Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 08, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'HOMEFED CORP | ' |
Entity Central Index Key | '0000833795 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 14,873,837 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Real estate held for development | $141,231 | $103,465 |
Real estate held for investment, net | 44,471 | 3,607 |
Cash and cash equivalents | 62,566 | 57,306 |
Restricted cash | 6,586 | ' |
Investments available for sale (amortized cost of $31,096 and $31,894) | 31,097 | 31,896 |
Investment held to maturity, at amortized cost | 10,892 | ' |
Equity method investments | 88,163 | ' |
Accounts receivable, deposits and other assets | 18,848 | 1,715 |
Intangible assets, net | 13,918 | ' |
Net deferred tax asset | ' | 6,413 |
TOTAL | 417,772 | 204,402 |
LIABILITIES | ' | ' |
Accounts payable and accrued liabilities | 9,559 | 5,822 |
Below market lease contract intangibles, net | 5,333 | ' |
Non-refundable option payments | 945 | 1,015 |
Liability for environmental remediation | 1,517 | 1,543 |
Deferred revenue | 1,817 | 2,739 |
Net deferred tax liability | 5,523 | ' |
Income taxes payable | ' | 3,125 |
Other liabilities | 771 | 228 |
Total liabilities | 25,465 | 14,472 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
EQUITY | ' | ' |
Common stock, $.01 par value; 25,000,000 shares authorized; 14,865,837 and 7,879,500 shares outstanding, after deducting 395,409 shares held in treasury | 149 | 79 |
Additional paid-in capital | 582,134 | 381,171 |
Accumulated other comprehensive income | 1 | 1 |
Accumulated deficit | -202,142 | -201,416 |
Total HomeFed Corporation common shareholders' equity | 380,142 | 179,835 |
Noncontrolling interest | 12,165 | 10,095 |
Total equity | 392,307 | 189,930 |
TOTAL | $417,772 | $204,402 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Investments available for sale, amortized cost | $31,096 | $31,894 |
Common stock, par value | $0.01 | $0.01 |
Common shares, authorized | 25,000,000 | 25,000,000 |
Common shares, shares outstanding | 14,865,837 | 7,879,500 |
Treasury stock, shares | 395,409 | 395,409 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
REVENUES | ' | ' | ' | ' |
Sales of real estate | $16,708,000 | $953,000 | $19,330,000 | $9,224,000 |
Rental income | 5,591,000 | 133,000 | 5,878,000 | 254,000 |
Co-op marketing and advertising fees | 290,000 | 280,000 | 568,000 | 516,000 |
Total revenues | 22,589,000 | 1,366,000 | 25,776,000 | 9,994,000 |
EXPENSES | ' | ' | ' | ' |
Cost of sales | 10,920,000 | 561,000 | 12,270,000 | 6,320,000 |
Reduction in estimated liability for environmental remediation | ' | -662,000 | ' | -662,000 |
General and administrative expenses | 8,532,000 | 2,870,000 | 12,612,000 | 6,123,000 |
Farming expenses | 934,000 | 897,000 | 1,925,000 | 1,773,000 |
Administrative services fees to Leucadia National Corporation | 45,000 | 45,000 | 90,000 | 90,000 |
Total expenses | 20,431,000 | 3,711,000 | 26,897,000 | 13,644,000 |
Income (loss) before income from equity method investments | 2,158,000 | -2,345,000 | -1,121,000 | -3,650,000 |
Income from equity method investments | 196,000 | ' | 193,000 | ' |
Income (loss) from operations | 2,354,000 | -2,345,000 | -928,000 | -3,650,000 |
Interest and other income | 349,000 | 448,000 | 391,000 | 481,000 |
Income (loss) before income taxes and noncontrolling interest | 2,703,000 | -1,897,000 | -537,000 | -3,169,000 |
Income tax (provision) benefit | -1,119,000 | 750,000 | 171,000 | 1,247,000 |
Net income (loss) | 1,584,000 | -1,147,000 | -366,000 | -1,922,000 |
Net (income) loss attributable to the noncontrolling interest | -329,000 | 16,000 | -360,000 | 22,000 |
Net income (loss) attributable to HomeFed Corporation common shareholders | $1,255,000 | ($1,131,000) | ($726,000) | ($1,900,000) |
Basic and diluted income (loss) per common share attributable to HomeFed Corporation common shareholders | $0.08 | ($0.14) | ($0.06) | ($0.24) |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income (loss) | $1,584 | ($1,147) | ($366) | ($1,922) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net unrealized holding losses on investments arising during the period, net of taxes of $(1), $0, $(1) and $(1) | ' | ' | ' | -1 |
Net change in unrealized holding losses on investments, net of taxes of $(1), $0, $(1), and $(1) | ' | ' | ' | -1 |
Other comprehensive income (loss), net of income taxes | ' | ' | ' | -1 |
Comprehensive income (loss) | 1,584 | -1,147 | -366 | -1,923 |
Comprehensive (income) loss attributable to the noncontrolling interest | -329 | 16 | -360 | 22 |
Comprehensive income (loss) attributable to HomeFed Corporation common shareholders | $1,255 | ($1,131) | ($726) | ($1,901) |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) | ($1) | $0 | ($1) | ($1) |
Net change in unrealized holding gains (losses) on investments, tax provision (benefit) | ($1) | $0 | ($1) | ($1) |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (USD $) | Common Stock $.01 Par Value [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Subtotal [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2012 | $79 | $380,982 | $3 | ($212,684) | $168,380 | $8,659 | $177,039 |
Net loss | ' | ' | ' | -1,900 | -1,900 | -22 | -1,922 |
Other comprehensive loss, net of taxes | ' | ' | -1 | ' | -1 | ' | -1 |
Share-based compensation expense | ' | 95 | ' | ' | 95 | ' | 95 |
Balance at Jun. 30, 2013 | 79 | 381,077 | 2 | -214,584 | 166,574 | 8,637 | 175,211 |
Balance at Dec. 31, 2013 | 79 | 381,171 | 1 | -201,416 | 179,835 | 10,095 | 189,930 |
Net loss | ' | ' | ' | -726 | -726 | 360 | -366 |
Shares issued to acquire assets from Leucadia National Corporation | 70 | 200,866 | ' | ' | 200,936 | ' | 200,936 |
Noncontrolling interest acquired from Leucadia National Corporation | ' | ' | ' | ' | ' | 1,710 | 1,710 |
Share-based compensation expense | ' | 97 | ' | ' | 97 | ' | 97 |
Balance at Jun. 30, 2014 | $149 | $582,134 | $1 | ($202,142) | $380,142 | $12,165 | $392,307 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($366) | ($1,922) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Reduction in estimated liability for environmental remediation | ' | -662 |
Income from equity method investments | -193 | ' |
Provision for deferred income taxes | 94 | -291 |
Share-based compensation expense | 97 | 95 |
Depreciation and amortization of property, equipment and leasehold improvements | 962 | 126 |
Amortization of intangibles, net | 787 | ' |
Other amortization related to investments | -283 | -21 |
Changes in operating assets and liabilities: | ' | ' |
Real estate, held for development | 498 | 4,086 |
Restricted cash related to development activities | -5,490 | ' |
Accounts receivable, deposits and other assets | -2,958 | -182 |
Deferred revenue | -922 | 1,146 |
Accounts payable and accrued liabilities | 1,714 | -2,404 |
Non-refundable option payments | -70 | 1,692 |
Liability for environmental remediation | -26 | -2,269 |
Income taxes receivable/payable | -3,686 | -2,687 |
Other liabilities | 311 | -2 |
Net cash used for operating activities | -9,531 | -3,295 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Cash acquired upon acquisition of assets from Leucadia National Corporation | 13,983 | ' |
