Homefed (HOFD) 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 27, 2018
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	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		15,477,746

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Real estate held for development	$ 331,706	$ 311,664
Real estate held for investment, net	38,470	38,022
Cash and cash equivalents	53,035	40,415
Contract assets	24,540	21,816
Restricted cash	18,720	2,685
Equity method investments	39,207	123,296
Accounts receivable, deposits and other assets	17,647	21,565
Intangible assets, net	1,789	3,005
Assets held for sale	0	8,422
Net deferred tax asset	32,885	37,057
TOTAL	557,999	607,947
LIABILITIES
Accounts payable and accrued liabilities	23,564	23,671
Below market lease contract intangibles, net	1,586	1,930
Non-refundable option payments	275	255
Liability for environmental remediation	1,452	1,452
Deferred revenue	0	1,230
Accrued interest payable	83	1,262
Other liabilities	2,328	2,564
Long-term debt, net	59,651	118,213
Total liabilities	88,939	150,577
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, $.01 par value; 25,000,000 shares authorized; 15,477,746 and 15,474,032 shares outstanding after deducting 398,663 and 397,377 shares held in treasury	155	155
Additional paid-in capital	601,303	600,308
Accumulated deficit	(137,525)	(148,199)
Total HomeFed Corporation common shareholders' equity	463,933	452,264
Noncontrolling interest	5,127	5,106
Total equity	469,060	457,370
TOTAL	$ 557,999	$ 607,947

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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)	15,477,746	15,474,032
Treasury stock, shares (in shares)	398,663	397,377

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUES
Revenue from contract with customer	$ 28,790,000		$ 74,424,000
Rental income	5,911,000	$ 6,357,000	11,800,000	$ 12,289,000
Total revenues	34,701,000	34,968,000	86,224,000	64,714,000
EXPENSES
Rental operating expenses	4,366,000	4,101,000	8,574,000	8,219,000
General and administrative expenses	5,989,000	4,257,000	11,174,000	8,068,000
Depreciation and amortization	638,000	915,000	1,495,000	1,852,000
Administrative services fees to Jefferies Financial Group Inc.	45,000	45,000	90,000	90,000
Total expenses	37,733,000	36,860,000	75,369,000	67,964,000
Income (loss) from operations before income from equity method investment	(3,032,000)	(1,892,000)	10,855,000	(3,250,000)
Income from equity method investments	3,942,000	2,657,000	2,564,000	4,410,000
Income from operations	910,000	765,000	13,419,000	1,160,000
Interest and other income	161,000	95,000	269,000	193,000
Income before income taxes and noncontrolling interest	1,071,000	860,000	13,688,000	1,353,000
Income tax benefit (provision)	(415,000)	12,817,000	(4,221,000)	12,633,000
Net income	656,000	13,677,000	9,467,000	13,986,000
Net (income) loss attributable to the noncontrolling interest	(2,000)	5,000	(21,000)	(72,000)
Net income attributable to HomeFed Corporation common shareholders	$ 654,000	$ 13,682,000	$ 9,446,000	$ 13,914,000
Basic earnings per common share attributable to HomeFed Corporation common shareholders (USD per share)	$ 0.04	$ 0.89	$ 0.61	$ 0.90
Diluted earnings per common share attributable to HomeFed Corporation common shareholders (USD per share)	$ 0.04	$ 0.88	$ 0.61	$ 0.90
Sales of real estate
REVENUES
Revenue from contract with customer	$ 18,376,000	$ 20,178,000	$ 52,374,000	$ 35,128,000
EXPENSES
Cost of sales	16,417,000	18,248,000	32,252,000	30,750,000
Contract service revenues
REVENUES
Revenue from contract with customer	10,278,000	8,306,000	21,784,000	17,060,000
EXPENSES
Cost of sales	10,278,000	8,306,000	21,784,000	17,060,000
Co-op marketing and advertising fees
REVENUES
Revenue from contract with customer	136,000	127,000	266,000	237,000
Farming
EXPENSES
Cost of sales	$ 0	$ 988,000	$ 0	$ 1,925,000

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
Beginning Balance at Dec. 31, 2016	$ 447,055	$ 154	$ 599,033	$ (159,130)	$ 440,057	$ 6,998
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,986			13,914	13,914	72
Share-based compensation expense	404		404		404
Ending Balance at Jun. 30, 2017	461,445	154	599,437	(145,216)	454,375	7,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of the adoption of accounting standards	1,228			1,228	1,228
Balance January 1, 2018, as adjusted	458,598	155	600,308	(146,971)	453,492	5,106
Beginning Balance at Dec. 31, 2017	457,370	155	600,308	(148,199)	452,264	5,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,467			9,446	9,446	21
Exercise of options to purchase common shares	97		97		97
Share-based compensation expense	898		898		898
Ending Balance at Jun. 30, 2018	$ 469,060	$ 155	$ 601,303	$ (137,525)	$ 463,933	$ 5,127

Consolidated Statements of Cha6

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
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	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 9,467	$ 13,986
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Income from equity method investments	(2,564)	(4,410)
Provision (benefit) for deferred income taxes	3,638	(8,499)
Share-based compensation expense	1,363	624
Depreciation and amortization of property, equipment and leasehold improvements	128	254
Gain on sale of Rampage property	(17,293)	0
Other amortization	2,045	2,253
Distributions from equity method investments	4,667	0
Changes in operating assets and liabilities:
Real estate, held for development	(20,512)	2,730
Real estate, held for investment	(1,001)	3,183
Contract assets/liabilities	(2,724)	2,940
Accounts receivable, deposits and other assets	4,136	(2,943)
Deferred revenue	0	(2,580)
Accounts payable and accrued liabilities	527	1,325
Accrued interest payable	(1,179)	0
Non-refundable option payments	20	0
Liability for environmental remediation	0	(3)
Income taxes payable	(292)	(3,150)
Other liabilities	(701)	(3,969)
Net cash provided by (used for) operating activities	(20,275)	1,741
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of Rampage property	26,000	0
Investments in equity method investments	(14)	(49)
Capital distributions from equity method investments	82,000	0
Net cash provided by (used for) investing activities	107,986	(49)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long-term debt	17,724	0
Payment of debt issuance costs	(1,180)	(694)
Repayment of debt	(75,697)	0
Exercise of options to purchase common shares	97	0
Net cash used for financing activities	(59,056)	(694)
Net increase in cash, cash equivalents and restricted cash	28,655	998
Cash, cash equivalents and restricted cash, beginning of period	43,100	55,812
Cash, cash equivalents and restricted cash, end of period	71,755	56,810
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of tax refunds	1,175	3,513
Cash paid for interest (net of amounts capitalized)	0	0
Non-cash operating and financing activities:
Project development costs incurred that remain payable at end of period	15,016	16,969
Cashless exercise of stock options to purchase common shares	$ 69	$ 0

Accounting Developments

Accounting Developments	6 Months Ended
	Jun. 30, 2018
Accounting Policies [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, 2017 , which are included in our Annual Report filed on Form 10-K/A for such year (the “2017 10-K/A”). Results of operations for interim periods are not necessarily indicative of annual results of operations. The consolidated balance sheet at December 31, 2017 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 and six months ended June 30, 2018 and 2017 . During the three and six months ended June 30, 2018, other than the following, there were no significant updates made to the Company’s significant accounting policies. The accounting policy changes are attributable to the adoption of the Financial Accounting Standards Board (“FASB”) guidance on Revenue from Contracts with Customers (the "new revenue standard"). These revenue recognition policy updates are applied prospectively in our financial statements from January 1, 2018 forward using the modified retrospective approach. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical periods. Revenue Recognition Policies Real estate sales revenues: • Real estate sales revenues are recognized at a point in time when the related transaction is completed. • Variable consideration, such as profit participation, is included in the transaction price for real estate sales at the point in time when the transaction is completed only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. Contract service revenues: • Contract service revenues are recognized over time as performance obligations are met. Co-op marketing fee income: • Co-op marketing fee income is recognized over time as performance obligations are met, generally the term of the master marketing program that relates to the selling period of the associated home product being sold by our customer. See Accounting Developments- Adopted Accounting Standards below and Note 9 for further information. Accounting Developments - Adopted Accounting Standards Revenue Recognition. 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. In addition, the FASB issued guidance on gain or loss from the derecognition of nonfinancial assets which would include real estate. We have adopted both of the new standards as of January 1, 2018 using the modified retrospective approach and recorded cumulative earnings to our opening accumulated deficit of $1,250,000 , which is net of taxes of $550,000 . Accordingly, the new revenue standard is applied in our financial statements from January 1, 2018 forward and reported financial information for historical comparable periods is not revised and continues to be reported under the accounting standards in effect during those historical periods. Our implementation efforts included the identification of revenue streams within the scope of the guidance and the evaluation of certain revenue contracts. The impact of adoption is primarily related to real estate revenues that were deferred on open sales contracts as of December 31, 2017 under the previously existing accounting guidance, which would have been recognized in prior periods under the new revenue standard and costs to complete related to the previously deferred revenue that are not related to performance obligations under the contract with the customer but are costs associated with completion of real estate improvements that would have been expensed in prior periods under the new revenue standard. The impact of the adoption is also related to the timing of recognition of fee income. The new revenue guidance does not apply to revenue associated with leasing activities or interest income. The new revenue standard primarily impacts the following revenue recognition and presentation accounting policies: • Real estate sales revenues. Revenues from the sales of real estate are recognized at a point in time when the related transaction is completed. The majority of our real estate sales of land, lots, and homes transfer the goods and services to the customer ("buyer") at the close of escrow when title transfers to the buyer and the buyer has the benefit and control of the goods and services. If performance obligations under the contract with the customer related to a parcel of land, lot or home are not yet complete when title transfers to the buyer, revenue associated with the incomplete performance obligation is deferred until the performance obligation is completed. • Real estate sales revenues- variable. Revenues under real estate contracts with customers that are associated with price or profit participation were historically recognized as participation thresholds were met by the customer. Under the new revenue standard, revenue from these activities is recognized at a point in time when the related transaction is complete, performance obligations by us have been met, and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. • Real estate costs to complete. Costs to complete improvements related to sold real estate was not expensed until the work was complete under the previously existing guidance and revenue associated with the costs to complete was deferred until the work was complete under the percentage of completion method. Under the new revenue standard, costs to complete improvements that are associated with the sold real estate but do not transfer to the customer as performance obligations under the terms of the contract are estimated at the completion of the real estate transaction and expensed as a cost of the sale. • Co-op marketing and advertising fees. Co-op marketing fees were recognized at the time of sale of a home by our builder customer to a homebuyer under the previously existing accounting guidance. Under the new revenue standard, the co-op fees are recognized over time as performance obligations by us are met, generally the term of the master marketing program that relates to the sales period for the home product being sold by our builder customer. • Contract service revenues. Under our limited liability company agreements with our builder partners at the Village of Escaya project, we will earn overhead management fees and marketing fees based on a percentage of the retail sales prices under homebuyer contracts. We will also recognize contract service revenues over time as our performance obligations are met, generally the anticipated term of our oversight of the infrastructure improvements for the Village of Escaya. We also earn revenue from the initial land sale together with the performance obligation to complete improvements over time as the performance obligation is satisfied. Cash Flow Classifications. 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. We adopted this guidance in the first quarter of 2018. Prior periods were retrospectively adjusted to conform to the current period presentation. The adoption of the guidance did not have a material impact on our Consolidated Statements of Cash Flows. Upon adoption, we recorded a decrease of $2,000 in Net cash used for operating activities for the six months ended June 30, 2017 related to reclassifying the changes in our restricted cash balance from operating activities to the cash, cash equivalents and restricted cash balances within the Consolidated Statements of Cash Flows. Accounting Developments- Accounting Standards to be Adopted in Future Periods Leases. In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. The new guidance requires a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term, along with additional qualitative and quantitative disclosures. Lessor accounting will remain substantially similar to current accounting guidance for leases. However, leasing costs that are currently eligible to be capitalized as initial direct costs will be immediately expensed under the new guidance. 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.

