to the Company is ongoing. Fair Value Disclosures In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the net asset value ("NAV") practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. ASU No. 2018-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted in an interim period for which financial statements have not been issued, and may be made only to provisions that eliminate or modify existing disclosures. The adoption of this standard is not expected to have a material effect on the Company's existing disclosures. Variable Interest Entities In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities. The ASU amends the VIE guidance to align, throughout the VIE model, the evaluation of a decision maker's or service provider's fee held by a related party, whether or not they are under common control, in both the assessment of whether a fee qualifies as a variable interest and the determination of a primary beneficiary. Specifically, a decision maker or service provider considers interests in a VIE held by a related party under common control only if it has a direct interest in that related party under common control and considers such indirect interest in the VIE held by the related party under common control on a proportionate basis, rather than in its entirety. Transition is 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 for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted in an interim period for which financial statements have not been issued. The Company is currently evaluating the impact of this new guidance but does not expect the adoption of this standard to have a material effect on its financial condition or results of operations.
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Real Estate |
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| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate | Real Estate The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 7.
Real Estate Sales Results from sales of real estate, including discontinued operations, were as follows:
Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions, excluding any real estate acquired as part of business combinations. Light and bulk industrial properties acquired, as presented below, form part of the industrial segment which is classified as held for sale.
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Depreciation and Impairment Depreciation expense on real estate, excluding amounts related to discontinued operations (Note 15), was $92.7 million and $89.3 million for the three months ended June 30, 2019 and 2018, respectively, and $184.9 million and $185.2 million and for the six months ended June 30, 2019 and 2018, respectively. Refer to Note 11 for a discussion of impairment on real estate. Property Operating Income Property operating income presented below excludes amounts related to discontinued operations (Note 15). For the three and six months ended June 30, 2018, property operating income was composed of $187.1 million and $390.1 million of total lease revenue, respectively, and $331.9 million and $615.9 million of hotel operating income, respectively. For the three and six months ended June 30, 2019, the components of property operating income were as follows:
Future Fixed Lease Payments At June 30, 2019, future fixed lease payments under noncancelable operating leases for real estate held for investment were as follows:
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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:
Commitments and Contractual Obligations Purchase Commitments—At June 30, 2019, the Company had funded aggregate deposits of $13.1 million with remaining unfunded purchase commitments totaling $171.8 million for the acquisition of eight light industrial buildings which are under construction. These are real estate acquisitions in the industrial segment and will be classified as held for sale upon closing. Guarantee Agreements—In July 2017, the Company and certain investment vehicles managed by the Company took control of a portfolio of limited service hotels, primarily located across the Southwest and Midwest U.S. (the "THL Hotel Portfolio") through a consensual foreclosure following maturity default by the borrower on the junior mezzanine loan owned by the Company. In connection with the foreclosure, the Company entered into guarantee agreements with various hotel franchisors, pursuant to which the Company guaranteed the payment of its obligations as a franchisee, including payments of franchise fees and marketing fees for the term of the agreements, which expire between 2027 and 2032. In the event of default or termination of the franchise agreements, the Company is liable for liquidated damages not to exceed $75 million. The Company had similar provisions related to its core hotel portfolio in the hospitality segment, but has met the required minimum payments under the respective franchise agreements and no longer has an obligation to the franchisors.
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Loans Receivable |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Receivable | Loans Receivable The following table provides a summary of the Company’s loans held for investment, including PCI loans:
Nonaccrual and Past Due Loans Non-PCI loans, excluding loans carried at fair value, that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses:
Troubled Debt Restructuring During the six months ended June 30, 2019 and 2018, there were no loans modified in a troubled debt restructuring ("TDR"), in which the Company provided borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. At both June 30, 2019 and December 31, 2018, the Company had one existing TDR loan that was in maturity default, with a carrying value before allowance for loan loss of $37.8 million and an allowance for loan loss of $26.1 million and $12.8 million as of June 30, 2019 and December 31, 2018, respectively. The Company has no additional lending commitment on this TDR loan. Non-PCI Impaired Loans Non-PCI loans, excluding loans carried at fair value, are identified as impaired when it is no longer probable that interest or principal will be collected according to the contractual terms of the original loan agreement. Non-PCI impaired loans include predominantly loans under nonaccrual, performing and nonperforming TDRs, as well as loans in maturity default. The following table summarizes non-PCI impaired loans:
The average carrying value and interest income recognized on non-PCI impaired loans were as follows.
Purchased Credit-Impaired Loans PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected, which represents the nonaccretable difference, is not recognized as an adjustment of yield, loss accrual or valuation allowance. Factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans. There were no PCI loans acquired in the six months ended June 30, 2019 and 2018. Changes in accretable yield of PCI loans were as follows:
The Company applied either the cash basis or cost recovery method for recognition of interest income on PCI loans with carrying value before allowance for loan losses of $172.4 million at June 30, 2019 and $175.6 million at December 31, 2018, as the Company did not have reasonable expectations of the timing and amount of future cash receipts on these loans. Allowance for Loan Losses On a periodic basis, the Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, financial and operating capability of the borrower or sponsor, as well as amount and status of any senior loan, where applicable. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, liquidation value of collateral properties, financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. Allowance for loan losses represents the estimated probable credit losses inherent in loans receivable at balance sheet date and is generally measured as the difference between the carrying value of the loan and either the present value of cash flows expected to be collected or an observable market price for the loan. For PCI loans, provision for loan losses is recorded if it is assessed that decreases in cash flows expected to be collected would result in a decrease in the estimated fair value of the loan below its amortized cost. The allowance for loan losses and related carrying values of loans held for investment were as follows:
Changes in allowance for loan losses are presented below:
Provision for loan losses by loan type is as follows:
Lending Commitments The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At June 30, 2019, total unfunded lending commitments was $201.8 million, of which the Company's share was $94.6 million, net of amounts attributable to noncontrolling interests.
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Equity and Debt Investments |
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| 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:
Equity Investments The Company's equity investments represent noncontrolling equity interests in various entities, including investments for which fair value option was elected. Equity Method Investments The Company owns significant interests in Colony Credit and NRE, both publicly-traded REITs that it manages. The Company accounts for its investments under the equity method as it exercises significant influence over operating and financial policies of these entities through a combination of its ownership interest, its role as the external manager and board representation, but does not control these entities. The Company also owns equity method investments that are structured as joint ventures with one or more private funds or other investment vehicles managed by the Company, or with third party joint venture partners. These investment ventures are generally capitalized through equity contributions from the members and/or leveraged through various financing arrangements. The Company elected the fair value option to account for its interests in certain investment ventures and limited partnership interests in third party private equity funds (Note 11). The liabilities of the equity method investment entities may only be settled using the assets of these entities and there is no recourse to the general credit of either the Company or the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance. The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below:
__________
In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted.
Impairment of Equity Method Investments The Company evaluates its equity method investments for other-than-temporary impairment at each reporting period. Impairment totaling $247.8 million and $250.4 million were recorded in equity method earnings for the three and six months ended June 30, 2019, respectively, driven by impairment on the Company's investment in Colony Credit, as discussed below. Other impairments resulted from a change in the Company's strategy as the Company terminated its future capital commitments to an investee, and separately, a write-down based upon a pending sale of the underlying real estate held by the investee. Impairment of $16.5 million was recorded during the three and six months ended June 30, 2018. In making its assessment, the Company considered a variety of factors and assumptions specific to each investment, including: offer prices on the Company's investment; expected payoffs from sales of the underlying business of the investee; or estimated enterprise value of the investee. Colony Credit—In January 2018, the Company deconsolidated the CLNY Contributed Entities and measured its interest in Colony Credit based upon its proportionate share of Colony Credit's estimated fair value at the closing date of the Combination. The excess of fair value over carrying value of the Company's equity interest in the CLNY Investment Entities upon deconsolidation of $9.9 million was recognized in other gain on the consolidated statement of operations in the three months ended March 31, 2018. Since Colony Credit began trading on February 1, 2018 through June 30, 2019, Colony Credit's common stock had traded between $15.10 and $23.23 per share. During this period, the carrying value of the Company's investment in Colony Credit ranged between $24.74 per share at inception and $21.43 at March 31, 2019. Based upon Colony Credit's closing stock price of $15.50 per share on June 28, 2019, the last trading day of the second quarter, the carrying value of the Company's investment in Colony Credit was $227.9 million in excess of its market value of $743.0 million. In connection with the preparation and review of the Company's financial statements, given the prolonged period of time that the carrying value of the Company's investment in Colony Credit has exceeded its market value, the Company determined that its investment in Colony Credit was other-than-temporarily impaired and recorded an impairment charge of $227.9 million as part of equity method loss in the second quarter of 2019. Other Equity Investments Other equity investments that do not qualify for equity method accounting consist of the following: Marketable Equity Securities—These are primarily equity investment in a third party managed mutual fund and publicly traded equity securities held by a consolidated private open-end fund. The equity securities of the consolidated fund comprise listed stocks predominantly in the U.S. and to a lesser extent, in the United Kingdom, and primarily in the financial, real estate and consumer sectors. Investment Ventures—This represents primarily common equity in the Albertsons/Safeway supermarket chain (with 50% ownership by a co-investment partner) which was initially recorded at cost and prior to 2018, adjusted for distributions in excess of cumulative earnings. There were no adjustments for any impairment or observable price changes. Private Funds and Non-Traded REIT—This represents interests in a Company-sponsored private fund and a non-traded REIT, NorthStar Healthcare Income, Inc. ("NorthStar Healthcare"), and limited partnership interest in a third party private fund sponsored by an equity method investee, for which the Company elected the NAV practical expedient (see Note 11). Investment Commitments Investment Ventures—Pursuant to the operating agreements of certain unconsolidated ventures, the venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the venture entities. The Company also has lending commitments under ADC arrangements which are accounted for as equity method investments. At June 30, 2019, the Company’s share of these commitments was $12.8 million. Private Funds—At June 30, 2019, the Company has unfunded commitments of $270.9 million to funds sponsored or co-sponsored by the Company that are accounted for as equity method investments. Debt Securities The Company's investment in debt securities is composed of N-Star CDO Bonds, classified as AFS and commercial mortgage-backed securities (“CMBS”) held by a consolidated sponsored investment company that is currently in liquidation, accounted for at fair value through earnings. AFS Debt Securities The N-Star CDO bonds are investment-grade subordinate bonds retained by NRF from its sponsored collateralized debt obligations ("CDOs"), and CDO bonds originally issued by NRF that were subsequently repurchased by NRF at a discount. These CDOs are collateralized primarily by commercial real estate ("CRE") debt and CRE securities. The following tables summarize the balance and activities of the N-Star CDO bonds.
Results from disposition of N-Star CDO bonds, with realized gains (losses) recorded in other gain (loss), were as follows for the three and six months ended June 30, 2018. There were no dispositions in the three and six months ended June 30, 2019.
Impairment of AFS Debt Securities The following table presents AFS debt securities that have been in a gross unrealized loss position:
The Company performs an assessment, at least quarterly, to determine whether a decline in fair value below amortized cost of AFS debt securities is other than temporary. Other-than-temporary impairment ("OTTI") exists when either (i) the holder has the intent to sell the impaired security, (ii) it is more likely than not the holder will be required to sell the security, or (iii) the holder does not expect to recover the entire amortized cost of the security. In assessing OTTI and estimating future expected cash flows, factors considered include, but are not limited to, credit rating of the security, financial condition of the issuer, defaults for similar securities, performance and value of assets underlying an asset-backed security. The Company recorded $0.7 million of OTTI loss in other gain (loss) for both the three and six months ended June 30, 2019, and $1.3 million and $7.2 million for the three and six months ended June 30, 2018, respectively. The losses were due to an adverse change in expected cash flows on N-Star CDOs, and CMBS held by consolidated N-Star CDOs which were subsequently deconsolidated in the second quarter of 2018. The Company believed that it was not likely that it would recover the amortized cost on these securities prior to selling them. At June 30, 2019 and December 31, 2018, the Company believed that the N-Star CDOs with unrealized loss in accumulated other comprehensive income were not other than temporarily impaired as it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.
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Goodwill, Deferred Leasing Costs and Other Intangibles |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill, Deferred Leasing Costs and Other Intangibles | Goodwill, Deferred Leasing Costs and Other Intangibles Goodwill Goodwill balance of $1.5 billion at June 30, 2019 and December 31, 2018 resides in the investment management segment. Goodwill assigned to the industrial segment of $20.0 million is classified as held for sale (Note 7). Goodwill is assessed for impairment at the Company's operating segments or one level below. The Company performs its annual impairment test in the fourth quarter of each year. Based upon the Company's most recent annual impairment test in 2018, the Company determined that its investment management goodwill was not impaired. Additionally, no impairment was recognized on the investment management goodwill during the six months ended June 30, 2019. Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for sale, are as follows:
__________
Impairment There was no impairment of identifiable intangible assets during the three and six months ended June 30, 2019. The following impairment losses were recognized during the year ended December 31, 2018: Investment Management Contracts—$147.4 million of impairment was recorded on investment management contract intangibles related to non-traded REITs. This consisted of $139.0 million write-off of the NorthStar I and NorthStar II management contract intangibles as the contracts were terminated upon closing of the Combination, and $1.4 million write off of the management contract intangible of the Company's sponsored non-traded REIT, NorthStar/RXR New York Metro Real Estate, Inc., in consideration of the termination of its offering period effective March 2018 and subsequent liquidation, both of which were recorded in the first quarter of 2018, and $7.0 million impairment in the third quarter of 2018 on the NorthStar Healthcare management contract intangible which was valued based upon future net cash flows, discounted at 10%. Customer Relationships—In the fourth quarter of 2018, the remaining value of the retail customer relationship intangible of $10.1 million was written off based on a reassessment of future capital raising for retail vehicles. Trade Name—In June 2018, the Company changed its name from Colony NorthStar, Inc. to Colony Capital, Inc. and wrote off the remaining value of the NorthStar trade name of $59.5 million. Amortization of Intangible Assets and Liabilities The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 15):
The following table presents the effect of future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale:
__________ (1) Excludes $10.8 million net increase to rental income and $150.2 million amortization expense related to deferred leasing costs and intangible assets and liabilities of the industrial segment that is held for sale.
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Assets and Related Liabilities Held For Sale |
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| 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:
Assets and Liabilities Related to Discontinued Operations At June 30, 2019 and December 31, 2018, assets totaling $4.4 billion and $3.0 billion, respectively, and liabilities totaling $2.1 billion and $1.2 billion, respectively, in connection with the industrial segment and related management platform, were classified as held for sale and discontinued operations. The industrial assets held for sale consisted primarily of real estate and related intangible assets of $4.3 billion at June 30, 2019 and $2.9 billion at December 31, 2018, as well as goodwill associated with the industrial management platform and the Company's general partner interest in the industrial open-end fund, as presented in the table above. Debt classified as held for sale represents all outstanding debt of the industrial segment which is expected to be assumed by the buyer upon sale. At June 30, 2019, the outstanding debt of the industrial segment was composed of $1.2 billion fixed rate and $0.8 billion variable rate, bearing an overall weighted average interest rate of 3.87%, and weighted average remaining maturity of 7.8 years.Discontinued OperationsAll of discontinued operations for 2019 and most of discontinued operations for 2018 represent the results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from the Company's general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. The first half of 2018 also includes loss from discontinued operations of $0.2 million related to certain properties in the THL Hotel Portfolio acquired in July 2017 that qualified as held for sale at the time of foreclosure. Such properties were fully disposed of in the second quarter of 2018. Income (loss) from discontinued operations is presented below.
__________ (1) Includes equity-based compensation of $0.7 million for both the three months ended June 30, 2019 and 2018, and $1.4 million and $1.1 million for the six months ended June 30, 2019 and 2018, respectively.
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Restricted Cash, Other Assets and Other Liabilities |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
__________
Other Assets The following table summarizes the Company's other assets:
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Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities:
__________
(2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is expected to be assumed by the buyer and included in liabilities related to assets held for sale (Note 7).
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.
__________
Corporate Credit Facility On January 10, 2017, the OP entered into an amended and restated credit agreement (the “Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent. The Credit Agreement provided a secured revolving credit facility in the maximum principal amount of $1.0 billion, with an option to increase up to $1.5 billion, subject to agreement of existing or substitute lenders to provide the additional loan commitment and satisfaction of customary closing conditions. The credit facility is scheduled to mature in January 2021, with two 6-month extension options, each subject to a fee of 0.10% of the commitment amount upon exercise. In April 2019, the Credit Agreement was amended to reduce the aggregate commitments available from $1.0 billion to $750 million, and the option to increase the borrowing commitments, subject to agreement by the lenders and customary closing conditions, from $1.5 billion to $1.125 billion. The amendment also provides that the Company may operate at below the minimum fixed charge coverage ratio, as defined in the Credit Agreement, for a reduced valuation of the borrowing base, and establishes a new floor for the minimum fixed charge coverage ratio beginning fiscal quarter ended March 31, 2019. The maximum amount available at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value or a multiple of base management fee EBITDA (as defined in the Credit Agreement). Advances under the Credit Agreement accrue interest at a per annum rate equal to the sum of one-month London Inter-bank Offered Rate ("LIBOR") plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25%. The Company pays a commitment fee of 0.25% or 0.35% per annum of the unused amount (0.35% at June 30, 2019), depending upon the amount of facility utilization. Some of the Company’s subsidiaries guarantee the obligations of the Company under the Credit Agreement. As security for the advances under the Credit Agreement, the Company and some of its affiliates pledged their equity interests in certain subsidiaries through which the Company directly or indirectly owns substantially all of its assets. The Credit Agreement contains various affirmative and negative covenants, including financial covenants that require the Company to maintain minimum tangible net worth, liquidity levels and financial ratios, as defined in the Credit Agreement. At June 30, 2019, the Company was in compliance with all of the financial covenants. The Credit Agreement also includes customary events of default, in certain cases subject to reasonable and customary periods to cure. The occurrence of an event of default may result in the termination of the credit facility, accelerate the Company’s repayment obligations, in certain cases limit the Company’s ability to make distributions, and allow the lenders to exercise all rights and remedies available to them with respect to the collateral. There have been no events of default since the inception of the credit facility. Convertible and Exchangeable Senior Notes Convertible senior notes and exchangeable senior notes are senior unsecured obligations of the Company and are guaranteed by the Company on a senior unsecured basis. Convertible and exchangeable senior notes issued by the Company and outstanding are as follows:
__________
The convertible and exchangeable senior notes mature on their respective due dates, unless redeemed, repurchased or exchanged prior to such date in accordance with the terms of their respective governing documents. The convertible and exchangeable senior notes are redeemable at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date. The Company may redeem the convertible notes for cash at its option at any time on or after their respective redemption dates if the last reported sale price of the Company's common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The exchangeable notes may be exchanged for cash, common stock or a combination thereof, at the Company's election, upon the occurrence of specified events, and at any time on or after their respective redemption dates, and on the second business day immediately preceding their maturity dates. The holders of the exchangeable notes have the right, at their option, to require the Company to repurchase the exchangeable notes for cash on certain specific dates in accordance with the terms of their respective governing documents. Secured and Unsecured Debt These are primarily investment level financing, which are generally subject to customary non-recourse carve-outs, secured by underlying commercial real estate and mortgage loans receivable. Junior Subordinated Debt The junior subordinated debt was assumed by the Company through the Merger at fair value. Prior to the Merger, subsidiaries of NRF, which were formed as statutory trusts, NorthStar Realty Finance Trust I through VIII (the “Trusts”), issued trust preferred securities ("TruPS") in private placement offerings. The sole assets of the Trusts consist of a like amount of junior subordinated notes issued by NRF at the time of the offerings (the "Junior Notes"). The Company may redeem the Junior Notes at par, in whole or in part, for cash, after five years. To the extent the Company redeems the Junior Notes, the Trusts are required to redeem a corresponding amount of TruPS. The ability of the Trusts to pay dividends depends on the receipt of interest payments on the Junior Notes. The Company has the right, pursuant to certain qualifications and covenants, to defer payments of interest on the Junior Notes for up to six consecutive quarters. If payment of interest on the Junior Notes is deferred, the Trusts will defer the quarterly distributions on the TruPS for a corresponding period. Additional interest accrues on deferred payments at the annual rate payable on the Junior Notes, compounded quarterly.
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Derivatives |
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| 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:
Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral. The Company had cash collateral on deposit of $116.7 million at June 30, 2019 and $0.8 million at December 31, 2018, included in other assets. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at June 30, 2019, along with certain key terms:
Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures were €601.4 million and £234.4 million, or a total of $1.0 billion at June 30, 2019, and €614.0 million and £235.7 million, or a total of $1.0 billion at December 31, 2018. The Company entered into foreign exchange contracts to hedge the foreign currency exposure of certain investments in foreign subsidiaries or equity method joint ventures, designated as net investment hedges, as follows:
Foreign exchange contracts are used to protect the Company’s foreign denominated investments from adverse foreign currency fluctuations, with notional amounts and termination dates based upon the anticipated return of capital from the investments. Release of accumulated other comprehensive income ("AOCI") related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to other gain (loss) as summarized below.
Non-Designated Hedges At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments. Any unrealized gain or loss on the dedesignated portion of net investment hedges is recorded in other gain (loss).
Interest Rate Contracts The Company uses various interest rate contracts, some of which may be designated as cash flows hedges, to limit its exposure to changes in interest rates on various floating rate debt obligations. At June 30, 2019, the Company held the following interest rate contracts:
__________
The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts:
Forward Contracts and Performance Swaps During December 2018 and January 2019, the Company entered into a series of forward contracts on a portfolio of shares in a real estate mutual fund with a counterparty in an aggregate notional amount of $100 million with a one year term to be settled, at the election of the Company, in cash or through delivery of the mutual fund shares. Concurrently with the forward contracts, the Company entered into a series of swap transactions with the same counterparty to pay the return of the Dow Jones U.S. Select REIT Total Return Index. The forward and swap transactions required a combined collateral deposit of $12 million, subject to daily net settlements in net fair value changes in excess of a predetermined threshold. The forwards and swaps are not designated as hedges for accounting purposes and are subject to fair value adjustments through earnings. For the three and six months ended June 30, 2019, fair value loss in the forwards of $1.1 million and $12.4 million, respectively, and fair value gain on the swaps of $1.0 million and $3.6 million, respectively, are included in other gain (loss) in the Company’s statement of operations. The Company’s investment in the mutual fund is carried at fair value and is included in equity and debt investments on the balance sheet. Unrealized gain on the mutual fund shares of $1.1 million and $12.9 million for the three and six months ended June 30, 2019, respectively, is included in other gain (loss). Offsetting Assets and Liabilities The Company enters into agreements subject to enforceable master netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets. The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty.
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Fair Value |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | Fair Value Recurring Fair Values The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected, but excluding financial assets under the NAV practical expedient, categorized into the following three tier hierarchy: Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3—At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate.
Equity Method Investments Equity method investments for which fair value option was elected are carried at fair value on a recurring basis. Fair values are determined using either discounted cash flow models based on expected future cash flows for income and realization events of the underlying assets, applying revenue multiples, based on transaction price for recently acquired investments, or pending or comparable market sales price on an investment, as applicable. In valuing the Company's investment in third party private equity funds, the Company considers cash flows provided by the general partners of the funds and the implied yields of the funds. The Company has not elected the practical expedient to measure the fair value of its investments in these private equity funds using NAV of the underlying funds. Fair value of equity method investments are classified as Level 3 of the fair value hierarchy, unless investments are valued based on contracted sales prices which are classified as Level 2 of the fair value hierarchy. Changes in fair value of equity method investments under the fair value option are recorded in equity method earnings. Marketable Equity Securities Marketable equity securities consist primarily of investment in a third party managed mutual fund and equity securities held by a consolidated fund. These marketable equity securities are valued based on listed prices in active markets and classified as Level 1 of the fair value hierarchy. Debt Securities N-Star CDO bonds—Fair value of N-Star CDO bonds are determined internally based on recent trades, if any with such securitizations, the Company's knowledge of the underlying collateral and are determined using an internal price interpolated based on third party prices of the senior N-Star CDO bonds of the respective CDOs. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy. CMBS of consolidated fund—Fair value is determined based on broker quotes or third party pricing services, classified as Level 2 of the fair value hierarchy. Derivatives Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider, except for exchange traded futures contracts which are Level 1 fair values. Quotations on over-the-counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Other Liabilities—Contingent Consideration for THL Hotel Portfolio In connection with the consensual foreclosure of the THL Hotel Portfolio (Note 3), contingent consideration is payable to the former preferred equity holder of the borrower in an amount up to $13.0 million. Fair value of the contingent consideration is measured using discounted cash flows based on the probability of the former preferred equity holder receiving such payment. Level 3 Recurring Fair Value Measurements Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows.
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The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income.
