The St. Joe Company (JOE) 10-Q 2010 Q3 Quarterly report

Exhibit 99.1

Table 1
Summary of Land-Use Entitlements ⁽¹⁾
Active St. Joe Residential and Mixed-Use Projects
September 30, 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 9/30/10		Remaining		(Sq. Ft.)(4)
In Development:(5)
Hawks Landing	PR	Bay		88		168		151		—		17		—
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		32		—		4,468		500,000
SouthWood	PR	Leon		3,370		4,770		2,540		—		2,230		4,535,588
SummerCamp Beach	RS	Franklin		762		499		87		—		412		25,000
Topsail	PR	Walton		115		610		—		—		610		220,000
WaterColor	RS	Walton		499		1,140		927		1		212		47,600
WaterSound	RS	Walton		2,425		1,432		29		—		1,403		457,380
WaterSound Beach	RS	Walton		256		511		447		—		64		29,000
WaterSound West Beach	RS	Walton		62		199		46		—		153		—
Wild Heron(6)	RS	Bay		17		28		2		—		26		—
WindMark Beach	RS	Gulf		2,020		1,516		150		—		1,366		76,157
Subtotal				15,508		15,815		4,611		1		11,203		5,890,725
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		132		348		—		—		348		—
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
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				21,719		20,442						20,442		5,684,500
Total				37,227		36,257		4,611		1		31,645		11,575,225

(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 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 horizontal construction has commenced and sales and/or marketing has commenced or will commence 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 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 JOE Commercial Projects
September 30, 2010

				Acres Sold		Acres Under
		Project		Since		Contract		Total Acres
Project	County	Acres		Inception		As of 9/30/10		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		11		—		0
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		349		0		642

⁽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 3
Residential Real Estate
Sales Activity
Three Months Ended September 30, 2010
($ 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		21	(3)	$	2.5	$	1.9	$	0.6		12	$	1.3	$	0.8	$	0.5
Homes(2)		1			0.5		0.4		0.1		35		7.9		7.6		0.3
Total		22		$	3.0	$	2.3	$	0.7		47	$	9.2	$	8.4	$	0.8

(1)	Cost of sales for homesites in the third quarter of 2010 consisted of $1.0 million in direct costs, $0.2 million in selling costs and $0.7 million in indirect costs. Cost of sales for homesites 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 homes in the third quarter of 2010 consisted of $0.3 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 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.
(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)	Includes 4 homesites closings with $1.2 million of revenue and $0.8 million of costs deferred due to less than sufficient down payment to qualify for full profit recognition.

Table 4
Residential Real Estate Sales Activity
Three Months Ended September 30,
($ in thousands)

	2010								2009
	Units		Avg.				Avg.		Units		Avg.				Avg.
	Closed		Price		Accepted (1)		Price		Closed		Price		Accepted(1)		Price
Artisan Park(2)
Single-Family Homes		—		—		—		—		1	$	334.1		1	$	334.1
Multifamily Homes		—		—		—		—		22	$	226.6		22	$	226.6
Hawks Landing
Homesites		2	$	55.7		2	$	55.7		2	$	62.9		2	$	62.9
RiverCamps at Crooked Creek
Homesites		—		—		—		—		1	$	72.9		1	$	72.9
Single-Family Homes		—		—		—		—		1	$	450.0		1	$	450.0
RiverTown
Homesites		2	$	31.3		2	$	31.3		—		—		—		—
SouthWood
Homesites		5	$	68.4		5	$	68.4		—		—		—		—
SummerCamp
Homesites		4	$	300.0		—		—		1	$	220.0		1	$	220.0
Single-Family Homes		1	$	450.0		—		—		—		—		1	$	499.9
Victoria Park
Homesites		—		—		—		—		2	$	54.1		2	$	54.1
Single-Family Homes		—		—		—		—		10	$	168.6		10	$	168.6
WaterColor
Homesites		3	$	107.1		3	$	107.1		3	$	92.2		3	$	92.2
Single/Multifamily Homes		—		—		—		—		1	$	445.0		1	$	445.0
WaterSound
Homesites		—		—		—		—		1	$	106.6		1	$	106.6
WaterSound Beach
Homesites		1	$	1,253.7		1	$	1,253.7		1	$	199.3		1	$	199.3
WaterSound West Beach
Homesites		2	$	87.2		2	$	87.2		—		—		—		—
WindMark Beach
Homesites		2	$	152.7		1	$	188.0		1	$	135.0		2	$	113.7
Total Homesites		21	$	179.6		16	$	153.3		12	$	103.7		13	$	102.8
Total Single/Multifamily Homes		1	$	450.0		—		—		35	$	225.7		36	$	233.3
Total		22	$	191.9		16	$	153.3		47	$	194.5		49	$	198.7

(1)	Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed.
(2)	St. Joe owns 74 percent of Artisan Park.

Table 5
Commercial Land Sales
Three Months Ended September 30,

	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)		(in thousands)
2010		2		13.8	$	3,620	$	262
2009		2		5.6	$	2,071	$	369

Table 6
Rural Land Sales
Three Months Ended September 30,

	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)
2010		2		226	$	725	$	3,212
2009		1		140	$	289	$	2,065

     Also included in rural land sales in the third quarter of 2010 was $3.5 million of previously deferred revenue.

Table 7
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,
	2010			2010			2010			2009			2009			2009			2009			2008			2008
Residential	$	(16.5	)	$	(7.2	)	$	(11.3	)	$	(80.6	)	$	(19.7	)	$	(23.3	)	$	(14.2	)	$	(70.7	)	$	(12.6	)
Commercial		1.5			(1.3	)		(0.4	)		1.3			(0.5	)		(0.7	)		(0.6	)		(0.3	)		(0.6	)
Rural Land sales		3.5			0.7			(0.3	)		0.9			(0.5	)		6.8			2.8			26.3			2.0
Forestry		0.8			2.2			1.4			1.3			1.2			1.1			1.1			0.8			0.2
Corporate and other		(10.9	)		(9.2	)		(7.0	)		(8.8	)		(6.6	)		(57.8	)		(8.3	)		(4.6	)		(19.3	)
Pretax income (loss) from continuing operations(1)	$	(21.6	)	$	(14.8	)	$	(17.6	)	$	(85.9	)	$	(26.1	)	$	(73.9	)	$	(19.2	)	$	(48.5	)	$	(30.3	)

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

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

	Quarter Ended Sept. 30,						Nine Months Ended Sept. 30,
	2010			2009			2010			2009
Dividend and interest income	$	0.4		$	0.6		$	1.2		$	1.9
Interest expense		(5.2	)		(0.1	)		(7.4	)		(0.3	)
Gain on sale of office buildings		0.2			0.2			0.5			0.5
Other		0.8			0.4			1.7			0.9
Retained interest in monetized installment notes		0.1			0.1			0.3			0.3
Total	$	(3.7	)	$	1.2		$	(3.7	)	$	3.3