The St. Joe Company Reports First Quarter 2006 Net Income of $0.05 Per Share; JOE Lowers 2006 Guidance to $1.40 to $1.85 per Share; Resort Residential Sales Slow and Resale Inventory Up; JOE Remains Committed to Long-Term Value Creation.JACKSONVILLE Jacksonville. 1 City (1990 pop. 29,101), Pulaski co., central Ark., inc. 1941. The city has varied industries, including printing and publishing and the manufacture of electronic equipment, ordnance, and plastic and metal products. , Fla. -- The St. Joe Company The St. Joe Company (NYSE: JOE)is a land development company and Florida's largest private landowner, owning about 805,000 acres (0 km) in the state [1]. (NYSE NYSE See: New York Stock Exchange :JOE) today announced that its Net Income for the first quarter of 2006 was $3.7 million, or $0.05 per share, compared to $15.4 million, or $0.20 per share, for the first quarter of 2005. All per share references in this release are presented on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. "Resort residential sales slowed significantly in the first quarter, compared to the more active pace of the prior year," said Peter S. Rummell, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of JOE. "While we are seeing weaker sales in our existing resort residential business, there are signs of relative strength in other product categories, including our primary residential, commercial and rural land businesses. We are moving quickly to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. these business segments by taking advantage of the flexibility provided by the entitlements in our development pipeline." JOE Remains Committed to Long-Term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. Value Creation "JOE remains committed to long-term value creation," said Rummell. "If we were to abandon that approach, we could generate additional quarterly earnings by slashing slash·ing adj. 1. Bitingly critical or satiric: slashing wit. 2. Dashing; pelting: a slashing hailstorm. 3. prices for our low-basis land. But those short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. earnings would be at a significant cost to shareholders. It is incumbent on us to leverage our unique assets to maximize value. A quarterly approach to real estate development does not produce value efficiently." "Our long-term goal has been to build a fully diversified diversified (di·verˑ·s development business, generating land sales for a broad range of uses and price points," said Rummell. "We are making significant progress diversifying our products and our customer base, and we are just beginning to get traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. with this strategy." "The foundation we have built over the past nine years puts us in position to capture the opportunities ahead of us," said Rummell. "Our unique advantages, including our low-basis land and strong balance sheet, allow us to be patient in the face of cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. market fluctuations. We remain confident of the value of our assets, and we are not driven by debt. We have the ability and discipline to be patient through short-term market conditions." "We are actively managing an ongoing process to match new real estate products to market segments, broadening both product offerings and price points," said Rummell. "We now have several next-generation products coming to market. While resort residential will remain one of our most important product lines, we are increasingly confident about the emergence of other product lines as important contributors to JOE revenue and profit." Demand for Primary Housing Built on Demographic Trends "We continue to see demand at many of JOE's Joe's, known as G.I. Joe’s prior to April 1 2007, is a sporting goods and auto parts retailer dealer based in Oregon. The Wilsonville, Oregon based company has 26 stores in Oregon and Washington. The company is planning on opening two stores in Idaho in 2007. primary home communities, though in some cases not for the same product or at the same level as a year ago," said Rummell. "We will be bringing new primary home product to market throughout the remainder of the year at existing and new communities." "Over the long-term, we expect solid growth to be the norm for Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and ," said Rummell. "For each of the past seven decades Florida has been among the nation's fastest growing states. Every credible economic and demographic forecast anticipates strong demand for Florida land for decades to come." "In the U.S. Census Bureau's most recent report on domestic migration released April 20th, Florida leads national in-migration by a wide margin," said Rummell. "Florida's robust economy and geographic advantages attract a net increase of almost 1,100 people per day, a trend that is expected to accelerate as Baby Boomers See generation X. age. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census , Florida's population is expected to increase from about 17 million to 28 million by 2030. These new arrivals are expected to push demand for new primary homes, followed by new demand for retail, work places and a wide-variety of other real estate products." National Homebuilder Opportunities Growing "We are having substantive discussions with a growing number of national and regional homebuilders regarding opportunities to acquire land at JOE's primary communities throughout Florida," said Rummell. "They recognize the long-term economic opportunities of being affiliated with JOE towns. We also continue to provide sites for local homebuilders across Florida." "We are at a stage in JOE's maturation maturation /mat·u·ra·tion/ (mach-u-ra´shun) 1. the process of becoming mature. 2. attainment of emotional and intellectual maturity. 3. where working with national homebuilders makes sense," said Rummell. "We are now ready to move forward with partners, adding a production capability that can help us accelerate our value creation process." Resort Residential Sales Slow and Resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. Inventory Up "Transactions for resort residential products at WaterColor, WaterSound Beach, WaterSound West Beach, RiverCamps and SummerCamp Alternative rock quartet Summercamp hail from the once thriving music scene of Santa Barbara, where, in 1987, vocalist/guitarists Tim Cullen and Sean McCue met in high school. have slowed significantly," said Rummell. "Although the first quarter is traditionally the off-season in Northwest Florida, sales activity in our resort residential projects was slower than the same period a year ago." "It appears that speculators are no longer a major demand element in this market," said Rummell. "End-users are more deliberate and typically take more time to shop. There are also a larger number of resale units on the market, providing further options to potential buyers." "The size of the resale inventory suggests it will be some time before we return to a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. balance between supply and demand in this market segment," said Rummell. "We are introducing new products within our developments to fill market segments where there is more limited competitive supply at lower price points. For example, we are introducing a new cottage product on smaller home sites at WaterColor, WaterSound Beach and WaterSound West Beach. We also have a new seasonal residential product designed for splitters and pre-retirees coming to market at WaterSound less than two miles from the beach at attractive price points." "We are confident in the underlying value of our resort residential properties," said Rummell. "The strength of our balance sheet means we can afford to be patient, deliberate and thoughtful in our approach to cyclical market fluctuations. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , we'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall continue to bring new product types to market targeting those segments where we see limited market supply." Commercial Pipeline is Solid "Our commercial business has a solid pipeline of business going forward," said Rummell. "St. Joe Commercial closed a multifamily land sale to Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. in the first quarter, and we have additional multifamily sales under contract. Demand remains solid for our commerce park product, and we have begun pre-development work on a new commerce park in Bay County." "We also continue to see significant interest in the retail market," said Rummell. "We are under contract with a national big-box retailer for the sale of a commercial site in Panama City Panama City, city (1990 pop. 34,378), seat of Bay co., NW Fla., on St. Andrews Bay; inc. 1909. A Gulf Coast resort with amusement parks and excellent fishing, it is also a port of entry. The city's industries produce paper, clothing, and chemicals. Beach which will produce additional retail out-parcel opportunities. Though our commercial land sales will remain lumpy lumpy characterized by the presence of a lump or lumps. lumpy disease see lumpy-skin disease (below). lumpy jaw see actinomycosis. , we are looking to the near- and long-term future with real confidence." Key Next Generation Projects Set for 2006 Sales Starts "A number of key projects are moving into position to open sales this summer and fall," said Britt britt n. Variant of brit. Noun 1. britt - the young of a herring or sprat or similar fish brit young fish - a fish that is young 2. Greene, president of St. Joe Towns & Resorts and St. Joe Commercial. "Sales started last week at SevenShores (formerly Perico Perico — a Spanish word for small birds of the parrot family — can refer to:
