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10-Q - THE ST JOE COMPANY - ST JOE COb77464e10vq.htm
EX-32.1 - EX-32.1 SECTION 906 CERTIFICATION OF CEO - ST JOE COb77464exv32w1.htm
EX-31.1 - EX-31.1 SECTION 302 CERTIFICATION OF CEO - ST JOE COb77464exv31w1.htm
EX-31.2 - EX-31.2 SECTION 302 CERTIFICATION OF CFO - ST JOE COb77464exv31w2.htm
EX-32.2 - EX-32.2 SECTION 906 CERTIFICATION OF CFO - ST JOE COb77464exv32w2.htm
Exhibit 99.1
Table 1
Summary of Land-Use Entitlements
(1)
Active JOE Residential and Mixed-Use Projects
September 30, 2009
                                                         
                            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 9/30/09   Remaining   (Sq. Ft.)(4)
In Development: (5)
                                                       
Artisan Park (6)
  PR   Osceola     175       616       610             6        
Hawks Landing
  PR   Bay     88       168       138             30        
Landings at Wetappo
  RR   Gulf     113       24       7             17        
RiverCamps on Crooked Creek
  RS   Bay     1,491       408       190             218        
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       4,577,360  
SummerCamp Beach
  RS   Franklin     762       499       82       1       416       25,000  
Victoria Park
  PR   Volusia     1,859       4,200       1,470       40       2,690       18,643  
WaterColor
  RS   Walton     499       1,140       911             229       47,600  
WaterSound
  RS   Walton     2,425       1,432       27             1,405       457,380  
WaterSound Beach
  RS   Walton     256       511       446             65       29,000  
WaterSound West Beach
  RS   Walton     62       199       40             159        
Wild Heron (7)
  RS   Bay     17       28       2             26        
WindMark Beach
  RS   Gulf     2,020       1,516       142       1       1,373       76,157  
 
                                                       
Subtotal
            17,427       20,021       6,632       42       13,347       5,731,140  
 
                                                       
 
                                                       
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        
Carrabelle East
  PR   Franklin     200       600                   600        
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        
St. James Island Granite Point
  RS   Franklin     1,000       2,000                   2,000        
Star Avenue North
  PR   Bay     295       600                   600       350,000  
The Cove
  RR   Gulf     64       107                   107        
Timber Island (8)
  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 (9)
  RS   Bay     950       214                   214        
 
                                                       
Subtotal
            23,017       23,624                   23,624       5,984,500  
 
                                                       
Total
            40,444       43,645       6,632       42       36,971       11,715,640  
 
                                                       

 


 

 
(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 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 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)   Artisan Park is 74 percent owned by JOE.
 
(7)   Homesites acquired by JOE within the Wild Heron community.
 
(8)   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).
 
(9)   West Bay Landing is a sub-project within WestBay DSAP I.
Table 2
Proposed JOE Residential and Mixed-Use Projects
In the Land-Use Entitlement Process
(1)
September 30, 2009
                                 
                            Estimated
                            Commercial
                    Estimated   Entitlements
Project   Class(2)   County   Project Acres   Project Units(3)   (Sq. Ft.) (4)
Breakfast Point, Phase 2
  PR/RS   Bay     1,299       2,780       635,000  
SouthSide
  PR   Leon     1,625       2,800       1,150,000  
 
                               
Total
            2,924       5,580       1,785,000  
 
                               
 
(1)   A project is deemed to be in the land-use entitlement process when customary steps necessary for the preparation and submittal of an application, such as conducting pre-application meetings or similar discussions with governmental officials, have commenced and/or an application has been filed. All projects listed have significant entitlement steps remaining that could affect their timing, scale and viability. There can be no assurance that these entitlements will ultimately be received.
 
(2)   Current 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)   The actual number of units to be constructed at full build-out may be lower than the number ultimately entitled.
 
(4)   Represents the estimated number of entitlements that are being sought. The actual number of entitlements approved may be less. Once entitled, the actual number of square feet to be constructed at full build-out may be lower than the actual number eventually entitled. Commercial entitlements include retail, office and industrial uses.

 


 

Table 3
Summary of Additional Commercial Land-Use Entitlements
(1)
(Commercial Projects Not Included in Tables 1 and 2 Above)
Active JOE Commercial Projects
September 30, 2009
                                     
                Acres Sold     Acres Under        
        Project     Since     Contract     Total Acres  
Project   County   Acres     Inception     As of 9/30/09     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 JOE projects that are either operating, under development or in the pre-development stage.
Table 4
Residential Real Estate
Sales Activity
Three Months Ended September 30,
($ in millions)
                                                                 
    2009     2008  
    Number                             Number                      
    of Units             Cost of     Gross     of Units             Cost of     Gross  
    Closed     Revenue     Sales (1)     Profit     Closed     Revenue     Sales (1)     Profit  
Home Sites
    12     $ 1.3     $ 0.8     $ 0.5       74     $ 6.0     $ 4.5     $ 1.5  
Homes (2)
    35       7.9       7.6       0.3       3       2.3       2.1       0.2  
 
                                               
Total
    47     $ 9.2     $ 8.4     $ 0.8       77     $ 8.3     $ 6.6     $ 1.7  
 
                                               
 
(1)   Cost of sales for home sites in the third quarter of 2009 consisted of $0.6 million in direct costs, $0.1 million in selling costs and $0.1 million in indirect costs. Cost of sales for home sites in the third quarter of 2008 consisted of $3.9 million in direct costs, $0.2 million in selling costs and $0.4 million in indirect costs. Cost of sales for homes in the third quarter of 2009 consisted of $6.2 million in direct costs, $0.6 million in selling costs and $0.8 million in indirect costs. Cost of sales for homes in the third quarter of 2008 consisted of $1.9 million in direct costs, $0.1 million in selling costs and $0.1 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.

