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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flow From Operating Activities:    
Net loss: $ (8,052) $ (11,373)
Adjustments to reconcile net loss applicable to common shares to net cash used in operating activities:    
Gain on sale of land 1,021 (5,344)
Gain on sale of income producing properties (3,588) (4,137)
Depreciation and amortization. 5,746 7,188
Provision for impairment of notes receivable and real estate assets 0 6,059
Amortization of deferred borrowing costs 917 1,108
Earnings from unconsolidated subsidiaries and investees. (117) 95
(Increase) decrease in assets:    
Accrued interest receivable. (2,544) (740)
Other assets. 0 827
Prepaid expense. 68 919
Escrow. 7,814 11,227
Rent receivables. (302) (535)
Affiliate receivable. 0 (4,048)
Increase (decrease) in liabilities:    
Accrued interest payable. (1,047) 5,677
Affiliate payables. (9,656) (12,219)
Other liabilities (13,106) (11,007)
Net cash used in operating activities (22,846) (16,303)
Cash Flow From Investing Activities:    
Proceeds from notes receivables 12,776 9,391
Origination of notes receivable (9,279) 0
Proceeds from sales of income producing properties 18,678 3,912
Proceeds from sale of land 10,897 46,657
Proceeds from sale of investment in unconsolidated real estate entities 0 897
Proceeds from sale of investments 114 0
Investment in unconsolidated real estate entities 2,898 (111)
Improvement of land held for development (136) (1,214)
Improvement of income producing properties (394) (386)
Acquisition of non-controlling interest (138) (23)
Sale of non-controlling interest (1,468) 0
Sale of controlling interest 1,262 2,012
Construction and development of new properties (3,189) (14,087)
Net cash provided by investing activities 32,021 47,048
Cash Flow From Financing Activities:    
Proceeds from notes payable 60,915 30,812
Recurring amortization of principal on notes payable (6,027) (3,294)
Debt assumption by buyer, part of seller proceeds (17,073) 0
Payments on maturing notes payable (56,474) (64,409)
Stock-secured borrowings and margin debt 0 3,164
Deferred financing costs (1,972) (260)
Distributions to non-controlling interests (82) (366)
Preferred stock dividends - Series A (613) (617)
Repurchase of common stock/treasury stock 0 (62)
Conversion of preferred stock into common stock 0 31
Net cash used in financing activities (21,326) (35,001)
Net decrease in cash and cash equivalents (12,151) (4,256)
Cash and cash equivalents, beginning of period 20,312 12,649
Cash and cash equivalents, end of period 8,161 8,393
Supplemental disclosures of cash flow information:    
Cash paid for interest 47,231 16,795
Schedule of noncash investing and financing activities:    
Notes receivable received from affiliate $ 6,000 $ 0