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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Net Cash Provided by (Used in) Operating Activities [Abstract]    
Net income (loss) $ 6,438 $ 10,434
Adjustments to reconcile net income (loss) applicable to common shares to net cash flow from operating activities:    
(Gain) loss on sale of land (594) 35
Gain on sale of income-producing properties (13,057) (25,301)
Depreciation and amortization 9,146 10,816
Provision for impairment of notes receivable and real estate assets 0 800
Amortization of deferred borrowing costs 1,561 3,441
Earnings from unconsolidated subsidiaries and investees 54 (188)
Decrease (increase) in assets:    
Accrued interest receivable 7,249 (677)
Other assets 809 0
Prepaid expense (1,214) (982)
Escrow 8,320 10,329
Earnest money 335 900
Rent receivables (323) 2,991
Related party receivables 0 (871)
Decrease in liabilities:    
Accrued interest payable 36 (1,472)
Payable to related parties (12,008) (10,922)
Other liabilities (12,444) (11,934)
Net cash used in operating activities (5,692) (12,601)
Cash Flow From Investing Activities:    
Proceeds from notes receivable 0 2,855
Origination or advances of notes receivable (8,385) (198)
Acquisition of land held for development (3,425) (7)
Proceeds from sale of income-producing properties 39,271 73,494
Proceeds from sale of land 2,221 2,550
Investment in unconsolidated real estate entities (98) (2,059)
Improvement of land held for development (181) (291)
Improvement of income-producing properties (3,137) (3,333)
Acquisition of non-controlling interest 0 (79)
Sale of non-controlling interest (83) 0
Sale of controlling interest 0 52
Construction and development of new properties (620) (179)
Net cash provided by investing activities 25,563 72,805
Cash Flow From Financing Activities:    
Proceeds from notes payable 64,739 137,522
Recurring amortization of principal on notes payable (10,530) (8,878)
Payments on maturing notes payable (69,884) (193,621)
Stock-secured borrowings (376) (411)
Deferred financing costs (5,213) (1,302)
Distributions to non-controlling interests (97) (96)
Preferred stock dividends - Series A (1,226) (1,226)
Net cash used in financing activities (22,587) (68,012)
Net increase (decrease) in cash and cash equivalents (2,716) (7,808)
Cash and cash equivalents, beginning of period 16,437 17,141
Cash and cash equivalents, end of period 13,721 9,333
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 10,598 $ 23,047