CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flow From Operating Activities:
Net loss	$ (5,015)	$ (3,563)
Adjustments to reconcile net loss applicable to common shares to net cash flows from operating activities:
Gain on sale of income-producing properties		(1,652)
(Gain) loss on sale of land	(445)	244
Depreciation and amortization	6,303	5,274
Amortization of deferred borrowing costs	1,053	1,398
Amortization of bond issuance costs	123
Losses (earnings) from unconsolidated joint ventures and investees	8	2
(Increase) decrease in assets:
Accrued interest receivable	1,746	1,575
Other assets	(1,634)	1,709
Prepaid expense	(1,736)	(11,622)
Escrow	7,279	15,698
Earnest money	(54)	(1,454)
Rent receivables	(1,524)
Related party receivables	1,935	(5,123)
Increase (decrease) in liabilities:
Accrued interest payable	840	(140)
Other liabilities	(10,896)	(8,659)
Net cash used in operating activities	(2,017)	(6,313)
Cash Flow From Investing Activities:
Proceeds from notes receivable	706	1,569
Originations or advances on notes receivable		(1,150)
Proceeds from insurance claim	413
Acquisition of land held for development	(6,400)
Proceeds from sale of income-producing properties		1,608
Proceeds from sale of land	1,089	3,412
Investment in unconsolidated real estate entities	8	2,781
Improvement of land held for development	(1,154)	(947)
Improvement of income-producing properties	(1,031)	(1,002)
Construction and development of new properties	(8,379)	(8,395)
Net cash used in investing activities	(14,748)	(2,124)
Cash Flow From Financing Activities:
Proceeds from notes payable	47,577	43,487
Recurring amortization of principal on notes payable	(3,423)	(2,911)
Payments on maturing notes payable	(59,392)	(36,204)
Proceeds from Series A bonds	75,991
Bond issuance costs	(4,828)
Deferred financing costs	(1,162)	(671)
Preferred stock dividends - Series D	(222)	(222)
Net cash provided by financing activities	54,541	3,479
Net increase (decrease) in cash and cash equivalents	37,776	(4,958)
Cash and cash equivalents, beginning of period	17,506	15,171
Cash and cash equivalents, end of period	55,282	10,213
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 12,322	$ 10,628