XML 23 R9.htm IDEA: XBRL DOCUMENT v2.3.0.15
Consolidated Statements Of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash Flow From Operating Activities:  
Net loss$ (8,591)$ (41,933)
Adjustments to reconcile net loss applicable to common shares to net cash used in operating activities:  
(Gain) loss on sale of land(18,431)4,187
Gain on sale of income producing properties(20,072)(12,279)
Depreciation and amortization19,74723,282
Provision for impairment of notes receivable and real estate assets6,503 
Amortization of deferred borrowing costs2,5172,949
Earnings from unconsolidated subsidiaries and investees10396
Gain on foreign currency translation (222)
Other comprehensive loss 1,961
(Increase) decrease in assets:  
Accrued interest receivable(848)(617)
Other assets386,786
Prepaid expense2,3941,041
Escrow10,3215,001
Earnest money1,414870
Rent receivables3,232(1,778)
Affiliate receivable(12,499) 
Increase (decrease) in liabilities:  
Accrued interest payable4,6814,450
Affiliate payables(12,219)13,495
Other liabilities6,1449,806
Net cash provided by (used in) operating activities(15,566)17,095
Cash Flow From Investing Activities:  
Proceeds from notes receivables14,5461,545
Origination or advances of notes receivable(632)(25,735)
Acquisition of land held for development (3,199)
Proceeds from sale of income producing properties131,710149,057
Proceeds from sale of land141,28315,674
Proceeds from sale of investment in unconsolidated real estate entities(9) 
Investment in unconsolidated real estate entities543(425)
Improvement of land held for development(2,703)(11,702)
Improvement of income producing properties(2,610)(2,789)
Acquisition of non-controlling interest(135) 
Sale of non-controlling interest108 
Sale of controlling interest2,275164
Construction and development of new properties(40,336)(25,008)
Net cash provided by investing activities244,04097,582
Cash Flow From Financing Activities:  
Proceeds from notes payable151,309133,160
Recurring amortization of principal on notes payable(13,860)(11,252)
Debt assumption by buyer, part of seller proceeds(217,156)(101,429)
Payments on maturing notes payable(152,100)(125,540)
Stock-secured borrowings and margin debt2,718 
Deferred financing costs(35)(4,481)
Distributions to non-controlling interests(765)(1,145)
Preferred stock dividends - Series A(1,843)(1,870)
Repurchase of common stock/treasury stock(62)(296)
Issuance of common stock30 
Conversion of preferred stock into common stock1 
Net cash used in financing activities(231,763)(112,853)
Net decrease in cash and cash equivalents(3,289)1,824
Cash and cash equivalents, beginning of period12,6494,887
Cash and cash equivalents, end of period9,3606,711
Supplemental disclosures of cash flow information:  
Cash paid for interest47,23158,615
Cash received for income taxes, net of payments $ (634)