Intangibles, Net

Intangibles, Net	6 Months Ended
	Jun. 30, 2018
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, now known as Jefferies Financial Group Inc. ("Jefferies"), 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): June 30, 2018 December 31, 2017 Amortization (in years) Above market lease contracts, net of accumulated amortization of $9,854 and $8,833 $ 1,020 $ 2,041 1 to 24 Lease in place value, net of accumulated amortization of $3,317 and $3,122 769 964 1 to 24 Intangible assets, net $ 1,789 $ 3,005 Below market lease contracts, net of accumulated amortization of $4,002 and $3,658 $ 1,586 $ 1,930 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 estimated future amortization expense recognized in Rental income for the above market lease intangible assets is as follows: remainder of 2018 - $ 650,000 ; 2019 - $ 50,000 ; 2020 - $ 50,000 ; 2021 - $ 50,000 ; 2022 - $ 50,000 and thereafter - $ 200,000 . The estimated future negative amortization expense recognized in Rental income for the below market lease intangible assets is as follows: remainder of 2018 - $ (200,000) ; 2019 - $ (250,000) ; 2020 - $ (200,000) ; 2021 - $ (150,000) ; 2022 - $ (150,000) and thereafter - $ (600,000) . The amortization of lease in place intangible assets is reflected in Depreciation and amortization expenses and amortized over the life of the related lease. The estimated future amortization expense for the lease in place intangible asset for each of the next five years is as follows: remainder of 2018 - $100,000 ; 2019 - $100,000 ; 2020 - $100,000 ; 2021 - $100,000 ; 2022 - $50,000 and thereafter - $350,000 . Amortization expense on lease in place intangible assets was $70,000 and $100,000 for the three months ended June 30, 2018 and 2017 , respectively, and was $200,000 and $250,000 for the six months ended June 30, 2018 and 2017 , respectively.

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2018
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, Village III Master, to own and develop an approximate 450 -acre community planned for 992 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 to build and sell 948 homes within the community. 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. Village III Master is considered a variable interest entity which we do not consolidate since we are not deemed to be the primary beneficiary (all members share joint control through a management committee). Two of our executive officers are members of the eight -member management committee designated to consider major decisions for the Village III Master. As a result of having significant influence, we accounted for it under the equity method of accounting as of December 31, 2016. 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 each Builder LLC. Upon admittance of the three builders into their respective Builder LLC, 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 $20,000,000 of unimproved land and $13,200,000 of completed infrastructure improvements to the three Builder LLCs, representing land and completed improvement value. In addition to the $30,000,000 contribution made by the builders, as previously mentioned above, and $2,250,000 of capitalizable land improvements, 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. 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 which 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 13 for more information. 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 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 and book basis differences; accordingly, we employ the hypothetical liquidation at book value model to calculate our share of the investees’ profits or losses. Summarized financial information: At June 30, 2018 and December 31, 2017 , our equity method investments are comprised of the following (in thousands): June 30, 2018 December 31, 2017 BRP Holding $ 4,582 $ 86,093 BRP Hotel 18,941 22,651 Builder LLCs 15,684 14,552 Total $ 39,207 $ 123,296 On February 28, 2018, BRP Holding satisfied, in full, the $8,750,000 principal balance of a portion of the self-amortizing New York City Industrial Revenue Bonds, with the proceeds of a new $198,350,000 fully amortizing 23 -year structured lease-back financing. Approximately $157,250,000 of the proceeds was distributed to members of which we received $82,000,000 as a BRP Holding distribution that was used, in part, to fully satisfy our outstanding preferred equity balances for BRP Holding and BRP Hotel, and $6,000,000 for the satisfaction of a receivable under the pooling agreement with BRP Leasing. Income (losses) from equity method investments includes the following for the three and six months ended June 30, 2018 and 2017 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 BRP Holding $ 897 $ 2,825 $ (6,824 ) $ 5,465 BRP Hotel (46 ) (94 ) 3,586 (981 ) Builder LLCs 3,091 (74 ) 5,802 (74 ) Total $ 3,942 $ 2,657 $ 2,564 $ 4,410 The following table provides summarized data with respect to our equity method investments as of June 30, 2018 and 2017 and for the six months ended June 30, 2018 and 2017 (in thousands): 2018 2017 Assets $ 415,192 $ 326,494 Liabilities 363,044 201,389 For the Six Months Ended June 30, 2018 2017 Total revenues $ 173,864 $ 59,463 Income from continuing operations before extraordinary items 23,665 9,202 Net income 23,665 9,202

