Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
REVENUES:
Rental property revenues	$ 135,573	$ 130,522	$ 128,244
Fee income	13,821	14,444	11,840
Third party management and leasing revenues	19,359	18,976	21,966
Multi-family residential unit sales	4,664	34,442	30,841
Residential lot and outparcel sales	3,015	15,943	7,421
Other	2,032	1,229	2,972
Total consolidated revenues	178,464	215,556	203,284
COSTS AND EXPENSES:
Rental property operating expenses	55,918	53,750	57,996
Third party management and leasing expenses	16,585	17,393	17,878
Multi-family residential unit cost of sales	2,487	27,017	25,629
Residential lot and outparcel cost of sales	2,891	10,699	5,023
General and administrative expenses	24,166	28,517	26,198
Interest expense	27,784	37,180	39,759
Reimbursed expenses	6,208	6,297	5,378
Depreciation and amortization	50,174	53,313	47,781
Impairment losses	107,763	2,554	40,512
Separation expenses	197	1,045	3,257
Other	4,436	4,416	13,143
Total costs and expenses	298,609	242,181	282,554
LOSS ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAPS	(74)	(9,827)	(2,766)
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES	(120,219)	(36,452)	(82,036)
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS	186	1,079	(4,341)
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
Equity in net income (loss) from unconsolidated joint ventures	(17,691)	9,493	(17,639)
Impairment loss on investment in unconsolidated joint ventures	(608)		(51,058)
TOTAL INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES	(18,299)	9,493	(68,697)
LOSS FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES	(138,332)	(25,880)	(155,074)
GAIN ON SALE OF INVESTMENT PROPERTIES	3,494	1,938	168,637
INCOME (LOSS) FROM CONTINUING OPERATIONS	(134,838)	(23,942)	13,563
INCOME FROM DISCONTINUED OPERATIONS:
Income from discontinued operations	2,852	4,683	3,339
Gain on sale of investment properties	8,519	7,226	147
Gain on extinguishment of debt			12,498
Total income from discontinued operations	11,371	11,909	15,984
NET INCOME (LOSS)	(123,467)	(12,033)	29,547
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(4,958)	(2,540)	(2,252)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST	(128,425)	(14,573)	27,295
DIVIDENDS TO PREFERRED STOCKHOLDERS	(12,907)	(12,907)	(12,907)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$ (141,332)	$ (27,480)	$ 14,388
PER COMMON SHARE INFORMATION - BASIC AND DILUTED:
Loss from continuing operations attributable to controlling interest	$ (1.47)	$ (0.39)	$ (0.02)
Income from discontinued operations	$ 0.11	$ 0.12	$ 0.24
Net income (loss) available to common stockholders	$ (1.36)	$ (0.27)	$ 0.22
WEIGHTED AVERAGE SHARES-BASIC AND DILUTED	103,651	101,440	65,495