EXHIBIT 99.1
| Supplemental Information For the Period Ending 9-30-02 |
| Forward Looking Statement This document contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "anticipate", "expect", "estimate", "intend", "plan", "goal", "believe" or other words of similar meaning. All forward-looking statements, by their nature, are subject to risks and uncertainties. The Company's actual future results may differ materially from those set forth in the Company's forward-looking statements. In particular, discussions regarding (a) the size and number of commercial buildings and residential units; (b) development timetables, development approvals and the ability to obtain approvals; (c) anticipated price ranges of developments; (d) the number of units that can be supported upon full build-out; (e) absorption rates; and (f) expected gain on land sales are forward-looking statements. For further information about forward-looking statements, the reader should consult the disclosures contained in the periodic reports filed by the Company with the Securities and Exchange Commission. and in the Company's other written materials. |
| Supplemental Information - St. Joe Commercial For the Period Ending 9-30-02 |
St. Joe Commercial
Land Positions Held for Investment
September 30, 2002
($ in thousands)
| Net | Entitled | Original | |||||||||||||||
| Market | Acres(a) | Sq. Ft.(b) | Cost | ||||||||||||||
Southeast | |||||||||||||||||
| Glenlake | Atlanta, GA | 9.8 | 700,000 | ||||||||||||||
| Parkstone Plaza | Chantilly, VA | 19.1 | 240,000 | ||||||||||||||
| Lakeside at Frisco Bridges | Dallas, TX | 8.0 | 245,000 | ||||||||||||||
| Westchase | Houston, TX | 4.5 | 150,000 | ||||||||||||||
| Oak Park at Westchase | Houston, TX | 34.2 | 884,000 | ||||||||||||||
| 75.6 | 2,219,000 | ||||||||||||||||
Northeast Florida | |||||||||||||||||
| Golfway Center | St. Augustine, FL | 13.9 | 167,500 | ||||||||||||||
| Southbank (Currington) | Jacksonville, FL | 0.3 | — | ||||||||||||||
| 14.2 | 167,500 | ||||||||||||||||
Central Florida | |||||||||||||||||
| Millenia Park | Orlando, FL | 21.7 | 592,000 | ||||||||||||||
South Florida | |||||||||||||||||
| Beacon Square at Boca | Boca Raton, FL | 14.0 | 264,000 | ||||||||||||||
Total | 125.6 | 3,242,500 | $ | 48,000 | |||||||||||||
| (a) | Represents net area defined as the total area exclusive of any public roadways, easements and other undevelopable areas. | |
| (b) | Excludes entitlements related to land parcels that have been developed. |
4
St. Joe Commercial
Portfolio of Operating Properties
September 30, 2002
($ in thousands)
| Net | Annual | ||||||||||||||||||||||||||||
| # of | Rentable | Leased | Net Operating | ||||||||||||||||||||||||||
| Investment Property Portfolio | Date Acquired/Completed | Market | Ownership % | Buildings | Sq. Ft. | Percentage | Income(b) | ||||||||||||||||||||||
| Prestige Place | December-99 | Clearwater, FL | 100 | % | 2 | 143,000 | 84 | % | $ | 1,143 | |||||||||||||||||||
| Harbourside | December-99 | Clearwater, FL | 100 | % | 1 | 146,000 | 87 | % | 1,273 | ||||||||||||||||||||
| Lakeview | May-00 | Tampa, FL | 100 | % | 1 | 125,000 | 76 | % | 1,193 | ||||||||||||||||||||
| Palm Court | July-00 | Tampa, FL | 100 | % | 1 | 62,000 | 93 | % | 553 | ||||||||||||||||||||