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt Construction loans: In March 2018, we entered into construction loan agreements for $58,850,000 , the proceeds of which will be used for the construction of the town center portion of the Village of Escaya known as The Residences and Shops at Village of Escaya, which is comprised of 272 apartments, approximately 20,000 square feet of retail space, and a 10,000 square foot community facility building. The outstanding principal amount of the loan will bear interest at 30 -day LIBOR plus 3.15% , subject to adjustment on the first of each calendar month, and the loan is collateralized by the property underlying the related project with a guarantee by us. Monthly draws are permitted under the loan agreement once evidence of our investment into the project reaches $35,000,000 , including land value. As of July 27, 2018, no amounts have been drawn under the loan. The loan matures on March 1, 2021 with one 12 -month extension subject to certain extension conditions as set forth in the loan agreements. In April 2018, we entered into a $31,450,000 loan agreement, the proceeds of which will be used for homebuilding under the fee builder arrangement at the San Elijo Hills project. The loan is comprised of a $20,200,000 revolving component, of which no amount has been drawn to date, and a $11,200,000 non-revolving component, which was drawn at the close of the loan, proceeds of which were $10,300,000 , which is net of fees, costs, and interest reserve. The outstanding principal amount of the loan will bear interest at 30 -day LIBOR plus 4.25% , subject to adjustment as set forth in the loan agreement, and the loan is collateralized by the property underlying the related project with a guarantee by us. Monthly draws of the revolving component are permitted under the loan agreement and no amounts have been drawn as of the date of this filing. The loan matures on October 5, 2019, with one 6 -month extension subject to certain extension conditions as set forth in the loan agreement. The loan principal will be repaid with release prices, at the time of sale of each home by the purchaser. As of June 30, 2018, the principal balance outstanding was $10,050,000 . 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 were collateralized by the Rampage property. The draw period was set to expire on January 1, 2021, and the loan would have matured on January 1, 2035. The revolving line of credit was terminated upon the closing of the sale of the Rampage property in January 2018. There is also a $3,000,000 operational line of credit available which was secured by the Rampage property’s crops and matured on January 1, 2018. No amounts were 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 “Old Notes”) in a private placement. The Old Notes were fully and unconditionally guaranteed by our wholly-owned domestic subsidiaries and any of our future domestic wholly-owned subsidiaries and would have matured on June 30, 2018. The Old Notes were senior unsecured obligations and the guarantees were the senior unsecured obligations of the Guarantors. On September 27, 2017, we and certain of our domestic wholly-owned subsidiaries as guarantors (the “Guarantors”) entered into purchase agreements (collectively, the “Purchase Agreements”) with certain investors named therein (the “Purchasers”) pursuant to which we agreed to issue to the Purchasers an aggregate of $75,000,000 of 6.5% Senior Notes due 2019 (the “Notes”) in a private placement. Pursuant to the terms of the Purchase Agreements, the purchase price for the Notes was 100% of the principal amount. The Notes were issued pursuant to an indenture dated September 27, 2017 among us, the Guarantors, and Wilmington Trust, N.A., as trustee. The maturity date of the Notes was October 1, 2019, and the Notes were fully and unconditionally guaranteed by the Guarantors on the terms provided in the Indenture. The Notes were senior unsecured obligations of the Company and the guarantees were the senior unsecured obligations of the Guarantors. Pursuant to the Placement Agency Agreement, Jefferies Group LLC (“Jefferies Group”), a wholly-owned subsidiary of Jefferies, received a fee of $100,000 for acting as the placement agent and the closing agent. On September 28, 2017, we used proceeds of the Notes, together with cash on hand, to redeem all of the outstanding Old Notes. After considering the repurchases and redemption, there is no remaining principal due under the Old Notes. In connection with the extinguishment of the Old Notes, issuance costs of approximately $350,000 were recorded as an expense. On April 20, 2018, we used cash on hand to redeem $37,500,000 aggregate principal amount of the Notes at a redemption price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest. On April 30, 2018, we used cash on hand to redeem the remaining $37,500,000 aggregate principal amount of the Notes at a redemption price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest and satisfied and discharged the Indenture in accordance with its terms. EB-5 Program : We intend to fund our Village of Escaya project (“Village 3” or the “Project”) in part by raising funds under the Immigrant Investor Program administered by the U.S. Citizenship and Immigration Services ("USCIS") pursuant to the Immigration and Nationality Act ("EB-5 Program"). This program was created to stimulate the U.S. economy through the creation of jobs and capital investments in U.S. companies by foreign investors. The program allocates a limited number of immigrant visas per year to qualified individuals seeking lawful permanent resident status on the basis of their investment in a U.S. commercial enterprise. Regional centers are organizations, either publicly owned by cities, states or regional development agencies or privately owned, which facilitate investment in job-creating economic development projects by pooling capital raised under the EB-5 Program. Geographic areas within regional centers that are rural areas or areas experiencing unemployment numbers higher than the national unemployment average rates are designated as Targeted Employment Areas (“TEA”). The EB-5 program is set to expire on September 30, 2018. Various reforms and bills have been proposed and will be considered by Congress in the coming months. In February 2017, we formed Otay Village III Lender, LLC, which is intended to serve as a new commercial enterprise (“NCE”) under the EB-5 Program. The NCE is managed by Otay Village III Manager, LLC, a wholly owned subsidiary of HomeFed. The NCE is seeking to raise up to $125,000,000 by offering up to 250 units in the NCE to qualified accredited EB-5 investors for a subscription price of $500,000 per unit, which is the minimum investment that an investor in a TEA project is required to make pursuant to EB-5 Program rules. The proceeds of the offering will be used to repay any outstanding bridge loan provided by HomeFed to its wholly owned subsidiary HomeFed Village III LLC, a job creating entity under the EB-5 Program, and to fund infrastructure costs related to the development of Village 3. The NCE has offered the units to investors primarily located in China, Vietnam, and South Korea either directly or through relationships with agents qualified in their respective countries, in which case the NCE will pay an agent fee. Once an investor’s subscription and funds are accepted by the NCE, the investor must file an I-526 petition with the USCIS seeking approval of the investment’s suitability under the EB-5 Program requirements and the investor’s suitability and source of funds. All investments are held in an escrow account and will not be released until the investor files their I-526 petition with the USCIS and we have identified and provided collateral to secure the amount of the funds drawn from escrow. Prior to approval by the USCIS, funds may be drawn from the escrow account with a HomeFed guarantee that funds will be returned in the event the Village 3 project is not approved. During 2017, $46,500,000 was drawn from escrow related to EB-5 financing to fund infrastructure costs related to the development of the Project. In December 2017, the project was approved by the USCIS. The loan term is five years with two one -year options to extend by us with principal due in full at maturity. The effective interest rate is approximately 3.5% , payable as certain milestones are achieved according to various agreements with agents and investors. At June 30, 2018 , we have a $53,500,000 principal amount outstanding under the EB-5 Program. At June 30, 2018 , we are in compliance with all debt covenants which include, among other requirements, limitations on incurrence of debt, paydown upon sale of certain assets, collateral requirements and restricted use of proceeds. Real estate held for development includes capitalized interest, including amortization of issuance costs and debt discount, of $3,000,000 and $3,900,000 for the six months ended June 30, 2018 and 2017, respectively. Debt is presented on the Balance Sheet net of issuance costs of $3,900,000 and $3,200,000 and debt discount of $0 and $100,000 at June 30, 2018 and December 31, 2017 , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During 2017, we effectively settled our 2014 federal tax examination with the IRS and, as a result, recorded an $8,600,000 reduction to deferred tax liabilities and a $4,700,000 reduction to unrecognized tax benefits. The statute of limitations with respect to the Company’s federal income tax returns has expired for all years through 2013, and with respect to California state income tax returns through 2012. We are currently under examination by the City of New York for the year ended 2014. We do not expect that resolution of this examination will have a significant effect on our consolidated financial position, but it could have a significant impact on the consolidated results of operations for the period in which resolution occurs. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (the "Tax Act"). SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification 740, Income Taxes ("ASC 740"). While the initial estimated impact of the Tax Act was calculated using all available information, we anticipate modifications based on the procedures set forth under SAB 118. This process is applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) where a reasonable estimate cannot yet be made, taxes are reflected in accordance with the law prior to the enactment of the Tax Act. Due to the complex nature of the Tax Act, we have not completed our accounting for the income tax effects of certain elements of the Tax Act. If we were able to make reasonable estimates of the effects of certain elements for which our analysis is not yet complete, we recorded a provisional estimate in the financial statements. If we were not yet able to make reasonable estimates of the impact of certain elements, we have not recorded any adjustments related to those elements and have continued accounting for them in accordance with ASC 740 on the basis of the tax laws in effect before the Tax Act. The ultimate impact of the Tax Act may differ from this estimate, possibly materially, due to refinement of our calculations based on updated information, changes in interpretations and assumptions, and guidance that may be issued and actions we may take in response to the Tax Act. We note that the Tax Act is complex and we continue to assess the impact that various provisions will have on our business. Since the Tax Act was passed late in the fourth quarter of 2017, and ongoing guidance and accounting interpretation are expected over the next several quarters, we consider the accounting for the deferred tax asset remeasurements and other items to be incomplete due to the forthcoming guidance and our ongoing analysis of final year-end data and tax positions.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic and diluted earnings per share amounts were calculated by dividing net income by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2018 and 2017 are as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30,  2018 2017 2018 2017 Numerator – net income attributable to HomeFed Corporation common shareholders $ 654 $ 13,682 $ 9,446 $ 13,914  Denominator for basic earnings per share– weighted average shares 15,475 15,448 15,474 15,448  Restricted stock units 23 45 23 26 Stock options 7 5 4 5  Denominator for diluted earnings per share– weighted average shares 15,505 15,498 15,501 15,479

