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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net Income (loss) $ (8,591) $ (1,110)
Adjustments to reconcile net loss applicable to common shares to net cash used in operating activities:    
Gain on sale of land. (6,615) (18,431)
Gain on sale of income-producing properties. (8,840) (20,073)
Depreciation and amortization 16,735 19,747
Provision for impairment of notes receivable and real estate assets 0 6,503
Amortization of deferred borrowing costs 2,360 2,517
Earnings from unconsolidated subsidiaries and investees. (284) 104
(Increase) decrease in assets:    
Accrued interest receivable (2,889) (848)
Other assets (1,680) 38
Prepaid expense (182) 2,394
Escrow 2,858 10,321
Earnest money 235 1,414
Rent receivables 444 3,232
Related party receivable (1,063) (12,499)
Increase (decrease) in liabilities:    
Accrued interest payable (5,702) 4,681
Related party payables (10,294) (12,219)
Other liabilities (16,644) 6,144
Net cash used in operating activities (32,671) (15,566)
Cash Flow From Investing Activities:    
Proceeds from notes receivables 16,055 14,546
Origination of notes receivable (10,266) (632)
Acquisition of land held for development (8,503) 0
Proceeds from sales of income-producing properties 56,623 131,710
Proceeds from sale of land 41,041 141,283
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 3,109 543
Improvement of land held for development (190) (2,703)
Improvement of income-producing properties (2,481) (2,610)
Acquisition of non-controlling interest (357) (135)
Sale of non-controlling interest (1,468) 108
Sale of controlling interest 1,147 2,275
Construction and development of new properties (4,771) (40,336)
Net cash provided by investing activities 90,071 244,040
Cash Flow From Financing Activities:    
Proceeds from notes payable 139,604 151,309
Recurring amortization of principal on notes payable (18,944) (13,860)
Debt assumption by buyer, part of seller proceeds (13,794) (217,156)
Payments on maturing notes payable (172,225) (152,100)
Stock-secured borrowings and margin debt 0 2,718
Deferred financing costs (3,521) (35)
Distributions to non-controlling interests (255) (765)
Preferred stock dividends - Series A (1,839) (1,843)
Repurchase of common stock/treasury stock 0 (62)
Issuance of common stock 0 30
Conversion of preferred stock into common stock 0 1
Net cash used in financing activities (70,974) (231,763)
Net decrease in cash and cash equivalents (13,574) (3,289)
Cash and cash equivalents, beginning of period 20,312 12,649
Cash and cash equivalents, end of period 6,738 9,360
Supplemental disclosures of cash flow information:    
Cash paid for interest 32,124 47,231
Schedule of noncash investing and financing activities:    
Notes receivable received from related party $ 9,279 $ 0