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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income (loss) $ (65,244) $ (161,484)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for (recovery of) loan losses 5,392 [1] 60,865
Impairment of assets 7,335 31,844
Depreciation and amortization 53,873 51,205
Payments for withholding taxes upon vesting of stock-based compensation (13,985) (11,775)
Non-cash expense for stock-based compensation 14,484 11,625
Amortization of discounts/premiums and deferred financing costs on debt 15,690 26,406
Amortization of discounts/premiums and deferred interest on loans (25,760) (38,435)
Earnings from equity method investments (34,346) (75,925)
Distributions from operations of equity method investments 12,825 77,625
Deferred operating lease income (9,489) (8,454)
Income from sales of residential property (72,092) (35,583)
Gain from discontinued operations (22,488) (27,257)
(Gain) loss on early extinguishment of debt, net 16,768 6,384
Repayments and repurchases of debt - debt discount and prepayment penalty (22,218) (20,529)
Other operating activities, net 3,385 6,540
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable, net 5,460 3,581
Changes in deferred expenses and other assets, net (13,312) (2,572)
Changes in accounts payable, accrued expenses and other liabilities (6,573) 21,366
Cash flows from operating activities (150,295) (84,573)
Cash flows from investing activities:    
Investment originations and fundings (179,552) (29,152)
Capital expenditures on real estate assets (76,970) (45,736)
Contributions to unconsolidated entities (7,411) (8,466)
Repayments of and principal collections on loans 536,170 479,965
Net proceeds from sales of loans 81,171 56,998
Net proceeds from sales of real estate 360,848 457,735
Net proceeds from sale of other investments 220,281 0
Distributions from other investments 27,011 51,506
Changes in restricted cash held in connection with investing activities (22,527) (462,217)
Other investing activities, net 3,292 799
Cash flows from investing activities 942,313 501,432
Cash flows from financing activities:    
Borrowings under secured credit facilities 657,847 850,465
Repayments under secured credit facilities (1,128,904) (603,419)
Repayments under unsecured credit facilities 0 (244,046)
Borrowings under secured term loans 14,826 54,500
Repayments under secured term loans (5,397) (109,541)
Borrowings under unsecured notes 565,000 264,029
Repayments under unsecured notes (96,312) (259,584)
Repurchases and redemptions of unsecured notes (447,664) (404,449)
Payments for deferred financing costs (13,383) (4,189)
Preferred dividends paid (36,190) (31,740)
Proceeds from issuance of preferred stock 193,510 0
Other financing activities, net (16,243) (1,052)
Cash flows from financing activities (312,910) (489,026)
Changes in cash and cash equivalents 479,108 (72,167)
Cash and cash equivalents at beginning of period 256,344 356,826
Cash and cash equivalents at end of period $ 735,452 $ 284,659
[1] For the three and nine months ended September 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $44.1 million and $55.1 million, respectively.