Exhibit 99.2
Table 1
Summary of Land-Use Entitlements (1)
Active JOE Residential and Mixed-Use Projects
September 30, 2008
Project | | Class.(2) | | County | | Project Acres | | Project Units(3) | | Residential Units Closed Since Inception | | Residential Units Under Contract as of 9/30/08 | | Total Residential Unit Remaining | | Remaining Commercial Entitlements (Sq. Ft.)(4) |
| | | | | | | | | | | | | | | | |
In Development: (5) | | | | | | | | | | | | | | | | |
| Artisan Park (6) | | PR | | Osceola | | 175 | | 618 | | 579 | | -- | | 39 | | -- |
| Cutter Ridge | | PR | | Franklin | | 10 | | 25 | | -- | | -- | | 25 | | -- |
| Hawks Landing | | PR | | Bay | | 88 | | 168 | | 129 | | 2 | | 37 | | -- |
| Landings at Wetappo | | RR | | Gulf | | 113 | | 24 | | 7 | | -- | | 17 | | -- |
| Palmetto Trace | | PR | | Bay | | 141 | | 481 | | 480 | | -- | | 1 | | -- |
| PineWood | | PR | | Bay | | 104 | | 264 | | -- | | -- | | 264 | | -- |
| 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 |
| SevenShores | | VAR | | Manatee | | 192 | | 686 | | -- | | -- | | 686 | | 9,000 |
| SouthWood | | VAR | | 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 | | VAR | | Volusia | | 1,859 | | 4,200 | | 1,448 | | 40 | | 2,712 | | 818,654 |
| WaterColor | | RS | | Walton | | 499 | | 1,140 | | 886 | | 1 | | 253 | | 47,600 |
| WaterSound | | VAR | | Walton | | 2,425 | | 1,432 | | 23 | | -- | | 1,409 | | 457,380 |
| WaterSound Beach | | RS | | Walton | | 256 | | 511 | | 445 | | -- | | 66 | | 29,000 |
| WaterSound West Beach | | RS | | Walton | | 62 | | 199 | | 37 | | -- | | 162 | | -- |
| Wild Heron (7) | | RS | | Bay | | 17 | | 28 | | 2 | | -- | | 26 | | -- |
| WindMark Beach | | RS | | Gulf | | 2,020 | | 1,662 | | 137 | | 1 | | 1,524 | | 75,000 |
| Subtotal | | | | | | 18,754 | | 22,424 | | 7,807 | | 44 | | 14,573 | | 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 | | 2,520 | | -- | | -- | | 2,520 | | -- |
| 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 | | -- |
| Star Avenue North | | VAR | | Bay | | 271 | | 1,248 | | -- | | -- | | 1,248 | | 380,000 |
| 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 | | | | | | 22,970 | | 24,578 | | -- | | -- | | 24,578 | | 6,104,500 |
| Total | | | | | | 41,724 | | 47,002 | | 7,807 | | 44 | | 39,151 | | 12,643,494 |
(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.
● RR – Rural 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. 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 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. |
| (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 (1)
September 30, 2008
Project | | Class (2) | | County | | Project Acres | | Estimated Project Units (3) | | Estimated Commercial Entitlements (Sq. Ft.) (4) |
| Breakfast Point, Phase 2 | | VAR | | Bay | | 1,299 | | 2,780 | | 635,000 |
| SouthSide | | VAR | | 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: |
| ●PR – Primary residential.
●RS – Resort and seasonal residential.
●RR – Rural residential.
