OPERATING PROPERTIES AND REAL ESTATE HELD FOR DEVELOPMENT OR SALE (Tables)

12 Months Ended

Dec. 31, 2013

Schedule Of Real Estate Owned Assets Acquired Through Foreclosure By State [Table Text Block]

A summary of operating properties and REO assets owned as of December 31, 2013 and 2012, respectively, by state, is as follows (dollars in thousands):



	December 31, 2013
	Operating Properties			Held For Development			Held For Sale
State	# of Projects	Aggregate Net Carrying Value		# of Projects	Aggregate Net Carrying Value		# of Projects	Aggregate Net Carrying Value
California	—	$	—	—	$	—	3	$	8,596
Texas	1	18,642		1	1,153		4	15,897
Arizona	3	85,041		6	11,109		19	48,226
Minnesota	—	—		—	—		2	6,899
New Mexico	—	—		—	—		2	3,144
Hawaii	—	—		—	—		1	3,800
Total	4	$	103,683	7	$	12,262	31	$	86,562



	December 31, 2012
	Operating Properties			Held For Development			Held for Sale
State	# of Projects	Aggregate Net Carrying Value		# of Projects	Aggregate Net Carrying Value		# of Projects	Aggregate Net Carrying Value
California	—	$	—	1	$	900	3	$	9,141
Texas	1	19,613		4	14,089		1	2,865
Arizona	1	2,302		9	18,609		16	33,866
Minnesota	—	—		2	7,339		—	—
Nevada	—	—		—	—		—	—
New Mexico	—	—		1	2,069		1	1,075
Idaho	—	—		—	—		2	7,103
Total	2	$	21,915	17	$	43,006	23	$	54,050

Schedule Of Real Estate Owned Assets Acquired Through Foreclosure [Table Text Block]

Following is a roll-forward of REO activity for the years ended December 31, 2013 and 2012 (dollars in thousands):



	Operating Properties			# of Projects	Held for Development			# of Projects		Held for Sale			# of Projects		Total Net Carrying Value
Balances at December 31, 2011	$	19,611		1	$	47,252		16		$	34,644		24		$	101,507

Additions:
Net principal carrying value of loans foreclosed	1,792			1	3,028			1		25,095			6		29,915
Other receivables transferred	93			—	53			—		111			—		257
Property taxes assumed on loans foreclosed	660			—	1,456			—		978			—		3,094
Capital costs additions	1,511			—	645			—		53			—		2,209

Reductions:
Cost of Properties Sold	—			—	(83		)	—		(16,095		)	(7	)	(16,178		)
Recoveries	(94		)	—	(15		)	—		(66		)	—		(175		)
Depreciation	(1,658		)	—	—			—		—			—		(1,658		)
Impairment	—			—	—			—		—			—		—
Transfers, net	—			—	(9,330		)	—		9,330			—		—

Balances at December 31, 2012	21,915			2	43,006			17		54,050			23		118,971

Additions:
Net principal carrying value of loans foreclosed	52,395			2	7,730			1		—			—		60,125
Fair value adjustment of assets acquired through foreclosure (1)	30,739			—	—			—		—			—		30,739
Other receivables transferred	493			—	—			—		4,075			2		4,568
Property taxes assumed on loans foreclosed	—			—	27			—		—			—		27
Capital costs additions	990			—	1,614			—		339			—		2,943

Reductions :
Cost of Properties Sold	—			—	(1,089		)	—		(9,825		)	(5	)	(10,914		)
Impairment	—			—	—			—		(1,103		)	—		(1,103		)
Depreciation	(2,849		)	—	—			—		—			—		(2,849		)
Transfers, net	—			—	(39,026		)	(11	)	39,026			11		—
Balances at December 31, 2013	$	103,683		4	$	12,262		7		$	86,562		31		$	202,507

(1)

Amount represents the step-up in basis to the estimated fair value of the assets received as of the date of acquisition based on appraisals received for such assets. The stepped up basis reflects the approximate balances of certain liabilities assumed upon foreclosure including a mortgage note payable of approximately $24.7 million, a capital lease obligation of approximately $1.3 million, and accounts payable and accrued liabilities of $3.4 million at the date of acquisition. The appraised values of such assets were equal to or in excess of the new assets recorded.

Asset and Liability Acquisition Through Foreclosure, Pro Forma Information [Table Text Block]

The following table presents estimated unaudited pro forma information during the years ended December 31, 2013 and 2012, including debt service amounts for long-term debt and capital leases other than interest attributable to loans payable to us, as if the acquisitions had been consummated on January 1, 2012.



	Year Ended December 31, 2013						Year Ended December 31, 2012
(Amounts in thousands)	Actual			Proforma			Actual			Proforma
Revenue	$	23,326		$	30,452		$	4,764		$	24,278
Net income (loss)	$	(26,205	)	$	(26,531	)	$	(32,192	)	$	(32,918	)