Consolidated Statement of Cash Flows	7 Months Ended
	Jul. 31, 2014 USD ($)
Cash flows from operating activities
Net income	$ 8,663,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs and fair value of debt)	11,331,000
Amortization of lease intangibles	6,462,000
Straight-line rental income	1,121,000
Loan discount accretion	(2,086,000)
Discount accretion received in cash	5,865,000
Earnings of preferred equity investments	(582,000)
Distributions of income from preferred equity investments	565,000
Income of equity investments	(12,622,000)
Distributions of income from equity investments	8,755,000
Restricted cash held in escrows	(27,000)
Gain on sale of securities carried at fair value	(2,000)
Gain on sale of real estate investments	(11,073,000)
Impairment loss on investments in real estate	9,287,000
Tenant leasing costs	(1,046,000)
Equity compensation expenses	1,450,000
Bad debt recovery	(229,000)
Changes in assets and liabilities:
Interest receivable	(64,000)
Accounts receivable and other assets	665,000
Accounts payable, accrued liabilities and other liabilities	(8,234,000)
Net cash provided by operating activities	18,199,000
Cash flows from investing activities
Issuance and acquisition of loans receivable	(31,492,000)
Investments in real estate	(5,575,000)
Investment in equity investments	(48,154,000)
Proceeds from sale of investments in real estate	56,423,000
Proceeds from sale of equity investments	200,000
Return of capital distribution from equity investments	705,000
Return of capital distribution from preferred equity investments	643,000
Purchase of securities carried at fair value	(73,000)
Proceeds from sale of securities carried at fair value	75,000
Proceeds from payoff of loan securities	0
Restricted cash held in escrows	2,127,000
Collection of loans receivable	7,784,000
Proceeds from sale of loans receivable	37,052,000
Cash from consolidation of properties	332,000
Net cash provided by investing activities	20,047,000
Cash flows from financing activities
Principal payments of mortgage loans payable	(5,412,000)
Repurchase of senior notes payable	(11,178,000)
Restricted cash held in escrows	(239,000)
Deferred financing costs	(68,000)
Contribution from non-controlling interest	873,000
Distribution to non-controlling interest	(711,000)
Proceeds from issuance of Common Shares under Dividend Reinvestment Plan	178,000
Dividend paid on Common Shares	(17,461,000)
Dividend paid on Series D Preferred Shares	(5,573,000)
Dividend paid on Restricted Shares	(71,000)
Net cash used in financing activities	(39,662,000)
Net decrease in cash and cash equivalents	(1,416,000)
Cash and cash equivalents at beginning of period	112,512,000
Cash and cash equivalents at end of period	111,096,000
Supplemental Disclosure of Cash Flow Information
Interest paid	15,280,000
Capitalized interest	2,457,000
Taxes paid	147,000
Supplemental Disclosure on Non-Cash Investing and Financing Activities
Dividends accrued on Common Shares and Restricted Shares	401,000
Dividends accrued on Series D Preferred Shares	929,000
Capital expenditures accrued	1,736,000
Conveyance of secured financing in settlement of loans receivable	(29,150,000)
Forgiveness of loan receivable	190,000
Fair value of liabilities assumed	52,687,000
Contribution to Vintage Housing Holdings LLC	450,000
Vintage Housing Holdings, LLC [Member]
Supplemental Disclosure on Non-Cash Investing and Financing Activities
Fair value of assets acquired	$ 69,140,000