"We are moving into position to launch sales at the first WhiteFence WhiteFence is an American company based in Houston, Texas. Despite its establishment near the end of the dot-com bubble, the company survived to become one of the largest nationwide comparison shopping marketplaces available online. Farms near Tallahassee Tallahassee (tăləhăs`ē), city (1990 pop. 124,773), state capital and seat of Leon co., NW Fla.; inc. 1825. Tallahassee is a wholesale trade and distribution center for the surrounding lumber, livestock, and agricultural area. with a significant promotional campaign," said Everitt The Everitt was an American automobile manufactured from 1909 until 1912. Produced by Everitt and Metzger after Studebaker took over the E-M-F Company, it was a 30 hp four with a so-called "thiefproof" gear lever lock. It was also built in Canada as the Tudhope. Drew, president of St. Joe Land Company. "WhiteFence Farms - Red Hills has been selected to be the site of a joint Southern Living 2006 Idea House/Progressive Farmer 2006 Idea Farm to be featured in the August 2006 issues of these magazines." "These five important projects represent a broad range of primary, retirement, seasonal and resort residential product in different geographic markets across a wide spectrum of price points," said Rummell. "We believe that, together, these second generation towns could meaningfully exceed what JOE has accomplished at WaterColor and WaterSound Beach." 2006 OUTLOOK "Our outlook for the year continues to reflect both increased opportunity but also greater near-term near-term adj. Of, for, or involving a short period of time in the near future. uncertainty, particularly as it relates to the Northwest Florida regional market for resort residential product," said JOE's CFO See Chief Financial Officer. Anthony M. Corriggio. "Given the limited transactional activity and increased resale inventory in several of our active resort residential communities, we are lowering our range of expected earnings for 2006 to $1.40 to $1.85 from $1.70 to $2.15 per share. The change stems primarily from a reduction of expectations for resort residential product sales this year in Bay and Walton Counties (including RiverCamps)." "Since we are only just now entering the prime selling season for many of our communities, our forward visibility on residential retail sales in general still remains quite limited," said Corriggio. "Coupled with the fact that larger transactions tend to be lumpy and difficult to predict from a timing perspective, there continues to be the potential for variability on both sides of this range. We continue to expect that the majority of earnings will occur in the second half of the year." Towns & Resorts "We are in active discussions with several major homebuilders interested in participating in various JOE projects in Northwest Florida and other parts of the state," said Corriggio. "While it is difficult to predict the precise timing and amount, we do expect to announce transactions involving national and regional homebuilders over the next several months. We expect that some of these initiatives will result in meaningful sales and income this year, next year and beyond. These transactions may involve land positions in pre-development phases of JOE communities as well as phases currently under development. As noted earlier, JOE has matured to the point where sales to national homebuilders make sense. These transactions provide opportunities to accelerate value realization, while at the same time decreasing capital intensity and increasing efficiency in how we deliver primary housing to the market." "We also have several new and unique projects coming to market that will further diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our product offerings and begin to add to earnings during the second half of the year," said Corriggio. "With WaterSound and WindMark Beach in Northwest Florida, RiverTown in Jacksonville, and SevenShores in Bradenton, JOE will have increased flexibility to meet the demand in a changing market." "Infrastructure construction is underway at both WaterSound and WindMark Beach, with retail sales slated to begin in both communities during the second quarter," said Corriggio. "Sales started last week at SevenShores, with capital expenditures for vertical construction subject to meeting pre-sale requirements. At RiverTown, we expect development activity to begin in June June: see month. and sales to begin in the fourth quarter. We expect a limited number of closings there before the end of the fiscal year." St. Joe Commercial "We expect St. Joe Commercial's land sales performance to exceed 2005 levels," said Corriggio. "Earnings from the division are expected to be concentrated in the second half of the year, and are likely to come from an increasingly diverse product mix." "In Northwest Florida, we continue to see solid demand for multifamily product, specifically for townhouses and apartments," said Corriggio. "We expect multifamily land sales to account for about half of St. Joe Commercial's 2006 earnings, with commerce park sales and retail parcels comprising the balance." "Additionally, two office properties are being evaluated for possible sale in 2006, although these potential transactions likely would not be as large as those that occurred in 2005," said Corriggio. St. Joe Land Company "We expect St. Joe Land Company to continue its solid performance as we progress through the year," said Corriggio. "We continue to refine our rural land segmentation strategy and have three new products, WhiteFence Farms, WireGrass wire·grass n. Any of various grasses, such as Bermuda grass, having tough wiry roots or rootstocks. Preserves and Florida Ranches being positioned for sales to begin over the next two years. The FloridaWild product we introduced in the first quarter has been well received. We expect to close on the sale of the first FloridaWild property in the second quarter." "JOE Land Company's creative approach to rural land sales Rural Land Sales in real estate refers to the sale of undeveloped land, usually as a parcel or tract of several acres of a ranch. Definitions: Rural Land Sales The term rural continues to provide an important level of segmentation and diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. in our real estate product portfolio," said Corriggio. The Bigger Picture "It is important to stay focused on the bigger picture when discussing near-term earnings and guidance for a company as unique as JOE," said Corriggio. "A strategy that maximizes value can generate great earnings, but generating earnings does not necessarily maximize value. While we are constantly looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to accelerate value recognition, JOE continues to create long-term value by moving significant portions of its land holdings to higher and better uses through strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , securing land use entitlements and facilitating infrastructure improvements." "We are in the process of updating our land analysis which involves a unique internal process by which we classify clas·si·fy tr.v. clas·si·fied, clas·si·fy·ing, clas·si·fies 1. To arrange or organize according to class or category. 2. To designate (a document, for example) as confidential, secret, or top secret. every acre by its known or expected highest and best use," said Corriggio. "We expect to have it ready for release in the next few weeks. Through this analysis, we intend to provide insight into our current view of the future value potential of JOE's land holdings." "We have been establishing increasingly sophisticated, diverse and creative land uses - including resort, residential, retail, office, industrial, rural land, apartment, hotel and marina Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness uses," said Corriggio. "JOE's growing range of real estate entitlements adds tremendous unrealized value, which is stored in our portfolio of land holdings prior to sale. JOE captures this value through sales and earnings, but the value is created before it is monetized." LAND CLASSIFICATION "Value creation begins through a strategic planning process rich with data collection, analysis and land planning and culminates with the creation of a business strategy," said Rummell. "We think we have invented a unique process that positions our land holdings for higher and better uses and then moves it systematically through the entitlements, project development and sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. ." "Land classification is important to us because it represents the beginning of the value creation process," said Rummell. "In June of 2004, we provided a land analysis that reflected a company-wide effort to identify land with higher value potential and to classify it in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with its known or expected highest and best use. Our focus on shareholder value is never complete, so as soon as we have finished the last effort we start a new one. We are now close to having an analysis that will further refine our business strategy and position us for the next 20-years and beyond." "Over the past eight years our value creation process has become increasingly sophisticated and we have evolved to a point where now we have mastered it and assimilated it completely into the JOE culture," said Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Corr, senior vice president of strategic planning. "We have made it a core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
"We manage our land classification process to help us determine strategies to create value," said Corr. "It is the first step before the entitlements process and the first step to maximizing the sales and earnings potential of our land." ENTITLEMENTS "As a large-scale large-scale adj. 1. Large in scope or extent. 2. Drawn or made large to show detail. large-scale Adjective 1. wide-ranging or extensive 2. developer and land owner, JOE's ability to manage the increasingly complex process necessary to gain entitlements represents a major core competency," said Corr. "Through land classification, entitlements and improvements of strategic infrastructure, JOE is able to create value by moving significant portions of its land holdings to higher and better uses." On March 31st, JOE owned approximately 835,000 acres, concentrated primarily in Northwest Florida. These holdings included approximately 338,000 acres within 10 miles of the coast of the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and approximately 497,000 acres outside the 10-mile coastal perimeter The boundary of a system or network, which defines the inside and outside. It is typically determined by firewalls and addresses. See DMZ. , including approximately 48,000 acres in southwest Georgia Southwest Georgia is a fourteen-county region in the U.S. state of Georgia. A common acronym used is SOWEGA. The largest city is Albany. Counties include Baker, Calhoun, Colquitt, Decatur, Dougherty, Early, Grady, Lee, Miller, Mitchell, Seminole, Terrell, Thomas, and . At March 31st, JOE had land-use entitlements in hand or in process for approximately 41,600 residential units and 14.6 million square feet of commercial space, with an additional 575 acres zoned for commercial uses. These entitlements are on approximately 54,000 acres. A number of residential projects moving through the entitlements process have products specifically targeted for use by national homebuilder customers. Table 1 summarizes JOE's Florida residential and mixed-use mixed-use adj. Containing or zoned for commercial and residential facilities or development: a 40-story mixed-use tower; a mixed-use parcel of land. projects with land-use entitlements as of March 31, 2006. This table includes multifamily projects, which are marketed by our commercial group. Also detailed in the table are commercial entitlements, in terms of square feet, that are entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: as part of JOE's mixed-use projects. These commercial entitlements include retail, office and industrial uses.
