Exhibit 99.2
Table 1 |
Summary of Land-Use Entitlements (1) |
Active JOE Residential and Mixed-Use Projects |
December 31, 2008 |
| | | | | | | | | | | | | | | | |
Project | | Class.(2) | | County | | Project Acres | | Project Units(3) | | Residential Units Closed Since Inception | | Residential Units Under Contract as of 12/31/08 | | Total Residential Units Remaining | | Remaining Commercial Entitlements (Sq. Ft.)(4) |
| | | | | | | | | | | | | | | | |
In Development: (5) | | | | | | | | | | | | | | | | |
| Artisan Park (6) | | PR | | Osceola | | 175 | | 616 | | 577 | | -- | | 39 | | -- |
| Hawks Landing | | PR | | Bay | | 88 | | 168 | | 131 | | -- | | 37 | | -- |
| Landings at Wetappo | | RR | | Gulf | | 113 | | 24 | | 7 | | -- | | 17 | | -- |
| RiverCamps on Crooked Creek | | RS | | Bay | | 1,491 | | 408 | | 188 | | -- | | 220 | | -- |
| RiverSide at Chipola | | RR | | Calhoun | | 120 | | 10 | | 2 | | -- | | 8 | | -- |
| RiverTown | | PR | | St. Johns | | 4,170 | | 4,500 | | 30 | | -- | | 4,470 | | 500,000 |
| SouthWood | | PR | | Leon | | 3,370 | | 4,770 | | 2,535 | | -- | | 2,235 | | 4,577,360 |
| St. Johns Golf & Country Club | | PR | | St. Johns | | 880 | | 799 | | 798 | | -- | | 1 | | -- |
| SummerCamp Beach | | RS | | Franklin | | 762 | | 499 | | 81 | | -- | | 418 | | 25,000 |
| Victoria Park | | PR | | Volusia | | 1,859 | | 4,200 | | 1,451 | | 40 | | 2,709 | | 43,643 |
| WaterColor | | RS | | Walton | | 499 | | 1,140 | | 886 | | -- | | 254 | | 47,600 |
| WaterSound | | RS | | Walton | | 2,425 | | 1,432 | | 24 | | -- | | 1,408 | | 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 | | 139 | | -- | | 1,523 | | 75,000 |
| Subtotal | | | | | | 18,307 | | 20,966 | | 7,333 | | 40 | | 13,593 | | 5,754,983 |
| | | | | | | | | | | | | | | | |
In Pre-Development: (5) | | | | | | | | | | | | | | | | |
| Avenue A | | PR | | Gulf | | 6 | | 96 | | -- | | -- | | 96 | | -- |
| Bayview Estates | | PR | | Gulf | | 31 | | 45 | | -- | | -- | | 45 | | -- |
| Bayview Multifamily | | PR | | Gulf | | 20 | | 300 | | -- | | -- | | 300 | | -- |
| Beacon Hill | | RR | | Gulf | | 3 | | 12 | | -- | | -- | | 12 | | -- |
| Beckrich NE | | PR | | Bay | | 15 | | 70 | | -- | | -- | | 70 | | -- |
| Boggy Creek | | PR | | Bay | | 630 | | 526 | | -- | | -- | | 526 | | -- |
| Bonfire Beach | | RS | | Bay | | 550 | | 750 | | -- | | -- | | 750 | | 70,000 |
| Breakfast Point, Phase 1 | | PR/RS | | Bay | | 115 | | 320 | | -- | | -- | | 320 | | -- |
| Carrabelle East | | PR | | Franklin | | 200 | | 600 | | -- | | -- | | 600 | | -- |
| College Station | | PR | | Bay | | 567 | | 800 | | -- | | -- | | 800 | | -- |
| Cutter Ridge | | PR | | Franklin | | 10 | | 25 | | -- | | -- | | 25 | | -- |
| DeerPoint Cedar Grove | | PR | | Bay | | 668 | | 950 | | -- | | -- | | 950 | | -- |
| East Lake Creek | | PR | | Bay | | 81 | | 313 | | -- | | -- | | 313 | | -- |
| East Lake Powell | | RS | | Bay | | 181 | | 360 | | -- | | -- | | 360 | | 30,000 |
| Howards Creek | | RR | | Gulf | | 8 | | 33 | | -- | | -- | | 33 | | -- |
| Laguna Beach West | | PR | | Bay | | 59 | | 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 | | PR | | Bay | | 57 | | 460 | | -- | | -- | | 460 | | 190,000 |
| Pier Park Timeshare | | RS | | Bay | | 13 | | 125 | | -- | | -- | | 125 | | -- |
| PineWood | | PR | | Bay | | 104 | | 264 | | -- | | -- | | 264 | | -- |