Transfers of Level 3 Assets and Liabilities Transfers of assets and liabilities into or out of Level 3 are presented at their fair values as measured at the end of the reporting period. Assets transferred out of Level 3 represent investments in third party private equity funds that were valued based on their contracted sales price in June 2018. Liabilities transferred out of Level 3 represent dividends earned on the final number of shares of class A common stock and OP Units determined as of June 30, 2018, the end of the measurement period of the contingent consideration associated with the Internalization, and which were paid out in August 2018. Securitized Loans and Securitized Bonds Payable Prior to May 2018, the Company had elected the fair value option for loans receivable and bonds payable issued by a securitization trust that was consolidated by a N-Star CDO. The N-Star CDO was in turn consolidated by the Company. In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO along with the securitization trust consolidated by the N-Star CDO. Prior to deconsolidation, the Company had adopted the measurement alternative to measure the fair value of the loans receivable held by the securitization trust using the fair value of the bonds payable issued by the securitization trust as the latter represented the more observable fair value. As such, the net gain or loss that was reflected in earnings was limited to changes in fair value of the beneficial interest held by the Company in the previously consolidated securitization trust, and not as a result of a remeasurement of the loans receivable and bonds payable held by third parties in the previously consolidated securitization trust. Fair value of the bonds payable issued by the securitization trust was determined based on broker quotes, which were generally derived from unobservable inputs, and therefore classified as Level 3 of the fair value hierarchy. Correspondingly, the fair value of the loans receivable held by the securitization trust was also classified as Level 3. Due To Affiliates—Contingent Consideration for Internalization In connection with the Company's acquisition of the investment management business and operations of its former manager in April 2015 (the "Internalization"), contingent consideration is payable to certain senior management personnel of the Company. The contingent consideration is payable in a combination of shares of class A common stock, shares of class B common stock and OP Units, measured based on multi-year performance targets for achievement of a contractually-defined funds from operations ("Benchmark FFO") per share target, as well as real estate and non-real estate capital-raising thresholds from the funds management business, to the extent these targets are met. If the minimum performance target for either of these metrics is not met or exceeded, a portion of the contingent consideration paid in respect of the other metric would not be paid out in full. Prior to June 30, 2018, the contingent consideration had been remeasured at fair value using a third party valuation service provider and classified as Level 3 of the fair value hierarchy, with the change in fair value recorded in other gain (loss). Fair value of the contingent consideration was measured using a Monte Carlo probability simulation model for the Benchmark FFO component and a discounted payout analysis based on probabilities of achieving prescribed targets for the capital-raising component, adjusted for certain targets that had not been met and that had expired. The Company's class A common stock price and related equity volatilities were applied to convert the contingent consideration payout into shares. At June 30, 2018, the end of the measurement period, the contingent consideration was settled with certain senior management personnel of the Company in a combination of approximately 15,000 shares of class A common stock, 40,000 shares of class B common stock and 1.95 million OP Units. At June 30, 2018, as the contingency was resolved and the number of shares and units to be issued was no longer variable, the payable of $12.5 million, valued based on the closing price of the Company's class A common stock on June 29, 2018, the last trading day of the second quarter, was reclassified out of liabilities into equity, while the associated dividends payable of approximately $6.4 million remained in liabilities. The contingent consideration and associated dividends were fully settled in August 2018. Investments Carried at Fair Value Using Net Asset Value Investments in a Company-sponsored private fund and a non-traded REIT, and limited partnership interest in a third party private fund are valued using NAV of the respective vehicles.
The Company's interests in the private funds are not subject to redemption, with distributions to be received through liquidation of underlying investments of the funds. The private funds each have eight and ten year lives, respectively, at inception, both of which may be extended in one year increments up to two years. No secondary market currently exists for shares of the non-traded REIT and the Company does not currently expect to seek liquidity of its shares of the non-traded REIT. Subject to then-existing market conditions, the board of directors of the non-traded REIT, along with the Company, as sponsor, expects to consider alternatives for providing liquidity to the non-traded REIT shares beginning five years from completion of the offering stage in January 2016, but with no definitive date by which it must do so. In addition, the Company has agreed that any right to have its shares redeemed is subordinated to third party stockholders for so long as its advisory agreement is in effect. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment. The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment.
The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented.
Impairment is discussed in Note 4 for loans receivable, Note 5 for equity method investments and Note 6 for investment management intangible assets. Real Estate Held For Sale At June 30, 2019 and December 31, 2018, real estate held for sale carried at fair value consisted primarily of properties in the European portfolio, valued using either broker price opinions, or a combination of market information, including third-party appraisals and indicative selling prices, adjusted as deemed appropriate by management to account for the inherent risk associated with the properties, and net of 2% to 3% selling costs. In the second quarter of 2019, three properties in the healthcare portfolio were written down based upon a negotiated purchase option exercised by a tenant. Other significant real estate held for sale carried at fair value comprised of certain hotels in the hospitality segment for which the Company previously held a long term hold strategy but in the third quarter of 2018, adopted a sales strategy. As of June 30, 2019, certain hotels have been sold while others are classified as held for sale. Impairment was mostly recorded in 2018 when the hotels were classified as held for investment, based on broker price opinions and net of 2% to 3% selling costs. In the first six months of 2019, additional impairment was recorded on certain hotels based upon revised expected sales prices or final net proceeds from sale. Real estate held for sale carried at fair value also included U.S. multi-tenant office buildings, valued based on broker quotes, net of 2% selling costs. Additionally, at December 31, 2018, certain properties in the THL Hotel Portfolio were impaired and valued based on auction prices or contracted sales prices, net of 2% selling costs. Real Estate Held For Investment At June 30, 2019, real estate held for investment carried at fair value consisted primarily of certain net lease properties in the healthcare portfolio that were impaired based upon preliminary offers received by the Company, and certain properties in the THL Hotel Portfolio impacted by hurricanes in 2017 that were written down based upon revised insurance estimates. At December 31, 2018, real estate held for investment carried at fair value consisted of $282.4 million of healthcare properties that were impaired in the fourth quarter of 2018, driven by shorter hold periods. In the fourth quarter of 2018, the Company had reassessed the hold period on its healthcare properties, taking into consideration the Company's ability to refinance the related debt with upcoming maturities. The Company considered the possibility of shorter hold periods to be an indicator of impairment, among other factors. For properties for which indicators of impairment were identified, the Company compared their carrying values to the undiscounted future net cash flows expected to be generated by these properties over their hold periods, with terminal values estimated based on indicative capitalization rates, adjusted as appropriate for risk characteristics of each property. In performing this analysis, the Company considered the likelihood of possible outcomes under various hold period scenarios depending on its ability to refinance the related debt and applied a probability-weighted approach to different hold periods for each property. For properties where carrying value exceeded undiscounted future net cash flows, the carrying value was determined to not be recoverable. Fair values were estimated for these properties based on the income capitalization approach, using net operating income for each property and applying capitalization rates ranging from 5.5% to 11%. Impairment was measured as the excess of carrying value over fair value, totaling $212.0 million. As the impairment assessment involved subjectivity and judgment, actual results may differ if changes occur in the assumptions used and/or in market conditions and accordingly, negative changes to these variables would result in further impairment charge in the future. Other significant real estate held for investment carried at fair value at December 31, 2018 pertained to certain healthcare properties and THL Hotel Portfolio that were damaged by hurricanes or fire in 2017, and further impaired in 2018, with impairment based on estimates from insurance appraisers. Fair Value Information on Financial Instruments Reported at Cost Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below. The carrying values of cash, interest receivable, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short term nature and credit risk, if any, are negligible.
Loans Receivable—Loans receivable carried at amortized cost consist of first mortgages, subordinated mortgages and corporate loans. Fair values were determined by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. Carrying values of loans held for investment carried at amortized cost are presented net of allowance for loan losses, where applicable. Debt—Fair value of convertible notes was determined using the last trade price in active markets. Fair value of exchangeable notes was determined based on unadjusted quoted prices in a non-active market. Fair values of the corporate credit facility and secured and unsecured debt were estimated by discounting expected future cash outlays at interest rates currently available to the Company for instruments with similar terms and remaining maturities; and such fair values approximated carrying value for floating rate debt with credit spreads that approximate market rates. Fair value of junior subordinated debt was based on unadjusted quotations from a third party valuation firm, with such quotes derived using a combination of internal valuation models, comparable trades in non-active markets and other market data. Other—The carrying values of cash, due from and to affiliates, other receivables and other payables approximate fair value due to their short term nature, and credit risk, if any, are negligible.
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Variable Interest Entities |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Variable Interest Entities | Variable Interest Entities A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The following discusses the Company's involvement with VIEs where the Company is the primary beneficiary and consolidates the VIEs or where the Company is not the primary beneficiary and does not consolidate the VIEs. Operating Subsidiary The Company's operating subsidiary, OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP represent substantially all of the total consolidated assets and liabilities of the Company. Company-Sponsored Private Funds The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. Consolidated Company-Sponsored Private Fund—The Company currently consolidates a sponsored private fund in which it has more than an insignificant equity interest in the fund as general partner. As a result, the Company is considered to be acting in the capacity of a principal of the sponsored private fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to the value of its outstanding investment in the consolidated private fund of $16.7 million at June 30, 2019 and $13.2 million at December 31, 2018. The Company, as general partner, is not obligated to provide any financial support to the consolidated private fund. The consolidated private fund had total assets of $24.6 million and immaterial liabilities at June 30, 2019, and total assets of $42.7 million and total liabilities of $20.1 million at December 31, 2018. Assets are made up primarily of marketable equity securities. Unconsolidated Company-Sponsored Private Funds—The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. The Company may invest alongside certain of its sponsored private funds through joint ventures between the Company and these funds, or the Company may have capital commitments to its sponsored private funds that are satisfied directly through the co-investment joint ventures as an affiliate of the general partner. In these instances, the co-investment joint ventures are consolidated by the Company. As the Company's direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. The Company's maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated sponsored private funds, totaling $111.4 million at June 30, 2019 and $117.3 million at December 31, 2018, included within equity and debt investments and assets held for sale on the consolidated balance sheets. Securitizations The Company previously securitized loans receivable and CRE debt securities using VIEs. Upon securitization, the Company had retained beneficial interests in the securitization vehicles, usually in the form of equity tranches or subordinate securities. The Company also acquired securities issued by securitization trusts that are VIEs. The securitization vehicles were structured as pass-through entities that receive principal and interest on the underlying mortgage loans and debt securities and distribute those payments to the holders of the notes, certificates or bonds issued by the securitization vehicles. The loans and debt securities were transferred into securitization vehicles such that these assets are restricted and legally isolated from the creditors of the Company, and therefore are not available to satisfy the Company's obligations but only the obligations of the securitization vehicles. The obligations of the securitization vehicles did not have any recourse to the general credit of the Company and its other subsidiaries. Consolidated Securitizations—Prior to June 30, 2018, the Company consolidated securitization trusts for which it had a retained interest and for which it acted as special servicer or collateral manager or otherwise, its interest in the trust may have become the controlling class or directing holder. The Company's role as special servicer, collateral manager or as controlling class or directing holder provided the Company with the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, and together with the interests previously retained by the Company in the securitization vehicles, the Company was deemed to be the primary beneficiary and consolidated these securitization vehicles. As of June 30, 2018, the Company no longer has any consolidated securitization trusts. The Company contributed its interests in three consolidated securitization trusts to Colony Credit upon closing of the Combination and sold its interests in two consolidated securitization trusts to third parties in the second quarter of 2018, resulting in a deconsolidation of these securitization trusts. The Company has retained its role as special servicer or as collateral manager in these securitization trusts. However, the Company may be removed as special servicer by the controlling class interest holders and may be removed as collateral manager through a right of removal provided to the buyer. Additionally, as of June 30, 2018, the underlying assets of the Company's remaining consolidated securitization trust was liquidated. Unconsolidated Securitizations—The Company does not consolidate the assets and liabilities of CDOs in which the Company has an interest but does not retain the collateral management function. NRF had previously delegated the collateral management rights for certain sponsored N-Star CDOs and third party-sponsored CDOs to a third party collateral manager or collateral manager delegate who is entitled to a percentage of the senior and subordinate collateral management fees. The Company continues to receive fees as named collateral manager or collateral manager delegate and retained administrative responsibilities. The Company determined that the fees paid to the third party collateral manager or collateral manager delegate represent a variable interest in the CDOs and that the third party is acting as a principal. The Company concluded that it does not have the power to direct the activities that most significantly impact the economic performance of these CDOs, which include but are not limited to, the ability to sell distressed collateral, and therefore the Company is not the primary beneficiary of such CDOs and does not consolidate these CDOs. The Company’s exposure to loss is limited to its investment in these unconsolidated CDOs, comprising CDO bonds, which aggregate to $64.4 million at June 30, 2019 and $67.5 million at December 31, 2018. Trusts The Company, through the Merger, acquired the Trusts, wholly-owned subsidiaries of NRF formed as statutory trusts. The Trusts issued preferred securities in private placement offerings, and used the proceeds to purchase junior subordinated notes to evidence loans made to NRF (Note 9). The Company owns all of the common stock of the Trusts but does not consolidate the Trusts as the holders of the preferred securities issued by the Trusts are the primary beneficiaries of the Trusts. The Company accounts for its interest in the Trusts under the equity method and its maximum exposure to loss is limited to its investment carrying value of $3.7 million at June 30, 2019 and December 31, 2018, recorded in investments in unconsolidated ventures on the consolidated balance sheet. The junior subordinated notes are recorded as debt on the consolidated balance sheet.
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | Stockholders’ Equity The table below summarizes the share activities of the Company's preferred and common stock.
Preferred Stock In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets. The table below summarizes the preferred stock issued and outstanding at June 30, 2019:
All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends on each series of preferred stock of the Company are payable quarterly in arrears, in the case of the Series B and E preferred stock, in February, May, August and November, and in the case of Series G, H, I and J preferred stock, in January, April, July and October. Each series of preferred stock is redeemable on or after the earliest redemption date for that series at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option. The redemption period for each series of preferred stock is subject to the Company’s right under limited circumstances to redeem the preferred stock earlier in order to preserve its qualification as a REIT or upon the occurrence of a change of control (as defined in the articles supplementary relating to each series of preferred stock). Preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be entitled to vote, together as a single class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of each such series of preferred stock voting separately as a class for each series of preferred stock. Redemption of Preferred Stock In May 2018, the Company redeemed all of its outstanding Series D preferred stock, with settlement in July 2018. The preferred stock redemption was at $25.00 per share liquidation preference plus accrued and unpaid dividends prorated to the redemption date. The deficit of the $25.00 per share liquidation preference over the carrying value of the preferred stock redeemed resulted in an increase to net income attributable to common stockholders. Common Stock Except with respect to voting rights, class A common stock and class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class A common stock has one vote per share and class B common stock has thirty-six and one-half votes per share. This gives the holders of class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company (in the form of OP Units) attributable to class B common stock holders and therefore, does not provide any disproportionate voting rights. Class B common stock was issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was previously controlled by the Company's Chief Executive Officer. Each share of class B common stock shall convert automatically into one share of class A common stock if the Chief Executive Officer or his beneficiaries directly or indirectly transfer beneficial ownership of class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s class B common stock into an equal number of shares of class A common stock. Common Stock Repurchases During the six months ended June 30, 2019, the Company repurchased 652,311 shares of its class A common stock, at an aggregate cost of approximately $3.2 million (excluding commissions), or a weighted average price of $4.84 per share pursuant to a $300 million share repurchase program authorized by its board of directors in May 2018, and extended in May 2019 for an additional one year term. During the year ended December 31, 2018, the Company repurchased 61,417,755 shares of its class A common stock, at an aggregate cost of approximately $350.1 million (excluding commissions), or a weighted average price of $5.70 per share. These repurchases were made pursuant to the Company's share repurchase programs authorized in February 2018 and in May 2018 of $300 million each. Dividend Reinvestment and Direct Stock Purchase Plan The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves the acquisition of the Company's class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. There were no shares of class A common stock acquired under the DRIP Plan in the form of new issuances during the three and six months ended June 30, 2019 and during the year ended December 31, 2018. Accumulated Other Comprehensive Income (Loss) The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests in investment entities, net of immaterial tax effect. AOCI attributable to noncontrolling interests in Operating Company is immaterial. Changes in Components of AOCI—Stockholders
Changes in Components of AOCI—Noncontrolling Interests in Investment Entities
Reclassifications out of AOCI—Stockholders Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below:
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Noncontrolling Interests |
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| Noncontrolling Interests | Noncontrolling Interests Redeemable Noncontrolling Interests The following table presents the activity in redeemable noncontrolling interests in a consolidated open-end fund sponsored by the Company.
Noncontrolling Interests in Investment Entities These are interests in consolidated investment entities held by private investment funds managed by the Company, or by third party joint venture partners. The Company's investment in the real estate portfolio of its industrial segment is made alongside third party limited partners through a joint venture consolidated by the Company. Over time, capital contributions or redemptions from limited partners changes the Company's ownership interest in the joint venture. Limited partners are admitted or redeemed at the net asset value of the joint venture, based upon valuations determined by independent third parties, at the time of their contributions or redemptions. For the six months ended June 30, 2019 and 2018, the difference between contributions or redemptions and the respective limited partners' share of the joint venture resulted in a net increase to additional paid-in capital of $12.4 million and $21.1 million, respectively. Noncontrolling Interests in Operating Company Certain current and past employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s OP Units for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP. For the six months ended June 30, 2019, the Company redeemed 187,187 OP Units with the issuance of an equal number of shares of class A common stock on a one-for-one basis. For the year ended December 31, 2018, the Company redeemed 2,870,422 OP Units, of which 2,074,457 OP Units were redeemed in exchange for an equal number of shares of class A common stock on a one-for-one basis, and 795,965 OP Units were redeemed in exchange for cash of $4.8 million to satisfy tax obligations of OP unitholders. The redemptions included 1.0 million OP units issued for settlement of the contingent consideration in connection with the Internalization (Note 11).
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Discontinued Operations |
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| 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:
Assets and Liabilities Related to Discontinued Operations At June 30, 2019 and December 31, 2018, assets totaling $4.4 billion and $3.0 billion, respectively, and liabilities totaling $2.1 billion and $1.2 billion, respectively, in connection with the industrial segment and related management platform, were classified as held for sale and discontinued operations. The industrial assets held for sale consisted primarily of real estate and related intangible assets of $4.3 billion at June 30, 2019 and $2.9 billion at December 31, 2018, as well as goodwill associated with the industrial management platform and the Company's general partner interest in the industrial open-end fund, as presented in the table above. Debt classified as held for sale represents all outstanding debt of the industrial segment which is expected to be assumed by the buyer upon sale. At June 30, 2019, the outstanding debt of the industrial segment was composed of $1.2 billion fixed rate and $0.8 billion variable rate, bearing an overall weighted average interest rate of 3.87%, and weighted average remaining maturity of 7.8 years.Discontinued OperationsAll of discontinued operations for 2019 and most of discontinued operations for 2018 represent the results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from the Company's general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment. The first half of 2018 also includes loss from discontinued operations of $0.2 million related to certain properties in the THL Hotel Portfolio acquired in July 2017 that qualified as held for sale at the time of foreclosure. Such properties were fully disposed of in the second quarter of 2018. Income (loss) from discontinued operations is presented below.
__________ (1) Includes equity-based compensation of $0.7 million for both the three months ended June 30, 2019 and 2018, and $1.4 million and $1.1 million for the six months ended June 30, 2019 and 2018, respectively.
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Earnings per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share | Earnings per Share The following table provides the basic and diluted earnings per common share computations:
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(3) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one-for-one basis. At June 30, 2019 and 2018, there were 31,171,300 and 30,426,900 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.
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Fee Income |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fee Income | Fee Income The Company's real estate investment management platform manages capital on behalf of institutional and retail investors in private funds, and traded and non-traded REITs, for which the Company earns fee income. For investment vehicles in which the Company co-sponsors with a third party or for which the Company engages a third party sub-advisor, such fee income is shared with the respective co-sponsor or sub-advisor. Fee income for all periods presented excludes management fees from the Company's open-end industrial fund which is classified as held for sale. Such fees are included in income from discontinued operations (Note 15). The Company's fee income is earned from the following sources.
The following table presents the Company's fee income by type:
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:
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—Prior to closing of the Combination on January 31, 2018, the Company earned from NorthStar I and NorthStar II an acquisition fee of 1% of the amount funded or allocated to originate or acquire an investment, and a disposition fee of 1% to 2% of the contractual sales price for disposition of an investment. Incentive Fees—The Company may earn incentive fees from NRE and Colony Credit, determined based on the performance of the investment vehicles subject to the achievement of minimum return hurdles in accordance with the terms set out in their respective governing agreements. A portion of the incentive fees earned by the Company (generally 40% to 50%) is allocable to senior management, investment professionals and certain other employees of the Company, included in carried interest and incentive fee compensation expense. Other Fee Income—Other fees include advisory fees, licensing fee related to the Colony Capital Fundamental U.S. Real Estate Index, a rules-based strategy that invests in common stock of REITs, and prior to May 2018, selling commission and dealer manager fees through its broker-dealer platform for selling equity in certain classes of shares in the retail companies. In April 2018, the Company combined its broker-dealer platform with a third party to form a joint venture to distribute future investment products. The Company's share of earnings or losses from the joint venture is reflected in equity method earnings.
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Equity-Based Compensation |
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| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation | Equity-Based Compensation The Colony Capital, Inc. 2014 Omnibus Stock Incentive Plan (the "Equity Incentive Plan") provides for the grant of restricted stock, performance stock units ("PSUs"), Long Term Incentive Plan ("LTIP") units, RSUs, deferred stock units ("DSUs"), options, warrants or rights to purchase shares of the Company's common stock, cash incentives and other equity-based awards to the Company's officers, directors (including non-employee directors), employees, co-employees, consultants or advisors of the Company or of any parent or subsidiary who provides services to the Company. Shares reserved for the issuance of awards under the Equity Incentive Plan are subject to equitable adjustment upon the occurrence of certain corporate events, provided that this number automatically increases each January 1st by 2% of the outstanding number of shares of the Company’s class A common stock on the immediately preceding December 31st. At June 30, 2019, an aggregate of 54.4 million shares of the Company's class A common stock were reserved for the issuance of awards under the Equity Incentive Plan. Restricted Stock—Restricted stock awards relating to the Company's class A common stock are granted to senior executives, directors and certain employees, with a service condition only and are generally subject to annual time-based vesting in equal tranches over a three-year period. Restricted stock is entitled to dividends declared and paid on the Company's class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company's class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three-year service period. Performance Stock Units ("PSUs")—PSUs are granted to senior executives and certain employees, and are subject to both a service condition and market condition. Following the end of the measurement period for the PSUs, the recipients of PSUs who remain employed will vest in, and be issued a number of shares of the Company's class A common stock, ranging from 0% to 200% of the number of PSUs granted, to be determined based upon the performance of the Company's class A common stock either relative to that of a specified peer group or against a target stock price over a three-year measurement period (such measurement metric the "total shareholder return"). In addition, recipients of PSUs whose employment is terminated after the first anniversary of the PSU grant are eligible to vest in a portion of the PSU award following the end of the measurement period based on achievement of the total shareholder return metric otherwise applicable to the award. PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period. In February 2019, the PSUs issued in 2018 were modified to, among other things, reduce the potential maximum number of shares of the Company’s class A common stock to be issued upon final vesting from 200% to 125% of the number of PSUs granted. The incremental value resulting from the modification was immaterial. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:
__________
Fair value of PSU awards, excluding dividend equivalent rights, is recognized on a straight-line basis over their measurement period as compensation expense, and is not subject to reversal even if the market condition is not achieved. The dividend equivalent right is accounted for as a liability-classified award. The fair value of the dividend equivalent right is recognized as compensation expense on a straight-line basis over the measurement period, and is subject to adjustment to fair value at each reporting period. LTIP Units—LTIP units are designated as profits interests for federal income tax purposes. Unvested LTIP units do not accrue distributions. Each vested LTIP unit is convertible, at the election of the holder, into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 14). LTIP units are valued based on the Company's class A common stock price on grant date, with equity-based compensation cost recognized on a straight-line basis over the service period and represent an allocation to noncontrolling interest in the Operating Company. Deferred Stock Units—Certain non-employee directors may elect to defer the receipt of annual base fees and/or restricted stock awards, and in lieu, receive awards of DSUs. DSUs awarded in lieu of annual base fees are fully vested on their grant date, while DSUs awarded in lieu of restricted stock awards vest one year from their grant date. DSUs are entitled to a dividend equivalent, in the form of additional DSUs based on dividends declared and paid on the Company's class A common stock. Any such additional DSUs will also be credited with additional DSUs as cash dividends are paid, subject to the same restrictions and vesting conditions, if any. Upon separation of service from the Company, vested DSUs are to be settled in shares of the Company’s class A common stock. Fair value of DSUs are determined based on the price of the Company's class A common stock on grant date and recognized immediately if fully vested upon grant, or on a straight-line basis over the vesting period as equity based compensation expense and equity. Equity-based compensation expense, excluding amounts related to the industrial segment that is presented as discontinued operations (Note 15), is as follows:
Changes in the Company’s unvested equity awards are summarized below:
__________
Fair value of equity awards that vested, determined based on their respective fair values at vesting date, was $1.3 million and $1.5 million for the three months ended June 30, 2019 and 2018, respectively, and $9.8 million and $106.5 million for the six months ended June 30, 2019 and 2018, respectively. At June 30, 2019, aggregate unrecognized compensation cost for all unvested equity awards was $58.0 million, which is expected to be recognized over a weighted average period of 2.2 years. Awards Granted by Managed Companies Colony Credit and NRE, both managed by the Company, issued restricted stock and performance stock units to the Company and certain of the Company's employees (collectively, "managed company awards"). Colony Credit awards are primarily restricted stock grants that typically vest over a three-year period, subject to service conditions. NRE awards generally have similar terms as the Company's stock awards, except that the NRE performance stock units measure NRE's stock performance against either an absolute total shareholder return threshold or relative to the performance of a specified market index. Employees are entitled to receive shares of NRE common stock if service conditions and/or market conditions are met. Generally, the Company then grants the managed company awards that it receives in its capacity as manager to its employees with substantially the same terms and service requirements. Such grants are made at the discretion of the Company, and the Company may consult with the board of directors or compensation committees of the respective managed companies as to final allocation of awards to its employees. Managed company awards granted to the Company, pending the grant by the Company to its employees, are recognized based upon their fair value at grant date as an investment in unconsolidated ventures and other liabilities on the consolidated balance sheet. The deferred revenue liability is amortized into other income as the awards vest to the Company. Managed company awards granted to employees, directly by NRE or Colony Credit, or through the Company, are recorded as other asset and other liability, and amortized on a straight-line basis as equity-based compensation expense and as other income, respectively, as the awards vest to the employees. The other asset and other liability associated with managed company awards granted to employees are subject to adjustment to fair value at each reporting period, with changes reflected in equity-based compensation and other income, respectively. Equity-based compensation expense recognized related to managed company awards was $3.6 million and $4.2 million for the three months ended June 30, 2019 and 2018, respectively, and $6.4 million and $5.0 million for the six months ended June 30, 2019 and 2018, respectively. A corresponding amount is recognized in other income for managed company awards granted to employees (Note 19). At June 30, 2019, aggregate unrecognized compensation cost for unvested managed company awards was $32.8 million, which is expected to be recognized over a weighted average period of 2.3 years.
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Transactions with Affiliates |
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| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with Affiliates | Transactions with Affiliates Affiliates include (i) private funds, traded and non-traded REITs and investment companies that the Company manages or sponsors, and in which the Company may have an equity interest or co-invests with; (ii) the Company's investments in unconsolidated ventures; and (iii) directors, senior executives and employees of the Company (collectively, "employees"). Amounts due from affiliates consist of the following:
Transactions with affiliates include the following: Fee Income—Fee income earned from investment vehicles that the Company manages and/or sponsors, and may have an equity interest or co-investment, are presented in Note 17. Cost Reimbursements—The Company received cost reimbursement income related primarily to the following arrangements:
traded REITs limited to the greater of 2% of average invested assets or 25% of net income (net of base management fees);
Cost reimbursements, included in other income, were as follows.
