ST JOE Co - FORM 10-Q - EX-99.1

Attached files

file	filename
10-Q - FORM 10-Q - ST JOE Co	b80636e10vq.htm
EX-31.1 - EX-31.1 - ST JOE Co	b80636exv31w1.htm
EX-31.2 - EX-31.2 - ST JOE Co	b80636exv31w2.htm
EX-32.2 - EX-32.2 - ST JOE Co	b80636exv32w2.htm
EX-32.1 - EX-32.1 - ST JOE Co	b80636exv32w1.htm

Exhibit 99.1

Table 1
Summary of Land-Use Entitlements⁽¹⁾
Active St. Joe Residential and Mixed-Use Projects
March 31, 2010


							Residential
							Units		Residential		Total		Remaining
							Closed		Units Under		Residential		Commercial
			Project		Project		Since		Contract as		Units		Entitlements
Project	Class.⁽²⁾	County	Acres		Units⁽³⁾		Inception		of 3/31/10		Remaining		(Sq. Ft.)⁽⁴⁾
In Development: ⁽⁵⁾
Hawks Landing	PR	Bay		88		168		144		—		24		—
Landings at Wetappo	RR	Gulf		113		24		7		—		17		—
RiverCamps on Crooked Creek	RS	Bay		1,491		408		191		—		217		—
RiverSide at Chipola	RR	Calhoun		120		10		2		—		8		—
RiverTown	PR	St. Johns		4,170		4,500		30		—		4,470		500,000
SouthWood	PR	Leon		3,370		4,770		2,535		—		2,235		4,535,588
SummerCamp Beach	RS	Franklin		762		499		82		—		417		25,000
WaterColor	RS	Walton		499		1,140		917		2		221		47,600
WaterSound	RS	Walton		2,425		1,432		29		—		1,403		457,380
WaterSound Beach	RS	Walton		256		511		446		—		65		29,000
WaterSound West Beach	RS	Walton		62		199		40		—		159		—
Wild Heron ⁽⁶⁾	RS	Bay		17		28		2		—		26		—
WindMark Beach	RS	Gulf		2,020		1,516		148		—		1,368		76,157

Subtotal				15,393		15,205		4,573		2		10,630		5,670,725


In Pre-Development: ⁽⁵⁾
Avenue A	PR	Gulf		6		96		—		—		96		—
Bayview Estates	PR	Gulf		31		45		—		—		45		—
Bayview Multifamily	PR	Gulf		20		300		—		—		300		—
Beacon Hill	RR	Gulf		3		12		—		—		12		—
Beckrich NE	PR	Bay		15		74		—		—		74		—
Boggy Creek	PR	Bay		630		526		—		—		526		—
Bonfire Beach	RS	Bay		550		750		—		—		750		70,000
Breakfast Point, Phase 1	PR/RS	Bay		115		320		—		—		320		—
College Station	PR	Bay		567		800		—		—		800		—
Cutter Ridge	PR	Franklin		10		25		—		—		25		—
DeerPoint Cedar Grove	PR	Bay		686		950		—		—		950		—
East Lake Creek	PR	Bay		81		313		—		—		313		—
East Lake Powell	RS	Bay		181		360		—		—		360		30,000
Howards Creek	RR	Gulf		8		33		—		—		33		—
Laguna Beach West	PR	Bay		36		260		—		—		260		—
Long Avenue	PR	Gulf		10		30		—		—		30		—
Palmetto Bayou	PR	Bay		58		217		—		—		217		90,000
ParkSide	PR	Bay		48		480		—		—		480		—
Pier Park Timeshare	RS	Bay		13		125		—		—		125		—
PineWood	PR	Bay		104		264		—		—		264		—
Port St. Joe Draper, Phase 1	PR	Gulf		610		1,200		—		—		1,200		—
Port St. Joe Draper, Phase 2	PR	Gulf		981		2,125		—		—		2,125		150,000
Port St. Joe Town Center	RS	Gulf		180		624		—		—		624		500,000
Powell Adams	RS	Bay		56		2,520		—		—		2,520		—
Sabal Island	RS	Gulf		45		18		—		—		18		—
South Walton Multifamily	PR	Walton		40		212		—		—		212		—
Star Avenue North	PR	Bay		295		600		—		—		600		350,000
The Cove	RR	Gulf		64		107		—		—		107		—
Timber Island ⁽⁷⁾	RS	Franklin		49		407		—		—		407		14,500
Topsail	PR	Walton		115		610		—		—		610		300,000
Wavecrest	RS	Bay		7		95		—		—		95		—
West Bay Corners SE	PR	Bay		100		524		—		—		524		50,000
West Bay Corners SW	PR	Bay		64		160		—		—		160		—
West Bay DSAP I	PR/RS	Bay		15,089		5,628		—		—		5,628		4,430,000
West Bay Landing ⁽⁸⁾	RS	Bay		950		214		—		—		214		—

