| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income (loss) | ||||||
-462,648 | -177,353 | 127,880 | 109,021 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Income (Loss) from Equity Method Investments | ||||||
36,942 | 23,774 | 24,709 | 16,067 | |||
Depreciation, Depletion and Amortization, Nonproduction | ||||||
103,220 | 90,986 | 9,137 | 146 | |||
Straight-line rental income | ||||||
6,827 | 6,520 | 0 | 0 | |||
Amortization of above/below market lease values, net | ||||||
-2,904 | -44 | 0 | 0 | |||
Amortization of premium/accretion of discount and fees on investments and borrowings, net | ||||||
-13,109 | -7,907 | -8,551 | -8,112 | |||
Amortization of deferred financing costs | ||||||
9,657 | 4,794 | 3,637 | 5,975 | |||
Amortization of right-of-use lease assets and operating lease liabilities | ||||||
101 | - | - | - | |||
Paid-in-kind interest added to loan principal, net of interest received | ||||||
7,784 | 5,837 | 1,802 | -7,884 | |||
Distributions of cumulative earnings from unconsolidated ventures | ||||||
65,136 | 43,481 | 7,563 | 1,058 | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | ||||||
4,100 | 5,003 | 0 | 0 | |||
Realized Investment Gains (Losses) | ||||||
2,772 | -3,447 | 0 | 0 | |||
Provision for Loan and Lease Losses | ||||||
220,600 | 113,911 | 518 | 3,386 | |||
Impairment of Real Estate | ||||||
282,749 | 31,813 | 0 | 0 | |||
Amortization of equity-based compensation | ||||||
10,810 | 7,113 | 0 | 0 | |||
Mortgage notes above/below market value amortization | ||||||
-400 | 576 | 0 | 0 | |||
Deferred income tax (benefit) expense | ||||||
-4,652 | 28,354 | 1,744 | 0 | |||
Other loss | ||||||
9,678 | 114 | 0 | 0 | |||
Changes in assets and liabilities: | ||||||
Receivables, net | ||||||
9,136 | -11,062 | 0 | 0 | |||
Deferred costs and other assets | ||||||
14,871 | 27,931 | 7,743 | -671 | |||
Due to related party | ||||||
-4,003 | 5,710 | 0 | 0 | |||
Other liabilities | ||||||
4,591 | 14,882 | -692 | 314 | |||
Net cash provided by operating activities | ||||||
137,176 | 100,722 | 106,982 | 88,508 | |||
Cash flows from investing activities: | ||||||
Acquisition, origination and funding of loans and preferred equity held for investment, net | ||||||
1,350,120 | 919,461 | 200,203 | 257,641 | |||
Repayment on loans and preferred equity held for investment | ||||||
-465,647 | -626,622 | -537,532 | 357,043 | |||
Proceeds from sale of loans and preferred equity held for investment | ||||||
0 | 0 | 17,509 | 141,500 | |||
Cash and restricted cash received in the Combination | ||||||
0 | 328,454 | 0 | 0 | |||
Cash and restricted cash related to the deconsolidation of certain CLNY Contributed Portfolio investments | ||||||
0 | 26,112 | 0 | - | |||
Proceeds from sale of real estate | ||||||
85,389 | 167,877 | 8,872 | 0 | |||
Cash and restricted cash received through the CLNY Merger | ||||||
0 | 0 | 6,203 | 0 | |||
Cash and restricted cash decrease related to the deconsolidation of certain CLNY Contributed Portfolio investments | ||||||
0 | 26,112 | 0 | 0 | |||
Cash and restricted cash received related to foreclosure of loans held for investment | ||||||
3,436 | 4,900 | 0 | 0 | |||
Acquisition of and additions to real estate, related intangibles and leasing commissions | ||||||
24,218 | 415,117 | 312 | 67 | |||
Investments in unconsolidated ventures | ||||||
47,938 | 239,663 | 16,333 | 21,433 | |||
Proceeds from sale of investments in unconsolidated ventures | ||||||
115,298 | 0 | 0 | - | |||
Distributions in excess of cumulative earnings from unconsolidated ventures | ||||||
212,611 | 98,501 | 55,107 | 1,331 | |||
Acquisition of real estate securities, available for sale | ||||||
0 | 58,665 | 0 | 0 | |||
Repayment of principal in mortgage loans held in securitization trusts | ||||||
-47,540 | 0 | 0 | - | |||
Cash received in excess of accretion on purchased credit impaired loans | ||||||
0 | 0 | 52,435 | 18,121 | |||
Proceeds from sale of mortgage loans held in securitization trusts | ||||||
39,848 | 0 | 0 | - | |||