Purchases of investments (other than short-term) | -39,692 | -36,484 |
Proceeds from maturities of investments available for sale | 40,500 | 36,400 |
Net cash provided by (used for) investing activities | 14,791 | -84 |
Net increase (decrease) in cash and cash equivalents | 5,260 | -3,379 |
Cash and cash equivalents, beginning of period | 57,306 | 22,987 |
Cash and cash equivalents, end of period | 62,566 | 19,608 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for income taxes | 3,420 | 1,732 |
Non-cash investing activities: | ' | ' |
Common stock issued for acquisition of assets from Leucadia National Corporation | $200,936 | ' |
Accounting_Developments
Accounting Developments | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Developments [Abstract] | ' |
Accounting Developments | ' |
1. Accounting Developments | |
The unaudited interim consolidated financial statements, which reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes necessary to fairly state results of interim operations, should be read in conjunction with the Notes to Consolidated Financial Statements (including the Summary of Significant Accounting Policies) included in the Company’s audited consolidated financial statements for the year ended December 31, 2013, which are included in the Company’s Annual Report filed on Form 10-K for such year (the “2013 10-K”). Results of operations for interim periods are not necessarily indicative of annual results of operations. The consolidated balance sheet at December 31, 2013 was extracted from the audited annual consolidated financial statements and does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements. | |
In January 2014, the Company adopted new Financial Accounting Standards Board ("FASB") Accounting Standards guidance that requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or tax credit carryforward, unless such net operating loss carryforward, similar tax loss or tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes resulting from the disallowance of a tax position. In the event that the tax position is disallowed or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit shall be presented in the financial statements as a liability and shall not be combined with deferred tax assets. The adoption of this guidance had no impact on the Company’s consolidated financial statements. | |
In April 2014, the FASB issued new guidance on the reporting of discontinued operations. The new guidance requires that disposal of a component of an entity or a group of components of an entity be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, and would require expanded disclosures. This guidance will be effective prospectively in annual periods beginning on or after December 15, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |
In May 2014, the FASB issued new guidance that defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The core principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance will be effective for interim and annual periods beginning after December 15, 2016. We are currently evaluating the impact this new guidance will have on our consolidated financial statements | |
Certain amounts have been reclassified to be consistent with the 2014 presentation. | |
Acquisition
Acquisition | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Acquisition [Abstract] | ' | |||||||||||
Acquisition | ' | |||||||||||
2. Acquisition | ||||||||||||
On February 28, 2014, the Company entered into an agreement with Leucadia National Corporation (“Leucadia”) pursuant to which the Company agreed to purchase substantially all of Leucadia’s real estate properties and operations, its membership interests in Brooklyn Renaissance Holding Company LLC (“BRP Holding”) and Brooklyn Renaissance Hotel LLC (“BRP Hotel,” and collectively with BRP Holding, “Brooklyn Renaissance Plaza”), and cash in exchange for 7.5 million newly issued unregistered HomeFed common shares (the “Acquisition”). On March 28, 2014, the Company completed the initial closing of the Acquisition, which consisted of all of the assets to be acquired except for a portion of Leucadia’s membership interest in BRP Holding, and cash of approximately $12,500,000 (excluding cash acquired as part of working capital), subject to certain post-closing adjustments. At the initial closing, the Company issued to Leucadia 6,986,337 shares of its unregistered common stock. Subject to receipt of a third party consent, the Company will acquire the balance of Leucadia’s membership interest in BRP Holding in exchange for 513,663 additional shares of the Company’s unregistered common stock. The Company expects to receive the third-party consent and close on the balance of the Acquisition in the third quarter of 2014. | ||||||||||||
The entities and assets acquired in the initial closing of the transaction are described below. Except for the 90% partnership interest in each of Pacho Limited Partnership and San Luis Bay Limited Partnership and the membership interests in Brooklyn Renaissance Plaza, the Company acquired 100% of the equity interests of the entities listed below. All of the entities are consolidated by the Company, except for the membership interests in Brooklyn Renaissance Plaza, which are accounted for under the equity method of accounting. The Company did not assume any debt or liabilities in the transaction other than liabilities incurred in the normal course of business. | ||||||||||||
Entities/Assets Acquired | Business | Location | ||||||||||
BEI-Beach, LLC; LUK-MB2, LLC; LUK-MB3, LLC; LUK-MB5, LLC; Palm Isle Capital, LLC (collectively, “The Market Common”) | Fully developed mixed-used retail, commercial and residential lifestyle center properties that are being leased; land for commercial and residential development | Myrtle Beach, | ||||||||||
South Carolina | ||||||||||||
Panama City BEI Holdings, LLC and its subsidiaries (the “SweetBay Project”) | Mixed-use master planned community on 700 acres of land under development | Panama City, Florida | ||||||||||
North East Point, LLC, HFC-Glen Cove, LLC, HFC-Rockport, LLC and Maine Seaboard Realty LLC (collectively, the “Maine Projects”) | 160 acres of land under development for residential lots; and various mixed used buildings | Islesboro, Maine, Brewster Point, Maine and Rockport, Maine | ||||||||||
BRP Leasing LLC (“BRP Leasing”) | Indirect obligor of certain leased office space at Brooklyn Renaissance Plaza and beneficiary of related subleases | Brooklyn, New York | ||||||||||
90% partnership interests in Pacho Limited Partnership and San Luis Bay Limited Partnership (“Pacho Project”) | Long-term leasehold interest in 2,369 acres of unentitled land | San Luis Obispo County, California | ||||||||||
BRP Hotel | 25.8% membership interest in a 665 room Marriott hotel | Brooklyn, New York | ||||||||||
BRP Holding | 49% membership interest in a 850,000 square foot office building complex and 888 space parking garage | Brooklyn, New York | ||||||||||