| Port St. Joe Draper, Phase 1 | | PR | | Gulf | | 639 | | 1,200 | | -- | | -- | | 1,200 | | -- |
| Port St. Joe Draper, Phase 2 | | PR | | Gulf | | 981 | | 2,125 | | -- | | -- | | 2,125 | | 150,000 |
| Port St. Joe Town Center | | RS | | Gulf | | 180 | | 624 | | -- | | -- | | 624 | | 500,000 |
| Powell Adams | | RS | | Bay | | 56 | | 2,520 | | -- | | -- | | 2,520 | | -- |
| Sabal Island | | RS | | Gulf | | 45 | | 18 | | -- | | -- | | 18 | | -- |
| SevenShores | | RS | | Manatee | | 192 | | 278 | | -- | | -- | | 278 | | 20,400 |
| South Walton Multifamily | | PR | | Walton | | 40 | | 212 | | -- | | -- | | 212 | | -- |
| St. James Island Granite Point | | RS | | Franklin | | 1,000 | | 2,000 | | -- | | -- | | 2,000 | | -- |
| Star Avenue North | | PR | | Bay | | 271 | | 1,248 | | -- | | -- | | 1,248 | | 380,000 |
| The Cove | | RR | | Gulf | | 64 | | 107 | | -- | | -- | | 107 | | -- |
| Timber Island (8) | | RS | | Franklin | | 49 | | 407 | | -- | | -- | | 407 | | 14,500 |
| Topsail | | PR | | Walton | | 115 | | 627 | | -- | | -- | | 627 | | 300,000 |
| Wavecrest | | RS | | Bay | | 7 | | 95 | | -- | | -- | | 95 | | -- |
| WestBay Corners SE | | PR | | Bay | | 100 | | 524 | | -- | | -- | | 524 | | 50,000 |
| WestBay Corners SW | | PR | | Bay | | 64 | | 160 | | -- | | -- | | 160 | | -- |
| WestBay DSAP | | PR/RS | | Bay | | 15,089 | | 5,628 | | -- | | -- | | 5,628 | | 4,430,000 |
| WestBay Landing (9) | | RS | | Bay | | 950 | | 214 | | -- | | -- | | 214 | | -- |
| Subtotal | | | | | | 23,276 | | 25,145 | | -- | | -- | | 25,145 | | 6,224,900 |
| Total | | | | | | 41,583 | | 46,111 | | 7,333 | | 40 | | 38,738 | | 11,979,883 |
(1) A project is deemed land-use entitled when all major discretionary governmental land-use approvals have been received. Some of these projects may require additional permits for development and/or build-out; they also may be subject to legal challenge.
(2) Current JOE land classifications for its residential developments or the residential portion of its mixed-use projects:
- PR – Primary residential
- RS – Resort and seasonal residential
- RR – Rural residential
(3) Project units represent the maximum number of units entitled or currently expected at full build-out. The actual number of units or square feet to be constructed at full build-out may be lower than the number entitled or currently expected.
(4) Represents the remaining square feet with land-use entitlements as designated in a development order or expected given the existing property land use or zoning and present plans. The actual number of square feet to be constructed at full build-out may be lower than the number entitled. Commercial entitlements include retail, office and industrial uses. Industrial uses total 6,128,381 square feet including SouthWood, RiverTown and the West Bay DSAP.
(5) A project is “in development” when construction on the project has commenced and sales and/or marketing have commenced or will commence in the foreseeable future. A project in “pre-development” has land-use entitlements but is still under internal evaluation or requires one or more additional permits prior to the commencement of construction. For certain projects in pre-development, some horizontal construction may have occurred, but no sales and/or marketing activities are expected in the foreseeable future.
(6) Artisan Park is 74 percent owned by JOE.
(7) Homesites acquired by JOE within the Wild Heron community.