Table 1
Summary of Land-Use Entitlements (1)
Active JOE Residential and Mixed-Use Projects in Florida
March 31, 2006
Residential
Units Sold
Project Project Since
Project County Acres Units (2) Inception
------- ------ ------- --------- -----------
In Development: (5)
-------------------
Artisan Park (6) Osceola 175 616 325
Bridgeport Gulf 15 37 31
Cutter Ridge Franklin 10 25 --
Glades Bay 26 360 360
Hawks Landing Bay 88 168 23
Landings at Wetappo Gulf 113 24 7
Palmetto Trace Bay 141 481 407
Paseos (6) Palm Beach 175 325 278
RiverCamps on Crooked Bay
Creek 1,491 408 178
Rivercrest (6) Hillsborough 413 1,382 1,142
RiverSide at Chipola Calhoun 120 10 2
Seven Shores (Perico Manatee
Island) 192 686 --
SouthWood Leon 3,370 4,770 1,514
St. Johns Golf & St. Johns
Country Club 820 799 744
SummerCamp Franklin 762 499 65
The Hammocks Bay 133 457 434
Victoria Park Volusia 1,859 4,200 921
WaterColor Walton 499 1,140 863
WaterSound Walton 1,402 1,432 --
WaterSound Beach Walton 256 511 409
WaterSound West Beach Walton 62 199 11
WindMark Beach Gulf 2,020 1,662 104
-----------------------------------
Subtotal 14,142 20,191 7,818
-----------------------------------
In Pre-Development: (5)
-----------------------
Avenue A Gulf 6 96 --
Bayview Estates Gulf 30 45 --
Boggy Creek Bay 630 526 --
Camp Creek Golf Walton
Cottages 10 102 --
College Station Bay 567 800 --
East Lake Creek Bay 81 313 --
East Lake Powell Bay 181 360 --
Hills Road Bay 30 356 --
Howards Creek Gulf 8 33 --
Laguna Beach East Bay 20 360 --
Laguna Beach West Bay 38 539 --
Long Avenue Gulf 10 30 --
ParkPlace Bay 118 257 --
ParkSide Bay 48 480 --
Pier Park NE Bay 57 460 --
Pier Park Timeshare Bay 13 125 --
Port St. Joe Millsite Gulf
Area 180 624 --
Powell Adams Bay 32 1,425 --
RiverCamps on Sandy Bay
Creek 6,500 624 --
RiverTown St. Johns 4,170 4,500 --
Sabal Island Gulf 45 18 --
The Cove Gulf 47 41 --
Timber Island (7) Franklin 49 407 --
Topsail Walton 115 627 --
Wavecrest Bay 7 95 --
WestBay Corners Bay 100 524 --
WestBay DSAP Future Bay
Phases 15,089 5,628 --
WestBay Landing Bay 950 214 --
WhiteFence Farms, Red Leon
Hills 373 50 --
-----------------------------------
Subtotal 29,504 19,659 --
-----------------------------------
Total 43,646 39,850 7,818
===================================
Residential Total
Units Under Residential Remaining
Contract Units Commercial
as of Remaining Entitlements
Project County 3/31/06(3) (3) (Sq. Ft.)(4)
------- ------ ---------- ---------- ------------
In Development: (5)
-------------------
Artisan Park (6) Osceola 191 100 --
Bridgeport Gulf 5 1 --
Cutter Ridge Franklin -- 25 --
Glades Bay -- -- --
Hawks Landing Bay 83 62 --
Landings at Wetappo Gulf -- 17 --
Palmetto Trace Bay 24 50 --
Paseos (6) Palm Beach 45 2 --
RiverCamps on Crooked Bay
Creek -- 230 --
Rivercrest (6) Hillsborough 236 4 --
RiverSide at Chipola Calhoun -- 8 --
Seven Shores (Perico Manatee
Island) -- 686 9,000
SouthWood Leon 504 2,752 5,429,460
St. Johns Golf & St. Johns
Country Club 18 37 --
SummerCamp Franklin 2 432 25,000
The Hammocks Bay 20 3 --
Victoria Park Volusia 108 3,171 854,254
WaterColor Walton 1 276 47,600
WaterSound Walton -- 1,432 457,380
WaterSound Beach Walton 1 101 29,000
WaterSound West Beach Walton -- 188 --
WindMark Beach Gulf -- 1,558 75,000
-----------------------------------
Subtotal 1,238 11,135 6,926,694
-----------------------------------
In Pre-Development: (5)
-----------------------
Avenue A Gulf -- 96 --
Bayview Estates Gulf -- 45 --
Boggy Creek Bay -- 526 --
Camp Creek Golf Walton
Cottages -- 102 --
College Station Bay -- 800 --
East Lake Creek Bay -- 313 --
East Lake Powell Bay -- 360 --
Hills Road Bay -- 356 --
Howards Creek Gulf -- 33 --
Laguna Beach East Bay -- 360 --
Laguna Beach West Bay -- 539
Long Avenue Gulf -- 30 --
ParkPlace Bay -- 257 --
ParkSide Bay -- 480 --
Pier Park NE Bay -- 460 190,000
Pier Park Timeshare Bay -- 125 --
Port St. Joe Millsite Gulf
Area -- 624 431,663
Powell Adams Bay -- 1,425 --
RiverCamps on Sandy Bay
Creek -- 624 --
RiverTown St. Johns -- 4,500 500,000
Sabal Island Gulf -- 18 --
The Cove Gulf -- 41 --
Timber Island (7) Franklin -- 407 14,500
Topsail Walton -- 627 300,000
Wavecrest Bay -- 95 --
WestBay Corners Bay -- 524 50,000
WestBay DSAP Future Bay
Phases -- 5,628 4,330,000
WestBay Landing Bay -- 214 --
WhiteFence Farms, Red Leon
Hills -- 50 --
-----------------------------------
Subtotal -- 19,659 5,816,163
-----------------------------------
Total 1,238 30,794 12,742,857
===================================
(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 and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. ; they also may be subject to legal challenge. (2) 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. (3) Excludes our Mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic region that includes activity in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. where we are primarily engaged in homebuilding, and not in obtaining entitlements. As of March 31, 2006, the Mid-Atlantic region had 1,912 home sites owned or under contract. Of that total, 239 have been sold and 1,673 remain to be sold. (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 Southwood can be a short form for: In education:
DSAP Disseminated Superficial Actinic Porokeratosis (skin condition) DSAP Data Self Auditing Program DSAP Drugstores Association of the Philippines DSAP Data Services Access Profile . (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 A malfunction that occurs at random intervals and lasts for a short duration such as a spike or surge in a power line or a memory cell that intermittently fails. See spike and power surge. transient - 1. uses (including units held with fractional ownership In business, fractional ownership is a percentage share of an expensive asset. Shares are sold to individual owners. A fractional owner enjoys priorities and privileges, such as reduced rates, priority access on holidays and income sharing. such as private residence clubs) and include 480 wet/dry marina slips. Table 2 summarizes JOE's Florida residential and mixed-use projects in the entitlements process as of March 31, 2006. Also detailed in the table are commercial entitlements, in terms of square feet, that are to be entitled as part of JOE's mixed-use projects. These commercial entitlements include retail, office and industrial uses.
Table 2
Proposed JOE Residential and Mixed-Use Projects
In the Land-Use Entitlement Process in Florida (1)
March 31, 2006
Estimated
Estimated Commercial
Project Project Entitlements
Project County Acres Units (2) (Sq. Ft.)(2)
------- ------ ------- --------- ------------
BonfireBeach Bay 550 750 70,000
Breakfast Point Bay 1,448 3,100 635,000
Carrabelle East Franklin 200 600 --
DeerPoint Cedar Grove Bay 599 750 --
SouthSide Leon 1,625 2,800 1,150,000
St. James Island Franklin
McIntyre 1,704 340 --
St. James Island Franklin
RiverCamps 2,500 500 --
St. James Island Franklin
Granite Point 1,000 2,000 --
The Cove II Gulf 10 40 --
-----------------------------------
Total 9,636 10,880 1,855,000
===================================
(1) A project is deemed to be in the land-use entitlement An individual's right to receive a value or benefit provided by law. Commonly recognized entitlements are benefits, such as those provided by Social Security or Workers' Compensation. 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) 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 summarizes JOE's Florida commercial projects with land-use entitlements as of March 31, 2006. This table represents additional commercial entitlements not included in Tables 1 and 2 above.
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
March 31, 2006
Acres Under
Acres Sold Contract Total
Project Since As of Acres
Project County Acres Inception 3/31/06 Remaining
------- ------ -------- ---------- ---------- ---------
Airport Commerce Leon 45 -- -- 45
Alf Coleman Retail Bay 25 1 14 10
Avery St. Retail Bay 10 -- -- 10
Beach Commerce Bay 157 139 2 16
Beach Commerce II Bay 109 -- -- 109
Beckrich Office Park Bay 12 8 -- 4
Beckrich Retail Bay 47 18 -- 29
Cedar Grove Commerce Bay 51 -- -- 51
Glades Retail Bay 14 -- -- 14
Gulf Boulevard Bay 76 21 -- 55
Hammock Creek Commerce Gadsden 165 27 -- 138
Mill Creek Commerce Bay 37 -- -- 37
Nautilus Court Bay 11 4 4 3
Port St. Joe Gulf
Commerce II 39 9 -- 30
Powell Hills Retail Bay 44 -- 44 --
South Walton Commerce Walton 39 14 1 24
--------------------------------------
Total 881 241 65 575
======================================
(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. WESTBAY Panama City - Bay County International Airport Relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. During the first quarter, the Panama City - Bay County Airport and Industrial District (Airport Authority) and the Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control (FAA) conducted additional analysis on the redevelopment of the existing airport site in Panama City for non-airport uses. According to the Airport Authority, the public release of the Final Environmental Impact Statement (EIS (1) (Executive Information System) An information system that consolidates and summarizes ongoing transactions within the organization. It provides top management with all the information it requires at all times from internal and external sources. ) for the airport is expected May 19th, to be followed by a FAA Record of Decision, expected in September September: see month. of 2006. These dates are subject to change. A number of additional steps remain before construction of the airport can begin, including approval by the U.S. Army Corps of Engineers and other federal, state and local regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. as well as funding from federal, state and Airport Authority sources. DIVIDENDS AND STOCK REPURCHASE PROGRAM A quarterly cash dividend of $0.16 per share of common stock was paid on March 31st to shareholders of record at the close of business on March 15th, 2006. On March 31st, 74,571,432 JOE shares were outstanding. The number of weighted-average diluted shares in the first quarter of 2006 was 74,943,110. During the first quarter of 2006, JOE expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. an aggregate of $37.4 million for dividends and the acquisition of its shares. JOE acquired 421,439 of its shares at a cost of $25.4 million, an average price of $60.16 per share. At March 31st, approximately $128.4 million remained of the company's stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. authorization The right or permission to use a system resource; the process of granting access. See access control. . Table 4 summarizes the company's stock repurchase activity from 1998 through March 31, 2006.