After the initial closing, Leucadia’s aggregate interest in the Company’s common shares, including Leucadia’s approximate 31% interest owned prior to the transaction, is approximately 64%. Upon receipt of the third-party consent referred to above, the Company will acquire an additional 12.25% of BRP Holding and Leucadia’s aggregate equity interest will increase to approximately 65%. Pursuant to a stockholders agreement between the Company and Leucadia, Leucadia has agreed to limit its voting rights such that it will not have a majority voting interest in the Company. | ||||||||||||
The Market Common is required to provide a letter of credit for the benefit of the City of Myrtle Beach to secure the completion of certain infrastructure improvements in the amount of $5,000,000. The Company was required to replace the existing letter of credit secured by Leucadia with its own prior to the closing. The Company placed $5,000,000 on deposit with a qualified financial institution to obtain the replacement letter of credit; such amount is reflected as restricted cash at June 30, 2014. | ||||||||||||
BRP Leasing is required to keep $500,000 on deposit in an escrow account to secure its lease obligations. At June 30, 2014, $1,600,000 was in the escrow account and is classified as restricted cash. | ||||||||||||
The Acquisition was accounted for using the acquisition method of accounting. The aggregate purchase price of approximately $200,900,000 (or approximately $29 per share) was based on the fair value of the assets and liabilities acquired in the transaction, and represent the current best estimates of management. The Company is in the process of finalizing these estimates; accordingly, the fair values of the assets and liabilities acquired are subject to change. During the three month period ended June 30, 2014, the Company recorded a change in estimate of approximately $4,650,000 related to working capital adjustments. The following table reflects the preliminary allocation of the purchase price to the assets acquired and liabilities assumed at the acquisition date (in thousands): | ||||||||||||
Assets | ||||||||||||
Real estate held for development | $ | 38,292 | ||||||||||
Real estate held for investment | 41,187 | |||||||||||
Cash | 13,983 | |||||||||||
Restricted cash | 1,096 | |||||||||||
Investment held to maturity | 10,619 | |||||||||||
Equity method investments | 87,970 | |||||||||||
Intangible assets | 14,960 | |||||||||||
Accounts receivable, deposits and other assets | 14,225 | |||||||||||
Total assets | $ | 222,332 | ||||||||||
Accounts payable | 2,023 | |||||||||||
Below market lease contract intangibles | 5,588 | |||||||||||
Net deferred tax liability | 11,843 | |||||||||||
Other liabilities | 232 | |||||||||||
Total liabilities | 19,686 | |||||||||||
Noncontrolling interests | 1,710 | |||||||||||
Net assets acquired | $ | 200,936 | ||||||||||
GAAP specifies a hierarchy to classify fair value measurements as Level 1, Level 2 or Level 3, based on the degree to which the inputs to valuation techniques are observable. Level 3 valuations rely on inputs that are both significant to the fair value measurement and unobservable. With the exception of working capital components, the fair values of assets and liabilities acquired were determined using inputs that are principally unobservable, and as such are considered to be Level 3 valuations. | ||||||||||||
The Company’s management employed an independent third-party appraiser to assist it in determining the fair values of the assets acquired and liabilities assumed. The fair values of the individual real estate projects and investments were estimated by applying various valuation techniques including the income, market and cost approach. The income approach included discounted cash flow analyses, the market approach included comparable sales and rental information in local and national markets, and the cost approach incorporated replacement cost information. Generally, all three valuation techniques were used to determine the fair values of real estate assets and equity method investments, the income approach was used to determine the fair value of the investment held to maturity and the market approach was used to determine the fair value of intangibles. The more significant assumptions include discount rates ranging from 7% to 22%, and terminal values based on direct cap rates ranging from 6.5% to 9.5%. The fair values of noncontrolling interests, which represent 10% of the partnership interests in the Pacho Project, were based on the fair values determined for the entire project. | ||||||||||||
Amounts preliminarily allocated to intangibles and the amortization periods are as follows (in thousands): | ||||||||||||
Amortization | ||||||||||||
Amount | (in years) | |||||||||||
Above market lease contracts | $ | 10,874 | 1 to 24 | |||||||||
Lease in place value | 4,086 | 1 to 24 | ||||||||||
Intangible assets | $ | 14,960 | ||||||||||
Below market lease contracts | $ | 5,588 | 1 to 24 | |||||||||
A summary of intangible assets, net at June 30, 2014 is as follows (in thousands): | ||||||||||||
Amortization | ||||||||||||
Amount | (in years) | |||||||||||
Above market lease contracts | $ | 10,287 | 1 to 24 | |||||||||
Lease in place value | 3,631 | 1 to 24 | ||||||||||
Intangible assets | $ | 13,918 | ||||||||||
Below market lease contracts | $ | 5,333 | 1 to 24 | |||||||||
The amortization of above and below market lease contracts is recognized in rental income, and the lease in place intangible is amortized to expense over the life of the related lease. The estimated future amortization expense for the lease in place intangible asset for each of the next five years is as follows: remainder of 2014 - $500,000; 2015 - $750,000; 2016 - $600,000; 2017 - $500,000; and thereafter - $1,300,000. | ||||||||||||
For the six month period ended June 30, 2014, aggregate revenues and pre-tax loss reflected in the consolidated statement of operations for the acquired assets were $6,150,000 and $750,000, respectively. For the three and six month periods ended June 30, 2014, the Company expensed $150,000 and $1,400,000, respectively, of costs related to the Acquisition. | ||||||||||||
Unaudited pro forma operating results for the three and six month periods ended June 30, 2014 and 2013, assuming the Acquisition had occurred on January 1, 2013, are as follows (in thousands, except per share amounts): | ||||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | 22,589 | $ | 7,564 | $ | 30,875 | $ | 22,234 | ||||
Net income (loss) attributable to HomeFed | ||||||||||||
common shareholders | $ | 1,344 | $ | -1,068 | $ | -1,301 | $ | -3,458 | ||||
Basic and diluted income (loss) per common share | ||||||||||||
attributable to HomeFed common shareholders | $ | 0.09 | $ | -0.07 | $ | -0.09 | $ | -0.23 | ||||
Pro forma adjustments principally reflect the amortization of acquired intangibles and the below market lease contracts, as well as adjustments to historical depreciation expense to account for the difference between the fair value of the acquired assets and their historical cost. In addition, the Company’s share of Brooklyn Renaissance Plaza’s results is less than historical amounts, reflecting the Company’s share of additional depreciation and amortization expenses for Brooklyn Renaissance Plaza due to its fair value being greater than historical cost. Actual acquisition costs incurred during the historical 2014 period have been removed from the pro forma 2014 period and are reflected in the pro forma 2013 period. The unaudited pro forma data is not indicative of future results of operations or what would have resulted if the Acquisition had actually occurred as of January 1, 2013. | ||||||||||||
