Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

(in thousands)

			Initial Cost to Company							Gross Amount at December 31, 2014
Description	Encumbrances		Land & Improvements		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition or Construction (1)			Land & Land Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition	Depreciation Life (In Years)
Residential development	$	2,459	$	43,153	$	—	$	59,258		$	102,411	$	—	$	102,411	$	—	n/a	n/a
Commercial development	4,057		45,701		—		13,704			59,405		—		59,405		—		n/a	n/a
Resorts and leisure
WaterColor Inn	—		1,202		14,000		5,124			1,558		18,768		20,326		6,831		2002	10 - 40
Clubs and golf courses	—		38,447		24,053		(4,268		)	34,653		23,579		58,232		22,961		2001 - 2007	10 - 25
Marinas	—		6,252		9,619		10			6,218		9,663		15,881		3,544		2006 - 2007	10 - 25
Other	—		—		34,469		(18,771		)	—		15,698		15,698		6,203		2008 - 2009	10 - 30
Commercial leasing
Pier Park North	—		2,641		—		42,085			16,801		27,925		44,726		1,017		2014	15 - 40
Towncenters	—		777		30,904		(12,205		)	784		18,692		19,476		12,127		2001 - 2008	10 - 25
VentureCrossings	—		1,566		7,899		—			1,566		7,899		9,465		985		2012	10 - 25
Other	—		7,999		8,862		(7,145		)	7,051		2,665		9,716		2,508		through 2011	10 - 25
Timberlands	—		6,582		1,872		10,385			16,553		2,286		18,839		1,956		n/a	n/a
Unimproved land	—		—		—		5,769			5,769		—		5,769		—		n/a	n/a
Total	$	6,516	$	154,320	$	131,678	$	93,946		$	252,769	$	127,175	$	379,944	$	58,132

(1) Includes cumulative impairments.

Notes:

(A)	The aggregate cost of real estate owned at December 31, 2014 for federal income tax purposes is approximately $544 million.
(B)	Reconciliation of real estate owned (in thousands of dollars):

	2014			2013			2012
Balance at beginning of the year	$	436,264		$	418,197		$	429,431
Amounts capitalized	26,047			44,795			21,058
Impairments	—			(5,080		)	(2,551		)
Cost of real estate sold	(76,060		)	(22,022		)	(27,248		)
Amounts retired or adjusted	(6,307		)	374			(2,493		)
Balance at the end of the year	$	379,944		$	436,264		$	418,197

(C)  Reconciliation of accumulated depreciation (in thousands of dollars):

	2014			2013			2012
Balance at beginning of the year	$	53,496		$	49,772		$	44,489
Depreciation expense	6,170			6,547			7,494
Amounts retired or adjusted	(1,534		)	(2,823		)	(2,211		)
Balance at the end of the year	$	58,132		$	53,496		$	49,772