Exhibit 99.2
Table 1
Summary of Land-Use Entitlements (1)
Active JOE Residential and Mixed-Use Projects in Florida
December 31, 2007
Project | Class.(2) | | County | | Project Acres | | Project
Units(3) | | Residential Units Closed Since
Inception | | Residential Units Under Contract
as of 12/31/07 | | Total Residential Units
Remaining | | Remaining Commercial Entitlements (Sq. Ft.)(4) |
| | | | | | | | | | | | | | | |
In Development: (5) | | | | | | | | | | | | | | | |
| Artisan Park (6) | PR | | Osceola | | 175 | | 618 | | 564 | | -- | | 54 | | -- |
| Cutter Ridge | PR | | Franklin | | 10 | | 25 | | -- | | -- | | 25 | | -- |
| Hawks Landing | PR | | Bay | | 88 | | 168 | | 129 | | -- | | 39 | | -- |
| Landings at Wetappo | RR | | Gulf | | 113 | | 24 | | 7 | | -- | | 17 | | -- |
| Palmetto Trace | PR | | Bay | | 141 | | 481 | | 480 | | -- | | 1 | | -- |
| Paseos (6) | PR | | Palm Beach | | 175 | | 325 | | 325 | | -- | | -- | | -- |
| PineWood | PR | | Bay | | 104 | | 264 | | -- | | -- | | 264 | | -- |
| RiverCamps on Crooked Creek | RS | | Bay | | 1,491 | | 408 | | 186 | | -- | | 222 | | -- |
| Rivercrest (6) | PR | | Hillsborough | | 413 | | 1,382 | | 1,382 | | -- | | -- | | -- |
| RiverSide at Chipola | RR | | Calhoun | | 120 | | 10 | | 2 | | -- | | 8 | | -- |
| RiverTown | PR | | St. Johns | | 4,170 | | 4,500 | | 27 | | -- | | 4,473 | | 500,000 |
| SevenShores (Perico Island) | RS | | Manatee | | 192 | | 686 | | -- | | -- | | 686 | | 9,000 |
| SouthWood | VAR | | Leon | | 3,370 | | 4,770 | | 2,243 | | 301 | | 2,226 | | 4,577,360 |
| St. Johns Golf & Country Club | PR | | St. Johns | | 880 | | 799 | | 796 | | -- | | 3 | | -- |
| SummerCamp Beach | RS | | Franklin | | 762 | | 499 | | 80 | | -- | | 419 | | 25,000 |
| Victoria Park | PR | | Volusia | | 1,859 | | 4,200 | | 1,402 | | 81 | | 2,717 | | 818,654 |
| WaterColor | RS | | Walton | | 499 | | 1,140 | | 880 | | -- | | 260 | | 47,600 |
| WaterSound | VAR | | Walton | | 2,425 | | 1,432 | | 22 | | -- | | 1,410 | | 457,380 |
| WaterSound Beach | RS | | Walton | | 256 | | 511 | | 440 | | -- | | 71 | | 29,000 |
| WaterSound West Beach | RS | | Walton | | 62 | | 199 | | 31 | | -- | | 168 | | -- |
| Wild Heron (7) | RS | | Bay | | 17 | | 28 | | 1 | | -- | | 27 | | -- |
| WindMark Beach | RS | | Gulf | | 2,020 | | 1,662 | | 133 | | 1 | | 1,528 | | 75,000 |
| Subtotal | | | | | 19,342 | | 24,131 | | 9,130 | | 383 | | 14,618 | | 6,538,994 |
| | | | | | | | | | | | | | | |
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 |
| Breakfast Point, Phase 1 | VAR | | Bay | | 115 | | 320 | | -- | | -- | | 320 | | -- |
| Carrabelle East | PR | | Franklin | | 200 | | 600 | | -- | | -- | | 600 | | -- |
| 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 |
| 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 |
| 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 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 | VAR | | Gulf | | 180 | | 624 | | -- | | -- | | 624 | | 500,000 |
| Powell Adams | RS | | Bay | | 56 | | 3,131 | | -- | | -- | | 3,131 | | -- |
| Sabal Island | RS | | Gulf | | 45 | | 18 | | -- | | -- | | 18 | | -- |
| South Walton Multifamily | PR | | Walton | | 40 | | 212 | | -- | | -- | | 212 | | -- |
| St. James Island Granite Point | RS | | Franklin | | 1,000 | | 2,000 | | -- | | -- | | 2,000 | | -- |
| The Cove | RR | | Gulf | | 64 | | 107 | | -- | | -- | | 107 | | -- |
| Timber Island (8) | 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 (9) | VAR | | Bay | | 950 | | 214 | | -- | | -- | | 214 | | -- |
| Subtotal | | | | | 22,699 | | 23,941 | | -- | | -- | | 23,941 | | 5,724,500 |
| Total | | | | | 42,041 | | 48,072 | | 9,130 | | 383 | | 38,559 | | 12,263,494 |
| (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.