Investments_Available_For_Sale
Investments Available For Sale | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Investments Available For Sale [Abstract] | ' | |||||||||||||||||||||
Investments Available For Sale | ' | |||||||||||||||||||||
3. Investments Available for Sale | ||||||||||||||||||||||
The Company’s financial instruments include cash and cash equivalents and investments classified as available for sale; investments classified as available for sale are the only assets or liabilities that are measured at fair value on a recurring basis. All of these investments mature in one year or less. The par value, amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale as of June 30, 2014 and December 31, 2013 are as follows (in thousands): | ||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||||||
Active Markets | Other | |||||||||||||||||||||
Gross | Gross | for | Observable | Total | ||||||||||||||||||
Par | Amortized | Unrealized | Unrealized | Identical Assets | Inputs | Fair Value | ||||||||||||||||
Value | Cost | Gains | Losses | (Level 1) | (Level 2) | Measurements | ||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 31,100 | $ | 31,096 | $ | 1 | $ | - | $ | 31,097 | $ | - | $ | 31,097 | ||||||||
December 31, 2013 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 31,900 | $ | 31,894 | $ | 2 | $ | - | $ | 31,896 | $ | - | $ | 31,896 | ||||||||
As of June 30, 2014, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis, except for the assets acquired in the Acquisition. | ||||||||||||||||||||||
For cash and cash equivalents, the carrying amounts of such financial instruments approximate their fair values. The Company does not invest in any derivatives or engage in any hedging activities. | ||||||||||||||||||||||
Investments_Held_To_Maturity
Investments Held To Maturity | 6 Months Ended |
Jun. 30, 2014 | |
Investments Held To Maturity [Abstract] | ' |
Investments Held To Maturity | ' |
4. Investment Held to Maturity | |
In connection with The Market Common, Leucadia purchased bonds designated as “Tax Increment Bonds (Myrtle Beach Air Force Base Redevelopment Project Area, Junior Lien Series 2006B)” (the “Series 2006B Bonds”) issued by the City of Myrtle Beach, South Carolina (the “City”). These bonds were acquired by the Company as part of the Acquisition. Interest and principal on the Series 2006B Bonds are special obligations of the City payable only from specified tax increment to be deposited in a special revenue account pursuant to an ordinance enacted by the City Council. The Series 2006B Bonds are junior to Series 2006A Bonds issued by the City in the original principal amount of $30,795,000 (approximately $28,300,000 are currently outstanding). Interest and principal on the Series 2006B Bonds will not be paid until there is sufficient tax increment to service the interest and principal due on the Series 2006A Bonds and to establish various reserves and deposits. The tax increment that is pledged to service both bond series is generated from developed and to be developed residential and commercial property owned by the Company, and from two other large residential development projects adjacent to the Company’s project owned by third parties that are currently under development. The Series 2006B Bonds bear interest at the rate of 7.5% per annum, payable semi-annually. Currently there is not sufficient tax increment to pay interest on the Series 2006B Bonds. The Series 2006B Bonds mature in October 2031. | |
At acquisition on March 28, 2014, the Company recorded the Series 2006B bonds at fair value of $10,619,000 based on expected future cash flows discounted at 10%. The Series 2006B Bonds have been classified as held-to-maturity investments as the Company has the positive intent and ability to hold the securities to maturity. The principal amount outstanding and accrued interest aggregated approximately $13,700,000 at June 30, 2014. | |
At June 30, 2014, the carrying amount of the Series 2006B bonds approximates their fair value. | |
Equity_Method_Investments
Equity Method Investments | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Equity Method Investments [Abstract] | ' | |||||
Equity Method Investments | ' | |||||
5. Equity Method Investments | ||||||
Equity method investments are comprised of membership interests in BRP Holding and BRP Hotel in which the Company exercises significant influence over operating and capital decisions. Under the equity method of accounting, the Company’s share of the investee’s underlying net income or loss is recorded as income (loss) from equity method investments. The Company’s recognition of its share of the investees’ results takes into account any special rights or priorities of investors; accordingly, the Company employs the hypothetical liquidation at book value model to calculate its share of the investees’ profits or losses. | ||||||
At June 30, 2014, the Company’s equity method investments are comprised of the following (in thousands): | ||||||
2014 | ||||||
BRP Holding | $ | 62,747 | ||||
BRP Hotel | 25,416 | |||||
Total | $ | 88,163 | ||||
The following table provides summarized data with respect to the Company’s equity method investments for the three and six months ended June 30, 2014 (in thousands): | ||||||
For the three months | For the six months | |||||
ended June 30, 2014 | ended June 30, 2014 | |||||
Total revenues | $ | 27,238 | $ | 50,192 | ||
Income from continuing operations before extraordinary items | $ | 3,995 | $ | 3,038 | ||
Net income | $ | 3,995 | $ | 3,038 | ||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
6. Income Taxes | |
The Company does not have any amounts in its consolidated balance sheets for unrecognized tax benefits related to uncertain tax positions. The statute of limitations with respect to the Company’s federal income tax returns has expired for all years through 2009 and with respect to California state income tax returns has expired for all years through 2008. | |
Income_Loss_Per_Common_Share
Income (Loss) Per Common Share | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income (Loss) Per Common Share [Abstract] | ' | |||||||||||
Income (Loss) Per Common Share | ' | |||||||||||
7. Income (Loss) Per Common Share | ||||||||||||
Basic and diluted loss per share amounts were calculated by dividing net loss by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted loss per share for the three and six month periods ended June 30, 2014 and 2013 are as follows (in thousands): | ||||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Numerator – net income (loss) attributable to | ||||||||||||
HomeFed Corporation common shareholders | $ | 1,255 | $ | -1,131 | $ | -726 | $ | -1,900 | ||||
Denominator for basic income (loss) per share– weighted | ||||||||||||
average shares | 14,866 | 7,880 | 11,546 | 7,880 | ||||||||
Stock options | 42 | - | - | - | ||||||||
Denominator for diluted income (loss) per share– weighted | ||||||||||||
