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Debt (Tables) | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Schedule of Debt | The Company's debt consists of the following components:
(In thousands) |  | Corporate Credit Facility(1) |  | Convertible and Exchangeable Senior Notes |  | Secured and Unsecured Debt (2) |  | Securitization Bonds Payable (3) |  | Junior Subordinated Notes |  | Total Debt
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Debt at amortized cost |  |  |  |  |  |  |  |  |  |  |  |
Principal |  | $ | — |  |  | $ | 616,105 |  |  | $ | 9,352,902 |  |  | $ | — |  |  | $ | 280,117 |  |  | $ | 10,249,124 |
Premium (discount), net |  | — |  |  | 2,697 |  |  | (41,217 | ) |  | — |  |  | (81,031 | ) |  | (119,551 | )
Deferred financing costs |  | — |  |  | (6,652 | ) |  | (82,964 | ) |  | — |  |  | — |  |  | (89,616 | )
|  | $ | — |  |  | $ | 612,150 |  |  | $ | 9,228,721 |  |  | $ | — |  |  | $ | 199,086 |  |  | $ | 10,039,957 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Debt at amortized cost |  |  |  |  |  |  |  |  |  |  |  |
Principal |  | $ | 50,000 |  |  | $ | 616,105 |  |  | $ | 9,792,169 |  |  | $ | 391,231 |  |  | $ | 280,117 |  |  | $ | 11,129,622 |
Premium (discount), net |  | — |  |  | 3,131 |  |  | (78,634 | ) |  | (87,319 | ) |  | (83,064 | ) |  | (245,886 | )
Deferred financing costs |  | — |  |  | (8,905 | ) |  | (91,360 | ) |  | (203 | ) |  | — |  |  | (100,468 | )
|  | 50,000 |  |  | 610,331 |  |  | 9,622,175 |  |  | 303,709 |  |  | 197,053 |  |  | 10,783,268 |
Debt at fair value (4) |  | — |  |  | — |  |  | — |  |  | 44,542 |  |  | — |  |  | 44,542 |
|  | $ | 50,000 |  |  | $ | 610,331 |  |  | $ | 9,622,175 |  |  | $ | 348,251 |  |  | $ | 197,053 |  |  | $ | 10,827,810 |
__________
(1) | Deferred financing costs related to the corporate credit facility are included in other assets.
(2) | Debt principal totaling $425.9 million at December 31, 2018 and $216.6 million at December 31, 2017 was related to financing on assets held for sale. Debt associated with assets held for sale that will be assumed by the buyer is included in liabilities related to assets held for sale (Note 10).
(3) | Represents bonds payable issued by securitization trusts consolidated by the Company at December 31, 2017 (Note 15). Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. The Company contributed its interests in three securitization trusts to Colony Credit upon closing of the Combination in the first quarter of 2018. In the second quarter of 2018, the Company sold its equity interests in two securitization trusts to third parties, resulting in a deconsolidation of these securitization trusts, while the underlying assets of the remaining securitization trust was liquidated. At December 31, 2018, the Company no longer has any consolidated securitization trusts.
(4) | Debt at fair value at December 31, 2017 represents a securitization trust that was consolidated by a N-Star CDO and the N-Star CDO was in turn consolidated by the Company. The Company had elected the fair value option to value the bonds payable issued by the consolidated securitization trust (Note 14). In May 2018, the Company sold its interests in the N-Star CDO and deconsolidated the N-Star CDO (Note 8).
The following table summarizes certain information about the different components of debt carried at amortized cost. Weighted average years remaining to maturity is based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion.
