Homefed (HOFD) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	HOMEFED CORP
Entity Central Index Key	833,795
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		15,448,500

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Real estate held for development	$ 303,293	$ 297,665
Real estate held for investment, net	38,906	42,536
Cash and cash equivalents	62,322	53,140
Restricted cash	2,860	2,672
Equity method investments	117,936	127,379
Accounts receivable, deposits and other assets	20,198	18,564
Intangible assets, net	4,975	5,634
Net deferred tax asset	35,080	34,742
TOTAL	585,570	582,332
LIABILITIES
Accounts payable and accrued liabilities	16,784	13,438
Below market lease contract intangibles, net	2,525	2,729
Non-refundable option payments	25	25
Liability for environmental remediation	1,453	1,455
Deferred revenue	2,599	4,311
Income taxes payable	0	1,338
Accrued interest payable	1,676	0
Other liabilities	6,605	5,778
Long-term debt, net	102,355	102,084
Total liabilities	134,022	131,158
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY
Common stock, $.01 par value; 25,000,000 shares authorized; 15,448,500 and 15,448,500 shares outstanding after deducting 395,409 shares held in treasury	154	154
Additional paid-in capital	599,104	599,033
Accumulated deficit	(154,785)	(155,011)
Total HomeFed Corporation common shareholders' equity	444,473	444,176
Noncontrolling interest	7,075	6,998
Total equity	451,548	451,174
TOTAL	$ 585,570	$ 582,332

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	25,000,000	25,000,000
Common shares, shares outstanding (in shares)	15,448,500	15,448,500
Treasury stock, shares (in shares)	395,409	395,409

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES
Sales of real estate	$ 14,950	$ 1,893
Rental income	5,932	5,883
Co-op marketing and advertising fees	110	114
Total revenue	20,992	7,890
EXPENSES
Cost of sales	12,502	965
Rental operating expenses	4,118	4,207
Farming expenses	937	1,126
General and administrative expenses	3,811	3,399
Depreciation and amortization	937	1,017
Administrative services fees to Leucadia National Corporation	45	45
Total expenses	22,350	10,759
Loss from operations before income (losses) from equity method investment	(1,358)	(2,869)
Income (losses) from equity method investments	1,753	(1,064)
Income (loss) from operations	395	(3,933)
Interest and other income	98	1,362
Income (loss) before income taxes and noncontrolling interest	493	(2,571)
Income tax (provision) benefit	(190)	1,110
Net income (loss)	303	(1,461)
Net income (loss) attributable to the noncontrolling interest	(77)	3
Net income (loss) attributable to HomeFed Corporation common shareholders	$ 226	$ (1,458)
Basic and diluted loss per common share attributable to HomeFed Corporation common shareholders (USD per share)	$ 0.01	$ (0.09)

Consolidated Statements of Chan

Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock $.01 Par Value	Additional Paid-In Capital	Accumulated Deficit	Subtotal	Noncontrolling Interest
Balance at Dec. 31, 2015	$ 416,400	$ 154	$ 597,922	$ (191,695)	$ 406,381	$ 10,019
Net loss	(1,461)			(1,458)	(1,458)	(3)
Exercise of options to purchase common shares, including excess tax benefit	170		170		170
Share-based compensation expense	18		18		18
Balance at Mar. 31, 2016	415,127	154	598,110	(193,153)	405,111	10,016
Balance at Dec. 31, 2016	451,174	154	599,033	(155,011)	444,176	6,998
Net loss	303			226	226	77
Share-based compensation expense	71		71		71
Balance at Mar. 31, 2017	$ 451,548	$ 154	$ 599,104	$ (154,785)	$ 444,473	$ 7,075

Consolidated Statements of Cha6

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common stock, par value (USD per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ 303	$ (1,461)
Adjustments to reconcile net income (loss) to net cash used for operating activities:
(Income) losses from equity method investments	(1,753)	1,064
Provision (benefit) for deferred income taxes	(338)	(713)
Share-based compensation expense	103	18
Depreciation and amortization of property, equipment and leasehold improvements	139	116
Other amortization	1,122	1,243
Amortization related to issuance costs and debt discount of Senior Notes	271	299
Amortization related to investments	0	(266)
Changes in operating assets and liabilities:
Real estate, held for development	(1,709)	(7,747)
Real estate, held for investment	3,191	(94)
Restricted cash related to development activities	(188)	36
Accounts receivable, deposits and other assets	(1,081)	(570)
Deferred revenue	(1,712)	(819)
Accounts payable and accrued liabilities	(500)	(88)
Accrued interest payable	1,676	1,903
Liability for environmental remediation	(2)	(12)
Income taxes payable	(2,162)	(4,378)
Other liabilities	795	72
Net cash used for operating activities	(1,845)	(11,397)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in equity method investments	(8,804)	(22)
Capital distributions from equity method investments	20,000	0
Net cash provided by (used for) investing activities	11,196	(22)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of debt issuance costs	(169)	0
Reduction of debt	0	(618)
Exercise of options to purchase common shares	0	170
Net cash used for financing activities	(169)	(448)
Net increase (decrease) in cash and cash equivalents	9,182	(11,867)
Cash and cash equivalents, beginning of period	53,140	66,676
Cash and cash equivalents, end of period	62,322	54,809
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of tax refunds	2,414	4,128
Cash paid for interest (net of amounts capitalized)	0	0
Non-cash operating and investing activities:
Project development costs incurred that remain payable at end of period	$ 12,216	$ 5,870

