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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flow From Operating Activities:    
Net income (loss) $ (3,735) $ 2,832
Adjustments to reconcile net income (loss) applicable to common shares to net cash used in operating activities:    
Gain on sale of land (1,652) (2,876)
Loss on sale of income producing properties 244  
Depreciation and amortization 5,294 4,704
Amortization of deferred borrowing costs 1,427 602
Earnings from unconsolidated subsidiaries and investees (155) (45)
Decrease (increase) in assets:    
Accrued interest receivable 2,435 2,276
Other assets 1,965 1,835
Prepaid expense (11,618) (1,099)
Escrow 15,698 12,931
Earnest money (1,454) (1,720)
Rent receivables   (539)
Related party receivables (4,249) 16,005
Increase (decrease) in liabilities:    
Accrued interest payable (443) 60
Payable to related parties   (4,065)
Other liabilities (9,611)  
Net cash used in operating activities (5,854) 30,901
Cash Flow From Investing Activities:    
Proceeds from notes receivables 2,720 338
Origination or advances of notes receivables (1,150) (6,411)
Proceeds from sale of income producing properties 1,608  
Proceeds from sale of land 3,412 6,849
Investment in unconsolidated real estate entities 2,781 (138)
Improvement of land held for development (947) (984)
Improvement of income producing properties (1,427) (3,457)
Acquisition of non-controlling interest   (336)
Construction and development of new properties (8,395) (785)
Net cash provided by (used in) investing activities (1,398) (4,924)
Cash Flow From Financing Activities:    
Proceeds from notes payable 43,487 11,488
Recurring amortization of principal on notes payable (3,036) (4,324)
Payments on maturing notes payable (37,024) (25,026)
Deferred financing costs (671) (335)
Preferred stock dividends - Series A (497) (390)
Distributions to non-controlling interests   11
Net cash provided by (used in) financing activities 2,259 (18,576)
Net increase (decrease) in cash and cash equivalents (4,993) 7,401
Cash and cash equivalents, beginning of period 15,232 12,299
Cash and cash equivalents, end of period 15,232 19,700
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 10,918 $ 9,193