Subtotal				21,817		21,024		—		—		21,024		5,984,500

Total				37,210		36,229		4,573		2		31,654		11,655,225


⁽¹⁾		A project is deemed land-use entitled when all major discretionary governmental land-use approvals have been received. Some of these projects may require additional permits for development and/or build-out; they also may be subject to legal challenge.

⁽²⁾		Current St. Joe land classifications for its residential developments or the residential portion of its mixed-use projects:

		• PR – Primary residential

		• RS – Resort and seasonal residential

		• RR – Rural residential

⁽³⁾		Project units represent the maximum number of units entitled or currently expected at full build-out. The actual number of units or square feet to be constructed at full build-out may be lower than the number entitled or currently expected.

⁽⁴⁾		Represents the remaining square feet with land-use entitlements as designated in a development order or expected given the existing property land use or zoning and present plans. The actual number of square feet to be constructed at full build-out may be lower than the number entitled. Commercial entitlements include retail, office and industrial uses. Industrial uses total 6,128,381 square feet including SouthWood, RiverTown and the West Bay DSAP I.

⁽⁵⁾		A project is “in development” when St. Joe has commenced horizontal construction on the project and commenced sales and/or marketing or will commence sales and/or marketing in the foreseeable future. A project in “pre-development” has land-use entitlements but is still under internal evaluation or requires one or more additional permits prior to the commencement of construction. For certain projects in pre-development, some horizontal construction may have occurred, but no sales or marketing activities are expected in the foreseeable future.

⁽⁶⁾		Homesites acquired by St. Joe within the Wild Heron community.

⁽⁷⁾		Timber Island entitlements include seven residential units and 400 units for hotel or other transient uses (including units held with fractional ownership such as private residence clubs).

⁽⁸⁾		West Bay Landing is a sub-project within WestBay DSAP I.

Table 2
Summary of Additional Commercial Land-Use Entitlements⁽¹⁾
(Commercial Projects Not Included in Table 1 Above)
Active St. Joe Commercial Projects
March 31, 2010


				Acres Sold		Acres Under
		Project		Since		Contract		Total Acres
Project	County	Acres		Inception		As of 3/31/10		Remaining
Airport Commerce	Leon		45		10		—		35
Alf Coleman Retail	Bay		25		23		—		2
Beach Commerce	Bay		157		151		—		6
Beach Commerce II	Bay		112		13		—		99
Beckrich Office Park	Bay		17		15		—		2
Beckrich Retail	Bay		44		41		—		3
Cedar Grove Commerce	Bay		51		5		—		46
Franklin Industrial	Franklin		7		—		—		7
Glades Retail	Bay		14		—		—		14
Gulf Boulevard	Bay		78		27		—		51
Hammock Creek Commerce	Gadsden		165		27		—		138
Mill Creek Commerce	Bay		37		—		—		37
Nautilus Court	Bay		11		7		—		4
Pier Park NE	Bay		57		—		—		57
Port St. Joe Commerce II	Gulf		39		9		—		30
Port St. Joe Commerce III	Gulf		50		—		—		50
Powell Hills Retail	Bay		44		—		—		44
South Walton Commerce	Walton		38		17		—		21

Total			991		345		0		646


⁽¹⁾		A project is deemed land-use entitled when all major discretionary governmental land-use approvals have been received. Some of these projects may require additional permits for development and/or build-out; they also may be subject to legal challenge. Includes significant St. Joe projects that are either operating, under development or in the pre-development stage.

Table 3
Residential Real Estate
Sales Activity
Three Months Ended March 31,
($ in millions)


	2010								2009
	Number								Number
	of Units				Cost of		Gross		of Units				Cost of		Gross
	Closed		Revenue		Sales ⁽¹⁾		Profit		Closed		Revenue		Sales ⁽¹⁾		Profit
Homesites		6	$	0.5	$	0.4	$	0.1		3	$	0.7	$	0.2	$	0.5
Homes ⁽²⁾		—		—		—		—		9		3.3		3.3		—

Total ⁽³⁾		6	$	0.5	$	0.4	$	0.1		12	$	4.0	$	3.5	$	0.5


⁽¹⁾		Cost of sales for homesites in the first quarter of 2010 consisted of $0.4 million in direct costs, and less than $0.1 million in selling and indirect costs. Cost of sales for homesites in the first quarter of 2009 consisted of $0.1 million in direct costs, $0.1 million in selling costs and less than $0.1 million in indirect costs. Cost of sales for homes in the first quarter of 2009 consisted of $1.8 million in direct costs, $0.2 million in selling costs and $1.3 million in indirect costs.