average shares | 14,908 | 7,880 | 11,546 | 7,880 | ||||||||
If the effect of stock options were not antidilutive due to the Company’s loss, weighted average shares outstanding would have increased by 9,000 for the three month period ended June 30, 2013, and 37,000 and 7,000 for the six month periods ended June 30, 2014 and 2013, respectively. | ||||||||||||
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
8. Related Party Transactions | |
Pursuant to an administrative services agreement, Leucadia provides administrative and accounting services, including providing the services of the Company’s Secretary. Administrative services fee expenses were $45,000 and $90,000 for each of the three and six month periods ended June 30, 2014 and 2013, respectively. The administrative services agreement automatically renews for successive annual periods unless terminated in accordance with its terms. The Company subleases office space to Leucadia under a sublease agreement until October 2018. Amounts reflected in other income pursuant to this agreement were $3,000 for each of the three month periods ended June 30, 2014 and 2013, and $6,000 for each of the six month periods ended June 30, 2014 and 2013. | |
See Note 2 for information concerning the purchase of assets from Leucadia. The Company’s Chairman, Joseph S. Steinberg, is a significant stockholder of Leucadia and also its Chairman, and one of the Company’s Directors, Brian P. Friedman, is the President of Leucadia. | |
Interest_And_Other_Income
Interest And Other Income | 6 Months Ended |
Jun. 30, 2014 | |
Interest And Other Income [Abstract] | ' |
Interest And Other Income | ' |
9. Interest and Other Income | |
Interest and other income includes interest income of $300,000 and $15,000, respectively, for the three month periods ended June 30, 2014 and 2013, and $330,000 and $35,000 for the six month periods ended June 30, 2014 and 2013, respectively. | |
During the three and six month periods ended June 2013, Otay Land Company and Flat Rock were awarded $400,000, which was recognized as other income, regarding the lawsuit against one of the parties related to the contamination of the property. | |
Real_Estate_Activity
Real Estate Activity | 6 Months Ended |
Jun. 30, 2014 | |
Real Estate Activity [Abstract] | ' |
Real Estate Activity | ' |
10. Real Estate Activity | |
During the three and six month period ended June 30, 2014, the Company sold 10 single family homes at the San Elijo Hills project for aggregate cash proceeds of $15,350,000. | |
During the three month periods ended June 30, 2014 and 2013, the Company sold 5 lots and 6 lots, respectively, from Village A at the Ashville Park project for net cash consideration of $850,000 and $1,050,000, respectively. During the six month periods ended June 30, 2014 and 2013, the Company sold 15 lots and 8 lots, respectively, from Village A at the Ashville Park project for net cash consideration of $2,500,000 and $1,350,000, respectively. During the six month period ended June 30, 2013, the Company sold 90 lots from Village B at the Ashville Park project for net cash consideration of $9,000,000. Since the Company is obligated to complete certain improvements to the property sold, a portion of the revenue from sales of real estate is deferred, and is recognized as revenues upon the completion of the required improvements to the property, including costs related to common areas, under the percentage of completion method of accounting. | |
During the periods ended June 30, 2014, the Company closed on the sale of 11 single family lots and 4 multi-family lots at The Market Common for aggregate cash proceeds of $400,000 and $100,000, respectively. | |
As of August 8, 2014, the Company has entered into agreement to sell 23 lots at the San Elijo Hills project to a homebuilder for aggregate cash proceeds of $9,200,000 for which it received a non-refundable option deposit of $920,000 in 2013. The option payment is non-refundable if the Company fulfills its obligations under the agreement, and will be applied to reduce the amount due from the purchaser at closing. Although the agreement is binding on the purchaser, should the Company fulfill its obligations under the agreement within the specified timeframes and the purchaser decides not to close, the Company’s recourse will be primarily limited to retaining the option payment. | |
As of August 8, 2014, the Company has entered into an agreement to sell 68 single family lots for $2,400,000 and 57 multi family lots for $1,450,000 at the Market Common to a homebuilder. A non-refundable option deposit of $25,000 was transferred from Leucadia to the Company as part of the Acquisition. The option payment is non-refundable if the Company fulfills its obligations under the agreement, and will be applied to reduce the amount due from the purchaser at closing. Although the agreement is binding on the purchaser, should the Company fulfill its obligations under the agreement within the specified timeframes and the purchaser decides not to close, the Company’s recourse will be primarily limited to retaining the option payment. | |
In July 2014, the Company purchased 95 acres of land adjacent to the Rampage property for cash of $1,700,000. The Company intends to plant an almond orchard on the property. | |
Commitments
Commitments | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments [Abstract] | ' | ||
Commitments | ' | ||
11. Commitments | |||
BRP Leasing is the indirect obligor under a lease for office space at BRP Holding. Future minimum annual rental expense (exclusive of month-to-month leases, real estate taxes, maintenance and certain other charges) that BRP Leasing is obligated to pay to BRP Holding for office space is as follows at June 30, 2014 (in thousands): | |||
2014 | $ | 3,781 | |
2015 | 7,561 | ||
2016 | 7,561 | ||
2017 | 7,561 | ||
2018 | 6,301 | ||
Thereafter | - | ||
$ | 32,765 | ||
In the aggregate, substantially all of the office space has been sublet for amounts in excess of BRP Leasing’s contractual commitment in the underlying lease. | |||
A school at the SweetBay Project has a $5,300,000 loan outstanding for which the Company has pledged 42 acres of land as collateral; although the Company is not obligated to repay the loan should the school fail to do so, the Company could lose the land it has pledged as collateral. | |||
Stock_Options
Stock Options | 6 Months Ended |
Jun. 30, 2014 | |
Stock Options [Abstract] | ' |
Stock Options | ' |
12. Stock Options | |
On June 12, 2014, options to purchase an aggregate of 7,000 shares of common stock were granted to the members of the Board of Directors under the Company’s 1999 Stock Incentive Plan at an exercise price of $58.00 per share. | |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
13. Segment Information | ||||||||||||
As the result of the Company entering into an agreement to purchase 95 acres of land adjacent to the Rampage property during the three month period ended June 30, 2014, the Company reevaluated its reportable segments and determined that it has three reportable segments—real estate, farming and corporate. Farming operations consist of the Rampage property which is currently being utilized as a vineyard. Corporate primarily consists of income from equity method investments, investment income and overhead expenses. Corporate amounts are not allocated to the operating units. | ||||||||||||
