Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Entity Registrant Name | HOMEFED CORP | |
Entity Central Index Key | 833795 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 15,387,500 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Real estate held for development | $151,387 | $143,301 |
Real estate held for investment, net | 43,610 | 43,891 |
Cash and cash equivalents | 51,413 | 61,495 |
Restricted cash | 6,406 | 6,419 |
Investments available for sale (amortized cost of $35,796 and $35,897) | 35,797 | 35,898 |
Investment held to maturity, at amortized cost | 11,382 | 11,368 |
Equity method investments | 99,633 | 101,228 |
Accounts receivable, deposits and other assets | 19,033 | 17,393 |
Intangible assets, net | 11,431 | 12,196 |
TOTAL | 430,092 | 433,189 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 7,817 | 6,009 |
Below market lease contract intangibles, net | 4,517 | 4,760 |
Non-refundable option payments | 25 | 25 |
Liability for environmental remediation | 1,473 | 1,495 |
Deferred revenue | 2,322 | 2,528 |
Net deferred tax liability | 3,787 | 4,984 |
Other liabilities | 799 | 842 |
Total liabilities | 20,740 | 20,643 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY | ||
Common stock, $.01 par value; 25,000,000 shares authorized; 15,387,500 shares outstanding after deducting 395,409 shares held in treasury | 154 | 154 |
Additional paid-in capital | 597,323 | 597,271 |
Accumulated other comprehensive income | ||
Accumulated deficit | -200,767 | -197,530 |
Total HomeFed Corporation common shareholders' equity | 396,710 | 399,895 |
Noncontrolling interest | 12,642 | 12,651 |
Total equity | 409,352 | 412,546 |
TOTAL | $430,092 | $433,189 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Investments available for sale, amortized cost | $35,796 | $35,897 |
Common stock, par value | $0.01 | $0.01 |
Common shares, authorized | 25,000,000 | 25,000,000 |
Common shares, shares outstanding | 15,387,500 | 15,387,500 |
Treasury stock, shares | 395,409 | 395,409 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
REVENUES | ||
Sales of real estate | $940,000 | $2,622,000 |
Rental income | 5,458,000 | 287,000 |
Co-op marketing and advertising fees | 153,000 | 278,000 |
Total revenues | 6,551,000 | 3,187,000 |
EXPENSES | ||
Cost of sales | 264,000 | 1,350,000 |
Rental operating expenses | 4,369,000 | 138,000 |
Farming expenses | 898,000 | 991,000 |
General and administrative expenses | 4,157,000 | 3,831,000 |
Depreciation and amortization | 1,048,000 | 111,000 |
Administrative services fees to Leucadia National Corporation | 45,000 | 45,000 |
Total expenses | 10,781,000 | 6,466,000 |
Loss before losses from equity method investments | -4,230,000 | -3,279,000 |
Losses from equity method investments | -1,595,000 | -3,000 |
Loss from operations | -5,825,000 | -3,282,000 |
Interest and other income | 349,000 | 42,000 |
Loss before income taxes and noncontrolling interest | -5,476,000 | -3,240,000 |
Income tax benefit | 2,230,000 | 1,290,000 |
Net loss | -3,246,000 | -1,950,000 |
Net income attributable to the noncontrolling interest | 9,000 | -31,000 |
Net loss attributable to HomeFed Corporation common shareholders | ($3,237,000) | ($1,981,000) |
Basic and diluted earnings per common share attributable to HomeFed Corporation common shareholders | ($0.21) | ($0.24) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net loss | ($3,246) | ($1,950) |
Other comprehensive loss: | ||
Net unrealized holding gains (losses) on investments arising during the period, net of taxes of $0 and $0 | ||
Net change in unrealized holding gains (losses) on investments, net of taxes of $0 and $0 | ||
Other comprehensive income (loss), net of income taxes | ||
Comprehensive loss | -3,246 | -1,950 |
Comprehensive (income) loss attributable to the noncontrolling interest | 9 | -31 |
Comprehensive loss attributable to HomeFed Corporation common shareholders | ($3,237) | ($1,981) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) | $0 | $0 |
Net change in unrealized holding gains (losses) on investments, tax provision (benefit) | $0 | $0 |
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, 2013 | $79 | $381,171 | $1 | ($201,416) | $179,835 | $10,095 | $189,930 |
Net loss | -1,981 | -1,981 | 31 | -1,950 | |||
Shares issued to acquire assets from Leucadia National Corporation | 70 | 196,218 | 196,288 | 196,288 | |||
Noncontrolling interest acquired from Leucadia National Corporation | 1,710 | 1,710 | |||||
Share-based compensation expense | 47 | 47 | 47 | ||||
Balance at Mar. 31, 2014 | 149 | 577,436 | 1 | -203,397 | 374,189 | 11,836 | 386,025 |
Balance at Dec. 31, 2014 | 154 | 597,271 | -197,530 | 399,895 | 12,651 | 412,546 | |
Net loss | -3,237 | -3,237 | -9 | -3,246 | |||
Share-based compensation expense | 52 | 52 | 52 | ||||
Balance at Mar. 31, 2015 | $154 | $597,323 | ($200,767) | $396,710 | $12,642 | $409,352 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($3,246) | ($1,950) |
Adjustments to reconcile net loss to net cash used for operating activities: | ||
Losses from equity method investments | 1,595 | 3 |
Provision for deferred income taxes | -1,197 | -460 |
Share-based compensation expense | 52 | 47 |
Depreciation and amortization of property, equipment and leasehold improvements | 88 | 83 |
Other amortization | 1,284 | 26 |
Amortization related to investments | -281 | -6 |
Acquisition of real estate, held for development | -3,750 | |
Changes in operating assets and liabilities: | ||
Real estate, held for development | -4,364 | -2,284 |
Real estate, held for investment | -8 | |
Restricted cash related to development activities | 13 | -5,000 |
