Exhibit 99.1
Table 1
Residential Real Estate
Sales Activity
Three Months Ended December 31,
($ in millions)
Residential Real Estate
Sales Activity
Three Months Ended December 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 | 40 | $ | 2.9 | $ | 2.0 | $ | 0.9 | 52 | $ | 2.7 | $ | 2.4 | $ | 0.3 | ||||||||||||||||||
Homes(2) | 1 | 0.6 | 0.6 | — | 12 | 3.7 | 3.7 | — | ||||||||||||||||||||||||
Total(3) | 41 | $ | 3.5 | $ | 2.6 | $ | 0.9 | 64 | $ | 6.4 | $ | 6.1 | $ | 0.3 | ||||||||||||||||||
(1) | Cost of sales for homesites in the fourth quarter of 2010 consisted of $1.8 million in direct costs, $0.2 million in selling costs and less than 0.1 million in indirect costs. Cost of sales for homesites in the fourth quarter of 2009 consisted of $2.1 million in direct costs, $0.1 million in selling costs and $0.2 million in indirect costs. Cost of sales for homes in the fourth quarter of 2010 consisted of $0.5 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 fourth quarter of 2009 consisted of $3.2 million in direct costs, $0.2 million in selling costs and $0.3 million in indirect costs. | |
(2) | Homes include single-family and multifamily units. Multifamily revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods. | |
(3) | Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009. |
Year Ended December 31,
($ in millions)
($ 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 | 83 | $ | 7.5 | $ | 5.4 | $ | 2.1 | 80 | $ | 6.5 | $ | 4.6 | $ | 1.9 | ||||||||||||||||||
Homes(2) | 2 | 1.0 | 0.9 | 0.1 | 84 | 24.8 | 24.0 | 0.8 | ||||||||||||||||||||||||
Total(3) | 85 | $ | 8.5 | $ | 6.3 | $ | 2.2 | 164 | $ | 31.3 | $ | 28.6 | $ | 2.7 | ||||||||||||||||||
(1) | Cost of sales for homesites for the year ended 2010 consisted of $4.0 million in direct costs, $1.0 million in selling costs and $0.4 million in indirect costs. Cost of sales for homesites for the year ended 2009 consisted of $3.9 million in direct costs, $0.2 million in selling costs and $0.5 million in indirect costs. Cost of sales for homes for the year ended 2010 consisted of $0.7 million in direct costs, $0.1 million in selling costs and $0.1 million in indirect costs. Cost of sales for homes for the year ended 2009 consisted of $18.8 million in direct costs, $1.7 million in selling costs and $3.5 million in indirect costs. | |
(2) | Homes include single-family and multifamily units. Multifamily revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods. | |
(3) | Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009. |
Table 2
Residential Real Estate Sales Activity
Three Months Ended December 31,
($ in thousands)
Residential Real Estate Sales Activity
Three Months Ended December 31,
($ in thousands)
2010 | 2009 | |||||||||||||||||||||||||||||||
Units | Avg. | Avg. | Units | Avg. | Avg. | |||||||||||||||||||||||||||
Closed | Price | Accepted (1) | Price | Closed | Price | Accepted(1) | Price | |||||||||||||||||||||||||
Artisan Park(2) | ||||||||||||||||||||||||||||||||
Multifamily Homes | — | — | — | — | 6 | $ | 217.8 | 6 | $ | 217.8 | ||||||||||||||||||||||
Hawks Landing | ||||||||||||||||||||||||||||||||