Certain information concerning our segments for the three and six months ended June 30, 2014 and 2013 is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, certain real estate projects acquired from Leucadia became wholly owned subsidiaries as of March 28, 2014. | ||||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(in thousands) | ||||||||||||
Revenues: | ||||||||||||
Real estate | $ | 22,586 | $ | 1,363 | $ | 25,770 | $ | 9,988 | ||||
Farming | - | - | - | - | ||||||||
Corporate | 3 | 3 | 6 | 6 | ||||||||
Total consolidated revenues | $ | 22,589 | $ | 1,366 | $ | 25,776 | $ | 9,994 | ||||
- | ||||||||||||
Income (loss) from continuing operations before income | ||||||||||||
taxes: | ||||||||||||
Real estate | $ | 5,039 | $ | 386 | $ | 5,740 | $ | 1,488 | ||||
Farming | -974 | -901 | -1,994 | -1,844 | ||||||||
Corporate | -1,362 | -1,382 | -4,283 | -2,813 | ||||||||
Total consolidated income from continuing | ||||||||||||
operations before income taxes | $ | 2,703 | $ | -1,897 | $ | -537 | $ | -3,169 | ||||
June 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Identifiable assets employed: | ||||||||||||
Real estate | $ | 276,740 | $ | 117,563 | ||||||||
Farming | 7,178 | 13,904 | ||||||||||
Corporate | 133,854 | 72,935 | ||||||||||
Total consolidated assets | $ | 417,772 | $ | 204,402 | ||||||||
Accounting_Developments_Policy
Accounting Developments (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Developments [Abstract] | ' |
Basis Of Presentation | ' |
The unaudited interim consolidated financial statements, which reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes necessary to fairly state results of interim operations, should be read in conjunction with the Notes to Consolidated Financial Statements (including the Summary of Significant Accounting Policies) included in the Company’s audited consolidated financial statements for the year ended December 31, 2013, which are included in the Company’s Annual Report filed on Form 10-K for such year (the “2013 10-K”). Results of operations for interim periods are not necessarily indicative of annual results of operations. The consolidated balance sheet at December 31, 2013 was extracted from the audited annual consolidated financial statements and does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements. | |
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Schedule Of Allocation Of Purchase Price To Assets Acquired And Liabilities Assumed | ' | |||||||||||
Assets | ||||||||||||
Real estate held for development | $ | 38,292 | ||||||||||
Real estate held for investment | 41,187 | |||||||||||
Cash | 13,983 | |||||||||||
Restricted cash | 1,096 | |||||||||||
Investment held to maturity | 10,619 | |||||||||||
Equity method investments | 87,970 | |||||||||||
Intangible assets | 14,960 | |||||||||||
Accounts receivable, deposits and other assets | 14,225 | |||||||||||
Total assets | $ | 222,332 | ||||||||||
Accounts payable | 2,023 | |||||||||||
Below market lease contract intangibles | 5,588 | |||||||||||
Net deferred tax liability | 11,843 | |||||||||||
Other liabilities | 232 | |||||||||||
Total liabilities | 19,686 | |||||||||||
Noncontrolling interests | 1,710 | |||||||||||
Net assets acquired | $ | 200,936 | ||||||||||
Schedule Of Proforma Information | ' | |||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | 22,589 | $ | 7,564 | $ | 30,875 | $ | 22,234 | ||||
Net income (loss) attributable to HomeFed | ||||||||||||
common shareholders | $ | 1,344 | $ | -1,068 | $ | -1,301 | $ | -3,458 | ||||
Basic and diluted income (loss) per common share | ||||||||||||
attributable to HomeFed common shareholders | $ | 0.09 | $ | -0.07 | $ | -0.09 | $ | -0.23 | ||||
Preliminary [Member] | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Schedule Of Acquired Finite-Lived Intangible Assets | ' | |||||||||||
Amortization | ||||||||||||
Amount | (in years) | |||||||||||
Above market lease contracts | $ | 10,874 | 1 to 24 | |||||||||
Lease in place value | 4,086 | 1 to 24 | ||||||||||
Intangible assets | $ | 14,960 | ||||||||||
Below market lease contracts | $ | 5,588 | 1 to 24 | |||||||||
Actual [Member] | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Schedule Of Acquired Finite-Lived Intangible Assets | ' | |||||||||||
Amortization | ||||||||||||
Amount | (in years) | |||||||||||
Above market lease contracts | $ | 10,287 | 1 to 24 | |||||||||
Lease in place value | 3,631 | 1 to 24 | ||||||||||
Intangible assets | $ | 13,918 | ||||||||||
Below market lease contracts | $ | 5,333 | 1 to 24 | |||||||||
Investments_Available_For_Sale1
Investments Available For Sale (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Investments Available For Sale [Abstract] | ' | |||||||||||||||||||||
Schedule Of Available For Sale Investments | ' | |||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||||||
Active Markets | Other | |||||||||||||||||||||
Gross | Gross | for | Observable | Total | ||||||||||||||||||
Par | Amortized | Unrealized | Unrealized | Identical Assets | Inputs | Fair Value | ||||||||||||||||
Value | Cost | Gains | Losses | (Level 1) | (Level 2) | Measurements | ||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 31,100 | $ | 31,096 | $ | 1 | $ | - | $ | 31,097 | $ | - | $ | 31,097 | ||||||||
December 31, 2013 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 31,900 | $ | 31,894 | $ | 2 | $ | - | $ | 31,896 | $ | - | $ | 31,896 | ||||||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Equity Method Investments [Abstract] | ' | |||||
Schedule Of Loans To And Investments In Associated Companies | ' | |||||
2014 | ||||||
BRP Holding | $ | 62,747 | ||||
BRP Hotel | 25,416 | |||||
Total | $ | 88,163 | ||||
Schedule Of Equity Method Investments Summarized Financial Information | ' | |||||
For the three months | For the six months | |||||
ended June 30, 2014 | ended June 30, 2014 | |||||
Total revenues | $ | 27,238 | $ | 50,192 | ||
Income from continuing operations before extraordinary items | $ | 3,995 | $ | 3,038 | ||
Net income | $ | 3,995 | $ | 3,038 | ||
Income_Loss_Per_Common_Share_T
Income (Loss) Per Common Share (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income (Loss) Per Common Share [Abstract] | ' | |||||||||||
Schedule Of Calculation Of Numerator And Denominator For Loss Per Common Share | ' | |||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Numerator – net income (loss) attributable to | ||||||||||||
HomeFed Corporation common shareholders | $ | 1,255 | $ | -1,131 | $ | -726 | $ | -1,900 | ||||
Denominator for basic income (loss) per share– weighted | ||||||||||||
average shares | 14,866 | 7,880 | 11,546 | 7,880 | ||||||||
Stock options | 42 | - | - | - | ||||||||
Denominator for diluted income (loss) per share– weighted | ||||||||||||
average shares | 14,908 | 7,880 | 11,546 | 7,880 | ||||||||
Commitments_Tables
Commitments (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments [Abstract] | ' | ||
Schedule Of Future Minimum Annual Rental Expense | ' | ||
2014 | $ | 3,781 | |
2015 | 7,561 | ||