●VAR – Includes multiple classifications. For example, a project may have substantial commercial and residential acres. |
| (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
September 30, 2008
Project | | County | | Project Acres | | Acres Sold Since Inception | | Acres Under Contract As of 9/30/08 | | Total Acres 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 | | -- | | 5 |
| 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 | | -- | | 592 |
| (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 September 30,
($ in millions)
| | 2008 | | 2007 |
| | 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) | | 74 | | $6.0 | | $4.5 | | $1.5 | | 49 | | $8.4 | | $4.0 | | $4.4 |
| Homes (3) | | 3 | | 2.3 | | 2.1 | | 0.2 | | 17 | | 9.6 | | 8.0 | | 1.6 |
| Total | | 77 | | $8.3 | | $6.6 | | $1.7 | | 66 | | $18.0 | | $12.0 | | $6.0 |
| (1) | Cost of sales for home sites in the third quarter of 2008 consisted of $3.9 million in direct costs, $0.2 million in selling costs and $0.4 million in indirect costs. Cost of sales for home sites in the third quarter of 2007 consisted of $3.3 million in direct costs, $0.3 million in selling costs and $0.4 million in indirect costs. Cost of sales for homes in the third quarter of 2008 consisted of $1.9 million in direct costs, $0.1 million in selling costs and $0.1 million in indirect costs. Cost of sales for homes in the third quarter of 2007 consisted of $6.5 million in direct costs, $0.4 million in selling costs and $1.1 million in indirect costs. |
| (2) | Profit has been deferred as a result of continuing development obligations at SummerCamp Beach in 2008 and 2007 and WaterSound West Beach in 2007. As a consequence, revenue recognition and closings may occur in different periods. |
| (3) | Homes include single-family, multifamily units. Multifamily revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods. Paseos and Rivercrest, two joint ventures 50 percent owned by JOE, are not included; sales are complete at both of these communities. |
Table 5
Residential Real Estate
Units Placed Under Contract
Three Months Ended September 30,
| | | | | |
| 2008 | | 2007 | | Percentage Change |
| Home Sites | 33 | | 43 | | (23.3) % |
| Homes (1) | 3 | | 15 | | (80.0) % |
| Total | 36 | | 58 | | (37.9) % |
| | | | | |
(1) Homes include single-family homes, multifamily units. Paseos and Rivercrest, two unconsolidated joint ventures, are not included; sales are complete at both of these communities. |
Table 6
Residential Real Estate
Backlog (1)
($ in millions)
| September 30, 2008 | | September 30, 2007 | |
| Units | | Revenues | | Units | | Revenues | |
| Home Sites | 44 | | $2.9 | | 165 | | $6.5 | |
| Homes | -- | | -- | | 8 | | 6.9 | |
| Total | 44 | | $2.9 | | 173 | | $13.4 | |
(1) Backlog represents units under contract but not yet closed.
Table 7
Residential Real Estate
National Homebuilder Summary
of Home Site Commitments and Purchases
Activity During the
Three Months Ended September 30, 2008
| | 6/30/08 Commitments (1) | | Closed | | Average Price Closed Units | | Change in Commitments | | 9/30/2008 Commitments |
| Beazer Homes | | | | | | | | | | |
| Laguna West | | 232 | | -- | | -- | | -- | | | 232 |
| SouthWood | | 20 | | 20 | | $47,934 | | -- | | | -- |
| Shea Homes | | | | | | | | | | |
| Victoria Park | | 618 | | 41 | | 38,144 | | -- | | | 577 |
| David Weekley Homes | | | | | | | | | | |
| RiverTown | | 84 | | -- | | -- | | (38 | ) | | 46 |
| SouthWood | | 106 | | -- | | -- | | -- | | | 106 |
| American Home Builders | | | | | | | | | | |
| RiverTown | | 59 | | -- | | -- | | (59 | ) (2) | | -- |
| Cornerstone Homes | | | | | | | | | | |
| RiverTown | | 23 | | -- | | -- | | -- | | | 23 |
| Issa Homes | | | | | | | | | | |
| RiverTown | | 66 | | -- | | -- | | -- | | | 66 |
| Total | | 1,208 | | 61 | | | | (97 | ) | | 1,050 |
(1) Includes agreements with minimal down payments. Homebuilders may be more willing to delay or cancel commitments if they have only minimal down payments at risk.
(2) Commitment terminated during October 2008.