Accounts receivable, deposits and other assets | -115 | -488 |
Deferred revenue | -206 | -982 |
Accounts payable and accrued liabilities | 1,808 | 227 |
Non-refundable option payments | -70 | |
Liability for environmental remediation | -22 | -7 |
Income taxes receivable/payable | -1,795 | -4,230 |
Other liabilities | -43 | -7 |
Net cash used for operating activities | -10,187 | -15,098 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash acquired upon acquisition of assets from Leucadia National Corporation | 13,983 | |
Purchases of investments (other than short-term) | -21,795 | -21,294 |
Proceeds from maturities of investments available for sale | 21,900 | 16,700 |
Net cash provided by (used for) investing activities | 105 | 9,389 |
Net decrease in cash and cash equivalents | -10,082 | -5,709 |
Cash and cash equivalents, beginning of period | 61,495 | 57,306 |
Cash and cash equivalents, end of period | 51,413 | 51,597 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | 762 | 3,400 |
Non-cash investing activities: | ||
Common stock issued for acquisition of assets from Leucadia National Corporation | $196,288 |
Accounting_Developments
Accounting Developments | 3 Months Ended |
Mar. 31, 2015 | |
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 our audited consolidated financial statements for the year ended December 31, 2014, which are included in our Annual Report filed on Form 10-K for such year (the “2014 10-K”). Results of operations for interim periods are not necessarily indicative of annual results of operations. The consolidated balance sheet at December 31, 2014 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 2015, we adopted new Financial Accounting Standards Board (“FASB”) 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. The adoption of this guidance did not have an impact on our consolidated 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. In April 2015, the FASB announced a proposal to defer the effective date by one year, with early adoption on the original effective date permitted. We are currently evaluating the impact this new guidance will have on our consolidated financial statements to the extent applicable. | |
In February 2015, the FASB issued new guidance that amends current consolidation guidance including changes to both the variable and voting interest models used to evaluate whether an entity should be consolidated. This guidance also eliminates the deferral of certain consolidation standards for entities considered to be investment companies. This guidance will be effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted. We are evaluating the impact this new guidance will have on our consolidated financial statements. | |
Certain amounts have been reclassified to be consistent with the 2015 presentation. | |
Acquisition
Acquisition | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Acquisition [Abstract] | |||||
Acquisition | 2. Acquisition | ||||
On February 28, 2014, we entered into an agreement with Leucadia National Corporation (“Leucadia”) pursuant to which we 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, we 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, we issued to Leucadia 6,986,337 shares of our unregistered common stock. During September 2014, we acquired the balance of Leucadia’s membership interest in BRP Holding in exchange for 513,663 additional shares of our unregistered common stock. | |||||
The Acquisition was accounted for using the acquisition method of accounting. The aggregate purchase price of approximately $215,700,000 (or approximately $29 per our common share included in the consideration) was based on the fair value of the assets and liabilities acquired in the transaction and represented management’s best estimates. Subsequent to the initial allocation of the purchase price, we recorded a change in estimate of approximately $4,650,000 related to working capital adjustments. The following table reflects the 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 | 102,743 | ||||
Intangible assets | 14,960 | ||||
Accounts receivable, deposits and other assets | 14,225 | ||||
Total assets | $ | 237,105 | |||
Liabilities | |||||
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 | $ | 215,709 | |||
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. | |||||
Our management employed an independent third-party appraiser to assist us 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 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 | ||
Unaudited pro forma operating results for the three months ended March 31, 2014, assuming the Acquisition had occurred on January 1, 2013, are as follows (in thousands, except per share amounts): | |||||
2014 | |||||
Revenues | $ | 8,370 | |||
Net loss attributable to HomeFed | |||||
common shareholders | $ | -2,908 | |||
Basic and diluted loss per common share | |||||
attributable to HomeFed common shareholders | $ | -0.19 | |||
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 and to reflect the costs related to the acquisition as if they had occurred in the period beginning January 1, 2013. In addition, our share of Brooklyn Renaissance Plaza’s results is less than historical amounts, reflecting our share of additional depreciation and amortization expenses for Brooklyn Renaissance Plaza due to its fair value being greater than historical cost. 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 | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Investments Available For Sale [Abstract] | ||||||||||||||||||||||
Investments | 3. Investments Available for Sale | |||||||||||||||||||||
