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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flow From Operating Activities:    
Net loss $ (17,228) $ (382)
Adjustments to reconcile net loss applicable to common shares to net cash flow from operating activities:    
Loss (gain) on sale of land 31 (3,370)
Gain on sale of income-producing properties (4,925)
Depreciation and amortization 12,739 10,635
Amortization of deferred borrowing costs 2,131 2,303
Amortization of bond issuance costs 462  
Earnings from unconsolidated subsidiaries and investees (207) (284)
Decrease (increase) in assets:    
Accrued interest receivable 4,053 (549)
Other assets (477) 2,016
Prepaid expense (4,195) (716)
Escrow 2,857 16,105
Earnest money (1,164) (259)
Rent receivables (1,669)  
Related party receivables (4,930) 21,762
Increase (decrease) in liabilities:    
Accrued interest payable 141 (554)
Other liabilities 7,985 (7,370)
Net cash provided by operating activities 529 34,412
Cash Flow From Investing Activities:    
Proceeds from notes receivable 19,753 3,788
Origination or advances of notes receivable (4,116) (6,850)
Acquisition of income producing properties   (33,857)
Acquisition of land held for development (11,440)  
Proceeds from sale of income-producing properties   9,377
Proceeds from sale of land 1,596 6,347
Investment in unconsolidated real estate entities 207 2,497
Improvement of land held for development (585) (1,722)
Improvement of income-producing properties (1,895) (2,416)
Construction and development of new properties (26,708) (27,966)
Net cash used in investing activities (23,188) (50,802)
Cash Flow From Financing Activities:    
Proceeds from Series A bonds 102,364 78,487
Proceeds from notes payable 82,865 (7,250)
Recurring amortization of principal on notes payable (12,083) (49,094)
Payments on maturing notes payable (113,838) (1,283)
Deferred financing costs 676  
Bond issuance costs 6,253  
Preferred stock dividends - Series A (550) (550)
Net cash provided by financing activities 65,687 20,310
Net increase (decrease) in cash and cash equivalents 43,028 3,920
Cash and cash equivalents, beginning of period 17,522 15,232
Cash and cash equivalents, end of period 58,260 19,152
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 28,065 $ 21,124