Table 8
Residential Real Estate Sales Activity
Three Months Ended September 30,
($ in thousands)
| | 2008 | | | 2007 |
| | Units Closed | | Avg. Price | | Accepted (1) | | Avg. Price | | | Units Closed | | Avg. Price | | Accepted (1) | | Avg. Price |
| Artisan Park (2) | | | | | | | | | | | | | | | | | |
| Single-Family Homes | | -- | | $ | -- | | -- | | $ | -- | | | 3 | | $ | 699.4 | | 2 | | | $ | 680.5 |
| Multifamily Homes | | 2 | | | 437.5 | | 2 | | | 414.6 | | | 3 | | | 387.5 | | 3 | | | | 387.5 |
| Hawks Landing | | | | | | | | | | | | | | | | | |
| Home Sites | | -- | | | -- | | 2 | | | 73.1 | | | 20 | | | 60.9 | | 20 | | | | 60.9 |
| Paseos (2) | | | | | | | | | | | | | | | | | |
| Single-Family Homes | | -- | | | -- | | -- | | | -- | | | 1 | | | 605.0 | | 3 | | | | 458.3 |
| Port St. Joe Primary | | | | | | | | | | | | | | | | | |
| Home Sites | | 1 | | | 55.0 | | 1 | | | 55.0 | | | -- | | | -- | | -- | | | | -- |
| RiverCamps at Crooked Creek | | | | | | | | | | | | | | | | | |
| Home Sites | | -- | | | -- | | -- | | | -- | | | 2 | | | 300.4 | | 2 | | | | 300.4 |
| Rivercrest (2) | | | | | | | | | | | | | | | | | |
| Single-Family Homes | | -- | | | -- | | -- | | | -- | | | 1 | | | 227.5 | | 1 | | | | 227.5 |
| SouthWood | | | | | | | | | | | | | | | | | |
| Home Sites | | 20 | | | 47.9 | | 20 | | | 47.9 | | | 14 | | | 95.9 | | 14 | | | | 94.5 |
| St. Johns G &CC | | | | | | | | | | | | | | | | | |
| Single-Family Homes | | -- | | | -- | | -- | | | -- | | | 2 | | | 479.0 | | 2 | | | | 479.0 |
| The Hammocks | | | | | | | | | | | | | | | | | |
| Single-Family Homes | | -- | | | -- | | -- | | | -- | | | 1 | | | 257.9 | | 1 | | | | 257.9 |
| Victoria Park | | | | | | | | | | | | | | | | | |
| Home Sites | | 41 | | | 38.1 | | -- | | | -- | | | 5 | | | 38.1 | | -- | | | | -- |
| Single-Family Homes | | 1 | | | 202.0 | | 1 | | | 202.0 | | | 3 | | | 285.4 | | 2 | | | | 253.5 |
| WaterColor | | | | | | | | | | | | | | | | | |
| Home Sites | | 1 | | | 90.0 | | 2 | | | 565.0 | | | 2 | | | 395.1 | | 2 | | | | 395.1 |
| WaterSound | | | | | | | | | | | | | | | | | |
| Home Sites | | 1 | | | 120.0 | | 1 | | | 120.0 | | | 1 | | | 188.1 | | 1 | | | | 188.1 |
| WaterSound Beach | | | | | | | | | | | | | | | | | |
| Home Sites | | 5 | | | 452.5 | | 2 | | | 408.6 | | | 1 | | | 2,000.0 | | 1 | | | | 2,000.0 |
| Single-Family Homes | | -- | | | -- | | -- | | | -- | | | 5 | | | 858.2 | | 11 | | | | 822.8 |
| PRC Shares | | -- | | | -- | | -- | | | -- | | | -- | | | -- | | (7) | | | | 275.0 |
| WaterSound West Beach | | | | | | | | | | | | | | | | | |
| Home Sites | | 2 | | | 186.6 | | 1 | | | 175.0 | | | 3 | | | 334.0 | | 2 | | | | 385.0 |
| Single-Family Homes | | -- | | | -- | | -- | | | -- | | | -- | | | -- | | 1 | | | | 895.0 |
| Wild Heron | | | | | | | | | | | | | | | | | |
| Home Sites | | 1 | | | 215.0 | | 1 | | | 215.0 | | | -- | | | -- | | -- | | | | -- |
| WindMark Beach | | | | | | | | | | | | | | | | | |
| Home Sites | | 2 | | | 157.9 | | 3 | | | 175.9 | | | 1 | | | 695.0 | | 1 | | | | 695.0 |
| Total Home Sites | | 74 | | $ | 80.5 | | 33 | | $ | 125.6 | | | 49 | | $ | 163.8 | | 43 | | | $ | 176.4 |
| Total Single/Multifamily Homes | | 3 | | $ | 359.0 | | 3 | | $ | 343.7 | | | 19 | | $ | 550.3 | | 19 | | | $ | 730.0 |
(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 Paseos and Rivercrest. Sales from Paseos and Rivercrest are not consolidated with the financial results of residential real estate.