Our 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 March 31, 2015 and December 31, 2014 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 | ||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 35,800 | $ | 35,796 | $ | 1 | $ | - | $ | 35,797 | $ | - | $ | 35,797 | ||||||||
31-Dec-14 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 35,900 | $ | 35,897 | $ | 1 | $ | - | $ | 35,898 | $ | - | $ | 35,898 | ||||||||
As of March 31, 2015, we did not have any assets or liabilities measured at fair value on a nonrecurring basis. | ||||||||||||||||||||||
For cash and cash equivalents, the carrying amounts of such financial instruments approximate their fair values. We did not invest in any derivatives or engage in any hedging activities. | ||||||||||||||||||||||
Investments_Held_To_Maturity
Investments Held To Maturity | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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”). We acquired these bonds 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. 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 us, and from two other large residential development projects adjacent to our 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 fully pay interest on the Series 2006B Bonds. The Series 2006B Bonds mature in October 2031. | |||||||||||||||||||
At acquisition on March 28, 2014, we 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 $13,850,000 at March 31, 2015. The par value, amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as held to maturity as of March 31, 2015 and December 31, 2014 are as follows (in thousands): | |||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||
Active Markets | Other | ||||||||||||||||||
for | Observable | Unobservable | Total | ||||||||||||||||
Par | Amortized | Identical Assets | Inputs | Inputs | Fair Value | ||||||||||||||
Value | Cost | (Level 1) | (Level 2) | (Level 3) | Measurements | ||||||||||||||
31-Mar-15 | |||||||||||||||||||
Non-public bond | $ | 10,050 | $ | 11,382 | $ | - | $ | - | $ | 11,382 | $ | 11,382 | |||||||
31-Dec-14 | |||||||||||||||||||
Non-public bond | $ | 10,050 | $ | 11,368 | $ | - | $ | - | $ | 11,368 | $ | 11,368 | |||||||
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Intangible Assets, Net [Abstract] | ||||||||
Intangible Assets, Net | 5. Intangible Assets | |||||||
A summary of intangible assets is as follows (in thousands): | ||||||||
March 31, | December 31, | Amortization | ||||||
2015 | 2014 | (in years) | ||||||
Above market lease contracts | $ | 8,584 | $ | 9,151 | 1 to 24 | |||
Lease in place value | 2,847 | 3,045 | 1 to 24 | |||||
Intangible assets | $ | 11,431 | $ | 12,196 | ||||
Below market lease contracts | $ | 4,517 | $ | 4,760 | 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 over the life of the related lease and reflected in Depreciation and amortization expenses. Amortization expense on intangible assets was $200,000 for the three month period ended March 31, 2015, and was insignificant from the acquisition date to March 31, 2014. The estimated future amortization expense for the lease in place intangible asset for each of the next five years is as follows: remainder of 2015 - $550,000; 2016 - $550,000; 2017 - $500,000; 2018 - $300,000; 2019 - $150,000 and thereafter - $800,000. | ||||||||
Equity_Method_Investments
Equity Method Investments | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Equity Method Investments [Abstract] | ||||||
Equity Method Investments | 6. Equity Method Investments | |||||
During September 2014, we acquired the balance of Leucadia’s membership interest in BRP Holding in exchange for 513,663 additional shares of our unregistered common stock and increased our membership interest to 61.25%. Although we have a majority interest, we concluded that we do not have control but only the ability to exercise significant influence on this investment. As such, we elected to account for BRP Holding under the equity method of accounting. We also own a 25.8% membership interest in BRP Hotel and we account for it under the equity method of accounting. | ||||||
Under the equity method of accounting, our share of the investee’s underlying net income or loss is recorded as income (loss) from equity method investments. The recognition of our share of the investees’ results takes into account any special rights or priorities of investors; accordingly, we employ the hypothetical liquidation at book value model to calculate our share of the investees’ profits or losses. | ||||||
At March 31, 2015 and December 31, 2014, our equity method investments are comprised of the following (in thousands): | ||||||
March 31, | December 31, | |||||
2015 | 2014 | |||||
BRP Holding | $ | 75,526 | $ | 76,478 | ||
BRP Hotel | 24,107 | 24,750 | ||||
Total | $ | 99,633 | $ | 101,228 | ||
Losses from equity method investments includes the following for the three months ended March 31, 2015 (in thousands): | ||||||
2015 | ||||||
BRP Holding | $ | -952 | ||||
BRP Hotel | -643 | |||||
Total | $ | -1,595 | ||||
Losses from equity method investments related to BRP Hotel and Holding for the period from March 28, 2014 to March 31, 2014 were insignificant. | ||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 7. Income Taxes |
We do not have any amounts in our consolidated balance sheets for unrecognized tax benefits related to uncertain tax positions. The statute of limitations with respect to our federal income tax returns has expired for all years through 2010 and with respect to California state income tax returns has expired for all years through 2009. | |
