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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flow From Operating Activities:      
Net (loss) $ (8,876) $ (2,410) $ (3,287)
Adjustments to reconcile net income (loss) applicable to common shares to net cash provided by (used in) operating activities:      
Gain on land sales (4,884) (3,121) (21,648)
Gain on sale of income-producing properties (16,698) (16,207) (735)
Depreciation and amortization 25,679 23,785 21,418
Provision on impairment of notes receivable and real estate assets 558 5,300
Amortization of deferred borrowing costs 3,591 4,357 2,842
Amortization of Series A bonds issuance costs 971    
Losses from unconsolidated subsidiaries and investees (309) 493 1,327
(Increase) decrease in assets:      
Accrued interest receivable (581) (1,151) (1,242)
Other assets 11,751 (2,343) 2,683
Prepaid expense (15,192) (9,222) (13,851)
Escrow (8,584) 7,584 (1,261)
Earnest money 856 (571) (1,193)
Rent receivables (425) 2,844 (2,168)
Increase (decrease) in liabilities:      
Accrued interest payable 4,599 3,475 (255)
Related party payables (12,871) (706) (11,027)
Other liabilities (16,930) 10,639 (11,412)
Net cash provided by (used in) operating activities (37,345) 17,446 (34,509)
Cash Flow From Investing Activities:      
Proceeds from notes receivables 30,233 6,532 14,744
Origination of notes receivables (15,741) (11,703) (18,055)
Acquisition of land held for development (12,508)
Acquisition of income producing properties (37,044) (79,736) (207,313)
Proceeds from sale of income producing properties 4,623 21,850
Proceeds from sale of land 6,301 29,128 108,356
Investment in unconsolidated real estate entities (267) 2,278 4,086
Improvement of land held for development (1,986) (3,023) (6,158)
Improvement of income producing properties   (5,998) (8,955)
Sale of non-controlling interest   (336)
Sale of controlling interest   3,021
Construction and development of new properties (76,147) (10,941) (16,717)
Net cash provided by (used in) investing activities (90,028) (61,100) (130,348)
Cash Flow From Financing Activities:      
Proceeds from Series A bonds payable 115,337
Proceeds from notes payable 135,116 242,215 412,326
Recurring amortization of principal on notes payable (86,091) (22,851) (26,668)
Payments on maturing notes payable   (173,160) (195,549)
Debt assumption by buyer   (16,688)
Deferred financing costs (3,599) 841 (6,734)
Distributions to non-controlling interests   11
Bond issuance costs (6,887)    
Preferred stock dividends - Series A (1,105) (1,101) (1,216)
Conversion of preferred stock into common stock   2,308
Net cash provided by (used in) financing activities 152,771 45,944 167,790
Net increase (decrease) in cash and cash equivalents 25,398 2,290 2,933
Cash and cash equivalents, beginning of period 17,522 15,232 12,299
Cash and cash equivalents, end of period 42,920 17,522 15,232
Supplemental disclosures of cash flow information:      
Cash paid for interest $ 55,976 $ 50,945 $ 44,672