Accounting Developments

Accounting Developments	3 Months Ended
	Mar. 31, 2017
Accounting Developments [Abstract]
Accounting Developments	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, 2016 , which are included in our Annual Report filed on Form 10-K for such year (the “2016 10-K”). Results of operations for interim periods are not necessarily indicative of annual results of operations. The consolidated balance sheet at December 31, 2016 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. There is no other comprehensive income for the three months ended March 31, 2017 and 2016 . Accounting Developments- Accounting Standards to be Adopted in Future Periods In May 2014, the Financial Accounting Standards Board (“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 is effective for interim and annual periods beginning after December 15, 2017. We intend to adopt the new guidance with a cumulative-effect adjustment to opening retained earnings. We do not expect this guidance will have any impact on our farming revenues, and our evaluation of the impact this new guidance will have on our revenue sources in our consolidated financial statements is ongoing. In January 2016, the FASB issued new guidance that affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact of the new guidance related to equity investments and the presentation and disclosure requirements of financial instruments on our consolidated financial statements. In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. The FASB requires the recognition of lease assets and lease liabilities on the statement of financial condition. The guidance is effective for annual and interim periods beginning after December 15, 2018. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. In August 2016, the FASB issued new guidance to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2017. In November 2016, the FASB issued new guidance on restricted cash. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Accounting Developments- Adopted Accounting Standards Beginning January 1, 2017, we adopted the FASB's new guidance that simplifies and improves accounting for share-based payments. The amendments include the recognition of all excess tax benefits and tax deficiencies as income tax expense or benefit in the statement of operations and changes to the timing of recognition of excess tax benefits, the accounting for forfeitures and classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of this guidance did not have a significant impact on our consolidated financial statements. We elected to account for forfeitures as they occur.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangibles, Net As more fully discussed in the Annual Report on Form 10-K for the year ended December 31, 2014, intangible assets include above market leases and leases in place and intangible liabilities include below market leases which were recorded at fair value when we acquired substantially all of the real estate properties and operations of Leucadia National Corporation ("Leucadia"), the membership interests in Brooklyn Renaissance Plaza ("BRP Holding") and Brooklyn Renaissance Hotel LLC ("BRP Hotel") and cash in exchange for 7.5 million of our common shares (the "Acquisition") during 2014. A summary of intangible assets is as follows (in thousands): March 31, 2017 December 31, 2016 Amortization (in years) Above market lease contracts, net of accumulated amortization of $7,248 and $6,719 $ 3,626 $ 4,155 1 to 24 Lease in place value, net of accumulated amortization of $2,736 and $2,606 1,349 1,479 1 to 24 Intangible assets, net $ 4,975 $ 5,634 Below market lease contracts, net of accumulated amortization of $3,063 and $2,859 $ 2,525 $ 2,729 1 to 24 The amortization of above and below market lease contracts is recognized in Rental income. Above market lease values are amortized over the remaining terms of the underlying leases, and below market lease values are amortized over the initial terms plus the terms of any below market renewal options of the underlying leases. The lease in place intangible is reflected in Depreciation and amortization expenses and amortized over the life of the related lease. Amortization expense on intangible assets was $150,000 for each of the three months ended March 31, 2017 and 2016. The estimated future amortization expense for the lease in place intangible asset for each of the next five years is as follows: remainder of 2017 - $400,000 ; 2018 - $300,000 ; 2019 - $100,000 ; 2020 - $100,000 ; 2021 - $100,000 and thereafter - $400,000 .

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments Otay project: In April 2016, through a HomeFed subsidiary, we formed a limited liability company, HomeFed Village III Master, LLC (“Village III Master”), to own and develop an approximate 450 acre community planned for 948 homes in the Otay Ranch General Plan Area of Chula Vista, California. We entered into an operating agreement with three builders as members of Village III Master. We made an initial non-cash capital contribution of $20,000,000 which represents the fair market value of the land we contributed to Village III Master after considering proceeds of $30,000,000 we received from the builders at closing, which represents the value of their capital contributions. The historical book value of the land we contributed to Village III Master is $15,150,000 , which represents a basis difference of $4,850,000 . The basis difference will be amortized as additional income for us as future real estate sales occur. In January 2017, we recorded the final map that subdivided the approximately 450 acre parcel of land in the Otay Ranch General Plan Area of Chula Vista, California, which is now known as the community of Escaya. We formed three limited liability companies (each, a "Builder LLC") to own and develop 948 homes within Escaya and entered into individual operating agreements with each of the three builders as members of the Builder LLCs. Upon admittance of the three builders into their respective Builder LLCs, each of the three builders withdrew as members of Village III Master, which is now a wholly owned subsidiary of HomeFed Corporation. On January 5, 2017, we made an aggregate capital contribution valued at $33,200,000 to the three Builder LLCs, representing land and completed improvement value. In addition to the $30,000,000 contribution made by the builders, as mentioned above, and $2,250,000 of capitalizable land improvements made by the builders, the builders then made an additional cash contribution of $20,000,000 in January 2017 upon final map subdivision and entry into their respective Builder LLCs, which was used to fund infrastructure costs completed by us. Although each of the three Builder LLCs is considered a variable interest entity, we do not consolidate any of them since we are not deemed to be the primary beneficiary as we share joint control with each Builder LLC through a management committee and we lack authority over establishing home sales prices and accepting offers. However, since two of our executive officers are members of the four-member management committee at each Builder LLC, designated to consider major decisions for that Builder LLC, we account for them under the equity method of accounting as of March 31, 2017. Our share of the income earned from the sales of built homes in any of these three Builder LLCs will be recorded as income from equity method investments. Our maximum exposure to loss is limited to our equity commitment in each Builder LLC and any cost overruns as described below. We are responsible for the remaining cost of developing the community infrastructure, for which we have received credit to date as a capital contribution, with funding guaranteed by us under the respective operating agreements and for the marketing costs of the Escaya community. Under the Builder LLCs, credit for capital contributions related to our infrastructure improvements is limited to $ 78,600,000 , and we are responsible for any costs in excess of this limit to complete the community infrastructure. The builders are responsible for the remaining construction and the selling of the 948 homes with funding guaranteed by their respective parent entities. We are contractually obligated to obtain infrastructure improvement bonds on behalf of each Builder LLC. See Note 12 for more information. Summarized financial information for our interest in the three Builder LLCs (in thousands): Financial Statement Carrying Amounts VIE March 31, 2017 Assets Liabilities Assets Builder LLCs $ 17,191 $ — $ 78,668 Brooklyn Renaissance Plaza and Hotel: We own a 61.25% membership interest in BRP Holding. Although we have a majority interest, we concluded that we do not have control but only have the ability to exercise significant influence on this investment. As such, we account for BRP Holding under the equity method of accounting. We also own a 25.8% membership interest in BRP Hotel, which we account for BRP Hotel 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. Summarized financial information: At March 31, 2017 and December 31, 2016 , our equity method investments are comprised of the following (in thousands): March 31, December 31, 2017 2016 BRP Holding $ 77,612 $ 74,972 BRP Hotel 23,133 24,020 Village III Master — 28,387 Builder LLCs 17,191 — Total $ 117,936 $ 127,379 The decrease in investment from Village III Master to Builder LLCs relates to our right to receive reimbursement for infrastructure improvements completed by us from funds contributed to the Builder LLCs by the three builders and was distributed to us during the three months ended March 31, 2017. Income (losses) from equity method investments includes the following for the three months ended March 31, 2017 and 2016 (in thousands): 2017 2016 BRP Holding $ 2,640 $ (3 ) BRP Hotel (887 ) (1,061 ) Total $ 1,753 $ (1,064 )