Net receipts on settlement of derivative instruments | ||||||
28,890 | 0 | 0 | - | |||
Deposit on investments | ||||||
372 | 29,423 | 0 | 0 | |||
Change in escrow deposits | ||||||
-7,964 | 5,618 | 21,541 | 39,482 | |||
Net cash provided by investing activities | ||||||
-416,025 | -467,705 | 439,269 | 199,372 | |||
Cash flows from financing activities: | ||||||
Distributions paid on common stock | ||||||
217,721 | 185,291 | 0 | 0 | |||
Distributions paid on common stock to noncontrolling interests | ||||||
5,081 | 4,460 | 0 | 77,780 | |||
Distributions paid on common stock to noncontrolling interests | ||||||
- | - | - | 0 | |||
Shares canceled for tax withholding on vested stock awards | ||||||
1,596 | 659 | 0 | 0 | |||
Borrowings from mortgage notes | ||||||
93,582 | 246,365 | 72,189 | 81,077 | |||
Repayment of mortgage notes | ||||||
8,349 | 141,818 | 342,898 | 407,282 | |||
Borrowings from credit facilities | ||||||
1,443,118 | 1,716,362 | 0 | 0 | |||
Repayment of credit facilities | ||||||
1,709,802 | 999,312 | 717 | 2,242 | |||
Borrowing from securitization bonds | ||||||
840,423 | 0 | 0 | - | |||
Repayment of securitization bonds | ||||||
81,372 | 108,246 | 0 | 0 | |||
Repayment of mortgage obligations issued by securitization trusts | ||||||
47,540 | 0 | 0 | - | |||
Payment of deferred financing costs | ||||||
16,035 | 15,610 | 0 | 0 | |||
Contributions from CLNY owners | ||||||
0 | 0 | 81,549 | 113,024 | |||
Distributions to CLNY owners | ||||||
0 | 0 | 299,319 | 122,133 | |||
Contributions from noncontrolling interests | ||||||
156 | 290 | 50,503 | 95,618 | |||
Distributions to noncontrolling interests | ||||||
3,000 | 20,104 | 112,965 | - | |||
Net cash provided by (used in) financing activities | ||||||
286,783 | 487,517 | -551,658 | -319,718 | |||
Effect of exchange rates on cash, cash equivalents and restricted cash | ||||||
287 | -176 | 0 | 0 | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | ||||||
8,221 | 120,358 | -5,407 | -31,838 | |||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | ||||||
142,987 | 81,683 | 22,885 | 20,134 | |||
Cash paid (received) for income taxes, net | ||||||
-3,093 | 27,178 | 10,497 | 1,292 | |||
Supplemental Cash Flow Information [Abstract] | ||||||
Noncontrolling interests assumed in the Combination | ||||||
0 | 82,542 | 0 | 0 | |||
Common stock issued for acquisition of NorthStar I and NorthStar II (Note 3) | ||||||
0 | 2,021,373 | 0 | 0 | |||
Deconsolidation of certain CLNY Contributed Portfolio investments (Note 2) | ||||||
0 | 287,021 | 0 | 0 | |||
Secured Financing | ||||||
0 | 50,314 | 0 | 0 | |||
Other Payables to Manager adjustment (refer to Note 11) | ||||||
- | - | - | 0 | |||
Noncontrolling interests in the Operating Partnership | ||||||
0 | 73,626 | 0 | 0 | |||
Consolidation of securitization trust (VIE asset/liability additions) | ||||||
0 | 211,778 | 0 | 0 | |||
Deconsolidation of securitization trust (VIE asset/liability reductions) | ||||||
-1,239,627 | 0 | - | - | |||
Accrual of distribution payable | ||||||
13,164 | 18,986 | 0 | 0 | |||
Foreclosure of loans held for investment, net of provision for loan losses | ||||||
127,356 | 117,878 | 20,204 | 0 | |||
Right-of-use lease assets and operating lease liabilities | ||||||
27,496 | - | - | - | |||
Debt assumed related to acquisition of real estate | ||||||
0 | 200,153 | 0 | 0 | |||
Deferred tax liabilities assumed related to acquisition of real estate | ||||||
0 | 35,958 | 0 | 0 | |||
Loans held for investment payoff received from servicer | ||||||
0 | 10,201 | 9,720 | 0 | |||
Conversion of Class B-3 common stock to Class A common stock | ||||||
444 | 0 | 0 | - | |||
NorthStar I and NorthStar II | ||||||
Assets acquired in the Combination | ||||||
0 | 6,651,614 | 0 | 0 | |||
Liabilities assumed in the Combination | ||||||
0 | 4,821,133 | 0 | 0 | |||
Colony NorthStar Merger | ||||||
Assets acquired in the Combination | ||||||
- | 0 | 485,891 | 0 | |||
Liabilities assumed in the Combination | ||||||
- | 0 | 161,533 | 0 | |||