The St. Joe Company (JOE) 8-K Results of Operations and Financial Condition

Table 1

Summary of Land-Use Entitlements⁽¹⁾

Active JOE Residential and Mixed-Use Projects in Florida

June 30, 2007

Project	Class.(2)	County	Project Acres		Project Units(3)		Residential Units Closed Since Inception		Residential Units Under Contract as of 6/30/07		Total Residential Units Remaining		Remaining Commercial Entitlements (Sq. Ft.) (4)
In Development:(5)
Artisan Park (6)	PR	Osceola		175		616		541		1		74		--
Cutter Ridge	PR	Franklin		10		25		--		--		25		--
Hawks Landing	PR	Bay		88		168		108		--		60		--
Landings at Wetappo	RR	Gulf		113		24		7		--		17		--
Palmetto Trace	PR	Bay		141		481		477		--		4		--
Paseos (6)	PR	Palm Beach		175		325		322		--		3		--
PineWood	PR	Bay		104		264		--		--		264		--
RiverCamps on Crooked Creek	RS	Bay		1,491		408		184		--		224		--
Rivercrest (6)	PR	Hillsborough		413		1,382		1,380		--		2		--
RiverSide at Chipola	RR	Calhoun		120		10		2		--		8		--
RiverTown	PR	St. Johns		4,170		4,500		--		--		4,500		500,000
SevenShores (Perico Island)	RS	Manatee		192		686		--		--		686		9,000
SouthWood	VAR	Leon		3,370		4,770		2,223		2		2,545		4,697,360
St. Johns Golf & Country Club	PR	St. Johns		880		799		794		--		5		--
SummerCamp Beach	RS	Franklin		762		499		80		--		419		25,000
The Hammocks	PR	Bay		133		457		456		--		1		--
Victoria Park	PR	Volusia		1,859		4,200		1,299		169		2,732		818,654
WaterColor	RS	Walton		499		1,140		877		--		263		47,600
WaterSound	VAR	Walton		2,425		1,432		19		1		1,412		457,380
WaterSound Beach	RS	Walton		256		511		427		7		77		29,000
WaterSound West Beach	RS	Walton		62		199		25		1		173		--
WindMark Beach	RS	Gulf		2,020		1,662		131		--		1,531		75,000
Subtotal				19,458		24,558		9,352		181		15,025		6,658,994
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
College Station	PR	Bay		567		800		--		--		800		--
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
Hills Road	RS	Bay		30		356		--		--		356		--
Howards Creek	RR	Gulf		8		33		--		--		33		--
Laguna Beach West	PR	Bay		59		382		--		--		382		--
Long Avenue	PR	Gulf		10		30		--		--		30		--
Palmetto Bayou	PR	Bay		58		217		--		--		217		90,000
Panama City Mixed Use, Phase 1	VAR	Bay		115		320		--		--		320		--
ParkSide	PR	Bay		48		480		--		--		480		--
Pier Park NE	VAR	Bay		57		460		--		--		460		190,000
Pier Park Timeshare	RS	Bay		13		125		--		--		125		--
Port St. Joe Draper, Phase 2	PR	Gulf		994		2,125		--		--		2,125		150,000
Port St. Joe Town Center	VAR	Gulf		180		624		--		--		624		500,000
Powell Adams	RS	Bay		32		1,425		--		--		1,425		--
Sabal Island	RS	Gulf		45		18		--		--		18		--
The Cove	RR	Gulf		57		81		--		--		81		--
Timber Island (7)	RS	Franklin		49		407		--		--		407		14,500
Topsail	VAR	Walton		115		627		--		--		627		300,000
Wavecrest	RS	Bay		7		95		--		--		95		--
WestBay Corners SE	VAR	Bay		100		524		--		--		524		50,000
WestBay Corners SW	PR	Bay		64		160		--		--		160		--
WestBay DSAP	VAR	Bay		15,089		5,628		--		--		5,628		4,330,000
WestBay Landing (8)	VAR	Bay		950		214		--		--		214		--
WhiteFence Farms, Red Hills	RR	Leon		373		61		--		--		61		--
Subtotal				21,205		18,614		--		--		18,614		5,724,500
Total				40,663		43,172		9,352		181		33,639		12,383,494

⁽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:

· PR – Primary residential.