(8) Timber Island entitlements include seven residential units and 400 units for hotel or other transient uses (including units held with fractional ownership such as private residence clubs).
(9) West Bay Landing is a sub-project within WestBay DSAP.
Table 2 |
Proposed JOE Residential and Mixed-Use Projects |
In the Land-Use Entitlement Process (1) |
December 31, 2008 |
| | | | | | | | | |
Project | Class (2) | | County | | Project Acres | | Estimated Project Units (3) | | Estimated Commercial Entitlements (Sq. Ft.) (4) |
| Breakfast Point, Phase 2 | PR/RS | | Bay | | 1,299 | | 2,780 | | 635,000 |
| SouthSide | PR | | Leon | | 1,625 | | 2,800 | | 1,150,000 |
| St. James Island McIntyre | RR | | Franklin | | 1,704 | | 340 | | -- |
| St. James Island RiverCamps | RS | | Franklin | | 2,500 | | 500 | | -- |
| Total | | | | | 7,128 | | 6,420 | | 1,785,000 |
(1) A project is deemed to be in the land-use entitlement process when customary steps necessary for the preparation and submittal of an application, such as conducting pre-application meetings or similar discussions with governmental officials, have commenced and/or an application has been filed. All projects listed have significant entitlement steps remaining that could affect their timing, scale and viability. There can be no assurance that these entitlements will ultimately be received.
(2) Current JOE land classifications for its residential developments or the residential portion of its mixed-use projects:
- PR – Primary residential
- RS – Resort and seasonal residential
- RR – Rural residential
(3) The actual number of units to be constructed at full build-out may be lower than the number ultimately entitled.
(4) Represents the estimated number of entitlements that are being sought. The actual number of entitlements approved may be less. Once entitled, the actual number of square feet to be constructed at full build-out may be lower than the actual number eventually entitled. Commercial entitlements include retail, office and industrial uses.
Table 3 |
Summary of Additional Commercial Land-Use Entitlements (1) |
(Commercial Projects Not Included in Tables 1 and 2 Above) |
Active JOE Commercial Projects |
December 31, 2008 |
| | | | | | | | | | |
Project | | County | | Project Acres | | Acres Sold Since Inception | | Acres Under Contract As of 12/31/08 | | 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 December 31, |
($ 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 |
| | | | | | | | | | | | | | | |
| Homesites (2) | 4 | | $ | 1.4 | | $ | 0.6 | | $ | 0.8 | | 134 | | $ | 20.3 | | $ | 12.6 | | $ | 7.7 |
| Homes (3) | 5 | | | 1.3 | | | 1.3 | | | -- | | 31 | | | 16.7 | | | 14.8 | | | 1.9 |
| Total | 9 | | $ | 2.7 | | $ | 1.9 | | $ | 0.8 | | 165 | | $ | 37.0 | | $ | 27.4 | | $ | 9.6 |
(1) Cost of sales for homesites in the fourth quarter of 2008 consisted of $0.4 million in direct costs, $0.1 million in selling costs and $0.1 million in indirect costs. Cost of sales for homesites 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 homes in the fourth quarter of 2008 consisted of $1.0 million in direct costs, $0.1 million in selling costs and $0.2 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 $2.8 million in indirect costs.
(2) Profit has been deferred as a result of continuing development obligations at SummerCamp Beach in 2008 and 2007 and WaterSound West Beach in 2007. As a consequence, revenue recognition and closings may occur in different periods.
(3) Homes include single-family and multifamily units. Multifamily revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods. Paseos and Rivercrest, two joint ventures 50 percent owned by JOE, are not included; residential sales are complete at both of these communities.
Year Ended December 31, |
($ 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 |
| | | | | | | | | | | | | | | |
| Homesites (2) | 89 | | $ | 10.1 | | $ | 6.6 | | $ | 3.5 | | 354 | | $ | 57.6 | | $ | 29.5 | | $ | 28.1 |
| Homes (3) | 33 | | | 17.9 | | | 17.4 | | | 0.5 | | 124 | | | 58.4 | | | 47.4 | | | 11.0 |
| Total | 122 | | $ | 28.0 | | $ | 24.0 | | $ | 4.0 | | 478 | | $ | 116.0 | | $ | 76.9 | | $ | 39.1 |
(1) Cost of sales for homesites for the year ended 2008 consisted of $5.6 million in direct costs, $0.6 million in selling costs and $0.4 million in indirect costs. Cost of sales for homesites for the year ended 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 homes for the year ended 2008 consisted of $12.9 million in direct costs, $1.0 million in selling costs and $3.5 million in indirect costs. Cost of sales for homes for the year ended 2007 consisted of $36.3 million in direct costs, $2.9 million in selling costs and $8.2 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; residential sales are complete at both of these communities.