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Lines of Credit: In April 2015, we entered into a $15,000,000 revolving line of credit agreement. Loans outstanding under this line of credit bear interest at monthly LIBOR plus 2.6% and are secured by the Rampage property. The draw period expires on January 1, 2021, and the loan matures on January 1, 2035. There is also a $3,000,000 operational line of credit available which is secured by the Rampage property’s crops and matures on January 1, 2018. As of April 27, 2017, no amounts have been drawn under either line of credit. Senior Notes: On June 30, 2015, we issued $125,000,000 principal amount of 6.5% Senior Notes due 2018 (the “Notes”) in a private placement. The Notes were issued at 99% of principal amount and bear interest at a rate of 6.5%, payable semi-annually in arrears on January 1 and July 1 of each year. The Notes are fully and unconditionally guaranteed by our wholly-owned domestic subsidiaries (the "Guarantors") and any of our future domestic wholly-owned subsidiaries, and mature on June 30, 2018. The Notes are senior unsecured obligations and the guarantees are the senior unsecured obligations of the Guarantors. The indenture governing the Notes contains covenants that, among other things, limit our and certain of our subsidiaries’ ability to incur, issue, assume or guarantee certain indebtedness subject to exceptions (including allowing us to borrow up to $15,000,000 under our Rampage Vineyard revolving facility and another $35,000,000 of indebtedness collateralized by our other assets), issue shares of disqualified or preferred stock, pay dividends on equity, buyback our common shares or consummate certain asset sales or affiliate transactions. Additionally, certain customary events of default may result in an acceleration of the maturity of the Notes. At March 31, 2017 , we are in compliance with all debt covenants. On January 27, 2017, we entered into a supplemental indenture (the “Supplemental Indenture”) to the indenture dated as of June 30, 2015 (as supplemented from time to time, the “Indenture”) among the Company, certain guarantors party thereto and Wilmington Trust, National Association as trustee (the “Trustee”) pursuant to which the Company had issued its Notes. The Supplemental Indenture amends and waives certain provisions in the Indenture to, among other things, permit certain financing transactions in connection with the Immigrant Investor Program administered by the U.S. Citizenship and Immigration Service pursuant to the Immigration and Nationality Act ("EB-5 Program") (the “Financing Transactions”) for the project involving infrastructure improvements at Otay Ranch Village 3 North subject to certain restrictions and limitations set forth in the Supplemental Indenture. Such amendments and waivers include amendments to certain negative covenants to permit the incurrence of indebtedness pursuant to the Financing Transactions and subject to certain restrictions in the Supplemental Indenture and to release guarantees by certain specified subsidiaries that are not Significant Subsidiaries (as defined in the Indenture). Holders of a majority in aggregate principal amount of the outstanding Notes consented to the amendments and waivers set forth in the Supplemental Indenture. The Supplemental Indenture became effective upon execution. The Notes are currently redeemable at our option, in whole or in part, at any time, at a redemption price equal to 100% of the principal amount outstanding and any accrued and unpaid interest. Upon the occurrence of a Change of Control (as defined in the indenture), we must make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount outstanding plus any accrued and unpaid interest. In addition, we are required to use the net proceeds of certain asset sales to offer to purchase the Notes at a price equal to 100% of the aggregate principal amount outstanding plus accrued and unpaid interest as of the date fixed for the closing of such asset sale offer. Accordingly, we have made the following repurchases: Date of Repurchase Principal Repurchased Approximate Interest Payment Associated with Repurchase December 15, 2016 $4,162,000 $120,000 November 15, 2016 $9,176,000 $220,000 September 27, 2016 $625,000 $10,000 January 28, 2016 $618,000 $3,000 October 20, 2015 $7,274,000 $146,000 After considering the repurchases, the remaining principal due under the Notes is $ 103,150,000 as of March 31, 2017. Real estate held for development includes capitalized interest, including amortization of issuance costs and debt discount, of $1,950,000 and $ 2,200,000 for the three months ended March 31, 2017 and 2016, respectively. The Notes are presented on the Balance Sheet net of issuance costs of $350,000 and $ 550,000 and debt discount of $400,000 and $ 500,000 at March 31, 2017 and December 31, 2016 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As of December 31, 2016, we have an unrecognized tax benefit of approximately $4,300,000 which is reflected in Other liabilities resulting from a tax matter related to the Acquisition. During the three months ended March 31, 2017 , we increased the unrecognized tax benefit by approximately $400,000 related to this tax matter. The statute of limitations with respect to the Company’s federal income tax returns has expired for all years through 2012, and with respect to California state income tax returns through 2011. We are currently under examination by the Internal Revenue Service for the tax year ended 2014 and the state of California for the years ended 2014 to 2015. We do not expect that resolution of these examinations will have a significant effect on our consolidated financial position, but could have a significant impact on the consolidated results of operations for the period in which resolution occurs.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	Earnings (loss) Per Common Share Basic and diluted earnings (loss) per share amounts were calculated by dividing net income (loss) by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings (loss) per share for the three months ended March 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Numerator – net income (loss) attributable to HomeFed Corporation common shareholders $ 226 $ (1,458 ) Denominator for basic earnings (loss) per share– weighted average shares 15,448 15,411 Stock options 5 — Denominator for diluted earnings (loss) per share– weighted average shares 15,453 15,411 If the effect of stock options were not antidilutive due to our loss, weighted average shares outstanding would have increased by 16,000 for the three months ended March 31, 2016 .