· RS – Resort and seasonal residential, which includes RiverCamps.

· RR – Rural residential, which includes WhiteFence Farms, Homesteads and other rural residential products.

· VAR – Includes multiple classifications.  For example, a project may have substantial commercial and residential acres.

⁽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.  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 construction on the project has commenced.  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.

⁽⁶⁾ Artisan Park is 74 percent owned by JOE.  Paseos and Rivercrest are each 50 percent owned by JOE.

⁽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) and include 480 wet/dry marina slips.

⁽⁸⁾ 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 in Florida ⁽¹⁾

June 30, 2007

Project	Class(2)	County	Project Acres		Estimated  Project Units (3)		Estimated Commercial Entitlements (Sq. Ft.)(3)
Carrabelle East	PR	Franklin		200		600		--
Country Walk	RR	Bay		1,300		125		--
Panama City Beach Mixed Use Phase 2	VAR	Bay		1,299		2,780		635,000
Port St. Joe Draper, Phase 1	PR	Gulf		639		1,200		--
SouthSide	VAR	Leon		1,625		2,800		1,150,000
South Walton Multifamily	PR	Walton		40		212		--
Star Avenue North	VAR	Bay		271		1,248		380,000
St. James Island McIntyre	RR	Franklin		1,704		340		--
St. James Island RiverCamps	RS	Franklin		2,500		500		--
St. James Island Granite Point	RS	Franklin		1,000		2,000		--
The Cove, Phase 3	RR	Gulf		7		26		--
Total				10,585		11,831		2,165,000

⁽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:

· PR – Primary residential.

· RS – Resort and seasonal residential, which includes RiverCamps.

· RR – Rural residential, which includes WhiteFence Farms, Homesteads and other rural residential products.

· VAR – Includes multiple classifications.  For example, a project may have substantial commercial and residential acres.

⁽³⁾ The actual number of units or square feet to be constructed at full build-out may be lower than the number ultimately entitled.

Table 3

Summary of Additional Commercial Land-Use Entitlements⁽¹⁾

(Commercial Projects Not Included in Tables 1 and 2 Above)

Active JOE Florida Commercial Projects

June 30, 2007

Project	County	Project Acres		Acres Sold Since Inception		Acres Under Contract As of 6/30/07		Total Acres Remaining
Airport Commerce	Leon		46		6		1		38
Airport Road	Franklin		13		--		--		13
Alf Coleman Retail	Bay		25		18		5		2
Avery St. Retail	Bay		10		10		--		--
Beach Commerce	Bay		157		149		5		3
Beach Commerce II	Bay		112		11		4		97
Beckrich Office Park	Bay		16		12		2		2
Beckrich Retail	Bay		43		22		18		3
Cedar Grove Commerce	Bay		51		--		--		51
Franklin Industrial	Franklin		7		--		--		7
Glades Retail	Bay		14		--		--		14
Gulf Boulevard	Bay		76		21		25		30
Hammock Creek Commerce	Gadsden		165		27		--		138
Mill Creek Commerce	Bay		37		--		--		37
Nautilus Court	Bay		11		4		--		7
Port St. Joe Commerce II	Gulf		39		9		--		30
Port St. Joe Commerce III	Gulf		54		--		--		54
Port St. Joe Medical	Gulf		19		--		--		19
Powell Hills Retail	Bay		44		--		--		44
South Walton Commerce	Walton		39		18		--		21
Total			978		307		60		611

⁽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

Stock Repurchase Activity

Through June 30, 2007

	Shares
Period	Purchased		Surrendered (1)		Total		Total Cost (in millions)		Average Price
1998		2,574,200		11,890		2,586,090	$	55.5	$	21.41
1999		2,843,200		11,890		2,855,090		69.5		24.31
2000		3,517,066		--		3,517,066		80.2		22.78
2001		7,071,300		58,550		7,129,850		176.0		24.67
2002		5,169,906		256,729		5,426,635		157.6		29.03
2003		2,555,174		812,802		3,367,976		102.9		30.55
2004		1,561,565		884,633		2,446,198		105.0		42.90
2005		1,705,000		68,648		1,773,648		124.8		70.33
2006		948,200		148,417		1,096,617		57.3		52.22
2007 (through June 30)		--		4,179		4,179		0.2		55.13
Total/Weighted Average		27,945,611		2,257,738		30,203,349	$	929.1	$	30.74

⁽¹⁾ Shares surrendered by company executives as payment for the strike price and taxes due on exercised stock options and the taxes due on the vesting of restricted stock.