Table 5 |
Residential Real Estate |
National Homebuilder Summary |
of Homesite Commitments and Purchases |
| |
Activity During the |
Year Ended December 31, 2008 |
| | | | | | | | | |
| 12/31/2007 Commitments (1) | | Closed | | Average Price Closed Units | | Change in Commitments | | 12/31/2008 Commitments (1) |
| Beazer Homes | | | | | | | | | |
| Laguna West | 232 | | -- | | | -- | | -- | | | 232 |
| SouthWood | 20 | | 20 | | $ | 47,934 | | -- | | | -- |
| Shea Homes | | | | | | | | | |
| Victoria Park | 618 | | 41 | | | 38,144 | | -- | | | 577 |
| David Weekley Homes | | | | | | | | | |
| RiverTown | 87 | | 3 | | | 72,500 | | (38 | ) | | 46 |
| SouthWood | 106 | | -- | | | -- | | (106 | ) (2) | | -- |
| American Home Builders | | | | | | | | | |
| RiverTown | 59 | | -- | | | -- | | (59 | ) | | -- |
| Cornerstone Homes | | | | | | | | | |
| RiverTown | 23 | | -- | | | -- | | -- | | | 23 |
| Issa Homes | | | | | | | | | |
| RiverTown | 66 | | -- | | | -- | | -- | | | 66 |
| Total | 1,211 | | 64 | | | | (203 | ) | | 944 |
(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. Given current economic conditions, many of these commitments may be renegotiated or cancelled.
(2) Commitment terminated during January 2009.
Table 6 |
Residential Real Estate Sales Activity |
Three Months Ended December 31, |
($ in thousands) |
| | | | | |
| 2008 | | | 2007 | |
| Units Closed | | Avg. Price | | Accepted (1) | | Avg. Price | | Units Closed | | Avg. Price | | Accepted (1) | | Avg. Price |
| Artisan Park (2) | | | | | | | | | | | | | | | |
| Homesites | -- | | $ | -- | | | -- | | | $ | -- | | | 2 | | | $105.0 | | | 2 | | | $105.0 | |
| Single-Family Homes | -- | | | -- | | | -- | | | | -- | | | 4 | | | 459.7 | | | 4 | | | 459.7 | |
| Multifamily Homes | -- | | | -- | | | -- | | | | -- | | | 11 | | | 335.0 | | | 11 | | | 335.0 | |
| Hawks Landing | | | | | | | | | | | | | | | |
| Homesites | 2 | | | 73.1 | | | -- | | | | -- | | | 1 | | | 80.0 | | | 1 | | | 80.0 | |
| Palmetto Trace | | | | | | | | | | | | | | | |
| Single-Family Homes | 1 | | | 268.0 | | | 1 | | | | 268.0 | | | 3 | | | 253.1 | | | 3 | | | 253.1 | |
| Paseos (2) | | | | | | | | | | | | | | | |
| Single-Family Homes | -- | | | -- | | | -- | | | | -- | | | 2 | | | 385.0 | | | -- | | | -- | |
| Rivercrest (2) | | | | | | | | | | | | | | | |
| Single-Family Homes | -- | | | -- | | | -- | | | | -- | | | 1 | | | 296.0 | | | 1 | | | 296.0 | |
| RiverTown | | | | | | | | | | | | | | | |
| Homesites | -- | | | -- | | | -- | | | | -- | | | 27 | | | 65.5 | | | 27 | | | 65.5 | |
| SouthWood | | | | | | | | | | | | | | | |
| Homesites | -- | | | -- | | | -- | | | | -- | | | 6 | | | 98.6 | | | 5 | | | 91.3 | |
| Victoria Park | | | | | | | | | | | | | | | |
| Homesites | -- | | | -- | | | -- | | | | -- | | | 92 | | | 44.6 | | | 10 | | | 97.5 | |
| Single-Family Homes | 3 | | | 183.4 | | | 3 | | | | 183.4 | | | 3 | | | 186.9 | | | 3 | | | 186.9 | |
