2018 Q1 Form 10-Q Financial Statement

#000171754718000003 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $107.8M $46.49M
YoY Change 131.92%
Cost Of Revenue $50.70M $2.300M
YoY Change 2104.35%
Gross Profit $40.90M $38.10M
YoY Change 7.35%
Gross Profit Margin 37.94% 81.95%
Selling, General & Admin $3.200M $3.000M
YoY Change 6.67%
% of Gross Profit 7.82% 7.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.80M $2.300M
YoY Change 717.39%
% of Gross Profit 45.97% 6.04%
Operating Expenses $21.50M $5.300M
YoY Change 305.66%
Operating Profit $19.40M $32.80M
YoY Change -40.85%
Interest Expense $7.415M $6.104M
YoY Change 21.48%
% of Operating Profit 38.22% 18.61%
Other Income/Expense, Net
YoY Change
Pretax Income -$18.74M $25.76M
YoY Change -172.74%
Income Tax -$549.0K -$223.0K
% Of Pretax Income -0.87%
Net Earnings -$4.714M $22.89M
YoY Change -120.6%
Net Earnings / Revenue -4.37% 49.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.05 $0.52
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $335.0M
YoY Change
Cash & Equivalents $335.0M $39.78M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $61.00M
Other Receivables $0.00
Total Short-Term Assets $396.0M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.495B
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $499.0M
YoY Change
Other Assets $145.7M
YoY Change
Total Long-Term Assets $7.725B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $396.0M
Total Long-Term Assets $7.725B
Total Assets $8.121B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $49.90M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $136.7M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $4.762B
YoY Change
Other Long-Term Liabilities $19.60M
YoY Change
Total Long-Term Liabilities $4.782B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $136.7M
Total Long-Term Liabilities $4.782B
Total Liabilities $4.919B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $136.4M
YoY Change
Common Stock $2.894B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.030B
YoY Change
Total Liabilities & Shareholders Equity $8.121B
YoY Change

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$4.714M $22.89M
YoY Change -120.6%
Depreciation, Depletion And Amortization $18.80M $2.300M
YoY Change 717.39%
Cash From Operating Activities $18.16M $31.17M
YoY Change -41.75%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $414.7M $38.30M
YoY Change 982.77%
Cash From Investing Activities $414.7M $38.29M
YoY Change 983.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$47.53M -$43.66M
YoY Change 8.87%
NET CHANGE
Cash From Operating Activities $18.16M $31.17M
Cash From Investing Activities $414.7M $38.29M
Cash From Financing Activities -$47.53M -$43.66M
Net Change In Cash $385.3M $25.80M
YoY Change 1393.43%
FREE CASH FLOW
Cash From Operating Activities $18.16M $31.17M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2018Q1 us-gaap Certain Loans Acquired In Transfer Accounted For As Debt Securities Accretable Yield Accretion
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121000 USD
CY2017Q1 us-gaap Certain Loans Acquired In Transfer Accounted For As Debt Securities Accretable Yield Reclassifications To Nonaccretable Difference
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CY2018Q1 us-gaap Certain Loans Acquired In Transfer Accounted For As Debt Securities Accretable Yield Reclassifications To Nonaccretable Difference
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605000 USD
CY2018Q1 us-gaap Certain Loans Acquired In Transfer Nonaccretable Difference
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4900000 USD
CY2017Q4 us-gaap Commitments And Contingencies
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USD
CY2018Q1 us-gaap Commitments And Contingencies
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USD
CY2018Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.145
CY2018Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.145
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
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0.145
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
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0.145
CY2017Q1 us-gaap Common Stock Dividends Per Share Declared
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0.00
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
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0.29
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2018Q1 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
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CY2017Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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32023000 USD
CY2018Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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-4249000 USD
CY2017Q1 us-gaap Costs And Expenses
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8585000 USD
CY2018Q1 us-gaap Costs And Expenses
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79073000 USD
CY2017Q4 us-gaap Debt Instrument Carrying Amount
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392829000 USD
CY2018Q1 us-gaap Debt Instrument Carrying Amount
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1704020000 USD
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0 USD
CY2018Q1 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
3930000 USD
CY2017Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
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657000 USD
CY2018Q1 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
1680000 USD
CY2017Q4 us-gaap Deferred Costs Leasing Gross
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3671000 USD
CY2018Q1 us-gaap Deferred Income Tax Expense Benefit
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-88000 USD
CY2017Q4 us-gaap Deferred Income Tax Liabilities Net
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120000 USD
CY2018Q1 us-gaap Deferred Income Tax Liabilities Net
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1020000 USD
CY2017Q4 us-gaap Deferred Rent Credit
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481000 USD
CY2018Q1 us-gaap Deferred Rent Credit
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6164000 USD
CY2017Q1 us-gaap Depreciation And Amortization
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2285000 USD
CY2018Q1 us-gaap Depreciation And Amortization
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18792000 USD
CY2017Q4 us-gaap Derivative Assets
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117000 USD
CY2018Q1 us-gaap Derivative Assets
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28000 USD
CY2017Q4 us-gaap Derivative Liabilities
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0 USD
CY2018Q1 us-gaap Derivative Liabilities
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1224000 USD
CY2018Q1 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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11719000 USD
CY2017Q1 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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1611000 USD
CY2018Q1 us-gaap Dividends Common Stock
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37843000 USD
CY2017Q1 us-gaap Dividends Payable Current And Noncurrent
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0 USD
CY2017Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0 USD
CY2018Q1 us-gaap Dividends Payable Current And Noncurrent