Fair Value Information

Fair Value Information	6 Months Ended
	Jun. 30, 2018
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): June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Long-term debt: New Notes (a) $ — $ — $ 74,590 $ 75,470 EB-5 (b) 49,886 53,500 43,623 46,500 Construction loan (b) 9,765 10,027 — — (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. (b) The fair value approximates the principal amount of the EB-5 debt and construction loan utilizing available market data inputs that are considered level 3 inputs. No assets or liabilities were measured at fair value on a nonrecurring basis as of June 30, 2018 and December 31, 2017.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On March 28, 2017, our Board of Directors elected Jimmy Hallac, who is a Managing Director for Jefferies, to fill a vacancy. Jefferies executives now hold three of the seven board of director positions. Our Chairman, Joseph S. Steinberg, is a significant stockholder of Jefferies and Chairman of Jefferies' board, and one of our Directors, Brian P. Friedman, is the President and a director of Jefferies. 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 the Old Notes with a value of $5 million , or four percent ( 4% ), of the principal amount of the Old Notes issued, which were fully redeemed on September 28, 2017 on the same terms as other redemptions. On September 27, 2017, Mr. Steinberg entered into a Purchase Agreement with us and our wholly-owned subsidiaries, as guarantors, pursuant to which he purchased Notes with a value of $7 million , or 9.3% , of the principal amount of the Notes issued (such purchases and redemptions, the “Affiliate Note Transactions”). Mr. Steinberg is considered to be a Related Person under our Related Person Transaction Policy. Accordingly, the Audit Committee considered the Affiliate Note Transactions and approved, and recommended to the Board the approval of, the Affiliate Note Purchases, which were unanimously approved by the Board (with Mr. Steinberg abstaining from the vote). Pursuant to Placement Agency Agreements, Jefferies acted as Placement Agent for the Old Notes and for the Notes. Jefferies Group is a wholly-owned subsidiary of Jefferies. Jefferies is our affiliate and a Related Person under our Related Person Transaction Policy (the "Policy"). Accordingly, pursuant to and in accordance with the Related Person Transaction Policy, the Audit Committee considered the Placement Agency Agreements and approved, and recommended to the Board the approval of, the Placement Agency Agreements, which were unanimously approved by the Board (with Mr. Friedman, Chairman of the Executive Committee of Jefferies Group, Mr. Steinberg and Mr. Hallac abstaining from the vote). Pursuant to the Placement Agency Agreements for the Old Notes, 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 Old Notes on the first anniversary of the issue date and received a fee equal to 50 basis points of the outstanding balance on the second anniversary of the issue date. Pursuant to the Placement Agency Agreements for the Notes, Jefferies received a fee of $100,000 . 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. In April 2018, we fully redeemed these Notes (see Note 4 for more information). In addition, Mr. Cumming sold 783,889 of our shares for $31,300,000 to Jefferies in a privately negotiated transaction during March 2017. Mr. Cumming was considered to be a “Related Person” under our 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 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). 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 13 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 2017 10-K/A, BRP Leasing holds a master lease at BRP Holding and subleases the office space to multiple tenants. BRP Leasing is obligated to pay future minimum annual rental expense (exclusive of month-to-month leases, real estate taxes, maintenance and certain other charges) of $2,500,000 to BRP Holding for office space for the remainder of 2018. The master lease ends October 2018 at which time leasing activities will be directly managed and handled by BRP Holding. 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. Jefferies: Pursuant to an administrative services agreement, Jefferies provides us certain administrative and accounting services, including providing the services of our Secretary. Administrative services fee expenses were $45,000 and $90,000 for each of the three and six months ended June 30, 2018 and 2017 . The administrative services agreement automatically renews for successive annual periods unless terminated in accordance with its terms. We sublease office space to Jefferies under a sublease agreement until October 2018 . Amounts reflected in other income pursuant to this agreement were $3,000 and $6,000 , respectively, for each of the three and six months ended June 30, 2018 and 2017 . Jefferies is contractually obligated to obtain infrastructure improvement bonds on behalf of the San Elijo Hills project. See Note 13 for more information. Berkadia: Berkadia Commercial Mortgage LLC ("Berkadia") is a commercial mortgage banking and servicing joint venture formed in 2009 with Jefferies and Berkshire Hathaway Inc. During the first quarter of 2018, Berkadia was paid a brokerage advisory fee of $100,000 related to the new construction loan for Village of Escaya and a $400,000 advisory fee related to the refinance of a loan at BRP Holding. Both transactions were approved by the Audit Committee under the Related Party Transaction Policy.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenues from Contracts with Customers The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): For the Three Months Ended June 30, 2018 For the Six Months Ended June 30, 2018 Revenues from contracts with customers: Sales of real estate $ 18,376 $ 52,374 Contract service revenues 10,278 21,784 Co-op marketing and advertising fees 136 266 Total revenues from contracts with customers 28,790 74,424 Other revenues: Rental income 5,911 11,800 Total revenue from other sources 5,911 11,800 Total revenues $ 34,701 $ 86,224 Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services (the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. Revenues generated through the sales of real estate are our primary source of revenues from contracts with customers. Agreements with customers for these sales typically consist of the type and quantity of real estate to be sold and delivered to the customer, the transaction price for the real estate to be delivered, the closing date when the customer takes control of the real estate, deposit and final payment terms related to the real estate transaction price, performance obligations related to improvements, if any, that will be completed by us, the consideration of any price or profit participation revenue related to the contract, and fee income related to marketing and advertising services. The transaction price associated with the real estate is generally fixed and revenue is recognized at a point in time when the customer takes control of the real estate. The transaction price related to profit or price participation is a variable component of the transaction price and is recognized at the time the customer takes control of the real estate if it can be reasonably estimated and it is probable that a significant reversal in the amount of revenue recognized will not occur. Co-op marketing and advertising fee income is calculated based on a percentage of the retail home price for the homes sold by our customers to homebuyers. We record co-op marketing and advertising fee income over time as performance obligations are met, generally the term of the master marketing program that relates to the sales period of the home product being sold by our customer. Under our limited liability company agreements with builders at the Village of Escaya project, we earn contract service revenues based on a percentage of the retail home price of the homes sold by the builders to homebuyers. We record the contract service revenues over time as performance obligations are met, generally our obligation of completing the improvements and providing management oversight related to the completion of the infrastructure improvements for Village of Escaya. Disaggregation of Revenue The following presents our revenues from contracts with customers disaggregated by project for the three months ended June 30, 2018 (in thousands): Real Estate Segment Otay San Elijo Ashville Park The Market Common SweetBay Rampage BRP Leasing Pacho Total Real Estate Segment Total Corporate Segment Total Revenues from contracts with customers: Sales of real estate $ — $ 12,550 $ — $ 450 $ 5,055 $ — $ — $ — $ 18,055 $ — $ 18,055 Profit participation from real estate sales — — — 321 — — — — 321 — 321 Contract service revenues 10,278 — — — — — — — 10,278 — 10,278 Co-op marketing and advertising fees — 106 30 — — — — — 136 — 136 Total revenues from contracts with customers 10,278 12,656 30 771 5,055 — — — 28,790 — 28,790 Other revenues: Rental income — — — 2,556 63 — 3,282 7 5,908 3 5,911 Total revenue from other sources: — — — 2,556 63 — 3,282 7 5,908 3 5,911 Total revenues: $ 10,278 $ 12,656 $ 30 $ 3,327 $ 5,118 $ — $ 3,282 $ 7 $ 34,698 $ 3 $ 34,701 The following presents our revenues from contracts with customers disaggregated by project for the six months ended June 30, 2018 (in thousands): Real Estate Segment Otay San Elijo Ashville Park The Market Common SweetBay Rampage BRP Leasing Pacho Total Real Estate Segment Total Corporate Segment Total Revenues from contracts with customers: Sales of real estate — $ 17,354 — $ 700 $ 7,886 $ 26,000 — — $ 51,940 — $ 51,940 Profit participation from real estate sales — — — 434 — — — — 434 — 434 Contract service revenues 21,784 — — — — — — — 21,784 — 21,784 Co-op marketing and advertising fees — 206 60 — — — — — 266 — 266 Total revenues from contracts with customers 21,784 17,560 60 1,134 7,886 26,000 — — 74,424 — 74,424 Other revenues: Rental income — — — 5,087 130 — 6,563 14 11,794 6 11,800 Total revenue from other sources: — — — 5,087 130 — 6,563 14 11,794 6 11,800 Total revenues: $ 21,784 $ 17,560 $ 60 $ 6,221 $ 8,016 $ 26,000 $ 6,563 $ 14 $ 86,218 $ 6 $ 86,224 Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. During the three and six months ended June 30, 2018 , revenues related to performance obligations satisfied (or partially satisfied) in previous periods that were recognized were insignificant. Contract Balances The timing of revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $1,000,000 and $1,300,000 at June 30, 2018 and January 1, 2018, respectively. There were no recorded impairment charges related to those receivables during the three and six months ended June 30, 2018 and no deferred revenue was recorded at June 30, 2018 and January 1, 2018, respectively.

Interest and Other Income

Interest and Other Income	6 Months Ended
	Jun. 30, 2018
Other Income and Expenses [Abstract]
Interest and Other Income	Interest and Other Income Other income includes service income related to a utility bundling service agreement with the homeowners at the Ashville Park project. Income of $100,000 and $90,000 , respectively, was recognized during the three months ended June 30, 2018 and 2017 and $190,000 and $170,000 , respectively, was recognized during the six months ended June 30, 2018 and 2017. Interest and other income includes interest income of $50,000 for the three months ended June 30, 2018 and was not significant for the three months ended June 30, 2017 , and $70,000 and $10,000 for the six months ended June 30, 2018 and 2017 , respectively.

Real Estate Sales Activity

Real Estate Sales Activity	6 Months Ended
	Jun. 30, 2018
Real Estate Sales Activity [Abstract]
Real Estate Sales Activity	Real Estate Sales Activity Rampage property: In January 2018, we closed on the sale of the Rampage property for $26,000,000 . The agreement was assigned to a qualified intermediary under an Exchange Agreement to facilitate a 1031 like-kind exchange for tax purposes. In July 2018, we completed the 1031 like-kind exchange and acquired $13,400,000 of replacement property, primarily consisting of infrastructure improvements at the Village of Escaya project, and the remaining proceeds of $12,600,000 is no longer restricted and can be used for any business operation. We recorded a gain on the sale of approximately $17,300,000 for the six months ended June 30, 2018 . The sale of Rampage property did not meet the GAAP criteria to be classified as a discontinued operation. Otay Land project: The grand opening at the Village of Escaya occurred in June 2017. During the six months ended June 30, 2018, 191 homes were sold through our three limited liability companies (the "Builder LLCs") which are joint ventures with three local homebuilders. We apply the equity method of accounting for the activity related to the Builder LLCs. 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 $1,600,000 subject to adjustments and entitlement approvals by the City of San Marcos. Closing of the third phase of the Towncenter is expected to occur during the second half of 2018. 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. Sales began during the second quarter of 2017, and we sold 8 and 11 homes for $12,550,000 and $17,350,000 during the three and six months ended June 30, 2018, respectively. For the three and six months ended June 30, 2017, we sold 9 of these homes for $13,100,000 . As of July 27, 2018, we have entered into agreements to sell 22 single family homes at the San Elijo Hills project under this agreement for aggregate cash proceeds of $ 36,900,000 , which are expected to begin closing in the third quarter of 2018. Ashville Park project: There were no sales at the Ashville Park project during the three and six months ended June 30, 2018 and 2017 . 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 and six months ended June 30, 2018 and 2017 , we closed on sales of real estate at The Market Common as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Number of units sold Revenue from contracts with customers Number of units sold Cash Proceeds Number of units sold Revenue from contracts with customers Number of units sold Cash Proceeds Single family lots 5 $ 250,000 6 $ 270,000 10 $ 500,000 22 $ 980,000 Multi-family lots 8 200,000 8 200,000 8 200,000 8 200,000 Profit sharing agreements N/A 300,000 N/A 400,000 N/A 400,000 N/A 750,000 As of July 27, 2018, we have entered into an agreement to sell 52 single family lots for $2,600,000 and 118 multi-family lots for $3,300,000 at The Market Common to a homebuilder. A non-refundable option deposit of $25,000 was transferred from Jefferies to us as part of the Acquisition. SweetBay project: During May 2015, we signed an agreement with a local builder to construct and sell on our behalf, for a fee, up to 183 homes at the SweetBay project. We sold 13 and 21 single family homes for $5,050,000 and $7,900,000 for the three and six months ended June 30, 2018, respectively. Cost of sales of real estate was $4,700,000 and $7,450,000 for the three and six months ended June 30, 2018, respectively. We sold 13 and 32 single family homes for $5,300,000 and $11,650,000 during the three and six months ended June 30, 2017, respectively. As of July 27, 2018, we have entered into agreements to sell 44 single family homes at the SweetBay project under this agreement for aggregate cash proceeds of $14,200,000 which are expected to close in 2018 and 2019.