| WaterColor | | | | | | | | | | | | | | | |
| Homesites | -- | | | -- | | | (1 | ) | | | 1,040.0 | | | 1 | | | 832.0 | | | 1 | | | 832.0 | |
| Single-Family Homes | -- | | | -- | | | -- | | | | -- | | | 1 | | | 1,925.0 | | | 1 | | | 1,925.0 | |
| WaterSound | | | | | | | | | | | | | | | |
| Homesites | -- | | | -- | | | -- | | | | -- | | | 1 | | | 165.8 | | | 1 | | | 165.8 | |
| Single-Family Homes | 1 | | | 530.0 | | | 1 | | | | 530.0 | | | 1 | | | 1,315.0 | | | -- | | | -- | |
| WaterSound Beach | | | | | | | | | | | | | | | |
| Single-Family Homes | -- | | | -- | | | -- | | | | -- | | | 7 | | | 817.4 | | | 1 | | | 1,025.0 | |
| WaterSound West Beach | | | | | | | | | | | | | | | |
| Homesites | -- | | | -- | | | -- | | | | -- | | | 2 | | | 368.6 | | | 2 | | | 368.6 | |
| Single-Family Homes | -- | | | -- | | | -- | | | | -- | | | 1 | | | 895.0 | | | -- | | | -- | |
| Wild Heron | | | | | | | | | | | | | | | |
| Homesites | -- | | | -- | | | -- | | | | -- | | | 1 | | | 190.0 | | | 1 | | | 190.0 | |
| WindMark Beach | | | | | | | | | | | | | | | |
| Homesites | 2 | | | 184.5 | | | 1 | | | | 156.9 | | | 1 | | | 404.2 | | | 1 | | | 404.2 | |
| Single-Family Homes | -- | | | -- | | | -- | | | | -- | | | -- | | | -- | | | 1 | | | 1,300.0 | |
| Total Homesites | 4 | | $ | 128.8(3) | | | -- | | | $ | --(3) | | | 134 | | $ | 67.8(3) | | | 51 | | $ | 114.1(3) | |
| Total Single/Multifamily Homes | 5 | | $ | 269.7(3) | | | 5 | | | $ | 269.7(3) | | | 34 | | $ | 522.6(3) | | | 25 | | $ | 455.6(3) | |
(1) Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed.
(2) JOE owns 74 percent of Artisan Park and 50 percent of Paseos and Rivercrest. Sales from Paseos and Rivercrest are not consolidated with the financial results of our residential real estate segment. Residential sales are complete at both of these communities.
(3) Average prices differ from quarter to quarter primarily because of the relative mix and location of sales.
Year Ended December 31, |
($ in thousands) |
| |
| 2008 | | 2007 |
| Units Closed | | | Avg. Price | | Accepted (1) | | Avg. Price | | Units Closed | | Avg. Price | | Accepted (1) | | Avg. Price |
| Artisan Park (2) | | | | | | | | | | | | | | | | |
| Homesites | -- | | | $ | -- | | -- | | $ | -- | | 2 | | $ | 105.0 | | 2 | | | $ | 105.0 |
| Single-Family Homes | 6 | | | | 598.5 | | 6 | | | 598.5 | | 25 | | | 620.3 | | 20 | | | | 582.0 |
| Multifamily Homes | 9 | | | | 342.9 | | 9 | | | 342.9 | | 39 | | | 447.6 | | 15 | | | | 331.5 |
| Hawks Landing | | | | | | | | | | | | | | | | |
| Homesites | 2 | | | | 73.1 | | 2 | | | 73.1 | | 70 | | | 65.7 | | 68 | | | | 65.3 |
| Palmetto Trace | | | | | | | | | | | | | | | | |
| Homesites | -- | | | | -- | | -- | | | -- | | 8 | | | 83.5 | | 8 | | | | 83.5 |
| Single-Family Homes | 1 | | | | 268.0 | | 1 | | | 268.0 | | 12 | | | 261.7 | | 12 | | | | 261.7 |
