THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

(in thousands)



			Initial Cost to Company ⁽¹⁾							Gross Amount at December 31, 2017
Description	Encumbrances		Land & Improvements		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition or Construction ⁽²⁾			Land & Land Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition	Depreciation Life (In Years)
Residential developments	$	1,928	$	48,430	$	10,954	$	48,239		$	106,163	$	1,460	$	107,623	$	1,952	through 2017	5-25
Resorts and leisure
WaterColor Inn	—		1,137		13,689		6,413			1,794		19,445		21,239		8,865		2002, 2013	10 - 40
Clubs and golf courses	—		39,147		20,748		(1,083		)	38,889		19,923		58,812		26,026		2001 - 2007	10 - 25
Marinas	—		5,765		9,520		1,165			6,786		9,664		16,450		4,669		2006 - 2007	10 - 25
Other	—		1,100		10,057		89			1,100		10,146		11,246		3,933		2008 - 2009	10 - 30
Commercial leasing and sales
Leasing properties:
Pier Park North	46,783		13,711		35,243		2,312			13,711		37,555		51,266		5,930		2014 - 2017	15 - 39
Town centers	—		713		21,887		(2,141		)	784		19,675		20,459		14,873		2001 - 2008	10 - 25
VentureCrossings	—		5,791		24,490		(3,730		)	2,611		23,940		26,551		2,537		2012, 2017	10 - 39
Other	1,606		3,304		8,579		721			4,025		8,579		12,604		870		through 2017	10 - 39
Commercial developments	5,313		35,068		—		18,439			53,507		—		53,507		59		through 2017	5
Timberlands	—		6,694		1,886		10,930			17,625		1,885		19,510		2,010		n/a	5-30
Unimproved land	—		85		—		5,024			5,109		—		5,109		28		n/a	15-20
Total	$	55,630	$	160,945	$	157,053	$	86,378		$	252,104	$	152,272	$	404,376	$	71,752



(1)	Includes initial costs to the Company to place the assets in service.
(2)	Includes cumulative impairments.

Notes:



(A)	The aggregate cost of real estate owned at December 31, 2017 for federal income tax purposes is approximately $431.7 million.
(B)	Reconciliation of real estate owned (in thousands of dollars):



	2017			2016			2015
Balance at beginning of the year	$	381,969		$	377,668		$	379,944
Amounts capitalized	39,261			13,875			13,372
Impairments	(714		)	(357		)	—
Cost of real estate sold	(14,274		)	(6,489		)	(14,584		)
Amounts retired or adjusted	(1,866		)	(2,728		)	(1,064		)
Balance at the end of the year	$	404,376		$	381,969		$	377,668



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



	2017			2016			2015
Balance at beginning of the year	$	67,349		$	64,069		$	58,132
Depreciation expense	6,245			6,002			6,204
Amounts retired or adjusted	(1,842		)	(2,722		)	(267		)
Balance at the end of the year	$	71,752		$	67,349		$	64,069