Table 4
Stock Repurchase Activity
Through March 31, 2006
Shares
----------------------------------
Total Cost Average
Period Purchased Surrendered(1) Total (in millions) 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
1st Quarter
2006 417,300 4,139 421,439 25.4 60.16
--------- -------------- --------- ------------- -------
Total/
Weighted
Average 27,414,711 2,109,281 29,523,992 $897.0 $30.36
========== ============= ========== ============= =======
(1) Shares surrendered by company executives as payment for the strike price and taxes due on exercised stock options and the vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: of restricted stock. "We continue to view our dividend and repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program as an important contributor to shareholder value," said Corriggio. "The total amount of capital distributed to shareholders in 2005 via share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. and dividends was approximately $170 million. For 2006, we have set our dividend and repurchase program benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. at $125 million to $175 million. We will evaluate making adjustments to the range based on market conditions and capital deployment considerations." SEGMENT RESULTS ST. JOE TOWNS & RESORTS ----------------------- Pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for St. Joe Towns & Resorts, JOE's residential and resort development segment, was $11.7 million for the first quarter of 2006, compared with $23.1 million in the first quarter last year. These results exclude income from unconsolidated affiliates. In the first quarter, St. Joe Towns & Resorts closed on the sales of 387 units and generated revenues from housing and home sites of $118.7 million, compared to 405 units and $128.8 million in the first quarter of 2005. JOE accepted contracts for 242 homes and 47 homes sites in the first quarter of 2006, compared to 480 homes and 54 home sites in the first quarter a year ago. The majority of profit on multifamily closings occurring this quarter was recognized in previous quarters due to the use of percentage of completion accounting. Tables 5 and 6 summarize sum·ma·rize intr. & tr.v. sum·ma·rized, sum·ma·riz·ing, sum·ma·riz·es To make a summary or make a summary of. sum sales activity for St. Joe Towns & Resorts for the first quarter of 2006 compared to the same period in 2005.
Table 5
St. Joe Towns & Resorts
Sales Activity
For the Three Months
Ended March 31,
($ in millions)
2006 2005
------------------------------ ------------------------------
Number Cost of Number Cost of
of Units Sales Gross of Units Sales Gross
Closed Revenue (1) Profit Closed Revenue (1) Profit
-------- ------- ------ ------ -------- ------- ------ ------
Home
Sites(2) 49 $6.6 $2.6 $4.0 62 $23.7 $5.8 $17.9
Homes(3) 338 112.1 88.1 24.0 343 105.1 87.4 17.7
-------- ------- ------ ------ -------- ------- ------ ------
Total 387 $118.7 $90.7 $28.0 405 $128.8 $93.2 $35.6
======== ======= ====== ====== ======== ======= ====== ======
(1) Cost of sales for home sites in the first quarter of 2006 consisted of $2.2 million in direct costs, $0.1 million in selling costs and $0.3 million in indirect costs Indirect costs are costs that are not directly accountable to a particular function or product; these are fixed costs. Indirect costs include taxes, administration, personnel and security costs. See also
(2) Percentage of completion accounting was utilized at SummerCamp and WaterSound West Beach. As a consequence, revenue recognition and closings may occur in different periods. (3) Homes include single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. , multifamily and Private Resident 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 first quarter of 2006 and Artisan Park, WaterColor and WaterSound Beach in the first quarter of 2005. Paseos and Rivercrest, two joint ventures 50 percent owned by JOE, are not included. Sales are substantially complete at both of these communities.
Table 6
St. Joe Towns & Resorts
Units Placed Under Contract
For the Three Months
Ended March 31,
2006 2005 Percentage Change
-------- -------- -------------------
Home Sites 47 54 (13.0)%
Homes (1) 242 481 (50.0)
-------- -------- -------------------
Total (1) 289 535 (45.9)%
======== ======== ===================
(1) Homes include single-family homes, multifamily and PRC units. Some home sites are offered for sale with a home to be constructed by JOE. Paseos and Rivercrest, two unconsolidated joint ventures, are not included. Sales are substantially complete at both of these communities. Table 7 summarizes backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at March 31, 2006.
Table 7
St. Joe Towns & Resorts
Backlog (1)
($ in millions)
March 31, 2006 March 31, 2005
------------------- -------------------
Units Revenues Units Revenues
------- ---------- ------- ----------
Home Sites 10 $1.6 10 $1.7
Homes (2) 714 259.0 1,090 387.8
------- ---------- ------- ----------
Total 724 $260.6 1,100 $389.5
======= ========== ======= ==========
(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 $74.9 million for 281 units at the end of the first quarter of 2006, compared to $195.2 million for 801 units at the end of the first quarter of 2005. (2) As of March 31, 2006, there were 139 units subject to percentage-of-completion accounting in the homes backlog with related revenue of $62.1 million (of which $46.9 million had been previously recognized in the financial statements). As of March 31, 2005, there were 238 units subject to percentage-of-completion accounting with related revenue of $138.3 million (of which $88.0 million had been previously recognized in the financial statements). Northwest Florida WaterColor During the first quarter, one home site in WaterColor was contracted for and closed at a price of $315,000. Contracts for two homes were closed in the first quarter at an average price of $940,000. Several new product lines, including a cottage home, are being offered in WaterColor's fourth phase. WaterSound Beach During the first quarter, three single-family cottages in WaterSound Beach were contracted for and closed at an average price of $971,700. No new contracts for home sites were accepted. The 44 units in the two remaining multifamily buildings are scheduled to be released for sale later in the year. Subject to meeting pre-sale requirements, construction of 23 of those units is expected to begin in the third quarter, while construction of the last 21 units, which are currently planned to be sold as PRC units, is expected to start in the fourth quarter. WaterSound Sales are expected to start at WaterSound later in the second quarter with initial home site pricing expected to start in the high $100,000s. This resort town is being planned for the pre-retirement and second-home markets with six and nine-hole golf courses along with pools, beach club access and other amenities. With its inland location and access to beach amenities, WaterSound is bringing a new product offering to the South Walton market. Located on approximately 1,402 acres and currently planned for a 1,330-unit mixed-use development Mixed-use development refers to the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses. , WaterSound is a resort community approximately three miles from WaterSound Beach north of U.S. 98 in Walton County. WaterSound's land-use entitlements include 457,380 square feet of commercial space. In 2005, a U.S. District Court issued a preliminary injunction A temporary order made by a court at the request of one party that prevents the other party from pursuing a particular course of conduct until the conclusion of a trial on the merits. A preliminary injunction is regarded as extraordinary relief. suspending use of a Regional General Permit (RGP RGP Rigid Gas Permeable (contact lens material) RGP Redemption Grace Period (domain name registrar management) RGP Rice Genome Project RGP Raster Graphics Processor RGP Rapport Général sur la Pauvreté ) issued by the U.S. Army Corps of Engineers. The RGP covers an area of Walton and Bay Counties consisting of approximately 48,000 acres, which includes a portion of the wetlands wetlands, low-lying ecosystem where the water table is always at or near the surface. It is divided into estuarine and freshwater systems, which may be further subdivided by soil type and plant life into bogs, swamps, and marshes. in WaterSound. The court's decision does not affect other areas of the project, does not affect development in uplands uplands Noun, pl an area of high or relatively high ground: the uplands of Nepal , and does not affect permits issued by the State of Florida or Walton County. The court specifically ruled that the traditional individual permitting process, typically used on projects like WaterSound, remains available to JOE for any further permitting required for the additional phases of WaterSound. The court has not made a final ruling. Infrastructure construction continued on 204 of the 208 home sites originally permitted in WaterSound's first phase. Bay County Primary Communities Hawks Hawks , Howard Winchester 1896-1977. American filmmaker whose works include His Girl Friday (1940) and The Big Sleep (1946). Landing is an 88-acre primary home community in the city of Lynn Lynn, city (1990 pop. 81,245), Essex co., E Mass.; inc. as a town 1631, as a city 1850. Lynn is an old industrial center. The first ironworks (1643) and the first fire engine (1654) in the country were built there. Haven. In the first quarter, 23 home sites were sold to local builders and closed at an average price of $71,700. During the first quarter, JOE closed the sale of eight home sites in Palmetto palmetto or cabbage palmetto Tree (Sabal palmetto) of the palm family, occurring in the southeastern U.S. and the West Indies. Commonly grown for shade and as ornamentals along avenues, palmettos grow to about 80 ft (24 m) tall and have fan-shaped leaves. Trace to David Weekley Weekley is a small village and civil parish in the English county of Northamptonshire. Weekley is just off the A43 road north of Kettering. It is administered as part of the borough of Kettering. Of the 56 houses in the village 20 have thatched roofs. Homes, LLP LLP - Lower Layer Protocol , the nation's second largest private homebuilder. In addition, JOE closed 20 homes at an average price of $298,900. Located in Panama City Beach off U.S. 98, Palmetto Trace is entitled for 481 homes. JOE had contracted or sold 431 homes and home sites as of March 31, 2006. BonfireBeach On February February: see month. 14th, the Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. Beach City Commission voted unanimously to send a land-use plan for a 550-acre beachfront beach·front n. A strip of land facing or running along a beach. adj. Situated along or having direct access to a beach: beachfront hotels; beachfront property. Noun 1. community to the state for its review. Called BonfireBeach, the new community is being planned for 750 residential units and 70,000 square feet of commercial space, plus a large network of trails and parks. Current plans embrace and enhance recreational boating and fishing, two of Mexico Beach's most important strengths. The development would include a public boat access point to the Mexico Beach Canal with public parking. The proposed community will be similar to WaterColor focusing on the organic coastal nature of the site. The project includes nearly a mile of white-sandy beach on the Gulf of Mexico. WindMark Beach Construction continued in the first quarter on the next phase of WindMark Beach, currently planned for 1,552 units near the town of Port St. Joe. The realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of a 3.5-mile segment of U.S. 98 within WindMark Beach is scheduled for completion in the summer of 2006. A show home to be featured this summer in Southern Accents A southern accent, in general, is an accent characteristic of the southern part of any country or region. With reference to the English language, the term usually refers to either of:
WindMark Beach is planned as a beachfront resort destination with 1,662 units on 2,020 acres in Gulf County along almost four miles of beachfront. Sales in this next phase are expected to begin during the second quarter of 2006. Port St. Joe Predevelopment planning continued during the first quarter on 180 acres including the parcel formerly occupied by the Port St. Joe paper mill. Early in the quarter, JOE acquired from Smurfit-Stone Container Smurfit-Stone Container Corporation (NASDAQ: SSCC) is an American paperboard and paper-based packaging company based in Chicago, Illinois. It has approximately 38,600 employees. Smurfit-Stone was formed in 1998 as a result of the merger between Jefferson Smurfit Corp. Corporation the remaining 50 percent of the joint venture that owns 126 acres of this project for $21.75 million. The demolition Demolition is the opposite of construction: the tearing-down of buildings and other structures. It contrasts with deconstruction, which is the taking down of a building while carefully preserving valuable elements for re-use. and clean-up clean-up n → nettoyage m clean-up clean n to give sth a clean-up → etw gründlich sauber machen clean-up n of the paper mill and site was completed last year. The project is currently being planned for up to 624 residential units, mostly multifamily units on or near the bay front. The plan also includes commercial space being designed as a civic gathering place and entertainment district for Port St. Joe. The plan provides for a public waterfront on St. Joseph Bay St. Joseph Bay is a bay on the Gulf Coast of the U.S. state of Florida, located in Gulf County between Apalachicola and Panama City. Port St. Joe is located on St. Joseph Bay. St. and office space designated to house the area's growing need for professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . Plans also call for a 150-room hotel and 500 wet and dry boat slips as well as a new town hall with city government offices. On April 17th, JOE purchased the Port St. Joe Marina from the City of Port St. Joe for $4.8 million. Built in 1999, the marina has 121 wet slips and 78 dry slips. JOE had previously leased the marina from the City. JOE had previously acquired from the City approximately 3.8 acres adjacent to the Marina, which are being incorporated into the Port St. Joe plan. In return JOE contributed 10.0 acres to the city's waterfront park Waterfront Park can refer to any of a number of parks on a river or other body of water, including:
SummerCamp SummerCamp, located on St. James Island James Island: see Charleston, S.C. , is a 499-unit development on 762 acres located east of the fishing village of Carrabelle on the Gulf of Mexico approximately 45 miles from the commercial airport in Tallahassee. During the first quarter, two contracts were accepted on home sites at an average price of $371,500 and one home site was closed at a price of $354,000. The construction of community infrastructure is underway. SouthWood Contracts were accepted at SouthWood for 18 single-family homes in the first quarter at an average price of $303,000 and 46 single-family homes were closed at an average price of $300,100. SouthWood, located on 3,370 acres in Tallahassee, is designed for primary homes, as well as various office, retail and industrial uses. SouthSide Southside or South Side may refer to the following: Places United Kingdom and Ireland
During the first quarter, JOE continued work on the Development of Regional Impact (DRI See Digital Research. ) land-use entitlements process for SouthSide, a mixed-use project being planned in south Tallahassee on 1,625 acres for approximately 2,800 residential units and approximately 1,150,000 square feet of commercial space. "We are working collaboratively with Tallahassee and Leon County Leon County is the name of several counties in the United States:
Northeast Florida RiverTown After more than six years of predevelopment and entitlements work, JOE is gearing up to start construction at RiverTown along the St. Johns River Johns River may refer to any of the following rivers in the United States:
Nineteen homebuilders seeking to purchase home sites were selected for an interview and evaluation process. An announcement of those homebuilders initially selected for RiverTown is expected in the third quarter. RiverTown is being planned for 4,500 housing units and 500,000 square feet of commercial space on 4,170 acres. Each of the seven RiverTown residential districts are being planned to feel like unique and distinctly different neighborhoods. All of the neighborhoods, community and retail areas will be interwoven in·ter·weave v. in·ter·wove , in·ter·wo·ven , inter·weav·ing, inter·weaves v.tr. 1. To weave together. 2. To blend together; intermix. v.intr. via a series of bike paths and walkways, with parks and public meeting places, and all roads All Roads is a 2001 interactive fiction game by Jon Ingold that placed first at the 2001 Interactive Fiction Competition. It also won the XYZZY Awards for Best Game, Best Setting and Best Story and was nominated for Best Individual Puzzle and Best Writing. leading to the community's centerpiece, the St. John's River John's river is a small river that snakes its way through Waterford city before joining the River Suir at Adelphi Quay, Ireland. Course The river rises in the extensive marsh land stretching from the southern extremities of the city towards Tramore. . RiverTown will offer homebuyers a wide variety of price points and lifestyles, appealing to several different target markets, including primary home owners home owner home n → propriétaire occupant , second home buyers and splitters. Central Florida
Central Florida is the central region of the United States state of Florida, on the East Coast. Victoria Park At Victoria Park, JOE accepted contracts for 21 single-family homes in the first quarter at an average price of $345,700 and closed 51 single-family homes at an average price of $290,200. Contracts were accepted for three home sites at an average price of $232,300, and three home sites were closed at an average price of $237,300. The development pace at Victoria Park has been accelerated to meet broader demand driven by the market response to the Victoria Hills Golf Club Hills Golf Club is a golf club located in Mölndal near Gothenburg in Sweden. The 18-hole course, designed by Arthur Hills, was opened in 2004. External links
Located between Orlando Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. and Daytona Beach Daytona Beach (dātō`nə), city (1990 pop. 61,921), Volusia co., NE Fla., on the Atlantic coast and Halifax River (a lagoon); inc. 1876. Center of a rapidly urbanizing area, in a region settled by Spanish Franciscans in the 17th cent. , Victoria Park sits on 1,859 acres in the historic college town of DeLand. This mixed-use community is planned for approximately 4,200 residences built among parks, lakes and conservation areas. Artisan Park, Celebration During the first quarter, JOE accepted contracts for 13 single-family homes at an average price of $798,300 and closed on 20 single-family homes at an average price of $675,700. In addition, one home site was contracted for and closed during the quarter at a price of $495,000. Contracts on 16 condominiums were closed at Artisan Park at an average price of $303,300 during the first quarter. JOE also accepted contracts for four condominiums at an average price of $535,800 in the first quarter of 2006. In January January: see month. 2006, JOE released most of the remaining single-family homes in Artisan Park, including cottages, town homes and bungalows ranging in price from the $400,000s to over $800,000. All remaining sales and closings are expected to occur by the end of the first quarter of 2007. Artisan Park, the last phase of Celebration, is master-planned to include 267 single-family homes, 47 town homes and 302 condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. homes as well as parks, trails, an outdoor performance area and a community clubhouse with a fitness center, pool, and educational and recreational programming. JOE owns 74 percent of the joint venture developing Artisan Park and manages the project. Southwest Florida Southwest Florida is a region of Florida located along its gulf coast, south of the Tampa Bay area, west of Lake Okeechobee and mostly north of the Everglades. It consists of five coastal counties from Manatee County south to Collier County, although it sometimes is considered to SevenShores (Formerly Perico Island) After seven years of entitlements and planning work, infrastructure construction has started on SevenShores in Bradenton in Manatee manatee: see sirenian. manatee Any of three species (family Trichechidae) of slow-moving, shallow-water herbivorous mammals. Manatees have a tapered body ending in a rounded flipper, no hind flippers, and foreflippers near the head. County. Entitled for 686 condominium residences, SevenShores is being designed to become a condominium community with panoramic pan·o·ram·a n. 1. An unbroken view of an entire surrounding area. 2. A comprehensive presentation; a survey: a panorama of American literature. 3. vistas of Tampa Bay Tampa Bay, inlet of the Gulf of Mexico, 25 mi (40 km) long and 7 to 12 mi (11.3–19 km) wide, W Fla., separated from the Gulf by numerous small islands; it receives the Hillsborough River. St. , Anna Maria Sound, Perico Bayou bayou (bī`ō, bī`  ) [Louisiana Fr.; from Choctaw bayuk=small stream], term used mainly in U.S. and the Gulf of Mexico, as well as the
Manatee River, Mangrove mangrove, large tropical evergreen tree, genus Rhizophora, that grows on muddy tidal flats and along protected ocean shorelines. Mangroves are most abundant in tropical Asia, Africa, and the islands of the SW Pacific. Marshes and a 27-acre interior lake. The
community is planned to feature a private clubhouse including a fitness
center, grill Grill may refer to:In food:
Sales started last week with prices ranging from the high $700,000s to more than $1.5 million. JOE also owns seven adjacent acres, including a marina, which will allow a significant upgrade of the existing street frontage, create an aesthetically pleasing community entrance and provide future residents with marina access and other amenities. North and South Carolina Saussy Burbank Burbank, city (1990 pop. 93,643), Los Angeles co., S Calif.; inc. 1911. Tourism and the entertainment industry are central to its economy; several motion-picture studios and television headquarters are here. Burbank's aerospace industry collapsed with the end of the Cold War. , JOE's homebuilder based in Charlotte, N.C., accepted contracts for 167 homes at an average price of $295,000 during the first quarter, compared to 178 contracts at an average price of $236,600 in the first quarter of 2005. Saussy also closed on the sale of 146 homes at an average price of $263,800 during the first quarter, compared to closing on 132 homes at an average price of $239,900 during the comparable period last year. Table 8 summarizes the sales activity at various residential communities for the first quarter of 2006 compared to the same period in 2005.