Real Estate Held for Developmen

Real Estate Held for Development	6 Months Ended
	Jun. 30, 2018
Real Estate Acquisitions [Abstract]
Real Estate Held for Development	Real Estate Held for Development 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 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 $17,500,000 as of June 30, 2018 . 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	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies In May 2018, our corporate office lease was amended to add 2,240 square feet of office space and extend the lease through January 31, 2025. 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. 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, Jefferies 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 June 30, 2018 , the amount of outstanding bonds for each project is as follows: Amount of outstanding bonds Otay Land project $39,600,000 San Elijo Hills project 650,000 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 June 30, 2018 , $1,400,000 was in the escrow account and is classified as restricted cash. We agreed to indemnify Jefferies for certain lease obligations of BRP Leasing that were assumed from a former subsidiary of Jefferies that was sold to a third party prior to the Acquisition. The former subsidiary of Jefferies remains the primary obligor under the lease obligations and Jefferies agreed to indemnify the third party buyer. The primary lease expires in October 2018 and the aggregate amount of lease obligations as of June 30, 2018 was approximately $3,400,000 , which includes approximately $850,000 projected operating expenses 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. We completed environmental remediation activities on approximately 30 acres of undeveloped land owned by Flat Rock Land Company, LLC (“Flat Rock”), a subsidiary of Otay in February 2013, and received final approval of the remediation from the County of San Diego Department of Environmental Health in June 2013. In 2014, Otay and Flat Rock commenced a lawsuit in California Superior Court seeking compensation from the parties who they believed were responsible for the contamination of the property. In February 2015, the trial court denied us any recovery and entered judgment in favor of the defendants as to all causes of action. In post-trial proceedings, the defendants sought, and the trial court allowed, reimbursement for court costs, of $350,000 . Although our appeal of the judgment stayed the defendants’ right to collect court costs pending resolution of the appeal, we accrued $350,000 during the first quarter of 2016 as we believed at the time that such loss was probable and reasonably estimable. The defendants also sought, but were denied, recovery of attorney’s fees in the amount of approximately $13,500,000 , which the defendants appealed. On September 26, 2017, the Fourth District Court of Appeals (the “Appellate Court”) affirmed in part and reversed in part the judgment and remanded the matter to the trial court for further proceedings. The Appellate Court determined that Otay and Flat Rock were the prevailing parties and awarded their costs on appeal, the $350,000 cost award in favor of the defendants was reversed by operation of law, and the defendants’ appeal of the trial court’s denial of the defendants’ claim for attorneys’ fees was dismissed as being moot. The defendants’ requests for rehearing with the Appellate Court were summarily denied. The decision of the Appellate Court became final on October 27, 2017 and was upheld by the California Supreme Court in January 2018. The matter will be remanded to the Superior Court for further proceedings consistent with the Appellate Court’s decision. In the fourth quarter of 2017, we reversed the accrual of the cost award plus accrued interest totaling $400,000 . No assurances can be given as to the ultimate outcome of this matter. We are subject to litigation which arises in the course of our business. We do not believe that the ultimate resolution of any such matters will materially affect our consolidated financial position, our consolidated results of operations or liquidity.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation 1999 Stock Incentive Plan: On August 4, 2017, options to purchase an aggregate of 7,000 shares of Common Stock were granted to the members of the Board of Directors and 136,500 shares of Common Stock were granted to employees under our 1999 Stock Incentive Plan at an exercise price of $44.00 per share, the market price per share on the grant date. Options granted become exercisable in four equal instalments starting one year from date of grant and must be exercised within five years from date of grant and will be expensed equally over the four year vesting period. As of June 30, 2018 , 255,400 shares are available under the 1999 Stock Incentive Plan. 2017 RSU Plan: On August 4, 2017, the Board of Directors adopted an RSU Opportunity Plan (the “2017 RSU Plan”) under which 66,000 shares of Common Stock are authorized for issuance to our executive officers. The restricted stock units (“RSUs”) may be granted at the end of the performance period based on the degree to which performance criteria has been satisfied at the sole discretion of the Board of Directors. The performance period ends on December 31, 2019, and awards will be issued no later than April 1, 2020. 2014 RSU Plan: On August 13, 2014, the Board of Directors adopted an RSU Opportunity Plan (the "2014 RSU Plan”) under which 100,000 shares of Common Stock were authorized for issuance to our executive officers. Participants were eligible for RSU awards based on satisfaction of performance criteria established by the Board of Directors in 2014. The performance period under the 2014 RSU Plan ended on December 31, 2016. The Board of Directors evaluated the participants' performance against the performance criteria and awarded an aggregate of 75,000 RSUs to the participants on March 15, 2017. Fifty percent of the RSU award under the 2014 RSU Plan vested on December 31, 2017 and settled on January 29, 2018, and the remaining fifty percent will vest on December 31, 2018, provided that the executive officer has been continuously employed by the Company through the applicable vesting date. The 2014 RSU grant consisted of two settlement features: (1) 22,500 RSUs remain to be settled through the issuance of shares of Common Stock within 30 days of the vesting date; this component is classified as an equity award. 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 $250,000 and $300,000 for the three months ended June 30, 2018 and 2017 , respectively and $500,000 and $350,000 for the six months ended June 30, 2018 and 2017 , respectively. (2) 15,000 RSUs remain to 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 vesting date. This component is classified as a liability award, 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 $200,000 for the each of the three months ended June 30, 2018 and 2017, and $450,000 and $230,000 for the six months ended June 30, 2018 and 2017 , respectively.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information We currently have two reportable segments—real estate 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 contract service revenues, contract service expenses and the equity method investments in BRP Holding, BRP Hotel and the Builder LLCs in the Otay Land project. Corporate primarily consists of investment income and overhead expenses. Our farming segment, which we no longer report, consisted of the Rampage property which included an operating grape vineyard and an almond orchard under development which was sold in January 2018. Revenue from the sale of the Rampage property is included in our real estate segment. Certain information concerning our segments for the three and six months ended June 30, 2018 and 2017 is presented in the following table (dollars in thousands). For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Revenues: Real estate $ 34,698 $ 34,965 $ 86,218 $ 64,708 Corporate 3 3 6 6 Total consolidated revenues $ 34,701 $ 34,968 $ 86,224 $ 64,714 Income (loss) from continuing operations before income taxes and noncontrolling interest: Real estate $ 4,482 $ 4,685 $ 20,748 $ 8,825 Farming — (1,107 ) — (2,159 ) Corporate (3,411 ) (2,718 ) (7,060 ) (5,313 ) Total consolidated income from continuing operations before income taxes and noncontrolling interest $ 1,071 $ 860 $ 13,688 $ 1,353 Depreciation and amortization expenses: Real estate $ 621 $ 820 $ 1,461 $ 1,671 Farming — 80 — 152 Corporate 17 15 34 29 Total consolidated depreciation and amortization expenses $ 638 $ 915 $ 1,495 $ 1,852 Identifiable assets employed: June 30, 2018 December 31, 2017 Real estate $ 498,823 $ 538,636 Farming — 9,925 Corporate 59,176 59,386 Total consolidated assets $ 557,999 $ 607,947 Farming revenues were generally recognized during the second half of the year when the crop was harvested and sold.

Accounting Developments (Polici

Accounting Developments (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Revenue Recognition Policies	Revenue Recognition Policies Real estate sales revenues: • Real estate sales revenues are recognized at a point in time when the related transaction is completed. • Variable consideration, such as profit participation, is included in the transaction price for real estate sales at the point in time when the transaction is completed only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. Contract service revenues: • Contract service revenues are recognized over time as performance obligations are met. Co-op marketing fee income: • Co-op marketing fee income is recognized over time as performance obligations are met, generally the term of the master marketing program that relates to the selling period of the associated home product being sold by our customer.
Accounting Developments - Adopted Accounting Standards	Accounting Developments - Adopted Accounting Standards Revenue Recognition. 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. In addition, the FASB issued guidance on gain or loss from the derecognition of nonfinancial assets which would include real estate. We have adopted both of the new standards as of January 1, 2018 using the modified retrospective approach and recorded cumulative earnings to our opening accumulated deficit of $1,250,000 , which is net of taxes of $550,000 . Accordingly, the new revenue standard is applied in our financial statements from January 1, 2018 forward and reported financial information for historical comparable periods is not revised and continues to be reported under the accounting standards in effect during those historical periods. Our implementation efforts included the identification of revenue streams within the scope of the guidance and the evaluation of certain revenue contracts. The impact of adoption is primarily related to real estate revenues that were deferred on open sales contracts as of December 31, 2017 under the previously existing accounting guidance, which would have been recognized in prior periods under the new revenue standard and costs to complete related to the previously deferred revenue that are not related to performance obligations under the contract with the customer but are costs associated with completion of real estate improvements that would have been expensed in prior periods under the new revenue standard. The impact of the adoption is also related to the timing of recognition of fee income. The new revenue guidance does not apply to revenue associated with leasing activities or interest income. The new revenue standard primarily impacts the following revenue recognition and presentation accounting policies: • Real estate sales revenues. Revenues from the sales of real estate are recognized at a point in time when the related transaction is completed. The majority of our real estate sales of land, lots, and homes transfer the goods and services to the customer ("buyer") at the close of escrow when title transfers to the buyer and the buyer has the benefit and control of the goods and services. If performance obligations under the contract with the customer related to a parcel of land, lot or home are not yet complete when title transfers to the buyer, revenue associated with the incomplete performance obligation is deferred until the performance obligation is completed. • Real estate sales revenues- variable. Revenues under real estate contracts with customers that are associated with price or profit participation were historically recognized as participation thresholds were met by the customer. Under the new revenue standard, revenue from these activities is recognized at a point in time when the related transaction is complete, performance obligations by us have been met, and only to the extent it is probable that a significant reversal in the estimated amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. • Real estate costs to complete. Costs to complete improvements related to sold real estate was not expensed until the work was complete under the previously existing guidance and revenue associated with the costs to complete was deferred until the work was complete under the percentage of completion method. Under the new revenue standard, costs to complete improvements that are associated with the sold real estate but do not transfer to the customer as performance obligations under the terms of the contract are estimated at the completion of the real estate transaction and expensed as a cost of the sale. • Co-op marketing and advertising fees. Co-op marketing fees were recognized at the time of sale of a home by our builder customer to a homebuyer under the previously existing accounting guidance. Under the new revenue standard, the co-op fees are recognized over time as performance obligations by us are met, generally the term of the master marketing program that relates to the sales period for the home product being sold by our builder customer. • Contract service revenues. Under our limited liability company agreements with our builder partners at the Village of Escaya project, we will earn overhead management fees and marketing fees based on a percentage of the retail sales prices under homebuyer contracts. We will also recognize contract service revenues over time as our performance obligations are met, generally the anticipated term of our oversight of the infrastructure improvements for the Village of Escaya. We also earn revenue from the initial land sale together with the performance obligation to complete improvements over time as the performance obligation is satisfied. Cash Flow Classifications. 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. We adopted this guidance in the first quarter of 2018. Prior periods were retrospectively adjusted to conform to the current period presentation. The adoption of the guidance did not have a material impact on our Consolidated Statements of Cash Flows. Upon adoption, we recorded a decrease of $2,000 in Net cash used for operating activities for the six months ended June 30, 2017 related to reclassifying the changes in our restricted cash balance from operating activities to the cash, cash equivalents and restricted cash balances within the Consolidated Statements of Cash Flows. Accounting Developments- Accounting Standards to be Adopted in Future Periods Leases. In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. The new guidance requires a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term, along with additional qualitative and quantitative disclosures. Lessor accounting will remain substantially similar to current accounting guidance for leases. However, leasing costs that are currently eligible to be capitalized as initial direct costs will be immediately expensed under the new guidance. 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.