2016 | 7,561 | ||
2017 | 7,561 | ||
2018 | 6,301 | ||
Thereafter | - | ||
$ | 32,765 | ||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Schedule Of Segment Reporting | ' | |||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(in thousands) | ||||||||||||
Revenues: | ||||||||||||
Real estate | $ | 22,586 | $ | 1,363 | $ | 25,770 | $ | 9,988 | ||||
Farming | - | - | - | - | ||||||||
Corporate | 3 | 3 | 6 | 6 | ||||||||
Total consolidated revenues | $ | 22,589 | $ | 1,366 | $ | 25,776 | $ | 9,994 | ||||
- | ||||||||||||
Income (loss) from continuing operations before income | ||||||||||||
taxes: | ||||||||||||
Real estate | $ | 5,039 | $ | 386 | $ | 5,740 | $ | 1,488 | ||||
Farming | -974 | -901 | -1,994 | -1,844 | ||||||||
Corporate | -1,362 | -1,382 | -4,283 | -2,813 | ||||||||
Total consolidated income from continuing | ||||||||||||
operations before income taxes | $ | 2,703 | $ | -1,897 | $ | -537 | $ | -3,169 | ||||
June 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Identifiable assets employed: | ||||||||||||
Real estate | $ | 276,740 | $ | 117,563 | ||||||||
Farming | 7,178 | 13,904 | ||||||||||
Corporate | 133,854 | 72,935 | ||||||||||
Total consolidated assets | $ | 417,772 | $ | 204,402 | ||||||||
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ' | ' |
Shares issued to acquire assets | ' | 7,500,000 |
Cash payments net of cash acquired | ' | $12,500,000 |
Shares issued to acquire entity | ' | 6,986,337 |
Shares issued to acquire entity, subject to approval | 513,663 | 513,663 |
Restricted cash | 6,586,000 | 6,586,000 |
Aggregate purchase price | ' | 200,900,000 |
Aggregate purchase price per share | $29 | $29 |
Change in estimate related to working capital adjustments | 4,650,000 | ' |
Future amortization expense, intangible assets, remainder of 2014 | 500,000 | 500,000 |
Future amortization expense, intangible assets, 2015 | 750,000 | 750,000 |
Future amortization expense, intangible assets, 2016 | 600,000 | 600,000 |
Future amortization expense, intangible assets, 2017 | 500,000 | 500,000 |
Future amortization expense, intangible assets, 2018 | 1,300,000 | 1,300,000 |
Consolidated statement of operations for acquired assets, aggregate revenues | ' | 6,150,000 |
Consolidated statement of operations for acquired assets, pre-tax loss | ' | 750,000 |
Expenses related to the acquisition | 150,000 | 1,400,000 |
Brooklyn Renaissance Holding Company LLC [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Ownership percentage | 49.00% | 49.00% |
Area of office space | ' | 850,000 |
Number of garage spots | ' | 888 |
Brooklyn Renaissance Holding Company LLC [Member] | Forecast [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business acquisition percentage to be acquired subject to approval | ' | 12.25% |
Brooklyn Renaissance Hotel LLC [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Ownership percentage | 25.80% | 25.80% |
Number of rooms | ' | 665 |
SweetBay Project [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Area of land | 700 | 700 |
Maine Projects [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Area of land | 160 | 160 |
The Market Common [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Letter of credit | 5,000,000 | 5,000,000 |
Restricted cash | 5,000,000 | 5,000,000 |
BRP Leasing [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Escrow deposits related to leasing activities | ' | 500,000 |
Restricted cash | $1,600,000 | $1,600,000 |
Pacho Limited Partnership And San Luis Bay Limited Partnership [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Ownership percentage of consolidated entity | ' | 90.00% |
Noncontrolling interest percentage | 10.00% | 10.00% |
Area of land | 2,369 | 2,369 |
Leucadia [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Ownership percentage of company by investee | ' | 31.00% |
Leucadia [Member] | Forecast [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Ownership percentage of company by investee | ' | 65.00% |
Leucadia [Member] | Brooklyn Renaissance Holding Company LLC [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Ownership percentage of company by investee | ' | 64.00% |
Minimum [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Discount rate | ' | 7.00% |
Cap rate | ' | 6.50% |
Maximum [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Discount rate | ' | 22.00% |
Cap rate | ' | 9.50% |
Acquisition_Schedule_Of_Alloca
Acquisition (Schedule Of Allocation Of Purchase Price To Assets Acquired And Liabilities Assumed) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Acquisition [Abstract] | ' |
Real estate held for development | $38,292 |
Real estate held for investment | 41,187 |
Cash | 13,983 |
Restricted cash | 1,096 |
Investment held to maturity | 10,619 |
Equity method investments | 87,970 |
Intangible assets | 14,960 |
Accounts receivable, deposits and other assets | 14,225 |
Total assets | 222,332 |
Accounts Payable | 2,023 |
Below market lease contract intangibles | 5,588 |
Net deferred tax liability | 11,843 |
Other liabilities | 232 |
Total liabilities | 19,686 |
Noncontrolling interests | 1,710 |
Net assets acquired | $200,936 |
Acquisition_Schedule_Of_Acquir
Acquisition (Schedule Of Acquired Finite-Lived Intangible Assets) (Details) (USD $) | 0 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 28, 2014 | Jun. 30, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $14,960 | $13,918 |
Below market lease contracts | 5,588 | 5,333 |
Above Market Lease Contracts [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 10,874 | 10,287 |
Leases In Place Value [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $4,086 | $3,631 |
Minimum [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Below market lease contracts, amortization period | '1 year | '1 year |
Minimum [Member] | Above Market Lease Contracts [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, amortization period | '1 year | '1 year |
Minimum [Member] | Leases In Place Value [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, amortization period | '1 year | '1 year |
Maximum [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Below market lease contracts, amortization period | '24 years | '24 years |
Maximum [Member] | Above Market Lease Contracts [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, amortization period | '24 years | '24 years |
Maximum [Member] | Leases In Place Value [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, amortization period | '24 years | '24 years |
Acquisition_Schedule_Of_Profor
Acquisition (Schedule Of Proforma Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Acquisition [Abstract] | ' | ' | ' | ' |
Revenues | $22,589 | $7,564 | $30,875 | $22,234 |
Net income (loss) attributable to HomeFed common shareholders | $1,344 | ($1,068) | ($1,301) | ($3,458) |
Basic and diluted income (loss) per common share attributable to HomeFed common shareholders | $0.09 | ($0.07) | ($0.09) | ($0.23) |
Investments_Available_For_Sale2
Investments Available For Sale (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $31,096 | $31,894 |
Available-for-sale Securities, Total | 31,097 | 31,896 |
US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Par Value | 31,100 | 31,900 |
