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Segment Reporting | 12 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company conducts its business through the following six reportable segments:
• | Healthcare—The Company's healthcare segment is composed of a diverse portfolio of senior housing, skilled nursing facilities, medical office buildings, and hospitals. The Company earns rental income from senior housing, skilled nursing facilities and hospital assets that are under net leases to single tenants/operators and from medical office buildings which are both single tenant and multi-tenant. In addition, certain of the Company's senior housing properties are managed by operators under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, which effectively allows the Company to gain financial exposure to underlying operations of the facility in a tax efficient manner versus receiving contractual rent under a net lease arrangement.
• | Industrial—The Company's industrial segment is composed of and primarily invests in light industrial assets throughout the U.S. that serve as the “last mile” of the logistics chain, which are vital for e-commerce and tenants that require increasingly quick delivery times. These properties are generally multi-tenant warehouses that are less than 250,000 square feet.
• | Hospitality—The Company's hospitality portfolio is composed of primarily extended stay and select service hotels located mainly in major metropolitan and high-demand suburban markets in the U.S., with the majority affiliated with top hotel brands such as Marriott and Hilton.
• | CLNC—This represents the Company's investment in Colony Credit, a commercial real estate credit REIT with a diverse portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net lease properties primarily in the U.S.
• | Other Equity and Debt—The Company's other equity and debt segment consists of a diversified group of strategic and non-strategic real estate and real estate-related debt and equity investments. Strategic investments include investments for which the Company acts as a general partner and/or manager (“GP Co-Investments”) and receives various forms of investment management economics on related third-party capital. Non-strategic investments are composed of those investments the Company does not intend to own for the long term including other real estate equity, real estate debt, and net leased assets, among other holdings.
• | Investment Management—The Company's investment management business raises, invests and manages funds on behalf of a diverse set of institutional and individual investors, for which the Company earns management fees, generally based on the amount of assets or capital managed, and contractual incentive fees or carried interest based on the performance of the investment vehicles managed subject to the achievement of minimum return hurdles.
In 2018, the Company determined that its equity interests in various investment vehicles as sponsor and general partner, which were previously included in the industrial and other equity and debt segments, would be part of its investment management segment. The reclassification of investments in unconsolidated ventures and corresponding earnings on investments in unconsolidated ventures was applied retrospectively to all prior periods presented. The reclassification was not material to segment results. Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets for administrative use, corporate level financing and related interest expense, income and expense related to cost reimbursement arrangements with certain affiliates, costs in connection with unconsummated investments, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs as well as Merger-related transaction and integration costs. The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments. The various reportable segments generate distinct revenue streams, consisting of property operating income, interest income and fee income. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. Selected Segment Results of Operations The following table presents selected results of operations of the Company's reportable segments:
(In thousands) |  | Healthcare |  | Industrial |  | Hospitality |  | CLNC |  | Other Equity and Debt |  | Investment Management |  | Amounts Not Allocated to Segments |  | Total
Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 592,455 |  |  | $ | 290,956 |  |  | $ | 849,513 |  |  | $ | — |  |  | $ | 739,167 |  |  | $ | 183,946 |  |  | $ | 9,239 |  |  | $ | 2,665,276 |
Property operating expenses |  | 271,166 |  |  | 83,003 |  |  | 563,453 |  |  | — |  |  | 316,037 |  |  | — |  |  | — |  |  | 1,233,659 |
Interest expense |  | 194,898 |  |  | 42,713 |  |  | 153,395 |  |  | — |  |  | 150,032 |  |  | — |  |  | 54,513 |  |  | 595,551 |
Depreciation and amortization |  | 164,389 |  |  | 129,104 |  |  | 144,528 |  |  | — |  |  | 99,525 |  |  | 28,653 |  |  | 6,207 |  |  | 572,406 |
Provision for loan losses |  | 213 |  |  | — |  |  | — |  |  | — |  |  | 42,821 |  |  | — |  |  | — |  |  | 43,034 |
Impairment loss |  | 217,524 |  |  | 948 |  |  | 72,469 |  |  | — |  |  | 79,432 |  |  | 217,850 |  |  | — |  |  | 588,223 |
Gain on sale of real estate |  | — |  |  | 7,633 |  |  | — |  |  | — |  |  | 159,598 |  |  | — |  |  | — |  |  | 167,231 |
Equity method earnings (losses) |  | — |  |  | — |  |  | — |  |  | (65,366 | ) |  | 99,400 |  |  | (43,435 | ) |  | — |  |  | (9,401 | )
Equity method earnings—carried interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,961 |  |  | — |  |  | 19,961 |
Income tax benefit (expense) |  | (4,991 | ) |  | (40 | ) |  | 9,875 |  |  | — |  |  | (4,298 | ) |  | 59,030 |  |  | 205 |  |  | 59,781 |
Income (loss) from continuing operations |  | (283,516 | ) |  | 26,749 |  |  | (90,581 | ) |  | (65,366 | ) |  | 268,870 |  |  | (128,255 | ) |  | (222,974 | ) |  | (495,073 | )
Loss from discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | (102 | ) |  | — |  |  | — |  |  | (102 | )
Net income (loss) |  | (283,516 | ) |  | 26,749 |  |  | (90,581 | ) |  | (65,366 | ) |  | 268,768 |  |  | (128,255 | ) |  | (222,974 | ) |  | (495,175 | )
Net income (loss) attributable to Colony Capital, Inc. |  | (199,277 | ) |  | 4,246 |  |  | (82,798 | ) |  | (61,457 | ) |  | 143,065 |  |  | (120,286 | ) |  | (203,100 | ) |  | (519,607 | )
(In thousands) |  | Healthcare |  | Industrial |  | Hospitality |  | CLNC |  | Other Equity and Debt |  | Investment Management |  | Amounts Not Allocated to Segments |  | Total
Year Ended December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 613,169 |  |  | $ | 243,172 |  |  | $ | 815,831 |  |  | $ | — |  |  | $ | 873,046 |  |  | $ | 244,654 |  |  | $ | 6,862 |  |  | $ | 2,796,734 |
Property operating expenses |  | 274,528 |  |  | 67,196 |  |  | 537,884 |  |  | — |  |  | 233,901 |  |  | — |  |  | — |  |  | 1,113,509 |
Interest expense |  | 185,256 |  |  | 38,566 |  |  | 134,729 |  |  | — |  |  | 161,993 |  |  | — |  |  | 54,278 |  |  | 574,822 |
Depreciation and amortization |  | 183,897 |  |  | 109,265 |  |  | 133,269 |  |  | — |  |  | 128,942 |  |  | 56,616 |  |  | 5,790 |  |  | 617,779 |
Provision for loan losses |  | 1,588 |  |  | — |  |  | — |  |  | — |  |  | 18,153 |  |  | — |  |  | — |  |  | 19,741 |
Impairment loss |  | 14,375 |  |  | 44 |  |  | — |  |  | — |  |  | 30,867 |  |  | 375,074 |  |  | — |  |  | 420,360 |
Gain on sale of real estate |  | — |  |  | 24,612 |  |  | — |  |  | — |  |  | 112,758 |  |  | — |  |  | — |  |  | 137,370 |
Equity method earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 265,079 |  |  | 20,072 |  |  | — |  |  | 285,151 |
Income tax benefit (expense) |  | (5,639 | ) |  | (2,252 | ) |  | (2,779 | ) |  | — |  |  | (3,950 | ) |  | 111,205 |  |  | 1,814 |  |  | 98,399 |
Income (loss) from continuing operations |  | (64,767 | ) |  | 37,497 |  |  | (9,863 | ) |  | — |  |  | 567,752 |  |  | (170,168 | ) |  | (438,619 | ) |  | (78,168 | )