| Paseos (2) | | | | | | | | | | | | | | | | |
| Single-Family Homes | -- | | | | -- | | -- | | | -- | | 3 | | | 458.3 | | 3 | | | | 458.3 |
| Port St. Joe Primary | | | | | | | | | | | | | | | | |
| Homesites | 1 | | | | 55.0 | | 1 | | | 55.0 | | 3 | | | 64.2 | | 3 | | | | 64.2 |
| RiverCamps at Crooked Creek | | | | | | | | | | | | | | | | |
| Homesites | 1 | | | | 300.0 | | 1 | | | 300.0 | | 4 | | | 220.1 | | 4 | | | | 220.1 |
| Single-Family Homes | 1 | | | | 550.0 | | 1 | | | 550.0 | | -- | | | -- | | -- | | | | -- |
| Rivercrest (2) | | | | | | | | | | | | | | | | |
| Single-Family Homes | -- | | | | -- | | -- | | | -- | | 17 | | | 240.4 | | 12 | | | | 237.2 |
| RiverTown | | | | | | | | | | | | | | | | |
| Homesites | 3 | | | | 72.5 | | 3 | | | 72.5 | | 27 | | | 65.5 | | 27 | | | | 65.5 |
| SevenShores | | | | | | | | | | | | | | | | |
| Multifamily Homes | -- | | | | -- | | -- | | | -- | | -- | | | -- | | (9 | ) | | | 1,013.8 |
| SouthWood | | | | | | | | | | | | | | | | |
| Homesites | 20 | | | | 47.9 | | 19 | | | 44.4 | | 96 | | | 88.4 | | 82 | | | | 83.8 |
| Single-Family Homes | -- | | | | -- | | -- | | | -- | | 5 | | | 349.4 | | 1 | | | | 228.5 |
| St. Johns G &CC | | | | | | | | | | | | | | | | |
| Homesites | -- | | | | -- | | -- | | | -- | | 2 | | | 157.5 | | -- | | | | -- |
| Single-Family Homes | 2 | | | | 457.5 | | 2 | | | 457.5 | | 9 | | | 469.6 | | 6 | | | | 415.5 |
| SummerCamp | | | | | | | | | | | | | | | | |
| Homesites | 1 | | | | 149.9 | | 1 | | | 149.9 | | -- | | | -- | | -- | | | | -- |
| Single-Family Homes | -- | | | | -- | | -- | | | -- | | -- | | | -- | | (1 | ) | | | 968.7 |
| The Hammocks | | | | | | | | | | | | | | | | |
| Homesites | -- | | | | -- | | -- | | | -- | | 1 | | | 79.0 | | 1 | | | | 79.0 |
| Single-Family Homes | -- | | | | -- | | -- | | | -- | | 3 | | | 204.6 | | 3 | | | | 204.6 |
| Victoria Park | | | | | | | | | | | | | | | | |
| Homesites | 42 | | | | 39.2 | | 1 | | | 82.9 | | 98 | | | 46.9 | | 178 | | | | 41.5 |
| Single-Family Homes | 7 | | | | 198.4 | | 7 | | | 198.4 | | 10 | | | 325.0 | | 8 | | | | 321.8 |
| WaterColor | | | | | | | | | | | | | | | | |
| Homesites | 3 | | | | 459.7 | | 3 | | | 459.7 | | 9 | | | 768.5 | | 9 | | | | 768.5 |
| Single-Family Homes | 3 | | | | 1,413.3 | | 3 | | | 1,413.3 | | 2 | | | 1,350.0 | | 2 | | | | 1,350.0 |
| WaterSound | | | | | | | | | | | | | | | | |
| Homesites | 1 | | | | 120.0 | | 1 | | | 120.0 | | 6 | | | 164.2 | | 6 | | | | 164.2 |
| Single-Family Homes | 1 | | | | 530.0 | | 1 | | | 530.0 | | 1 | | | 1,315.0 | | 1 | | | | 1,315.0 |
| WaterSound Beach | | | | | | | | | | | | | | | | |
| Homesites | 5 | | | | 452.5 | | 5 | | | 452.5 | | 4 | | | 1,583.8 | | 3 | | | | 1,638.0 |
| Single-Family Homes | -- | | | | -- | | -- | | | -- | | 17 | | | 1,121.7 | | 9 | | | | 1,769.1 |
| WaterSound West Beach | | | | | | | | | | | | | | | | |
