The St. Joe Company (JOE) 10-Q 2009 Q1 Quarterly report

Exhibit 99.1

Table 1
Summary of Land-Use Entitlements ⁽¹⁾
Active JOE Residential and Mixed-Use Projects
March 31, 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 3/31/09		Remaining		(Sq. Ft.)(4)
In Development:(5)
Artisan Park(6)	PR	Osceola		175		616		577		—		39		—
Hawks Landing	PR	Bay		88		168		133		—		35		—
Landings at Wetappo	RR	Gulf		113		24		7		—		17		—
RiverCamps on Crooked Creek	RS	Bay		1,491		408		188		—		220		—
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
St. Johns Golf & Country Club	PR	St. Johns		880		799		798		—		1		—
SummerCamp Beach	RS	Franklin		762		499		81		—		418		25,000
Victoria Park	PR	Volusia		1,859		4,200		1,454		40		2,706		43,643
WaterColor	RS	Walton		499		1,140		891		1		248		47,600
WaterSound	RS	Walton		2,425		1,432		25		—		1,407		457,380
WaterSound Beach	RS	Walton		256		511		445		—		66		29,000
WaterSound West Beach	RS	Walton		62		199		38		—		161		—
Wild Heron(7)	RS	Bay		17		28		2		—		26		—
WindMark Beach	RS	Gulf		2,020		1,662		139		—		1,523		75,000
Subtotal				18,307		20,966		7,345		41		13,580		5,754,983
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		70		—		—		70		—
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		668		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		59		264		—		—		264		—
Long Avenue	PR	Gulf		10		30		—		—		30		—
Palmetto Bayou	PR	Bay		58		217		—		—		217		90,000
ParkSide	PR	Bay		48		480		—		—		480		—
Pier Park NE	PR	Bay		57		460		—		—		460		190,000
Pier Park Timeshare	RS	Bay		13		125		—		—		125		—
PineWood	PR	Bay		104		264		—		—		264		—
Port St. Joe Draper, Phase 1	PR	Gulf		639		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		—
SevenShores	RS	Manatee		192		278		—		—		278		20,400
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		271		1,248		—		—		1,248		380,000

							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 3/31/09		Remaining		(Sq. Ft.)(4)
The Cove	RR	Gulf		64		107		—		—		107		—
Timber Island(8)	RS	Franklin		49		407		—		—		407		14,500
Topsail	PR	Walton		115		627		—		—		627		300,000
Wavecrest	RS	Bay		7		95		—		—		95		—
WestBay Corners SE	PR	Bay		100		524		—		—		524		50,000
WestBay Corners SW	PR	Bay		64		160		—		—		160		—
WestBay DSAP	PR/RS	Bay		15,089		5,628		—		—		5,628		4,430,000
WestBay Landing(9)	RS	Bay		950		214		—		—		214		—
Subtotal				23,276		25,027		—		—		25,027		6,224,900
Total				41,583		45,993		7,345		41		38.607		11,979,883

(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.
(5)	A project is “in development” when St. Joe has commenced horizontal construction on the project and sales and/or marketing have 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)	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.

Table 2
Proposed JOE Residential and Mixed-Use Projects
In the Land-Use Entitlement Process⁽¹⁾
March 31, 2009

							Estimated
					Estimated		Commercial
					Project Units		Entitlements
Project	Class(2)	County	Project Acres		(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
St. James Island McIntyre	RR	Franklin		1,704		340		—
St. James Island RiverCamps	RS	Franklin		2,500		500		—
Total				7,128		6,420		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
March 31, 2009

				Acres Sold
		Project		Since		Acres Under Contract		Total Acres
Project	County	Acres		Inception		As of 3/31/09		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		12		3		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
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			934		342		3		589

⁽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 March 31,
($ 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(2)		3	$	0.7	$	0.2	$	0.5		5	$	1.2	$	0.7	$	0.5
Homes(3)		9		3.3		3.3		—		13		8.5		8.6		(0.1	)
Total		12	$	4.0	$	3.5	$	0.5		18	$	9.7	$	9.3	$	0.4

