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Goodwill, Deferred Leasing Costs and Other Intangibles (Tables) | 12 Months Ended
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Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The following tables present changes in the carrying value of goodwill and the goodwill balance by reportable segment.
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Beginning balance |  | $ | 1,534,561 |  |  | $ | 680,127 |  |  | $ | 678,267 |
Business combinations (1) |  | — |  |  | 1,440,229 |  |  | 1,860 |
Transfer to held for sale (2) |  | — |  |  | (20,000 | ) |  | — |
Disposition (3) |  | — |  |  | (249,795 | ) |  | — |
Impairment |  | — |  |  | (316,000 | ) |  | — |
Ending balance (4) |  | $ | 1,534,561 |  |  | $ | 1,534,561 |  |  | $ | 680,127 |
__________
(1) | Includes the effects of measurement period adjustments within a one year period following the consummation of a business combination.
(2) | Represents goodwill assigned to the broker-dealer reporting unit that was acquired as part of the Merger and classified as held for sale in 2017 (Note 10). The broker-dealer business was contributed to the Colony S2K joint venture, an equity method investee, in April 2018.
(3) | Represents goodwill assigned to the Townsend investment management reporting unit that was acquired as part of the Merger, subsequently transferred to held for sale and sold on December 29, 2017.
(4) | Total goodwill amount is not deductible for income tax purposes.
(In thousands) |  | December 31, 2018 |  | December 31, 2017
Balance by reportable segment: |  |  |  |
Industrial |  | $ | 20,000 |  |  | $ | 20,000 |
Investment management |  | 1,514,561 |  |  | 1,514,561 |
|  | $ | 1,534,561 |  |  | $ | 1,534,561 |
Schedule of Deferred Leasing Costs and Other Intangibles | The Company's deferred leasing costs, other intangible assets and intangible liabilities are as follows.
| December 31, 2018 |  | December 31, 2017
(In thousands) | Carrying Amount (Net of Impairment)(1) |  | Accumulated Amortization |  | Net Carrying Amount |  | Carrying Amount (Net of Impairment)(1) |  | Accumulated Amortization |  | Net Carrying Amount
Deferred Leasing Costs and Intangible Assets |  |  |  |  |  |  |  |  |  |  |
In-place lease values | $ | 267,221 |  |  | $ | (112,673 | ) |  | $ | 154,548 |  |  | $ | 243,037 |  |  | $ | (98,021 | ) |  | $ | 145,016 |
Above-market lease values | 129,079 |  |  | (43,412 | ) |  | 85,667 |  |  | 166,571 |  |  | (34,968 | ) |  | 131,603 |
Below-market ground lease obligations | 16,258 |  |  | (984 | ) |  | 15,274 |  |  | 29,625 |  |  | (316 | ) |  | 29,309 |
Deferred leasing costs | 111,486 |  |  | (46,666 | ) |  | 64,820 |  |  | 121,765 |  |  | (38,389 | ) |  | 83,376 |
Lease incentives | 14,576 |  |  | (1,381 | ) |  | 13,195 |  |  | 14,565 |  |  | (298 | ) |  | 14,267 |
Trade name (2) | 15,500 |  |  | — |  |  | 15,500 |  |  | 79,700 |  |  | (3,131 | ) |  | 76,569 |
Investment management contracts | 194,698 |  |  | (92,618 | ) |  | 102,080 |  |  | 342,127 |  |  | (70,394 | ) |  | 271,733 |
Customer relationships | 49,291 |  |  | (15,027 | ) |  | 34,264 |  |  | 59,400 |  |  | (10,421 | ) |  | 48,979 |
Other (3) | 59,157 |  |  | (4,241 | ) |  | 54,916 |  |  | 54,061 |  |  | (2,041 | ) |  | 52,020 |
Total deferred leasing costs and intangible assets | $ | 857,266 |  |  | $ | (317,002 | ) |  | $ | 540,264 |  |  | $ | 1,110,851 |  |  | $ | (257,979 | ) |  | $ | 852,872 |
Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |
Below-market lease values | $ | 204,066 |  |  | $ | (59,180 | ) |  | $ | 144,886 |  |  | $ | 214,833 |  |  | $ | (36,426 | ) |  | $ | 178,407 |
Above-market ground lease obligations | 16,080 |  |  | (1,580 | ) |  | 14,500 |  |  | 13,417 |  |  | (715 | ) |  | 12,702 |
Total intangible liabilities | $ | 220,146 |  |  | $ | (60,760 | ) |  | $ | 159,386 |  |  | $ | 228,250 |  |  | $ | (37,141 | ) |  | $ | 191,109 |
__________
(1) | For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed twelve months from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Amounts are presented net of impairments and write-offs, including contracts written off in connection with the Combination (Notes 4 and 14).
(2) | The Colony trade name is determined to have an indefinite useful life and not currently subject to amortization. The NorthStar trade name, prior to its write-off in June 2018, was amortized over an estimated useful life of 20 years.
(3) | Represents primarily the value of certificates of need associated with certain healthcare portfolios which are not amortized and franchise agreements associated with certain hotel properties which are subject to amortization over the term of the respective agreements.
Schedule of Expected Annual Amortization Expenses | The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities:
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Above-market lease values |  | $ | (29,444 | ) |  | $ | (25,235 | ) |  | $ | (8,658 | )
Below-market lease values |  | 35,919 |  |  | 40,079 |  |  | 7,089 |
Lease incentives |  | (1,085 | ) |  | (218 | ) |  | — |
Net increase (decrease) to rental income |  | $ | 5,390 |  |  | $ | 14,626 |  |  | $ | (1,569 | )
Above-market ground lease obligations |  | $ | (925 | ) |  | $ | (752 | ) |  | $ | 482 |
Below-market ground lease obligations |  | 669 |  |  | 854 |  |  | (6 | )
Net increase (decrease) to ground rent expense |  | $ | (256 | ) |  | $ | 102 |  |  | $ | 476 |
In-place lease values |  | $ | 45,718 |  |  | $ | 74,560 |  |  | $ | 30,193 |
Deferred leasing costs |  | 17,749 |  |  | 19,046 |  |  | 13,777 |
Trade name |  | 1,606 |  |  | 3,682 |  |  | — |
Investment management contracts |  | 22,386 |  |  | 38,640 |  |  | 11,446 |
Customer relationships |  | 4,606 |  |  | 12,514 |  |  | 3,343 |
Other |  | 2,291 |  |  | 10,215 |  |  | — |
Amortization expense |  | $ | 94,356 |  |  | $ | 158,657 |  |  | $ | 58,759 |
Schedule of Estimated Annual Amortization Expense | The following table presents the effect of future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale:
| Year Ending December 31, |  |
(In thousands) | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 and Thereafter |  | Total
Net increase (decrease) to rental income | $ | 10,761 |  |  | $ | 9,553 |  |  | $ | 9,769 |  |  | $ | 8,811 |  |  | $ | 9,003 |  |  | $ | (1,873 | ) |  | $ | 46,024 |
Net increase (decrease) to rent expense | (226 | ) |  | (224 | ) |  | (219 | ) |  | (216 | ) |  | (224 | ) |  | 1,883 |  |  | 774 |
Amortization expense | 133,063 |  |  | 56,409 |  |  | 44,376 |  |  | 36,186 |  |  | 31,563 |  |  | 79,913 |  |  | 381,510 |

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