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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows operating activities:    
Net income (loss) $ 4,369 $ (11)
Adjustments to reconcile net income (loss) applicable to common shares to net cash flow from operating activities:    
(Gain) loss on sale of land (753) 35
Gain on sale of income-producing properties (6,053) (7,227)
Depreciation and amortization 4,642 5,189
Amortization of deferred borrowing costs 1,220 2,479
Earnings from unconsolidated subsidiaries and investees (70) (213)
Decrease (increase) in assets:    
Accrued interest receivable 12,044 1,917
Other assets (38) (857)
Prepaid expense (768) (580)
Escrow 4,585 11,487
Earnest money 535 375
Rent receivables (220) 726
Decrease in liabilities:    
Accrued interest payable (214) 115
Payable to related parties (20,665) (9,028)
Other liabilities (13,801) (14,334)
Net cash used in operating activities (15,187) (9,927)
Cash Flow From Investing Activities:    
Origination or advances of notes receivable (4,428) (145)
Acquisition of land held for development (3,425) 0
Proceeds from sale of income-producing properties 22,480 24,267
Proceeds from sale of land 1,504 2,550
Investment in unconsolidated real estate entities (131) (1,708)
Improvement of land held for development (115) (71)
Improvement of income-producing properties (1,162) (964)
Acquisition of non-controlling interest 0 (81)
Construction and development of new properties (205) (115)
Net cash provided by investing activities 14,518 23,733
Cash Flow From Financing Activities:    
Proceeds from notes payable 65,212 78,345
Recurring amortization of principal on notes payable (4,874) (4,557)
Payments on maturing notes payable (52,907) (94,725)
Stock-secured borrowings (187) (411)
Deferred financing costs (3,934) (1,581)
Distributions to non-controlling interests (81) 0
Preferred stock dividends - Series A (613) (613)
Net cash provided by (used in) financing activities 2,616 (23,542)
Net increase (decrease) in cash and cash equivalents 1,947 (9,736)
Cash and cash equivalents, beginning of period 16,437 13,399
Cash and cash equivalents, end of period 18,384 3,663
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 8,784 $ 11,173