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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flow From Operating Activities:      
Net income (loss) $ (3,287) $ 40,173 $ 51,724
Adjustments to reconcile net income (loss) applicable to common shares to net cash used in operating activities:      
(Gain) loss on sale of land (21,648) (561) 455
Gain on sale of income producing properties (735) (61,879) (98,951)
Depreciation and amortization 21,418 18,345 21,518
Provision on impairment of notes receivable and real estate assets 5,300   18,980
Amortization of deferred borrowing costs 2,842 4,017 1,442
(Earnings) losses from unconsolidated subsidiaries and investees 1,327 54 (391)
(Increase) decrease in assets:      
Accrued interest receivable (1,242) 10,095 (12,895)
Other assets 2,683 2,034 (2,242)
Prepaid expense (13,851) (2,071) (1,722)
Escrow (1,261) (17,232) 3,532
Earnest money (1,193) 180 (535)
Rent receivables (2,168) (1,384) 3,807
Increase (decrease) in liabilities:      
Accrued interest payable (255) 157 (5,116)
Related party payables (21,887) (7,329) (25,008)
Other liabilities (552) (22,567) 3,240
Net cash used in operating activities (34,509) (37,968) (42,162)
Cash Flow From Investing Activities:      
Proceeds from notes receivables 14,744 27,767 2,855
Origination of notes receivables (18,055) (34,092) (21,202)
Acquisition of land held for development   (5,936) (83)
Acquisition of income producing properties (207,313) (78,557)  
Proceeds from sale of income producing properties   132,917 259,115
Proceeds from sale of land 108,356 8,391 14,806
Investment in unconsolidated real estate entities 4,086 (544) 4,770
Improvement of land held for development (6,158) (3,137) (399)
Improvement of income producing properties (8,955) (5,019) (7,681)
Acquisition of non-controlling interest     (75)
Sale of non-controlling interest (336) (289) 774
Sale of controlling interest     50
Construction and development of new properties (16,717) (3,016) (1,153)
Net cash provided by (used in) investing activities (130,348) 38,485 251,777
Cash Flow From Financing Activities:      
Proceeds from notes payable 412,326 183,766 203,885
Recurring amortization of principal on notes payable (26,668) (22,243) (18,232)
Payments on maturing notes payable (195,549) (163,494) (390,941)
Debt assumption by buyer (16,688)    
Deferred financing costs (6,734) (6,959) 1,837
Stock-secured borrowings   (568) (411)
Distributions to non-controlling interests 11 (333) (263)
Preferred stock dividends - Series A (1,216) (2,043) $ (2,452)
Conversion of preferred stock into common stock 2,308 7,219
Net cash provided by (used in) financing activities 167,790 (4,655) $ (206,577)
Net increase (decrease) in cash and cash equivalents 2,933 (4,138) 3,038
Cash and cash equivalents, beginning of period 12,299 16,437 13,399
Cash and cash equivalents, end of period 15,232 12,299 16,437
Supplemental disclosures of cash flow information:      
Cash paid for interest $ 44,672 $ 37,158 $ 44,240