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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flow From Operating Activities:    
Net income $ (382) $ 4,539
Adjustments to reconcile net income applicable to common shares to net cash flow from operating activities:    
Gain on sale of land (3,370) (5,903)
Gain on sale of income producing properties (4,925)  
Depreciation and amortization 10,635 9,841
Amortization of deferred borrowing costs 2,303 969
Earnings from unconsolidated subsidiaries and investees (284) (196)
Decrease (increase) in assets:    
Accrued interest receivable (549) 238
Other assets 2,016 2,647
Prepaid expense (716) (8,663)
Escrow 16,105 (3,742)
Earnest money (259) (1,395)
Rent receivables   (935)
Related party receivables 21,762 (15,946)
Increase (decrease) in liabilities:    
Accrued interest payable (554) 550
Other liabilities (7,370) (8,569)
Net cash provided by (used in) operating activities 34,412 (26,565)
Cash Flow From Investing Activities:    
Proceeds from notes receivables 3,788 16,398
Origination or advances of notes receivables (6,850) (7,655)
Acquisition of income producing properties (33,857) (105,729)
Proceeds from sale of income producing properties 9,377  
Proceeds from sale of land 6,347 9,675
Investment in unconsolidated real estate entities 2,497 3,176
Improvement of land held for development (1,722) (1,469)
Improvement of income producing properties (2,416) (6,542)
Assumption of non-controlling interest   (336)
Construction and development of new properties (27,966) (3,176)
Net cash used in investing activities (50,802) (95,658)
Cash Flow From Financing Activities:    
Proceeds from notes payable 78,487 203,270
Recurring amortization of principal on notes payable (7,250) (17,316)
Debt assumption by buyer, part of seller proceeds   (17,016)
Payments on maturing notes payable (49,094) (33,860)
Deferred financing costs (1,283) (7,651)
Contributions from non-controlling interests   11
Preferred stock dividends - Series A (550) (665)
Conversion of preferred stock into common stock   2,308
Net cash provided by financing activities 20,310 129,081
Net increase (decrease) in cash and cash equivalents 3,920 6,858
Cash and cash equivalents, beginning of period 15,232 12,299
Cash and cash equivalents, end of period 19,152 19,157
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 21,124 $ 19,755