| Fixed Rate |  | Variable Rate |  | Total
($ 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
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recourse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate credit facility | $ | — |  |  | N/A |  |  | N/A |  | $ | — |  |  | N/A |  |  | 2.0 |  | $ | — |  |  | N/A |  |  | 2.0
Convertible and exchangeable senior notes | 616,105 |  |  | 4.27 | % |  | 3.0 |  | — |  |  | N/A |  |  | N/A |  | 616,105 |  |  | 4.27 | % |  | 3.0
Junior subordinated debt | — |  |  | N/A |  |  | N/A |  | 280,117 |  |  | 5.66 | % |  | 17.4 |  | 280,117 |  |  | 5.66 | % |  | 17.4
Secured debt (1) | 37,199 |  |  | 5.02 | % |  | 6.9 |  | — |  |  | N/A |  |  | N/A |  | 37,199 |  |  | 5.02 | % |  | 6.9
| 653,304 |  |  |  |  |  |  | 280,117 |  |  |  |  |  |  | 933,421 |  |  |  |  |
Non-recourse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured debt (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare (3) | 2,130,999 |  |  | 4.62 | % |  | 1.9 |  | 1,109,681 |  |  | 6.64 | % |  | 2.7 |  | 3,240,680 |  |  | 5.31 | % |  | 2.2
Industrial | 1,071,721 |  |  | 3.83 | % |  | 10.6 |  | 5,474 |  |  | 5.27 | % |  | 4.2 |  | 1,077,195 |  |  | 3.84 | % |  | 10.6
Hospitality | 12,019 |  |  | 12.99 | % |  | 2.6 |  | 2,636,053 |  |  | 5.68 | % |  | 3.8 |  | 2,648,072 |  |  | 5.71 | % |  | 3.8
Other Real Estate Equity | 200,814 |  |  | 4.02 | % |  | 3.8 |  | 1,789,431 |  |  | 4.43 | % |  | 3.6 |  | 1,990,245 |  |  | 4.39 | % |  | 3.7
Real Estate Debt | — |  |  | N/A |  |  | N/A |  | 359,511 |  |  | 4.50 | % |  | 2.4 |  | 359,511 |  |  | 4.50 | % |  | 2.4
| 3,415,553 |  |  |  |  |  |  | 5,900,150 |  |  |  |  |  |  | 9,315,703 |  |  |  |  |
| $ | 4,068,857 |  |  |  |  |  |  | $ | 6,180,267 |  |  |  |  |  |  | $ | 10,249,124 |  |  |  |  |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recourse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate credit facility | $ | — |  |  | N/A |  |  | N/A |  | $ | 50,000 |  |  | 3.51 | % |  | 3.0 |  | $ | 50,000 |  |  | 3.51 | % |  | 3.0
Convertible and exchangeable senior notes | 616,105 |  |  | 4.27 | % |  | 4.0 |  | — |  |  | N/A |  |  | N/A |  | 616,105 |  |  | 4.27 | % |  | 4.0
Junior subordinated debt | — |  |  | N/A |  |  | N/A |  | 280,117 |  |  | 4.56 | % |  | 18.4 |  | 280,117 |  |  | 4.56 | % |  | 18.4
Secured debt (1) | 39,219 |  |  | 5.02 | % |  | 7.9 |  | — |  |  | N/A |  |  | N/A |  | 39,219 |  |  | 5.02 | % |  | 7.9
| 655,324 |  |  |  |  |  |  | 330,117 |  |  |  |  |  |  | 985,441 |  |  |  |  |
Non-recourse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securitization bonds payable | 30,132 |  |  | 3.45 | % |  | 29.9 |  | 361,099 |  |  | 3.02 | % |  | 28.4 |  | 391,231 |  |  | 3.05 | % |  | 28.5
Secured debt (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare | 2,168,936 |  |  | 4.65 | % |  | 2.9 |  | 1,119,320 |  |  | 5.75 | % |  | 3.0 |  | 3,288,256 |  |  | 5.03 | % |  | 3.0
Industrial | 1,014,229 |  |  | 3.50 | % |  | 11.4 |  | — |  |  | N/A |  |  | N/A |  | 1,014,229 |  |  | 3.50 | % |  | 11.4
Hospitality | 9,038 |  |  | 11.00 | % |  | 3.6 |  | 2,599,681 |  |  | 4.67 | % |  | 3.7 |  | 2,608,719 |  |  | 4.69 | % |  | 3.7
Other Real Estate Equity | 374,789 |  |  | 4.07 | % |  | 5.5 |  | 1,841,209 |  |  | 4.02 | % |  | 4.4 |  | 2,215,998 |  |  | 4.03 | % |  | 4.6
Real Estate Debt | — |  |  | N/A |  |  | N/A |  | 625,748 |  |  | 4.05 | % |  | 3.3 |  | 625,748 |  |  | 4.05 | % |  | 3.3
| 3,597,124 |  |  |  |  |  |  | 6,547,057 |  |  |  |  |  |  | 10,144,181 |  |  |  |  |
| $ | 4,252,448 |  |  |  |  |  |  | $ | 6,877,174 |  |  |  |  |  |  | $ | 11,129,622 |  |  |  |  |
__________
(1) | The fixed rate recourse debt represents two promissory notes secured by the Company's aircraft.
(2) | Mortgage debt in the healthcare segment and other real estate equity segment with an aggregate outstanding principal of $538.5 million at December 31, 2018 and $384.5 million at December 31, 2017 was either in payment default or was not in compliance with certain debt and/or lease covenants. The Company is negotiating with the lenders and the tenants to restructure the debt and leases, as applicable, or otherwise refinance the debt.