Fair Value Information

Fair Value Information	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Information	Fair Value Information The carrying amounts and estimated fair values of our principal financial instruments that are not recognized on a recurring basis are as follows (in thousands): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Long-term debt (a) $ 102,355 $ 103,377 $ 102,084 $ 103,274 (a) The fair value of the long-term debt was determined by utilizing available market data inputs that are considered level 2 inputs. Quoted prices are available but trading is infrequent. We utilized the available market data based on the quoted market prices to determine an average fair market value over the last 10 business days of the reporting period. 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On March 23, 2017, Ian M. Cumming resigned from the Board of Directors. To fill the vacancy, the Board of Directors elected Jimmy Hallac, who is a Managing Director for Leucadia, on March 28, 2017. Leucadia executives now hold three of the seven board of director positions. 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 and a director of Leucadia. Prior to Mr. Cumming's resignation, he sold 783,889 of our shares for $31,300,000 to Leucadia in a privately negotiated transaction during March 2017. Mr. Cumming was considered to be a “Related Person” under our related person transactions policy (the “Policy”) at the time of the sale. Accordingly, pursuant to and in accordance with the Policy and taking into account all relevant facts and circumstances, the independent Audit Committee of the Board (the “Audit Committee”) considered the transaction and recommended to the Board the approval of the sales transaction, which was unanimously approved by the Board (with Mr. Cumming abstaining from the vote). In 2015, Mr. Steinberg, the chairman of our Board of Directors, and Mr. Cumming, who then was one of our directors, each entered into a Purchase Agreement with us and the Guarantors, pursuant to which they each purchased Notes with a value of $5 million , or four percent ( 4% ), of the principal amount of the Notes issued (such purchases, the “Affiliate Note Purchases”). Mr. Steinberg is and Mr. Cumming was considered to be a “Related Person” under our Policy at the time of the Affiliate Note Purchases. Accordingly, pursuant to and in accordance with the Policy and taking into account all relevant facts and circumstances, the independent Audit Committee of the Board (the “Audit Committee”) considered the Affiliate Note Purchases and approved, and recommended to the Board the approval of, the Affiliate Note Purchases, which were unanimously approved by the Board (with Messrs. Steinberg and Cumming abstaining from the vote). Pursuant to a Placement Agency Agreement, Jefferies acted as Placement Agent for the Notes. Jefferies is a wholly-owned subsidiary of Jefferies Group LLC, a wholly owned subsidiary of Leucadia. Leucadia is our affiliate and a “Related Person” under the Policy. Accordingly, pursuant to and in accordance with the Policy, the Audit Committee considered the Placement Agency Agreement and approved, and recommended to the Board the approval of, the Placement Agency Agreement, which was unanimously approved by the Board (with Mr. Friedman, Chairman of the Executive Committee of Jefferies Group LLC and Mr. Steinberg, abstaining from the vote). Pursuant to the Placement Agency Agreement, Jefferies received a fee equal to 50 basis points from the gross proceeds of the offering, received a fee equal to 50 basis points of the outstanding balance of the Notes on the first anniversary of the Issue Date and will receive a fee equal to 50 basis points of the outstanding balance on the second anniversary of the Issue Date provided that Notes are outstanding at such date. Additionally, we and each of the Guarantors has agreed to indemnify Jefferies against certain liabilities, including liabilities under the Securities Act, and to reimburse Jefferies all reasonable out-of-pocket expenses incurred in connection with any action or claim for which indemnification has or is reasonably likely to be sought by Jefferies. Builder LLCs: Two of our executive officers are members of the four -member management committee at each Builder LLC and are designated to consider major decisions for each of the three Builder LLCs. Each Builder LLC appointed two members to the management committee, which is controlled jointly by us and the respective builder. HomeFed is contractually obligated to obtain infrastructure improvement bonds on behalf of the Builder LLCs. See Note 12 for more information. HomeFed may also be responsible for the funding of the real estate improvement costs for the infrastructure of the development if our subsidiary that invested in each Builder LLC fails to do so. Brooklyn Renaissance Plaza: As more fully discussed in the 2016 10-K, BRP Leasing holds a master lease at BRP Holding and subleases the office space to multiple tenants. 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, 2017 (in thousands): Remainder of 2017 $ 5,671 2018 6,301 $ 11,972 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, 2017 and 2016 . 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, 2017 and 2016 . Leucadia is contractually obligated to obtain infrastructure improvement bonds on behalf of the San Elijo Hills project. See Note 12 for more information.

Interest And Other Income

Interest And Other Income	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Interest And Other Income	Interest and Other Income Interest and other income include interest income of $10,000 and $300,000 for the three months ended March 31, 2017 and 2016 , respectively. For the three months ended March 31, 2016, interest and other income includes a $1,000,000 recovery in January 2016 from the judgment against certain defendants in the Flat Rock litigation. See Note 12 for more information on this legal matter.

Real Estate Sales Activity

Real Estate Sales Activity	3 Months Ended
	Mar. 31, 2017
Real Estate Sales Activity [Abstract]
Real Estate Sales Activity	Real Estate Sales Activity San Elijo Hills project: The 48,800 square feet of commercial space in phase one and two of the Towncenter and the 12 multi-family units in phase two were sold during the first quarter of 2017 to a local developer for a cash payment of $5,800,000 . The third phase of the Towncenter is a 2.5 acre parcel of land, formerly designated as a church site. The third phase of the Towncenter is under contract with a local developer for a cash payment of $600,000 plus $100,000 per multi-family unit that the buyer is able to entitle, currently anticipated to be 12 multi-family units. Closing of the third phase of the Towncenter is subject to entitlement approvals by the City of San Marcos and closing is expected to occur in the second half of 2017. There were no sales at the San Elijo Hills project during the three month period ended March 31, 2016 . During June 2015, we entered into an agreement with a local San Diego based luxury homebuilder to construct and sell on our behalf, for a fee, up to 58 homes at the San Elijo Hills project. We received a $500,000 deposit during the third quarter of 2015 which is reflected in Other liabilities. This deposit is a builder performance deposit that will be fully refundable to the builder after the builder performs all of its requirements under the agreement. As of April 27, 2017, we have entered into agreements to sell thirteen single family homes at the San Elijo Hills project under this agreement for aggregate cash proceeds of $ 18,350,000 . Home closings are anticipated to begin during the second quarter of 2017. Ashville Park project: There were no sales at the Ashville Park project during the three months ended March 31, 2017 and 2016 . The entitlement effort to re-plan Villages C, D and E is currently impacted by a delay within the City of Virginia Beach. In 2014 and 2016, severe storm events caused regional flooding, and large portions of the City’s storm water management system did not perform as expected. In 2016, the City hired outside civil engineers to study the system and provide possible solutions. The study is now complete and reveals that significant improvements to the storm water management system within the City are needed. The impact of the study and related City storm water management system issues on the timing of our future development is uncertain. The Market Common: For the three months ended March 31, 2017 and 2016 , we closed on sales of real estate at The Market Common as follows: 2017 2016 Number of units sold Cash Proceeds Number of units sold Cash Proceeds Single family lots 16 $ 710,000 11 $ 550,000 Multi-family lots — — 5 150,000 Profit sharing agreements N/A 350,000 N/A 300,000 As of April 27, 2017, we have entered into an agreement to sell 46 single family lots for $2,300,000 and 78 multi-family lots for $1,250,000 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. SweetBay project: We sold 19 single family homes for $6,350,000 during the first quarter of 2017. Cost of sales of real estate was $6,200,000 for the first quarter of 2017. There were no sales at the SweetBay project during the three month period ended March 31, 2016 . During May 2015, we signed an agreement with a local builder to construct and sell on our behalf, for a fee, up to 127 homes at the SweetBay project. As of April 27, 2017, we have entered into agreements to sell 38 single family homes at the SweetBay project under this agreement for aggregate cash proceeds of $12,500,000 which are expected to close in 2017.