Recoverable Expenses—The Company pays organization and offering costs associated with the formation and capital raising of the retail companies and private funds sponsored by the Company, for which the Company recovers from these investment vehicles, up to specified thresholds for certain private funds and up to 1% of proceeds expected to be raised from the offering of retail companies (excluding shares offered pursuant to distribution reinvestment plans). NorthStar Healthcare Credit Facility—The Company has committed to provide NorthStar Healthcare with an unsecured revolving credit facility at market terms with a maximum principal amount of $35.0 million. The credit facility matures in December 2020, with a six-month extension option. Advances under the credit facility accrue interest at LIBOR plus 3.5%. There is no commitment fee for the unused portion of the facility. The credit facility is intended to provide additional liquidity to NorthStar Healthcare on an as needed basis. At June 30, 2019 and December 31, 2018, there were no outstanding advances under the revolving credit facility. Liquidating Trust—As contemplated in the combination agreement, a certain loan receivable previously held by NorthStar I was not transferred to Colony Credit, for which the Company acquired a senior participation interest at par, and the remaining junior participation interest ("NorthStar I Retained Asset") was transferred to a liquidating trust. 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 Colony Credit—There were no such sales in the six months ended June 30, 2019. In May 2018, the Company sold a preferred equity investment sponsored by the Company's equity method investee, RXR Realty, to Colony Credit at the unpaid principal amount of the investment of $89.1 million. In July 2018, the Company sold to Colony Credit its interest in a subsidiary holding a net lease property in Norway that was partially financed by a non-callable bond for $121.5 million based on an appraised value of the property, resulting in a gain on sale of $28.6 million. Healthcare Partnership—The Healthcare Partnership was previously formed by NRF with the intention of expanding the Company’s healthcare business (Note 18). The Healthcare Partnership is entitled to incentive fees ranging from 20% to 25% of distributions above certain hurdles for new and existing healthcare real estate investments held by the Company and a portion of incentive fees earned from NorthStar Healthcare. To date, no incentive fees have been earned by the Healthcare Partnership. American Healthcare Investors Joint Venture—The Company has an equity method investment in American Healthcare Investors, LLC (“AHI"). Prior to the termination of its management agreement in October 2018, AHI had provided certain healthcare-focused real estate investment management and related services to the Company and NorthStar Healthcare. For the three and six months ended June 30, 2018, the Company incurred property management fees and sub-advisory fees to AHI totaling $1.3 million and $2.6 million, respectively. Arrangements with Company-Sponsored Private Fund—The Company co-invests alongside a Company-sponsored private fund through joint ventures between the Company and the sponsored private fund. These co-investment joint ventures are consolidated by the Company. The Company has capital commitments, as general partner, directly into the private fund and as an affiliate of the general partner, capital commitments satisfied through co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a proportionate share of the costs of the private fund such as financing and administrative costs. Such costs expensed during the three and six months ended June 30, 2019 and 2018 were immaterial and relate primarily to the Company's share of the fund's operating costs and deferred financing costs on borrowings of the fund. Equity Awards of NRE and Colony Credit—As discussed in Note 18, NRE and Colony Credit grant equity awards to the Company and certain of the Company's employees, either directly by NRE and Colony Credit, or indirectly through the Company, are recognized as a gross-up of equity-based compensation expense over the vesting period with a corresponding amount in other income. Investment in Managed Investment Vehicles—Subject to the Company's related party policies and procedures, senior management, investment professionals and certain other employees may participate on a discretionary basis in investment vehicles sponsored by the Company, either directly in the vehicle or indirectly through the general partner entity. These investments are generally not subject to management fees, but otherwise bear their proportionate share of other operating expenses of the investment vehicles. At June 30, 2019 and December 31, 2018, such investments amounted to $6.7 million and $5.7 million, respectively, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income was $0.5 million and $1.6 million for the three months ended June 30, 2019 and 2018, respectively, and $1.0 million and $2.8 million for the six months ended June 30, 2019 and 2018, respectively. Corporate Aircraft—The Company, through its subsidiary, Colony Capital Advisors, LLC, has entered into a time sharing agreement with Thomas J. Barrack, Jr., the Company's Executive Chairman and Chief Executive Officer, under which Mr. Barrack may use the Company’s aircraft for personal travel. Under this arrangement, Mr. Barrack pays the Company for personal usage based on the incremental cost to the Company, including direct and indirect variable costs, but in no case more than the maximum reimbursement permitted by the Federal Aviation Regulations under the agreement. Mr. Barrack has reimbursed the Company $0.4 million and $0.3 million for personal flights taken during the three months ended June 30, 2019 and 2018, respectively, and $0.6 million and $0.4 million during the six months ended June 30, 2019 and 2018, respectively.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company's operating leases, as lessee, are primarily ground leases assumed through its real estate acquisitions and leases for its corporate offices. Equipment leases are generally short term leases of less than 12 months or constitute immaterial lease payments. At June 30, 2019, the weighted average remaining lease terms were 20.7 years for ground leases and 7.9 years for office leases. For the three and six months ended June 30, 2018, lease expense, including variable lease expense, was $1.8 million and $3.8 million for ground leases, respectively, and $2.5 million and $5.2 million for office leases, respectively. For the three and six months ended June 30, 2019, the following table summarizes lease expense for ground leases, included in property operating expense, and office leases, included in administrative expense.
Operating Lease Commitments The operating lease liability was determined using a weighted average discount rate of 5.5%. At June 30, 2019, the Company's future operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows.
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:
Contingent Consideration In connection with a consensual foreclosure of the THL Hotel Portfolio, contingent consideration is payable to a preferred equity holder of the borrower in an amount up to $13.0 million (Note 11). Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of business. As of June 30, 2019, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.
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Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Segment Reporting The Company conducts its business through the following six reportable segments:
results, the operating results of the industrial business are presented as discontinued operations on the consolidated statements of operations (Note 15).
Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets for administrative use, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with certain affiliates, costs in connection with unconsummated investments, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs as well as corporate level transaction and integration costs. The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments. The various reportable segments generate distinct revenue streams, consisting of property operating income, interest income and fee income. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments. Results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from our general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment, are presented as discontinued operations for all current and prior periods presented (Note 15).
Total assets and equity method investments of the reportable segments are summarized as follows:
_________
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.
__________
(2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale as of June 30, 2019 include $4.6 billion located in the United States and $0.5 billion located in Europe.
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Supplemental Disclosure of Cash Flow Information |
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| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2019 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent EventsIn July 2019, the Company acquired DBH for $325 million, in a combination of cash and OP Units. Following the issuance of these OP Units, the Company's ownership in OP is approximately 90.3%. The Company is in the process of analyzing the fair value of assets acquired and liabilities assumed for purposes of allocating the purchase price. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company. 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.
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| 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.
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| Merger and Business Combinations | Merger The Merger was accounted for under the acquisition method for a business combination as a reverse acquisition, with NSAM as the legal acquirer for certain legal and regulatory matters, and Colony as the accounting acquirer for financial reporting purposes. The financial statements of the Company represent a continuation of the financial information of Colony as the accounting acquirer, except that the equity structure of the Company was adjusted to reflect the equity structure of the legal acquirer, including for any comparative periods presented. Business Combinations Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Contingent Consideration—Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets is generally recognized only when the contingency is resolved, as part of the basis of the acquired assets. In April 2019, the Company acquired the private equity platform of The Abraaj Group in Latin America, which has been renamed Colony Latam Partners, for approximately $5.5 million. The acquisition was accounted for as a business combination. The Company acquired primarily management contracts and customer relationship intangible assets and limited partnership interest in a fund, with certain Abraaj employees becoming employees of the Company.
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| 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.
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| Noncontrolling Interests | Noncontrolling Interests Redeemable Noncontrolling Interests—This represents noncontrolling interests in a consolidated open-end fund sponsored by the Company. The limited partners in the consolidated open-end fund, who represent noncontrolling interests, generally have the ability to withdraw all or a portion of their interests in cash with 30 days' notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, with such adjustments recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities—This represents predominantly interests in consolidated investment entities held by private investment funds or retail companies managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive. Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.
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| 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.
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| Reclassifications | Reclassifications In addition to reclassifications related to discontinued operations as discussed above, beginning in the fourth quarter of 2018, the portion of carried interests earned by the Company that is allocated to employees is presented as carried interest and incentive compensation on the statement of operations. Such amounts had previously been presented as net income attributable to noncontrolling interests in investment entities.
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| Accounting Standards Adopted in 2019 and Future Application of Accounting Standards | Accounting Standards Adopted in 2019 Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases, which amended lease accounting standards. ASU 2016-02, along with several clarifying amendments were codified in Accounting Standards Codification ("ASC") Topic 842. The new standard primarily requires lessees to recognize their rights and obligations under most leases on balance sheet, to be capitalized as a right-of-use ("ROU") asset and a corresponding liability for future lease obligations. Targeted changes were made to lessor accounting, primarily to align to the lessee model and the new revenue recognition standard. ASC 842 also limits the definition of initial direct leasing costs to only the incremental costs of obtaining a lease, such as leasing commissions, for both lessee and lessor accounting. Indirect costs such as allocated overhead, certain legal fees and negotiation costs are no longer capitalized under the new standard. The application of ASC 842 on accounting for initial direct leasing costs did not have a material impact on the Company's statement of operations. The Company adopted the new lease standard and related amendments on January 1, 2019 using the modified retrospective method to leases existing or commencing on or after January 1, 2019, with a cumulative effect adjustment to beginning retained earnings. Comparative periods have not been restated and continue to be reported under the standards in effect for those prior periods. The Company applied the package of practical expedients, which exempts the Company from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company also elected the practical expedient related to land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements. The Company did not, however, elect the hindsight practical expedient to determine the lease terms for existing leases. Lessee Accounting—The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. A leasing arrangement is classified by the lessee either as a finance lease, which represents a financed purchase of the leased asset, or as an operating lease. The Company's operating leases relate primarily to ground leases in connection with its acquired real estate and leases for its corporate offices. For these ground and office leases, the Company has elected the accounting policy to combine lease and related nonlease components as a single lease component. ROU assets and lease liabilities are recognized at the lease commencement date based upon the present value of lease payments over the lease term. The ROU assets also include capitalized initial direct costs offset by lease incentives. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation or increases in property fair value, (ii) hotel ground leases with rental payments calculated based on a percentage of revenue over contractual levels, and/or (iii) nonlease services, such as common area maintenance in net leases. Variable lease payments are not included in lease liability and are instead recognized as lease expense when incurred. The Company made the accounting policy election to recognize lease payments from short-term leases on a straight-line basis over the lease term and will not record these leases on the balance sheet. Lease renewal or termination options are factored into the lease asset and lease liability only if it is reasonably certain that the option to extend or the option to terminate would be exercised. As the implicit rate is not readily determinable in most leases, the present value of the remaining lease payments is calculated for each lease using an estimated incremental borrowing rate, which is the interest rate that the Company would have to pay to borrow over the lease term on a collateralized basis. Lease expense is recognized over the lease term based on an effective interest method for finance leases and on a straight-line basis for operating leases. On January 1, 2019, the Company recognized operating lease ROU assets totaling $143.7 million in other assets and corresponding operating lease liabilities totaling $126.8 million in accrued and other liabilities for ground leases in its real estate portfolio and corporate office leases. There was no impact to beginning equity as a result of adoption related to lessee accounting as the difference between the asset and liability balance is attributable to the derecognition of pre- existing balances, including straight-line rent, lease incentives, prepaid or deferred rent and ground lease obligation intangibles. Lessor Accounting—The Company determines if an arrangement contains a lease and determines the classification of leasing arrangements at inception. The Company has operating leases with property tenants that expire at various dates through 2038 with renewal options typically exercised at the lessee's election. Therefore, such options are only recognized once they are deemed reasonably certain, typically at the time the option is exercised. Lease revenue is composed of rental income, which includes the effect of minimum rent increases and rent abatements, resident fee income from healthcare properties, and tenant reimbursements, such as common area maintenance costs and other costs associated with the leases. As lessor, the Company made the accounting policy election to treat the lease and nonlease components in a contract as a single component to the extent that the timing and pattern of transfer are similar for the lease and nonlease components and the lease component qualifies as an operating lease. Nonlease components of tenant reimbursements for net leases and resident fee income qualify for the practical expedient to be combined with their respective lease component and accounted for as a single component under the lease standard as the lease component is predominant. Lease revenue is recognized on a straight-line basis over the remaining lease term and is included in property operating income on the consolidated statements of operations. The Company receives variable lease revenues from tenant reimbursements and resident fee income from ancillary services provided to nursing home residents. Under ASC 842, lessors are required to evaluate the collectability of all operating lease payments based upon the creditworthiness of the lessee. Lease revenue is recognized only to the extent collection of all rents over the life of the lease is determined to be probable. If collection is subsequently determined to no longer be probable, any previously accrued lease revenue that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease revenue and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable. Upon adoption of ASC 842, the Company determined that collection of certain operating lease receivables, net of existing allowance for bad debts, is not probable and recorded a cumulative adjustment of $4.5 million to reduce beginning equity. Beginning January 1, 2019, the Company also made the accounting policy election to present on a net basis sales and similar taxes assessed by a governmental authority that is imposed on specific lease revenue producing transactions with related collections from lessees. Property taxes and insurance paid directly by lessees to third parties on behalf of the Company are no longer recognized in the statement of operations, while such amounts paid by the Company and reimbursed by lessees continue to be presented as gross property operating income and expenses. Hedge Accounting In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities, which simplifies and expands the application of hedge accounting. This standard amends hedge accounting recognition and presentation, including eliminating the requirement to separately measure and present hedge ineffectiveness as well as presenting the entire fair value change of a hedging instrument in the same income statement line as the hedged item. The new guidance also provides alternatives for applying hedge accounting to additional hedging strategies, and easing requirements for effectiveness testing and hedging documentation, although the "highly effective" threshold for a qualifying hedging relationship has not changed. Revised disclosures include tabular disclosures that focus on the effect of hedge accounting by income statement line item. Transition will generally be on a modified retrospective basis applied to existing hedging relationships as of date of adoption, with prospective application for income statement presentation and disclosure, and specific transition elections are available to modify existing hedge documentation. The Company adopted the standard on its effective date of January 1, 2019. Upon adoption, as it relates to the Company’s cash flow and net investment hedges, the Company records the entire change in fair value of the hedging instrument (other than amounts excluded from assessment of hedge effectiveness for net investment hedges) in other comprehensive income and no hedge ineffectiveness is recorded in earnings. Additionally, subsequent to initial quantitative hedge assessment, the Company has elected to perform effectiveness testing qualitatively so long as the Company can reasonably support an expectation that the hedge is highly effective now and in subsequent periods. As the standard allows more flexibility in hedging interest rate risk in cash flow hedges beyond a specified benchmark rate, the Company may be able to designate in the future other contractually specified variable interest rate as the hedged risk, which if effective, could decrease fluctuations in earnings. There was no impact to the Company's financial condition and results of operations upon adoption of this standard. Future Application of Accounting Standards Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses, followed by subsequent amendments, which modifies the credit impairment model for financial instruments, and codified as ASC Topic 326. The multiple existing incurred loss models are replaced with a lifetime current expected credit loss ("CECL") model for off-balance sheet credit exposures that are not unconditionally cancellable by the lender and financial instruments carried at amortized cost, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in sales-type and direct financing leases, reinsurance and trade receivables. Targeted changes are also made to the impairment model of available-for-sale ("AFS") debt securities which are not within the scope of CECL. The CECL model, in estimating expected credit losses over the life of a financial instrument at the time of origination or acquisition, considers historical loss experience, current conditions and the effects of a reasonable and supportable expectation of changes in future macroeconomic conditions. For collateralized financial assets, measurement of credit losses under CECL is based on fair value of the collateral if foreclosure is probable or if the collateral-dependent practical expedient is elected for financial assets expected to be repaid substantially through operation or sale of the collateral when the borrower is experiencing financial difficulty. ASC 326 also requires expanded disclosures on credit risk, including credit quality indicators by vintage of financing receivables. Transitional relief is provided through the ability, upon adoption of the new standard, to elect the fair value option for eligible financial instruments within the scope of the new standard, except for HTM and AFS debt securities. Transition will generally be on a modified retrospective basis, including the election of the fair value option, with a cumulative effect adjustment to beginning retained earnings, except for prospective application for other than temporarily impaired debt securities and purchased credit-impaired assets. ASC 326 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company will adopt the new standard on its effective date of January 1, 2020. The Company expects that recognition of allowance for credit losses under the CECL model will generally be accelerated as it encompasses credit losses over the full remaining expected life of the affected financial instruments. The extent of any changes in allowance for credit losses will depend upon the composition and risk characteristics of the Company's financial instrument portfolio that are within the scope of ASC 326 at adoption date, and conditions prevailing and forecasted at that time. Evaluation of the impact of ASC 326 to the Company is ongoing. Fair Value Disclosures In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the net asset value ("NAV") practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. ASU No. 2018-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted in an interim period for which financial statements have not been issued, and may be made only to provisions that eliminate or modify existing disclosures. The adoption of this standard is not expected to have a material effect on the Company's existing disclosures. Variable Interest Entities In November 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities. The ASU amends the VIE guidance to align, throughout the VIE model, the evaluation of a decision maker's or service provider's fee held by a related party, whether or not they are under common control, in both the assessment of whether a fee qualifies as a variable interest and the determination of a primary beneficiary. Specifically, a decision maker or service provider considers interests in a VIE held by a related party under common control only if it has a direct interest in that related party under common control and considers such indirect interest in the VIE held by the related party under common control on a proportionate basis, rather than in its entirety. Transition is 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 for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted in an interim period for which financial statements have not been issued. The Company is currently evaluating the impact of this new guidance but does not expect the adoption of this standard to have a material effect on its financial condition or results of operations.
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Real Estate (Tables) |
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| Schedule of Components of Real Estates | The Company's real estate held for investment was as follows. Real estate held for sale is presented in Note 7.
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| Schedule of Proceeds From Sales of Real Estate | Results from sales of real estate, including discontinued operations, were as follows:
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the Company's real estate acquisitions, excluding any real estate acquired as part of business combinations. Light and bulk industrial properties acquired, as presented below, form part of the industrial segment which is classified as held for sale.
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(4) Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance.
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| Schedule of Components of Property Operating Income | Property operating income presented below excludes amounts related to discontinued operations (Note 15). For the three and six months ended June 30, 2018, property operating income was composed of $187.1 million and $390.1 million of total lease revenue, respectively, and $331.9 million and $615.9 million of hotel operating income, respectively. For the three and six months ended June 30, 2019, the components of property operating income were as follows:
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| Schedule of Future Minimum Operating Lease Payments to be Received (after adoption of ASC 842) | At June 30, 2019, future fixed lease payments under noncancelable operating leases for real estate held for investment were as follows:
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| 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:
(1) Excludes future contractual minimum lease payments for real estate in the industrial segment that is held for sale totaling $894.4 million. At December 31, 2018, the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows:
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Loans Receivable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Company Loans Receivable | The following table provides a summary of the Company’s loans held for investment, including PCI loans:
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| Summary of Past Due Loans | The following table provides an aging summary of non-PCI loans held for investment at carrying values before allowance for loan losses:
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| Non-PCI Impaired Loans | The following table summarizes non-PCI impaired loans:
The average carrying value and interest income recognized on non-PCI impaired loans were as follows.
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| Changes in Accretable Yield for the PCI loans | Changes in accretable yield of PCI loans were as follows:
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| Impairment and Allowance for Loan Losses | The allowance for loan losses and related carrying values of loans held for investment were as follows:
Changes in allowance for loan losses are presented below:
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| Provision For Loan Losses By Loan Type | Provision for loan losses by loan type is as follows:
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Equity and Debt Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in Unconsolidated Ventures | The Company's equity investments and debt securities are represented by the following:
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| Equity Method Investments | The Company’s investments accounted for under the equity method, including investments for which fair value option was elected, are summarized below:
__________
In connection with the Company's investment in NRE, the Company has an ownership waiver under NRE’s charter which allows the Company to own up to 45% of NRE’s common stock, and to the extent the Company owns more than 25% of NRE’s common stock, the Company will vote the excess shares in the same proportion that the remaining NRE shares not owned by the Company are voted.
(5) Excludes the Company's general partner equity, including carried interest associated with the open-end industrial fund, which is classified as held for sale for all periods presented (Note 7).
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| Schedule of Available-for-sale Debt Securities | The following tables summarize the balance and activities of the N-Star CDO bonds.
Results from disposition of N-Star CDO bonds, with realized gains (losses) recorded in other gain (loss), were as follows for the three and six months ended June 30, 2018. There were no dispositions in the three and six months ended June 30, 2019.
Impairment of AFS Debt Securities The following table presents AFS debt securities that have been in a gross unrealized loss position:
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Goodwill, Deferred Leasing Costs and Other Intangibles (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Deferred Leasing Costs and Other Intangibles | Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for sale, are as follows:
__________
(4) Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with certain hotel properties which are subject to amortization over the term of the respective agreements
|
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| Schedule of Expected Annual Amortization Expenses | The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding amounts related to discontinued operations (Note 15):
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| Schedule of Estimated Annual Amortization Expense | The following table presents the effect of future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale:
__________ (1) Excludes $10.8 million net increase to rental income and $150.2 million amortization expense related to deferred leasing costs and intangible assets and liabilities of the industrial segment that is held for sale.
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Assets and Related Liabilities Held For Sale (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Long Lived Assets and Liabilities Held-for-sale | The Company's assets and related liabilities held for sale are summarized below:
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Restricted Cash, Other Assets and Other Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Cash, Other Assets And Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restricted Cash | The following table summarizes the Company's restricted cash balance:
__________
(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.
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| Schedule of the Company's Other Assets, Net | The following table summarizes the Company's other assets:
__________
(4) Includes receivables for hotel operating income, resident fees, rent and other tenant receivables, net of allowance.
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| Schedule of Allowance for Doubtful Accounts | The following table summarizes the Company's accrued and other liabilities:
__________
(2) Represents the Company's common stock repurchases transacted in December 2018 and settled in January 2019.
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The Company's debt consists of the following components, excluding debt associated with the industrial segment, which is expected to be assumed by the buyer and included in liabilities related to assets held for sale (Note 7).
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.
__________
(3) At December 31, 2018, included $1.725 billion outstanding principal of non-recourse fixed rate mortgage debt on certain properties in our U.S. healthcare portfolio that was scheduled to mature in December 2019. In June 2019, such debt was refinanced with $1.515 billion of variable rate debt, composed of $1.025 billion first mortgage debt and $490 million mezzanine debt, with a two-year initial term and three 1-year extension options.
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| Convertible Senior Notes Issued | Convertible and exchangeable senior notes issued by the Company and outstanding are as follows:
__________ (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.
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Derivatives (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross fair value of derivative assets and liabilities | Fair value of derivative assets and derivative liabilities were as follows:
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| Schedule of foreign exchange contracts | The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at June 30, 2019, along with certain key terms:
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| Schedule of net investment hedges included in accumulated other comprehensive income (loss) | Release of accumulated other comprehensive income ("AOCI") related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to other gain (loss) as summarized below.
Non-Designated Hedges At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments. Any unrealized gain or loss on the dedesignated portion of net investment hedges is recorded in other gain (loss).
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| Schedule of interest rate derivatives | At June 30, 2019, the Company held the following interest rate contracts:
__________
The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts:
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| 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.
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| 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.
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Fair Value (Tables) |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below presents a summary of financial assets and financial liabilities carried at fair value on a recurring basis, including financial instruments for which the fair value option was elected, but excluding financial assets under the NAV practical expedient, categorized into the following three tier hierarchy: Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3—At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate.
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| 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.
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(4) Valued based upon transaction price of investments recently acquired or offer prices on investments or underlying assets of investee pending sales. Transaction price approximates fair value for an investee engaged in real estate development during the development stage. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:
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(4) Reflects assumptions applied in valuing the award upon modification in February 2019.
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income.
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes in recurring Level 3 fair value measurements, including realized and unrealized gains (losses) included in earnings and accumulated other comprehensive income.
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| 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.
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| Fair Value Measurements, Nonrecurring | The following table summarizes assets carried at fair value on a nonrecurring basis, measured at the time of impairment.
The following table summarizes the fair value write-downs to assets carried at nonrecurring fair values during the periods presented.
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| 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.
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Stockholders' Equity (Tables) |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Activity of Preferred and Common Stock | The table below summarizes the share activities of the Company's preferred and common stock.
Preferred Stock In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets. The table below summarizes the preferred stock issued and outstanding at June 30, 2019:
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| 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
Changes in Components of AOCI—Noncontrolling Interests in Investment Entities
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| Reclassification out of Accumulated Other Comprehensive Income | Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below:
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Noncontrolling Interests (Tables) |
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| Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Noncontrolling Interest | The following table presents the activity in redeemable noncontrolling interests in a consolidated open-end fund sponsored by the Company.
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Discontinued Operations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Discontinued Operations, Net Income (Loss) | Income (loss) from discontinued operations is presented below.
__________ (1) Includes equity-based compensation of $0.7 million for both the three months ended June 30, 2019 and 2018, and $1.4 million and $1.1 million for the six months ended June 30, 2019 and 2018, respectively.
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Earnings per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share Reconciliation | The following table provides the basic and diluted earnings per common share computations:
__________
(3) OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one-for-one basis. At June 30, 2019 and 2018, there were 31,171,300 and 30,426,900 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.
|
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Fee Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Asset Management and Other Fees | The Company's fee income is earned from the following sources.
The following table presents the Company's fee income by type:
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Equity-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | Quantitative information about recurring Level 3 fair value measurements, for which information about unobservable inputs is reasonably available to the Company, are as follows.
__________
(4) Valued based upon transaction price of investments recently acquired or offer prices on investments or underlying assets of investee pending sales. Transaction price approximates fair value for an investee engaged in real estate development during the development stage. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:
__________
(4) Reflects assumptions applied in valuing the award upon modification in February 2019.