| Homesites | 5 | | | | 185.1 | | 5 | | | 185.1 | | 17 | | | 325.6 | | 17 | | | | 325.6 |
| Single-Family Homes | 1 | | | | 837.0 | | 1 | | | 837.0 | | 1 | | | 895.0 | | 1 | | | | 895.0 |
| Wild Heron | | | | | | | | | | | | | | | | |
| Homesites | 1 | | | | 215.0 | | 1 | | | 215.0 | | 1 | | | 190.0 | | 1 | | | | 190.0 |
| WindMark Beach | | | | | | | | | | | | | | | | |
| Homesites | 4 | | | | 171.2 | | 4 | | | 171.2 | | 6 | | | 322.3 | | 6 | | | | 322.3 |
| Single-Family Homes | 2 | | | | 1,249.8 | | 1 | | | 1,200.0 | | -- | | | -- | | 1 | | | | 1,300.0 |
| Total Homesites | 89 | | | $ | 101.8 | | 47 | | $ | 157.1 | | 354 | | $ | 123.4 | | 415 | | | $ | 103.5 |
| Total Single/Multifamily Homes | 33 | | | $ | 542.6 | | 32 | | $ | 518.9 | | 144 | | $ | 523.5 | | 84 | | | $ | 499.1 |
(1) Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed.
(2) JOE owns 74 percent of Artisan Park and 50 percent of Paseos and Rivercrest. Sales from Paseos and Rivercrest are not consolidated with the financial results of our residential real estate segment. Residential sales are complete at both of these communities.
Table 7 |
Commercial Land Sales |
Three Months Ended December 31, |
| | | | | | | |
| Number of Sales | | Acres Sold | | Gross Sales Price (in thousands) | | Average Price/Acre |
| 2008 | 4 | | 5 | | $ | 807 | | $ | 161,000 |
| 2007 | 7 | | 30 | | | 10,106 | | | 336,000 |
Year Ended December 31, |
| | | | | | | |
| Number of Sales | | Acres Sold | | Gross Sales Price (in thousands) | | Average Price/Acre |
| 2008 | 8 | | 39 | | $ | 3,558 | | $ | 91,000 |
| 2007 | 33 | | 110 | | | 27,593 | | | 250,000 |
Table 8 |
Rural Land Sales |
Three Months Ended December 31, |
| | | | | | | |
| Number of Sales | | Acres Sold | | Gross Sales Price (in thousands) | | Average Price/Acre |
| 2008 | 11 | | 20,498 | | $ | 29,522 | | $ | 1,440 |
| 2007 | 12 | | 18,864 | | | 29,820 | | | 1,581 |
Year Ended December 31, |
| |
| Number of Sales | | Acres Sold | | Gross Sales Price (in thousands) | | Average Price/Acre |
| 2008 | 26 | | 107,677 | | $ | 162,043 | | $ | 1,505 |
| 2007 | 44 | | 105,963 | | | 161,287 | | | 1,522 |
Table 9 |
Quarterly Segment Pretax Income (Loss) |
From Continuing Operations |
($ in millions) |
| |
| Dec. 31, 2008 | | Sept. 30, 2008 | | June 30, 2008 | | Mar 31, 2008 | | Dec 31, 2007 | | Sept 30, 2007 | | June 30, 2007 | | Mar 31, 2007 | | Dec 31, 2006 |
| Residential | $ | (71.0 | ) | | $ | (13.0 | ) | | $ | (13.3 | ) | | $ | (18.7 | ) | | $ | (11.4 | ) | | $ | (26.2 | ) | | $ | (1.0 | ) | | $ | (5.4 | ) | | $ | 4.3 | |
| Commercial | | (0.3 | ) | | | (0.6 | ) | | | (0.5 | ) | | | (0.9 | ) | | | 4.6 | | | | 2.3 | | | | 8.5 | | | | 0.1 | | | | 13.6 | |
| Rural Land sales | | 26.3 | | | | 2.0 | | | | 24.1 | | | | 80.1 | | | | 24.5 | | | | 27.8 | | | | 7.2 | | | | 40.4 | | | | 26.7 | |
| Forestry | | 0.8 | | | | 0.2 | | | | (1.1 | ) | | | 1.9 | | | | (1.9 | ) | | | 1.3 | | | | 0.9 | | | | 0.1 | | | | 1.5 | |