Table 5

Residential Real Estate

Sales Activity

Three Months Ended June 30,

($ in millions)

	2007								2006
	Number of Units Closed		Revenue		Cost of Sales (1)		Gross Profit		Number of Units Closed		Revenue		Cost of Sales (1)		Gross Profit
Home Sites (2)		94	$	16.6	$	7.5	$	9.1		43	$	9.7	$	3.5	$	6.2
Homes (3) (4)		64		25.3		20.6		4.7		384		122.2		93.3		29.0
Total		158	$	41.9	$	28.1	$	13.8		427	$	131.9	$	96.8	$	35.2

 ⁽¹⁾ Cost of sales for home sites in the second quarter of 2007 consisted of $6.1 million in direct costs, $0.6 million in selling costs and $0.8 million in indirect costs.  Cost of sales for home sites in the second quarter of 2006 consisted of $2.9 million in direct costs, $0.3 million in selling costs and $0.3 million in indirect costs.  Cost of sales for homes in the second quarter of 2007 consisted of $16.1 million in direct costs, $1.4 million in selling costs and $3.1 million in indirect costs.  Cost of sales for homes in the second quarter of 2006 consisted of $79.6 million in direct costs, $6.1 million in selling costs and $7.6 million in indirect costs.

 ⁽²⁾ Profit has been deferred as a result of continuing development obligations at SummerCamp Beach and WaterSound West Beach.  As a consequence, revenue recognition and closings may occur in different periods.

 ⁽³⁾ Homes include single-family, multifamily and Private Residence Club (PRC) units.  Multifamily and PRC 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.  Percentage-of-completion accounting was utilized at Artisan Park in the second quarter of 2007.  Paseos and Rivercrest, two unconsolidated joint ventures, are not included.   Sales are substantially complete at both of these communities.

 ⁽⁴⁾ Includes 40 home closings with revenues of $11.2 million and gross profit of $1.5 million in the second quarter of 2007, attributable to Saussy Burbank, compared to 153 home closings with revenues of $43.5 million and gross profit of $5.5 million in the second quarter of 2006.  Such revenue and costs have been reflected in Discontinued Operations in the company’s Results of Operations.

Table 6

Residential Real Estate

Units Placed Under Contract

Three Months Ended June 30,

	2007		2006		Percentage Change
Home Sites		258		46		460.9	%
Homes (1)		46		224		(79.5	)
Total (1)		304		270		12.6	%

⁽¹⁾ Homes include single-family homes, multifamily and PRC units.  Paseos and Rivercrest, two unconsolidated joint ventures, are not included.  Sales are substantially complete at both of these communities.

Table 7

Residential Real Estate

        Backlog ⁽¹⁾

     ($ in millions)

	June 30, 2007				June 30, 2006
	Units		Revenues		Units		Revenues
Home Sites		171	$	6.9		18	$	1.7
Homes (2)		10		4.3		554		207.4
Total		181	$	11.2		572	$	209.1

⁽¹⁾ Backlog represents units under contract but not yet closed.  Paseos and Rivercrest, two joint ventures 50 percent owned by JOE, are not included. Backlog at Paseos and Rivercrest totaled $0.2 million for 1 unit at the end of the second quarter of 2007, compared to $44.8 million for 174 units at the end of the second quarter of 2006.

⁽²⁾ As of June 30, 2007, there were no units subject to percentage-of-completion accounting in the homes backlog.  As of June 30, 2006, there were 95 units subject to percentage-of completion accounting with related revenue of $44.9 million (of which $38.4 million had previously been recognized in the financial statements).

Table 8

Residential Real Estate

National Homebuilder Summary

of Home Site Commitments and Purchases

Activity During the

Three Months Ended June 30, 2007

	Total Units  Committed (1)		Total Units Closed 6/30/07		Average Price Closed Units
Beazer Homes
Breakfast Point		--		--	N/A
Laguna West		--		--	N/A
SouthWood		--		18	$	52,980
Shea Homes
Victoria Park		705		--	N/A
David Weekley Homes
Hawks Landing		--		15	$	60,900
Palmetto Trace		--		3	$	83,460
PineWood		--		--	N/A
RiverTown		93		--	N/A
SouthWood		--		11	$	80,389
Total		798		47

⁽¹⁾ Includes amounts under contract or committed.