Loss_Per_Common_Share
Loss Per Common Share | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Loss Per Common Share [Abstract] | ||||||
Loss Per Common Share | 8. 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 months ended March 31, 2015 and 2014 are as follows (in thousands): | ||||||
2015 | 2014 | |||||
Numerator – net loss attributable to HomeFed Corporation common shareholders | $ | -3,237 | $ | -1,981 | ||
Denominator for basic and diluted loss per share– weighted average shares | 15,388 | 8,190 | ||||
If the effect of stock options were not antidilutive due to our loss, weighted average shares outstanding would have increased by 34,000 and 29,000 for the three months ended March 31, 2015 and 2014, respectively. | ||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Related Party Transactions [Abstract] | |||||
Related Party Transactions | 9. Related Party Transactions | ||||
Brooklyn Renaissance Plaza: | |||||
As more fully discussed in our 2014 10-K, 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 March 31, 2015 (in thousands): | |||||
Remainder of 2015 | $ | 5,671 | |||
2016 | 7,561 | ||||
2017 | 7,561 | ||||
2018 | 6,301 | ||||
2019 | - | ||||
Thereafter | - | ||||
$ | 27,094 | ||||
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. | |||||
Leucadia: | |||||
Pursuant to an administrative services agreement, Leucadia provides us certain administrative and accounting services, including providing the services of our Secretary. Administrative services fee expenses were $45,000 for each of the three months ended March 31, 2015 and 2014. The administrative services agreement automatically renews for successive annual periods unless terminated in accordance with its terms. We sublease 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 months ended March 31, 2015 and 2014. | |||||
We also receive $5,000 monthly in fee income related to the management and supervision of certain real estate in the Maine projects retained by Leucadia. This agreement will remain in place until ownership is transferred to us which will not occur until five years has elapsed. For the three months ended March, 31, 2015, we recognized $15,000 which is reflected in Interest and other income. | |||||
See Note 2 for information concerning the purchase of assets from Leucadia. Our Chairman, Joseph S. Steinberg, is a significant stockholder of Leucadia and Chairman of Leucadia’s Board, and one of our Directors, Brian P. Friedman, is the President of Leucadia. | |||||
Interest_And_Other_Income
Interest And Other Income | 3 Months Ended |
Mar. 31, 2015 | |
Interest And Other Income [Abstract] | |
Interest And Other Income | 10. Interest and Other Income |
Interest and other income includes interest income of $300,000 and $30,000 for the three months ended March 31, 2015 and 2014, respectively. | |
Real_Estate_Activity
Real Estate Activity | 3 Months Ended |
Mar. 31, 2015 | |
Real Estate [Abstract] | |
Real Estate Activity | 11. Real Estate Activity |
There were no sales at the San Elijo Hills and Ashville Park projects during the three month period ended March 31, 2015. | |
During the three month periods ended March 31, 2014, the Company sold 10 lots from Village A at the Ashville Park project for net cash consideration of $1,650,000. Since we are 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. | |
As of April 30, 2015, we entered into an agreement to sell the remaining 37 lots from Village B at the Ashville project for net cash consideration of $5,200,000. | |
During the three month period ended March 31, 2015, we closed on the sale of 2 single family lots and 10 multi-family lots at The Market Common for aggregate cash proceeds of $70,000 and $250,000, respectively. Revenues from sales of real estate at The Market Common also include amounts recognized pursuant to revenue or profit sharing with a homebuilder of $400,000 for the three months ended March 31, 2015. | |
In April 2015, we closed on the sale of 15 single family lots at The Market Common for aggregate cash proceeds of $550,000. As of April 30, 2015, we have entered into an agreement to sell 30 single family lots for $1,050,000 and 43 multi-family lots for $1,100,000 at The Market Common to a homebuilder. A non-refundable option deposit of $25,000 was transferred from Leucadia to us as part of the Acquisition. | |
Option payments are non-refundable if we fulfill our obligations under the agreements, and will be applied to reduce the amount due from the purchasers at closing. Although these agreements are binding on the purchasers, should we fulfill our obligations under the agreements within the specified timeframes and the purchasers decide not to close, our recourse will be primarily limited to retaining the option payments. | |
In March 2015, we closed on the purchase of 64 acres of land in the Otay Ranch area of San Diego County for $3,750,000. The land is entitled for 26 acres of industrial development and 62 single family homes. | |
In April 2015, we closed on the sale of miscellaneous buildings in Rockport, Maine for aggregate cash proceeds of $650,000. | |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. Commitments |
BRP Leasing is the indirect obligor under a lease for office space at BRP Holding. See Note 9 for information concerning BRP Leasing’s minimum annual rental expense. | |
A school at the SweetBay Project has a $5,525,000 loan outstanding for which we have pledged 42 acres of land as collateral; although we are not obligated to repay the loan should the school fail to do so, we could lose the land we have pledged as collateral. | |
