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Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)
 12 Months Ended
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