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18994000 USD
CY2017Q4 us-gaap Due To Related Parties Current And Noncurrent
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0 USD
CY2018Q1 us-gaap Due To Related Parties Current And Noncurrent
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12649000 USD
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
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0.47
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-0.05
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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18700000 USD
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y10M28D
CY2017Q1 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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6937000 USD
CY2018Q1 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
10107000 USD
CY2017Q1 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
7803000 USD
CY2018Q1 us-gaap Equity Method Investment Summarized Financial Information Revenue
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19938000 USD
CY2017Q4 us-gaap Equity Method Investments
EquityMethodInvestments
179303000 USD
CY2018Q1 us-gaap Equity Method Investments
EquityMethodInvestments
498973000 USD
CY2017Q1 us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
0 USD
CY2018Q1 us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
3856000 USD
CY2017Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
0 USD
CY2018Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
497000 USD
CY2017Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
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0 loan
CY2018Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
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0 loan
CY2017Q4 us-gaap Foreclosed Assets
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19500000 USD
CY2018Q1 us-gaap Foreclosed Assets
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19900000 USD
CY2017Q1 us-gaap Gain Loss On Investments
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0 USD
CY2018Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
465000 USD
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3012000 USD
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3228000 USD
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42200000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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25762000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-18738000 USD
CY2017Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6038000 USD
CY2018Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
15788000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-223000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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0 USD
CY2018Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
3340000 USD
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208000 USD
CY2018Q1 us-gaap Increase Decrease In Other Operating Liabilities
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1499000 USD
CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-2923000 USD
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
13883000 USD
CY2017Q1 us-gaap Increase Decrease In Receivables
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0 USD
CY2018Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-16572000 USD
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142000 USD
CY2018Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1343000 USD
CY2017Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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-469000 USD
CY2018Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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882000 USD
CY2017Q1 us-gaap Interest Expense
InterestExpense
6104000 USD
CY2018Q1 us-gaap Interest Expense
InterestExpense
7415000 USD
CY2017Q1 us-gaap Interest Expense Debt
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976000 USD
CY2018Q1 us-gaap Interest Expense Debt
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6393000 USD
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29047000 USD
CY2018Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2017Q1 us-gaap Interest Income Operating
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35151000 USD
CY2018Q1 us-gaap Interest Income Operating
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36139000 USD
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924000 USD
CY2018Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
17070000 USD
CY2017Q1 us-gaap Investment Income Interest
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0 USD
CY2018Q1 us-gaap Investment Income Interest
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25865000 USD
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0 USD
CY2018Q1 us-gaap Investment Income Investment Expense
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24278000 USD
CY2017Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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203720000 USD
CY2018Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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756468000 USD
CY2017Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
0 USD
CY2018Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
700000 USD
CY2017Q4 us-gaap Liabilities
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431832000 USD
CY2018Q1 us-gaap Liabilities
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4918656000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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1839402000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
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8120905000 USD
CY2017Q4 us-gaap Line Of Credit
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0 USD
CY2018Q1 us-gaap Line Of Credit
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602277000 USD
CY2018Q1 us-gaap Loans And Leases Receivable Allowance
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0 USD
CY2017Q4 us-gaap Long Term Debt
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389661000 USD
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
1698408000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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827528000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
2519000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
159053000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
14778000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
280970000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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419172000 USD
CY2017Q4 us-gaap Minority Interest In Joint Ventures
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327762000 USD
CY2018Q1 us-gaap Minority Interest In Joint Ventures
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98311000 USD
CY2017Q4 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
0 USD
CY2018Q1 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
73569000 USD
CY2017Q4 us-gaap Mortgage Loans On Real Estate
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CY2018Q1 us-gaap Mortgage Loans On Real Estate
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1816218000 USD
CY2018Q1 us-gaap Mortgage Loans On Real Estate Amortization Of Premium
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1017000 USD
