Attached files
file | filename |
---|---|
10-Q - THE ST JOE COMPANY - ST JOE Co | b77464e10vq.htm |
EX-32.1 - EX-32.1 SECTION 906 CERTIFICATION OF CEO - ST JOE Co | b77464exv32w1.htm |
EX-31.1 - EX-31.1 SECTION 302 CERTIFICATION OF CEO - ST JOE Co | b77464exv31w1.htm |
EX-31.2 - EX-31.2 SECTION 302 CERTIFICATION OF CFO - ST JOE Co | b77464exv31w2.htm |
EX-32.2 - EX-32.2 SECTION 906 CERTIFICATION OF CFO - ST JOE Co | b77464exv32w2.htm |
Exhibit 99.1
Table 1
Summary of Land-Use Entitlements (1)
Active JOE Residential and Mixed-Use Projects
September 30, 2009
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
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
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)
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)
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
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
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)
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)
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 | ) | ||||||