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. Prior to closing of the Acquisition, we were required to replace the existing letter of credit. We 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. | |
BRP Leasing is required to keep a minimum of $500,000 on deposit in an escrow account to secure its lease obligations. At March 31, 2015, $1,400,000 was in the escrow account and is classified as restricted cash. | |
We agreed to indemnify Leucadia for certain lease obligations of BRP Leasing that were assumed from a former subsidiary of Leucadia that was sold to a third party prior to the Acquisition. The former subsidiary of Leucadia remains the primary obligor under the lease obligations and Leucadia agreed to indemnify the third party buyer. The primary lease expires in 2018 and the aggregate amount of lease obligations as of March 31, 2015 was approximately $38,050,000 of which includes approximately $10,950,000 projected operating expenses and taxes related to the real estate. Substantially all of the space under the primary lease has been sublet to various third-party tenants for the full length of the lease term in amounts in excess of the obligations under the primary lease. | |
As more fully discussed in the Annual Report on Form 10-K for the year ended December 31, 2013, upon receipt of required approvals, we commenced remediation activities on approximately 30 acres of undeveloped land owned by Flat Rock Land Company, LLC (“Flat Rock”), a subsidiary of Otay Ranch. The remediation activities were completed in February 2013. We received final approval of the remediation from the County of San Diego Department of Environmental Health in June 2013. Otay Ranch and Flat Rock had commenced a lawsuit in California Superior Court seeking compensation from the parties who they believe are responsible for the contamination of the property. In February 2015, the court denied us any recovery. As a result, the defendants may be entitled to be reimbursed by us for their legal costs incurred, and we have accordingly accrued $350,000 during the three months ended March 31, 2015 as we believe that such loss is probable and reasonably estimable. In addition, the defendants are seeking to recover attorney’s fees in the amount of approximately $13,500,000 pursuant to an attorneys’ fee provision in Otay Land’s purchase agreement for the property. Based on our evaluation of applicable law, we believe the claim for attorney’s fees is without merit and we intend to defend against this claim vigorously. The trial court is scheduled to rule on defendants’ request in August 2015. We can give no assurances as to the ultimate outcome of this matter or that any appeal, if pursued, will be successful. | |
Segment_Information
Segment Information | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Segment Information [Abstract] | ||||||
Segment Information | 13. Segment Information | |||||
We have three reportable segments—real estate, farming and corporate. Real estate operations consist of a variety of residential land development projects and commercial properties and other unimproved land, all in various stages of development. Real estate also includes the equity method investments in BRP Holding and BRP Hotel, all of which were acquired during 2014 in the Acquisition. Farming operations consist of the Rampage property which includes an operating grape vineyard and an almond orchard under development. Corporate primarily consists of investment income and overhead expenses. Corporate amounts are not allocated to the operating units. | ||||||
Certain information concerning our segments for the three months ended March 31, 2015 and 2014 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. | ||||||
2015 | 2014 | |||||
(in thousands) | ||||||
Revenues: | ||||||
Real estate | $ | 6,548 | $ | 3,184 | ||
Corporate | 3 | 3 | ||||
Total consolidated revenues | $ | 6,551 | $ | 3,187 | ||
Loss from continuing operations before income | ||||||
taxes and noncontrolling interest: | ||||||
Real estate | $ | -2,184 | $ | 699 | ||
Farming | -988 | -1,020 | ||||
Corporate | -2,304 | -2,919 | ||||
Total consolidated loss from continuing | ||||||
operations before income taxes and noncontrolling | ||||||
interest | $ | -5,476 | $ | -3,240 | ||
Depreciation and amortization expenses: | ||||||
Real estate | $ | 1,016 | $ | 101 | ||
Farming | 25 | 4 | ||||
Corporate | 7 | 6 | ||||
Total consolidated depreciation and amortization expenses | $ | 1,048 | $ | 111 | ||
Accounting_Developments_Policy
Accounting Developments (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
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 our audited consolidated financial statements for the year ended December 31, 2014, which are included in our Annual Report filed on Form 10-K for such year (the “2014 10-K”). Results of operations for interim periods are not necessarily indicative of annual results of operations. The consolidated balance sheet at December 31, 2014 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) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Acquisition [Abstract] | |||||
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 | 102,743 | ||||
Intangible assets | 14,960 | ||||
Accounts receivable, deposits and other assets | 14,225 | ||||
Total assets | $ | 237,105 | |||
Liabilities | |||||
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 | $ | 215,709 | |||
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 | ||
Schedule Of Proforma Information | |||||
2014 | |||||
Revenues | $ | 8,370 | |||
Net loss attributable to HomeFed | |||||