Table 8
St. Joe Towns & Resorts
Sales Activity
For the Three Months Ended March 31,
($ in thousands)
2006
--------------------------------------
Contracts
Units Avg. Accepted Avg.
Closed Price (1) Price
--------- -------- ---------- --------
WaterColor
Home Sites 1 $315.0 1 $315.0
Single/Multifamily Homes 2 940.0 -- --
PRC Shares -- -- -- --
WaterSound Beach
Home Sites -- -- -- --
Single-Family Homes 3 971.7 3 971.7
Multifamily Homes -- -- -- --
WaterSoundWest Beach
Home Sites 1 736.4 -- --
Single-Family Homes -- -- -- --
Palmetto Trace
Home Sites 8 76.5 8 76.5
Single-Family Homes 20 298.9 6 326.1
The Hammocks
Home Sites -- -- -- --
Single-Family Homes 20 148.2 -- --
Hawks Landing
Home Sites 23 71.7 23 71.7
WindMark Beach
Home Sites -- -- -- --
Bridgeport
Home Sites -- -- -- --
SouthWood
Home Sites 5 96.0 3 85.0
Single-Family Homes 46 300.1 18 303.0
SummerCamp
Home Sites 1 354.0 2 371.5
Single-Family Homes -- -- -- --
St. Johns G & CC
Home Sites 6 146.3 6 146.3
Single-Family Homes 14 491.1 10 563.8
Hampton Park/James Island
Single-Family Homes -- -- -- --
Victoria Park
Home Sites 3 237.3 3 232.3
Single-Family Homes 51 290.2 21 345.7
Artisan Park (2)
Home Sites 1 495.0 1 495.0
Single-Family Homes 20 675.7 13 798.3
Multifamily Homes 16 303.3 4 535.8
Paseos (2)
Single-Family Homes 22 527.7 -- --
Rivercrest (2)
Single-Family Homes 110 196.8 (1) 200.4
Saussy Burbank
Single-Family Homes 146 263.8 167 295.0
--------- -------- ---------- --------
Total 519 $280.5 288 $314.1
========= ======== ========== ========
2005
--------------------------------------
Contracts
Units Avg. Accepted Avg.
Closed Price (1) Price
--------- -------- ---------- --------
WaterColor
Home Sites 8 $1,074.6 8 $1,074.6
Single/Multifamily Homes -- -- -- --
PRC Shares 1 285.0 1 285.0
WaterSound Beach
Home Sites 12 941.8 12 941.8
Single-Family Homes -- -- -- --
Multifamily Homes -- -- -- --
WaterSoundWest Beach
Home Sites -- -- -- --
Single-Family Homes -- -- -- --
Palmetto Trace
Home Sites -- -- -- --
Single-Family Homes 36 153.0 51 237.0
The Hammocks
Home Sites -- -- -- --
Single-Family Homes 22 158.9 27 138.9
Hawks Landing
Home Sites -- -- -- --
WindMark Beach
Home Sites -- -- -- --
Bridgeport
Home Sites 10 17.7 10 17.7
SouthWood
Home Sites 10 113.4 8 134.5
Single-Family Homes 51 231.8 56 262.4
SummerCamp
Home Sites -- -- -- --
Single-Family Homes -- -- -- --
St. Johns G & CC
Home Sites 8 60.8 -- --
Single-Family Homes 24 371.9 16 460.0
Hampton Park/James Island
Single-Family Homes 7 380.0 2 555.0
Victoria Park
Home Sites 11 100.8 13 134.9
Single-Family Homes 64 239.3 95 275.0
Artisan Park (2)
Home Sites 3 290.0 3 290.0
Single-Family Homes 6 469.0 14 589.3
Multifamily Homes -- -- 41 433.7
Paseos (2)
Single-Family Homes 26 433.3 1 773.0
Rivercrest (2)
Single-Family Homes 96 167.9 195 195.6
Saussy Burbank
Single-Family Homes 132 239.9 178 236.6
--------- -------- ---------- --------
Total 527 $253.4 731 $268.5
========= ======== ========== ========
COMMERCIAL REAL ESTATE
----------------------
Pretax income from continuing operations for the commercial segment was $0.3 million for the first quarter of 2006, compared with $1.2 million in the same quarter of 2005. Table 9 summarizes JOE's commercial land sales in Northwest Florida for the first quarters of 2006 and 2005.
Table 9
St. Joe Commercial Northwest Florida Land Sales
Quarter Ended March 31,
Gross Sales Price Average Price/Acre
Number of Sales Acres Sold (in thousands) (in thousands)
--------------- ---------- ---------------- ------------------
2006 6 14 $2,065 $148
2005 8 41 4,628 114
"We are pleased with St. Joe Commercial's performance in the first quarter, but we are even more excited about the rest of 2006 and beyond," said Greene. "Commercial activity will remain lumpy, but activity and interest in Northwest Florida remains high," said Greene. Northwest Florida Multifamily In the first quarter, JOE closed the sale on a parcel intended for the development of an apartment complex totaling nine acres at an average price of $105,000 per acre. This parcel, with residential entitlements of 120 units, was the second phase of the Glades Glades may refer to:
"Demand for attainable at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. housing in Panama City Beach - and across Northwest Florida - remains very strong," said Greene. "As Northwest Florida's economy grows, as jobs are created, as the forecasted net in-migration continues, we expect to see the strong demand for attainable housing increase. Several national multifamily developers are now active in the Panama City Beach market. We believe this will be a growing product line." Retail "Interest in Northwest Florida retail sites is also strong, with many national retailers and restaurant chains The following is a list of restaurant chains. See also: Fast-food restaurant, Casual dining, List of reference tables. International
"Our retail program has been gaining momentum," said Greene. "At Pier pier, in engineering, term applied to a mass of reinforced concrete or masonry supporting a large structure, such as a bridge. When piers are built on ground of poor bearing value, it is often necessary to drive piles to obtain a firm base. Park, Simon Property Group Simon Property Group, Inc. (NYSE: SPG), also known as SIMON, an S&P 500 company headquartered in Indianapolis, Indiana, is the largest developer of shopping malls in the United States. Simon Property Group, Inc. has started construction of its project that will generate approximately 2,000 jobs. This project focuses a lot of attention on opportunities in the Panama City Beach region for national developers, retailers and other businesses." "Recently, we have seen more retail interest in our Tallahassee properties as that economy strengthens and the number of rooftops in SouthWood continues to grow," said Greene. "SouthSide, being planned with more than 1.1 million square feet of commercial space, is now making progress through the entitlements process." Commerce and Business Parks "Demand remains strong for our commerce park product, and we believe we are well positioned for the future, considering all the economic development activity underway in Northwest Florida," said Greene. "JOE plans to start infrastructure construction later this quarter on the new Cedar Grove Cedar Grove can refer to: Locations
At Beach Commerce Park, pricing continued to increase in the first quarter for office and light industrial land with average pricing at $244,000 per acre, compared with average pricing of $64,000 per acre in the same quarter a year ago. Investment Property Portfolio As of March 31, 2006, JOE's portfolio of commercial office buildings (acquired through its redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. of tax deferred sales proceeds from the sale of land and buildings) totaled approximately 2.5 million square feet and represented an aggregate initial investment of $373 million. Table 10 summarizes JOE's investment property portfolio of office buildings as of March 31, 2006.