|
| |
| - 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) | In August 2007, we acquired certain home sites 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) and include 480 wet/dry marina slips. |
| (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 in Florida (1)
December 31, 2007
Project | | Class (2) | | County | | Project Acres | | Estimated Project Units (3) | | Estimated Commercial Entitlements (Sq. Ft.) (3) |
| Breakfast Point, Phase 2 | | VAR | | Bay | | 1,299 | | 2,780 | | 635,000 |
| SouthSide | | VAR | | Leon | | 1,625 | | 2,800 | | 1,150,000 |
| 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 | | -- |
| Total | | | | | | 7,399 | | 7,668 | | 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.
|
| |
| - 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
December 31, 2007
Project | | County | | Project Acres | | Acres Sold Since Inception | | Acres Under Contract As of 12/31/07 | | Total Acres Remaining |
| Airport Commerce | | Leon | | 45 | | 7 | | -- | | 38 |
| Airport Road | | Franklin | | 13 | | -- | | -- | | 13 |
| Alf Coleman Retail | | Bay | | 25 | | 23 | | -- | | 2 |
| Avery St. Retail | | Bay | | 10 | | 10 | | -- | | -- |
| Beach Commerce | | Bay | | 157 | | 151 | | -- | | 6 |
| Beach Commerce II | | Bay | | 112 | | 13 | | -- | | 99 |
| Beckrich Office Park | | Bay | | 17 | | 12 | | -- | | 5 |
| Beckrich Retail | | Bay | | 44 | | 41 | | -- | | 3 |
| Cedar Grove Commerce | | Bay | | 51 | | 1 | | 2 | | 48 |
| 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 | | 54 | | -- | | -- | | 54 |
| Port St. Joe Medical | | Gulf | | 19 | | -- | | -- | | 19 |
| Powell Hills Retail | | Bay | | 44 | | -- | | -- | | 44 |
| South Walton Commerce | | Walton | | 39 | | 18 | | -- | | 21 |
| Total | | | | 981 | | 346 | | 2 | | 633 |
| (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 December 31, 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 | | -- | | 58,338 | | 58,338 | | 2.1 | | 35.35 |
| Total/Weighted Average | | 27,945,611 | | 2,311,897 | | 30,257,508 | | $931.0 | | $30.74 |
| (1) | Shares surrendered by company executives as payment for the strike price and taxes due on exercised stock options and the taxes due on the vesting of restricted stock. |
Table 5
Residential Real Estate
Sales Activity
Three Months Ended December 31,
($ 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) | 134 | | $20.3 | | $12.6 | | $7.7 | | 334 | | $30.8 | | $19.7 | | $11.1 |
| Homes (3) | 31 | | 16.7 | | 14.8 | | 1.9 | | 120 | | 40.0 | | 32.2 | | 7.8 |
| Total | 165 | | $37.0 | | $27.4 | | $9.6 | | 454 | | $70.8 | | $51.9 | | $18.9 |