common shareholders | $ | -2,908 | |||
Basic and diluted loss per common share | |||||
attributable to HomeFed common shareholders | $ | -0.19 | |||
Investments_Available_For_Sale1
Investments Available For Sale (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
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 | ||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 35,800 | $ | 35,796 | $ | 1 | $ | - | $ | 35,797 | $ | - | $ | 35,797 | ||||||||
31-Dec-14 | ||||||||||||||||||||||
U.S. Treasury securities | $ | 35,900 | $ | 35,897 | $ | 1 | $ | - | $ | 35,898 | $ | - | $ | 35,898 | ||||||||
Investments_Held_To_Maturity_T
Investments Held To Maturity (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Investments Held To Maturity [Abstract] | |||||||||||||||||||
Schedule Of Held To Maturity Securities | |||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||||
Active Markets | Other | ||||||||||||||||||
for | Observable | Unobservable | Total | ||||||||||||||||
Par | Amortized | Identical Assets | Inputs | Inputs | Fair Value | ||||||||||||||
Value | Cost | (Level 1) | (Level 2) | (Level 3) | Measurements | ||||||||||||||
31-Mar-15 | |||||||||||||||||||
Non-public bond | $ | 10,050 | $ | 11,382 | $ | - | $ | - | $ | 11,382 | $ | 11,382 | |||||||
31-Dec-14 | |||||||||||||||||||
Non-public bond | $ | 10,050 | $ | 11,368 | $ | - | $ | - | $ | 11,368 | $ | 11,368 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Intangible Assets, Net [Abstract] | ||||||||
Schedule Of Intangible Assets | ||||||||
March 31, | December 31, | Amortization | ||||||
2015 | 2014 | (in years) | ||||||
Above market lease contracts | $ | 8,584 | $ | 9,151 | 1 to 24 | |||
Lease in place value | 2,847 | 3,045 | 1 to 24 | |||||
Intangible assets | $ | 11,431 | $ | 12,196 | ||||
Below market lease contracts | $ | 4,517 | $ | 4,760 | 1 to 24 | |||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Equity Method Investments [Abstract] | ||||||
Schedule of Equity Method Investments | ||||||
March 31, | December 31, | |||||
2015 | 2014 | |||||
BRP Holding | $ | 75,526 | $ | 76,478 | ||
BRP Hotel | 24,107 | 24,750 | ||||
Total | $ | 99,633 | $ | 101,228 | ||
Schedule of Losses Related To Equity Investment | ||||||
2015 | ||||||
BRP Holding | $ | -952 | ||||
BRP Hotel | -643 | |||||
Total | $ | -1,595 | ||||
Loss_Per_Common_Share_Tables
Loss Per Common Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Loss Per Common Share [Abstract] | ||||||
Schedule of Calculation of Numerator and Denominator For Loss Per Common Share | ||||||
2015 | 2014 | |||||
Numerator – net loss attributable to HomeFed Corporation common shareholders | $ | -3,237 | $ | -1,981 | ||
Denominator for basic and diluted loss per share– weighted average shares | 15,388 | 8,190 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Related Party Transactions [Abstract] | |||||
Schedule Of Future Minimum Annual Rental Expense | |||||
Remainder of 2015 | $ | 5,671 | |||
2016 | 7,561 | ||||
2017 | 7,561 | ||||
2018 | 6,301 | ||||
2019 | - | ||||
Thereafter | - | ||||
$ | 27,094 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Segment Information [Abstract] | ||||||
Schedule Of Segment Reporting | ||||||
2015 | 2014 | |||||
(in thousands) | ||||||
Revenues: | ||||||
Real estate | $ | 6,548 | $ | 3,184 | ||
Corporate | 3 | 3 | ||||
Total consolidated revenues | $ | 6,551 | $ | 3,187 | ||
Loss from continuing operations before income | ||||||
taxes and noncontrolling interest: | ||||||
Real estate | $ | -2,184 | $ | 699 | ||
Farming | -988 | -1,020 | ||||
Corporate | -2,304 | -2,919 | ||||
Total consolidated loss from continuing | ||||||
operations before income taxes and noncontrolling | ||||||
interest | $ | -5,476 | $ | -3,240 | ||
Depreciation and amortization expenses: | ||||||
Real estate | $ | 1,016 | $ | 101 | ||
Farming | 25 | 4 | ||||
Corporate | 7 | 6 | ||||
Total consolidated depreciation and amortization expenses | $ | 1,048 | $ | 111 | ||
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
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 |
Aggregate purchase price | 215,700,000 |
Aggregate purchase price per share | $29 |
Change in estimate related to working capital adjustments | $4,650,000 |
Pacho Limited Partnership And San Luis Bay Limited Partnership [Member] | |
Business Acquisition [Line Items] | |
Noncontrolling interest percentage | 10.00% |
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 $) | Mar. 31, 2015 |
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 | 102,743 |
Intangible assets | 14,960 |
Accounts receivable, deposits and other assets | 14,225 |
Total assets | 237,105 |
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 | $215,709 |
Acquisition_Schedule_Of_Acquir
Acquisition (Schedule Of Acquired Finite-Lived Intangible Assets) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $14,960 |
Below market lease contracts | 5,588 |
Above Market Lease Contracts [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | 10,874 |
Leases In Place Value [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $4,086 |
Minimum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Below market lease contracts, amortization period | 1 year |
Minimum [Member] | Above Market Lease Contracts [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, amortization period | 1 year |
Minimum [Member] | Leases In Place Value [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, amortization period | 1 year |
Maximum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Below market lease contracts, amortization period | 24 years |
