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 medical office buildings, senior housing, skilled nursing facilities and other healthcare properties, including hospitals. The Company earns rental income from medical office buildings as well as senior housing and skilled nursing facilities structured under net leases to healthcare operators, and resident fee income from senior housing operating facilities that operate through management agreements with independent third party operators.  Industrial The Company's industrial segment is composed primarily of light industrial assets in infill locations throughout the U.S. that are vital for e-commerce and other tenants that require increasingly quick delivery times.  Hospitality The Company's hotel portfolio is composed of primarily extended stay hotels and premium branded select service hotels primarily located in major metropolitan markets in the U.S. with the majority affiliated with top hotel brands.  CLNC This represents the Company's investment in Colony Credit, a commercial real estate credit REIT with a diverse portfolio consisting of senior mortgage loans, mezzanine loans, preferred equity, debt securities and net lease properties predominantly in the U.S. Following the Combination, the Company presents Colony Credit in a separate reportable segment.  Other Equity and Debt The Company's other equity and debt segment includes our portfolios of net lease, multifamily and multi-tenant office properties, the THL Hotel Portfolio, our interest in a portfolio of CRE loans and securities, limited partnership interests in real estate private equity funds and various other equity investments.  Investment Management The Company generates fee income through investment management services, sponsoring numerous investment products across a diverse set of institutional and retail investors. 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 Three Months Ended September 30, 2018 Total revenues $ 147,907 $ 73,902 $ 224,384 $  $ 182,288 $ 44,127 $ 2,161 $ 674,769 Property operating expenses 66,298 21,409 146,440  73,648   307,795 Interest expense 47,620 10,872 41,646  31,306  13,673 145,117 Depreciation and amortization 43,697 33,503 36,503  24,933 5,140 1,534 145,310 Provision for loan loss 213    7,612   7,825 (Recovery of) impairment loss (274 ) 774 61,865  7,132 7,000  76,497 Gain on sale of real estate  2,104   33,016   35,120 Earnings (losses) from investments in unconsolidated ventures    (19,480 ) 24,517 8,761  13,798 Income tax benefit (expense) (1,030 ) 3 (855 )  719 2,707 223 1,767 Net income (loss) (15,051 ) 6,296 (66,620 ) (19,480 ) 88,053 23,509 (30,653 ) (13,946 ) Net income (loss) attributable to Colony Capital, Inc. (12,197 ) 1,001 (62,900 ) (18,328 ) 57,715 19,145 (27,226 ) (42,790 ) Three Months Ended September 30, 2017 Total revenues $ 157,732 $ 63,410 $ 221,987 $  $ 279,952 $ 64,918 $ 1,854 $ 789,853 Property operating expenses 73,217 16,620 143,042  99,127   332,006 Interest expense 48,586 8,803 35,351  46,333  12,981 152,054 Depreciation and amortization 44,646 29,010 34,549  38,579 14,457 1,453 162,694 Provision for loan loss 1,588    3,528   5,116 Impairment loss 8,250 44   6,718 9,061  24,073 Gain on sale of real estate     72,541   72,541 Earnings from investments in unconsolidated ventures     13,071 4,376  17,447 Income tax benefit (expense) 408 (16 ) (1,262 )  (982 ) 9,552 2,913 10,613 Income (loss) from continuing operations (22,318 ) 5,741 4,169  145,077 30,757 (92,318 ) 71,108 Income from discontinued operations     1,481   1,481 Net income (loss) (22,318 ) 5,741 4,169  146,558 30,757 (92,318 ) 72,589 Net income (loss) attributable to Colony Capital, Inc. (17,219 ) 1,602 3,319  103,123 28,484 (85,401 ) 33,908 (In thousands) Healthcare Industrial Hospitality CLNC Other Equity and Debt Investment Management Amounts Not Allocated to Segments Total Nine Months Ended September 30, 2018 Total revenues $ 445,921 $ 215,132 $ 649,539 $  $ 578,392 $ 136,191 $ 5,857 $ 2,031,032 Property operating expenses 203,247 62,703 425,856  242,433   934,239 Interest expense 143,740 31,918 112,501  118,062  41,094 447,315 Depreciation and amortization 123,053 95,930 107,885  77,423 19,020 4,600 427,911 Provision for loan losses 213    26,920   27,133 Impairment loss 5,488 948 61,865  23,687 207,741  299,729 Gain on sale of real estate  4,397   91,869   96,266 Earnings (losses) from investments in unconsolidated ventures    (17,721 ) 59,501 6,158  47,938 Income tax benefit (expense) (2,383 ) (38 ) (930 )  (4,082 ) 42,392 200 35,159 Income (loss) from continuing operations (47,665 ) 17,285 (71,735 ) (17,721 ) 218,337 (109,815 ) (70,677 ) (81,991 ) Income (loss) from discontinued operations     (102 )   (102 ) Net income (loss) (47,665 ) 17,285 (71,735 ) (17,721 ) 218,235 (109,815 ) (70,677 ) (82,093 ) Net income (loss) attributable to Colony Capital, Inc. (36,913 ) 3,089 (67,183 ) (16,670 ) 138,157 (108,445 ) (61,565 ) (149,530 ) Nine Months Ended September 30, 2017 Total revenues $ 455,902 $ 176,577 $ 619,222 $  $ 635,011 $ 185,089 $ 4,589 $ 2,076,390 Property operating expenses 206,363 49,312 401,351  145,046   802,072 Interest expense 137,522 29,163 98,484  112,782  40,641 418,592 Depreciation and amortization 135,104 79,453 98,098  93,691 42,534 4,345 453,225 Provision for loan losses 1,588    11,319   12,907 Impairment loss 8,250 44   27,998 9,061  45,353 Gain on sale of real estate  8,695   88,006   96,701 Earnings from investments in unconsolidated ventures     241,462 12,371  253,833 Income tax benefit (expense) (1,624 ) (2,164 ) (2,209 )  (3,020 ) 13,762 2,245 6,990 Income (loss) from continuing operations (42,978 ) 15,332 6,303  510,615 76,858 (350,200 ) 215,930 Income from discontinued operations     1,481  12,560 14,041 Net income (loss) (42,978 ) 15,332 6,303  512,096 76,858 (337,640 ) 229,971 Net income (loss) attributable to Colony Capital, Inc. (33,728 ) 4,815 5,122  403,046 70,734 (312,142 ) 137,847 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 September 30, 2018 Total assets $ 5,664,200 $ 3,151,088 $ 4,022,868 $ 1,107,168 $ 6,099,418 $ 2,038,990 $ 221,548 $ 22,305,280 Equity method investments    1,107,168 886,441 221,565 3,742 2,218,916 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. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Total income by geography: United States $ 598,013 $ 714,518 $ 1,823,842 $ 2,072,950 Europe 81,778 85,909 229,163 234,922 Other  907 302 2,709 Total (1) $ 679,791 $ 801,334 $ 2,053,307 $ 2,310,581 (In thousands) September 30, 2018 December 31, 2017 Long-lived assets by geography: United States $ 12,925,574 $ 13,224,197 Europe 1,474,564 1,749,282 Total (2) $ 14,400,138 $ 14,973,479 __________ (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.