CY2018Q1 us-gaap Mortgage Loans On Real Estate Collections Of Principal
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136913000 USD
CY2017Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
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1300784000 USD
CY2018Q1 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
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1816218000 USD
CY2017Q4 us-gaap Mortgage Loans On Real Estate Face Amount Of Mortgages
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1307740000 USD
CY2018Q1 us-gaap Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
1805636000 USD
CY2018Q1 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
1249733000 USD
CY2018Q1 us-gaap Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
5059000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-1848000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-1800000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
38287000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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340003000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
31170000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
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17276000 USD
CY2017Q1 us-gaap Net Income Loss
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22886000 USD
CY2018Q1 us-gaap Net Income Loss
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CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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20811000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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9137000 USD
CY2018Q1 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable
2370000 USD
CY2017Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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0 USD
CY2018Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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-57000 USD
CY2017Q1 us-gaap Noncontrolling Interest Increase From Business Combination
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0 USD
CY2018Q1 us-gaap Noncontrolling Interest Increase From Business Combination
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82320000 USD
CY2017Q4 us-gaap Notes Payable
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CY2018Q1 us-gaap Notes Payable
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CY2018Q1 us-gaap Number Of Operating Segments
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5 segment
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due
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CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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1798000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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2720000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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2812000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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2821000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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2891000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Receivable
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CY2018Q1 us-gaap Operating Leases Future Minimum Payments Receivable Current
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CY2018Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
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50667000 USD
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62095000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
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74400000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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83587000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
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94018000 USD
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2115000 USD
CY2017Q4 us-gaap Other Assets
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1527000 USD
CY2018Q1 us-gaap Other Assets
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56998000 USD
CY2017Q1 us-gaap Other Income
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161000 USD
CY2018Q1 us-gaap Other Income
OtherIncome
517000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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0 USD
CY2018Q1 us-gaap Owned Property Management Costs
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8000000 USD
CY2017Q1 us-gaap Payments For Capital Improvements
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0 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
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18849000 USD
CY2017Q1 us-gaap Payments Of Dividends Minority Interest
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33609000 USD
CY2017Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
0 USD
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities
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11762000 USD
CY2018Q1 us-gaap Payments Of Dividends Minority Interest
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1003000 USD
CY2017Q1 us-gaap Payments Of Financing Costs
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0 USD
CY2018Q1 us-gaap Payments Of Financing Costs
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4675000 USD
CY2017Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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4129000 USD
CY2018Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
1730000 USD
CY2018Q1 us-gaap Payments For Capital Improvements
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2735000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
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0 USD
CY2017Q1 us-gaap Payments To Acquire Notes Receivable
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52989000 USD
CY2018Q1 us-gaap Payments To Acquire Notes Receivable
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5059000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
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0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
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0 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Principal Amount Outstanding On Loans Securitized
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284200000 USD
CY2017Q1 us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
74371000 USD
CY2018Q1 us-gaap Proceeds From Collection Of Loans Receivable
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115724000 USD
CY2017Q3 us-gaap Proceeds From Contributed Capital
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1000 USD
CY2017Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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5751000 USD
CY2018Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
21739000 USD
CY2017Q1 us-gaap Proceeds From Lines Of Credit
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0 USD
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25149000 USD
CY2017Q1 us-gaap Proceeds From Minority Shareholders
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35956000 USD
CY2018Q1 us-gaap Proceeds From Minority Shareholders
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0 USD