Income from discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | 995 |  |  | — |  |  | 12,560 |  |  | 13,555 |
Net income (loss) |  | (64,767 | ) |  | 37,497 |  |  | (9,863 | ) |  | — |  |  | 568,747 |  |  | (170,168 | ) |  | (426,059 | ) |  | (64,613 | )
Net income (loss) attributable to Colony Capital, Inc. |  | (51,428 | ) |  | 12,537 |  |  | (9,199 | ) |  | — |  |  | 426,052 |  |  | (182,038 | ) |  | (393,815 | ) |  | (197,891 | )
Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | — |  |  | $ | 196,357 |  |  | $ | — |  |  | $ | — |  |  | $ | 569,780 |  |  | $ | 68,331 |  |  | $ | 4,389 |  |  | $ | 838,857 |
Property operating expenses |  | — |  |  | 55,924 |  |  | — |  |  | — |  |  | 62,537 |  |  | — |  |  | — |  |  | 118,461 |
Interest expense |  | — |  |  | 44,834 |  |  | — |  |  | — |  |  | 80,503 |  |  | — |  |  | 44,746 |  |  | 170,083 |
Depreciation and amortization |  | — |  |  | 88,854 |  |  | — |  |  | — |  |  | 63,480 |  |  | 14,767 |  |  | 4,581 |  |  | 171,682 |
Provision for loan losses |  | — |  |  | — |  |  | — |  |  | — |  |  | 35,005 |  |  | — |  |  | — |  |  | 35,005 |
Impairment loss |  | — |  |  | 407 |  |  | — |  |  | — |  |  | 10,990 |  |  | 320 |  |  | — |  |  | 11,717 |
Gain on sale of real estate |  | — |  |  | 2,888 |  |  | — |  |  | — |  |  | 70,728 |  |  | — |  |  | — |  |  | 73,616 |
Equity method earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | 97,188 |  |  | 2,187 |  |  | — |  |  | 99,375 |
Income tax benefit (expense) |  | — |  |  | (586 | ) |  | — |  |  | — |  |  | (10,143 | ) |  | 6,608 |  |  | (661 | ) |  | (4,782 | )
Net income (loss) |  | — |  |  | (3,003 | ) |  | — |  |  | — |  |  | 431,903 |  |  | 21,229 |  |  | (159,403 | ) |  | 290,726 |
Net income (loss) attributable to Colony Capital, Inc. |  | — |  |  | (911 | ) |  | — |  |  | — |  |  | 226,202 |  |  | 17,903 |  |  | (127,876 | ) |  | 115,318 |
Total assets and equity method investments of the reportable segments are summarized as follows:
(In thousands) |  | Healthcare |  | Industrial |  | Hospitality |  | CLNC |  | Other Equity and Debt |  | Investment Management |  | Amounts Not Allocated to Segments |  | Total
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 5,395,550 |  |  | $ | 3,185,906 |  |  | $ | 3,980,988 |  |  | $ | 1,037,754 |  |  | $ | 6,371,999 |  |  | $ | 1,983,911 |  |  | $ | 259,141 |  |  | $ | 22,215,249 |
Equity method investments |  | — |  |  | — |  |  | — |  |  | 1,037,754 |  |  | 1,054,295 |  |  | 194,304 |  |  | 3,742 |  |  | 2,290,095 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 5,813,552 |  |  | $ | 2,810,135 |  |  | $ | 4,094,596 |  |  | $ | — |  |  | $ | 9,251,963 |  |  | $ | 2,714,840 |  |  | $ | 100,564 |  |  | $ | 24,785,650 |
Equity method investments |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,315,670 |  |  | 207,642 |  |  | 3,742 |  |  | 1,527,054 |
Geography Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed.
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Total income by geography: |  |  |  |  |  |
United States |  | $ | 2,311,230 |  |  | $ | 2,741,862 |  |  | $ | 732,928 |
Europe |  | 329,609 |  |  | 310,783 |  |  | 194,923 |
Other |  | 302 |  |  | 3,610 |  |  | 6,083 |
Total (1) |  | $ | 2,641,141 |  |  | $ | 3,056,255 |  |  | $ | 933,934 |
(In thousands) |  | December 31, 2018 |  | December 31, 2017
Long-lived assets by geography: |  |  |  |
United States |  | $ | 12,454,871 |  |  | $ | 13,244,197 |
Europe |  | 1,600,623 |  |  | 1,749,282 |
Total (2) |  | $ | 14,055,494 |  |  | $ | 14,993,479 |
__________
(1) | Total income includes earnings from investments in unconsolidated ventures and excludes cost reimbursement income from affiliates.
(2) | Long-lived assets comprise real estate, real estate related intangible assets, and fixed assets, and exclude financial instruments, assets held for sale and investment management related intangible assets.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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