Maximum [Member] | Above Market Lease Contracts [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, amortization period | 24 years |
Maximum [Member] | Leases In Place Value [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, amortization period | 24 years |
Acquisition_Schedule_Of_Profor
Acquisition (Schedule Of Proforma Information) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Acquisition [Abstract] | |
Revenues | $8,370 |
Net loss attributable to HomeFed common shareholders | ($2,908) |
Basic and diluted loss per common share attributable to HomeFed common shareholders | ($0.19) |
Investments_Available_For_Sale2
Investments Available For Sale (Schedule Of Available For Sale Investments) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $35,796 | $35,897 |
Available-for-sale Securities, Total | 35,797 | 35,898 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Par Value | 35,800 | 35,900 |
Amortized Cost | 35,796 | 35,897 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | ||
Available-for-sale Securities, Total | 35,797 | 35,898 |
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 | 35,797 | 35,898 |
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 $) | 0 Months Ended | ||
Mar. 28, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Fair value of investment | $11,382,000 | $11,368,000 | |
Series 2006B Bonds [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Principal | 30,795,000 | ||
Amount outstanding | 13,850,000 | ||
Interest rate | 7.50% | ||
Fair value of investment | $10,619,000 | ||
Expected Future cash flows discount rate | 10.00% |
Investments_Held_To_Maturity_S
Investments Held To Maturity (Schedule Of Held To Maturity) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value of investment | $11,382,000 | $11,368,000 |
Non-Public Bond [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Par Value | 10,050,000 | 10,050,000 |
Amortized Cost | 11,382,000 | 11,368,000 |
Fair value of investment | 11,382,000 | 11,368,000 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Non-Public Bond [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value of investment | ||
Significant Other Observable Inputs (Level 2) [Member] | Non-Public Bond [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value of investment | ||
Unobservable Inputs (Level 3) [Member] | Non-Public Bond [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value of investment | $11,382,000 | $11,368,000 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Intangible Assets, Net [Abstract] | |
Amortization expense | $200,000 |
Future amortization expense, intangible assets, 2015 | 550,000 |
Future amortization expense, intangible assets, 2016 | 550,000 |
Future amortization expense, intangible assets, 2017 | 500,000 |
Future amortization expense, intangible assets, 2018 | 300,000 |
Future amortization expense, intangible assets, 2019 | 150,000 |
Future amortization expense, intangible assets, thereafter | $800,000 |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Intangible Assets) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 11,431 | $12,196 |
Below market lease contracts | 4,517 | 4,760 |
Above Market Lease Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 8,584 | 9,151 |
Leases In Place Value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 2,847 | $3,045 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below market lease contracts, Amortization | 1 year | |
Minimum [Member] | Above Market Lease Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Amortization | 1 year | |
Minimum [Member] | Leases In Place Value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Amortization | 1 year | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below market lease contracts, Amortization | 24 years | |
Maximum [Member] | Above Market Lease Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Amortization | 24 years | |
Maximum [Member] | Leases In Place Value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Amortization | 24 years |
Equity_Method_Investments_Narr
Equity Method Investments (Narrative) (Details) | 1 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2015 | |
BRP Holding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Shares issued in exchange for investment | 513,663 | |
Ownership percentage | 61.25% | |
BRP Hotel [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 25.80% |
Equity_Method_Investments_Sche
Equity Method Investments (Schedule of Equity Method Investments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $99,633 | $101,228 |
BRP Holding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 75,526 | 76,478 |
BRP Hotel [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $24,107 | $24,750 |
Equity_Method_Investments_Sche1
Equity Method Investments (Schedule of Losses Related to Equity Investment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Losses from equity method investments | ($1,595) | ($3) |
BRP Holding [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Losses from equity method investments | -952 | |
BRP Hotel [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Losses from equity method investments | ($643) |
Loss_Per_Common_Share_Details
Loss Per Common Share (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loss Per Common Share [Abstract] | ||
Numerator- net income attributable to HomeFed Corporation common shareholders | ($3,237) | ($1,981) |
Denominator for basic and diluted loss per share - weighted average shares | 15,388 | 8,190 |
Loss_Per_Common_Share_Narrativ
Loss Per Common Share (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Loss Per Common Share [Abstract] | ||