| Westside Corporate Center | October-00 | Plantation, FL | 100 | % | 1 | 100,000 | 80 | % | 1,386 | ||||||||||||||||||||
| 280 Interstate North | January-01 | Atlanta, GA | 100 | % | 1 | 126,000 | 92 | % | 1,281 | ||||||||||||||||||||
| Southhall Center | April-01 | Orlando, FL | 100 | % | 1 | 155,000 | 95 | % | 2,076 | ||||||||||||||||||||
| 1133 20th Street, NW | September-01 | Washington DC | 100 | % | 1 | 119,000 | 99 | % | 2,388 | ||||||||||||||||||||
| 1750 K Street | December-01 | Washington DC | 100 | % | 1 | 152,000 | 94 | % | 3,567 | ||||||||||||||||||||
| Millenia Park One | May-02 | Orlando, FL | 100 | % | 1 | 158,000 | 44 | % | 2,500 | (d) | |||||||||||||||||||
| 11 | 1,286,000 | 83 | % | 17,360 | |||||||||||||||||||||||||
Development Property Portfolio | |||||||||||||||||||||||||||||
| TNT Logistics | February-02 | Jacksonville, FL | 100 | % | 1 | 99,000 | 73 | % | 1,136 | (d) | |||||||||||||||||||
| Tree of Life | December-01 | St. Augustine, FL | 100 | % | 1 | 69,000 | 100 | % | 800 | (d) | |||||||||||||||||||
| Southwood Office One | Tallahassee, FL | 100 | % | 1 | 88,000 | 51 | % | 1,000 | (d) | ||||||||||||||||||||
| Alliance Bank Building (a) | n/a | Orlando, FL | 50 | % | 1 | 71,000 | 87 | % | 431 | (c) | |||||||||||||||||||
| 355 Alhambra | June-01 | Coral Gables, FL | 45 | % | 1 | 224,000 | 64 | % | 4,900 | (c)(d) | |||||||||||||||||||
| Nextel Call Center | December-01 | Panama City Beach, FL | 100 | % | 1 | 67,000 | 100 | % | 800 | (d) | |||||||||||||||||||
| Beckrich Office I | December-01 | Panama City Beach, FL | 100 | % | 1 | 34,000 | 88 | % | 450 | (d) | |||||||||||||||||||
| Deerfield Commons I | April-00 | Atlanta, GA | 40 | % | 1 | 122,000 | 76 | % | 1,728 | (c)(d) | |||||||||||||||||||
| Westchase Corporate Center | August-99 | Houston, TX | 93 | % | 1 | 184,000 | 87 | % | 2,500 | (c)(d) | |||||||||||||||||||
| 9 | 958,000 | 77 | % | 13,745 | |||||||||||||||||||||||||
Total | 20 | 2,244,000 | 81 | % | $ | 31,105 | |||||||||||||||||||||||
| (a) | Property expected to be redeveloped. | |
| (b) | Represents budgeted net operating income. | |
| (c) | All information is shown at 100%. | |
| (d) | Represents proforma net operating income at stabilization. |
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St. Joe Commercial
Portfolio of Operating Properties –
Leasing Expirations
September 30, 2002
| Lease Expirations | |||||||||||||||||||||||||||||||||||||||||
| Net | |||||||||||||||||||||||||||||||||||||||||
| Rentable | Leased | 2007 and | |||||||||||||||||||||||||||||||||||||||
| Market | Ownership % | Sq. Ft. | Percentage | 20021) | 2003 | 2004 | 2005 | 2006 | Thereafter | ||||||||||||||||||||||||||||||||
Investment Property Portfolio | |||||||||||||||||||||||||||||||||||||||||
| Prestige Place | Clearwater, FL | 100 | % | 143,000 | 84 | % | 6,000 | 24,000 | 31,000 | 11,000 | 17,000 | 31,000 | |||||||||||||||||||||||||||||
| Harbourside | Clearwater, FL | 100 | % | 146,000 | 87 | % | 6,000 | 18,000 | 38,000 | 16,000 | 8,000 | 40,000 | |||||||||||||||||||||||||||||
| Lakeview | Tampa, FL | 100 | % | 125,000 | 76 | % | 2,000 | — | 10,000 | 27,000 | — | 56,000 | |||||||||||||||||||||||||||||
| Palm Court | Tampa, FL | 100 | % | 62,000 | 93 | % | — | 56,000 | — | — | — | 2,000 | |||||||||||||||||||||||||||||