| (1) | Cost of sales for home sites in the fourth quarter of 2007 consisted of $10.8 million in direct costs, $0.5 million in selling costs and $1.3 million in indirect costs. Cost of sales for home sites in the fourth quarter of 2006 consisted of $17.6 million in direct costs, $0.6 million in selling costs and $1.5 million in indirect costs. Cost of sales for homes in the fourth quarter of 2007 consisted of $11.1 million in direct costs, $0.9 million in selling costs and $2.8 million in indirect costs. Cost of sales for homes in the fourth quarter of 2006 consisted of $25.8 million in direct costs, $2.1 million in selling costs and $4.3 million in indirect costs. |
| (2) | Profit has been deferred as a result of continuing development obligations at SummerCamp Beach and WaterSound West Beach. As a consequence, revenue recognition and closings may occur in different periods. |
| (3) | Homes include single-family, multifamily and Private Residence Club (PRC) units. Multifamily and PRC revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods. Percentage-of-completion accounting was utilized at Artisan Park in the fourth quarter of 2006. Paseos and Rivercrest, two joint ventures 50 percent owned by JOE, are not included; sales are complete at both of these communities. |
Year Ended December 31,
($ 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) | 354 | | $57.6 | | $29.5 | | $28.1 | | 558 | | $69.3 | | $36.1 | | $33.2 |
| Homes (3) | 124 | | 58.4 | | 47.4 | | 11.0 | | 702 | | 247.3 | | 184.6 | | 62.7 |
| Total | 478 | | $116.0 | | $76.9 | | $39.1 | | 1,260 | | $316.6 | | $220.7 | | $95.9 |
| (1) | Cost of sales for home sites in 2007 consisted of $24.5 million in direct costs, $2.0 million in selling costs and $3.0 million in indirect costs. Cost of sales for home sites in 2006 consisted of $31.4 million in direct costs, $1.7 million in selling costs and $3.0 million in indirect costs. Cost of sales for homes in 2007 consisted of $36.3 million in direct costs, $2.9 million in selling costs and $8.2 million in indirect costs. Cost of sales for homes in 2006 consisted of $153.9 million in direct costs, $11.8 million in selling costs and $18.9 million in indirect costs. |
| (2) | Profit has been deferred as a result of continuing development obligations at SummerCamp Beach and WaterSound West Beach. As a consequence, revenue recognition and closings may occur in different periods. |
| (3) | Homes include single-family, multifamily and PRC units. Multifamily and PRC revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods. Percentage-of-completion accounting was utilized at Artisan Park in the fourth quarter of 2006. Paseos and Rivercrest, two joint ventures 50 percent owned by JOE, are not included; sales are complete at both of these communities. |
Table 6
Residential Real Estate
Units Placed Under Contract
Three Months Ended December 31,
| | | 2007 | | 2006 | | Percentage Change | |
| Home Sites | 50 | | 317 | | (84.2) % | |
| Homes (1) | 24 | | 10 | | 140.0 | |
| Total | 74 | | 327 | | (77.4) % | |
| | (1) | Homes include single-family homes, multifamily and PRC units. Paseos and Rivercrest, two unconsolidated joint ventures, are not included; sales are complete at both of these communities. | |
