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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income (loss) $ (46,651) $ (97,177)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for loan losses 15,226 [1] 44,031
Impairment of assets 550 25,303
Depreciation and amortization 34,750 34,418
Payments for withholding taxes upon vesting of stock-based compensation (13,790) (11,657)
Non-cash expense for stock-based compensation 9,921 8,113
Amortization of discounts/premiums and deferred financing costs on debt 10,403 17,679
Amortization of discounts/premiums and deferred interest on loans (16,262) (29,442)
Earnings from equity method investments (30,001) (53,206)
Distributions from operations of equity method investments 10,211 56,769
Deferred operating lease income (6,477) (5,466)
Income from sales of residential property (58,016) (19,999)
Gain from discontinued operations (13,323) (27,257)
(Gain) loss on early extinguishment of debt, net 13,270 3,164
Repayments and repurchases of debt - debt discount and prepayment penalty (20,394) (17,326)
Other operating activities, net 4,109 3,879
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable, net 5,763 3,278
Changes in deferred expenses and other assets, net 4,702 (5,882)
Changes in accounts payable, accrued expenses and other liabilities (10,527) 3,723
Cash flows from operating activities (106,536) (67,055)
Cash flows from investing activities:    
Investment originations and fundings (98,118) (23,877)
Capital expenditures on real estate assets (47,660) (32,714)
Contributions to unconsolidated entities (3,248) (6,145)
Repayments of and principal collections on loans 298,633 332,045
Net proceeds from sales of loans 79,671 56,998
Net proceeds from sales of real estate 260,937 311,102
Net proceeds from sale of unnconsolidated entity 220,281 0
Distributions from unconsolidated entities 20,437 41,586
Changes in restricted cash held in connection with investing activities (23,133) (462,605)
Other investing activities, net 908 (384)
Cash flows from investing activities 708,708 216,006
Cash flows from financing activities:    
Borrowings under secured credit facilities 657,847 850,465
Repayments under secured credit facilities (971,531) (392,124)
Repayments under unsecured credit facilities 0 (244,046)
Borrowings under secured term loans 9,412 0
Repayments under secured term loans (3,594) (54,767)
Borrowings under unsecured notes 565,000 264,029
Repayments under unsecured notes (96,312) (259,584)
Repurchases and redemptions of unsecured notes (447,664) (396,356)
Payments for deferred financing costs (12,857) (3,248)
Preferred dividends paid (23,360) (21,160)
Proceeds from issuance of preferred stock 193,510 0
Other financing activities, net (13,061) (5,143)
Cash flows from financing activities (142,610) (261,934)
Changes in cash and cash equivalents 459,562 (112,983)
Cash and cash equivalents at beginning of period 256,344 356,826
Cash and cash equivalents at end of period $ 715,906 $ 243,843
[1] Included in the provision for loan losses for the three and six months ended June 30, 2013 was a $6.0 million recovery related to the resolution of a non-performing loan that was previously fully reserved.