CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flow From Operating Activities:
Net loss	$ (5,907)	$ (3,735)
Adjustments to reconcile net loss applicable to common shares to net cash flow from operating activities:
Gain on sale of land	(445)	(1,652)
Loss on sale of income-producing properties		244
Depreciation and amortization	6,330	5,294
Amortization of deferred borrowing costs	1,057	1,427
Amortization of bond issuance costs	141
Earnings from unconsolidated subsidiaries and investees	(55)	(155)
Decrease (increase) in assets:
Accrued interest receivable	2,352	2,435
Other assets	(1,634)	1,965
Prepaid expense	(1,743)	(11,618)
Escrow	7,280	15,698
Earnest money	(53)	(1,454)
Rent receivables	(1,521)
Related party receivables	2,608	(4,249)
Increase (decrease) in liabilities:
Accrued interest payable	846	(443)
Other liabilities	(11,109)	(9,611)
Net cash used in operating activities	(1,853)	(5,854)
Cash Flow From Investing Activities:
Proceeds from notes receivable	2,352	2,720
Origination or advances of notes receivable		(1,150)
Proceeds from insurance claim	413
Acquisition of land held for development	(6,400)
Proceeds from sale of income-producing properties		1,608
Proceeds from sale of land	1,089	3,412
Investment in unconsolidated real estate entities	(54)	2,781
Improvement of land held for development	(1,154)	(947)
Improvement of income-producing properties	(1,063)	(1,427)
Assumption of non-controlling interest	(67)
Construction and development of new properties	(8,469)	(8,395)
Net cash used in investing activities	(13,353)	(1,398)
Cash Flow From Financing Activities:
Proceeds from notes payable	47,577	43,487
Recurring amortization of principal on notes payable	(3,537)	(3,036)
Payments on maturing notes payable	(60,792)	(37,024)
Proceeds from Series A bonds	75,991
Bond issuance costs	(4,829)
Deferred financing costs	(1,167)	(671)
Preferred stock dividends - Series A	(275)	(497)
Net cash provided by financing activities	52,968	2,259
Net increase (decrease) in cash and cash equivalents	37,762	(4,993)
Cash and cash equivalents, beginning of period	17,522	15,232
Cash and cash equivalents, end of period	55,284	10,239
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 13,923	$ 10,918