Real Estate Acquisitions

Real Estate Acquisitions	3 Months Ended
	Mar. 31, 2017
Real Estate Acquisitions [Abstract]
Real Estate Acquisitions	Real Estate Acquisitions During August 2015, we agreed to purchase 67 acres of land for $5,000,000 located adjacent to our Ashville Park project with the intention to entitle an additional 67 single family lots into the project. We placed a $200,000 refundable deposit and submitted the plans to the City of Virginia Beach. The purchase is contingent upon approval of the 67 lot entitlement into our project by the City of Virginia Beach within 180 days from the effective date of the agreement for which the deadline has been extended to June 30, 2017. If approved, the remaining purchase price will be due on the earlier of (i) the first lot closing of the additional 67 lots added to the entitlements or (ii) December 31, 2018. In 2016, Pacific Gas & Electric ("PG&E"), an affiliate of the lessor of the Pacho Property in which we have a leasehold interest, began the process of decommissioning its Diablo Canyon Power Plant, which could take an undetermined period of time. The lessor has recently stated that it will not make any commitments on land disposition of certain lands, including the Pacho Property, until PG&E’s recommendations for decommissioning the Diablo Canyon Power Plant have been considered by the California Public Utility Commission as part of PG&E’s decommissioning plan. We are cooperating with PG&E during their public review process regarding disposition of the lands and are continuing to pursue fee title to the Pacho Property, which we acquired in the Acquisition and which is currently held for development as a leasehold interest with a book value of $17,900,000 as of March 31, 2017. If we are unable to obtain fee title to the property in a reasonable period of time, we may not develop the property and an impairment of the asset may be taken.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingencies BRP Leasing holds a master lease at BRP Holding and subleases the office space to multiple tenants. See Note 8 for information concerning BRP Leasing’s minimum annual rental expense. In April 2016, the school at the SweetBay project refinanced its $5,500,000 loan for which we had pledged 42 acres of land as collateral. The school increased the total loan to $8,100,000 . Additionally, we dedicated the school site land and building to the school and terminated their below market lease. We were also released from our 42 acres of land pledged as collateral. We retained a repurchase right in the event the school defaults on their loan. The loan is now only collateralized by the school cash flow and the real estate now owned by the school. For real estate development projects, we are generally required to obtain infrastructure improvement bonds at the beginning of construction work and warranty bonds upon completion of such improvements. These bonds are issued by surety companies to guarantee satisfactory completion of a project and provide funds primarily to a municipality in the event we are unable or unwilling to complete certain infrastructure improvements. As we develop the planned area and the municipality accepts the improvements, the bonds are released. Should the respective municipality or others draw on the bonds for any reason, certain of our subsidiaries would be obligated to pay. Specifically for the San Elijo Hills project, Leucadia is contractually obligated to obtain these bonds on behalf of the project pursuant to the terms of agreements entered into when the project was acquired by us. We are responsible for paying all third party fees related to obtaining the bonds. As of March 31, 2017 , the amount of outstanding bonds for each project is as follows: Amount of outstanding bonds Otay Land project $49,150,000 San Elijo Hills project 2,150,000 Ashville Park project 800,000 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 $1,250,000 . We placed $1,250,000 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, 2017 , $1,600,000 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, 2017 was approximately $18,000,000 , which includes approximately $6,000,000 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. 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 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 accordingly accrued $350,000 during the first quarter of 2016 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. In August 2015, the court denied the defendants’ request for recovery of attorney fees. The defendants have appealed the ruling. 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. We can give no assurances as to the ultimate outcome of this matter or that our appeal will be successful. During the course of the Otay and Flat Rock litigation, we settled with one of the peripheral defendants which settlement included a cash payment of $400,000 and an assignment of the settling defendant’s then pending lawsuit in California Superior Court for the County of Orange against several other co-defendants for the costs of the settling defendant’s defense fees and costs and indemnification for settlement monies paid in connection with the environmental cost recovery action. Otay and Flat Rock proceeded to prosecute that assigned action and obtained a judgment against some of the defendants in an amount in excess of $4,000,000 . In January 2016, we collected $1,000,000 of this judgment to settle the matter. However, other defendants prevailed on a defense resulting in a judgment against Otay and Flat Rock subjecting them to payment of the prevailing defendants’ litigation costs and attorneys’ fees. As a result, we paid $200,000 during the third quarter of 2015.

Restricted Stock Units

Restricted Stock Units	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Stock Units	Restricted Stock Units On August 13, 2014, the Board of Directors adopted the RSU Opportunity Plan (the “RSU Plan”). An aggregate of 100,000 shares of Common Stock was authorized for issuance under the RSU Plan to our executive officers (the “Participants”). Participants were eligible for restricted stock unit (“RSU”) awards based on satisfaction of performance criteria established by the Board of Directors in 2014. The performance period under the RSU Plan ended on December 31, 2016. The Board of Directors evaluated the Participants' performance against the performance criteria and determined to award an aggregate of 75,000 RSUs to the Participants on March 15, 2017. Fifty percent of the RSU award will vest on December 31, 2017, and the remaining fifty percent of the RSU award will vest on December 31, 2018, provided that the executive officer has been continuously employed by the Company through the applicable vesting date. The RSU grant consists of two settlement features: (i) 45,000 RSUs will be settled with shares of common stock within 30 days of each vesting date. This component is classified as an equity award for accounting purposes. The closing price on March 15, 2017 of $44.20 was used to value this component of the award. Stock compensation expense for this component of the award was $50,000 for the three months ended March 31, 2017 and (ii) 30,000 RSUs will be settled in cash based on the average closing price over a period of ten trading days immediately preceding the date of declaration which must occur within thirty days of the respective vesting date. This component is classified as a liability award for accounting purposes, which requires us to measure the fair value of the award at the end of each reporting period. Using a fair value approach, stock compensation expense for this component of the award was $30,000 for the three months ended March 31, 2017.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	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, BRP Hotel and the Builder LLCs in the Otay Land project. 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, 2017 and 2016 is presented in the following table. 2017 2016 (in thousands) Revenues: Real estate $ 20,989 $ 7,887 Farming — — Corporate 3 3 Total consolidated revenues $ 20,992 $ 7,890 Income (loss) from continuing operations before income taxes and noncontrolling interest: Real estate $ 4,140 $ 763 Farming (1,052 ) (1,227 ) Corporate (2,595 ) (2,107 ) Total consolidated income (loss) from continuing operations before income taxes and noncontrolling interest $ 493 $ (2,571 ) Depreciation and amortization expenses: Real estate $ 851 $ 952 Farming 72 54 Corporate 14 11 Total consolidated depreciation and amortization expenses $ 937 $ 1,017 Identifiable assets employed: March 31, 2017 December 31, 2016 Real estate $ 524,420 $ 516,260 Farming 12,476 13,468 Corporate 48,674 52,604 Total consolidated assets $ 585,570 $ 582,332 Farming revenues are generally recognized during the second half of the year when the crop is harvested and sold.

Accounting Developments (Polici

Accounting Developments (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Developments [Abstract]
Accounting Developments	Accounting Developments- Accounting Standards to be Adopted in Future Periods In May 2014, the Financial Accounting Standards Board (“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 is effective for interim and annual periods beginning after December 15, 2017. We intend to adopt the new guidance with a cumulative-effect adjustment to opening retained earnings. We do not expect this guidance will have any impact on our farming revenues, and our evaluation of the impact this new guidance will have on our revenue sources in our consolidated financial statements is ongoing. In January 2016, the FASB issued new guidance that affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact of the new guidance related to equity investments and the presentation and disclosure requirements of financial instruments on our consolidated financial statements. In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. The FASB requires the recognition of lease assets and lease liabilities on the statement of financial condition. The guidance is effective for annual and interim periods beginning after December 15, 2018. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. In August 2016, the FASB issued new guidance to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2017. In November 2016, the FASB issued new guidance on restricted cash. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Accounting Developments- Adopted Accounting Standards Beginning January 1, 2017, we adopted the FASB's new guidance that simplifies and improves accounting for share-based payments. The amendments include the recognition of all excess tax benefits and tax deficiencies as income tax expense or benefit in the statement of operations and changes to the timing of recognition of excess tax benefits, the accounting for forfeitures and classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of this guidance did not have a significant impact on our consolidated financial statements. We elected to account for forfeitures as they occur.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	A summary of intangible assets is as follows (in thousands): March 31, 2017 December 31, 2016 Amortization (in years) Above market lease contracts, net of accumulated amortization of $7,248 and $6,719 $ 3,626 $ 4,155 1 to 24 Lease in place value, net of accumulated amortization of $2,736 and $2,606 1,349 1,479 1 to 24 Intangible assets, net $ 4,975 $ 5,634 Below market lease contracts, net of accumulated amortization of $3,063 and $2,859 $ 2,525 $ 2,729 1 to 24