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| Components of Share-Based Compensation | Equity-based compensation expense, excluding amounts related to the industrial segment that is presented as discontinued operations (Note 15), is as follows:
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| Nonvested Shares Under Director Stock Plan and Equity Incentive Plan | Changes in the Company’s unvested equity awards are summarized below:
__________
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Transactions with Affiliates (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Related Party Disclosures | Amounts due from affiliates consist of the following:
Cost reimbursements, included in other income, were as follows.
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Commitments and Contingencies (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Lease Expense | For the three and six months ended June 30, 2019, the following table summarizes lease expense for ground leases, included in property operating expense, and office leases, included in administrative expense.
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| Schedule of Future Minimum Rental Payments | The operating lease liability was determined using a weighted average discount rate of 5.5%. At June 30, 2019, the Company's future operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows.
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| 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:
(1) Excludes future contractual minimum lease payments for real estate in the industrial segment that is held for sale totaling $894.4 million. At December 31, 2018, the Company's future minimum operating lease commitments for ground leases on real estate held for investment and for corporate office leases were as follows:
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Operating Results and Net Investments for Each of Reportable Operating Segment | The following table presents selected results of operations of the Company's reportable segments. Results of operations of (i) the industrial segment which includes direct compensation and administrative expenses of the industrial business, and (ii) associated fee income, equity method earnings from our general partner interest in the industrial open-end fund, including carried interest, and compensation related to carried interest sharing, which are reported under the investment management segment, are presented as discontinued operations for all current and prior periods presented (Note 15).
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| Assets and Equity Method Investments of Reportable Segments | Total assets and equity method investments of the reportable segments are summarized as follows:
_________ (1) Excludes the Company's general partner equity, including carried interest allocation, in connection with its open-end industrial fund that is classified as held for sale (Note 7).
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| 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.
__________
(2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale as of June 30, 2019 include $4.6 billion located in the United States and $0.5 billion located in Europe.
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| Long-lived Assets by Geographic Areas |
__________
(2) Long-lived assets comprise real estate held for investment, real estate related intangible assets, operating lease ROU asset and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets. Long-lived assets that are held for sale as of June 30, 2019 include $4.6 billion located in the United States and $0.5 billion located in Europe.
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Supplemental Disclosure of Cash Flow Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash Flow, Supplemental Disclosures |
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Business and Organization (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Dec. 31, 2018 |
Jun. 30, 2019 |
Jan. 31, 2018 |
|
| Business Acquisition [Line Items] | |||
| Assets under management | $ 43,000.0 | ||
| Restructuring costs | $ 19.3 | $ 0.9 | |
| Parent | Colony Capital Operating Company, LLC | |||
| Business Acquisition [Line Items] | |||
| General partner ownership percent | 94.00% | ||
| Certain Employees | Colony Capital Operating Company, LLC | |||
| Business Acquisition [Line Items] | |||
| Senior management ownership percent | 6.00% | ||
| Combination Agreement | |||
| Business Acquisition [Line Items] | |||
| Ownership percentage | 36.40% | ||
| Combination Agreement | Minimum | |||
| Business Acquisition [Line Items] | |||
| Ownership percentage | 38.00% | ||
| Combination Agreement | Maximum | |||
| Business Acquisition [Line Items] | |||
| Ownership percentage | 100.00% |
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| OP Units to common stock, conversion ratio | 1 | |||||||
| Carried interest earned by the Company allocated to employees | $ 1,146 | $ 0 | [1] | $ 2,418 | $ 0 | [1] | ||
| Scenario, Adjustment | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Carried interest earned by the Company allocated to employees | $ 1,100 | $ 1,900 | ||||||
| ||||||||
Summary of Significant Accounting Policies - Business Combinations (Details) $ in Millions |
1 Months Ended |
|---|---|
|
Apr. 30, 2019
USD ($)
| |
| Colony Latam Partner (Formally The Abraaj Group) | |
| Business Acquisition [Line Items] | |
| Acquisition price | $ 5.5 |
Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jan. 01, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Jan. 01, 2018 |
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
| Operating lease, right-of-use asset | $ 115,048 | $ 0 | |||
| Operating lease liability | $ 126,800 | $ 129,488 | $ 0 | ||
| Accounting Standards Update 2016-02 | |||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
| Cumulative effect of adoption of new accounting pronouncement | (4,468) | $ (1,220) | |||
| Office Leases | Accounting Standards Update 2016-02 | |||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
| Operating lease, right-of-use asset | $ 143,700 | ||||
Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Real Estate [Abstract] | ||
| Land | $ 1,427,032 | $ 1,443,249 |
| Buildings and improvements | 9,058,689 | 9,442,442 |
| Tenant improvements | 100,912 | 96,740 |
| Furniture, fixtures and equipment | 409,510 | 389,969 |
| Construction in progress | 188,970 | 123,002 |
| Real estate held for investment, gross | 11,185,113 | 11,495,402 |
| Less: Accumulated depreciation | (836,683) | (669,392) |
| Real estate assets, net | $ 10,348,430 | $ 10,826,010 |
Real Estate - Sales (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Real Estate [Abstract] | ||||
| Proceeds from sales of real estate | $ 147,990 | $ 316,000 | $ 442,657 | $ 428,562 |
| Gain on sale of real estate | $ 6,624 | $ 42,702 | $ 58,925 | $ 61,146 |
Real Estate - Acquisitions (Details) $ in Thousands |
1 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
|
Feb. 28, 2019
USD ($)
property
|
Nov. 30, 2018
USD ($)
property
|
Sep. 30, 2018
USD ($)
property
|
Jun. 30, 2019
USD ($)
property
|
Dec. 31, 2018
USD ($)
property
|
|
| Asset Acquisitions | |||||
| Business Acquisition [Line Items] | |||||
| Acquisition price | $ 1,388,364 | $ 1,072,730 | |||
| Land | 268,184 | 231,283 | |||
| Building and Improvements | 1,052,338 | 776,525 | |||
| Lease Intangible Assets | 72,895 | 69,897 | |||
| Lease Intangible Liabilities | $ (5,053) | $ (4,975) | |||
| Asset Acquisitions | Healthcare | United Kingdom | |||||
| Business Acquisition [Line Items] | |||||
| Number of Buildings | property | 1 | ||||
| Acquisition price | $ 24,444 | ||||
| Land | 10,231 | ||||
| Building and Improvements | 12,733 | ||||
| Lease Intangible Assets | 1,480 | ||||
| Lease Intangible Liabilities | $ 0 | ||||
| Asset Acquisitions | Office and Industrial | France | |||||
| Business Acquisition [Line Items] | |||||
| Number of Buildings | property | 6 | 220 | |||
| Acquisition price | $ 373,182 | $ 478,844 | |||
| Land | 49,446 | 109,858 | |||
| Building and Improvements | 296,348 | 330,752 | |||
| Lease Intangible Assets | 27,553 | 38,234 | |||
| Lease Intangible Liabilities | $ (165) | $ 0 | |||
| Asset Acquisitions | Industrial | United States | |||||
| Business Acquisition [Line Items] | |||||
| Number of Buildings | property | 79 | 40 | |||
| Acquisition price | $ 1,015,182 | $ 569,442 | |||
| Land | 218,738 | 111,194 | |||
| Building and Improvements | 755,990 | 433,040 | |||
| Lease Intangible Assets | 45,342 | 30,183 | |||
| Lease Intangible Liabilities | (4,888) | (4,975) | |||
| Asset Acquisitions | Light Industrial Platform | United States | |||||
| Business Acquisition [Line Items] | |||||
| Land | $ 20,700 | $ 13,100 | |||
| Minimum | 2018 Real Estate Acquisitions | Building | |||||
| Business Acquisition [Line Items] | |||||
| Real estate assets estimated useful life | 25 years | ||||
| Minimum | 2018 Real Estate Acquisitions | Site Improvements | |||||
| Business Acquisition [Line Items] | |||||
| Real estate assets estimated useful life | 9 years | ||||
| Minimum | 2018 Real Estate Acquisitions | Building Improvements | |||||
| Business Acquisition [Line Items] | |||||
| Real estate assets estimated useful life | 4 years | ||||
| Minimum | 2018 Real Estate Acquisitions | Intangible assets—lease intangibles | |||||
| Business Acquisition [Line Items] | |||||
| Real estate assets estimated useful life | 1 year | ||||
| Maximum | 2018 Real Estate Acquisitions | Building | |||||
| Business Acquisition [Line Items] | |||||
| Real estate assets estimated useful life | 49 years | ||||
| Maximum | 2018 Real Estate Acquisitions | Site Improvements | |||||
| Business Acquisition [Line Items] | |||||
| Real estate assets estimated useful life | 14 years | ||||
| Maximum | 2018 Real Estate Acquisitions | Building Improvements | |||||
| Business Acquisition [Line Items] | |||||
| Real estate assets estimated useful life | 11 years | ||||
| Maximum | 2018 Real Estate Acquisitions | Intangible assets—lease intangibles | |||||
| Business Acquisition [Line Items] | |||||
| Real estate assets estimated useful life | 15 years | ||||
Real Estate - Narrative (Details) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
building
|
Jun. 30, 2018
USD ($)
|
|
| Guarantee of franchise obligations | THL Hotel Portfolio | ||||
| Business Acquisition [Line Items] | ||||
| Estimate of possible loss | $ 75,000,000 | $ 75,000,000 | ||
| Industrial | ||||
| Business Acquisition [Line Items] | ||||
| Funded deposit | 13,100,000 | 13,100,000 | ||
| Purchase commitment | 171,800,000 | $ 171,800,000 | ||
| Purchase commitment, number of buildings to be purchased | building | 8 | |||
| Real Estate | ||||
| Business Acquisition [Line Items] | ||||
| Depreciation | $ 92,700,000 | $ 89,300,000 | $ 184,900,000 | $ 185,200,000 |
Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
| Property operating income | ||||||||
| Revenue from External Customer [Line Items] | ||||||||
| Income | $ 488,788 | $ 518,953 | [1] | $ 947,686 | $ 1,006,046 | [1] | ||
| Total Lease Revenue | ||||||||
| Revenue from External Customer [Line Items] | ||||||||
| Income | 179,831 | 187,100 | 366,594 | 390,100 | ||||
| Fixed lease revenue | ||||||||
| Revenue from External Customer [Line Items] | ||||||||
| Income | 164,940 | 335,354 | ||||||
| Variable lease revenue | ||||||||
| Revenue from External Customer [Line Items] | ||||||||
| Income | 14,891 | 31,240 | ||||||
| Hotel operating income | ||||||||
| Revenue from External Customer [Line Items] | ||||||||
| Income | $ 308,957 | $ 331,900 | $ 581,092 | $ 615,900 | ||||
| ||||||||
Real Estate - Future Fixed Lease Payments Related to Operating Leases (After Adoption of ASC 842) (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
|---|---|
| Revenue, Major Customer [Line Items] | |
| Remaining 2019 | $ 148,699 |
| 2020 | 290,769 |
| 2021 | 268,028 |
| 2022 | 258,594 |
| 2023 | 244,058 |
| 2024 and thereafter | 944,777 |
| Total | 2,154,925 |
| Industrial | |
| Revenue, Major Customer [Line Items] | |
| Remaining 2019 | 136,900 |
| Total | $ 1,340,000 |
Real Estate - Future Minimum Payments Receivable Related to Operating Leases (Prior to Adoption of ASC 842) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Operating Leased Assets [Line Items] | ||
| 2019 | $ 293,906 | |
| 2020 | 285,051 | |
| 2021 | 265,612 | |
| 2022 | 254,881 | |
| 2023 | 242,151 | |
| 2024 and thereafter | 961,591 | |
| Total | $ 2,303,192 | |
| Industrial | ||
| Operating Leased Assets [Line Items] | ||
| Total | $ 894,400 |
Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
|
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Allowance for loan losses | $ (50,938) | $ (32,940) | $ (55,296) | $ (52,709) |
| Carrying Value | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | 2,487,381 | 2,648,641 | ||
| Loans receivable, net | 1,487,611 | 1,659,217 | ||
| Carrying Value | Non-PCI Loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | 1,177,742 | 1,316,929 | ||
| Carrying Value | 1,196,110 | 1,336,840 | ||
| Carrying Value | PCI Loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | 1,309,639 | 1,331,712 | ||
| Carrying Value | 342,439 | 355,317 | ||
| Allowance for loan losses | (50,938) | (32,940) | ||
| Carrying Value | PCI Loans | Mortgage loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | 1,302,214 | 1,324,287 | ||
| Carrying Value | 338,768 | 351,646 | ||
| Carrying Value | PCI Loans | Mezzanine loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | 7,425 | 7,425 | ||
| Carrying Value | 3,671 | 3,671 | ||
| Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | 959,883 | 1,110,507 | ||
| Carrying Value | 978,215 | 1,129,712 | ||
| Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mortgage loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | 467,122 | 643,973 | ||
| Carrying Value | $ 488,296 | $ 667,590 | ||
| Weighted Average Coupon, percentage | 10.60% | 10.70% | ||
| Weighted Average Maturity in Years | 1 year 10 months 24 days | 2 years 2 months 12 days | ||
| Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | $ 385,838 | $ 357,590 | ||
| Carrying Value | $ 383,788 | $ 354,326 | ||
| Weighted Average Coupon, percentage | 12.60% | 12.50% | ||
| Weighted Average Maturity in Years | 1 year | 1 year 6 months | ||
| Carrying Value | Fixed Rate Residential Mortgage | Non-PCI Loans | Corporate loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | $ 106,923 | $ 108,944 | ||
| Carrying Value | $ 106,131 | $ 107,796 | ||
| Weighted Average Coupon, percentage | 12.40% | 12.30% | ||
| Weighted Average Maturity in Years | 6 years 1 month 6 days | 5 years 9 months 18 days | ||
| Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | $ 217,859 | $ 206,422 | ||
| Carrying Value | 217,895 | 207,128 | ||
| Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mortgage loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | 175,850 | 178,650 | ||
| Carrying Value | $ 176,195 | $ 179,711 | ||
| Weighted Average Coupon, percentage | 4.30% | 4.30% | ||
| Weighted Average Maturity in Years | 12 days | 1 month 6 days | ||
| Carrying Value | Adjustable Rate Residential Mortgage | Non-PCI Loans | Mezzanine loans | ||||
| Financing Receivable, Credit Quality Indicator [Line Items] | ||||
| Unpaid Principal Balance | $ 42,009 | $ 27,772 | ||
| Carrying Value | $ 41,700 | $ 27,417 | ||
| Weighted Average Coupon, percentage | 13.40% | 13.40% | ||
| Weighted Average Maturity in Years | 2 years 1 month 6 days | 2 years 6 months |
Loans Receivable - Loan Maturity and Aging (Details) - Non-PCI Loans - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Financing Receivable, Past Due [Line Items] | ||
| Loan receivable past due | $ 1,196,110 | $ 1,336,840 |
| Current or Less Than 30 Days Past Due | ||
| Financing Receivable, Past Due [Line Items] | ||
| Loan receivable past due | 919,295 | 1,052,303 |
| 30-59 Days Past Due | ||
| Financing Receivable, Past Due [Line Items] | ||
| Loan receivable past due | 0 | 0 |
| 60-89 Days Past Due | ||
| Financing Receivable, Past Due [Line Items] | ||
| Loan receivable past due | 0 | 44,392 |
| 90 Days or More Past Due and Nonaccrual | ||
| Financing Receivable, Past Due [Line Items] | ||
| Loan receivable past due | $ 276,815 | $ 240,145 |
Loans Receivable - Troubled Debt Restructuring (Details) $ in Millions |
6 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2019
USD ($)
loan
|
Jun. 30, 2018
loan
|
Dec. 31, 2018
USD ($)
loan
|
|
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
| Number of outstanding TDR loans | 1 | 1,000 | |
| Carrying value of loans before allowance for loan losses | $ | $ 37.8 | $ 37.8 | |
| Troubled debt restructuring, allowance for loan loss | $ | $ 26.1 | $ 12.8 | |
| Number of additional lending commitments outstanding to this TDR | 0 | ||
| Performing Financial Instruments | |||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
| Number of loans modified | 0 | 0 | |
Loans Receivable - Non-PCI Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
| Loans receivable, net | $ 1,487,611 | $ 1,487,611 | $ 1,659,217 | [1] | |||||
| Allowance for Loan Losses | 50,938 | $ 55,296 | 50,938 | $ 55,296 | 32,940 | $ 52,709 | |||
| Non-PCI Loans | |||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
| Unpaid Principal Balance | 306,094 | 306,094 | 280,337 | ||||||
| Average carrying value before allowance for loan losses | 310,914 | 226,532 | 298,092 | 279,986 | |||||
| Total interest income recognized during the period impaired | 1,289 | 1,279 | 4,292 | 1,308 | |||||
| Cash basis interest income recognized | 0 | $ 0 | 447 | $ 0 | |||||
| Loans held for investment, net | |||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
| Loans receivable, net | 157,892 | 157,892 | 129,619 | ||||||
| Allowance for Loan Losses | 50,938 | 50,938 | 32,940 | ||||||
| Loans held for investment, net | Non-PCI Loans | |||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
| Loans receivable, net | 71,754 | 71,754 | 75,179 | ||||||
| Without Allowance for Loan Losses | 239,050 | 239,050 | 206,628 | ||||||
| Total | 310,804 | 310,804 | 281,807 | ||||||
| Allowance for Loan Losses | $ 30,923 | $ 30,923 | $ 18,304 | ||||||
| |||||||||
Loans Receivable - Purchase Credit-Impaired Loans (Details) - loan |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| PCI Loans | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Number of contracts acquired | 0 | 0 |
Loans Receivable - Changes in Accretable Yield of PCI Loans (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
| Beginning accretable yield | $ 9,620 | $ 42,435 |
| Dispositions | 0 | (4,001) |
| Changes in accretable yield | 407 | 3,109 |
| Accretion recognized in earnings | (5,924) | (19,216) |
| Deconsolidation | 0 | (991) |
| Effect of changes in foreign exchange rates | (15) | (138) |
| Ending accretable yield | $ 4,088 | $ 21,198 |
Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| PCI Loans | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Loans and leases receivable, gross | $ 172.4 | $ 175.6 |
Loans Receivable - Allowance for Loan Losses and Loans Held For Sale (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Dec. 31, 2018 |
||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
| Allowance for loan losses | $ 32,940 | $ 52,709 | $ 50,938 | $ 32,940 | |||
| Loans receivable, net | 1,487,611 | 1,659,217 | [1] | ||||
| Allowance for Loan and Lease Losses [Roll Forward] | |||||||
| Allowance for loan losses | 32,940 | 52,709 | |||||
| Contribution to Colony Credit | 0 | (518) | |||||
| Deconsolidation | 0 | (5,983) | |||||
| Provision for loan loss | 18,614 | 19,308 | |||||
| Charge-off | (616) | (10,220) | |||||
| Allowance for loan losses | 50,938 | $ 55,296 | |||||
| Loans held for investment, net | |||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
| Allowance for loan losses | 50,938 | 50,938 | 32,940 | ||||
| Loans receivable, net | 157,892 | 129,619 | |||||
| Allowance for Loan and Lease Losses [Roll Forward] | |||||||
| Allowance for loan losses | 32,940 | ||||||
| Allowance for loan losses | 50,938 | ||||||
| Non-PCI Loans | Loans held for investment, net | |||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
| Allowance for loan losses | 30,923 | 30,923 | 18,304 | ||||
| Loans receivable, net | 71,754 | 75,179 | |||||
| Allowance for Loan and Lease Losses [Roll Forward] | |||||||
| Allowance for loan losses | 18,304 | ||||||
| Allowance for loan losses | 30,923 | ||||||
| PCI Loans | Loans held for investment, net | |||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
| Allowance for loan losses | 20,015 | 20,015 | 14,636 | ||||
| Loans receivable, net | $ 86,138 | $ 54,440 | |||||
| Allowance for Loan and Lease Losses [Roll Forward] | |||||||
| Allowance for loan losses | 14,636 | ||||||
| Allowance for loan losses | $ 20,015 | ||||||
| |||||||
Loans Receivable - Provision For Loan Losses by Loan Type and Lending Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
| Provision for loan loss | $ 15,003 | $ 13,933 | [1] | $ 18,614 | $ 19,308 | [1] | ||
| Loans Receivable | ||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
| Provision for loan loss | 15,003 | 13,933 | 18,614 | 19,308 | ||||
| Non-PCI Loans | Loans Receivable | ||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
| Provision for loan loss | 12,807 | 5,072 | 12,807 | 7,737 | ||||
| PCI Loans | Loans Receivable | ||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
| Provision for loan loss | 2,196 | $ 8,861 | 5,807 | $ 11,571 | ||||
| Investment Commitments | Consolidated Real Estate Debt Investments | ||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
| Other commitments | 201,800 | 201,800 | ||||||
| Parent | Investment Commitments | Consolidated Real Estate Debt Investments | ||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
| Other commitments | $ 94,600 | $ 94,600 | ||||||
| ||||||||
Equity and Debt Investments - Investments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
|---|---|---|---|---|---|
| Equity method investments | |||||
| Equity method investments | $ 2,044,685 | $ 2,276,673 | |||
| Total equity investments | 2,306,190 | 2,432,914 | |||
| Debt Securities | |||||
| Total debt securities | 67,500 | 96,833 | |||
| Equity and debt investments | 2,373,690 | 2,529,747 | [1] | ||
| Investment ventures | |||||
| Equity method investments | |||||
| Equity method investments | 1,912,397 | 2,151,847 | |||
| Investment ventures | 92,417 | 95,196 | |||
| Private funds | |||||
| Equity method investments | |||||
| Equity method investments | 132,288 | 124,826 | |||
| Investment ventures | 36,307 | 24,607 | |||
| N-Star CDO bonds | |||||
| Debt Securities | |||||
| N-Star CDO bonds, available for sale | 62,442 | 64,127 | |||
| CMBS of consolidated fund | |||||
| Debt Securities | |||||
| CMBS of consolidated fund, at fair value | 5,058 | 32,706 | |||
| Level 1 | Equity Securities | |||||
| Equity method investments | |||||
| Marketable equity securities | $ 132,781 | $ 36,438 | |||
| |||||
Equity and Debt Investments - Equity Method Investments Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 17 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 28, 2019 |
Mar. 31, 2019 |
Feb. 01, 2018 |
|||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Adjustments for any impairment or observable price changes | $ 700,000 | $ 1,300,000 | $ 700,000 | $ 7,200,000 | |||||||||
| Other gain (loss), net | (89,506,000) | 28,798,000 | [1] | (138,575,000) | 104,054,000 | [1] | |||||||
| ADC investments | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Lending commitments | 12,800,000 | ||||||||||||
| Company Sponsored Funds | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Unfunded lending commitment | 270,900,000 | 270,900,000 | $ 270,900,000 | ||||||||||
| Colony Credit | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Net asset value per share (in dollars per share) | $ 21.43 | $ 24.74 | |||||||||||
| Class A Common Stock | Common Stock | Colony Credit | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Share price (in dollars per share) | $ 15.50 | ||||||||||||
| Investment ventures | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Adjustments for any impairment or observable price changes | 0 | ||||||||||||
| Investment ventures | Nonrecurring | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Adjustments for any impairment or observable price changes | 247,800,000 | $ 16,500,000 | 250,400,000 | $ 16,500,000 | |||||||||
| Equity Method Investment | Colony Credit | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Adjustments for any impairment or observable price changes | 227,900,000 | ||||||||||||
| Other gain (loss), net | $ 9,900,000 | ||||||||||||
| Equity method investment, fair value | $ 743,000,000.0 | $ 743,000,000.0 | $ 743,000,000.0 | ||||||||||
| Albertsons/Safeway | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Ownership percentage by co-investment partner | 50.00% | 50.00% | 50.00% | ||||||||||
| Minimum | Class A Common Stock | Common Stock | Colony Credit | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Share price range (in usd per share) | $ 15.10 | ||||||||||||
| Maximum | Class A Common Stock | Common Stock | Colony Credit | |||||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||||
| Share price range (in usd per share) | $ 23.23 | ||||||||||||
| |||||||||||||
Equity and Debt Investments - Equity Method Investments (Details) $ in Thousands |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2019
USD ($)
investment
|
Dec. 31, 2018
USD ($)
|
|
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | $ 2,044,685 | $ 2,276,673 |
| Colony Credit Real Estate, Inc. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership percentage | 36.40% | |
| Carrying value | $ 743,015 | 1,037,754 |
| NorthStar Realty Europe Corp. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership percentage | 11.10% | |
| Carrying value | $ 86,581 | 87,696 |
| RXR Realty | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership percentage | 27.20% | |
| Carrying value | $ 93,395 | 95,418 |
| Preferred equity | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | 139,185 | 219,913 |
| ADC investments | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | 527,791 | 481,477 |
| Private funds and other | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | 110,617 | 109,393 |
| Private funds—carried interest | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | 16,174 | 9,525 |
| Other investment ventures | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | $ 150,628 | 154,412 |
| Number of equity method investments | investment | 16 | |
| Fair value option | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Carrying value | $ 177,299 | $ 81,085 |
| Amended And Restated NRE Management Agreement | NorthStar Realty Europe Corp. | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Maximum stock purchase eligibility, percent | 45.00% | |
| Shares owned in excess of threshold, threshold percent | 25.00% |
Equity and Debt Investments - Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| N-Star CDO bonds | ||||