| Westside Corporate Center | Plantation, FL | 100 | % | 100,000 | 80 | % | 1,000 | 11,000 | 10,000 | 29,000 | 24,000 | 5,000 | |||||||||||||||||||||||||||||
| 280 Interstate North | Atlanta, GA | 100 | % | 126,000 | 92 | % | — | 52,000 | 14,000 | 51,000 | — | — | |||||||||||||||||||||||||||||
| Southhall Center | Orlando, FL | 100 | % | 155,000 | 95 | % | 12,000 | 68,000 | 41,000 | 27,000 | — | 1,000 | |||||||||||||||||||||||||||||
| 1133 20th Street, NW | Washington DC | 100 | % | 119,000 | 99 | % | 1,000 | — | 5,000 | 8,000 | 89,000 | 15,000 | |||||||||||||||||||||||||||||
| 1750 K Street | Washington DC | 100 | % | 152,000 | 94 | % | — | 20,000 | — | — | 3,000 | 120,000 | |||||||||||||||||||||||||||||
| Millenia Park One | Orlando, FL | 100 | % | 158,000 | 44 | % | — | — | — | 44,000 | 11,000 | 14,000 | |||||||||||||||||||||||||||||
| 1,286,000 | 83 | % | 28,000 | 249,000 | 149,000 | 213,000 | 152,000 | 284,000 | |||||||||||||||||||||||||||||||||
Development Property Portfolio | |||||||||||||||||||||||||||||||||||||||||
| TNT Logistics | Jacksonville, FL | 100 | % | 99,000 | 73 | % | — | — | — | — | — | 73,000 | |||||||||||||||||||||||||||||
| Tree of Life | St. Augustine, FL | 100 | % | 69,000 | 100 | % | — | — | — | — | — | 69,000 | |||||||||||||||||||||||||||||
| Southwood Office One | Tallahassee, FL | 100 | % | 88,000 | 51 | % | — | — | — | — | — | 45,000 | |||||||||||||||||||||||||||||
| Alliance Bank Building | Orlando, FL | 50 | % | 71,000 | 87 | % | 19,000 | 42,000 | — | — | — | — | |||||||||||||||||||||||||||||
| 355 Alhambra | Coral Gables, FL | 45 | % | 224,000 | 64 | % | — | — | — | — | 55,000 | 89,000 | |||||||||||||||||||||||||||||
| Nextel Call Center | Panama City Beach, FL | 100 | % | 67,000 | 100 | % | — | — | — | — | — | 67,000 | |||||||||||||||||||||||||||||
| Beckrich Office I | Panama City Beach, FL | 100 | % | 34,000 | 88 | % | — | — | — | — | — | 30,000 | |||||||||||||||||||||||||||||
| Deerfield Commons I | Atlanta, GA | 50 | % | 122,000 | 76 | % | — | — | — | 23,000 | 20,000 | 49,000 | |||||||||||||||||||||||||||||
| Westchase Corporate Center | Houston, TX | 93 | % | 184,000 | 87 | % | — | — | — | 85,000 | 36,000 | 40,000 | |||||||||||||||||||||||||||||
| 958,000 | 77 | % | 19,000 | 42,000 | — | 108,000 | 111,000 | 462,000 | |||||||||||||||||||||||||||||||||
Total | 2,244,000 | 81 | % | 47,000 | 291,000 | 149,000 | 321,000 | 263,000 | 746,000 | ||||||||||||||||||||||||||||||||
% of leased sq. ft. expiring | 3 | % | 16 | % | 8 | % | 18 | % | 14 | % | 41 | % | |||||||||||||||||||||||||||||
| 1) | 10/1/02 — 12/31/02 |
7
| Supplemental Information - Residential For the Period Ending 9-30-02 |
| Walton County | Bay County | |||||||||||||||||||||||||||||||||
| St. Joe/Arvida | ||||||||||||||||||||||||||||||||||
| Description of Communities | WaterSound | East Lake | Camp Creek | Palmetto | ||||||||||||||||||||||||||||||
| As of September 30, 2002 | WaterColor | WaterSound | N. | Powell | Golf Club | Summerwood | Hammocks | Trace | ||||||||||||||||||||||||||
Year Sales Begin | 2000 | 2001 | 2004 | 2005 | 2008 | 1998 | 2000 | 2001 | ||||||||||||||||||||||||||
Year of Completion | 2008 | 2006 | After 2012 | 2007 | 2008 | 2002 | 2007 | 2008 | ||||||||||||||||||||||||||