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Summarized financial information for our interest in the three Builder LLCs (in thousands): Financial Statement Carrying Amounts VIE March 31, 2017 Assets Liabilities Assets Builder LLCs $ 17,191 $ — $ 78,668 At March 31, 2017 and December 31, 2016 , our equity method investments are comprised of the following (in thousands): March 31, December 31, 2017 2016 BRP Holding $ 77,612 $ 74,972 BRP Hotel 23,133 24,020 Village III Master — 28,387 Builder LLCs 17,191 — Total $ 117,936 $ 127,379
Schedule of Income (Loss) Related to Equity Investment	Income (losses) from equity method investments includes the following for the three months ended March 31, 2017 and 2016 (in thousands): 2017 2016 BRP Holding $ 2,640 $ (3 ) BRP Hotel (887 ) (1,061 ) Total $ 1,753 $ (1,064 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt Repurchases	Accordingly, we have made the following repurchases: Date of Repurchase Principal Repurchased Approximate Interest Payment Associated with Repurchase December 15, 2016 $4,162,000 $120,000 November 15, 2016 $9,176,000 $220,000 September 27, 2016 $625,000 $10,000 January 28, 2016 $618,000 $3,000 October 20, 2015 $7,274,000 $146,000

Earnings (Loss) Per Common Sh26

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of calculation of numerator and denominator for loss per common share	The numerators and denominators used to calculate basic and diluted earnings (loss) per share for the three months ended March 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Numerator – net income (loss) attributable to HomeFed Corporation common shareholders $ 226 $ (1,458 ) Denominator for basic earnings (loss) per share– weighted average shares 15,448 15,411 Stock options 5 — Denominator for diluted earnings (loss) per share– weighted average shares 15,453 15,411

Fair Value Information (Tables)

Fair Value Information (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of carrying amounts and estimated fair values	The carrying amounts and estimated fair values of our principal financial instruments that are not recognized on a recurring basis are as follows (in thousands): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Long-term debt (a) $ 102,355 $ 103,377 $ 102,084 $ 103,274 (a) The fair value of the long-term debt was determined by utilizing available market data inputs that are considered level 2 inputs. Quoted prices are available but trading is infrequent. We utilized the available market data based on the quoted market prices to determine an average fair market value over the last 10 business days of the reporting period.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of future minimum annual rental expense	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, 2017 (in thousands): Remainder of 2017 $ 5,671 2018 6,301 $ 11,972

Real Estate Sales Activity (Tab

Real Estate Sales Activity (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate Sales Activity [Abstract]
Schedule of real estate sales activity	For the three months ended March 31, 2017 and 2016 , we closed on sales of real estate at The Market Common as follows: 2017 2016 Number of units sold Cash Proceeds Number of units sold Cash Proceeds Single family lots 16 $ 710,000 11 $ 550,000 Multi-family lots — — 5 150,000 Profit sharing agreements N/A 350,000 N/A 300,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of outstanding bonds	As of March 31, 2017 , the amount of outstanding bonds for each project is as follows: Amount of outstanding bonds Otay Land project $49,150,000 San Elijo Hills project 2,150,000 Ashville Park project 800,000

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting	Certain information concerning our segments for the three months ended March 31, 2017 and 2016 is presented in the following table. 2017 2016 (in thousands) Revenues: Real estate $ 20,989 $ 7,887 Farming — — Corporate 3 3 Total consolidated revenues $ 20,992 $ 7,890 Income (loss) from continuing operations before income taxes and noncontrolling interest: Real estate $ 4,140 $ 763 Farming (1,052 ) (1,227 ) Corporate (2,595 ) (2,107 ) Total consolidated income (loss) from continuing operations before income taxes and noncontrolling interest $ 493 $ (2,571 ) Depreciation and amortization expenses: Real estate $ 851 $ 952 Farming 72 54 Corporate 14 11 Total consolidated depreciation and amortization expenses $ 937 $ 1,017 Identifiable assets employed: March 31, 2017 December 31, 2016 Real estate $ 524,420 $ 516,260 Farming 12,476 13,468 Corporate 48,674 52,604 Total consolidated assets $ 585,570 $ 582,332

Accounting Developments - Narra

Accounting Developments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Comprehensive income (loss)	$ 0	$ 0

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 4,975	$ 5,634
Below market lease contracts	2,525	2,729
Below market lease contracts, accumulated amortization	$ 3,063	2,859
Minimum
Finite-Lived Intangible Assets [Line Items]
Below market lease contracts, amortization of useful life	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Below market lease contracts, amortization of useful life	24 years
Above Market Lease Contracts
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 3,626	4,155
Intangible assets, accumulated amortization	$ 7,248	6,719
Above Market Lease Contracts | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, amortization of useful life	1 year
Above Market Lease Contracts | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, amortization of useful life	24 years
Leases In Place Value
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,349	1,479
Intangible assets, accumulated amortization	$ 2,736	$ 2,606
Leases In Place Value | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, amortization of useful life	1 year
Leases In Place Value | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, amortization of useful life	24 years

Intangible Assets (Narrative) (

Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Stock issued during period related to an acquisitions (in shares)			7.5
Amortization expense	$ 150	$ 150
Future amortization expense, intangible assets, remainder of 2017	400
Future amortization expense, intangible assets, 2018	300
Future amortization expense, intangible assets, 2019	100
Future amortization expense, intangible assets, 2020	100
Future amortization expense, intangible assets, 2021	100
Future amortization expense, intangible assets, thereafter	$ 400