Table 7
Residential Real Estate
Backlog (1)
($ in millions)
| | | December 31, 2007 | | December 31, 2006 | |
| | Units | | Revenues | | Units | | Revenues | |
| Home Sites | 82 | | $3.2 | | 21 | | $3.9 | |
| Homes (2) | 1 | | 1.3 | | 56 | | 33.5 | |
| Total | 83 | | $4.5 | | 77 | | $37.4 | |
| | (1) | Backlog represents units under contract but not yet closed. | |
| (2) | As of December 31, 2007, there were no units subject to percentage-of-completion accounting in the homes backlog. As of December 31, 2006, there were 24 units subject to percentage-of completion accounting with related revenue of $12.5 million (of which $11.9 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 December 31, 2007
| 9/30/2007 Commitments (1) | | Closed | | Average Price Closed Units | | Change in Commitments | | 12/31/2007 Commitments |
| Beazer Homes | | | | | | | | | |
| Breakfast Point | 70 | | -- | | $ -- | | (70) | | -- |
| Laguna West | 350 | | 118 | | 24,000 | | -- | | 232 |
| RiverTown | 64 | | -- | | -- | | (64) | | -- |
| SouthWood | 20 | | -- | | -- | | -- | | 20 |
| Shea Homes | | | | | | | | | |
| Victoria Park | 700 | | 82 | | 38,114 | | -- | | 618 |
| David Weekley Homes | | | | | | | | | |
| Artisan Park | -- | | 2 | | 105,000 | | 2 | | -- |
| Hawks Landing | 39 | | -- | | -- | | (39) | | -- |
| RiverTown | 93 | | 6 | | 72,133 | | -- | | 87 |
| SouthWood | 110 | | 4 | | 86,600 | | -- | | 106 |
| American Home Builders | | | | | | | | | |
| RiverTown | 48 | | 4 | | 54,000 | | 15 | | 59 |
| Cornerstone Homes | | | | | | | | | |
| RiverTown | 31 | | 8 | | 51,800 | | -- | | 23 |
| Issa Homes | | | | | | | | | |
| RiverTown | 55 | | 9 | | 78,058 | | 20 | | 66 |
| Lakeridge Homes | | | | | | | | | |
| Victoria Park | 10 | | 10 | | 97,500 | | -- | | -- |
| Total | 1,590 | | 243 | | | | (136) | | 1,211 |
Activity During the
Year Ended December 31, 2007
| 12/31/2006 Commitments (1) | | Closed | | Average Price Closed Units | | Change in Commitments | | 12/31/2007 Commitments |
| Beazer Homes | | | | | | | | | |
| Breakfast Point | 70 | | -- | | $ -- | | (70) | | -- |
| Laguna West | 350 | | 118 | | 24,000 | | -- | | 232 |
| SouthWood | 56 | | 36 | | 51,134 | | -- | | 20 |
| Shea Homes | | | | | | | | | |
| Victoria Park | -- | | 87 | | 38,144 | | 705 | | 618 |
| David Weekley Homes | | | | | | | | | |
| Artisan Park | -- | | 2 | | 105,000 | | 2 | | -- |
| Hawks Landing | 89 | | 50 | | 60,900 | | (39) | | -- |
| Palmetto Trace | 8 | | 8 | | 83,460 | | -- | | -- |
| PineWood | 70 | | -- | | -- | | (70) | | -- |
| RiverTown | -- | | 6 | | 72,133 | | 93 | | 87 |
| SouthWood | 140 | | 34 | | 94,172 | | -- | | 106 |
| American Home Builders | | | | | | | | | |
| RiverTown | -- | | 4 | | 54,600 | | 63 | | 59 |
| Cornerstone Homes | | | | | | | | | |
| RiverTown | -- | | 8 | | 51,800 | | 31 | | 23 |
| Issa Homes | | | | | | | | | |
| RiverTown | -- | | 9 | | 78,058 | | 75 | | 66 |