| Debt Securities, Available-for-sale [Line Items] | ||||
| Amortized Cost | $ 64,394 | $ 67,513 | ||
| Gross cumulative unrealized gains | 3,743 | 1,565 | ||
| Gross cumulative unrealized loss | (5,695) | (4,951) | ||
| Fair Value | 62,442 | 64,127 | ||
| Less than 12 months, fair value | 240 | 54,459 | ||
| Less than 12 months, gross unrealized loss | 12 | $ 4,951 | ||
| More than 12 months, fair value | 39,663 | |||
| More than 12 months, gross unrealized loss | $ 5,683 | |||
| Colony | CMBS of consolidated fund | ||||
| Debt Securities, Available-for-sale [Line Items] | ||||
| Proceeds from sale | $ 15,012 | $ 78,197 | ||
| Gross realized gain | 2,921 | 11,304 | ||
| Gross realized loss | $ (592) | $ (592) |
Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill (Details) - USD ($) |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
||||
| Goodwill [Line Items] | |||||
| Goodwill | $ 1,514,561,000 | $ 1,514,561,000 | [1] | ||
| Goodwill attributable to the industrial segment | 20,000,000.0 | $ 20,000,000 | |||
| Goodwill impairment recognized | $ 0 | ||||
| |||||
Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | $ 604,878,000 | $ 648,999,000 | $ 604,878,000 | $ 648,999,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | (232,527,000) | (203,069,000) | (232,527,000) | (203,069,000) | |||||
| Deferred leasing and other intangible assets, net carrying amount | 372,351,000 | 445,930,000 | 372,351,000 | 445,930,000 | |||||
| Intangible Liabilities | |||||||||
| Below-market lease values, carrying amount | 146,358,000 | 176,013,000 | 146,358,000 | 176,013,000 | |||||
| Below-market lease values, accumulated amortization | (45,628,000) | (42,895,000) | (45,628,000) | (42,895,000) | |||||
| Below-market lease values | 100,730,000 | 133,118,000 | 100,730,000 | 133,118,000 | |||||
| Above-market ground lease obligations, carrying amount | 0 | 15,909,000 | 0 | 15,909,000 | |||||
| Above-market ground lease obligations, accumulated amortization | 0 | (1,557,000) | 0 | (1,557,000) | |||||
| Above-market ground lease obligations | 0 | 14,352,000 | 0 | 14,352,000 | |||||
| Intangible liabilities, carrying amount | 146,358,000 | 191,922,000 | 146,358,000 | 191,922,000 | |||||
| Intangible liabilities, accumulated amortization | (45,628,000) | (44,452,000) | (45,628,000) | (44,452,000) | |||||
| Total intangible liabilities | 100,730,000 | 147,470,000 | 100,730,000 | 147,470,000 | |||||
| Intangible asset impairment | 0 | 0 | |||||||
| Impairment loss | 110,317,000 | $ 223,232,000 | |||||||
| In-place lease values | |||||||||
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | 154,466,000 | 170,869,000 | 154,466,000 | 170,869,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | (64,271,000) | (55,103,000) | (64,271,000) | (55,103,000) | |||||
| Deferred leasing and other intangible assets, net carrying amount | 90,195,000 | 115,766,000 | 90,195,000 | 115,766,000 | |||||
| Above-market lease values | |||||||||
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | 109,652,000 | 111,903,000 | 109,652,000 | 111,903,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | (34,616,000) | (29,497,000) | (34,616,000) | (29,497,000) | |||||
| Deferred leasing and other intangible assets, net carrying amount | 75,036,000 | 82,406,000 | 75,036,000 | 82,406,000 | |||||
| Below-market ground lease obligations | |||||||||
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | 0 | 16,258,000 | 0 | 16,258,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | 0 | (984,000) | 0 | (984,000) | |||||
| Deferred leasing and other intangible assets, net carrying amount | 0 | 15,274,000 | 0 | 15,274,000 | |||||
| Deferred leasing costs | |||||||||
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | 21,578,000 | 17,154,000 | 21,578,000 | 17,154,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | (6,584,000) | (4,465,000) | (6,584,000) | (4,465,000) | |||||
| Deferred leasing and other intangible assets, net carrying amount | 14,994,000 | 12,689,000 | 14,994,000 | 12,689,000 | |||||
| Lease incentives | |||||||||
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | 14,169,000 | 14,169,000 | 14,169,000 | 14,169,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | (1,637,000) | (1,134,000) | (1,637,000) | (1,134,000) | |||||
| Deferred leasing and other intangible assets, net carrying amount | 12,532,000 | 13,035,000 | 12,532,000 | 13,035,000 | |||||
| Trade name | |||||||||
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | 15,500,000 | 15,500,000 | 15,500,000 | 15,500,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | 0 | 0 | 0 | 0 | |||||
| Deferred leasing and other intangible assets, net carrying amount | 15,500,000 | 15,500,000 | 15,500,000 | 15,500,000 | |||||
| Intangible Liabilities | |||||||||
| Impairment loss | $ 59,500,000 | 0 | $ 59,464,000 | 0 | 59,464,000 | ||||
| Investment management contracts | |||||||||
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | 196,698,000 | 194,698,000 | 196,698,000 | 194,698,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | (106,520,000) | (92,618,000) | (106,520,000) | (92,618,000) | |||||
| Deferred leasing and other intangible assets, net carrying amount | 90,178,000 | 102,080,000 | 90,178,000 | 102,080,000 | |||||
| Intangible Liabilities | |||||||||
| Impairment loss | 0 | $ 0 | 0 | $ 140,429,000 | 147,400,000 | ||||
| Customer relationships | |||||||||
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | 50,753,000 | 49,291,000 | 50,753,000 | 49,291,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | (16,698,000) | (15,027,000) | (16,698,000) | (15,027,000) | |||||
| Deferred leasing and other intangible assets, net carrying amount | 34,055,000 | 34,264,000 | 34,055,000 | 34,264,000 | |||||
| Intangible Liabilities | |||||||||
| Impairment loss | 10,100,000 | ||||||||
| Other | |||||||||
| Deferred Leasing Costs and Intangible Assets | |||||||||
| Deferred leasing and other intangible assets, carrying amount | 42,062,000 | 59,157,000 | 42,062,000 | 59,157,000 | |||||
| Deferred leasing and other intangible assets, accumulated amortization | (2,201,000) | (4,241,000) | (2,201,000) | (4,241,000) | |||||
| Deferred leasing and other intangible assets, net carrying amount | $ 39,861,000 | $ 54,916,000 | $ 39,861,000 | $ 54,916,000 | |||||
| NorthStar I And NorthStar II | Investment management contracts | |||||||||
| Intangible Liabilities | |||||||||
| Write-off of intangible assets | $ 139,000,000.0 | ||||||||
| NorthStar RXR NY Metro | Investment management contracts | |||||||||
| Intangible Liabilities | |||||||||
| Write-off of intangible assets | $ 1,400,000 | ||||||||
| Estimated future cash flows, discount rate, percentage | 10.00% | ||||||||
| NorthStar Healthcare | Investment management contracts | |||||||||
| Intangible Liabilities | |||||||||
| Write-off of intangible assets | $ 7,000,000.0 | ||||||||
Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Finite-Lived Intangible Assets [Line Items] | ||||
| Above-market lease values and lease incentives | $ 6,731 | $ 1,503 | ||
| Below-market lease values | $ 5,034 | $ 14,405 | 9,922 | 20,374 |
| Net increase (decrease) to rental income | 1,838 | (1,317) | 3,741 | (81) |
| Above-market ground lease obligations | 0 | (247) | 0 | (467) |
| Below-market ground lease obligations | 0 | 188 | 0 | 369 |
| Net increase (decrease) to ground rent expense | 0 | (59) | 0 | (98) |
| Amortization expense | 15,187 | 14,571 | 32,773 | 31,866 |
| Above-market lease values | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Above-market lease values and lease incentives | (2,944) | (15,470) | (5,677) | (19,962) |
| Lease incentives | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Above-market lease values and lease incentives | (252) | (252) | (504) | (493) |
| In-place lease values | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | 7,075 | 7,093 | 14,899 | 15,384 |
| Deferred leasing costs | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | 799 | 781 | 1,646 | 1,628 |
| Trade name | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | 0 | 802 | 0 | 1,606 |
| Investment management contracts | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | 6,075 | 4,125 | 13,902 | 9,811 |
| Customer relationships | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | 836 | 1,151 | 1,672 | 2,303 |
| Other | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | $ 402 | $ 619 | $ 654 | $ 1,134 |
Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
|---|---|
| Net increase (decrease) to rental income (1) | |
| Remaining 2019 | $ 2,126 |
| 2020 | 4,599 |
| 2021 | 5,544 |
| 2022 | 5,114 |
| 2023 | 5,840 |
| 2024 and Thereafter | (10,061) |
| Total | 13,162 |
| Amortization expense (1) | |
| Remaining 2019 | 78,042 |
| 2020 | 36,286 |
| 2021 | 30,299 |
| 2022 | 22,538 |
| 2023 | 16,480 |
| 2024 and Thereafter | 56,721 |
| Total | 240,366 |
| Industrial | |
| Net increase (decrease) to rental income (1) | |
| Remaining 2019 | 10,800 |
| Amortization expense (1) | |
| Remaining 2019 | $ 150,200 |
Assets and Related Liabilities Held For Sale (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|---|
| Assets | |||
| Restricted cash | $ 3,316 | $ 6,213 | |
| Real estate, net | 4,885,515 | 3,645,406 | |
| Equity investment—private fund | 12,748 | 13,422 | |
| Goodwill | 20,000 | 20,000 | |
| Deferred leasing costs and intangible assets, net | 176,707 | 135,924 | |
| Other assets | 107,054 | 146,380 | |
| Total assets held for sale | 5,205,340 | 3,967,345 | |
| Liabilities | |||
| Debt, net | 2,004,201 | 1,064,585 | |
| Lease intangibles and other liabilities, net | 163,967 | 153,910 | |
| Total liabilities related to assets held for sale | 2,168,168 | $ 1,218,495 | |
| Industrial | |||
| Assets | |||
| Real estate, net | 4,300,000 | $ 2,900,000 | |
| Total assets held for sale | 4,400,000 | 3,000,000 | |
| Liabilities | |||
| Total liabilities related to assets held for sale | 2,100,000 | $ 1,200,000 | |
| Fixed Rate | Industrial | |||
| Liabilities | |||
| Debt, net | 1,200,000 | ||
| Variable Rate | Industrial | |||
| Liabilities | |||
| Debt, net | $ 800,000 | ||
| Weighted average interest rate (percentage) | 3.87% | ||
| Weighted-average remaining maturity | 7 years 9 months 18 days |
Restricted Cash, Other Assets and Other Liabilities - Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
|---|---|---|---|---|---|---|---|
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
| Restricted cash | $ 336,491 | $ 364,605 | [1] | $ 395,842 | $ 466,912 | ||
| Capital expenditures reserves | |||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
| Restricted cash | 141,812 | 214,863 | |||||
| Real estate escrow reserves | |||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
| Restricted cash | 50,024 | 49,702 | |||||
| Borrower escrow deposits | |||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
| Restricted cash | 13,864 | 10,412 | |||||
| Working capital and other reserves | |||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
| Restricted cash | 14,453 | 19,586 | |||||
| Tenant lock boxes | |||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
| Restricted cash | 12,226 | 15,666 | |||||
| Other | |||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
| Restricted cash | $ 104,112 | $ 54,376 | |||||
| |||||||
Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
|---|---|---|---|---|---|
| Restricted Cash, Other Assets And Other Liabilities [Abstract] | |||||
| Interest receivable | $ 12,659 | $ 14,005 | |||
| Straight-line rents | 36,945 | 34,931 | |||
| Hotel-related deposits and reserves | 13,166 | 21,636 | |||
| Investment deposits and pending deal costs | 31,081 | 27,534 | |||
| Deferred financing costs, net | 4,247 | 5,467 | |||
| Derivative assets (Note 10) | 20,953 | 33,558 | |||
| Prepaid taxes and deferred tax assets, net | 56,751 | 71,656 | |||
| Receivables from resolution of investments | 1,462 | 30,770 | |||
| Operating lease right-of-use asset, net | 115,048 | 0 | |||
| Accounts receivable, net | 91,537 | 58,830 | |||
| Prepaid expenses | 33,565 | 23,771 | |||
| Other assets | 159,922 | 30,604 | |||
| Fixed assets, net | 44,337 | 47,381 | |||
| Total other assets | $ 621,673 | $ 400,143 | [1] | ||
| |||||
Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
|---|---|---|---|---|---|
| Restricted Cash, Other Assets And Other Liabilities [Abstract] | |||||
| Tenant security deposits and payable | $ 18,326 | $ 15,135 | |||
| Borrower escrow deposits | 13,822 | 13,001 | |||
| Deferred income | 13,326 | 27,124 | |||
| Interest payable | 40,751 | 40,622 | |||
| Derivative liabilities (Note 10) | 388,338 | 132,808 | |||
| Contingent consideration—THL Hotel Portfolio (Note 11) | 9,745 | 8,903 | |||
| Share repurchase payable | 0 | 7,567 | |||
| Current and deferred income tax liability | 97,312 | 92,808 | |||
| Operating lease liability (Note 20) | 116,020 | 0 | |||
| Accrued compensation | 45,068 | 79,320 | |||
| Accrued carried interest and contractual incentive fee compensation | 7,172 | 7,486 | |||
| Accrued real estate and other taxes | 46,717 | 38,714 | |||
| Accounts payable and accrued expenses | 96,220 | 91,244 | |||
| Other liabilities | 127,892 | 79,412 | |||
| Total accrued and other liabilities | 1,020,709 | 634,144 | [1] | ||
| Deferred asset management fee income | $ 2,900 | $ 3,200 | |||
| |||||
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
|---|---|---|---|---|---|
| Debt Instrument [Line Items] | |||||
| Principal | $ 8,936,092 | $ 9,171,929 | |||
| Long-term debt | 8,739,667 | 8,975,372 | [1] | ||
| Assets Held For Sale | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | 393,700 | 425,900 | |||
| Credit Facilities | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | 85,000 | ||||
| Convertible and Exchangeable Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | 613,092 | ||||
| Secured and unsecured debt | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | 7,841,516 | ||||
| Junior Subordinated Notes | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | 200,059 | ||||
| Carrying Value | |||||
| Debt Instrument [Line Items] | |||||
| Principal | 8,936,092 | 9,171,929 | |||
| Premium (discount), net | (97,895) | (119,551) | |||
| Deferred financing costs | (98,530) | (77,006) | |||
| Long-term debt | 8,975,372 | ||||
| Carrying Value | Credit Facilities | |||||
| Debt Instrument [Line Items] | |||||
| Principal | 85,000 | 0 | |||
| Premium (discount), net | 0 | 0 | |||
| Deferred financing costs | 0 | 0 | |||
| Long-term debt | 0 | ||||
| Carrying Value | Convertible and Exchangeable Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Principal | 616,105 | 616,105 | |||
| Premium (discount), net | 2,474 | 2,697 | |||
| Deferred financing costs | (5,487) | (6,652) | |||
| Long-term debt | 612,150 | ||||
| Carrying Value | Secured and unsecured debt | |||||
| Debt Instrument [Line Items] | |||||
| Principal | 7,954,870 | 8,275,707 | |||
| Premium (discount), net | (20,311) | (41,217) | |||
| Deferred financing costs | (93,043) | (70,354) | |||
| Long-term debt | 8,164,136 | ||||
| Carrying Value | Junior Subordinated Notes | |||||
| Debt Instrument [Line Items] | |||||
| Principal | 280,117 | 280,117 | |||
| Premium (discount), net | (80,058) | (81,031) | |||
| Deferred financing costs | $ 0 | 0 | |||
| Long-term debt | $ 199,086 | ||||
| |||||
Debt - Components of Debt (Details) $ in Thousands |
1 Months Ended | 6 Months Ended | 12 Months Ended |
|---|---|---|---|
|
Jun. 30, 2019
USD ($)
option
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 8,936,092 | $ 8,936,092 | $ 9,171,929 |
| Number of extension options | option | 3 | ||
| Fixed Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 1,238,223 | 1,238,223 | 2,997,136 |
| Variable Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | 7,697,869 | 7,697,869 | 6,174,793 |
| Recourse | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | 1,017,365 | 1,017,365 | 933,421 |
| Recourse | Fixed Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | 652,248 | 652,248 | 653,304 |
| Recourse | Variable Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | 365,117 | 365,117 | 280,117 |
| Recourse | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 85,000 | $ 85,000 | $ 0 |
| Weighted Average Interest Rate (Per Annum) | 4.65% | 4.65% | |
| Weighted Average Years Remaining to Maturity | 2 years 6 months | 3 years | |
| Recourse | Line of Credit | Fixed Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 0 | $ 0 | $ 0 |
| Recourse | Line of Credit | Variable Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 85,000 | $ 85,000 | $ 0 |
| Weighted Average Interest Rate (Per Annum) | 4.65% | 4.65% | |
| Weighted Average Years Remaining to Maturity | 2 years 6 months | 3 years | |
| Recourse | Convertible and Exchangeable Senior Notes | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 616,105 | $ 616,105 | $ 616,105 |
| Weighted Average Interest Rate (Per Annum) | 4.27% | 4.27% | 4.27% |
| Weighted Average Years Remaining to Maturity | 2 years 6 months | 3 years | |
| Recourse | Convertible and Exchangeable Senior Notes | Fixed Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 616,105 | $ 616,105 | $ 616,105 |
| Weighted Average Interest Rate (Per Annum) | 4.27% | 4.27% | 4.27% |
| Weighted Average Years Remaining to Maturity | 2 years 6 months | 3 years | |
| Recourse | Convertible and Exchangeable Senior Notes | Variable Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 0 | $ 0 | $ 0 |
| Recourse | Junior subordinated debt | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 280,117 | $ 280,117 | $ 280,117 |
| Weighted Average Interest Rate (Per Annum) | 5.18% | 5.18% | 5.66% |
| Weighted Average Years Remaining to Maturity | 16 years 10 months 24 days | 17 years 4 months 24 days | |
| Recourse | Junior subordinated debt | Fixed Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 0 | $ 0 | $ 0 |
| Recourse | Junior subordinated debt | Variable Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 280,117 | $ 280,117 | $ 280,117 |
| Weighted Average Interest Rate (Per Annum) | 5.18% | 5.18% | 5.66% |
| Weighted Average Years Remaining to Maturity | 16 years 10 months 24 days | 17 years 4 months 24 days | |
| Recourse | Secured debt | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 36,143 | $ 36,143 | $ 37,199 |
| Weighted Average Interest Rate (Per Annum) | 5.02% | 5.02% | 5.02% |
| Weighted Average Years Remaining to Maturity | 6 years 7 months 6 days | 6 years 10 months 24 days | |
| Recourse | Secured debt | Fixed Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 36,143 | $ 36,143 | $ 37,199 |
| Weighted Average Interest Rate (Per Annum) | 5.02% | 5.02% | 5.02% |
| Weighted Average Years Remaining to Maturity | 6 years 4 months 24 days | 6 years 10 months 24 days | |
| Recourse | Secured debt | Variable Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 0 | $ 0 | $ 0 |
| Non-recourse | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | 7,918,727 | 7,918,727 | 8,238,508 |
| Non-recourse | Fixed Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | 585,975 | 585,975 | 2,343,832 |
| Non-recourse | Variable Rate | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | 7,332,752 | 7,332,752 | 5,894,676 |
| Non-recourse | Secured and unsecured debt | Healthcare | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 3,022,746 | $ 3,022,746 | $ 3,240,680 |
| Weighted Average Interest Rate (Per Annum) | 5.80% | 5.80% | 5.31% |
| Weighted Average Years Remaining to Maturity | 4 years 4 months 24 days | 2 years 2 months 12 days | |
| Non-recourse | Secured and unsecured debt | Hospitality | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 2,659,562 | $ 2,659,562 | $ 2,648,072 |
| Weighted Average Interest Rate (Per Annum) | 5.56% | 5.56% | 5.71% |
| Weighted Average Years Remaining to Maturity | 3 years 6 months | 3 years 9 months 18 days | |
| Non-recourse | Secured and unsecured debt | Other Real Estate Equity | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 1,933,163 | $ 1,933,163 | $ 1,990,245 |
| Weighted Average Interest Rate (Per Annum) | 4.20% | 4.20% | 4.39% |
| Weighted Average Years Remaining to Maturity | 3 years 1 month 6 days | 3 years 8 months 12 days | |
| Non-recourse | Secured and unsecured debt | Real Estate Debt | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 303,256 | $ 303,256 | $ 359,511 |
| Weighted Average Interest Rate (Per Annum) | 4.56% | 4.56% | 4.50% |
| Weighted Average Years Remaining to Maturity | 2 years 3 months 18 days | 2 years 4 months 24 days | |
| Non-recourse | Secured and unsecured debt | Fixed Rate | Healthcare | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 405,980 | $ 405,980 | $ 2,130,999 |
| Weighted Average Interest Rate (Per Annum) | 4.55% | 4.55% | 4.62% |
| Weighted Average Years Remaining to Maturity | 5 years 7 months 6 days | 1 year 10 months 24 days | |
| Long-term debt, repayment of principal in next twelve months | $ 1,725,000 | ||
| Non-recourse | Secured and unsecured debt | Fixed Rate | Hospitality | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 12,960 | $ 12,960 | $ 12,019 |
| Weighted Average Interest Rate (Per Annum) | 13.01% | 13.01% | 12.99% |
| Weighted Average Years Remaining to Maturity | 2 years 1 month 6 days | 2 years 7 months 6 days | |
| Non-recourse | Secured and unsecured debt | Fixed Rate | Other Real Estate Equity | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 167,035 | $ 167,035 | $ 200,814 |
| Weighted Average Interest Rate (Per Annum) | 4.14% | 4.14% | 4.02% |
| Weighted Average Years Remaining to Maturity | 3 years 6 months | 3 years 9 months 18 days | |
| Non-recourse | Secured and unsecured debt | Fixed Rate | Real Estate Debt | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 0 | $ 0 | $ 0 |
| Non-recourse | Secured and unsecured debt | Fixed Rate | Healthcare And Hospitality | |||
| Debt Instrument [Line Items] | |||
| Outstanding principal not in compliance with certain covenants | 341,600 | 341,600 | 538,500 |
| Non-recourse | Secured and unsecured debt | Variable Rate | Healthcare | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 2,616,766 | $ 2,616,766 | $ 1,109,681 |
| Weighted Average Interest Rate (Per Annum) | 5.99% | 5.99% | 6.64% |
| Weighted Average Years Remaining to Maturity | 2 years | 4 years 2 months 12 days | 2 years 8 months 12 days |
| Long-term debt, repayment of principal in next twelve months | $ 1,515,000 | $ 1,515,000 | |
| Extension option, term | 1 year | ||
| Non-recourse | Secured and unsecured debt | Variable Rate | Hospitality | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 2,646,602 | $ 2,646,602 | $ 2,636,053 |
| Weighted Average Interest Rate (Per Annum) | 5.52% | 5.52% | 5.68% |
| Weighted Average Years Remaining to Maturity | 3 years 6 months | 3 years 9 months 18 days | |
| Non-recourse | Secured and unsecured debt | Variable Rate | Other Real Estate Equity | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 1,766,128 | $ 1,766,128 | $ 1,789,431 |
| Weighted Average Interest Rate (Per Annum) | 4.20% | 4.20% | 4.43% |
| Weighted Average Years Remaining to Maturity | 3 years 1 month 6 days | 3 years 7 months 6 days | |
| Non-recourse | Secured and unsecured debt | Variable Rate | Real Estate Debt | |||
| Debt Instrument [Line Items] | |||
| Outstanding Principal | $ 303,256 | $ 303,256 | $ 359,511 |
| Weighted Average Interest Rate (Per Annum) | 4.56% | 4.56% | 4.50% |
| Weighted Average Years Remaining to Maturity | 2 years 3 months 18 days | 2 years 4 months 24 days | |
| Non-recourse | First Mortgage | Variable Rate | Healthcare | |||
| Debt Instrument [Line Items] | |||
| Long-term debt, repayment of principal in next twelve months | $ 1,025,000 | $ 1,025,000 | |
| Non-recourse | Mezzanine Loan | Variable Rate | Healthcare | |||
| Debt Instrument [Line Items] | |||
| Long-term debt, repayment of principal in next twelve months | $ 490,000 | $ 490,000 |
Debt - Corporate Credit Facility (Details) - Credit Facilities - Revolving Credit Facility - JPMorgan Chase Bank, N.A. |
6 Months Ended | |||
|---|---|---|---|---|
|
Jan. 10, 2017
USD ($)
extension
|
Jun. 30, 2019 |
Apr. 30, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
|
| Line of Credit Facility [Line Items] | ||||
| Maximum principal amount of credit facility | $ 1,000,000,000.0 | $ 750,000,000 | $ 1,000,000,000.0 | |
| Number of extension options | extension | 2 | |||
| Extension term | 6 months | |||
| Extension commitment fee (percentage) | 0.10% | |||
| Percentage of unused amount (percentage) | 0.35% | |||
| Minimum | ||||
| Line of Credit Facility [Line Items] | ||||
| Percentage of unused amount (percentage) | 0.25% | |||
| Maximum | ||||
| Line of Credit Facility [Line Items] | ||||
| Percentage of unused amount (percentage) | 0.35% | |||
| LIBOR | ||||
| Line of Credit Facility [Line Items] | ||||
| Basis spread on variable rate (percentage) | 2.25% | |||
| Base Rate | ||||
| Line of Credit Facility [Line Items] | ||||
| Basis spread on variable rate (percentage) | 1.25% | |||
| Accordion Feature | ||||
| Line of Credit Facility [Line Items] | ||||
| Maximum principal amount increase | $ 1,500,000,000 | $ 1,125,000,000 |
Debt - Convertible Senior Notes (Details) $ / shares in Units, shares in Thousands |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2019
USD ($)
d
quarter
$ / shares
shares
|
Dec. 31, 2018
USD ($)
|
|
| Debt Instrument [Line Items] | ||
| Convertible and exchangeable senior notes, outstanding principal | $ 616,105,000 | $ 616,105,000 |
| Convertible and Exchangeable Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Redemption price, percentage of principal amount (percentage) | 100.00% | |
| Threshold percentage of stock price trigger (percentage) | 130.00% | |
| Threshold trading days | d | 20 | |
| Threshold consecutive trading days | d | 30 | |
| Convertible and Exchangeable Senior Notes | 5.00% Convertible Notes | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 5.00% | |
| Conversion or Exchange Price (in dollars per share of common stock) | $ / shares | $ 15.76 | |
| Conversion or Exchange Ratio (In Shares per $1,000) | 63.4700 | |
| Conversion or Exchange Shares (in shares) | shares | 12,694 | |
| Convertible and exchangeable senior notes, outstanding principal | $ 200,000,000 | 200,000,000 |
| Convertible and Exchangeable Senior Notes | 3.875% Convertible Notes | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 3.875% | |
| Conversion or Exchange Price (in dollars per share of common stock) | $ / shares | $ 16.57 | |
| Conversion or Exchange Ratio (In Shares per $1,000) | 60.3431 | |
| Conversion or Exchange Shares (in shares) | shares | 24,288 | |
| Convertible and exchangeable senior notes, outstanding principal | $ 402,500,000 | 402,500,000 |
| Convertible and Exchangeable Senior Notes | 5.375% Exchangeable Notes | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 5.375% | |
| Conversion or Exchange Price (in dollars per share of common stock) | $ / shares | $ 12.04 | |
| Conversion or Exchange Ratio (In Shares per $1,000) | 83.0837 | |
| Conversion or Exchange Shares (in shares) | shares | 1,130 | |