CY2017Q1 us-gaap Proceeds From Notes Payable
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18043000 USD
CY2018Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
41823000 USD
CY2017Q3 us-gaap Proceeds From Related Party Debt
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55000000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Real Estate
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8916000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Real Estate
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0 USD
CY2017Q1 us-gaap Profit Loss
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32023000 USD
CY2018Q1 us-gaap Profit Loss
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-2401000 USD
CY2017Q1 us-gaap Provision For Loan And Lease Losses
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0 USD
CY2017 us-gaap Provision For Loan And Lease Losses
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0 USD
CY2018Q1 us-gaap Provision For Loan And Lease Losses
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CY2018Q1 us-gaap Stock Issued During Period Value Acquisitions
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CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Business and Organization</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Colony NorthStar Credit Real Estate, Inc. (the &#8220;Company&#8221;) is a commercial real estate (&#8220;CRE&#8221;) credit real estate investment trust (&#8220;REIT&#8221;) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities and net leased properties predominantly in the United States. CRE debt investments include senior mortgage loans, mezzanine loans, preferred equity, and participations in such loans and preferred equity interests. CRE debt securities primarily consist of commercial mortgage-backed securities (&#8220;CMBS&#8221;) (including &#8220;B-pieces&#8221; of a CMBS securitization pool) or CRE collateralized loan obligations (&#8220;CLOs&#8221;) (collateralized by pools of CRE debt investments). Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company was organized in the state of Maryland on August 23, 2017. On September 15, 2017, Colony NorthStar, Inc., (&#8220;Colony NorthStar&#8221;), a publicly traded REIT listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the ticker symbol &#8220;CLNS,&#8221; made an initial capital contribution of </font><font style="font-family:inherit;font-size:10pt;">$1,000</font><font style="font-family:inherit;font-size:10pt;"> to the Company. On January 31, 2018, the Company completed the transactions contemplated by that certain Master Combination Agreement, dated as of August 25, 2017, as amended and restated on November 20, 2017 (the &#8220;Combination Agreement,&#8221; as further discussed below). The Company intends to qualify as a REIT under the Internal Revenue Code of 1986, as amended, beginning with its taxable year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, Credit RE Operating Company, LLC (the &#8220;Operating Partnership&#8221; or &#8220;OP&#8221;). At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company owned </font><font style="font-family:inherit;font-size:10pt;">97.6%</font><font style="font-family:inherit;font-size:10pt;"> of the OP, as its sole managing member. The remaining </font><font style="font-family:inherit;font-size:10pt;">2.4%</font><font style="font-family:inherit;font-size:10pt;"> is owned primarily by an affiliate of the Company as noncontrolling interests.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is externally managed and has no employees. The Company is managed by CLNC Manager, LLC (the &#8220;Manager&#8221;), a Delaware limited liability company and a wholly-owned and indirect subsidiary of Colony Capital Operating Company, LLC (&#8220;CLNS OP&#8221;), a Delaware limited liability company and the operating company of Colony NorthStar. Colony NorthStar manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded REITs and registered investment companies.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">The Combination</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the Combination Agreement, (i) CLNS OP contributed and conveyed to the Company a select portfolio of assets and liabilities (the &#8220;CLNS OP Contributed Portfolio&#8221;) of CLNS OP (the &#8220;CLNS OP Contribution&#8221;), (ii) NRF RED REIT Corp., a Maryland corporation and indirect subsidiary of CLNS OP (&#8220;RED REIT&#8221;) contributed and conveyed to the OP a select portfolio of assets and liabilities (the &#8220;RED REIT Contributed Portfolio&#8221; and, together with the CLNS OP Contributed Portfolio, the &#8220;CLNS Contributed Portfolio&#8221;) of RED REIT (the &#8220;RED REIT Contribution&#8221; and, together with the CLNS OP Contribution, the &#8220;CLNS Contributions&#8221;), (iii) NorthStar Real Estate Income Trust, Inc. (&#8220;NorthStar I&#8221;), a publicly registered non-traded REIT sponsored and managed by a subsidiary of Colony NorthStar, merged with and into the Company, with the Company surviving the merger (the &#8220;NorthStar I Merger&#8221;), (iii) NorthStar Real Estate Income II, Inc. (&#8220;NorthStar II&#8221;), a publicly registered non-traded REIT sponsored and managed by a subsidiary of Colony NorthStar, merged with and into the Company, with the Company surviving the merger (the &#8220;NorthStar II Merger&#8221; and, together with the NorthStar I Merger, the &#8220;Mergers&#8221;), and (v) immediately following the Mergers, the Company contributed and conveyed to the OP the CLNS OP Contributed Portfolio and the equity interests of each of NorthStar Real Estate Income Trust Operating Partnership, LP, a Delaware limited partnership and the operating partnership of NorthStar I, and NorthStar Real Estate Income Operating Partnership II, LP, a Delaware limited partnership and the operating partnership of NorthStar II, then-owned by the Company in exchange for units of membership interest in the OP (the &#8220;Company Contribution&#8221; and, collectively with the Mergers and the CLNS Contributions, the &#8220;Combination&#8221;). </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">January&#160;18, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Combination was approved by the stockholders of NorthStar I and NorthStar II. The Combination closed on </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;Closing Date&#8221;) and the Company&#8217;s Class A common stock began trading on the NYSE on </font><font style="font-family:inherit;font-size:10pt;">February&#160;1, 2018</font><font style="font-family:inherit;font-size:10pt;"> under the symbol &#8220;CLNC.&#8221;</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Combination is accounted for under the acquisition method for business combinations pursuant to Accounting Standards Codification (&#8220;ASC&#8221;) Topic 805, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations</font><font style="font-family:inherit;font-size:10pt;">, with the Company as the accounting acquirer. </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Details of the Combination are described more fully in Note 3, &#8220;Business Combinations&#8221; and the accounting treatment thereof in Note 2, &#8220;Summary of Significant Accounting Policies.&#8221;</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.</font></div></div>

Files In Submission

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