Amortized Cost | 31,096 | 31,894 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | ' | ' |
Available-for-sale Securities, Total | 31,097 | 31,896 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Total | 31,097 | 31,896 |
Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Total | ' | ' |
Investments_Held_To_Maturity_D
Investments Held To Maturity (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Mar. 28, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Fair value of investment | $10,892,000 | ' |
Series 2006A Bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Principal | 30,795,000 | ' |
Amount outstanding | 28,300,000 | ' |
Series 2006B Bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amount outstanding | 13,700,000 | ' |
Interest rate | 7.50% | ' |
Fair value of investment | ' | $10,619,000 |
Expected Future cash flows discount rate | 10.00% | ' |
Equity_Method_Investments_Sche
Equity Method Investments (Schedule Of Loans To And Investments In Associated Companies) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Equity Method Investments [Line Items] | ' |
Total | $88,163 |
BRP Holding [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Total | 62,747 |
BRP Hotel [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Total | $25,416 |
Equity_Method_Investments_Sche1
Equity Method Investments (Schedule Of Equity Method Investments Summarized Financial Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Equity Method Investments [Abstract] | ' | ' |
Total revenues | $27,238 | $50,192 |
Income from continuing operations before extraordinary items | 3,995 | 3,038 |
Net income | $3,995 | $3,038 |
Income_Loss_Per_Common_Share_D
Income (Loss) Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income (Loss) Per Common Share [Abstract] | ' | ' | ' | ' |
Numerator- net income (loss) attributable to HomeFed Corporation common shareholders | $1,255 | ($1,131) | ($726) | ($1,900) |
Denominator for basic income (loss) per shareb weighted average shares | 14,866,000 | 7,880,000 | 11,546,000 | 7,880,000 |
Stock options | 42,000 | ' | ' | ' |
Denominator for diluted income (loss) per shareb weighted average shares | 14,908,000 | 7,880,000 | 11,546,000 | 7,880,000 |
Antidilutive outstanding options excluded from the computation of earnings per share | ' | 9,000 | 37,000 | 7,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Administrative services fee expenses | $45,000 | $45,000 | $90,000 | $90,000 |
Other income | 5,591,000 | 133,000 | 5,878,000 | 254,000 |
Administrative Services Agreement [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Other income | $3,000 | $3,000 | $6,000 | $6,000 |
Interest_And_Other_Income_Deta
Interest And Other Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Interest income | $300,000 | $15,000 | $330,000 | $35,000 |
Settlement Award [Member] | ' | ' | ' | ' |
Other income awarded from lawsuit | ' | $400,000 | ' | $400,000 |
Real_Estate_Activity_Details
Real Estate Activity (Details) (USD $) | Jun. 30, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 08, 2014 | Aug. 08, 2014 | Jun. 30, 2014 | Aug. 07, 2014 | Aug. 07, 2014 | Aug. 07, 2014 | Aug. 07, 2014 |
acre | Subsequent Event [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Multi-Family Lots [Member] | Multi-Family Lots [Member] | Homebuilder [Member] | Homebuilder [Member] | Homebuilder [Member] | Homebuilder [Member] | Homebuilder [Member] | Homebuilder [Member] | Homebuilder [Member] | Homebuilder [Member] | |
acre | property | Village A [Member] | Village A [Member] | Village A [Member] | Village A [Member] | Village B [Member] | The Market Common [Member] | The Market Common [Member] | The Market Common [Member] | The Market Common [Member] | San Elijo Hills [Member] | San Elijo Hills [Member] | San Elijo Hills [Member] | The Market Common [Member] | Single Family Lots [Member] | Single Family Lots [Member] | Multi-Family Lots [Member] | Multi-Family Lots [Member] | |||
property | property | property | property | property | property | property | property | property | Subsequent Event [Member] | Subsequent Event [Member] | The Market Common [Member] | The Market Common [Member] | The Market Common [Member] | The Market Common [Member] | |||||||
property | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||
property | property | ||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of real estate property (acres) | 95 | 95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | $1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate lots sold | ' | ' | ' | 10 | 5 | 6 | 15 | 8 | 90 | 11 | 11 | 4 | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds | ' | ' | 15,350,000 | 15,350,000 | 850,000 | 1,050,000 | 2,500,000 | 1,350,000 | 9,000,000 | 400,000 | 400,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate lots agreed to sell | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' | 68 | ' | 57 | ' |
Sales price of real estate lots contracted to sell | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' | 2,400,000 | ' | 1,450,000 |
Non-refundable option payment received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $920,000 | ' | ' | $25,000 | ' | ' | ' | ' |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (SweetBay Project [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
acre | |
SweetBay Project [Member] | ' |
Business Acquisition [Line Items] | ' |
Loan outstanding of school | $5,300,000 |
Area of land, pledged as collateral | 42 |
Commitments_Schedule_Of_Future
Commitments (Schedule Of Future Minimum Annual Rental Expense) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments [Abstract] | ' |
2014 | $3,781 |
2015 | 7,561 |
2016 | 7,561 |
2017 | 7,561 |
2018 | 6,301 |
Thereafter | ' |
Total | $32,765 |
Stock_Options_Details
Stock Options (Details) (USD $) | 0 Months Ended |
Jun. 12, 2014 | |
Stock Options [Abstract] | ' |
Options to purchase common shares granted to the members of the Board of Directors | 7,000 |
Exercise price of options | $58 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
acre | acre | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Area of real estate property (acres), agreed to purchase | 95 | ' | 95 | ' | ' |
Total consolidated revenues | $22,589 | $1,366 | $25,776 | $9,994 | ' |
Total consolidated income from continuing operations before income taxes | 2,703 | -1,897 | -537 | -3,169 | ' |
Total consolidated assets | 417,772 | ' | 417,772 | ' | 204,402 |
Real Estate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total consolidated revenues | 22,586 | 1,363 | 25,770 | 9,988 | ' |
Total consolidated income from continuing operations before income taxes | 5,039 | 386 | 5,740 | 1,488 | ' |
Total consolidated assets | 276,740 | ' | 276,740 | ' | 117,563 |
Farming [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total consolidated income from continuing operations before income taxes | -974 | -901 | -1,994 | -1,844 | ' |
Total consolidated assets | 7,178 | ' | 7,178 | ' | 13,904 |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total consolidated revenues | 3 | 3 | 6 | 6 | ' |
Total consolidated income from continuing operations before income taxes | -1,362 | -1,382 | -4,283 | -2,813 | ' |
Total consolidated assets | $133,854 | ' | $133,854 | ' | $72,935 |