| Convertible and exchangeable senior notes, outstanding principal | $ 13,605,000 | $ 13,605,000 |
| Convertible and exchangeable senior notes | 5.00% Convertible Notes | ||
| Debt Instrument [Line Items] | ||
| Converted instrument, amount | $ 1,000 | |
| Junior subordinated debt | ||
| Debt Instrument [Line Items] | ||
| Redemption period | 5 years | |
| Interest payment deferral, number of consecutive quarters | quarter | 6 |
Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | $ 20,953 | $ 33,558 |
| Derivative Liabilities | 394,421 | 132,808 |
| Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 20,953 | 33,558 |
| Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 394,421 | 132,808 |
| Designated Hedges | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 16,798 | 31,989 |
| Designated Hedges | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 9,949 | 6,193 |
| Non-Designated Hedges | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 4,155 | 1,569 |
| Non-Designated Hedges | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 384,472 | 126,615 |
| Foreign exchange contracts | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 17,181 | 32,196 |
| Foreign exchange contracts | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 4,087 | 6,404 |
| Foreign exchange contracts | Designated Hedges | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 16,717 | 31,127 |
| Foreign exchange contracts | Designated Hedges | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 3,866 | 6,193 |
| Foreign exchange contracts | Non-Designated Hedges | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 464 | 1,069 |
| Foreign exchange contracts | Non-Designated Hedges | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 221 | 211 |
| Interest rate contracts | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 202 | 1,362 |
| Derivative Liabilities | 277,961 | 126,404 |
| Interest rate contracts | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 202 | 1,362 |
| Interest rate contracts | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 277,961 | 126,404 |
| Interest rate contracts | Designated Hedges | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 81 | 862 |
| Interest rate contracts | Designated Hedges | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 6,083 | 0 |
| Interest rate contracts | Non-Designated Hedges | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 121 | 500 |
| Interest rate contracts | Non-Designated Hedges | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 271,878 | 126,404 |
| Performance swaps | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 3,570 | |
| Performance swaps | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 3,570 | 0 |
| Performance swaps | Designated Hedges | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 0 | 0 |
| Performance swaps | Non-Designated Hedges | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets | 3,570 | 0 |
| Forward contracts | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 112,373 | |
| Forward contracts | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 112,373 | 0 |
| Forward contracts | Designated Hedges | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | 0 | 0 |
| Forward contracts | Non-Designated Hedges | Accrued and other liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities | $ 112,373 | $ 0 |
Derivatives - Additional Information (Details) $ in Thousands, € in Millions, £ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
GBP (£)
|
Jun. 30, 2019
EUR (€)
|
Jan. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
GBP (£)
|
Dec. 31, 2018
EUR (€)
|
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
| Deposits related to agreements included in other assets | $ 116,700 | $ 116,700 | $ 800 | |||||||
| Investments in unconsolidated joint ventures | 2,306,190 | 2,306,190 | 2,432,914 | |||||||
| Cash Collateral Pledged | 0 | 0 | $ 12,000 | 0 | ||||||
| Unrealized gain on investments | 1,100 | 12,900 | ||||||||
| Designated Hedges | Other gain (loss), net | Net Investment Hedging | ||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
| Realization of net gain on net investment hedges | 786 | $ (247) | 1,026 | $ 2,336 | ||||||
| Non-Designated Hedges | Net Investment Hedging | ||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
| Derivatives used in net investment hedge, gain (loss), reclassified to earnings upon dedesignation | 19 | $ 4,120 | (400) | $ 1,239 | ||||||
| Foreign currency risk | ||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
| Investments in unconsolidated joint ventures | 1,000,000 | 1,000,000 | £ 234.4 | € 601.4 | $ 1,000,000 | £ 235.7 | € 614.0 | |||
| Forward contracts | ||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
| Notional amount | $ 100,000 | |||||||||
| Loss on derivative | 1,100 | 12,400 | ||||||||
| Performance swaps | ||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
| Cash Collateral Pledged | 0 | 0 | ||||||||
| Gain on derivative | $ 1,000 | $ 3,600 | ||||||||
Derivatives - Schedule of Foreign Exchange Contracts (Details) - Jun. 30, 2019 € in Thousands, £ in Thousands |
$ / € |
GBP (£) |
EUR (€) |
$ / £ |
|---|---|---|---|---|
| Foreign exchange collars | Minimum | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Exchange rate floor (in $ per unit of foreign currency) | 1.06 | 1.45 | ||
| Foreign exchange collars | Maximum | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Exchange rate cap (in $ per unit of foreign currency) | 1.31 | 1.76 | ||
| Foreign exchange contracts | Minimum | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Forward exchange rate (in $ per unit of foreign currency) | 1.12 | 1.24 | ||
| Foreign exchange contracts | Maximum | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Forward exchange rate (in $ per unit of foreign currency) | 1.38 | 1.32 | ||
| Designated Hedges | Foreign exchange collars | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Notional amount | £ 8,632 | € 71,986 | ||
| Designated Hedges | Foreign exchange contracts | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Notional amount | 126,005 | 443,169 | ||
| Non-Designated Hedges | Foreign exchange collars | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Notional amount | 708 | 177 | ||
| Non-Designated Hedges | Foreign exchange contracts | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Notional amount | £ 0 | € 32,763 |
Derivatives - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
GBP (£)
|
Jun. 30, 2019
EUR (€)
|
|
| Designated Hedges | Interest rate swap | 3-Month LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | $ 0 | $ 0 | ||||
| Designated Hedges | Interest rate swap | 1-Month LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | 300,000 | 300,000 | ||||
| Designated Hedges | Interest rate caps | 1-Month LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | 0 | 0 | ||||
| Designated Hedges | Interest rate caps | 3-Month EURIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | € | € 247,513 | |||||
| Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | £ | £ 0 | |||||
| Non-Designated Hedges | Other gain (loss), net | ||||||
| Derivative [Line Items] | ||||||
| Unrealized gain (loss) on cash flow hedge | 89,610 | $ 24,720 | ||||
| Non-Designated Hedges | Interest rate contracts | Other gain (loss), net | ||||||
| Derivative [Line Items] | ||||||
| Unrealized gain (loss) on cash flow hedge | 149,136 | $ 81,377 | ||||
| Non-Designated Hedges | Interest rate swap | 3-Month LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | $ 2,000,000 | $ 2,000,000 | ||||
| Forward rate (in $ per unit of foreign currency) | 0.0339 | 0.0339 | 0.0339 | 0.0339 | ||
| Non-Designated Hedges | Interest rate swap | 1-Month LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | $ 0 | $ 0 | ||||
| Forward rate (in $ per unit of foreign currency) | 0.0215 | 0.0215 | 0.0215 | 0.0215 | ||
| Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | $ 5,942,714 | $ 5,942,714 | ||||
| Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Minimum | ||||||
| Derivative [Line Items] | ||||||
| Forward rate (in $ per unit of foreign currency) | 0.030 | 0.030 | 0.030 | 0.030 | ||
| Non-Designated Hedges | Interest rate caps | 1-Month LIBOR | Maximum | ||||||
| Derivative [Line Items] | ||||||
| Forward rate (in $ per unit of foreign currency) | 0.0626 | 0.0626 | 0.0626 | 0.0626 | ||
| Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | € | € 541,151 | |||||
| Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Minimum | ||||||
| Derivative [Line Items] | ||||||
| Forward rate (in $ per unit of foreign currency) | 0.010 | 0.010 | 0.010 | 0.010 | ||
| Non-Designated Hedges | Interest rate caps | 3-Month EURIBOR | Maximum | ||||||
| Derivative [Line Items] | ||||||
| Forward rate (in $ per unit of foreign currency) | 0.015 | 0.015 | 0.015 | 0.015 | ||
| Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | ||||||
| Derivative [Line Items] | ||||||
| Notional amount | £ | £ 363,716 | |||||
| Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Minimum | ||||||
| Derivative [Line Items] | ||||||
| Forward rate (in $ per unit of foreign currency) | 0.015 | 0.015 | 0.015 | 0.015 | ||
| Non-Designated Hedges | Interest rate caps | 3-Month GBP LIBOR | Maximum | ||||||
| Derivative [Line Items] | ||||||
| Forward rate (in $ per unit of foreign currency) | 0.025 | 0.025 | 0.025 | 0.025 | ||
Derivatives - Derivative Netting (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Derivative [Line Items] | |||
| Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | $ 20,953 | $ 33,558 | |
| (Assets) Liabilities | (4,812) | (2,566) | |
| Cash Collateral Pledged | 0 | $ 12,000 | 0 |
| Net Amounts of Assets (Liabilities) | 16,141 | 30,992 | |
| Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (394,421) | (132,808) | |
| (Assets) Liabilities | 4,812 | 2,566 | |
| Cash Collateral Pledged | 116,739 | 840 | |
| Net Amounts of Assets (Liabilities) | (272,870) | (129,402) | |
| Foreign exchange contracts | |||
| Derivative [Line Items] | |||
| Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | 17,181 | 32,196 | |
| (Assets) Liabilities | (1,165) | (1,743) | |
| Cash Collateral Pledged | 0 | 0 | |
| Net Amounts of Assets (Liabilities) | 16,016 | 30,453 | |
| Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (4,087) | (6,404) | |
| (Assets) Liabilities | 1,165 | 1,743 | |
| Cash Collateral Pledged | 0 | 0 | |
| Net Amounts of Assets (Liabilities) | (2,922) | (4,661) | |
| Interest rate contracts | |||
| Derivative [Line Items] | |||
| Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | 202 | 1,362 | |
| (Assets) Liabilities | (77) | (823) | |
| Cash Collateral Pledged | 0 | 0 | |
| Net Amounts of Assets (Liabilities) | 125 | 539 | |
| Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (277,961) | (126,404) | |
| (Assets) Liabilities | 77 | 823 | |
| Cash Collateral Pledged | 108,269 | 840 | |
| Net Amounts of Assets (Liabilities) | (169,615) | $ (124,741) | |
| Forward contracts | |||
| Derivative [Line Items] | |||
| Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | (112,373) | ||
| (Assets) Liabilities | 3,570 | ||
| Cash Collateral Pledged | 8,470 | ||
| Net Amounts of Assets (Liabilities) | (100,333) | ||
| Performance swaps | |||
| Derivative [Line Items] | |||
| Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | 3,570 | ||
| (Assets) Liabilities | (3,570) | ||
| Cash Collateral Pledged | 0 | ||
| Net Amounts of Assets (Liabilities) | $ 0 |
Fair Value - Recurring Fair Values and Level 3 Recurring Fair Value Measurements (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Equity method investments | $ 177,299 | $ 81,085 |
| Other assets—derivative assets | 20,953 | 33,558 |
| Other liabilities—derivative liabilities | 388,338 | 132,808 |
| Contingent consideration—THL Hotel Portfolio (Note 11) | 9,745 | 8,903 |
| Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Equity method investments | 0 | 0 |
| Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Equity method investments | 0 | 0 |
| Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Equity method investments | 177,299 | 81,085 |
| N-Star CDO bonds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| N-Star CDO bonds, available for sale | 62,442 | 64,127 |
| Discounted cash flows | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Contingent consideration—THL Hotel Portfolio (Note 11) | 8,903 | |
| Discounted cash flows | N-Star CDO bonds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| N-Star CDO bonds, available for sale | 64,127 | |
| Discounted cash flows | Private funds and other | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investments, fair value | 5,498 | 5,908 |
| Discounted cash flows | Other investment ventures | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investments, fair value | 18,722 | 21,831 |
| Multiple | Other investment ventures | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investments, fair value | $ 25,000 | $ 25,000 |
| Measurement input, percentage | 5.5 | 5.8 |
| Recent Transaction Price | Other investment ventures | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investments, fair value | $ 128,079 | $ 28,346 |
| Discount rate | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Measurement input, percentage | 0.200 | 0.200 |
| Discount rate | N-Star CDO bonds | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Measurement input, percentage | 0.218 | 0.216 |
| Discount rate | Minimum | N-Star CDO bonds | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Measurement input, percentage | 0.166 | 0.136 |
| Discount rate | Maximum | N-Star CDO bonds | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Measurement input, percentage | 0.260 | 0.565 |
| Discount rate | Other investment ventures | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Measurement input, percentage | 0.137 | 0.175 |
| Discount rate | Other investment ventures | Minimum | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Measurement input, percentage | 0.121 | 0.091 |
| Discount rate | Other investment ventures | Maximum | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Measurement input, percentage | 0.144 | 0.184 |
| THL Hotel Portfolio | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Contingent consideration, liability | $ 13,000 | |
| Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Marketable equity securities | 132,781 | $ 36,438 |
| Other assets—derivative assets | 20,953 | 33,558 |
| Other liabilities—derivative liabilities | 394,421 | 132,808 |
| Contingent consideration—THL Hotel Portfolio (Note 11) | 9,745 | 8,903 |
| Recurring | Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Marketable equity securities | 132,781 | 36,438 |
| Other assets—derivative assets | 0 | 0 |
| Other liabilities—derivative liabilities | 0 | 0 |
| Contingent consideration—THL Hotel Portfolio (Note 11) | 0 | 0 |
| Recurring | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Marketable equity securities | 0 | 0 |
| Other assets—derivative assets | 20,953 | 33,558 |
| Other liabilities—derivative liabilities | 394,421 | 132,808 |
| Contingent consideration—THL Hotel Portfolio (Note 11) | 0 | 0 |
| Recurring | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Marketable equity securities | 0 | 0 |
| Other assets—derivative assets | 0 | 0 |
| Other liabilities—derivative liabilities | 0 | 0 |
| Contingent consideration—THL Hotel Portfolio (Note 11) | 9,745 | 8,903 |
| Recurring | N-Star CDO bonds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| N-Star CDO bonds, available for sale | 62,442 | 64,127 |
| Recurring | N-Star CDO bonds | Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| N-Star CDO bonds, available for sale | 0 | 0 |
| Recurring | N-Star CDO bonds | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| N-Star CDO bonds, available for sale | 0 | 0 |
| Recurring | N-Star CDO bonds | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| N-Star CDO bonds, available for sale | 62,442 | 64,127 |
| Recurring | CMBS of consolidated fund | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| CMBS of consolidated fund | 5,058 | 32,706 |
| Recurring | CMBS of consolidated fund | Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| CMBS of consolidated fund | 0 | 0 |
| Recurring | CMBS of consolidated fund | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| CMBS of consolidated fund | 5,058 | 32,706 |
| Recurring | CMBS of consolidated fund | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| CMBS of consolidated fund | $ 0 | $ 0 |
Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Debt—Securitized Bonds Payable | ||
| Level 3 Liabilities | ||
| Fair value, liability value | $ 0 | $ (44,542) |
| Paydowns or distributions | 638 | |
| Deconsolidation | 43,847 | |
| Unrealized gain related to balance recorded in earnings | 57 | |
| Unrealized gains (losses) on ending balance in earnings | 0 | 57 |
| Fair value, liability value | 0 | 0 |
| Due to Affiliates—Contingent Consideration for Internalization | ||
| Level 3 Liabilities | ||
| Fair value, liability value | 0 | (20,650) |
| Transfer out of liabilities into equity | 12,539 | |
| Transfers out of Level 3 | 6,381 | |
| Unrealized gain related to balance recorded in earnings | 1,730 | |
| Unrealized gains (losses) on ending balance in earnings | 0 | 1,730 |
| Fair value, liability value | 0 | 0 |
| Loans Receivable | ||
| Level 3 Assets | ||
| Fair value, asset value | 0 | 45,423 |
| Paydowns, distributions or sales | (638) | |
| Deconsolidation | (44,070) | |
| Unrealized gains (losses) In earnings | (715) | |
| Unrealized gains (losses) on ending balance in earnings | 0 | (715) |
| Fair value, asset value | 0 | 0 |
| Equity Method Investments | ||
| Level 3 Assets | ||
| Fair value, asset value | 81,085 | 363,901 |
| Purchases, contributions or accretion | 102,273 | 60,995 |
| Paydowns, distributions or sales | (8,005) | (182,063) |
| Transfers out of Level 3 | (132,527) | |
| Contribution to Colony Credit | (26,134) | |
| Realized gains (losses) in earnings | 752 | 2,697 |
| Unrealized gains (losses) In earnings | 1,194 | (2,298) |
| Unrealized gains (losses) on ending balance in earnings | 1,194 | (2,298) |
| Fair value, asset value | 177,299 | 84,571 |
| Securities | ||
| Level 3 Assets | ||
| Fair value, asset value | 64,127 | 323,243 |
| Purchases, contributions or accretion | 3,267 | 5,360 |
| Paydowns, distributions or sales | (5,582) | (108,924) |
| Deconsolidation | (124,344) | |
| Realized gains (losses) in earnings | (667) | 4,787 |
| Unrealized gains (losses) In accumulated other comprehensive income | 1,297 | (21,917) |
| Unrealized gains (losses) on ending balance in earnings | 0 | 0 |
| Unrealized gains (losses) on ending balance in other comprehensive income (loss) | (2,087) | (3,827) |
| Fair value, asset value | 62,442 | 78,205 |
| THL Hotel Portfolio | Due to Affiliates—Contingent Consideration for Internalization | ||
| Level 3 Liabilities | ||
| Fair value, liability value | (8,903) | (7,419) |
| Unrealized gain related to balance recorded in earnings | (842) | (702) |
| Unrealized gains (losses) on ending balance in earnings | (842) | (702) |
| Fair value, liability value | $ (9,745) | $ (8,121) |
Fair Value - Recurring Fair Value Narrative (Details) shares in Thousands, $ in Thousands |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2018
USD ($)
shares
|
Jun. 30, 2018
USD ($)
shares
|
|
| Contingent consideration | Recurring | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Transfer out of liabilities into equity | $ 12,539 | |
| Transfers out of Level 3 | $ 6,381 | |
| Class A Common Stock | Common Stock | Contingent consideration | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Contingent consideration, number of shares | shares | 15 | 15 |
| Class B Common Stock | Common Stock | Contingent consideration | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Contingent consideration, number of shares | shares | 40 | 40 |
| Settlement Of Contingent Consideration | OP Units | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| OP units sold (in shares) | shares | 1,950 | |
| Contingent consideration | Senior Management | Contingent consideration | Recurring | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Transfers out of Level 3 | $ 6,400 | |
| Affiliated Entity | Contingent consideration | Senior Management | Common Stock And OP Units | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Transfer out of liabilities into equity | $ 12,500 |
Fair Value - Investments Carried at Fair Value (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Private fund—real estate | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Expected life of investment, extension increment period | 1 year | |
| Expected life of investment, extension period threshold | 2 years | |
| Recurring | Fair Value Measured at Net Asset Value Per Share | Private fund—real estate | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Fair Value | $ 16,659 | $ 12,617 |
| Unfunded Commitments | 10,153 | 13,658 |
| Recurring | Fair Value Measured at Net Asset Value Per Share | Non-traded REIT—real estate | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Fair Value | 16,812 | 11,990 |
| Unfunded Commitments | 0 | 0 |
| Recurring | Fair Value Measured at Net Asset Value Per Share | Private fund—emerging market private equity | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Fair Value | 2,836 | 0 |
| Unfunded Commitments | $ 0 | $ 0 |
| Minimum | Private fund—real estate | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Expected life of investment | 8 years | |
| Maximum | Private fund—real estate | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Expected life of investment | 10 years |
Fair Value - Nonrecurring Fair Value (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Equity method investments | $ 177,299 | $ 177,299 | $ 81,085 | |||||||
| Impairment loss | 84,695 | $ 69,660 | [1] | 110,317 | $ 223,058 | [1] | ||||
| Impairment loss | 110,317 | 223,232 | ||||||||
| Real estate held for sale | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 401,391 | 401,391 | 269,145 | |||||||
| Impairment loss | 42,998 | 6,546 | 68,181 | 15,310 | ||||||
| Real estate held for investment | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 282,400 | |||||||||
| Impairment loss | 212,000 | |||||||||
| Real estate held for investment | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 220,179 | 220,179 | 416,272 | |||||||
| Impairment loss | 41,048 | 2,975 | 41,487 | 7,181 | ||||||
| Intangible assets—lease intangibles | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 0 | 0 | 15,608 | |||||||
| Intangible assets—investment management contracts | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 0 | 0 | 36,400 | |||||||
| Equity Method Investments | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Equity method investments | 753,732 | 753,732 | $ 32,761 | |||||||
| Impairment loss | 247,812 | 16,467 | 250,434 | 16,467 | ||||||
| Minimum | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Discount rate, percentage | 5.50% | |||||||||
| Maximum | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Discount rate, percentage | 11.00% | |||||||||
| Level 2 | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Equity method investments | 0 | 0 | $ 0 | |||||||
| Level 2 | Real estate held for sale | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 173,907 | 173,907 | 68,864 | |||||||
| Level 2 | Real estate held for investment | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 0 | 0 | 0 | |||||||
| Level 2 | Intangible assets—lease intangibles | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 0 | 0 | 0 | |||||||
| Level 2 | Intangible assets—investment management contracts | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 0 | 0 | 0 | |||||||
| Level 2 | Equity Method Investments | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Equity method investments | 0 | 0 | 0 | |||||||
| Level 3 | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Equity method investments | 177,299 | 177,299 | 81,085 | |||||||
| Level 3 | Real estate held for sale | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 227,484 | 227,484 | 200,281 | |||||||
| Level 3 | Real estate held for investment | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 220,179 | 220,179 | 416,272 | |||||||
| Level 3 | Intangible assets—lease intangibles | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 0 | 0 | 15,608 | |||||||
| Level 3 | Intangible assets—investment management contracts | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Assets, nonrecurring | 0 | 0 | 36,400 | |||||||
| Level 3 | Equity Method Investments | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Equity method investments | 753,732 | 753,732 | 32,761 | |||||||
| Investment management contracts | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Impairment loss | 0 | 0 | 0 | 140,429 | $ 147,400 | |||||
| Trade name | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Impairment loss | $ 59,500 | $ 0 | $ 59,464 | $ 0 | $ 59,464 | |||||
| Primarily European Portfolio | Minimum | Real estate held for sale | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Selling costs, percentage | 2.00% | |||||||||
| Primarily European Portfolio | Maximum | Real estate held for sale | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Selling costs, percentage | 3.00% | |||||||||
| Certain Hotels In The Hospitality Segment | Level 3 | Minimum | Real estate held for sale | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Selling costs, percentage | 2.00% | |||||||||
| Certain Hotels In The Hospitality Segment | Level 3 | Maximum | Real estate held for sale | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Selling costs, percentage | 3.00% | |||||||||
| Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio | Level 2 | Real estate held for sale | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Selling costs, percentage | 2.00% | |||||||||
| Multi Tenant Offices And Certain Hotels In The THL Hotel Portfolio | Level 3 | Real estate held for sale | Nonrecurring | ||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
| Selling costs, percentage | 2.00% | |||||||||
| ||||||||||
Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Level 1 | ||
| Assets | ||
| Loans at amortized cost | $ 0 | $ 0 |
| Liabilities | ||
| Corporate credit facility | 0 | |
| Level 1 | Convertible and exchangeable senior notes | ||
| Liabilities | ||
| Secured and unsecured debt | 585,944 | 547,300 |
| Level 1 | Secured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 0 | 0 |
| Level 1 | Secured and unsecured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 0 | 0 |
| Level 1 | Junior subordinated debt | ||
| Liabilities | ||
| Secured and unsecured debt | 0 | 0 |
| Level 2 | ||
| Assets | ||
| Loans at amortized cost | 0 | 0 |
| Liabilities | ||
| Corporate credit facility | 85,000 | |
| Level 2 | Convertible and exchangeable senior notes | ||
| Liabilities | ||
| Secured and unsecured debt | 13,095 | 13,095 |
