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

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