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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flow From Operating Activities:    
Net loss $ (7,350) $ (5,330)
Adjustments to reconcile net loss to net cash flow from operating activities:    
Gain on land sales (1,032) (3,925)
Gain on sale of income-producing properties (12,760) (4,925)
Depreciation and amortization 19,113 16,660
Amortization of deferred borrowing costs 2,885 3,201
Earnings from unconsolidated subsidiaries and investees 249 (430)
Decrease (increase) in assets:    
Accrued interest receivable 1,934 1,881
Other assets 12,617 528
Prepaid expense (5,662) (3,196)
Escrow (3,484) 11,537
Earnest money 1,072 449
Rent receivables 543  
Related party receivables (5,665) 13,886
Increase (decrease) in liabilities:    
Accrued interest payable 1,508 (766)
Other liabilities (27,877) (1,037)
Net cash (used in) provided by operating activities (23,909) 28,533
Cash Flow From Investing Activities:    
Proceeds from notes receivable 32,738 6,438
Origination or advances of notes receivable (10,665) (7,150)
Acquisition of income producing properties   (41,750)
Acquisition of land held for development (11,440)  
Proceeds from sale of income-producing properties   9,377
Proceeds from sale of land 2,446 7,152
Investment in unconsolidated real estate entities 249 2,341
Improvement of land held for development (908) (2,486)
Improvement of income-producing properties (4,499) (4,459)
Construction and development of new properties (41,489) (31,844)
Net cash used in investing activities (33,568) (62,381)
Cash Flow From Financing Activities:    
Proceeds from Series A bonds payable 106,583  
Proceeds from notes payable 55,069 115,031
Recurring amortization of principal on notes payable (7,279) (12,040)
Payments on maturing notes payable (60,960) (73,538)
Deferred financing costs (833) (2,669)
Bond issuance costs 6,182  
Preferred stock dividends - Series A (825) (825)
Net cash provided by financing activities 97,937 25,959
Net increase (decrease) in cash and cash equivalents 40,460 (7,889)
Cash and cash equivalents, beginning of period 17,522 15,232
Cash and cash equivalents, end of period 57,982 7,343
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 39,732 $ 31,857