| Level 2 | Secured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 0 | 0 |
| Level 2 | Secured and unsecured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 0 | 0 |
| Level 2 | Junior subordinated debt | ||
| Liabilities | ||
| Secured and unsecured debt | 0 | 0 |
| Level 3 | ||
| Assets | ||
| Loans at amortized cost | 1,494,716 | 1,667,892 |
| Liabilities | ||
| Corporate credit facility | 0 | |
| Level 3 | Convertible and exchangeable senior notes | ||
| Liabilities | ||
| Secured and unsecured debt | 0 | 0 |
| Level 3 | Secured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 7,985,674 | 8,141,497 |
| Level 3 | Secured and unsecured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 2,029,096 | 1,077,195 |
| Level 3 | Junior subordinated debt | ||
| Liabilities | ||
| Secured and unsecured debt | 197,766 | 169,619 |
| Fair Value | ||
| Assets | ||
| Loans at amortized cost | 1,494,716 | 1,667,892 |
| Liabilities | ||
| Corporate credit facility | 85,000 | |
| Fair Value | Convertible and exchangeable senior notes | ||
| Liabilities | ||
| Secured and unsecured debt | 599,039 | 560,395 |
| Fair Value | Secured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 7,985,674 | 8,141,497 |
| Fair Value | Secured and unsecured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 2,029,096 | 1,077,195 |
| Fair Value | Junior subordinated debt | ||
| Liabilities | ||
| Secured and unsecured debt | 197,766 | 169,619 |
| Carrying Value | ||
| Assets | ||
| Loans at amortized cost | 1,487,611 | 1,659,217 |
| Liabilities | ||
| Corporate credit facility | 85,000 | |
| Carrying Value | Convertible and exchangeable senior notes | ||
| Liabilities | ||
| Secured and unsecured debt | 613,092 | 612,150 |
| Carrying Value | Secured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 7,841,516 | 8,164,136 |
| Carrying Value | Secured and unsecured debt | ||
| Liabilities | ||
| Secured and unsecured debt | 2,004,201 | 1,064,585 |
| Carrying Value | Junior subordinated debt | ||
| Liabilities | ||
| Secured and unsecured debt | $ 200,059 | $ 199,086 |
Variable Interest Entities (Details) $ in Thousands |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2018
securitization_trust
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
||||
| Variable Interest Entity [Line Items] | ||||||
| Total assets of consolidated private fund | $ 22,658,538 | $ 22,215,249 | [1] | |||
| Total liabilities of consolidated private fund | 12,113,495 | 11,059,494 | [1] | |||
| Number of securitization vehicles sold | securitization_trust | 2 | |||||
| Company Sponsored Funds | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Exposure to the obligations of the investment entities | 16,700 | 13,200 | ||||
| Variable Interest Entity, Primary Beneficiary | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Total assets of consolidated private fund | 24,600 | 42,700 | ||||
| Total liabilities of consolidated private fund | 0 | 20,100 | ||||
| Consolidated open-end fund | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Exposure to the obligations of the investment entities | 111,400 | 117,300 | ||||
| Trust | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Exposure to the obligations of the investment entities | 3,700 | 3,700 | ||||
| Securitization Vehicles | Variable Interest Entity, Unconsolidated | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Exposure to the obligations of the investment entities | $ 64,400 | $ 67,500 | ||||
| Colony Credit Real Estate, Inc. | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Number of securitization vehicles held | securitization_trust | 0 | |||||
| Number of securitization vehicles contributed | securitization_trust | 3 | |||||
| ||||||
Stockholders' Equity - Narrative (Details) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|
Apr. 30, 2015 |
Jun. 30, 2019
vote
director
quarter
$ / shares
shares
|
Jun. 30, 2019
USD ($)
vote
director
quarter
$ / shares
shares
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
May 31, 2018
USD ($)
$ / shares
|
Feb. 28, 2018
USD ($)
|
|
| Class of Stock [Line Items] | ||||||
| Redemption amount per share (in dollars per share) | $ 25.00 | $ 25.00 | ||||
| Minimum affirmative vote required for changes to any series of preferred stock | 66.67% | 66.67% | ||||
| Number of directors vote entitles | director | 2 | 2 | ||||
| Minimum period of dividend defaults providing preferred stockholders to voting rights | quarter | 6 | 6 | ||||
| Common stock conversion ratio for Class A to Class B / OP Units | 1 | |||||
| Class A common stock acquired under the DRIP Plan (in shares) | shares | 0 | 0 | 0 | |||
| Class A Common Stock | ||||||
| Class of Stock [Line Items] | ||||||
| Voting rights attributable to each share | vote | 1 | 1 | ||||
| Shares repurchased (in shares) | shares | 652,311 | 61,417,755 | ||||
| Value of shares repurchased | $ | $ 3,200,000 | $ 350,100,000 | ||||
| Weighted average price per share (in dollars per share) | $ 4.84 | $ 5.70 | ||||
| Stock repurchase, authorized amount | $ | $ 300,000,000 | $ 300,000,000 | ||||
| Class B Common Stock | ||||||
| Class of Stock [Line Items] | ||||||
| Voting rights attributable to each share | vote | 36.5 | 36.5 | ||||
| Preferred Stock | ||||||
| Class of Stock [Line Items] | ||||||
| Redemption amount per share (in dollars per share) | $ 25.00 | |||||
| Liquidation preference per share (in dollars per share) | $ 25.00 |
Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares shares in Thousands |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
| Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
| Preferred stock, shares outstanding (in shares) | [1] | 57,464 | |||
| Preferred stock, shares outstanding (in shares) | 57,464 | ||||
| Preferred Stock | |||||
| Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
| Preferred stock, shares outstanding (in shares) | 57,464 | 65,464 | |||
| Repurchase and Redemption of stock (in shares) | (8,000) | ||||
| Preferred stock, shares outstanding (in shares) | 57,464 | 57,464 | |||
| Class A Common Stock | |||||
| Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
| Common stock, shares outstanding (in shares) | 483,347 | [1] | 542,599 | ||
| Repurchase and Redemption of stock (in shares) | (652) | (54,813) | |||
| Conversion of class B to class A common stock (in shares) | 28 | ||||
| Equity-based compensation, net of forfeitures (in shares) | 4,713 | 3,412 | |||
| Shares canceled for tax withholding on vested stock awards (in shares) | (582) | (2,950) | |||
| Common stock, shares outstanding (in shares) | 487,013 | 489,764 | |||
| Class A Common Stock | Operating Partnership Unit | |||||
| Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
| Issuance of shares (in shares) | 187 | 1,488 | |||
| Class B Common Stock | |||||
| Share Activities Of Preferred And Common Stock [Roll Forward] | |||||
| Common stock, shares outstanding (in shares) | 734 | [1] | 736 | ||
| Conversion of class B to class A common stock (in shares) | (28) | ||||
| Common stock, shares outstanding (in shares) | 734 | 708 | |||
| |||||
Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
[1] | |||
| Class of Stock [Line Items] | |||||
| Preferred stock, shares outstanding (in shares) | 57,464 | 57,464 | |||
| Preferred stock, par value (in dollars per share) | $ 575 | ||||
| Preferred stock, liquidation preference | $ 1,436,605 | $ 1,436,605 | |||
| Series B | |||||
| Class of Stock [Line Items] | |||||
| Dividend Rate Per Annum | 8.25% | ||||
| Preferred stock, shares outstanding (in shares) | 6,114 | ||||
| Preferred stock, par value (in dollars per share) | $ 61 | ||||
| Preferred stock, liquidation preference | $ 152,855 | ||||
| Series E | |||||
| Class of Stock [Line Items] | |||||
| Dividend Rate Per Annum | 8.75% | ||||
| Preferred stock, shares outstanding (in shares) | 10,000 | ||||
| Preferred stock, par value (in dollars per share) | $ 100 | ||||
| Preferred stock, liquidation preference | $ 250,000 | ||||
| Series G | |||||
| Class of Stock [Line Items] | |||||
| Dividend Rate Per Annum | 7.50% | ||||
| Preferred stock, shares outstanding (in shares) | 3,450 | ||||
| Preferred stock, par value (in dollars per share) | $ 35 | ||||
| Preferred stock, liquidation preference | $ 86,250 | ||||
| Series H | |||||
| Class of Stock [Line Items] | |||||
| Dividend Rate Per Annum | 7.125% | ||||
| Preferred stock, shares outstanding (in shares) | 11,500 | ||||
| Preferred stock, par value (in dollars per share) | $ 115 | ||||
| Preferred stock, liquidation preference | $ 287,500 | ||||
| Series I | |||||
| Class of Stock [Line Items] | |||||
| Dividend Rate Per Annum | 7.15% | ||||
| Preferred stock, shares outstanding (in shares) | 13,800 | ||||
| Preferred stock, par value (in dollars per share) | $ 138 | ||||
| Preferred stock, liquidation preference | $ 345,000 | ||||
| Series J | |||||
| Class of Stock [Line Items] | |||||
| Dividend Rate Per Annum | 7.125% | ||||
| Preferred stock, shares outstanding (in shares) | 12,600 | ||||
| Preferred stock, par value (in dollars per share) | $ 126 | ||||
| Preferred stock, liquidation preference | $ 315,000 | ||||
| |||||
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | $ 11,146,370 | [1] | $ 12,349,392 | ||
| Ending balance | 10,537,098 | 11,384,284 | |||
| AOCI - Stockholders | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | 13,999 | 47,316 | |||
| Cumulative effect of adoption of new accounting pronouncements | (202) | ||||
| Other comprehensive income (loss) before reclassifications | 14,479 | (22,344) | |||
| Amounts reclassified from AOCI | (1,511) | (3,436) | |||
| Deconsolidation of N-Star CDO | 2,596 | ||||
| Ending balance | 26,967 | 23,930 | |||
| Company's Share in AOCI of Equity Method Investments | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | 3,629 | 5,616 | |||
| Cumulative effect of adoption of new accounting pronouncements | (202) | ||||
| Other comprehensive income (loss) before reclassifications | 8,828 | 1,968 | |||
| Amounts reclassified from AOCI | 0 | 0 | |||
| Deconsolidation of N-Star CDO | 0 | ||||
| Ending balance | 12,457 | 7,382 | |||
| Unrealized Gain (Loss) on Securities | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | (3,175) | 14,418 | |||
| Cumulative effect of adoption of new accounting pronouncements | 0 | ||||
| Other comprehensive income (loss) before reclassifications | 591 | (15,807) | |||
| Amounts reclassified from AOCI | 626 | (4,806) | |||
| Deconsolidation of N-Star CDO | 2,596 | ||||
| Ending balance | (1,958) | (3,599) | |||
| Unrealized Gain (Loss) on Cash Flow Hedges | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | (91) | 0 | |||
| Cumulative effect of adoption of new accounting pronouncements | 0 | ||||
| Other comprehensive income (loss) before reclassifications | (2,063) | 0 | |||
| Amounts reclassified from AOCI | 0 | 0 | |||
| Deconsolidation of N-Star CDO | 0 | ||||
| Ending balance | (2,154) | 0 | |||
| Foreign Currency Translation Gain (Loss) | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | 6,618 | 45,931 | |||
| Cumulative effect of adoption of new accounting pronouncements | 0 | ||||
| Other comprehensive income (loss) before reclassifications | (7,643) | (21,612) | |||
| Amounts reclassified from AOCI | (1,128) | 4,158 | |||
| Deconsolidation of N-Star CDO | 0 | ||||
| Ending balance | (2,153) | 28,477 | |||
| Unrealized Gain (Loss) on Net Investment Hedges | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | 7,018 | (18,649) | |||
| Cumulative effect of adoption of new accounting pronouncements | 0 | ||||
| Other comprehensive income (loss) before reclassifications | 14,766 | 13,107 | |||
| Amounts reclassified from AOCI | (1,009) | (2,788) | |||
| Deconsolidation of N-Star CDO | 0 | ||||
| Ending balance | 20,775 | (8,330) | |||
| AOCI Attributable to Noncontrolling Interest in Investment Entities | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | 8,654 | 42,075 | |||
| Other comprehensive income (loss) before reclassifications | (14,104) | (9,347) | |||
| Amounts reclassified from AOCI | (17) | 3,765 | |||
| Ending balance | (5,467) | 36,493 | |||
| Unrealized Gain (Loss) on Cash Flow Hedges | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | (390) | 0 | |||
| Other comprehensive income (loss) before reclassifications | (4,656) | 0 | |||
| Amounts reclassified from AOCI | 0 | 0 | |||
| Ending balance | (5,046) | 0 | |||
| Foreign Currency Translation Gain (Loss) | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | (600) | 38,948 | |||
| Other comprehensive income (loss) before reclassifications | (10,840) | (12,639) | |||
| Amounts reclassified from AOCI | (465) | 4,409 | |||
| Ending balance | (11,905) | 30,718 | |||
| Unrealized Gain (Loss) on Net Investment Hedges | |||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
| Beginning balance | 9,644 | 3,127 | |||
| Other comprehensive income (loss) before reclassifications | 1,392 | 3,292 | |||
| Amounts reclassified from AOCI | 448 | (644) | |||
| Ending balance | $ 11,484 | $ 5,775 | |||
| |||||
Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
| Other gain (loss), net | $ (89,506) | $ 28,798 | [1] | $ (138,575) | $ 104,054 | [1] | ||
| Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on marketable securities | ||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
| Other gain (loss), net | 0 | 2,194 | 0 | 10,100 | ||||
| Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Other-than-temporary impairment and write-offs of securities | ||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
| Other gain (loss), net | 0 | (1,188) | (626) | (5,294) | ||||
| Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Deconsolidation of N-Star CDO | ||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
| Other gain (loss), net | 0 | (2,596) | 0 | (2,596) | ||||
| Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Release of cumulative translation adjustments | ||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
| Other gain (loss), net | 173 | 5 | 1,128 | (4,158) | ||||
| Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on dedesignated net investment hedges | ||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
| Other gain (loss), net | 22 | 2,082 | 46 | 584 | ||||
| Other gain (loss), net | Reclassification out of Accumulated Other Comprehensive Income | Realized gain (loss) on net investment hedges | ||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
| Other gain (loss), net | $ 739 | $ (232) | $ 963 | $ 2,204 | ||||
| ||||||||
Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||||||
| Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
| Beginning balance | $ 9,385 | [1] | $ 34,144 | $ 9,385 | [1] | $ 34,144 | ||||||||
| Distributions and redemptions | $ (216,271) | $ (110,827) | $ (140,661) | $ (86,063) | ||||||||||
| Net income (loss) | 509 | 1,873 | [2] | 1,953 | 1,177 | [2] | ||||||||
| Ending balance | $ 7,945 | $ 33,523 | 7,945 | 33,523 | ||||||||||
| Redeemable noncontrolling interests | ||||||||||||||
| Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
| Contributions | 0 | 305 | ||||||||||||
| Distributions and redemptions | (3,393) | (2,103) | ||||||||||||
| Net income (loss) | $ 1,953 | $ 1,177 | ||||||||||||
| ||||||||||||||
Noncontrolling Interests - In Investment Entities and in Operating Company (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
shares
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
shares
|
|
| Noncontrolling Interest [Line Items] | |||||||
| Acquisition of noncontrolling interests | $ | $ 0 | $ 0 | $ 0 | $ 2,096 | |||
| OP Units to common stock, conversion ratio | 1 | ||||||
| OP Units | |||||||
| Noncontrolling Interest [Line Items] | |||||||
| OP Units to common stock, conversion ratio | 1 | 1 | |||||
| OP units redeemed (in shares) | 187,187 | 2,870,422 | |||||
| Issuance of shares (in shares) | 2,074,457 | ||||||
| Partners' capital account, units redeemed for cash (in shares) | 795,965 | ||||||
| OP units redeemed, cash settlement | $ | $ 4,800 | ||||||
| Additional Paid-in Capital | |||||||
| Noncontrolling Interest [Line Items] | |||||||
| Acquisition of noncontrolling interests | $ | $ 12,400 | $ 21,100 | |||||
| Settlement Of Contingent Consideration | OP Units | |||||||
| Noncontrolling Interest [Line Items] | |||||||
| OP units redeemed (in shares) | 1,000,000.0 | ||||||
Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
| Revenues | ||||||||
| Property operating income | $ 91,741 | $ 72,155 | $ 172,973 | $ 140,508 | ||||
| Fee income | 2,978 | 1,634 | 5,449 | 2,948 | ||||
| Interest and other income | 1,228 | 792 | 2,368 | 1,908 | ||||
| Revenues from discontinued operations | 95,947 | 74,581 | 180,790 | 145,364 | ||||
| Expenses | ||||||||
| Property operating expenses | 25,669 | 21,054 | 48,007 | 42,453 | ||||
| Interest expense | 19,726 | 10,856 | 34,352 | 21,046 | ||||
| Investment and servicing expense | 8 | 178 | 538 | 263 | ||||
| Depreciation and amortization | 45,360 | 32,482 | 84,805 | 62,427 | ||||
| Impairment loss | 0 | 174 | 0 | 174 | ||||
| Compensation expense—cash and equity-based | 3,680 | 2,632 | 6,339 | 5,027 | ||||
| Compensation expense—carried interest | 561 | 1,060 | 340 | 1,919 | ||||
| Administrative expenses | 1,386 | 1,084 | 3,016 | 2,391 | ||||
| Expenses from discontinued operations | 96,390 | 69,520 | 177,397 | 135,700 | ||||
| Other income (loss) | ||||||||
| Gain from sale of real estate | 547 | 0 | 23,395 | 2,293 | ||||
| Other loss, net | (49) | 0 | (57) | 0 | ||||
| Equity method earnings (losses) | (173) | 2,650 | (644) | 4,833 | ||||
| Income (loss) from discontinued operations before income taxes | (118) | 7,711 | 26,087 | 16,790 | ||||
| Income tax benefit (expense) | (386) | 53 | (298) | 68 | ||||
| Income (loss) from discontinued operations | (504) | 7,764 | [1] | 25,789 | 16,858 | [1] | ||
| Income (loss) from discontinued operations attributable to Colony Capital, Inc. | (1,107) | 3,823 | 7,332 | 7,664 | ||||
| Equity-based compensation | 700 | 700 | 1,400 | 1,100 | ||||
| Noncontrolling Interests in Investment Entities | ||||||||
| Other income (loss) | ||||||||
| Income (loss) from discontinued operations attributable to: | 674 | 3,709 | 17,983 | 8,728 | ||||
| Noncontrolling Interests in Operating Company | ||||||||
| Other income (loss) | ||||||||
| Income (loss) from discontinued operations attributable to: | $ (71) | 232 | $ 474 | $ 466 | ||||
| THL Hotel Portfolio | ||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Immaterial net loss from operations of the THL Hotel Portfolio | $ 200 | |||||||
| ||||||||
Earnings per Share (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
$ / shares
shares
|
Jun. 30, 2018
USD ($)
$ / shares
shares
|
Jun. 30, 2019
USD ($)
$ / shares
shares
|
Jun. 30, 2018
USD ($)
$ / shares
shares
|
|||||
| Net income (loss) allocated to common stockholders | ||||||||
| Loss from continuing operations | $ (484,142) | $ (50,672) | [1] | $ (540,590) | $ (86,924) | [1] | ||
| (Income) loss from continuing operations attributable to noncontrolling interests | 43,497 | (18,564) | 16,530 | (27,480) | ||||
| Loss from continuing operations attributable to Colony Capital, Inc. | (440,645) | (69,236) | (524,060) | (114,404) | ||||
| Income (loss) from discontinued operations attributable to Colony Capital, Inc. | (1,107) | 3,823 | 7,332 | 7,664 | ||||
| Net loss attributable to Colony Capital, Inc. | (441,752) | (65,413) | [1] | (516,728) | (106,740) | [1] | ||
| Preferred stock redemption | 0 | 3,995 | [1] | 0 | 3,995 | [1] | ||
| Preferred dividends | (27,138) | (31,388) | [1] | (54,275) | (62,775) | [1] | ||
| Net loss attributable to common stockholders | (468,890) | (92,806) | [1] | (571,003) | (165,520) | [1] | ||
| Net income allocated to participating securities | (953) | (643) | (1,673) | (1,272) | ||||
| Net loss allocated to common stockholders—basic | (469,843) | (93,449) | (572,676) | (166,792) | ||||
| Interest expense attributable to convertible senior notes | 0 | 0 | 0 | 0 | ||||
| Net loss allocated to common stockholders—diluted | $ (469,843) | $ (93,449) | $ (572,676) | $ (166,792) | ||||
| Weighted average common shares outstanding | ||||||||
| Basic weighted average number of common shares outstanding (in shares) | shares | 479,228,000 | 488,676,000 | [1] | 479,577,000 | 509,562,000 | [1] | ||
| Weighted average effect of dilutive shares (in shares) | shares | 0 | 0 | 0 | 0 | ||||
| Diluted weighted average number of common shares outstanding (in shares) | shares | 479,228,000 | 488,676,000 | [1] | 479,577,000 | 509,562,000 | [1] | ||
| Basic loss per share | ||||||||
| Net income from continuing operations (in dollars per share) | $ / shares | $ (0.98) | $ (0.20) | [1] | $ (1.21) | $ (0.35) | [1] | ||
| Income from discontinued operations (in dollars per share) | $ / shares | 0 | 0.01 | 0.02 | 0.02 | ||||
| Basic (in dollars per share) | $ / shares | (0.98) | (0.19) | [1] | (1.19) | (0.33) | [1] | ||
| Diluted loss per share | ||||||||
| Net income from continuing operations (in dollars per share) | $ / shares | (0.98) | (0.20) | [1] | (1.21) | (0.35) | [1] | ||
| Income from discontinued operations (in dollars per share) | $ / shares | 0 | 0.01 | 0.02 | 0.02 | ||||
| Diluted (in dollars per share) | $ / shares | $ (0.98) | $ (0.19) | [1] | $ (1.19) | $ (0.33) | [1] | ||
| OP Units to common stock, conversion ratio | 1 | |||||||
| Convertible Debt Securities | ||||||||
| Diluted loss per share | ||||||||
| Interest expense on convertible note excluded from diluted EPS | $ 7,100 | $ 7,100 | $ 14,300 | $ 14,300 | ||||
| Weighted average dilutive common share (in shares) | shares | 38,112,100 | 38,112,100 | 38,112,100 | 38,112,100 | ||||
| Restricted Stock | ||||||||
| Diluted loss per share | ||||||||
| Weighted average dilutive common share (in shares) | shares | 92,700 | 605,800 | 115,200 | 634,200 | ||||
| Performance Shares | ||||||||
| Diluted loss per share | ||||||||
| Weighted average dilutive common share (in shares) | shares | 459,800 | 2,137,500 | 755,700 | 1,074,700 | ||||
| Operating Partnership Unit | ||||||||
| Diluted loss per share | ||||||||
| Weighted average dilutive common share (in shares) | shares | 31,171,300 | 30,426,900 | ||||||
| OP Units to common stock, conversion ratio | 1 | |||||||
| ||||||||
Fee Income - Earned (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
| Fee income | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | $ 35,433 | $ 38,290 | [1] | $ 66,461 | $ 73,818 | [1] | ||
| Fee income | Affiliated Entity | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 33,267 | 38,000 | 64,118 | 73,458 | ||||
| Base management fees ($32,418, $33,850, $62,620 and $66,712 from affiliates, respectively) | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 32,612 | 34,116 | 62,976 | 66,978 | ||||
| Base management fees ($32,418, $33,850, $62,620 and $66,712 from affiliates, respectively) | Affiliated Entity | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 32,418 | 33,850 | 62,620 | 66,712 | ||||
| Asset management fees ($601, $761, $1,236 and $1,435 from affiliates, respectively) | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 1,230 | 761 | 1,865 | 1,435 | ||||
| Asset management fees ($601, $761, $1,236 and $1,435 from affiliates, respectively) | Affiliated Entity | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 601 | 761 | 1,236 | 1,435 | ||||
| Acquisition and disposition fees—from affiliates | Affiliated Entity | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 0 | 0 | 0 | 1,922 | ||||
| Other fee income ($248, $3,389, $262 and $3,389 from affiliates, respectively) | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 1,591 | 3,413 | 1,620 | 3,483 | ||||
| Other fee income ($248, $3,389, $262 and $3,389 from affiliates, respectively) | Affiliated Entity | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 248 | 3,389 | 262 | 3,389 | ||||
| Institutional funds | Fee income | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 13,033 | 15,537 | 23,671 | 27,364 | ||||
| Public companies (Colony Credit, NRE) | Fee income | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 15,038 | 16,219 | 30,144 | 28,391 | ||||
| Non-traded REITs | Fee income | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | 4,989 | 6,244 | 10,095 | 17,703 | ||||
| Other | Fee income | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Revenue from contract with customer | $ 2,373 | $ 290 | $ 2,551 | $ 360 | ||||
| ||||||||
Fee Income - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Nov. 30, 2018 |
Jan. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2019 |
|
| Management Fee Income [Line Items] | ||||||||
| Management fee, percent of net asset value, (percentage) | 1.25% | |||||||
| Base Management Fees | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Revenue from contract with customer | $ 32,612 | $ 34,116 | $ 62,976 | $ 66,978 | ||||
| Base Management Fees | Private funds and other | Fee income | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of limited partner net funded capital | 1.00% | |||||||
| Management fee revenue, percent of total commitments during commitment period and thereafter invested capital | 1.75% | |||||||
| Base Management Fees | Non-traded REITs | Fee income | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of gross assets or equity | 1.00% | |||||||
| Revenue from contract with customer | $ 2,500 | |||||||
| Base Management Fees | Non-traded REITs | Fee income | Maximum | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of gross assets or equity | 1.50% | |||||||
| Base Management Fees | Registered Investment Companies | Fee income | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of average net assets | 1.25% | |||||||
| Base Management Fees | NorthStar Realty Europe Corp. | Fee income | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Management fee, percent of net asset value, (percentage) | 1.50% | |||||||
| Management fee percentage, threshold amount | 2,000,000 | $ 2,000,000 | ||||||
| Percent of net asset value in excess of fixed fee amount | 1.25% | |||||||
| Termination agreement payment | $ 70,000 | $ 5,400 | ||||||
| Base Management Fees | Colony Credit Real Estate, Inc. | Fee income | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of stockholders' equity | 1.50% | |||||||
| Asset Management Fees | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Revenue from contract with customer | 1,230 | 761 | $ 1,865 | 1,435 | ||||
| Asset Management Fees | Asset management fees | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of limited partner net funded capital | 0.50% | |||||||
| Acquisition and Disposition Fees | Asset management fees | Minimum | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of amount funded or allocated to originate or acquire investment | 1.00% | |||||||
| Percent of contractual sales price for disposition of investment | 1.00% | |||||||
| Acquisition and Disposition Fees | Asset management fees | Maximum | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of contractual sales price for disposition of investment | 2.00% | |||||||
| Incentive Fees | Minimum | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of fees allocated to employees | 40.00% | |||||||
