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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income (loss) $ (32,253) $ (46,048)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for loan losses 10,206 17,500
Impairment of assets 0 17,807
Depreciation and amortization 17,354 17,238
Payments for withholding taxes upon vesting of stock-based compensation (9,894) (11,657)
Non-cash expense for stock-based compensation 5,202 4,666
Amortization of discounts/premiums and deferred financing costs on debt 5,000 8,698
Amortization of discounts/premiums and deferred interest on loans (6,853) (11,773)
Earnings from equity method investments (21,678) (34,786)
Distributions from operations of equity method investments 6,109 11,358
Deferred operating lease income (3,592) (2,516)
Income from sales of residential property (23,697) (6,733)
Gain from discontinued operations (5,044) (2,406)
(Gain) loss on early extinguishment of debt, net 9,541 (1,704)
Repayments and repurchases of debt - debt discount(1) (20,057) [1] (6,248) [1]
Other operating activities, net 1,537 1,679
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable, net 973 1,581
Changes in deferred expenses and other assets, net (12,420) (14,326)
Changes in accounts payable, accrued expenses and other liabilities (4,125) 5,793
Cash flows from operating activities (83,691) (51,877)
Cash flows from investing activities:    
Investment originations and fundings (22,111) (8,376)
Capital expenditures on real estate assets (16,314) (11,080)
Contributions to unconsolidated entities (1,448) (3,570)
Repayments of and principal collections on loans 193,288 146,242
Net proceeds from sales of loans 37,703 0
Net proceeds from sales of real estate assets 107,192 57,859
Distributions from unconsolidated entities 13,024 13,655
Changes in restricted cash held in connection with investing activities (56) (492,854)
Other investing activities, net 199 57
Cash flows from investing activities 311,477 (298,067)
Cash flows from financing activities:    
Borrowings under secured credit facilities 658,700 864,750
Repayments under secured credit facilities (844,766) (88,896)
Repayments under unsecured credit facilities 0 (244,046)
Repayments under secured term loans (1,796) (2,138)
Repayments under unsecured notes 0 (169,383)
Repurchases and redemptions of secured and unsecured notes 0 (214,194)
Payments for deferred financing costs (1,227) (14,584)
Preferred dividends paid (10,580) (10,580)
Net proceeds from issuance of preferred shares 193,510 0
Other financing activities, net (9,577) (952)
Cash flows from financing activities (15,736) 119,977
Changes in cash and cash equivalents 212,050 (229,967)
Cash and cash equivalents at beginning of period 256,344 356,826
Cash and cash equivalents at end of period $ 468,394 $ 126,859
[1] epresents the portion of debt repayments and repurchases made during the period related to the original issue discount ("OID"). Although these amounts do not reflect contractual interest payments made during the period, the OID is considered an operating cash flow in accordance with GAAP. In addition, $17.1 million represents prepayment penalty paid in connection with the October 2012 Secured Credit Facility refinancing.