April 1, 2006 through June 30, 2007

	Total Units  Committed (1)		Total Units Closed 6/30/07		Average Price Closed Units		Remaining Units To Close(2)
Beazer Homes
Breakfast Point		70		--	$	N/A		70
Laguna West		350		--	N/A			350
SouthWood		163		143		45,003		20
Victoria Park		179		179		66,369		--
Shea Homes
Victoria Park		705		--	N/A			705
David Weekley Homes
Hawks Landing		99		40		60,900		59
Palmetto Trace		56		56		78,509		--
PineWood		70		--	N/A			70
RiverCamps on Crooked Creek		3		3		209,667		--
SouthWood		140		21		101,661		119
Victoria Park		115		115		97,248		--
WaterSound		7		7		144,248		--
RiverTown		93		--	N/A			93
Total		2,050		564				1,486

⁽¹⁾ Includes lots under contract or committed.

⁽²⁾ Units not under contract are excluded from data on Tables 6 and 7.

Table 9

Residential Real Estate Sales Activity

Three Months Ended June 30,

($ in thousands)

	2007									2006
	Units Closed		Avg. Price		Accepted (1)			Avg. Price		Units Closed		Avg. Price		Accepted (1)			Avg. Price
Artisan Park (2)
Home Sites		0	$	0.0		0		$	0.0		0	$	0.0		0		$	0.0
Single-Family Homes		8		643.5		1			625.0		27		635.7		2			494.5
Multifamily Homes		1		409.9		1			409.9		49		396.1		5			438.9
Hawks Landing
Home Sites		28		68.7		28			68.7		0		0.0		15			76.7
Palmetto Trace
Home Sites		3		83.5		3			83.5		8		78.0		8			78.0
Single-Family Homes		8		263.9		8			263.9		26		320.6		2			201.0
Paseos (2)
Single-Family Homes		0		0.0		0			0.0		26		504.2		0			0.0
Port St. Joe Primary
Home Sites		3		64.2		3			64.2		5		23.8		0			0.0
RiverCamps on Crooked Creek
Home Sites		2		139.9		2			139.9		3		209.7		3			209.7
Rivercrest (2)
Single-Family Homes		3		263.9		2			278.3		81		209.0		0			0.0
Saussy Burbank
Single-Family Homes		40		280.1		33			225.3		153		283.5		173			294.1
SevenShores
Multifamily Homes		0		0.0		(3	)		990.6		0		0.0		9			1,103.8
SouthWood
Home Sites		41		90.4		37			82.8		6		118.3		(1	)		52.0
Single-Family  Homes		1		264.0		1			264.0		41		312.8		3			367.7
St. Johns G &CC
Home Sites		0		0.0		0			0.0		0		0.0		2			157.5
Single-Family Homes		1		423.0		0			0.0		17		535.2		8			510.3
SummerCamp Beach
Home Sites		0		0.0		0			0.0		5		350.4		5			324.6
Single-Family Homes		0		0.0		0			0.0		0		0.0		0			0.0
The Hammocks
Home Sites		1		79.0		1			79.0		0		0.0		0			0.0
Single-Family Homes		1		206.0		1			206.0		19		154.2		0			0.0
Victoria Park
Home Sites		0		0.0		168			38.1		6		170.7		4			137.3
Single-Family Homes		1		902.0		1			910.6		50		306.9		18			349.4
WaterColor
Home Site		4		642.1		3			647.4		1		321.4		1			321.4
Single/Multifamily Homes		0		0.0		0			0.0		1		840.7		0			0.0
PRC Shares		0		0.0		0			0.0		0		0.0		0			0.0
WaterSound
Home Sites		1		180.0		1			180.0		7		144.2		7			144.2
Homes		0		0.0		1			1,325.0		0		0.0		0			0.0
WaterSound Beach						��
Home Sites		2		1,456.9		2			1,456.9		0		0.0		0			0.0
Single-Family Homes		3		1,494.7		2			1,774.4		1		1,038.0		4			1,126.1
PRC Shares		0		0.0		0			0.0		0		0.0		0			0.0
WaterSound West Beach
Home Sites		8		327.8		9			317.1		2		293.9		2			293.9
Single-Family Homes		0		0.0		0			0.0		0		0.0		0			0.0
WindMark Beach
Home Sites		1		253.9		1			253.9		0		0.0		0			0.0
Total – Home Sites		94	$	159.3		258		$	78.8		43	$	157.6		46		$	146.9
Total – Single Family Homes		66	$	386.9		50		$	335.7		442	$	319.0		210		$	324.7
Total – Multifamily Homes		1	$	409.9		(2	)	$	640.5		49	$	396.1		14		$	808.5