| Corporate and other | | (4.5 | ) | | | (19.2 | ) | | | (41.6 | ) | | | (12.9 | ) | | | (11.0 | ) | | | (15.8 | ) | | | (16.4 | ) | | | (10.2 | ) | | | (18.9 | ) |
| Pretax income (loss) from continuing operations | $ | (48.7 | ) | | $ | (30.6 | ) | | $ | (32.4 | ) | | $ | 49.5 | | | $ | 4.8 | | | $ | (10.6 | ) | | $ | (0.8 | ) | | $ | 25.0 | | | $ | 27.2 | |
Table 10 |
Discontinued Operations, Net of Tax |
($ in millions) |
| | | |
| Three Months Ended Dec. 31, | | Year Ended Dec. 31, |
| | 2008 | | | 2007 | | | | 2008 | | | 2007 | |
| Loss on sale of Saussy Burbank, net of tax | $ | -- | | $ | (0.1 | ) | | $ | -- | | $ | -- | |
| Income from Saussy Burbank operations, net of tax | | -- | | | -- | | | | -- | | | 1.0 | |
| Income (loss) from office buildings, net of tax | | -- | | | 0.8 | | | | -- | | | 1.5 | |
| Gain from sale of office buildings, net of tax | | -- | | | (0.1 | ) | | | -- | | | 29.1 | |
| Income (loss) from Sunshine State Cypress operations, net of tax | | (0.8 | ) | | 0.2 | | | | (1.0 | ) | | (3.5 | ) |
| Net income (loss) from discontinued operations | $ | (0.8 | ) | $ | 0.8 | | | $ | (1.0 | ) | $ | 28.1 | |
Table 11 |
Other Income (Expense) |
($ in millions) |
| | | |
| Three Months Ended Dec. 31 | | Year Ended Dec. 31, |
| | 2008 | | 2007 | | | | 2008 | | | 2007 | |
| Dividend and interest income | $ | 1.1 | $ | 1.2 | | | $ | 6.1 | | $ | 5.2 | |
| Interest expense | | -- | | (5.4 | ) | | | (4.5 | ) | | (20.0 | ) |
| Gain on sale of office buildings | | 0.2 | | 0.7 | | | | 0.7 | | | 8.0 | |
| Other | | 0.4 | | 0.2 | | | | 1.9 | | | 2.1 | |
| Loss on early extinguishment of debt | | -- | | -- | | | | (30.6 | ) | | -- | |
| Loss on demolition of property | | -- | | -- | | | | (1.9 | ) | | -- | |
| Retained interest in monetized installment notes | | 0.3 | | -- | | | | (8.3 | ) | | -- | |
| Total | $ | 2.0 | $ | (3.3 | ) | | $ | (36.6 | ) | $ | (4.7 | ) |
Table 12 |
Other Operating and Corporate Expenses |
($ in millions) |
| | | |
| Three Months Ended Dec. 31 | | Year Ended Dec. 31, |
| | 2008 | | | 2007 | | | | 2008 | | | 2007 | |
| Employee costs | $ | 6.5 | | $ | 11.8 | | | $ | 34.4 | | $ | 54.7 | |
| Non-cash stock compensation costs | | 2.8 | | | 1.7 | | | | 11.8 | | | 7.8 | |
| Property taxes and insurance | | 3.1 | | | 3.9 | | | | 15.4 | | | 16.1 | |
| Marketing and homeowner association cost | | 1.5 | | | 2.3 | | | | 10.3 | | | 9.7 | |
| Occupancy, repairs and maintenance | | 1.9 | | | 2.4 | | | | 9.5 | | | 11.8 | |
| Professional fees | | 2.2 | | | 4.0 | | | | 9.8 | | | 12.1 | |
| Other | | 1.1 | | | 7.0 | | | | 4.3 | | | 16.8 | |
| Pension expense (income) | | 0.2 | | | (3.0 | ) | | | (2.5 | ) | | (5.8 | ) |
| Capitalized costs | | (0.8 | ) | | (5.4 | ) | | | (5.4 | ) | | (22.0 | ) |
| Total other operating and corporate expense | $ | 18.5 | | $ | 24.7 | | | $ | 87.6 | | $ | 101.2 | |
