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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash Flow From Operating Activities:    
Net loss, $ (1,747) $ (4,114)
Adjustments to reconcile net loss applicable to common shares to net cash used in operating activities:    
Gain on sale of land. (3,716) (19,373)
Gain on sale of income-producing properties (8,256) (11,816)
Depreciation and amortization. 11,239 13,873
Provision for impairment of notes receivable and real estate assets. 0 6,503
Amortization of deferred borrowing costs 2,902 2,100
Earnings from unconsolidated subsidiaries and investees. (197) 73
(Increase) decrease in assets:    
Accrued interest receivable (6,471) (813)
Other assets. 0 (148)
Prepaid expense (38) 2,143
Escrow 4,937 11,412
Earnest money 235 (75)
Rent receivables 290 776
Affiliate receivable. 0 (4,477)
Increase (decrease) in liabilities:    
Accrued interest payable (6,279) 7,091
Affiliate payables. 3,522 (12,219)
Other liabilities (19,729) (14,062)
Net cash used in operating activities (23,308) (23,126)
Cash Flow From Investing Activities:    
Proceeds from notes receivables 16,055 13,806
Origination of notes receivable (9,279) (693)
Acquisition of land held for development (8,503) 0
Proceeds from sales of income-producing properties 53,662 64,361
Proceeds from sale of land 25,248 107,877
Proceeds from sale of investment in unconsolidated real estate entities 0 (9)
Proceeds from sale of investments 132 0
Investment in unconsolidated real estate entities 3,210 709
Improvement of land held for development (164) (2,024)
Improvement of income-producing properties (862) (733)
Acquisition of non-controlling interest. (359) (23)
Sale of non-controlling interest. (1,468) 102
Sale of controlling interest. 1,149 2,208
Construction and development of new properties (4,292) (30,610)
Net cash provided by investing activities 74,529 154,971
Cash Flow From Financing Activities:    
Proceeds from notes payable 138,760 141,565
Recurring amortization of principal on notes payable (15,273) (8,933)
Debt assumption by buyer, part of seller proceeds (13,794) (167,557)
Payments on maturing notes payable (158,611) (100,231)
Stock-secured borrowings and margin debt 0 3,164
Deferred financing costs (3,127) (469)
Distributions to non-controlling interests. (172) (294)
Preferred stock dividends - Series A (1,226) (1,230)
Repurchase of common stock/treasury stock 0 (62)
Issuance of common stock 0 1
Conversion of preferred stock into common stock 0 31
Net cash used in financing activities (53,443) (134,015)
Net decrease in cash and cash equivalents (2,222) (2,170)
Cash and cash equivalents, beginning of period 20,312 12,649
Cash and cash equivalents, end of period 18,090 10,479
Supplemental disclosures of cash flow information:    
Cash paid for interest 25,589 32,480
Schedule of noncash investing and financing activities:    
Notes receivable received from affiliate. $ 9,279 $ 5,380