Table 10
Investment Portfolio of Office Buildings
March 31, 2006
Number of Net Rentable Leased
Location Properties Square Feet Percentage
-------- ---------- ------------ ------------
Florida
Jacksonville 1 136,000 69%
Northwest Florida 3 156,000 96
Orlando 2 317,000 94
Tampa 2 147,000 93
Atlanta 8 1,289,000 80
Charlotte 1 158,000 100
Virginia 3 354,000 96
---------- ------------ ------------
Total 20 2,557,000 86%
========== ============ ============
ST. JOE LAND COMPANY
--------------------
St. Joe Land Company had pretax income from continuing operations of $11.8 million in the first quarter of 2006, compared with $12.0 million in the first quarter of 2005. St. Joe Land Company had a solid first quarter with total revenue of $17.5 million, compared to $17.8 million in the first quarter of 2005. During the first quarter, JOE sold 159 acres to small developers and local businesses for $3.6 million, or an average of $22,640 per acre. These parcels have rural and suburban development potential, but are more profitable if sold to others due to size, location or other reasons. "FloridaWild, a new product line, was launched in the first quarter with an excellent market reception," said Everitt Drew, president of St. Joe Land Company. "Another new product, WireGrass Preserves, is being introduced in the second quarter." WoodLands Woodlands refers to several places:
Sales of WoodLands, JOE's rural recreational land, totaled $12.0 million for 4,882 acres at an average price of $2,457 per acre, compared to $10.8 million for 6,786 acres at an average price of $1,592 per acre in the first quarter of 2005. "Demand for WoodLands remained strong in the first quarter," said Drew. "Customers are clearly making pre-retirement purchases inland. Our customer base in south and central Florida continues to grow. Interest in rural recreational land in Liberty, Calhoun Cal·houn , John Caldwell 1782-1850. Vice President of the United States (1825-1832) under John Quincy Adams and Andrew Jackson. In his political philosophy he maintained that the states had the right to nullify federal legislation that they deemed , Gadsden Gadsden (gădz`dən), city (1990 pop. 42,523), seat of Etowah co., NE Ala., on the Coosa River; settled in 1846, inc. 1871. Iron, coal, limestone, sand, clay, and timber are found in the area. and Jefferson counties Jefferson County is the name of 25 counties and one parish in the United States. The following are named for Thomas Jefferson, third President of the United States:
RiverCamps RiverCamps are planned settlements in rustic settings, offering personal retreats in private preserves. RiverCamps' low-density low-den·si·ty adj. Having a low concentration: low-density urban areas. Adj. 1. low-density - having low relative density or specific gravity home sites, typically averaging one acre, are surrounded sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. by a large common area preserved for conservation. RiverCamps on Crooked Creek Crooked Creek may refer to:
In the first quarter, contracts were closed for three home sites at RiverCamps on Crooked Creek at an average price of $242,000. During the first quarter, construction was completed on the boat launch and dock facility at the Boat Basin Boat Basin is located in Karachi, Sindh, Pakistan. Boat Basin has the most trendy restaurants and considered one of the main Food Street in Karachi. The Boat Basin is a section of Clifton beach. See also
v. tra·versed, tra·vers·ing, tra·vers·es v.tr. 1. To travel or pass across, over, or through. 2. To move to and fro over; cross and recross. 3. marsh grass (Bot.) a genus (Spartina) of coarse grasses growing in marshes; - called also cord grass. The tall Spartina cynosuroides is not good for hay unless cut very young. The low Spartina juncea is a common component of salt hay. See also: Marsh , deepwater Deepwater or Deep Water may refer to:
n. pl. a·men·i·ties 1. The quality of being pleasant or attractive; agreeableness. 2. Something that contributes to physical or material comfort. 3. complex. RiverCamps on Crooked Creek, located in western Bay County, is currently planned for up to 408 home sites on 1,491 acres of former timberland and features views of West Bay, the Intracoastal Waterway Intracoastal Waterway, c.3,000 mi (4,827 km) long, partly natural, partly artificial, providing sheltered passage for commercial and leisure boats along the U.S. Atlantic coast from Boston, Mass. to Key West, S Fla. and Crooked Creek. WhiteFence Farms JOE's WhiteFence Farms will be single-family farmsteads of 3 to 15 acres located in communities of approximately 350 to 1,000 acres. WhiteFence Farms are being designed for those who want to live close to the land - but not have to make a living from it. Though the communities will be located in rural settings, sites will be proximate proximate /prox·i·mate/ (prok´si-mit) immediate or nearest. prox·i·mate adj. Closely related in space, time, or order; very near; proximal. proximate immediate; nearest. to suburban services. JOE plans to develop WhiteFence Farms in multiple locations over the next several years. The deed-restricted farmsteads are being planned for a large home site plus other optional buildings, such as barns, guesthouses and stables. Some may have ponds or other water features. Owners will have room to pursue a number of rural interests, including gardening, hobby farming hobby farm a small acreage of land used by a city dweller for weekend or summer relaxation. hobby farm malnutrition underfeeding of livestock because of owner's ignorance of animal's needs which a small hobby farm often cannot and horseback riding horseback riding: see equestrianism. with common farm fields interconnected with trails. WhiteFence Farms - Red Hills Construction of a 2006 Idea House and Farmstead at WhiteFence Farms - Red Hills has been completed. They are to be featured in the August 2006 issues of Southern Living and The Progressive Farmer magazines. Sales are expected to begin in early 2007. WhiteFence Farms - Red Hills is being planned for 51 farmsteads on 373 acres near Tallahassee. Initial pricing is expected to range from $250,000 to $750,000 for farmstead sites ranging in size from three to 6.5 acres. FloridaWild In the first quarter, the introduction of FloridaWild, a new product line making environmentally unique parcels available for sale throughout Northwest Florida, generated significant media coverage and market enthusiasm. FloridaWild offers parcels ranging from several dozen to several thousand acres. Much of the property - which hasn't has·n't Contraction of has not. hasn't has not hasn't have changed significantly during the last century - is adjacent to or near easily accessible public land, including wildlife management areas, national forests and state parks. FloridaWild properties are expected to appeal to environmentally conscious buyers who want to protect and enhance Northwest Florida's environmental heritage. JOE has also sold conservation land to federal, state and local governments who are also potential buyers of FloridaWild land. FloridaWild property owners are expected to use their land for a variety of outdoor activities, including fishing, hiking hiking Walking, often among hills or mountains, as recreational sport. It represents an activity in its own right and also figures in backpacking, camping, hunting, mountaineering, and orienteering. , hunting and bird and wildlife watching. JOE has a team of experts, including wildlife biologists ''' The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. A wildlife biologist is someone who studies wild animals and their habitats. , land managers, and foresters, to help buyers understand the land. Prices will generally range from $2,500 to $9,500 per acre. Florida Ranches Florida Ranches will be rural communities of primary home properties Home Properties (NYSE: HME) is a real estate investment trust (REIT) that owns and manages apartments and apartment properties in the Midwest, New England, Mid-Atlantic and Southeast Florida. It manages or owns over 47,000 apartments. ranging in size from 10 to 40 acres, appealing to families seeking open space for horse pastures PASTURES, pastures. The land on which beasts are fed; and by a grant of pastures the land itself passes. 1 Thorn. Co, Litt. 202. , hobby farms Hobby Farms is a bimonthly magazine. Its editorial offices are based in Lexington, Kentucky. Hobby Farms magazine’s tagline is “Rural Living for Pleasure and Profit”. or simply "elbow room elbow room Noun sufficient scope to move or to function Noun 1. elbow room - space for movement; "room to pass"; "make way for"; "hardly enough elbow room to turn around" room, way " not available in suburban residential areas. Florida Ranches will be characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by open ranges with long view vistas. Community enhancements will consist of a paved pave tr.v. paved, pav·ing, paves 1. To cover with a pavement. 2. To cover uniformly, as if with pavement. 3. To be or compose the pavement of. access road and groomed groom n. 1. A person employed to take care of horses or a stable. 2. A bridegroom. 3. One of several officers in an English royal household. 4. Archaic a. A man. b. pasture pasture, land used for grazing livestock. Land unsuited for cultivation, e.g., hilly or stony land, may be used as pasture. Tilled land and meadow may be pastured after the crops are removed. land, all under covenants and design guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. governed gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. by an owners association. Sales are expected to begin in 2007. WireGrass Preserves JOE is introducing an additional New Ruralism product line called WireGrass Preserves designed as recreational communities of 50- to 150-acre tracts appealing to outdoor enthusiasts and used for fishing, hunting, horseback riding, wildlife viewing and family gatherings. WireGrass Preserves are habitat-rich properties with a mix of piney woods The Piney Woods is a terrestrial ecoregion in the Southern United States covering 54,400 mi² (140,900 km²) of East Texas, Southern Arkansas, Western Louisiana, and Southeastern Oklahoma. , open pastures and hardwood hardwood: see wood. hardwood Timber obtained from broad-leaved, flower-bearing trees. Hardwood trees are deciduous trees, except in the warmest regions. river and creek bottoms capable of attracting and supporting turkey, deer deer, ruminant mammal of the family Cervidae, found in most parts of the world except Australia. Antlers, solid bony outgrowths of the skull, develop in the males of most species and are shed and renewed annually. , quail quail, common name for a variety of small game birds related to the partridge, pheasant, and more distantly to the grouse. There are three subfamilies in the quail family: the New World quails; the Old World quails and partridges; and the true pheasants and seafowls. and other wildlife. Community enhancements are planned to consist of paved, controlled access roads and a central gathering pavilion, all under covenants and design guidelines governed by an owners association. Sales are expected to start in 2006 with initial pricing starting at $7,500 per acre.