 


 

Table 5
Residential Real Estate Sales Activity
Three Months Ended September 30,
($ in thousands)
                                                                 
    2009     2008  
                                                            Avg.  
    Units Closed     Avg. Price     Accepted  (1)     Avg. Price     Units Closed     Avg. Price     Accepted (1)     Price  
Artisan Park (2)
                                                               
Single-Family Homes
    1     $ 334.1       1     $ 334.1                          
Multifamily Homes
    22       226.6       22       226.6       2       437.5       2       414.6  
Hawks Landing
                                                               
Homesites
    2       62.9       2       62.9                   2       73.1  
Port St. Joe Primary
                                                               
Homesites
                            1       55.0       1       55.0  
RiverCamps on Crooked Creek
                                                               
Homesites
    1       72.9       1       72.9                          
Single-Family Homes
    1       450.0       1       450.0                          
SouthWood
                                                               
Homesites
                            20       47.9       20       47.9  
SummerCamp Beach
                                                               
Homesites
    1       220.0       1       220.0                          
Single-Family Homes
                1       499.9                          
Victoria Park
                                                               
Homesites
    2       54.1       2       54.1       41       38.1              
Single-Family Homes
    10       168.6       10       168.6       1       202.0       1       202.0  
WaterColor
                                                               
Homesites
    3       92.2       3       92.2       1       90.0       2       565.0  
Single-Family Homes
    1       445.0       1       445.0                          
WaterSound
                                                               
Homesites
    1       106.6       1       106.6       1       120.0       1       120.0  
WaterSound Beach
                                                               
Homesites
    1       199.3       1       199.3       5       452.5       2       408.6  
WaterSound West Beach
                                                               
Homesites
                            2       186.6       1       175.0  
Wild Heron
                                                               
Homesites
                            1       215.0       1       215.0  
WindMark Beach
                                                               
Homesites
    1       135.0       2       113.7       2       157.9       3       175.9  
 
                                               
Total Homesites
    12     $ 103.7 (3)     13     $ 102.8 (3)     74     $ 80.5 (3)     33     $ 125.6 (3)
 
                                               
Total Single/Multifamily Homes
    35     $ 225.7 (3)     36     $ 233.3 (3)     3     $ 359.0 (3)     3     $ 343.7 (3)
 
                                               
 
(1)   Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed.
 
(2)   JOE owns 74 percent of Artisan Park.
 
(3)   Average prices differ from quarter to quarter primarily because of the relative mix and location of sales.

 


 

Table 6
Commercial Land Sales
Three Months Ended September 30,
                                 
    Number of Sales   Acres Sold   Gross Sales Price   Average Price/Acre
                    (in thousands)   (in thousands)
2009
    2       5.6     $ 2,071     $ 369  
2008
    3       32.0       2,468       77  
Table 7
Rural Land Sales
Three Months Ended September 30,
                                 
    Number of Sales   Acres Sold   Gross Sales Price   Average Price/Acre
                    (in thousands)        
2009
    1       140     $ 260     $ 1,855  
2008
    5       346       2,436       7,041  
Table 8
Quarterly Segment Pretax Income (Loss)
From Continuing Operations
($ in millions)
                                                                         
    Sept. 30,     June 30,     Mar. 31,     Dec. 31,     Sept. 30,     June 30,     Mar. 31,     Dec. 31,     Sept. 30,  
    2009     2009     2009     2008     2008     2008     2008     2007     2007  
Residential
  $ (20.0 )   $ (23.3 )   $ (14.2 )   $ (71.0 )   $ (13.0 )   $ (13.3 )   $ (18.7 )   $ (11.4 )   $ (26.2 )
Commercial
    (0.5 )     (0.7 )     (0.6 )     (0.3 )     (0.6 )     (0.5 )     (0.8 )     4.6       2.3  
Rural Land sales
    (0.5 )     6.8       2.8       26.3       2.0       24.1       80.1       24.5       27.8  
Forestry
    1.2       1.1       1.1       0.8       0.2       (1.1 )     1.9       (1.9 )     1.3  
Corporate and other
    (6.5 )     (57.5 )     (7.8 )     (4.5 )     (19.2 )     (41.6 )     (13.0 )     (11.0 )     (15.8 )
 
                                                     
Pretax income (loss) from continuing operations (1)
  $ (26.3 )   $ (73.6 )   $ (18.7 )   $ (48.7 )   $ (30.6 )   $ (32.4 )   $ 49.5     $ 4.8     $ (10.6 )
 
                                                     
 
(1)   Includes one time charges as described in our SEC filings.
Table 9
Other Income (Expense)
($ in millions)
                                 
    Quarter Ended Sept. 30,     Nine Months Ended Sept. 30,  
    2009     2008     2009     2008  
Dividend and interest income
  $ 0.8     $ 1.7     $ 2.2     $ 5.0  
Interest expense
    (0.1 )     (0.1 )     (0.3 )     (4.4 )
Gain on sale of office buildings
    0.2       0.2       0.5       0.5  
Other
    0.2       (1.8 )     0.6       (0.6 )
Retained interest in monetized installment notes
    0.1       (6.6 )     0.3       (8.5 )
Loss on early extinguishment of debt
          (0.7 )           (30.6 )
 
                       
Total
  $ 1.2     $ (7.3 )   $ 3.3     $ (38.6 )