Homesites | 15 | $ | 47.7 | 15 | $ | 47.7 | 5 | $ | 62.8 | 5 | $ | 62.8 | ||||||||||||||||||||
RiverCamps on Crooked Creek | ||||||||||||||||||||||||||||||||
Single-Family Homes | — | — | — | — | 1 | $ | 490.0 | 1 | $ | 490.0 | ||||||||||||||||||||||
SouthWood | ||||||||||||||||||||||||||||||||
Homesites | 12 | $ | 52.1 | 12 | $ | 52.1 | — | — | — | — | ||||||||||||||||||||||
SummerCamp | ||||||||||||||||||||||||||||||||
Homesites | 1 | $ | 59.0 | 1 | $ | 59.0 | — | — | — | — | ||||||||||||||||||||||
Single-Family Homes | — | — | — | — | — | — | (1 | ) | 499.9 | |||||||||||||||||||||||
Victoria Park(3) | ||||||||||||||||||||||||||||||||
Homesites | — | — | — | — | 41 | $ | 39.0 | 1 | $ | 75.0 | ||||||||||||||||||||||
Single-Family Homes | — | — | — | — | 2 | $ | 167.0 | 2 | $ | 167.0 | ||||||||||||||||||||||
WaterColor | ||||||||||||||||||||||||||||||||
Homesites | 5 | $ | 113.3 | 5 | $ | 113.3 | 2 | $ | 94.7 | 2 | $ | 94.7 | ||||||||||||||||||||
WaterSound | ||||||||||||||||||||||||||||||||
Homesites | 2 | $ | 110.0 | 2 | $ | 110.0 | 1 | $ | 67.5 | 2 | $ | 85.0 | ||||||||||||||||||||
WaterSound West Beach | ||||||||||||||||||||||||||||||||
Homesites | 5 | $ | 143.9 | 8 | $ | 139.9 | — | — | — | — | ||||||||||||||||||||||
Single-Family Homes | 1 | $ | 555.0 | 1 | $ | 555.0 | — | — | — | — | ||||||||||||||||||||||
WindMark Beach | ||||||||||||||||||||||||||||||||
Homesites | — | — | — | — | 3 | $ | 162.3 | 2 | $ | 197.2 | ||||||||||||||||||||||
Single-Family Homes | — | — | — | — | 3 | $ | 530.1 | 3 | $ | 530.1 | ||||||||||||||||||||||
Total Homesites | 40 | $ | 72.6 | (4) | 43 | $ | 76.9 | (4) | 52 | $ | 51.1 | (4) | 12 | $ | 95.2 | (4) | ||||||||||||||||
Total Single/Multifamily Homes | 1 | $ | 555.0 | (4) | 1 | $ | 555.0 | (4) | 12 | $ | 310.1 | (4) | 11 | $ | 292.8 | (4) | ||||||||||||||||
Total | 41 | $ | 84.4 | 44 | $ | 87.0 | 64 | $ | 99.7 | 23 | $ | 189.7 | ||||||||||||||||||||
(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. | |
(3) | Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009. | |
(4) | Average prices differ from quarter to quarter primarily because of the relative mix and location of sales. |
Year Ended December 31,
($ in thousands)
($ 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 | — | — | — | — | 8 | $ | 352.8 | 8 | $ | 352.8 | ||||||||||||||||||||||
Multifamily Homes | — | — | — | — | 32 | 227.4 | 32 | 227.4 | ||||||||||||||||||||||||
Hawks Landing | ||||||||||||||||||||||||||||||||
Homesites | 23 | $ | 51.0 | 23 | $ | 51.0 | 12 | $ | 63.5 | 12 | $ | 63.5 | ||||||||||||||||||||
RiverCamps on Crooked Creek | ||||||||||||||||||||||||||||||||
Homesites | — | — | — | — | 1 | $ | 72.9 | 1 | $ | 72.9 | ||||||||||||||||||||||
Single-Family Homes | — | — | — | — | 2 | $ | 470.0 | 2 | $ | 470.0 | ||||||||||||||||||||||
RiverTown | ||||||||||||||||||||||||||||||||
Homesites | 2 | $ | 31.3 | 2 | $ | 31.3 | — | — | — | — | ||||||||||||||||||||||
SouthWood | ||||||||||||||||||||||||||||||||
Homesites | 17 | $ | 56.9 | 17 | $ | 56.9 | — | — | — | — | ||||||||||||||||||||||
St. Johns G & CC | ||||||||||||||||||||||||||||||||
Single-Family Homes | — | — | — | — | 2 | $ | 319.4 | 2 | $ | 319.4 | ||||||||||||||||||||||