Intangibles, Net (Tables)

Intangibles, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	A summary of intangible assets is as follows (in thousands): June 30, 2018 December 31, 2017 Amortization (in years) Above market lease contracts, net of accumulated amortization of $9,854 and $8,833 $ 1,020 $ 2,041 1 to 24 Lease in place value, net of accumulated amortization of $3,317 and $3,122 769 964 1 to 24 Intangible assets, net $ 1,789 $ 3,005 Below market lease contracts, net of accumulated amortization of $4,002 and $3,658 $ 1,586 $ 1,930 1 to 24

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following table provides summarized data with respect to our equity method investments as of June 30, 2018 and 2017 and for the six months ended June 30, 2018 and 2017 (in thousands): 2018 2017 Assets $ 415,192 $ 326,494 Liabilities 363,044 201,389 For the Six Months Ended June 30, 2018 2017 Total revenues $ 173,864 $ 59,463 Income from continuing operations before extraordinary items 23,665 9,202 Net income 23,665 9,202 At June 30, 2018 and December 31, 2017 , our equity method investments are comprised of the following (in thousands): June 30, 2018 December 31, 2017 BRP Holding $ 4,582 $ 86,093 BRP Hotel 18,941 22,651 Builder LLCs 15,684 14,552 Total $ 39,207 $ 123,296
Schedule of Income (Loss) Related to Equity Investment	Income (losses) from equity method investments includes the following for the three and six months ended June 30, 2018 and 2017 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 BRP Holding $ 897 $ 2,825 $ (6,824 ) $ 5,465 BRP Hotel (46 ) (94 ) 3,586 (981 ) Builder LLCs 3,091 (74 ) 5,802 (74 ) Total $ 3,942 $ 2,657 $ 2,564 $ 4,410

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
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 per share for the three and six months ended June 30, 2018 and 2017 are as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30,  2018 2017 2018 2017 Numerator – net income attributable to HomeFed Corporation common shareholders $ 654 $ 13,682 $ 9,446 $ 13,914  Denominator for basic earnings per share– weighted average shares 15,475 15,448 15,474 15,448  Restricted stock units 23 45 23 26 Stock options 7 5 4 5  Denominator for diluted earnings per share– weighted average shares 15,505 15,498 15,501 15,479

Fair Value Information (Tables)

Fair Value Information (Tables)	6 Months Ended
	Jun. 30, 2018
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): June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Long-term debt: New Notes (a) $ — $ — $ 74,590 $ 75,470 EB-5 (b) 49,886 53,500 43,623 46,500 Construction loan (b) 9,765 10,027 — — (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. (b) The fair value approximates the principal amount of the EB-5 debt and construction loan utilizing available market data inputs that are considered level 3 inputs.

Revenues from Contracts with 28

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Separation and Disaggregation of Revenue	The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): For the Three Months Ended June 30, 2018 For the Six Months Ended June 30, 2018 Revenues from contracts with customers: Sales of real estate $ 18,376 $ 52,374 Contract service revenues 10,278 21,784 Co-op marketing and advertising fees 136 266 Total revenues from contracts with customers 28,790 74,424 Other revenues: Rental income 5,911 11,800 Total revenue from other sources 5,911 11,800 Total revenues $ 34,701 $ 86,224 The following presents our revenues from contracts with customers disaggregated by project for the three months ended June 30, 2018 (in thousands): Real Estate Segment Otay San Elijo Ashville Park The Market Common SweetBay Rampage BRP Leasing Pacho Total Real Estate Segment Total Corporate Segment Total Revenues from contracts with customers: Sales of real estate $ — $ 12,550 $ — $ 450 $ 5,055 $ — $ — $ — $ 18,055 $ — $ 18,055 Profit participation from real estate sales — — — 321 — — — — 321 — 321 Contract service revenues 10,278 — — — — — — — 10,278 — 10,278 Co-op marketing and advertising fees — 106 30 — — — — — 136 — 136 Total revenues from contracts with customers 10,278 12,656 30 771 5,055 — — — 28,790 — 28,790 Other revenues: Rental income — — — 2,556 63 — 3,282 7 5,908 3 5,911 Total revenue from other sources: — — — 2,556 63 — 3,282 7 5,908 3 5,911 Total revenues: $ 10,278 $ 12,656 $ 30 $ 3,327 $ 5,118 $ — $ 3,282 $ 7 $ 34,698 $ 3 $ 34,701 The following presents our revenues from contracts with customers disaggregated by project for the six months ended June 30, 2018 (in thousands): Real Estate Segment Otay San Elijo Ashville Park The Market Common SweetBay Rampage BRP Leasing Pacho Total Real Estate Segment Total Corporate Segment Total Revenues from contracts with customers: Sales of real estate — $ 17,354 — $ 700 $ 7,886 $ 26,000 — — $ 51,940 — $ 51,940 Profit participation from real estate sales — — — 434 — — — — 434 — 434 Contract service revenues 21,784 — — — — — — — 21,784 — 21,784 Co-op marketing and advertising fees — 206 60 — — — — — 266 — 266 Total revenues from contracts with customers 21,784 17,560 60 1,134 7,886 26,000 — — 74,424 — 74,424 Other revenues: Rental income — — — 5,087 130 — 6,563 14 11,794 6 11,800 Total revenue from other sources: — — — 5,087 130 — 6,563 14 11,794 6 11,800 Total revenues: $ 21,784 $ 17,560 $ 60 $ 6,221 $ 8,016 $ 26,000 $ 6,563 $ 14 $ 86,218 $ 6 $ 86,224

Real Estate Sales Activity (Tab

Real Estate Sales Activity (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate Sales Activity [Abstract]
Schedule of real estate sales activity	For the three and six months ended June 30, 2018 and 2017 , we closed on sales of real estate at The Market Common as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Number of units sold Revenue from contracts with customers Number of units sold Cash Proceeds Number of units sold Revenue from contracts with customers Number of units sold Cash Proceeds Single family lots 5 $ 250,000 6 $ 270,000 10 $ 500,000 22 $ 980,000 Multi-family lots 8 200,000 8 200,000 8 200,000 8 200,000 Profit sharing agreements N/A 300,000 N/A 400,000 N/A 400,000 N/A 750,000

Commitments and contingencies (

Commitments and contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of outstanding bonds	As of June 30, 2018 , the amount of outstanding bonds for each project is as follows: Amount of outstanding bonds Otay Land project $39,600,000 San Elijo Hills project 650,000 Ashville Park project 800,000

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting	Certain information concerning our segments for the three and six months ended June 30, 2018 and 2017 is presented in the following table (dollars in thousands). For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Revenues: Real estate $ 34,698 $ 34,965 $ 86,218 $ 64,708 Corporate 3 3 6 6 Total consolidated revenues $ 34,701 $ 34,968 $ 86,224 $ 64,714 Income (loss) from continuing operations before income taxes and noncontrolling interest: Real estate $ 4,482 $ 4,685 $ 20,748 $ 8,825 Farming — (1,107 ) — (2,159 ) Corporate (3,411 ) (2,718 ) (7,060 ) (5,313 ) Total consolidated income from continuing operations before income taxes and noncontrolling interest $ 1,071 $ 860 $ 13,688 $ 1,353 Depreciation and amortization expenses: Real estate $ 621 $ 820 $ 1,461 $ 1,671 Farming — 80 — 152 Corporate 17 15 34 29 Total consolidated depreciation and amortization expenses $ 638 $ 915 $ 1,495 $ 1,852 Identifiable assets employed: June 30, 2018 December 31, 2017 Real estate $ 498,823 $ 538,636 Farming — 9,925 Corporate 59,176 59,386 Total consolidated assets $ 557,999 $ 607,947

Accounting Developments (Narrat

Accounting Developments (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Item Effected [Line Items]
Other comprehensive income	$ 0	$ 0	$ 0	$ 0
Cumulative effect of the adoption of accounting standards					$ 1,228,000
Decrease of net cash used for operating activities			$ (20,275,000)	1,741,000
Accounting Standards Update 2014-09
Item Effected [Line Items]
Cumulative effect of the adoption of accounting standards					1,250,000
Tax effect on the Cumulative effect of New accounting principle in period of adoption					$ 550,000
Accounting Standards Update 2016-15
Item Effected [Line Items]
Decrease of net cash used for operating activities				$ 2,000

Intangibles, Net (Narrative) (D

Intangibles, Net (Narrative) (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Stock issued during period related to an acquisitions (in shares)					7.5
Below Market Lease, Amortization Income, Maturity Schedule [Abstract]
Remainder of 2018	$ (200,000)		$ (200,000)
2,019	(250,000)		(250,000)
2,020	(200,000)		(200,000)
2,021	(150,000)		(150,000)
2,022	(150,000)		(150,000)
Thereafter	(600,000)		(600,000)
Above Market Lease Contracts
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2018	650,000		650,000
2,019	50,000		50,000
2,020	50,000		50,000
2,021	50,000		50,000
2,022	50,000		50,000
Thereafter	200,000		200,000
Leases In Place Value
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2018	100,000		100,000
2,019	100,000		100,000
2,020	100,000		100,000
2,021	100,000		100,000
2,022	50,000		50,000
Thereafter	350,000		350,000
Below Market Lease, Amortization Income, Maturity Schedule [Abstract]
Amortization expense	$ 70,000	$ 100,000	$ 200,000	$ 250,000

Intangibles, Net (Schedule of I

Intangibles, Net (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,789	$ 3,005
Below market lease contracts	1,586	1,930
Below market lease contracts, accumulated amortization	$ 4,002	3,658
Minimum
Finite-Lived Intangible Assets [Line Items]
Below market lease contracts, amortization of useful life (in years)	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Below market lease contracts, amortization of useful life (in years)	24 years
Above Market Lease Contracts
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,020	2,041
Intangible assets, accumulated amortization	$ 9,854	8,833
Above Market Lease Contracts | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, amortization of useful life (in years)	1 year
Above Market Lease Contracts | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, amortization of useful life (in years)	24 years
Leases In Place Value
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 769	964
Intangible assets, accumulated amortization	$ 3,317	$ 3,122
Leases In Place Value | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, amortization of useful life (in years)	1 year
Leases In Place Value | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, amortization of useful life (in years)	24 years

