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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash Flow From Operating Activities:    
Net income $ 4,539 $ 6,438
Adjustments to reconcile net income applicable to common shares to net cash flow from operating activities:    
Gain on sale of land $ (5,903) (594)
Gain on sale of income-producing properties   (13,057)
Depreciation and amortization $ 9,841 9,146
Amortization of deferred borrowing costs 969 1,561
Earnings from unconsolidated subsidiaries and investees (196) 54
Decrease (increase) in assets:    
Accrued interest receivable 238 7,249
Other assets 2,647 809
Prepaid expense (8,663) (1,214)
Escrow (3,742) 8,320
Earnest money (1,395) 335
Rent receivables (935) (323)
Related party receivables (15,946) (12,008)
Increase (decrease) in liabilities:    
Accrued interest payable 550 36
Other liabilities (8,569) (12,444)
Net cash used in operating activities (26,565) $ (5,692)
Cash Flow From Investing Activities:    
Proceeds from notes receivable 16,398  
Origination or advances of notes receivable $ (7,655) $ (8,385)
Acquisition of land held for development   $ (3,425)
Acquisition of income producing properties $ (105,729)  
Proceeds from sale of income-producing properties   $ 39,271
Proceeds from sale of land $ 9,675 2,221
Investment in unconsolidated real estate entities 3,176 (98)
Improvement of land held for development (1,469) (181)
Improvement of income-producing properties (6,542) (3,137)
Sale of non-controlling interest (336) (83)
Construction and development of new properties (3,176) (620)
Net cash provided by (used in) investing activities (95,658) 25,563
Cash Flow From Financing Activities:    
Proceeds from notes payable 203,270 64,739
Recurring amortization of principal on notes payable (17,316) $ (10,530)
Debt assumption by buyer, part of seller proceeds (17,016)  
Payments on maturing notes payable $ (33,860) $ (69,884)
Stock-secured borrowings   (376)
Deferred financing costs $ (7,651) (5,213)
Contributions (distributions) to non-controlling interests 11 (97)
Preferred stock dividends - Series A (665) $ (1,226)
Conversion of preferred stock into common stock 2,308  
Net cash provided by (used in) financing activities 129,081 $ (22,587)
Net increase (decrease) in cash and cash equivalents 6,858 (2,716)
Cash and cash equivalents, beginning of period 12,299 16,437
Cash and cash equivalents, end of period 19,157 13,721
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 10,562 $ 10,598