SummerCamp | ||||||||||||||||||||||||||||||||
Homesites | 5 | $ | 251.8 | 5 | $ | 251.8 | 1 | $ | 220.0 | 1 | $ | 220.0 | ||||||||||||||||||||
Single-Family Homes | 1 | $ | 450.0 | 1 | $ | 450.0 | — | — | — | — | ||||||||||||||||||||||
Victoria Park(3) | ||||||||||||||||||||||||||||||||
Homesites | — | — | — | — | 43 | $ | 39.7 | 3 | $ | 61.1 | ||||||||||||||||||||||
Single-Family Homes | — | — | — | — | 19 | $ | 176.1 | 19 | $ | 176.1 | ||||||||||||||||||||||
WaterColor | ||||||||||||||||||||||||||||||||
Homesites | 19 | $ | 106.7 | 20 | $ | 106.3 | 10 | $ | 135.9 | 10 | $ | 135.9 | ||||||||||||||||||||
Single-Family Homes | — | — | — | — | 17 | $ | 451.1 | 17 | $ | 451.1 | ||||||||||||||||||||||
WaterSound | ||||||||||||||||||||||||||||||||
Homesites | 3 | $ | 107.5 | 2 | $ | 110.0 | 3 | $ | 84.0 | 4 | $ | 88.6 | ||||||||||||||||||||
Single-Family Homes | — | — | — | — | 1 | $ | 580.0 | 1 | $ | 580.0 | ||||||||||||||||||||||
WaterSound Beach | ||||||||||||||||||||||||||||||||
Homesites | 1 | $ | 1,253.7 | 1 | $ | 1,253.7 | 1 | $ | 199.3 | 1 | $ | 199.3 | ||||||||||||||||||||
PRC Shares | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
WaterSound West Beach | ||||||||||||||||||||||||||||||||
Homesites | 11 | $ | 122.3 | 14 | $ | 124.6 | 3 | $ | 190.9 | 3 | $ | 190.9 | ||||||||||||||||||||
Single-Family Homes | 1 | $ | 555.0 | 1 | $ | 555.0 | — | — | — | — | ||||||||||||||||||||||
WindMark Beach | ||||||||||||||||||||||||||||||||
Homesites | 2 | $ | 152.7 | 2 | $ | 152.7 | 6 | $ | 139.5 | 6 | $ | 139.5 | ||||||||||||||||||||
Single-Family Homes | — | — | — | — | 3 | $ | 530.1 | 3 | $ | 530.1 | ||||||||||||||||||||||
Total Homesites | 83 | $ | 105.0 | (4) | 86 | $ | 105.9 | (4) | 80 | $ | 74.8 | (4) | 41 | $ | 111.2 | (4) | ||||||||||||||||
Total Single/Multifamily Homes | 2 | $ | 502.5 | (4) | 2 | $ | 502.5 | (4) | 84 | $ | 296.0 | (4) | 84 | $ | 296.0 | (4) | ||||||||||||||||
Total | 85 | $ | 114.4 | 88 | $ | 115.0 | 164 | $ | 188.1 | 125 | $ | 235.4 | ||||||||||||||||||||
(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. | |
(3) | Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009. | |
(4) | Average prices differ from quarter to quarter primarily because of the relative mix and location of sales. |
Table 3
Commercial Land Sales
Three Months Ended December 31,
Commercial Land Sales
Three Months Ended December 31,
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
2010 | 1 | 1.7 | $ | 425 | $ | 250 | ||||||||||
2009 | 5 | 23.4 | 4,519 | 193 |
Year Ended December 31,
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
2010 | 4 | 18 | $ | 4,358 | $ | 237 | ||||||||||
2009 | 8 | 29 | 6,589 | 227 |
Table 4
Rural Land Sales
Three Months Ended December 31,
Rural Land Sales
Three Months Ended December 31,
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | ||||||||||||||||
2010 | 6 | 266 | $ | 1,471 | $ | 5,520 | ||||||||||
2009 | 3 | 482 | 1,402 | 2,908 |
Also included in rural land sales in the fourth quarter of 2010 was $17.1 million of previously deferred revenue from a 2006 transaction with the Florida Department of Transportation.