| Lakeridge Homes | | | | | | | | | |
| Victoria Park | -- | | 10 | | 97,500 | | 10 | | -- |
| Total | 783 | | 372 | | | | 800 | | 1,211 |
| (1) | Includes agreements with minimal down payments. Homebuilders may be more willing to delay or cancel commitments if they have only minimal down payments at risk. |
Table 9
Residential Real Estate Sales Activity
Three Months Ended December 31,
($ 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 | 2 | | $105.0 | | 2 | | $105.0 | | -- | | $ -- | | -- | | $ -- |
| Single-Family Homes | 4 | | 459.7 | | 4 | | 459.7 | | 17 | | 515.2 | | (3) | | 776.6 |
| Multifamily Homes | 11 | | 335.0 | | 11 | | 335.0 | | 36 | | 427.9 | | (1) | | 399.9 |
| Hawks Landing | | | | | | | | | | | | | | | |
| Home Sites | 1 | | 80.0 | | 1 | | 80.0 | | 31 | | 71.2 | | 12 | | 63.3 |
| Palmetto Trace | | | | | | | | | | | | | | | |
| Home Sites | -- | | 0.0 | | -- | | -- | | 9 | | 81.2 | | 9 | | 81.2 |
| Single-Family Homes | 3 | | 253.1 | | 3 | | 253.1 | | 2 | | 296.8 | | 2 | | 296.8 |
| Paseos (2) | | | | | | | | | | | | | | | |
| Single-Family Homes | 2 | | 385.0 | | -- | | -- | | 3 | | 582.8 | | 1 | | 485.0 |
| Rivercrest (2) | | | | | | | | | | | | | | | |
| Single-Family Homes | 1 | | 296.0 | | 1 | | 296.0 | | 68 | | 222.4 | | -- | | -- |
| RiverTown | | | | | | | | | | | | | | | |
| Home Sites | 27 | | 65.5 | | 27 | | 65.5 | | -- | | -- | | -- | | -- |
| SouthWood | | | | | | | | | | | | | | | |
| Home Sites | 6 | | 98.6 | | 5 | | 91.3 | | 97 | | 54.4 | | 106 | | 59.7 |
| Single-Family Homes | -- | | -- | | -- | | -- | | 21 | | 289.6 | | -- | | -- |
| St. Johns G &CC | | | | | | | | | | | | | | | |
| Home Sites | -- | | -- | | -- | | -- | | 1 | | 135.0 | | 1 | | 135.0 |
| Single-Family Homes | -- | | -- | | -- | | -- | | 7 | | 435.2 | | 8 | | 462.1 |
| SummerCamp Beach | | | | | | | | | | | | | | | |
| Home Sites | -- | | -- | | -- | | -- | | 7 | | 709.5 | | 5 | | 874.0 |
| The Hammocks | | | | | | | | | | | | | | | |
| Single-Family Homes | -- | | -- | | -- | | -- | | -- | | -- | | (1) | | 152.7 |
| Victoria Park | | | | | | | | | | | | | | | |
| Home Sites | 92 | | 44.6 | | 10 | | 97.5 | | 181 | | 66.4 | | 182 | | 67.7 |
| Single-Family Homes | 3 | | 186.9 | | 3 | | 186.9 | | 28 | | 347.5 | | 4 | | 164.9 |
| WaterColor | | | | | | | | | | | | | | | |
| Home Sites | 1 | | 832.0 | | 1 | | 832.0 | | -- | | -- | | -- | | -- |
| Single/Multifamily Homes | 1 | | 1,925.0 | | 1 | | 1,925.0 | | 2 | | 712.4 | | 1 | | 813.1 |
| WaterSound | | | | | | | | | | | | | | | |
| Home Sites | 1 | | 165.8 | | 1 | | 165.8 | | 1 | | 165.0 | | -- | | -- |
| Single-Family Homes | 1 | | 1,315.0 | | -- | | -- | | -- | | -- | | -- | | -- |
| WaterSound Beach | | | | | | | | | | | | | | | |
| Home Sites | -- | | -- | | -- | | -- | | 1 | | 1,843.8 | | -- | | -- |
| Single-Family Homes | 7 | | 817.4 | | 1 | | 1,025.0 | | 7 | | 1,274.8 | | -- | | -- |
| WaterSound West Beach | | | | | | | | | | | | | | | |