| Incentive Fees | Maximum | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Percent of fees allocated to employees | 50.00% | |||||||
| Other Fee Income | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Revenue from contract with customer | $ 1,591 | $ 3,413 | $ 1,620 | $ 3,483 | ||||
| Forecast | NorthStar Realty Europe Corp. | Agreement To Sell All Outstanding Common Stock | ||||||||
| Management Fee Income [Line Items] | ||||||||
| Sale price of outstanding stock (in usd per share) | $ 17.03 | |||||||
Equity-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 13 Months Ended | ||
|---|---|---|---|---|---|---|
Feb. 28, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jan. 31, 2019 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Fair value of shares vested | $ 1.3 | $ 1.5 | $ 9.8 | $ 106.5 | ||
| Aggregate unrecognized compensation cost related to restricted stock granted | $ 58.0 | $ 58.0 | ||||
| Weighted average period of expected cost | 2 years 2 months 12 days | |||||
| LTIP Units | CLNS Equity Incentive Plan | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Common stock, shares reserved for future issuance, annual increase (percentage) | 2.00% | 2.00% | ||||
| Common stock, shares reserved for future issuance | 54.4 | 54.4 | ||||
| Conversion of units, conversion ratio (LTIP to common OP Unit) | 1 | |||||
| Restricted Stock | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting period | 3 years | |||||
| Service period | 3 years | |||||
| DSUs | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting period | 1 year | |||||
| Managed Company Awards | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Aggregate unrecognized compensation cost related to restricted stock granted | $ 32.8 | $ 32.8 | ||||
| Weighted average period of expected cost | 2 years 3 months 18 days | |||||
| Share-based compensation expenses | $ 3.6 | $ 4.2 | $ 6.4 | $ 5.0 | ||
| 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 - Valuation Technique (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Performance Stock Units 2019 Grant | |
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
| Expected volatility of the Company's class A common stock (percentage) | 26.20% |
| PSU | |
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
| Expected volatility of the Company's class A common stock (percentage) | 29.00% |
| Expected annual dividend yield (percentage) | 7.30% |
| Risk-free rate (per annum), (percentage) | 2.10% |
| Minimum | Performance Stock Units 2019 Grant | |
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
| Expected annual dividend yield (percentage) | 8.50% |
| Risk-free rate (per annum), (percentage) | 2.20% |
| Maximum | Performance Stock Units 2019 Grant | |
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
| Expected annual dividend yield (percentage) | 8.70% |
| Risk-free rate (per annum), (percentage) | 2.40% |
Equity-Based Compensation - Components of Share-Based Compensation (Details) - Compensation expense (including $315, $181, $432 and $203 amortization of fair value of dividend equivalent right) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based compensation expenses | $ 7,577 | $ 8,716 | $ 13,491 | $ 20,429 |
| Amortization of fair value of dividend equivalent right | $ 315 | $ 181 | $ 432 | $ 203 |
Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
$ / shares
shares
| |
| Number of Shares [Roll Forward] | |
| Nonvested shares at beginning period (shares) | 7,649,173 |
| Granted (shares) | 8,946,559 |
| Vested (shares) | (1,902,846) |
| Forfeited (shares) | (181,236) |
| Nonvested shares at period end (shares) | 14,511,650 |
| Weighted Average Grant Date Fair Value [Roll Forward] | |
| Nonvested shares at beginning period (USD per share) | $ / shares | $ 9.39 |
| Granted (USD per share) | $ / shares | 5.20 |
| Vested (USD per share) | $ / shares | 10.67 |
| Forfeited (USD per share) | $ / shares | 6.60 |
| Nonvested shares at period end (USD per share) | $ / shares | $ 6.67 |
| Restricted Stock | |
| Number of Shares [Roll Forward] | |
| Nonvested shares at beginning period (shares) | 5,422,090 |
| Granted (shares) | 4,869,734 |
| Vested (shares) | (1,658,735) |
| Forfeited (shares) | (157,165) |
| Nonvested shares at period end (shares) | 8,475,924 |
| DSUs | |
| Number of Shares [Roll Forward] | |
| Nonvested shares at beginning period (shares) | 183,134 |
| Granted (shares) | 315,961 |
| Vested (shares) | (244,111) |
| Forfeited (shares) | 0 |
| Nonvested shares at period end (shares) | 254,984 |
| PSUs | |
| Number of Shares [Roll Forward] | |
| Nonvested shares at beginning period (shares) | 2,043,949 |
| Granted (shares) | 3,760,864 |
| Vested (shares) | 0 |
| Forfeited (shares) | (24,071) |
| Nonvested shares at period end (shares) | 5,780,742 |
| Weighted Average Grant Date Fair Value [Roll Forward] | |
| Nonvested shares at beginning period (USD per share) | $ / shares | $ 5.09 |
| Granted (USD per share) | $ / shares | 2.92 |
| Vested (USD per share) | $ / shares | 0 |
| Forfeited (USD per share) | $ / shares | 4.53 |
| Nonvested shares at period end (USD per share) | $ / shares | $ 3.68 |
Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
|---|---|---|---|---|---|
| Related Party Transaction [Line Items] | |||||
| Due from affiliates | $ 44,407 | $ 45,779 | [1] | ||
| Fee income | |||||
| Related Party Transaction [Line Items] | |||||
| Due from affiliates | 34,795 | 34,429 | |||
| Cost reimbursements and recoverable expenses | |||||
| Related Party Transaction [Line Items] | |||||
| Due from affiliates | 8,924 | 10,754 | |||
| Employees and other affiliates | |||||
| Related Party Transaction [Line Items] | |||||
| Due from affiliates | $ 688 | $ 596 | |||
| |||||
Transactions with Affiliates - Cost Reimbursements (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Retail companies | ||||
| Related Party Transaction [Line Items] | ||||
| Percentage of average invested assets reimbursable as operating costs | 2.00% | |||
| Expected reimbursable direct and indirect operating costs, percent of net income | 25.00% | |||
| NorthStar Realty Europe Corp. | ||||
| Related Party Transaction [Line Items] | ||||
| Percent of combined general and administrative costs | 20.00% | |||
| Minimum | Retail companies | ||||
| Related Party Transaction [Line Items] | ||||
| Reimbursement percent for organization and offering costs (percentage) | 1.00% | |||
| Cost reimbursements | Retail companies | ||||
| Related Party Transaction [Line Items] | ||||
| Revenue from contract with customer | $ 689 | $ 484 | $ 1,427 | $ 2,871 |
| Cost reimbursements | Public companies (Colony Credit, NRE) | ||||
| Related Party Transaction [Line Items] | ||||
| Revenue from contract with customer | 2,663 | 2,944 | 5,295 | 4,694 |
| Cost reimbursements | Private funds and other | ||||
| Related Party Transaction [Line Items] | ||||
| Revenue from contract with customer | 4,344 | 2,416 | 7,879 | 4,260 |
| Cost reimbursements | Equity awards of Colony Credit and NRE (Note 18) | ||||
| Related Party Transaction [Line Items] | ||||
| Revenue from contract with customer | 3,643 | 4,250 | 6,583 | 5,062 |
| Cost reimbursements | Affiliated Entity | ||||
| Related Party Transaction [Line Items] | ||||
| Revenue from contract with customer | $ 11,339 | $ 10,094 | $ 21,184 | $ 16,887 |
Transactions with Affiliates - Narrative (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2018 |
May 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|||||
| Related Party Transaction [Line Items] | |||||||||||
| Management fee, percent of net asset value, (percentage) | 1.25% | ||||||||||
| Proceeds from sale of equity method investments | $ 0 | $ 142,270,000 | |||||||||
| Gain on sale of real estate | $ 6,077,000 | $ 42,702,000 | [1] | $ 35,530,000 | 58,853,000 | [1] | |||||
| American Healthcare Investors, LLC | Management and Advisory Fees | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Property management and sub-advisory fees | 1,300,000 | 2,600,000 | |||||||||
| Minimum | Healthcare Strategic Partnership | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Incentive fee (percentage) | 20.00% | 20.00% | |||||||||
| Maximum | Healthcare Strategic Partnership | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Incentive fee (percentage) | 25.00% | 25.00% | |||||||||
| NorthStar Healthcare | Revolving Credit Facility | Line of Credit | Affiliated Entity | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Maximum principal amount of credit facility | $ 35,000,000.0 | $ 35,000,000.0 | |||||||||
| Extension option, term | 6 months | ||||||||||
| Outstanding advances | 0 | $ 0 | $ 0 | ||||||||
| Colony Credit Real Estate, Inc. | Affiliated Entity | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Proceeds from sale of equity method investments | $ 89,100,000 | ||||||||||
| Proceeds from sale of real estate | $ 121,500,000 | ||||||||||
| Gain on sale of real estate | $ 28,600,000 | ||||||||||
| LIBOR | NorthStar Healthcare | Revolving Credit Facility | Line of Credit | Affiliated Entity | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Basis spread on variable rate (percentage) | 3.50% | ||||||||||
| Redeemable noncontrolling interests | Investment Vehicles | Affiliated Entity | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Investments | 6,700,000 | $ 6,700,000 | $ 5,700,000 | ||||||||
| Net income attributable to noncontrolling interest | 500,000 | 1,600,000 | 1,000,000.0 | 2,800,000 | |||||||
| Cost reimbursements | Corporate Aircraft Use Reimbursement | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Revenue from contract with customer | 400,000 | 300,000 | 600,000 | 400,000 | |||||||
| Cost reimbursements | Affiliated Entity | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Revenue from contract with customer | $ 11,339,000 | $ 10,094,000 | $ 21,184,000 | $ 16,887,000 | |||||||
| |||||||||||
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
Jun. 30, 2019 |
|
| Operating Leased Assets [Line Items] | |||
| Weighted average discount rate (percentage) | 5.50% | ||
| THL Hotel Portfolio | |||
| Operating Leased Assets [Line Items] | |||
| Contingent consideration, liability | $ 13.0 | ||
| Ground Leases | |||
| Operating Leased Assets [Line Items] | |||
| Weighted average remaining lease term | 20 years 8 months 12 days | ||
| Operating lease expense | $ 1.8 | $ 3.8 | |
| Office Leases | |||
| Operating Leased Assets [Line Items] | |||
| Weighted average remaining lease term | 7 years 10 months 24 days | ||
| Operating lease expense | $ 2.5 | $ 5.2 |
Commitments and Contingencies - Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
| Ground Leases | ||
| Lessee, Lease, Description [Line Items] | ||
| Fixed lease expense | $ 2,254 | $ 4,189 |
| Variable lease expense | 506 | 1,079 |
| Operating lease expense | 2,760 | 5,268 |
| Office Leases | ||
| Lessee, Lease, Description [Line Items] | ||
| Fixed lease expense | 2,063 | 4,210 |
| Variable lease expense | 669 | 1,036 |
| Operating lease expense | $ 2,732 | $ 5,246 |
Commitments and Contingencies - Future Lease Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Lessor, Lease, Description [Line Items] | ||
| Remaining 2019 | $ 7,894 | |
| 2020 | 15,201 | |
| 2021 | 14,459 | |
| 2023 | 13,483 | |
| 2024 | 12,898 | |
| 2024 and thereafter | 97,594 | |
| Total lease payments | 161,529 | |
| Present value discount | (45,509) | |
| Operating lease liability (Note 8) | 116,020 | $ 0 |
| Ground Leases | ||
| Lessor, Lease, Description [Line Items] | ||
| Remaining 2019 | 3,179 | |
| 2020 | 6,275 | |
| 2021 | 5,922 | |
| 2023 | 5,959 | |
| 2024 | 5,912 | |
| 2024 and thereafter | 67,979 | |
| Total lease payments | 95,226 | |
| Office Leases | ||
| Lessor, Lease, Description [Line Items] | ||
| Remaining 2019 | 4,715 | |
| 2020 | 8,926 | |
| 2021 | 8,537 | |
| 2023 | 7,524 | |
| 2024 | 6,986 | |
| 2024 and thereafter | 29,615 | |
| Total lease payments | $ 66,303 |
Commitments and Contingencies - Future Lease Payments (ASC 840) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
|---|---|
| Operating Leased Assets [Line Items] | |
| 2019 | $ 14,529 |
| 2020 | 14,224 |
| 2021 | 14,003 |
| 2022 | 13,378 |
| 2023 | 12,765 |
| 2024 and thereafter | 116,765 |
| Total lease payments | 185,664 |
| Ground Leases | |
| Operating Leased Assets [Line Items] | |
| 2019 | 5,149 |
| 2020 | 5,217 |
| 2021 | 5,386 |
| 2022 | 5,776 |
| 2023 | 5,720 |
| 2024 and thereafter | 87,150 |
| Total lease payments | 114,398 |
| Office Leases | |
| Operating Leased Assets [Line Items] | |
| 2019 | 9,380 |
| 2020 | 9,007 |
| 2021 | 8,617 |
| 2022 | 7,602 |
| 2023 | 7,045 |
| 2024 and thereafter | 29,615 |
| Total lease payments | $ 71,266 |
Segment Reporting - Summary of Operating Results for Each of Reportable Operating Segments (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
segment
|
Jun. 30, 2018
USD ($)
|
|||||
| Segment Reporting Information [Line Items] | ||||||||
| Number of reportable segments | segment | 6 | |||||||
| Total revenues | $ 573,439 | $ 615,488 | [1] | $ 1,121,498 | $ 1,212,085 | [1] | ||
| Property operating expenses | 279,240 | 300,191 | [1] | 549,982 | 585,150 | [1] | ||
| Interest expense | 141,738 | 142,453 | 276,627 | 281,152 | ||||
| Depreciation and amortization | 109,382 | 105,414 | [1] | 220,734 | 220,174 | [1] | ||
| Provision for loan loss | 15,003 | 13,933 | [1] | 18,614 | 19,308 | [1] | ||
| Impairment loss | 84,695 | 69,660 | [1] | 110,317 | 223,058 | [1] | ||
| Gain on sale of real estate | 6,077 | 42,702 | [1] | 35,530 | 58,853 | [1] | ||
| Equity method earnings (losses) | (259,288) | (775) | [1] | (225,225) | 29,307 | [1] | ||
| Equity method earnings—carried interest | 1,836 | 0 | [1] | 6,732 | 0 | [1] | ||
| Income tax benefit (expense) | (2,585) | 531 | [1] | (3,783) | 33,324 | [1] | ||
| Loss from continuing operations | (484,142) | (50,672) | [1] | (540,590) | (86,924) | [1] | ||
| Income from discontinued operations | (504) | 7,764 | [1] | 25,789 | 16,858 | [1] | ||
| Net loss | (484,646) | (42,908) | [1] | (514,801) | (70,066) | [1] | ||
| Net loss attributable to Colony Capital, Inc. | (441,752) | (65,413) | [1] | (516,728) | (106,740) | [1] | ||
| Operating segments | Healthcare | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total revenues | 145,896 | 145,419 | 291,670 | 298,014 | ||||
| Property operating expenses | 63,924 | 69,983 | 128,226 | 136,949 | ||||
| Interest expense | 57,135 | 45,179 | 104,662 | 96,120 | ||||
| Depreciation and amortization | 40,778 | 38,229 | 80,909 | 79,356 | ||||
| Provision for loan loss | 0 | 0 | 0 | 0 | ||||
| Impairment loss | 51,324 | 1,982 | 51,324 | 5,762 | ||||
| Gain on sale of real estate | 0 | 0 | 0 | 0 | ||||
| Equity method earnings (losses) | 0 | 0 | 0 | 0 | ||||
| Equity method earnings—carried interest | 0 | 0 | ||||||
| Income tax benefit (expense) | (596) | (355) | 1,278 | (1,353) | ||||
| Loss from continuing operations | (81,520) | (20,080) | (88,726) | (32,614) | ||||
| Income from discontinued operations | 0 | 0 | 0 | 0 | ||||
| Net loss | (81,520) | (20,080) | (88,726) | (32,614) | ||||
| Net loss attributable to Colony Capital, Inc. | (58,616) | (14,356) | (66,078) | (24,716) | ||||
| Operating segments | Industrial | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total revenues | 0 | 0 | 0 | 0 | ||||
| Property operating expenses | 0 | 0 | 0 | 0 | ||||
| Interest expense | 0 | 0 | 0 | 0 | ||||
| Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
| Provision for loan loss | 0 | 0 | 0 | 0 | ||||
| Impairment loss | 0 | 0 | 0 | 0 | ||||
| Gain on sale of real estate | 0 | 0 | 0 | 0 | ||||
| Equity method earnings (losses) | 0 | 0 | 0 | 0 | ||||
| Equity method earnings—carried interest | 0 | 0 | ||||||
| Income tax benefit (expense) | 0 | 0 | 0 | 0 | ||||
| Loss from continuing operations | 0 | 0 | 0 | 0 | ||||
| Income from discontinued operations | (2,663) | 4,668 | 21,491 | 10,989 | ||||
| Net loss | (2,663) | 4,668 | 21,491 | 10,989 | ||||
| Net loss attributable to Colony Capital, Inc. | (3,135) | 810 | 3,293 | 2,088 | ||||
| Operating segments | Hospitality | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total revenues | 227,080 | 229,373 | 423,695 | 425,155 | ||||
| Property operating expenses | 144,691 | 143,321 | 281,036 | 279,416 | ||||
| Interest expense | 41,591 | 36,494 | 83,656 | 70,855 | ||||
| Depreciation and amortization | 37,008 | 35,925 | 73,256 | 71,382 | ||||
| Provision for loan loss | 0 | 0 | 0 | 0 | ||||
| Impairment loss | 420 | 0 | 4,270 | 0 | ||||
| Gain on sale of real estate | 140 | 0 | 279 | 0 | ||||
| Equity method earnings (losses) | 0 | 0 | 0 | 0 | ||||
| Equity method earnings—carried interest | 0 | 0 | ||||||
| Income tax benefit (expense) | (2,006) | (1,556) | (2,842) | (75) | ||||
| Loss from continuing operations | (3,505) | 6,771 | (29,582) | (5,115) | ||||
| Income from discontinued operations | 0 | 0 | 0 | 0 | ||||
| Net loss | (3,505) | 6,771 | (29,582) | (5,115) | ||||
| Net loss attributable to Colony Capital, Inc. | (3,330) | 5,767 | (26,311) | (4,283) | ||||
| Operating segments | CLNC | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total revenues | 0 | 0 | 0 | 0 | ||||
| Property operating expenses | 0 | 0 | 0 | 0 | ||||
| Interest expense | 0 | 0 | 0 | 0 | ||||
| Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
| Provision for loan loss | 0 | 0 | 0 | 0 | ||||
| Impairment loss | 0 | 0 | 0 | 0 | ||||
| Gain on sale of real estate | 0 | 0 | 0 | 0 | ||||
| Equity method earnings (losses) | (267,912) | 5,413 | (262,399) | 1,759 | ||||
| Equity method earnings—carried interest | 0 | 0 | ||||||
| Income tax benefit (expense) | 0 | 0 | 0 | 0 | ||||
| Loss from continuing operations | (267,912) | 5,413 | (262,399) | 1,759 | ||||
| Income from discontinued operations | 0 | 0 | 0 | 0 | ||||
| Net loss | (267,912) | 5,413 | (262,399) | 1,759 | ||||
| Net loss attributable to Colony Capital, Inc. | (251,792) | 5,104 | (246,614) | 1,658 | ||||
| Operating segments | Other Equity and Debt | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total revenues | 152,066 | 190,950 | 314,754 | 396,104 | ||||
| Property operating expenses | 70,625 | 86,887 | 140,720 | 168,785 | ||||
| Interest expense | 29,216 | 46,476 | 61,069 | 86,756 | ||||
| Depreciation and amortization | 23,166 | 23,521 | 47,949 | 52,490 | ||||
| Provision for loan loss | 15,003 | 13,933 | 18,614 | 19,308 | ||||
| Impairment loss | 32,302 | 7,366 | 54,074 | 16,555 | ||||
| Gain on sale of real estate | 5,937 | 42,702 | 35,251 | 58,853 | ||||
| Equity method earnings (losses) | 25,757 | 7,767 | 50,365 | 34,984 | ||||
| Equity method earnings—carried interest | 0 | 0 | ||||||
| Income tax benefit (expense) | (406) | (262) | (2,480) | (4,801) | ||||
| Loss from continuing operations | (4) | 61,853 | 59,559 | 130,284 | ||||
| Income from discontinued operations | 0 | (219) | 0 | (102) | ||||
| Net loss | (4) | 61,634 | 59,559 | 130,182 | ||||
| Net loss attributable to Colony Capital, Inc. | (5,841) | 31,333 | 18,081 | 80,442 | ||||
| Operating segments | Investment Management | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total revenues | 43,802 | 47,909 | 83,807 | 89,116 | ||||
| Property operating expenses | 0 | 0 | 0 | 0 | ||||
| Interest expense | 0 | 0 | 0 | 0 | ||||
| Depreciation and amortization | 6,918 | 6,204 | 15,587 | 13,880 | ||||
| Provision for loan loss | 0 | 0 | 0 | 0 | ||||
| Impairment loss | 0 | 60,312 | 0 | 200,741 | ||||
| Gain on sale of real estate | 0 | 0 | 0 | 0 | ||||
| Equity method earnings (losses) | (17,133) | (13,955) | (13,191) | (7,436) | ||||
| Equity method earnings—carried interest | 1,836 | 6,732 | ||||||
| Income tax benefit (expense) | 266 | 2,791 | 360 | 39,576 | ||||
| Loss from continuing operations | 1,850 | (53,075) | 22,488 | (141,214) | ||||
| Income from discontinued operations | 2,159 | 3,315 | 4,298 | 5,971 | ||||
| Net loss | 4,009 | (49,760) | 26,786 | (135,243) | ||||
| Net loss attributable to Colony Capital, Inc. | 4,351 | (47,070) | 24,899 | (127,590) | ||||
| Amounts not allocated to segments | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total revenues | 4,595 | 1,837 | 7,572 | 3,696 | ||||
| Property operating expenses | 0 | 0 | 0 | 0 | ||||
| Interest expense | 13,796 | 14,304 | 27,240 | 27,421 | ||||
| Depreciation and amortization | 1,512 | 1,535 | 3,033 | 3,066 | ||||
| Provision for loan loss | 0 | 0 | 0 | 0 | ||||
| Impairment loss | 649 | 0 | 649 | 0 | ||||
| Gain on sale of real estate | 0 | 0 | 0 | 0 | ||||
| Equity method earnings (losses) | 0 | 0 | 0 | 0 | ||||
| Equity method earnings—carried interest | 0 | 0 | ||||||
| Income tax benefit (expense) | 157 | (87) | (99) | (23) | ||||
| Loss from continuing operations | (133,051) | (51,554) | (241,930) | (40,024) | ||||
| Income from discontinued operations | 0 | 0 | 0 | 0 | ||||
| Net loss | (133,051) | (51,554) | (241,930) | (40,024) | ||||
| Net loss attributable to Colony Capital, Inc. | $ (123,389) | $ (47,001) | $ (223,998) | $ (34,339) | ||||
| ||||||||
Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
||||
| Segment Reporting Information [Line Items] | ||||||||
| Total assets | $ 22,658,538 | $ 22,658,538 | $ 22,215,249 | [1] | ||||
| Equity method investments | 2,044,685 | 2,044,685 | 2,276,673 | |||||
| Total income by geography: | 304,648 | $ 604,619 | 881,821 | $ 1,224,505 | ||||
| Long-lived assets by geography: | 10,738,851 | 10,738,851 | 11,167,605 | |||||
| Assets held for sale | 5,205,340 | 5,205,340 | 3,967,345 | |||||
| United States | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total income by geography: | 221,425 | 535,407 | 712,340 | 1,076,818 | ||||
| Long-lived assets by geography: | 9,327,317 | 9,327,317 | 9,566,982 | |||||
| Europe | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total income by geography: | 81,245 | 69,212 | 167,503 | 147,385 | ||||
| Long-lived assets by geography: | 1,411,534 | 1,411,534 | 1,600,623 | |||||
| Other | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total income by geography: | 1,978 | 0 | 1,978 | 302 | ||||
| Industrial | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Assets held for sale | 4,400,000 | $ 3,000,000 | 4,400,000 | $ 3,000,000 | ||||
| Operating segments | Healthcare | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total assets | 5,309,607 | 5,309,607 | 5,395,550 | |||||
| Equity method investments | 0 | 0 | 0 | |||||
| Operating segments | Industrial | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total assets | 4,385,617 | 4,385,617 | 3,185,906 | |||||
| Equity method investments | 0 | 0 | 0 | |||||
| Operating segments | Hospitality | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total assets | 3,960,218 | 3,960,218 | 3,980,988 | |||||
| Equity method investments | 0 | 0 | 0 | |||||
| Operating segments | CLNC | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total assets | 743,015 | 743,015 | 1,037,754 | |||||
| Equity method investments | 743,015 | 743,015 | 1,037,754 | |||||
| Operating segments | Other Equity and Debt | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total assets | 6,039,486 | 6,039,486 | 6,371,999 | |||||
| Equity method investments | 1,122,053 | 1,122,053 | 1,054,295 | |||||
| Operating segments | Investment Management | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total assets | 1,964,655 | 1,964,655 | 1,983,911 | |||||
| Equity method investments | 175,875 | 175,875 | 180,882 | |||||
| Amounts not allocated to segments | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Total assets | 255,940 | 255,940 | 259,141 | |||||
| Equity method investments | 3,742 | 3,742 | $ 3,742 | |||||
| Disposal Group, Held-for-sale, Not Discontinued Operations | United States | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Assets held for sale | 4,600,000 | 4,600,000 | ||||||
| Disposal Group, Held-for-sale, Not Discontinued Operations | Europe | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Assets held for sale | $ 500,000 | $ 500,000 | ||||||
| ||||||||
Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Jan. 01, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
[1] | |||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||
| Cash paid for interest, net of amounts capitalized of $1,588 and $1,864 | $ 263,096 | $ 258,626 | |||||
| Interest capitalized | 1,588 | 1,864 | |||||
| Cash received for income tax refunds (paid for income taxes), net | 14,960 | (9,217) | |||||
| Cash paid for operating lease liabilities | 7,652 | 0 | |||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||
| Net cash provided by operating activities of discontinued operations | 95,142 | 75,831 | |||||
| Net cash used in investing activities of discontinued operations | (1,315,308) | (444,626) | |||||
| Net cash provided by financing activities of discontinued operations | 1,165,015 | 297,226 | |||||
| SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||
| Dividends and distributions payable | 84,221 | 86,656 | $ 84,013 | ||||
| Improvements in operating real estate in accrued and other liabilities | 17,049 | 13,064 | |||||
| Redemption of OP Units for common stock | 2,096 | 18,899 | |||||
| ROU assets and operating lease liabilities resulting from lease standard, net of related deferred receivables, intangibles and lease incentives derecognized upon adoption | $ 126,800 | 129,488 | 0 | ||||
| Proceeds from loan repayments and asset sales held in escrow | 1,392 | 0 | |||||
| Deconsolidation of net assets of securitization trusts (Note 15) | 0 | 131,386 | |||||
| Assets held for sale contributed to equity method investee | 0 | 20,350 | |||||
| Preferred stock redemptions payable | 0 | 200,000 | |||||
| Assets of CLNY Investment Entities deconsolidated, net of cash and restricted cash contributed | 0 | 1,753,066 | |||||
| Liabilities of CLNY Investment Entities deconsolidated | 0 | 421,245 | |||||
| Noncontrolling interests of CLNY Investment Entities deconsolidated | $ 0 | $ 395,274 | |||||
| |||||||
Subsequent Events (Details) - Subsequent Event $ in Millions |
1 Months Ended |
|---|---|
|
Jul. 31, 2019
USD ($)
| |
| Subsequent Event [Line Items] | |
| Acquisition price | $ 325 |
| Ownership in OP (percentage) | 90.30% |
| Label | Element | Value |
|---|---|---|
| Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,905,000) |
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,018,000) |
| Accounting Standards Update 2016-02 [Member] | Parent [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,905,000) |
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,220,000) |
| Accounting Standards Update 2016-02 [Member] | AOCI Attributable to Parent [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (202,000) |
| Accounting Standards Update 2016-02 [Member] | Noncontrolling Interests in Operating Company [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (185,000) |
| Accounting Standards Update 2016-02 [Member] | Noncontrolling Interests in Investment Entities [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,378,000) |
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
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