(3) | In November 2018, the Company applied proceeds from the refinancing of a select portfolio of medical office buildings to repay in full a $100.5 million floating rate component of a $1.8 billion non-recourse mortgage debt on certain properties in the U.S. healthcare portfolio. The remaining $1.7 billion fixed rate component of the debt is scheduled to mature in December 2019. The Company is currently evaluating its options in connection with the scheduled debt maturity. In the fourth quarter of 2018, the Company impaired the real estate collateralizing the debt by $109.1 million based on a reassessment of the expected hold period, taking into consideration the upcoming debt maturity (see Note 14). In pursuing the options available to the Company in connection with the scheduled debt maturity, the Company will continue to re-evaluate certain assumptions, including with respect to the holding period of the real estate collateralizing the debt, which could result in further impairment of the underlying real estate in a future period. At December 31, 2018, carrying value of the real estate collateralizing the remaining debt maturing in December 2019 was $2.5 billion.
Convertible Senior Notes Issued | Convertible and exchangeable senior notes issued by the Company and outstanding are as follows:
Description |  | Issuance Date |  | Due Date |  | Interest Rate |  | Conversion or Exchange Price (per share of common stock) |  | Conversion or Exchange Ratio (2) (In Shares) |  | Conversion or Exchange Shares (in thousands) |  | Earliest Redemption Date |  | Outstanding Principal
|  |  |  |  |  |  |  | December 31, 2018 |  | December 31, 2017
5.00% Convertible Notes |  | April 2013 |  | April 15, 2023 |  | 5.00 |  | $ | 15.76 |  |  | 63.4700 |  |  | 12,694 |  |  | April 22, 2020 |  | $ | 200,000 |  |  | $ | 200,000 |
3.875% Convertible Notes |  | January and June 2014 |  | January 15, 2021 |  | 3.875 |  | 16.57 |  |  | 60.3431 |  |  | 24,288 |  |  | January 22, 2019 |  | 402,500 |  |  | 402,500 |
5.375% Exchangeable Notes |  | June 2013 (1) |  | June 15, 2033 |  | 5.375 |  | 12.04 |  |  | 83.0837 |  |  | 1,130 |  |  | June 15, 2023 |  | 13,605 |  |  | 13,605 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 616,105 |  |  | $ | 616,105 |
__________
(1) | Represents initial date of issuance of exchangeable senior notes by NRF prior to the Merger.
(2) | The conversion or exchange rate for convertible and exchangeable senior notes is subject to periodic adjustments to reflect the carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuance of the convertible and exchangeable senior notes. The conversion or exchange ratios are presented in shares of common stock per $1,000 principal of each convertible or exchangeable note.
Schedule of Future Minimum Principal Payment | The following table summarizes future scheduled minimum principal payments of debt at December 31, 2018, based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion. Financing on certain loan portfolios are based on the Company's expectation of cash flows from underlying loan collateral as principal repayments on the loan financing depend upon net cash flows from collateral assets and ratio of outstanding principal to collateral.
(In thousands) |  | Corporate Credit Facility |  | Convertible and Exchangeable Senior Notes |  | Secured Debt |  | Junior Subordinated Notes |  | Total
Year Ending December 31, |  |  |  |  |
2019 |  | $ | — |  |  | $ | — |  |  | $ | 2,468,980 |  |  | $ | — |  |  | $ | 2,468,980 |
2020 |  | — |  |  | — |  |  | 626,552 |  |  | — |  |  | 626,552 |
2021 |  | — |  |  | 402,500 |  |  | 945,987 |  |  | — |  |  | 1,348,487 |
2022 |  | — |  |  | — |  |  | 2,826,948 |  |  | — |  |  | 2,826,948 |
2023 |  | — |  |  | 200,000 |  |  | 192,667 |  |  | — |  |  | 392,667 |
2024 and thereafter |  | — |  |  | 13,605 |  |  | 2,291,768 |  |  | 280,117 |  |  | 2,585,490 |
Total |  | $ | — |  |  | $ | 616,105 |  |  | $ | 9,352,902 |  |  | $ | 280,117 |  |  | $ | 10,249,124 |
Schedule Of Interest Incurred And Capitalized On Real Estate Under Development Or Construction | Total interest incurred on the Company's debt, including interest capitalized on real estate under development or construction beginning in 2018, was as follows:
|  | Year Ended December 31,
(In thousands) | 2018 |  | 2017 |  | 2016
Interest expensed |  | $ | 595,551 |  |  | $ | 574,822 |  |  | $ | 170,083 |
Interest capitalized |  | 5,554 |  |  | — |  |  | — |
Total interest incurred |  | $ | 601,105 |  |  | $ | 574,822 |  |  | $ | 170,083 |

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