Year Ended December 31,
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | ||||||||||||||||
2010 | 13 | 606 | $ | 2,969 | $ | 4,897 | ||||||||||
2009 | 13 | 6,967 | 14,309 | 2,054 |
Also included in rural land sales for 2010 was $20.6 million of previously deferred revenue from a 2006 transaction with the Florida Department of Transportation, $1.4 million related to the sale of 21 mitigation bank credits, $0.4 million from an easement and $0.5 million of other previously deferred revenue.
Table 5
Quarterly Segment Pretax Income (Loss)
From Continuing Operations
($ in millions)
Quarterly Segment Pretax Income (Loss)
From Continuing Operations
($ in millions)
Dec. 31, | Sept. 30, | June. 30, | Mar. 31, | Dec. 31, | Sept. 30, | June. 30, | Mar. 31, | Dec. 31, | ||||||||||||||||||||||||||||
2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | ||||||||||||||||||||||||||||
Residential | $ | (12.3 | ) | $ | (16.5 | ) | $ | (7.2 | ) | $ | (11.3 | ) | $ | (80.6 | ) | $ | (19.7 | ) | $ | (23.3 | ) | $ | (14.2 | ) | $ | (70.7 | ) | |||||||||
Commercial | (1.2 | ) | 1.5 | (1.3 | ) | (0.4 | ) | 1.3 | (0.5 | ) | (0.7 | ) | (0.6 | ) | (0.3 | ) | ||||||||||||||||||||
Rural Land sales | 18.2 | 3.5 | 0.7 | (0.3 | ) | 0.9 | (0.5 | ) | 6.8 | 2.8 | 26.3 | |||||||||||||||||||||||||
Forestry | 1.9 | 0.8 | 2.2 | 1.4 | 1.3 | 1.2 | 1.1 | 1.1 | 0.8 | |||||||||||||||||||||||||||
Corporate and other | (8.0 | ) | (10.9 | ) | (9.2 | ) | (7.0 | ) | (8.8 | ) | (6.6 | ) | (57.8 | ) | (8.3 | ) | (4.6 | ) | ||||||||||||||||||
Pretax income (loss) from continuing operations(1) | $ | (1.4 | ) | $ | (21.6 | ) | $ | (14.8 | ) | $ | (17.6 | ) | $ | (85.9 | ) | $ | (26.1 | ) | $ | (73.9 | ) | $ | (19.2 | ) | $ | (48.5 | ) | |||||||||
(1) | Includes one time charges as described in our SEC filings. |
Table 6
Other Income (Expense)
($ in millions)
Other Income (Expense)
($ in millions)
Quarter Ended Dec. 31, | Year Ended Dec. 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Dividend and interest income | $ | 0.2 | $ | 0.5 | $ | 1.5 | $ | 2.7 | ||||||||
Interest expense | (1.3 | ) | (0.8 | ) | (8.7 | ) | (1.2 | ) | ||||||||
Gain on sale of office buildings | 0.1 | 0.2 | 0.5 | 0.7 | ||||||||||||
Other | 0.8 | 1.7 | 2.5 | 2.4 | ||||||||||||
Retained interest in monetized installment notes | 0.1 | 0.1 | 0.4 | 0.4 | ||||||||||||
Fair value of standby guarantee | — | (0.8 | ) | — | (0.8 | ) | ||||||||||
Total | $ | (0.1 | ) | $ | 0.9 | $ | (3.8 | ) | $ | 4.2 | ||||||
Table 7
Discontinued Operations, Net of Tax
($ in millions)
Discontinued Operations, Net of Tax
($ in millions)
Quarter Ended Dec. 31, | Year Ended Dec. 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Loss from operations of Victoria Hills Golf Club | — | $ | (4.3 | ) | — | $ | (4.6 | ) | ||||||||
Loss from operations of St. Johns Golf & Country Club | — | (2.1 | ) | — | (2.1 | ) | ||||||||||
Loss from Sunshine State Cypress operations | — | — | — | (0.2 | ) | |||||||||||
Total | — | $ | (6.4 | ) | — | $ | (6.9 | ) | ||||||||