Equity Method Investments (Narr

Equity Method Investments (Narrative) (Details)	Jan. 05, 2017USD ($)	Jan. 31, 2017USD ($)abuilderproperty	Apr. 30, 2016USD ($)abuilderpropertyemployee	Jun. 30, 2018
Village III Master
Schedule of Equity Method Investments [Line Items]
Members of management committee | employee			8
Employee | Village III Master
Schedule of Equity Method Investments [Line Items]
Members of management committee | employee			2
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
Schedule of Equity Method Investments [Line Items]
Area of land (in acres) | a		450	450
Number of planned homes (in properties) | property		948	992
Number of builders | builder		3	3
Number of homes planned to build and sell (in properties) | property			948
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
Contributed value of unimproved land	$ 20,000,000
Contributed value of infrastructure improvements	$ 13,200,000
Land improvements		$ 2,250,000
Credit for capital contributions		78,600,000
Otay | Builder LLCs
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 ($)	Feb. 28, 2018	Jun. 30, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 39,207,000	$ 123,296,000
BRP Holding
Schedule of Equity Method Investments [Line Items]
Equity method investments		4,582,000	86,093,000
BRP Hotel
Schedule of Equity Method Investments [Line Items]
Equity method investments		18,941,000	22,651,000
Builder LLCs
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 15,684,000	$ 14,552,000
BRP Holding | New York City Industrial Revenue Bonds
Schedule of Equity Method Investments [Line Items]
Principal balance	$ 8,750,000
Sale leaseback transaction, net proceeds	$ 198,350,000
Sale leaseback transaction, term of contract	23 years
Payments of distributions to affiliates	$ 157,250,000
Proceeds from contributions from affiliates	82,000,000
BRP Leasing | New York City Industrial Revenue Bonds
Schedule of Equity Method Investments [Line Items]
Proceeds from Collection of Lease Receivables	$ 6,000,000

Equity Method Investments (Sc37

Equity Method Investments (Schedule of Income (Loss) Related to Equity Investment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Income (losses) from equity method investments	$ 3,942	$ 2,657	$ 2,564	$ 4,410
Assets	415,192		415,192		$ 326,494
Liabilities	363,044		363,044		$ 201,389
Total revenues			173,864	59,463
Income from continuing operations before extraordinary items			23,665	9,202
Net income			23,665	9,202
BRP Holding
Schedule of Equity Method Investments [Line Items]
Income (losses) from equity method investments	897	2,825	(6,824)	5,465
BRP Hotel
Schedule of Equity Method Investments [Line Items]
Income (losses) from equity method investments	(46)	(94)	3,586	(981)
Builder LLCs
Schedule of Equity Method Investments [Line Items]
Income (losses) from equity method investments	$ 3,091	$ (74)	$ 5,802	$ (74)

Debt (Construction Loans) (Deta

Debt (Construction Loans) (Details)	Apr. 30, 2018USD ($)option	Apr. 30, 2018USD ($)	Mar. 31, 2018USD ($)ft²apartmentoption	Apr. 30, 2015USD ($)	Jun. 30, 2018USD ($)
Revolving Loan
Debt Instrument [Line Items]
Revolving component				$ 15,000,000
30-day LIBOR | Revolving Loan
Debt Instrument [Line Items]
Spread on variable rate				2.60%
The Residences and Shops at Village of Escaya project | Apartments
Debt Instrument [Line Items]
Number of apartments | apartment			272
The Residences and Shops at Village of Escaya project | Retail Space
Debt Instrument [Line Items]
Area of property (in sqft) | ft²			20,000
The Residences and Shops at Village of Escaya project | Community Facility Building
Debt Instrument [Line Items]
Area of property (in sqft) | ft²			10,000
The Residences and Shops at Village of Escaya project | Construction Loans
Debt Instrument [Line Items]
Loan agreements			$ 58,850,000
Investment in project threshold to draw on loan			$ 35,000,000
Number of options to extend term | option			1
Extension term			12 months
The Residences and Shops at Village of Escaya project | Construction Loans | 30-day LIBOR
Debt Instrument [Line Items]
Spread on variable rate			3.15%
San Elijo Hills project | Construction Loans
Debt Instrument [Line Items]
Loan agreements	$ 31,450,000	$ 31,450,000
Number of options to extend term | option	1
Extension term	6 months
Non-revolving component	$ 11,200,000	11,200,000
Proceeds from loan		10,300,000
Principal amount outstanding					$ 10,050,000
San Elijo Hills project | Construction Loans | Revolving Loan
Debt Instrument [Line Items]
Revolving component	$ 20,200,000	$ 20,200,000
San Elijo Hills project | Construction Loans | 30-day LIBOR
Debt Instrument [Line Items]
Spread on variable rate		4.25%

Debt (Lines of Credit) (Details

Debt (Lines of Credit) (Details)	1 Months Ended
	Apr. 30, 2015USD ($)
Revolving Line of Credit
Line of Credit Facility [Line Items]
Line of credit available	$ 15,000,000
Operational Line of Credit
Line of Credit Facility [Line Items]
Line of credit available	$ 3,000,000
LIBOR | Revolving Line of Credit
Line of Credit Facility [Line Items]
Spread on variable rate	2.60%

Debt (Senior Notes) (Details)

Debt (Senior Notes) (Details) - USD ($)	Apr. 30, 2018	Apr. 20, 2018	Sep. 28, 2017	Sep. 27, 2017	Jun. 30, 2015
Old Notes
Debt Instrument [Line Items]
Principal balance					$ 125,000,000
Interest rate					6.50%
Issuance costs			$ 350,000
Notes
Debt Instrument [Line Items]
Principal balance				$ 75,000,000
Interest rate				6.50%
Purchase price, as a percent	100.00%	100.00%		100.00%
Aggregate principal amount redeemed	$ 37,500,000	$ 37,500,000
Notes | Jefferies
Debt Instrument [Line Items]
Fee for acting as placement agent and closing agent				$ 100,000

Debt (EB-5 Program) (Details)

Debt (EB-5 Program) (Details)	1 Months Ended	12 Months Ended
	Feb. 28, 2017USD ($)unit$ / unit	Dec. 31, 2017USD ($)option	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Debt issuance costs			$ 3,000,000	$ 3,900,000
Notes
Debt Instrument [Line Items]
Debt issuance costs		$ 3,200,000	3,900,000
Debt discount		100,000	$ 0
Otay Village III Lender, LLC | EB-5 Program
Debt Instrument [Line Items]
Amount seeking to raise	$ 125,000,000
Number of units offered | unit	250
Subscription price (dollars per unit) | $ / unit	500,000
Amount drawn from escrow		$ 46,500,000
Loan term		5 years
Number of options to extend term | option		2
Extension term		1 year
Effective interest rate			3.50%
Principal amount outstanding			$ 53,500,000

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)
Income Tax Disclosure [Abstract]
Reduction in deferred tax liabilities due to settlement of income tax examination	$ 8,600,000
Reduction in unrecognized tax benefits	$ 4,700,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Numerator – net income attributable to HomeFed Corporation common shareholders	$ 654	$ 13,682	$ 9,446	$ 13,914
Denominator for basic earnings per share– weighted average shares (in shares)	15,475	15,448	15,474	15,448
Denominator for diluted earnings per share– weighted average shares (in shares)	15,505	15,498	15,501	15,479
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	23	45	23	26
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	7	5	4	5

Fair Value Information (Details

Fair Value Information (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 0	$ 74,590
Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	75,470
EB-5 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	49,886	43,623
EB-5 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	53,500	46,500
Construction Loans | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	9,765	0
Construction Loans | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 10,027	$ 0

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	Sep. 27, 2017USD ($)	Mar. 31, 2017USD ($)shares	Jun. 30, 2018USD ($)employeedirector	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)employeedirector	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Number of board of directors | director			7		7
Administrative services fee expenses			$ 45,000	$ 45,000	$ 90,000	$ 90,000
Rental income			5,911,000	6,357,000	11,800,000	12,289,000
BRP Leasing
Related Party Transaction [Line Items]
Rental expense			$ 2,500,000		$ 2,500,000
Director
Related Party Transaction [Line Items]
Value of note outstanding purchased by related party	$ 7,000,000							$ 5,000,000
Percentage of note outstanding purchased by related party	9.30%							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%
Related party transaction, expenses from transactions with related party							$ 100,000
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
Jefferies Financial Group Inc.
Related Party Transaction [Line Items]
Number of board of directors | director			3		3
Expiration of sublease to Leucadia					Oct. 1, 2018
Rental income			$ 3,000	$ 3,000	$ 6,000	$ 6,000
Jefferies Financial Group Inc. | 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
Berkadia | Advisory Fee | Joint Venture
Related Party Transaction [Line Items]
Amount paid to related party					100,000
Berkadia | Brokerage Advisory Fee | Joint Venture
Related Party Transaction [Line Items]
Amount paid to related party					$ 400,000

Revenues from Contracts with 46

Revenues from Contracts with Customers (Separation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 28,790		$ 74,424
Rental income	5,911	$ 6,357	11,800	$ 12,289
Total revenues	34,701	34,968	86,224	64,714
Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	18,376	20,178	52,374	35,128
Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	10,278	8,306	21,784	17,060
Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 136	$ 127	$ 266	$ 237