⁽²⁾		Homes include single-family and multifamily units. Multifamily revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods.

⁽³⁾		Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009.

Table 4
Residential Real Estate Sales Activity
Three Months Ended March 31,
($ in thousands)


	2010										2009
																		Avg.
	Units Closed		Avg. Price			Accepted ⁽¹⁾		Avg. Price			Units Closed		Avg. Price			Accepted ⁽¹⁾		Price
Hawks Landing
Homesites		1	$	62.9			1	$	62.9			2	$	62.6			2	$	62.6
Victoria Park ⁽²⁾
Homes		—		—			—		—			3	$	173.1			3	$	173.1
WaterColor
Homesites		4	$	97.2			6	$	97.2			—		—			—		—
Homes		—		—			—		—			5	$	439.7			6	$	437.9
WaterSound
Homesites		1	$	102.6			—		—			—		—			—		—
Homes		—		—			—		—			1	$	580.0			1	$	580.0
WaterSound West Beach
Homesites		—		—			—		—			1	$	196.3			1	$	196.3
Total Homesites		6	$	92.4	⁽³⁾		7	$	92.3	⁽³⁾		3	$	107.2	⁽³⁾		3	$	107.2	⁽³⁾

Total Homes		—		—	⁽³⁾		—		—	⁽³⁾		9	$	366.4	⁽³⁾		10	$	372.7	⁽³⁾

Total		6	$	92.4	⁽³⁾		7	$	92.3	⁽³⁾		12	$	301.6	⁽³⁾		13	$	311.4	⁽³⁾


⁽¹⁾		Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed.

⁽²⁾		Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009.

⁽³⁾		Average prices differ from quarter to quarter primarily because of the relative mix and location of sales.

Table 5
Commercial Land Sales
Three Months Ended March 31,


	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)
2010		1		2.8	$	313	$	110,000
2009		—		—		—		—

Table 6
Rural Land Sales
Three Months Ended March 31,


	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)
2010		2		72	$	401	$	5,500
2009		5		1,027	$	4,252	$	4,140

Also included in rural land sales in the first quarter of 2010 was $0.6 million related to the sale of nine mitigation bank credits at an average sales price of $65,201 per credit.

Table 7
Quarterly Segment Pretax Income (Loss)
From Continuing Operations
($ in millions)


	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	2010			2009			2009			2009			2009			2008			2008			2008			2008
Residential	$	(11.3	)	$	(80.6	)	$	(19.7	)	$	(23.3	)	$	(14.1	)	$	(70.7	)	$	(12.6	)	$	(13.2	)	$	(18.7	)
Commercial		(0.4	)		1.3			(0.5	)		(0.7	)		(0.6	)		(0.3	)		(0.6	)		(0.5	)		(0.8	)
Rural Land sales		(0.3	)		0.9			(0.5	)		6.8			2.8			26.3			2.0			24.1			80.1
Forestry		1.4			1.3			1.2			1.1			1.1			0.8			0.2			(1.1	)		1.9
Corporate and other		(7.0	)		(8.8	)		(6.6	)		(57.9	)		(8.4	)		(4.6	)		(19.3	)		(41.7	)		(13.4	)

Pretax income (loss) from continuing operations ⁽¹⁾	$	(17.6	)	$	(85.9	)	$	(26.1	)	$	(74.0	)	$	(19.2	)	$	(48.5	)	$	(30.3	)	$	(32.4	)	$	49.1


⁽¹⁾		Includes one time charges as described in our SEC filings.

Table 8
Other Income (Expense)
($ in millions)


	Quarter Ended March 31,
	2010			2009
Dividend and interest income	$	0.4		$	0.7
Interest expense		(1.1	)		(0.1	)
Gain on sale of office buildings		0.2			0.2
Other		(0.1	)		0.2
Retained interest in monetized installment notes		0.1			0.1

Total	$	(0.5	)	$	1.1

ST JOE Co - FORM 10-Q - EX-99.1 - May 4, 2010

Attached files

ST JOE Co Reports