FINANCIAL DATA
($ in millions except per share amounts)
Summary Balance Sheet
March 31, 2006 March 31, 2005
-------------- ---------------
Assets
Investment in real estate $1,117.3 $989.6
Cash and cash equivalents 79.4 43.4
Accounts receivable 71.8 112.4
Prepaid pension asset 96.1 95.0
Property, plant and equipment, net 43.7 34.5
Other assets 156.7 153.8
-------------- ---------------
Total assets $1,565.0 $1,428.7
============== ===============
Liabilities and Stockholders' Equity
Debt $562.3 $444.8
Accounts payable, accrued liabilities 225.0 204.7
Deferred income taxes 297.4 267.5
-------------- ---------------
Total liabilities 1,084.7 917.0
Minority interest 18.3 11.9
Total stockholders' equity 462.0 499.8
-------------- ---------------
Total liabilities and stockholders'
equity $1,565.0 $1,428.7
============== ===============
Debt Schedule
March 31, 2006 March 31, 2005
-------------- ---------------
Revolving debt facility $20.0 $50.0
Senior notes 407.0 257.0
Acquisition and other debt 4.0 14.9
Other collateralized/specific asset
related debt 131.3 122.9
-------------- ---------------
Total debt $562.3 $444.8
============== ===============
Consolidated Quarterly Comparisons
Quarter Ended March 31,
------------------------------
2006 2005
-------------- ---------------
Revenues:
Real estate sales $139.1 $158.5
Rental revenue 12.2 10.0
Timber sales 8.5 8.0
Other revenues 7.6 8.2
-------------- ---------------
Total revenues 167.4 184.7
-------------- ---------------
Expenses:
Cost of real estate sales 93.6 105.0
Cost of rental revenue 4.6 3.8
Cost of timber sales 5.9 5.2
Cost of other revenues 8.0 8.0
Other operating expenses 20.2 15.7
Corporate expense, net 15.7 11.9
Depreciation and amortization 10.4 9.4
-------------- ---------------
Total expenses 158.4 159.0
Operating profit 9.0 25.7
Other income (expense) (3.5) (1.2)
-------------- ---------------
Pretax income from continuing operations 5.5 24.5
Income tax expense (2.5) (9.7)
Minority interest expense (2.1) (0.9)
Equity in income of unconsolidated
affiliates 2.8 1.9
Discontinued operations, net of tax -- (0.4)
-------------- ---------------
Net income $3.7 $15.4
============== ===============
Net income per diluted share $0.05 $0.20
============== ===============
Weighted average diluted shares
outstanding 74,943,110 76,701,737
============== ===============
Quarterly Revenues by Segment
Quarter Ended March 31,
------------------------------
2006 2005
-------------- ---------------
Towns & Resorts
Real estate sales $118.8 $129.0
Rental revenue 0.3 0.2
Other revenues 7.4 8.0
-------------- ---------------
Total Towns & Resorts 126.5 137.2
-------------- ---------------
Commercial real estate
Real estate sales 2.8 11.7
Rental revenue 11.9 9.8
Other revenues 0.2 0.2
-------------- ---------------
Total Commercial real estate 14.9 21.7
-------------- ---------------
Land Sales
Real estate sales 17.5 17.8
-------------- ---------------
Total Land sales 17.5 17.8
-------------- ---------------
Forestry sales 8.5 8.0
-------------- ---------------
Total revenues $167.4 $184.7
============== ===============
Quarterly Segment Pretax Income
From Continuing Operations
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2006 2005 2005 2005 2005 2004 2004 2004 2004
------ ------ ------ ------ ------ ------ ------ ------ ------
Towns &
Resorts $11.7 $37.5 $25.6 $50.9 $23.1 $24.7 $31.8 $34.4 $9.1
Commer-
cial
real
estate 0.3 4.9 14.2 2.5 1.2 17.0 2.8 1.0 0.7
Land
sales 11.8 24.2 16.6 16.0 12.0 16.3 11.5 10.3 18.6
Forestry 2.0 0.5 0.6 1.6 2.0 2.1 1.9 2.4 2.7
Corporate
and
other (20.3) (15.0) (16.1) (15.4) (13.8) (17.0) (13.6) (11.9)(11.5)
------ ------ ------ ------ ------ ------ ------ ------ ------
Pretax
income
from
con-
tinuing
oper-
ations $5.5 $52.1 $40.9 $55.6 $24.5 $43.1 $34.4 $36.2 $19.6
====== ====== ====== ====== ====== ====== ====== ====== ======
Other Income (Expense)
Quarter Ended March 31,
------------------------------
2006 2005
-------------- ---------------
Dividend and interest income $1.9 $0.3
Interest expense (3.7) (2.5)
Other (1.7) 1.0
-------------- ---------------
Total $(3.5) $(1.2)
============== ===============
Equity in Income of Unconsolidated Affiliates
Quarter Ended March 31,
------------------------------
2006 2005
-------------- ---------------
Towns & Resorts $2.8 $1.9
-------------- ---------------
Total $2.8 $1.9
============== ===============
Reported results are preliminary and not final until the filing of our Form 10-Q Form 10-Q See 10-Q. with the SEC and, therefore, remain subject to adjustment. Conference Call Information JOE will host an interactive conference call to review the Company's results for the quarter ended March 31, 2006, and to discuss earnings guidance for 2006 on Tuesday Tuesday: see week. , May 2, 2006, at 10:30 a.m., Eastern Daylight Time. To participate in the call, please phone 877.704.5378 (for domestic calls from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ) or 913.312.1292 (for international calls) approximately ten minutes before the scheduled start time. Approximately three hours following the call, you may access a replay of the call by phoning 888.203.1112 (domestic) or 719.457.0820 (international) using access code 5960254. The replay will be available for one week. JOE will also webcast the conference call live over the internet in a listen-only format. Listeners can participate by visiting the Company's web site at http://www.joe.com. Access will be available 15 minutes prior to the scheduled start time. A replay of the conference call will be posted to the JOE web site approximately three hours following the call. The replay of the call will be available for one week. About JOE The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating companies operating company A business that engages in transactions with outsiders. . It is engaged in town, resort, commercial and industrial development and land sales. JOE also has significant interests in timber. More information about JOE can be found at our web site at http://www.joe.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. We have made forward-looking statements in this earnings release, particularly in the Outlook Section, pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Any statements in this release that are not historical facts are forward-looking statements. You can find many of these forward-looking statements by looking for words such as "intend", "anticipate", "believe", "estimate", "expect", "plan", "should", "forecast" or similar expressions. In particular, forward-looking statements include, among others, statements about the following: --future operating performance, revenues, earnings, cash flows, and short and long-term revenue and earnings growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. ; --the size and number of residential units and commercial buildings; --expected development timetables and projected timing for the first sales or closings of homes or home sites in a community; --development approvals and the ability to obtain such approvals, including possible legal challenges; --the anticipated price ranges of developments; --the number of units or commercial square footage that can be supported upon full build out of a development; --the number, price and timing of anticipated land sales or acquisitions; --estimated land holdings for a particular use within a specific time frame; --absorption rates and expected gains The expected gain (or expected return) is the weighted-average most likely outcome in gambling, probability theory, economics or finance. Discrete scenarios In gambling and probability theory, there is usually a discrete set of possible outcomes. on land and home site sales; --the pace at which we release new products for sale; --comparisons to historical projects; --the amount of dividends we pay; and --the number of shares of company stock which may be purchased under the company's existing or future share-repurchase program. Forward-looking statements are not guarantees of future performance. You are cautioned not to place undue reliance on any of these forward-looking statements. These statements are made as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" based on our current expectations, and we undertake no obligation to update the information contained in this release. New information, future events or risks may cause the forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. events we discuss in this earnings release not to occur. Forward-looking statements are subject to numerous assumptions, risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated by a forward-looking statement include the risk factors described in our annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2005 as well as, among others, the following: --economic conditions, particularly in Northwest Florida, Florida as a whole and key areas of the southeast United States that serve as feeder feeder abbreviation for self-feeders. Used in feeding groups of animals at intervals of several days. Feed has to be dry and comminuted so that it will run down the spouts from the hopper into the troughs. markets to our Northwest Florida operations; --changes in the demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. affecting projected population growth in Florida, including the demographic migration of Baby Boomers; --changes in macro-economic perceptions or conditions in the real estate market; --the termination of sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. or letters of intent due to, among other factors, the failure of one or more closing conditions or market changes; --whether our developments receive all land-use entitlements or other permits necessary for development and/or full build-out or are subject to legal challenge; --local conditions such as the supply of homes and home sites and residential or resort properties or a change in the demand for real estate in an area; --timing and costs associated with property developments and rentals; --the pace of commercial development in Northwest Florida; --competition from other real estate developers; --changes in pricing of our products and changes in the related profit margins; --changes in operating costs operating costs npl → gastos mpl operacionales , including real estate taxes and the cost of construction materials; --changes in the amount or timing of federal and state income tax liabilities resulting from either a change in our application of tax laws, an adverse determination by a taxing authority or court, or legislative changes to existing laws; --changes in interest rates and the performance of the financial markets; --changes in market rental rates for our commercial and resort properties; --changes in the prices or availability of wood products; --the pace of development of public infrastructure, particularly in Northwest Florida, including a proposed new airport in Bay County, which is dependent on approvals of the local airport authority and the Federal Aviation Administration, various permits and the availability of adequate funding; --potential liability under environmental laws or other laws or regulations; --changes in laws, regulations or the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment affecting the development of real estate; --fluctuations in the size and number of transactions from period to period; --natural disasters, including hurricanes and other severe weather conditions, and the impact on current and future demand for our products in Florida; --the continuing effects of recent hurricane disasters on the regional and national economies and current and future demand for our products in Florida; --the prices and availability of labor and building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . ; --changes in insurance rates and deductibles for property in Florida; --changes in gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by prices; and --acts of war, terrorism or other geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. events. The foregoing list is not exhaustive and should be read in conjunction with other cautionary statements contained in our periodic and other filings with the Securities and Exchange Commission. Copyright 2006, The St. Joe Company. "St. Joe," "JOE," "Artisan Park," "Paseos," "Pier Park," "RiverCamps," "RiverTown," "SouthWood," "SummerCamp," "Victoria Park," "WaterColor," "WaterSound," "WhiteFence Farms," "WindMark," and the "taking flight" design are service marks of The St. Joe Company. "Southern Living" is a registered trademark of Southern Living, Inc. "Southern Accents" is a registered trademark of Southern Accents, Inc. "Progressive Farmer" is a registered trademark of Progressive Farmer, Inc. |
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