| Home Sites | 2 | | 368.6 | | 2 | | 368.6 | | -- | | -- | | -- | | -- |
| Single-Family Homes | 1 | | 895.0 | | -- | | -- | | -- | | -- | | -- | | -- |
| Wild Heron | | | | | | | | | | | | | | | |
| Home Sites | 1 | | 190.0 | | 1 | | 190.0 | | -- | | -- | | -- | | -- |
| WindMark Beach | | | | | | | | | | | | | | | |
| Home Sites | 1 | | 404.2 | | 1 | | 404.2 | | 6 | | 200.2 | | 2 | | 238.0 |
| Single-Family Homes | -- | | -- | | 1 | | 1,300.0 | | -- | | -- | | -- | | -- |
| Total Home Sites | 134 | | $67.8 | | 51 | | $114.1 | | 334 | | $85.5 | | 317 | | $79.2 |
| Total Single/Multifamily Homes | 34 | | $522.6 | | 25 | | $455.6 | | 191 | | $370.9 | | 11 | | $288.0 |
Year Ended December 31,
($ 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 | 2 | | $105.0 | | 2 | | $105.0 | | 1 | | $495.0 | | 1 | | $495.0 |
| Single-Family Homes | 25 | | 620.3 | | 20 | | 582.0 | | 73 | | 626.6 | | 19 | | 658.8 |
| Multifamily Homes | 39 | | 447.6 | | 15 | | 331.5 | | 136 | | 414.2 | | 9 | | 451.2 |
| Hawks Landing | | | | | | | | | | | | | | | |
| Home Sites | 70 | | 65.7 | | 68 | | 65.3 | | 59 | | 71.8 | | 61 | | 72.0 |
| Palmetto Trace | | | | | | | | | | | | | | | |
| Home Sites | 8 | | 83.5 | | 8 | | 83.5 | | 33 | | 78.9 | | 33 | | 78.9 |
| Single-Family Homes | 12 | | 261.7 | | 12 | | 261.7 | | 48 | | 310.6 | | 10 | | 289.0 |
| Paseos(2) | | | | | | | | | | | | | | | |
| Single-Family Homes | 3 | | 458.3 | | 3 | | 458.3 | | 66 | | 532.4 | | (1) | | 490.3 |
| Port St. Joe Primary | | | | | | | | | | | | | | | |
| Home Sites | 3 | | 64.2 | | 3 | | 64.2 | | -- | | -- | | -- | | -- |
| RiverCamps on Crooked Creek | | | | | | | | | | | | | | | |
| Home Sites | 4 | | 220.1 | | 4 | | 220.1 | | 7 | | 232.7 | | 5 | | 228.8 |
| Rivercrest (2) | | | | | | | | | | | | | | | |
| Single-Family Homes | 17 | | 240.4 | | 12 | | 237.2 | | 333 | | 207.4 | | (9) | | 237.2 |
| RiverTown | | | | | | | | | | | | | | | |
| Home Sites | 27 | | 65.5 | | 27 | | 65.5 | | -- | | -- | | -- | | -- |
| SevenShores | | | | | | | | | | | | | | | |
| Multifamily Homes | -- | | -- | | (9) | | 1,013.8 | | -- | | -- | | 9 | | 1,013.8 |
| SouthWood | | | | | | | | | | | | | | | |
| Home Sites | 96 | | 88.4 | | 82 | | 83.8 | | 134 | | 58.0 | | 140 | | 60.8 |
| Single-Family Homes | 5 | | 349.4 | | 1 | | 228.5 | | 162 | | 300.1 | | 24 | | 316.4 |
| St. Johns G &CC | | | | | | | | | | | | | | | |
| Home Sites | 2 | | 157.5 | | -- | | 0.0 | | 7 | | 144.7 | | 9 | | 147.6 |
| Single-Family Homes | 9 | | 469.6 | | 6 | | 415.5 | | 54 | | 519.5 | | 35 | | 521.7 |
| SummerCamp Beach | | | | | | | | | | | | | | | |
| Home Sites | -- | | -- | | -- | | -- | | 16 | | 499.4 | | 16 | | 499.4 |
| Single-Family Homes | -- | | -- | | (1) | | 968.7 | | -- | | -- | | -- | | -- |
| The Hammocks | | | | | | | | | | | | | | | |
| Home Sites | 1 | | 79.0 | | 1 | | 79.0 | | -- | | -- | | -- | | -- |
| Single-Family Homes | 3 | | 204.6 | | 3 | | 204.6 | | 39 | | 151.1 | | (1) | | 152.7 |