Table 9
Commercial Land Sales
Three Months Ended September 30,
(Gross Sales Prices $ in Thousands)
| | Number of Sales | | Acres Sold | | Gross Sales Price | | Average Price/Acre |
| 2008 | | 3 | | 32 | | $2,468 | | $77,125 |
| 2007 | | 10 | | 20 | | 6,208 | | 310,400 |
Table 10
Rural Land Sales
Three Months Ended September 30,
(Gross Sales Price $ in Thousands)
| | Number of Sales | | Acres Sold | | Gross Sales Price | | Average Price/Acre |
| 2008 | | 5 | | 346 | | $2,436 | | $7,041 |
| 2007 | | 7 | | 21,073 | | 31,884 | | 1,513 |
FINANCIAL DATA
($ in millions)
Quarterly Segment Pretax Income (Loss)
From Continuing Operations
| | Sept. 30, 2008 | | June 30, 2008 | | Mar 31, 2008 | | Dec 31, 2007 | | Sept 30, 2007 | | June 30, 2007 | | Mar 31, 2007 | | Dec 31, 2006 | | Sept 30, 2006 | |
| Residential | | $(13.0) | | $(13.3) | | $(18.7) | | $(11.4) | | $(26.2) | | $(1.0) | | $(5.4) | | $4.3 | | $(7.6) | |
| Commercial | | (0.6) | | (0.5) | | (0.9) | | 4.6 | | 2.3 | | 8.5 | | 0.1 | | 13.6 | | 8.2 | |
| Rural Land sales | | 2.0 | | 24.1 | | 80.1 | | 24.5 | | 27.8 | | 7.2 | | 40.4 | | 26.7 | | 12.2 | |
| Forestry | | 0.2 | | (1.1) | | 1.9 | | (1.9) | | 1.3 | | 0.9 | | 0.1 | | 1.5 | | 1.0 | |
| Corporate and other | | (19.2) | | (41.6) | | (12.9) | | (11.0) | | (15.8) | | (16.4) | | (10.2) | | (18.9) | | (16.3) | |
| Pretax income (loss) from continuing operations | | $(30.6) | | $(32.4) | | $49.5 | | $4.8 | | $(10.6) | | $(0.8) | | $25.0 | | $27.2 | | $(2.5) | |
Discontinued Operations, Net of Tax
| | Three Months Ended Sept. 30, | | Nine Months Ended Sept. 30, | |
| | 2008 | | 2007 | | 2008 | | 2007 | |
| Loss on sale of Saussy Burbank, net of tax | | $ -- | | $ -- | | $ -- | | $ -- | |
| Income from Saussy Burbank operations, net of tax | | -- | | -- | | -- | | 1.0 | |
| Income (loss) from office buildings, net of tax | | -- | | 0.1 | | -- | | 1.6 | |
| Gain from sale of office buildings, net of tax | | -- | | 2.5 | | -- | | 28.4 | |
| Income (loss) from Sunshine State Cypress operations, net of tax | | (0.1) | | (1.7) | | (0.2) | | (3.7) | |
| Net income (loss) from discontinued operations | | $(0.1) | | $0.9 | | $(0.2) | | $27.3 | |
Other Income (Expense)
| | Three Months Ended Sept. 30, | | Nine Months Ended Sept, 30, | |
| | 2008 | | 2007 | | 2008 | | 2007 | |
| Dividend and interest income | | $1.7 | | $1.4 | | $5.0 | | $4.1 | |
| Interest expense | | (0.1) | | (3.5) | | (4.4) | | (14.5) | |
| Gain on sale of office buildings | | 0.2 | | 0.2 | | 0.5 | | 7.8 | |
| Other | | 0.5 | | (3.3) | | 1.3 | | 1.2 | |
| Loss on early extinguishment of debt | | (0.7) | | -- | | (30.6) | | -- | |
| Loss on demolition of property | | (1.9) | | -- | | (1.9) | | -- | |
| Retained interest in monetized installment notes | | (6.6) | | -- | | (8.5) | | -- | |
| Total | | $(6.9) | | $(5.2) | | $(38.6) | | $(1.4) | |
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