Acres In Community | 499 | 256 | 1,440 | 181 | 1,028 | 79 | 143 | 138 | ||||||||||||||||||||||||||
Total Planned Units | 1,250 | (E) | Estimated | Estimated | ||||||||||||||||||||||||||||||
| Arvida Built | 327 | 200 | 15 | 30 | 152 | 354 | 487 | |||||||||||||||||||||||||||
| Retail Lots/Outside Builder | 813 | 299 | 185 | 0 | 67 | 109 | 0 | |||||||||||||||||||||||||||
Total | 1,140 | 499 | 1,250 | (E) | 200 | 30 | 219 | 463 | 487 | |||||||||||||||||||||||||
Sales, As Of September 30, 2002 | ||||||||||||||||||||||||||||||||||
| Arvida Built | 116 | 34 | 0 | 0 | 0 | 152 | 85 | 47 | ||||||||||||||||||||||||||
| Retail Lots/Outside Builder | 282 | 89 | 0 | 0 | 0 | 67 | 34 | 0 | ||||||||||||||||||||||||||
Total | 398 | 123 | 0 | 0 | 0 | 219 | 119 | 47 | ||||||||||||||||||||||||||
Remaining To Be Sold | ||||||||||||||||||||||||||||||||||
| Arvida Built | 211 | 166 | TBD | 15 | 30 | 0 | 269 | 440 | ||||||||||||||||||||||||||
| Retail Lots/Outside Builder | 531 | 210 | TBD | 185 | 0 | 0 | 75 | 0 | ||||||||||||||||||||||||||
Total | 742 | 376 | TBD | 200 | 30 | 0 | 344 | 440 | ||||||||||||||||||||||||||
Contracts On Hand (unclosed) | ||||||||||||||||||||||||||||||||||
| Arvida Built | 11 | 34 | 0 | 0 | 0 | 0 | 16 | 22 | ||||||||||||||||||||||||||
| Retail Lots/Outside Builder | 61 | 1 | 0 | 0 | 0 | 0 | 8 | 0 | ||||||||||||||||||||||||||
Total | 72 | 35 | 0 | 0 | 0 | 0 | 24 | 22 | ||||||||||||||||||||||||||
Arvida-Built House Pricing (In Thousands) | $ | 400 - $1,000+ | $ | 500 - $1,000+ | $ | 175 - $400+ | $ | 175 - $400+ | $ | 325 | $ | 120 - $175 | $ | 100 - $160 | $ | 105 - $160 | ||||||||||||||||||
Lot Pricing (In Thousands) | $ | 150 - $1,000+ | $ | 200 - $1000+ | $ | 100 - $200+ | $ | 100 - $200+ | $ | 30 - $35 | ||||||||||||||||||||||||
Amenities | Resort Beach Club Boat House Tennis Facility Parks Pedestrian Trails | Resort Beach Club Tennis Facility Bed & Breakfast Parks Pedestrian Trails | 18 Holes of Golf Clubhouse Beach club | 18 Holes of Golf Clubhouse Beach club Lake Amenity | 36 Holes of Golf Clubhouse | Pool | Tot lots Bike Paths | Pool | ||||||||||||||||||||||||||
(E) = Estimated
9
| Gulf County | Capitol Region | Jacksonville | ||||||||||||||||||||||||||||||||||||
| St. Joe/Arvida | ||||||||||||||||||||||||||||||||||||||
| Description of Communities | WindMark | Mexico | James | St. John's | Hampton | |||||||||||||||||||||||||||||||||
| As of September 30, 2002 | Beach | Beach | WindMark | SouthWood | SummerCamp | Island | G. & C.C. | RiverTown | Park | |||||||||||||||||||||||||||||
Year Sales Begin | 2001 | TBD | 2005 | 2000 | 2004 | 1999 | 2001 | 2000 | 2001 | |||||||||||||||||||||||||||||
Year of Completion | 2003 | TBD | 2021 | 2020 | 2012 | 2003 | 2007 | 2014 | 2004 | |||||||||||||||||||||||||||||
Acres In Community | 80 | Phase I 160 | 1,900 | 3,770 | 650 | 194 | 820 | 4,300 | 150 | |||||||||||||||||||||||||||||
Total Planned Units | 1,500 | (E) | Estimated | |||||||||||||||||||||||||||||||||||
| Arvida Built | 1 | 2,707 | 266 | 365 | 564 | 158 | ||||||||||||||||||||||||||||||||
| Retail Lots/Outside Builder | 109 | TBD | 1,543 | 233 | 0 | 235 | TBD | 0 | ||||||||||||||||||||||||||||||
Total | 110 | 1,500 | (E) | 4,250 | 499 | 365 | 799 | 158 | ||||||||||||||||||||||||||||||
Sales, As Of September 30, 2002 | ||||||||||||||||||||||||||||||||||||||
