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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flow From Operating Activities:    
Net income $ (1,787) $ 4,919
Adjustments to reconcile net income applicable to common shares to net cash flow from operating activities:    
Gain on sale of land (7,861) (634)
Gain on sale of income-producing properties (735) (14,826)
Depreciation and amortization 16,410 13,763
Amortization of deferred borrowing costs 1,748 2,415
Earnings from unconsolidated subsidiaries and investees (276) 54
Decrease (increase) in assets:    
Accrued interest receivable 764 10,727
Other assets 1,397 2,002
Prepaid expense (12,953) (2,318)
Escrow 5,845 3,556
Earnest money (1,193) (5)
Rent receivables (1,384) $ (15)
Related party receivables (21,887)
Increase (decrease) in liabilities:    
Accrued interest payable $ (242) $ 43
Payable to related parties (8,844)
Other liabilities $ (6,030) (17,294)
Net cash used in operating activities (28,184) $ (6,457)
Cash Flow From Investing Activities:    
Proceeds from notes receivable 27,084
Origination or advances of notes receivable $ (7,655) $ (20,798)
Acquisition of land held for development (3,425)
Acquisition of income producing properties $ (131,220) (19,534)
Proceeds from sale of income-producing properties 41,666
Proceeds from sale of land $ 12,364 6,252
Investment in unconsolidated real estate entities (597) (402)
Improvement of land held for development (2,930) (1,654)
Improvement of income-producing properties (7,945) (3,625)
Sale of non-controlling interest (336) (289)
Construction and development of new properties (5,110) (1,026)
Net cash provided by (used in) investing activities (116,345) (2,835)
Cash Flow From Financing Activities:    
Proceeds from notes payable 225,950 110,308
Recurring amortization of principal on notes payable (22,202) $ (14,540)
Debt assumption by buyer, part of seller proceeds (18,495)
Payments on maturing notes payable $ (33,860) $ (97,564)
Stock-secured borrowings (568)
Deferred financing costs $ (8,552) (5,707)
Distributions to non-controlling interests 11 (257)
Preferred stock dividends - Series A (941) (1,653)
Conversion of preferred stock into common stock 2,308 7,219
Net cash provided by (used in) financing activities 144,219 (2,762)
Net increase (decrease) in cash and cash equivalents (310) (12,054)
Cash and cash equivalents, beginning of period 12,299 16,437
Cash and cash equivalents, end of period 11,989 4,383
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 9,193 $ 28,004