Equity Method Investments (Narr

Equity Method Investments (Narrative) (Details)	1 Months Ended
	Jan. 31, 2017USD ($)abuilderhome	Apr. 30, 2016USD ($)abuilderhome	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Payments to acquire and develop real estate	$ 33,200,000
BRP Holding
Schedule of Equity Method Investments [Line Items]
Ownership percentage			61.25%
BRP Hotel
Schedule of Equity Method Investments [Line Items]
Ownership percentage			25.80%
Otay Ranch
Schedule of Equity Method Investments [Line Items]
Area of land (in acres) | a	450	450
Number of planned homes (in homes) | home	948	948
Number of builders | builder	3	3
Market value of land contributed as an investment in lieu of cash		$ 20,000,000
Proceeds from sale of real estate		30,000,000
Land		15,150,000
Land, difference in basis		$ 4,850,000
Credit for capital contributions	$ 78,600,000
Land improvements	$ 2,250,000
Village III Master
Schedule of Equity Method Investments [Line Items]
Number of builders | builder	3
Builder LLCs | Otay Ranch
Schedule of Equity Method Investments [Line Items]
Payments to acquire and develop real estate	$ 20,000,000

Equity Method Investments (Sche

Equity Method Investments (Schedule of Equity Method Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 117,936	$ 127,379
Builder LLCs
Schedule of Equity Method Investments [Line Items]
Assets	17,191
Liabilities	0
VIE, Assets	78,668
Equity method investments	17,191	0
BRP Holding
Schedule of Equity Method Investments [Line Items]
Equity method investments	77,612	74,972
BRP Hotel
Schedule of Equity Method Investments [Line Items]
Equity method investments	23,133	24,020
Village III Master
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 0	$ 28,387

Equity Method Investments (Sc37

Equity Method Investments (Schedule of Income (Loss) Related to Equity Investment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Income (losses) from equity method investments	$ 1,753	$ (1,064)
BRP Holding
Schedule of Equity Method Investments [Line Items]
Income (losses) from equity method investments	2,640	(3)
BRP Hotel
Schedule of Equity Method Investments [Line Items]
Income (losses) from equity method investments	$ (887)	$ (1,061)

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Jun. 29, 2015	Apr. 30, 2015	Jun. 30, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Long-term notes payable				$ 103,150,000
Capitalized interest on real estate held for development				1,950,000		$ 2,200,000
Debt issuance costs				350,000	$ 550,000
Debt discount				$ 400,000	$ 500,000
Secured Debt
Debt Instrument [Line Items]
Amount allowed to borrow under debt covenants							$ 35,000,000
6.5 % Senior Notes due 2018
Debt Instrument [Line Items]
Amount allowed to borrow under debt covenants	$ 125,000,000
Interest rate	6.50%
Redemption price percentage	99.00%		100.00%
Redemption price percentage after change of control			101.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility		$ 15,000,000					$ 15,000,000
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Spread on variable rate		2.60%
Operational Line of Credit
Debt Instrument [Line Items]
Credit facility		$ 3,000,000

Debt Schedule of Debt Repurchas

Debt Schedule of Debt Repurchases (Details) - USD ($) $ in Thousands	Dec. 15, 2016	Nov. 15, 2016	Sep. 27, 2016	Jan. 28, 2016	Oct. 20, 2015	Mar. 31, 2017	Mar. 31, 2016
Debt Disclosure [Abstract]
Principal Repurchased	$ 4,162	$ 9,176	$ 625	$ 618	$ 7,274	$ 0	$ 618
Approximate Interest Payment Associated with Repurchase	$ 120	$ 220	$ 10	$ 3	$ 146

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Unrecognized tax benefits		$ 4.3
Increase in unrecognized tax benefits	$ 0.4

Earnings (Loss) Per Common Sh41

Earnings (Loss) Per Common Share (Schedule of Calculation of Numerator and Denominator For Loss Per Common Share) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Numerator – net income (loss) attributable to HomeFed Corporation common shareholders	$ 226	$ (1,458)
Denominator for diluted loss per share– weighted average shares (in shares)	15,448	15,411
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	5	0
Denominator for basic loss per share– weighted average shares (in shares)	15,453	15,411

Earnings (Loss) Per Common Sh42

Earnings (Loss) Per Common Share (Narrative) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2016shares
Earnings Per Share [Abstract]
Antidilutive outstanding options excluded from the computation of earnings per share (in shares)	16

Fair Value Information (Details

Fair Value Information (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[1]	$ 102,355	$ 102,084
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[1]	$ 103,377	$ 103,274
[1]	(a) The fair value of the long-term debt was determined by utilizing available market data inputs that are considered level 2 inputs. Quoted prices are available but trading is infrequent. We utilized the available market data based on the quoted market prices to determine an average fair market value over the last 10 business days of the reporting period.

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)employeedirectorsshares	Mar. 31, 2017USD ($)employeedirectors	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Number of board of directors | directors	7	7
Administrative services fee expenses		$ 45,000	$ 45,000
Rental income		$ 5,932,000	5,883,000
Director
Related Party Transaction [Line Items]
Value of note outstanding purchased by related party				$ 5,000,000
Percentage of note outstanding purchased by related party				4.00%
Jefferies | 6.5 % Senior Notes due 2018
Related Party Transaction [Line Items]
Fee amount as percentage		0.50%
Fee amount as percentage on first and second anniversary		0.50%
Builder LLCs
Related Party Transaction [Line Items]
Members of management committee | employee	4	4
Employee | Builder LLCs
Related Party Transaction [Line Items]
Members of management committee | employee	2	2
Leucadia
Related Party Transaction [Line Items]
Number of board of directors | directors	3	3
Expiration of sublease to Leucadia		Oct. 1, 2018
Rental income		$ 3,000	$ 3,000
Leucadia | Board of Directors Chairman
Related Party Transaction [Line Items]
Sale of stock, number of shares sold (in shares) | shares	783,889
Sale of stock, consideration received	$ 31,300,000

Related Party Transactions (Sch

Related Party Transactions (Schedule Of Future Minimum Annual Rental Expense) (Details) - BRP Holding $ in Thousands	Mar. 31, 2017USD ($)
Related Party Transaction [Line Items]
Remainder of 2017	$ 5,671
2,018	6,301
Total	$ 11,972

Interest and Other Income (Deta

Interest and Other Income (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Real Estate Properties [Line Items]
Interest income		$ 10,000	$ 300,000
Otay Ranch And Flat Rock
Real Estate Properties [Line Items]
Recovery of judgment, amount	$ 1,000,000		$ 1,000,000