| Arvida Built | 0 | 0 | 0 | 217 | 0 | 321 | 213 | 0 | 48 | |||||||||||||||||||||||||||||
| Retail Lots/Outside Builder | 82 | 0 | 0 | 116 | 0 | 0 | 86 | 23 | 0 | |||||||||||||||||||||||||||||
Total | 82 | 0 | 0 | 333 | 0 | 321 | 299 | 23 | 48 | |||||||||||||||||||||||||||||
Remaining To Be Sold | ||||||||||||||||||||||||||||||||||||||
| Arvida Built | 1 | TBD | 2,490 | 266 | 44 | 351 | 110 | |||||||||||||||||||||||||||||||
| Retail Lots/Outside Builder | 27 | TBD | TBD | 1,427 | 233 | 0 | 149 | TBD | 0 | |||||||||||||||||||||||||||||
Total | 28 | TBD | 3,917 | 499 | 44 | 500 | 110 | |||||||||||||||||||||||||||||||
Contracts On Hand (unclosed) | ||||||||||||||||||||||||||||||||||||||
| Arvida Built | 0 | 0 | 0 | 103 | 0 | 46 | 62 | 0 | 25 | |||||||||||||||||||||||||||||
| Retail Lots/Outside Builder | 3 | 0 | 0 | 18 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total | 3 | 0 | 0 | 121 | 0 | 46 | 62 | 0 | 25 | |||||||||||||||||||||||||||||
Arvida-Built House Pricing (In Thousands) | $ | 950 | TBD | $ | 200 - $500+ | $ | 115 - $300 | $ | 310 - $735+ | $ | 220 - $430 | $ | 210 - $350 | TBD | $ | 235 - $400 | ||||||||||||||||||||||
Lot Pricing (In Thousands) | $ | 90 - $600+ | TBD | $ | 100 - $450+ | $ | 40 - $150 | $ | 70 - $330+ | $ | 30 - $70 | TBD | ||||||||||||||||||||||||||
Amenities | Beach club Community dock | TBD | Beach club Community dock | 18 holes of golf Pedestrian trails Aquatic facility Tennis facility Clubhouse Beach Club | Beach club Marina Pedestrian trails | Tennis facility Pool Sports fields Tot lot | 18 holes of golf Clubhouse Aquatic facility Sports fields Tot lots | TBD | Tennis facility Pool Sports fields Tot lot | |||||||||||||||||||||||||||||
(E) = Estimated
10
| Central Florida | MidAtlantic Operations | |||||||||||||||||
| St. Joe/Arvida | ||||||||||||||||||
| Description of Communities | Victoria | Including | ||||||||||||||||
| As of September 30, 2002 | Park | Celebration | Saussy Burbank | |||||||||||||||
Year Sales Begin | 2001 | 2003 | 1999 | |||||||||||||||
Year of Completion | After 2014 | 2007 | Ongoing | |||||||||||||||
Acres In Community | 1,859 | 160 | N/A | |||||||||||||||
Total Planned Units | ||||||||||||||||||
| Arvida Built | 3,468 | 570 | ||||||||||||||||
| Retail Lots/Outside Builder | 732 | 44 | N/A | |||||||||||||||
Total | 4,200 | 614 | ||||||||||||||||
Sales, As Of September 30, 2002 | ||||||||||||||||||
| Arvida Built | 100 | 0 | 425 | |||||||||||||||
| Retail Lots/Outside Builder | 27 | 0 | 0 | |||||||||||||||
Total | 127 | 0 | 425 | |||||||||||||||
Remaining To Be Sold | ||||||||||||||||||
| Arvida Built | 3,368 | 570 | ||||||||||||||||
| Retail Lots/Outside Builder | 705 | 44 | N/A | |||||||||||||||
Total | 4,073 | 614 | ||||||||||||||||
Contracts On Hand (unclosed) | ||||||||||||||||||
| Arvida Built | 47 | 0 | 186 | |||||||||||||||
| Retail Lots/Outside Builder | 3 | 0 | 0 | |||||||||||||||
Total | 50 | 0 | 186 | |||||||||||||||
Arvida-Built House Pricing (In Thousands) | $ | 140 - $300 | $ | 190 - 370 | $110 - $380 | |||||||||||||
Lot Pricing (In Thousands) | $ | 45 - $130 | $ | 80-125 | ||||||||||||||
Amenities | 18 holes of golf Clubhouses (2) Aquatic facility Sports fields Village Center | Clubhouse Swimming Pool Pedestrian trails | Varies By Community | |||||||||||||||
11