| Victoria Park | | | | | | | | | | | | | | | |
| Home Sites | 98 | | 46.9 | | 178 | | 41.5 | | 257 | | 80.0 | | 256 | | 79.6 |
| Single-Family Homes | 10 | | 325.0 | | 8 | | 321.8 | | 170 | | 319.8 | | 36 | | 315.5 |
| WaterColor | | | | | | | | | | | | | | | |
| Home Site | 9 | | 768.5 | | 9 | | 768.5 | | 2 | | 318.2 | | 2 | | 318.2 |
| Single/Multifamily Homes | 2 | | 1,350.0 | | 2 | | 1,350.0 | | 8 | | 981.1 | | 5 | | 1,025.7 |
| WaterSound | | | | | | | | | | | | | | | |
| Home Sites | 6 | | 164.2 | | 6 | | 164.2 | | 15 | | 162.3 | | 15 | | 162.3 |
| Homes | 1 | | 1,315.0 | | 1 | | 1,315.0 | | -- | | -- | | -- | | -- |
| WaterSound Beach | | | | | | | | | | | | | | | |
| Home Sites | 4 | | 1,583.8 | | 3 | | 1,638.0 | | 1 | | 1,843.8 | | 2 | | 1,632.6 |
| Single-Family Homes | 17 | | 1,121.7 | | 9 | | 1,769.1 | | 12 | | 1,162.2 | | 19 | | 831.5 |
| WaterSound West Beach | | | | | | | | | | | | | | | |
| Home Sites | 17 | | 325.6 | | 17 | | 325.6 | | 3 | | 441.4 | | 2 | | 293.9 |
| Single-Family Homes | 1 | | 895.0 | | 1 | | 895.0 | | -- | | -- | | -- | | -- |
| Wild Heron | | | | | | | | | | | | | | | |
| Home Sites | 1 | | 190.0 | | 1 | | 190.0 | | -- | | -- | | -- | | -- |
| WindMark Beach | | | | | | | | | | | | | | | |
| Home Sites | 6 | | 322.3 | | 6 | | 322.2 | | 23 | | 241.6 | | 23 | | 241.6 |
| Single-Family Homes | -- | | -- | | 1 | | 1,300.0 | | -- | | -- | | -- | | -- |
| Total Home Sites | 354 | | $123.4 | | 415 | | $103.5 | | 558 | | $104.1 | | 565 | | $105.0 |
| Total Single/Multifamily Homes | 144 | | $523.5 | | 84 | | $499.1 | | 1,101 | | $345.1 | | 155 | | $541.6 |
| (1) | Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed. Average prices shown reflect variations in the product mix across time periods as well as price changes for similar product. |
| (2) | JOE owns 74 percent of Artisan Park and 50 percent of each of Paseos and Rivercrest. Sales from Paseos and Rivercrest are not consolidated with the financial results of residential real estate. |
Table 10
Commercial Land Sales
Three Months Ended December 31,
($ in thousands)
| | | Number of Sales | | Acres Sold | | Gross Sales Price | | Average Price/Acre | |
| 2007 | | | | | | | | |
| Northwest Florida | 7 | | 30 | | $10,106 | | $336.0 | |
| 2006 | | | | | | | | |
| Northwest Florida | 11 | | 145 | | $27,390 | | $189.0 | |
Year Ended December 31,
| | | Number of Sales | | Acres Sold | | Gross Sales Price | | Average Price/Acre | |
| 2007 | | | | | | | | |
| Northwest Florida | 29 | | 88 | | $23,227 | | $264.0 | |
| Other | 4 | | 22 | | 4,366 | | 194.1 | |
| Total | 33 | | 110 | | $27,593 | | $250.4 | |
| 2006 | | | | | | | | |
| Northwest Florida | 28 | | 244 | | $48,891 | | $200.4 | |
Table 11
Rural Land Sales
Three Months Ended December 31,
| | | Number of Sales | | Acres Sold | | Gross Sales Price (in thousands) | | Average Price/Acre | |
| 2007 | | | | | | | | |