Antidilutive outstanding options excluded from the computation of earnings per share | 34,000 | 29,000 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Administrative services fee expenses | $45,000 | $45,000 |
Rental income | 5,458,000 | 287,000 |
Leucadia [Member] | ||
Related Party Transaction [Line Items] | ||
Monthly management fee income | 5,000 | |
Expiration of sublease to Leucadia | 1-Oct-18 | |
Other Operating Income | 3,000 | 3,000 |
Rental income | $15,000 |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule Of Future Minimum Annual Rental Expense) (Details) (BRP Holding [Member], USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
BRP Holding [Member] | |
Related Party Transaction [Line Items] | |
Remainder of 2015 | $5,671 |
2016 | 7,561 |
2017 | 7,561 |
2018 | 6,301 |
Total | $27,094 |
Interest_and_Other_Income_Deta
Interest and Other Income (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Interest And Other Income [Abstract] | ||
Interest income | $300,000 | $30,000 |
Real_Estate_Activity_Details
Real Estate Activity (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2015 | |
property | |||
Real Estate Properties [Line Items] | |||
Revenues from revenue or profit sharing agreements with homebuilders | $940,000 | $2,622,000 | |
The Market Common [Member] | |||
Real Estate Properties [Line Items] | |||
Revenues from revenue or profit sharing agreements with homebuilders | 400,000 | ||
Otay Ranch [Member] | |||
Real Estate Properties [Line Items] | |||
Area of real estate property (acres) | 64 | ||
Cash consideration | 3,750,000 | ||
Single Family Lots [Member] | Village A [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate lots sold | 10 | ||
Cash proceeds | 1,650,000 | ||
Single Family Lots [Member] | The Market Common [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate lots sold | 2 | ||
Cash proceeds | 70,000 | ||
Single Family Lots [Member] | The Market Common [Member] | Subsequent Event [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate lots sold | 15 | ||
Cash proceeds | 550,000 | ||
Multi-Family Lots [Member] | The Market Common [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate lots sold | 10 | ||
Cash proceeds | 250,000 | ||
Finished Single Family Homes [Member] | Otay Ranch [Member] | |||
Real Estate Properties [Line Items] | |||
Number of single family homes entitled to be developed | 62 | ||
Industrial Development [Member] | Otay Ranch [Member] | |||
Real Estate Properties [Line Items] | |||
Area of real estate property (acres) | 26 | ||
Miscellaneous Buildings [Member] | Rockport [Member] | Subsequent Event [Member] | |||
Real Estate Properties [Line Items] | |||
Cash proceeds | 650,000 | ||
Homebuilder [Member] | Village B [Member] | Subsequent Event [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate lots agreed to sell | 37 | ||
Sales price of real estate lots contracted to sell | 5,200,000 | ||
Homebuilder [Member] | The Market Common [Member] | |||
Real Estate Properties [Line Items] | |||
Non-refundable option payment received | 25,000 | ||
Homebuilder [Member] | Single Family Lots [Member] | The Market Common [Member] | Subsequent Event [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate lots agreed to sell | 30 | ||
Sales price of real estate lots contracted to sell | 1,050,000 | ||
Homebuilder [Member] | Multi-Family Lots [Member] | The Market Common [Member] | Subsequent Event [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate lots agreed to sell | 43 | ||
Sales price of real estate lots contracted to sell | $1,100,000 |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
acre | ||
Business Acquisition [Line Items] | ||
Restricted cash | $6,406,000 | $6,419,000 |
SweetBay Project [Member] | ||
Business Acquisition [Line Items] | ||
Loan outstanding of school | 5,525,000 | |
Area of land, pledged as collateral | 42 | |
The Market Common [Member] | ||
Business Acquisition [Line Items] | ||
Letter of credit | 5,000,000 | |
Restricted cash | 5,000,000 | |
BRP Leasing [Member] | ||
Business Acquisition [Line Items] | ||
Amount of indemnification | 38,050,000 | |
Amount of indemnification in projected operating expenses and taxes | 10,950,000 | |
Escrow Deposits Related to Leasing activities | 1,400,000 | |
BRP Leasing [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Restricted cash | 500,000 | |
Flat Rock [Member] | ||
Business Acquisition [Line Items] | ||
Amount of legal costs to be reimbursed | 350,000 | |
Environmental Remediation, Area Of Land | 30 | |
Recovery sought on purchase agreement | $13,500,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total consolidated revenues | $6,551 | $3,187 |
Total consolidated loss from continuing operations before income taxes and noncontrolling interest | -5,476 | -3,240 |
Total consolidated depreciation and amortization expenses | 1,048 | 111 |
Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated revenues | 6,548 | 3,184 |
Total consolidated loss from continuing operations before income taxes and noncontrolling interest | -2,184 | 699 |
Total consolidated depreciation and amortization expenses | 1,016 | 101 |
Farming [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated loss from continuing operations before income taxes and noncontrolling interest | -988 | -1,020 |
Total consolidated depreciation and amortization expenses | 25 | 4 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated revenues | 3 | 3 |
Total consolidated loss from continuing operations before income taxes and noncontrolling interest | -2,304 | -2,919 |
Total consolidated depreciation and amortization expenses | $7 | $6 |