Real Estate Sales Activity (Nar

Real Estate Sales Activity (Narrative) (Details)	Apr. 30, 2017USD ($)home	Apr. 27, 2017USD ($)propertyhome	Jun. 30, 2015property	May 31, 2015property	Mar. 31, 2017USD ($)aft²propertyhome	Mar. 31, 2016USD ($)property	Sep. 30, 2015USD ($)	Aug. 31, 2015a
Real Estate Properties [Line Items]
Cost of sales of real estate					$ 12,502,000	$ 965,000
Towncenter - Phase 1 & 2
Real Estate Properties [Line Items]
Area of real estate property (in acres) | ft²					48,800
Cash proceeds					$ 5,800,000
Towncenter - Phase 1 & 2 | Multi-family lots
Real Estate Properties [Line Items]
Number of units in real estate property (in properties) | home					12
Towncenter - Phase 3
Real Estate Properties [Line Items]
Cash proceeds					$ 600,000
Area of land (in acres) | a					2.5
Towncenter - Phase 3 | Multi-family lots
Real Estate Properties [Line Items]
Number of units in real estate property (in properties) | home					12
Sales of real estate					$ 100,000
San Elijo Hills project
Real Estate Properties [Line Items]
Cash proceeds						0
Number of real estate properties contracted to construct and sell (in properties) | property			58
Refundable deposit payment received							$ 500,000
Ashville Park project
Real Estate Properties [Line Items]
Area of real estate property (in acres) | a								67
Cash proceeds					$ 0	$ 0
The Market Common | Single family lots
Real Estate Properties [Line Items]
Number of units in real estate property (in properties) | property					16	11
The Market Common | Multi-family lots
Real Estate Properties [Line Items]
Number of units in real estate property (in properties) | property					0	5
SweetBay Project
Real Estate Properties [Line Items]
Cash proceeds					$ 6,350,000	$ 0
Number of real estate properties contracted to construct and sell (in properties) | property				127
Cost of sales of real estate					$ 6,200,000
SweetBay Project | Single family lots
Real Estate Properties [Line Items]
Number of units in real estate property (in properties) | home					19
Subsequent Event | San Elijo Hills project
Real Estate Properties [Line Items]
Cash proceeds	$ 18,350,000
Number of real estate properties contracted to sell | home	13
Subsequent Event | The Market Common | Homebuilder
Real Estate Properties [Line Items]
Non-refundable option payment received		$ 25,000
Subsequent Event | The Market Common | Homebuilder | Single family lots
Real Estate Properties [Line Items]
Number of real estate lots agreed to sell (in properties) | property		46
Sales price of real estate lots contracted to sell		$ 2,300,000
Subsequent Event | The Market Common | Homebuilder | Multi-family lots
Real Estate Properties [Line Items]
Number of real estate lots agreed to sell (in properties) | property		78
Sales price of real estate lots contracted to sell		$ 1,250,000
Scenario, Forecast | SweetBay Project
Real Estate Properties [Line Items]
Cash proceeds		$ 12,500,000
Scenario, Forecast | SweetBay Project | Single family lots
Real Estate Properties [Line Items]
Number of real estate lots agreed to sell (in properties) | home		38

Real Estate Sales Activity (Sch

Real Estate Sales Activity (Schedule Of Real Estate Sales Activity) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)property
Real Estate Properties [Line Items]
Sales of real estate	$ 14,950	$ 1,893
Single family lots | The Market Common
Real Estate Properties [Line Items]
Number of units in real estate property (in properties) | property	16	11
Sales of real estate	$ 710	$ 550
Multi-family lots | The Market Common
Real Estate Properties [Line Items]
Number of units in real estate property (in properties) | property	0	5
Sales of real estate	$ 0	$ 150
Profit sharing agreements | The Market Common
Real Estate Properties [Line Items]
Sales of real estate	$ 350	$ 300

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details)	1 Months Ended
	Aug. 31, 2015USD ($)aproperty	Mar. 31, 2017USD ($)
Ashville Park project
Real Estate Properties [Line Items]
Area of real estate property (in acres) | a	67
Cash used for the purchase of real estate	$ 5,000,000
Number of real estate lots (in properties) | property	67
Refundable deposit on real estate	$ 200,000
Pacho
Real Estate Properties [Line Items]
Land held for development		$ 17,900,000

Commitments and Contingencies50

Commitments and Contingencies (Narrative) (Details)	1 Months Ended		3 Months Ended		12 Months Ended
	Apr. 30, 2016USD ($)a	Jan. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2013a	Dec. 31, 2016USD ($)	Apr. 29, 2016USD ($)	Sep. 30, 2015USD ($)
Business Acquisition [Line Items]
Restricted cash			$ 2,860,000				$ 2,672,000
Otay Ranch And Flat Rock
Business Acquisition [Line Items]
Recovery sought on purchase agreement					$ 4,000,000
Settlement amount					$ 400,000
Recovery of judgment, amount		$ 1,000,000		$ 1,000,000
Cash paid to settle a lawsuit									$ 200,000
The Market Common
Business Acquisition [Line Items]
Letter of credit			1,250,000
Restricted cash			1,250,000
BRP Leasing
Business Acquisition [Line Items]
Escrow deposits related to leasing activities			1,600,000
Amount of indemnification			18,000,000
Amount of indemnification in projected operating expenses and taxes			6,000,000
BRP Leasing | Minimum
Business Acquisition [Line Items]
Restricted cash			$ 500,000
Flat Rock
Business Acquisition [Line Items]
Area of land related to environmental remediation (in acres) | a						30
Amount of legal costs to be reimbursed by us to the defendants				350,000
Recovery sought on purchase agreement				$ 13,500,000
SweetBay Project
Business Acquisition [Line Items]
Loan outstanding of school	$ 8,100,000							$ 5,500,000
Area of land, pledged as collateral (in acres) | a	42
Area of land, released from collateral (in acres) | a	42

Commitments and Contingencies51

Commitments and Contingencies (Schedule Of Outstanding Bonds) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Otay Land project
Amount of outstanding bonds	$ 49,150
San Elijo Hills project
Amount of outstanding bonds	2,150
Ashville Park project
Amount of outstanding bonds	$ 800

Restricted Stock Units (Details

Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 15, 2017	Mar. 31, 2017	Aug. 13, 2014
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			100,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross	75,000
Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Per share weighted average price of shares purchased (in dollars per share)	$ 44.20
Compensation cost		$ 0.1
Tranche One | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	45,000
Vesting percentage	50.00%
Award settlement period	30 days
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost		$ 0
Tranche Two | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	30,000
Vesting percentage	50.00%
Award settlement period	10 days
Award expiration period	30 days

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	3

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total consolidated revenues	$ 20,992	$ 7,890
Total consolidated loss from continuing operations before income taxes and noncontrolling interest	493	(2,571)
Total consolidated depreciation and amortization expenses	937	1,017
Total consolidated assets	585,570		$ 582,332
Real estate
Segment Reporting Information [Line Items]
Total consolidated revenues	20,989	7,887
Total consolidated loss from continuing operations before income taxes and noncontrolling interest	4,140	763
Total consolidated depreciation and amortization expenses	851	952
Total consolidated assets	524,420		516,260
Farming
Segment Reporting Information [Line Items]
Total consolidated revenues	0	0
Total consolidated loss from continuing operations before income taxes and noncontrolling interest	(1,052)	(1,227)
Total consolidated depreciation and amortization expenses	72	54
Total consolidated assets	12,476		13,468
Corporate
Segment Reporting Information [Line Items]
Total consolidated revenues	3	3
Total consolidated loss from continuing operations before income taxes and noncontrolling interest	(2,595)	(2,107)
Total consolidated depreciation and amortization expenses	14	$ 11
Total consolidated assets	$ 48,674		$ 52,604