| Woodlands | 12 | | 18,864 | | $29,820 | | $1,581 | |
| 2006 | | | | | | | | |
| Woodlands | 9 | | 16,695 | | 29,672 | | 1,777 | |
| Other | 6 | | 162 | | 1,871 | | 11,549 | |
| Total | 15 | | 16,857 | | $31,543 | | $1,871 | |
Year Ended December 31,
| | | Number of Sales | | Acres Sold | | Gross Sales Price (in thousands) | | Average Price/Acre | |
| 2007 | | | | | | | | |
| Florida Wild | 2 | | 3,883 | | $9,905 | | $2,551 | |
| Woodlands | 40 | | 101,988 | | 150,152 | | 1,472 | |
| Other | 2 | | 92 | | 1,230 | | 13,370 | |
| Total | 44 | | 105,963 | | $161,287 | | $1,522 | |
| 2006 | | | | | | | | |
| Florida Wild | 6 | | 4,692 | | 17,519 | | 3,734 | |
| Woodlands | 63 | | 28,936 | | 60,265 | | 2,083 | |
| Other | 15 | | 708 | | 12,206 | | 17,240 | |
| Total | 84 | | 34,336 | | $89,990 | | $2,621 | |
FINANCIAL DATA
($ in millions)
Quarterly Segment Pretax Income (Loss)
From Continuing Operations
| Dec 31, 2007 | | Sept 30, 2007 | | June 30, 2007 | | Mar 31, 2007 | | Dec 31,
2006 | | Sept 30, 2006 | | June 30, 2006 | | Mar 31, 2006 | | Dec 31, 2005 |
| Residential | $(11.4) | | $(26.2) | | $(0.8) | | $(5.4) | | $4.3 | | $(7.6) | | $17.2 | | $10.2 | | $40.6 |
| Commercial | 4.6 | | 2.3 | | 8.4 | | 0.1 | | 13.6 | | 8.2 | | 1.6 | | 0.6 | | 4.8 |
| Rural Land sales | 24.5 | | 27.8 | | 7.2 | | 40.4 | | 26.7 | | 12.2 | | 22.1 | | 11.4 | | 19.1 |
| Forestry | (1.9) | | 1.3 | | 0.9 | | 0.1 | | 1.5 | | 1.0 | | 0.7 | | 2.0 | | 5.6 |
| Corporate and other | (11.0) | | (15.8) | | (16.4) | | (10.2) | | (18.9) | | (16.3) | | (17.2) | | (20.3) | | (15.0) |
| Pretax income (loss) from continuing operations | $4.8 | | $(10.6) | | $(0.7) | | $25.0 | | $27.2 | | $(2.5) | | $24.4 | | $3.9 | | $55.1 |
Discontinued Operations, Net of Tax
| Quarter Ended December 31, | | Year Ended December 31, |
| 2007 | | 2006 | | 2007 | | 2006 |
| Loss on sale of Saussy Burbank, net of tax | $(0.1) | | $ -- | | $(0.2) | | $ -- |
| Income from Saussy Burbank operations, net of tax (1) | -- | | 2.7 | | 1.1 | | 8.0 |
| Gain (loss) from sale of office buildings, net of tax | 0.8 | | 1.0 | | 29.2 | | 10.4 |
| Income (loss) from office buildings, net of tax | (0.1) | | (0.1) | | 1.5 | | (1.0) |
| Income (loss) from Sunshine State Cypress operations, net of tax | 0.2 | | (0.9) | | (3.5) | | (0.7) |
| Net income (loss) from discontinued operations | $0.8 | | $2.7 | | $28.1 | | $16.7 |
| (1) | Year ended December 31, 2007, includes a $2.2 million impairment charge to approximate fair value, less costs to sell, of Saussy Burbank. |
Other Income (Expense)
| Quarter Ended December 31, | | Year Ended December 31, |
| 2007 | | 2006 | | 2007 | | 2006 |
Dividend and interest income | $1.2 | | $1.3 | | $5.3 | | $5.0 |
| Interest expense | (5.4) | | (5.2) | | (20.0) | | (13.9) |
| Other | 0.2 | | (1.5) | | 2.1 | | (0.5) |
| Gain on disposition of assets | 0.7 | | -- | | 8.0 | | -- |
| Total | $(3.3) | | $(5.4) | | $(4.6) | | $(9.4) |