(1)	Cost of sales for home sites 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 home sites in the first quarter of 2008 consisted of $0.6 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. Cost of sales for homes in the first quarter of 2008 consisted of $6.2 million in direct costs, $0.5 million in selling costs and $1.9 million in indirect costs.
(2)	Profit has been deferred as a result of continuing development obligations at SummerCamp Beach in 2009 and 2008 and WaterSound West Beach in 2008. As a consequence, revenue recognition and closings may occur in different periods.
(3)	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 by Community
Three Months Ended March 31,
($ in thousands)

	2009										2008
	Units		Avg.					Avg.			Units		Avg.						Avg.
	Closed		Price			Accepted(1)		Price			Closed		Price			Accepted(1)			Price
Artisan Park(2)
Single-Family Homes		—		—			—		—			5	$	621.2			5		$	621.2
Multifamily Homes		—		—			—		—			4		314.3			4			314.3
Hawks Landing
Homesites		2	$	62.6			2	$	62.6			—		—			—			—
RiverTown
Homesites		—		—			—		—			3		72.5			3			72.5
SouthWood
Homesites		—		—			—		—			—		—			(1	)		115.0
Victoria Park
Single-Family Homes		3		173.1			3		173.1			1		214.2			1			214.2
WaterColor
Homesites		—		—			—		—			1		782.0			1			782.0
Single-Family Homes		5		439.7			6		437.9			1		1,815.0			1			1,815.0
WaterSound
Single-Family Homes		1		580.0			1		580.0			—		—			—			—
WaterSound West Beach
Homesites		1		196.3			1		196.3			1		177.2			1			177.2
Single-Family Homes		—		—			—		—			1		837.0			1			837.0
WindMark Beach
Single-Family Homes		—		—			—		—			1		1,299.5			—			—
Total Homesites		3	$	107.2	(3)		3	$	107.2	(3)		5	$	235.3	(3)		4		$	265.4	(3)
Total Single/Multifamily Homes		9	$	366.4	(3)		10	$	372.7	(3)		13	$	656.1	(3)		12		$	602.4	(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 March 31,

	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)
2009		—		—		—		—
2008		—		—		—		—

Table 7
Rural Land Sales
Three Months Ended March 31,

	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)
2009		5		1,027	$	4,252	$	4,140
2008		6		57,435		91,074		1,586

Table 8
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,
	2009			2008			2008			2008			2008			2007			2007			2007			2007
Residential	$	(14.2	)	$	(71.0	)	$	(13.0	)	$	(13.3	)	$	(18.7	)	$	(11.4	)	$	(26.2	)	$	(1.0	)	$	(5.4	)
Commercial		(0.6	)		(0.3	)		(0.6	)		(0.5	)		(0.8	)		4.6			2.3			8.5			0.1
Rural Land sales		2.9			26.3			2.0			24.1			80.1			24.5			27.8			7.2			40.4
Forestry		1.1			0.8			0.2			(1.1	)		1.9			(1.9	)		1.3			0.9			0.1
Corporate and other		(7.8	)		(4.5	)		(19.2	)		(41.6	)		(13.0	)		(11.0	)		(15.8	)		(16.4	)		(10.2	)
Pretax income (loss) from continuing operations	$	(18.6	)	$	(48.7	)	$	(30.6	)	$	(32.4	)	$	49.5		$	4.8		$	(10.6	)	$	(0.8	)	$	25.0

Table 9
Other Income (Expense)
($ in millions)

	Quarter Ended March 31,
	2009			2008
Dividend and interest income	$	0.7		$	1.8
Interest expense		(0.1	)		(4.2	)
Gain on sale of office buildings		0.2			0.2
Other		0.3			0.7
Retained interest in monetized installment notes		0.1			—
Total	$	1.2		$	(1.5	)