⁽¹⁾ Contracts accepted during the quarter.  Contracts accepted and closed in the same quarter are also included as units closed.  Average prices shown reflect variations in the product mix across time periods as well as price changes for similar product.

(2) JOE owns 74 percent of Artisan Park and 50 percent of each of Paseos and Rivercrest.  Sales from Paseos and Rivercrest are not consolidated with the financial results of residential real estate. 

Table 10

Commercial Land Sales

Three Months Ended June 30,

	Number of Sales		Acres Sold		Gross Sales Price (in thousands)		Average Price/Acre (in thousands)
2007
Northwest Florida		6		24	$	4,970	$	207
Other		1		4		1,109		277
Total		7		28	$	6,079	$	217
2006
Northwest Florida		5		34	$	9,509	$	282

Table 11

Rural Land Sales

Three Months Ended June 30,

	Number of Sales		Acres Sold		Gross Sales Price (in thousands)		Average Price/Acre (in thousands)
2007
FloridaWild		--		--	$	--	$	--
Woodlands		15		34,730		52,907		1.5
Other		--		--		--		--
Total		15		34,730	$	52,907	$	1.5
2006
Florida Wild		2		2,910		12,477		4.3
Woodlands		19		5,230		11,409		2.1
Other		2		269		2,541		9.4
Total		23		8,409	$	26,427	$	3.1

During the second quarter of 2007, JOE sold 33,035 acres of its Georgia Woodlands for $46.4 million which generated a pre-tax gain of $2.8 million.

FINANCIAL DATA

($ in millions except per share amounts)

Summary Balance Sheet

	June 30, 2007		December 31, 2006
Assets
Investment in real estate	$	887.6	$	1,213.5
Cash and cash equivalents		20.2		36.9
Accounts receivable		13.6		25.8
Prepaid pension asset		103.0		100.9
Property, plant and equipment, net		42.5		44.6
Other assets		173.5		138.7
Assets held for sale		93.9		--
Total assets	$	1,334.3	$	1,560.4
Liabilities and Stockholders’ Equity
Debt		428.5		627.1
Accounts payable, accrued liabilities		243.9		250.6
Deferred income taxes		102.3		211.1
Liabilities of assets held for sale		60.4		--
Total liabilities		835.1		1,088.8
Minority interest		7.4		10.5
Total stockholders’ equity		491.8		461.1
Total liabilities and stockholders’ equity	$	1,334.3	$	1,560.4

Debt Schedule

	June 30, 2007		December 31, 2006
Revolving debt facility	$	20.0	$	60.0
Senior notes		240.0		307.0
Bridge loan		100.0		100.0
Acquisition and other debt		4.0		4.0
Other collateralized/specific asset related debt		64.5		156.1
Total debt	$	428.5	$	627.1

Included at December 31, 2006 was $111.8 million of mortgage debt related to our office building portfolio. Such debt is included in the caption Liabilities of assets held for sale in the amount of $58.0 million as of June 30, 2007.