Revenues from Contracts with 47

Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 28,790		$ 74,424
Rental income	5,911	$ 6,357	11,800	$ 12,289
Total revenues	34,701	34,968	86,224	64,714
Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	18,055		51,940
Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	321		434
Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	10,278	8,306	21,784	17,060
Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	136	127	266	237
Real Estate Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	28,790		74,424
Rental income	5,908		11,794
Total revenues	34,698	34,965	86,218	64,708
Real Estate Segment | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	18,055		51,940
Real Estate Segment | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	321		434
Real Estate Segment | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	10,278		21,784
Real Estate Segment | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	136		266
Real Estate Segment | Otay
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	10,278		21,784
Rental income	0		0
Total revenues	10,278		21,784
Real Estate Segment | Otay | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Otay | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Otay | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	10,278		21,784
Real Estate Segment | Otay | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | San Elijo
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	12,656		17,560
Rental income	0		0
Total revenues	12,656		17,560
Real Estate Segment | San Elijo | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	12,550		17,354
Real Estate Segment | San Elijo | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | San Elijo | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | San Elijo | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	106		206
Real Estate Segment | Ashville Park
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	30		60
Rental income	0		0
Total revenues	30		60
Real Estate Segment | Ashville Park | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Ashville Park | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Ashville Park | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Ashville Park | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	30		60
Real Estate Segment | The Market Common
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	771		1,134
Rental income	2,556		5,087
Total revenues	3,327		6,221
Real Estate Segment | The Market Common | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	450		700
Real Estate Segment | The Market Common | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	321		434
Real Estate Segment | The Market Common | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | The Market Common | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | SweetBay
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	5,055		7,886
Rental income	63		130
Total revenues	5,118		8,016
Real Estate Segment | SweetBay | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	5,055		7,886
Real Estate Segment | SweetBay | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | SweetBay | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | SweetBay | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Rampage
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		26,000
Rental income	0		0
Total revenues	0		26,000
Real Estate Segment | Rampage | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		26,000
Real Estate Segment | Rampage | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Rampage | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Rampage | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | BRP Leasing
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Rental income	3,282		6,563
Total revenues	3,282		6,563
Real Estate Segment | BRP Leasing | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | BRP Leasing | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | BRP Leasing | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | BRP Leasing | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Pacho
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Rental income	7		14
Total revenues	7		14
Real Estate Segment | Pacho | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Pacho | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Pacho | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Real Estate Segment | Pacho | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Total Corporate Segment
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Rental income	3		6
Total revenues	3	$ 3	6	$ 6
Total Corporate Segment | Sales of real estate
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Total Corporate Segment | Profit participation from real estate sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Total Corporate Segment | Contract service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0		0
Total Corporate Segment | Co-op marketing and advertising fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 0		$ 0

Revenues from Contracts with 48

Revenues from Contracts with Customers (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jan. 01, 2018
Disaggregation of Revenue [Line Items]
Recorded impairment charges related to receivables	$ 0	$ 0
Deferred revenue	0	0	$ 0
Receivables Related to Revenues from Contracts With Customers
Disaggregation of Revenue [Line Items]
Receivables	$ 1,000,000	$ 1,000,000	$ 1,300,000

Interest and Other Income (Deta

Interest and Other Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Income and Expenses [Abstract]
Other nonoperating income	$ 100,000	$ 90,000	$ 190,000	$ 170,000
Interest income	$ 50,000	$ 0	$ 70,000	$ 10,000

Real Estate Sales Activity (Nar

Real Estate Sales Activity (Narrative) (Details)	Jul. 27, 2018USD ($)property	Jul. 31, 2018USD ($)	Jan. 31, 2018USD ($)	Jun. 30, 2015property	May 31, 2015property	Jun. 30, 2018USD ($)aproperty	Jun. 30, 2017USD ($)property	Mar. 31, 2017USD ($)ft²property	Sep. 30, 2015USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)aproperty	Jun. 30, 2017USD ($)property
Rampage Property
Real Estate Properties [Line Items]
Cash proceeds			$ 26,000,000
Gain on sale of Real Estate											$ 17,300,000
Otay Land Project | Multi-family lots
Real Estate Properties [Line Items]
Number of units in real estate property sold (in properties) | property											191
Towncenter - Phase 1 & 2
Real Estate Properties [Line Items]
Cash proceeds								$ 5,800,000
Area of real estate property (in acres) | ft²								48,800
Towncenter - Phase 1 & 2 | Multi-family lots
Real Estate Properties [Line Items]
Number of units in real estate property sold (in properties) | property								12
Towncenter - Phase 3
Real Estate Properties [Line Items]
Area of land (in acres) | a						2.5					2.5
San Elijo Hills project
Real Estate Properties [Line Items]
Cash proceeds						$ 12,550,000	$ 13,100,000				$ 17,350,000	$ 13,100,000
Number of units in real estate property sold (in properties) | property						8	9				11	9
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]
Cash proceeds						$ 0	$ 0				$ 0	$ 0
The Market Common | Single family lots
Real Estate Properties [Line Items]
Number of units in real estate property sold (in properties) | property						5	6				10	22
The Market Common | Multi-family lots
Real Estate Properties [Line Items]
Number of units in real estate property sold (in properties) | property						8	8				8	8
SweetBay
Real Estate Properties [Line Items]
Cash proceeds						$ 5,050,000	$ 5,300,000				$ 7,900,000	$ 11,650,000
Number of real estate properties contracted to construct and sell (in properties) | property					183
Cost of sales of real estate						$ 4,700,000					$ 7,450,000
SweetBay | Single family lots
Real Estate Properties [Line Items]
Number of units in real estate property sold (in properties) | property						13	13				21	32
Subsequent Event | Rampage Property
Real Estate Properties [Line Items]
Cash proceeds		$ 12,600,000
Acquisition of replacement property		$ 13,400,000
Subsequent Event | San Elijo Hills project
Real Estate Properties [Line Items]
Cash proceeds	$ 36,900,000
Number of real estate properties contracted to sell | property	22
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	52
Sales price of real estate lots contracted to sell	$ 2,600,000
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	118
Sales price of real estate lots contracted to sell	$ 3,300,000
Subsequent Event | SweetBay
Real Estate Properties [Line Items]
Cash proceeds	$ 14,200,000
Number of real estate properties contracted to construct and sell (in properties) | property	44
Scenario, Forecast | Towncenter - Phase 3
Real Estate Properties [Line Items]
Cash proceeds										$ 1,600,000

Real Estate Sales Activity (Sch

Real Estate Sales Activity (Schedule Of Real Estate Sales Activity) (Details) - The Market Common $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property
Single family lots
Real Estate Properties [Line Items]
Number of units in real estate property sold (in properties) | property	5	6	10	22
Cash proceeds	$ 250	$ 270	$ 500	$ 980
Multi-family lots
Real Estate Properties [Line Items]
Number of units in real estate property sold (in properties) | property	8	8	8	8
Cash proceeds	$ 200	$ 200	$ 200	$ 200
Profit sharing agreements
Real Estate Properties [Line Items]
Cash proceeds	$ 300	$ 400	$ 400	$ 750

Real Estate Held for Developm52

Real Estate Held for Development (Details)	Jun. 30, 2018USD ($)
Pacho
Real Estate Properties [Line Items]
Land held for development	$ 17,500,000

Commitments and contingencies53

Commitments and contingencies (Narrative) (Details)	Sep. 26, 2017USD ($)	May 31, 2018a	Feb. 28, 2013a	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Business Acquisition [Line Items]
Area of office space | a		2,240
Restricted cash				$ 18,720,000	$ 2,685,000
Otay Ranch And Flat Rock
Business Acquisition [Line Items]
Settlement amount	$ 350,000
Loss contingency reversal of previously recorded accrual					$ 400,000
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				1,400,000
Amount of indemnification				3,400,000
Amount of indemnification in projected operating expenses and taxes				850,000
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

Commitments and contingencies54

Commitments and contingencies (Schedule Of Outstanding Bonds) (Details) $ in Thousands	Jun. 30, 2018USD ($)
Otay Land project
Amount of outstanding bonds	$ 39,600
San Elijo Hills project
Amount of outstanding bonds	650
Ashville Park project
Amount of outstanding bonds	$ 800

Share-Based Compensation (Detai

Share-Based Compensation (Details)	Aug. 04, 2017installment$ / sharesshares	Mar. 15, 2017$ / sharesshares	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)	Aug. 13, 2014shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)							100,000
Restricted stock awards granted (in shares)		75,000
Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price (USD per share) | $ / shares		$ 44.20
Compensation cost | $			$ 250,000	$ 300,000	$ 500,000	$ 350,000
Tranche One | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted (in shares)		22,500
Vesting percentage		50.00%
Award settlement period		30 days
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost | $			$ 200,000	$ 200,000	$ 450,000	$ 230,000
Tranche Two | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period		30 days
Restricted stock awards granted (in shares)		15,000
Vesting percentage		50.00%
Award settlement period		10 days
Stock Incentive Plan - 1999
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)			255,400		255,400
Stock Incentive Plan - 1999 | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	136,500
Award expiration period	5 years
Number of installments | installment	4
Award requisite service period	1 year
Award vesting period	4 years
2017 RSU Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	66,000
Director | Stock Incentive Plan - 1999 | Nonemployee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	7,000
Exercise price (USD per share) | $ / shares	$ 44

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Revenues	$ 34,701	$ 34,968	$ 86,224	$ 64,714
Number of reportable segments (in segments) | segment	2
Total consolidated revenues	$ 28,790		74,424
Total consolidated income from continuing operations before income taxes and noncontrolling interest	1,071	860	13,688	1,353
Total consolidated depreciation and amortization expenses	638	915	1,495	1,852
Total consolidated assets	557,999		557,999		$ 607,947
Real estate
Segment Reporting Information [Line Items]
Revenues	34,698	34,965	86,218	64,708
Total consolidated revenues	28,790		74,424
Total consolidated income from continuing operations before income taxes and noncontrolling interest	4,482	4,685	20,748	8,825
Total consolidated depreciation and amortization expenses	621	820	1,461	1,671
Total consolidated assets	498,823		498,823		538,636
Farming
Segment Reporting Information [Line Items]
Total consolidated income from continuing operations before income taxes and noncontrolling interest		(1,107)		(2,159)
Total consolidated depreciation and amortization expenses		80		152
Total consolidated assets					9,925
Corporate
Segment Reporting Information [Line Items]
Revenues	3	3	6	6
Total consolidated revenues	0		0
Total consolidated income from continuing operations before income taxes and noncontrolling interest	(3,411)	(2,718)	(7,060)	(5,313)
Total consolidated depreciation and amortization expenses	17	$ 15	34	$ 29
Total consolidated assets	$ 59,176		$ 59,176		$ 59,386