Consolidated Results

	Quarter Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
Revenues
Real estate sales	$	89.4		$	120.2		$	171.8		$	220.7
Rental revenue		1.0			0.6			1.4			1.0
Timber sales		9.5			7.8			16.4			16.3
Other revenues		12.8			12.5			19.4			20.1
Total revenues		112.7			141.1			209.0			258.1
Expenses
Cost of real estate sales		66.5			63.2			92.9			122.8
Cost of rental revenue		1.1			0.6			1.7			0.9
Cost of timber sales		7.2			6.4			13.2			12.2
Cost of other revenues		11.4			12.1			19.4			20.0
Other operating expenses		16.4			15.7			31.4			33.0
Corporate expense, net		9.2			13.6			17.1			29.3
Restructuring charge		(0.2	)		--			3.0			--
Depreciation and amortization		4.6			4.5			9.1			9.0
Total expenses		116.2			116.1			187.8			227.2
Operating (loss) profit		(3.5	)		25.0			21.2			30.9
Other income (expense)		(4.6	)		(0.1	)		(3.8	)		(1.8	)
Pretax (loss) income from continuing operations		(8.1	)		24.9			17.4			29.1
Income tax (expense) benefit		3.1			(9.9	)		(3.3	)		(11.8	)
Minority interest expense		(0.3	)		(2.7	)		(0.8	)		(4.9	)
Equity in income of unconsolidated affiliates		--			2.6			1.0			5.4
Discontinued operations, net of tax		30.6			4.1			30.7			4.9
Net income	$	25.3		$	19.0		$	45.0		$	22.7
Net income per diluted share	$	0.34		$	0.25		$	0.60		$	0.30
Weighted average diluted shares outstanding (In 000’s)		74,302			74,541			74,280			74,741

Revenues by Segment

	Quarter Ended June 30,				Six Months Ended June 30,
	2007		2006		2007		2006
Residential
Real estate sales	$	30.8	$	88.6	$	60.9	$	170.5
Rental revenue		1.0		0.5		1.2		0.8
Other revenues		12.7		12.3		19.4		19.8
Total Residential		44.5		101.4		81.5		191.1
Commercial
Real estate sales		5.7		5.2		11.3		8.1
Rental revenue		--		0.1		0.2		0.2
Other revenues		0.1		0.2		--		0.3
Total Commercial		5.8		5.5		11.5		8.6
Rural Land sales
Real estate sales		52.9		26.4		99.6		42.1
Total Rural Land sales		52.9		26.4		99.6		42.1
Forestry sales		9.5		7.8		16.4		16.3
Total revenues	$	112.7	$	141.1	$	209.0	$	258.1

 Quarterly Segment Pretax Income (Loss)

From Continuing Operations

	June 30, 2007			Mar 31, 2007			Dec 31, 2006			Sept 30,  2006			June 30, 2006			Mar 31, 2006			Dec 31, 2005			Sept 30, 2005			June 30, 2005
Residential	$	(0.8	)	$	(5.4	)	$	4.3		$	(7.6	)	$	17.2		$	10.2		$	40.6		$	26.9		$	55.0
Commercial		0.5			0.3			13.9			8.6			1.9			0.9			5.2			13.8			2.6
Rural Land sales		7.2			40.4			26.7			12.2			22.1			11.4			19.1			11.7			10.1
Forestry		1.4			0.4			--			1.4			0.9			2.0			0.4			0.6			1.6
Corporate and other		(16.4	)		(10.2	)		(18.9	)		(16.3	)		(17.2	)		(20.3	)		(15.0	)		(16.1	)		(15.3	)
Pretax (loss) income from continuing operations	$	(8.1	)	$	25.5		$	26.0		$	(1.7	)	$	24.9		$	4.2		$	50.3		$	36.9		$	54.0

Discontinued Operations, Net of Tax

	Quarter Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
Loss on sale of Saussy Burbank, net of tax	$	(0.1	)	$	--		$	(0.1	)	$	--
Income from Saussy Burbank operations, net of tax (1)		0.5			2.0			1.2			3.3
Gain from sale of office buildings, net of tax		28.2			2.7			28.2			2.7
Income (loss) from office buildings, net of tax		2.0			(0.6	)		1.4			(1.1	)
Net income from discontinued operations	$	30.6		$	4.1		$	30.7		$	4.9

⁽¹⁾ Six months ended June 30, 2007, includes a $2.2 million impairment charge to approximate fair value, less costs to sell, of Saussy Burbank.

Other Income (Expense)

	Quarter Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
Dividend and interest income	$	1.4		$	1.1		$	2.7		$	2.9
Interest expense		(6.5	)		(3.1	)		(11.2	)		(5.0	)
Other		0.5			1.9			4.7			0.3
Total	$	(4.6	)	$	(0.1	)	$	(3.8	)	$	(1.8	)