a5538227ex99

a5538227ex99_2.htm

Table 1

Summary of Land-Use Entitlements⁽¹⁾

Active JOE Residential and Mixed-Use Projects in Florida

September 30, 2007

Project	Class.⁽²⁾	County	Project Acres		Project Units⁽³⁾		Residential Units Closed Since Inception		Residential Units Under Contract as of 9/30/07		Total Residential Units Remaining		Remaining Commercial Entitlements (Sq. Ft.) ⁽⁴⁾

In Development:⁽⁵⁾
Artisan Park ⁽⁶⁾	PR	Osceola		175		616		547		--		69		--
Cutter Ridge	PR	Franklin		10		25		--		--		25		--
Hawks Landing	PR	Bay		88		168		128		--		40		--
Landings at Wetappo	RR	Gulf		113		24		7		--		17		--
Palmetto Trace	PR	Bay		141		481		477		--		4		--
Paseos ⁽⁶⁾	PR	Palm Beach		175		325		323		2		--		--
PineWood	PR	Bay		104		264		--		--		264		--
RiverCamps on Crooked Creek	RS	Bay		1,491		408		186		--		222		--
Rivercrest ⁽⁶⁾	PR	Hillsborough		413		1,382		1,381		--		1		--
RiverSide at Chipola	RR	Calhoun		120		10		2		--		8		--
RiverTown	PR	St. Johns		4,170		4,500		--		--		4,500		500,000
SevenShores (Perico Island)	RS	Manatee		192		686		--		--		686		9,000
SouthWood	VAR	Leon		3,370		4,770		2,237		2		2,531		4,697,360
St. Johns Golf & Country Club	PR	St. Johns		880		799		796		--		3		--
SummerCamp Beach	RS	Franklin		762		499		80		--		419		25,000
The Hammocks	PR	Bay		133		457		457		--		--		--
Victoria Park	PR	Volusia		1,859		4,200		1,307		163		2,730		818,654
WaterColor	RS	Walton		499		1,140		879		--		261		47,600
WaterSound	VAR	Walton		2,425		1,432		20		1		1,411		457,380
WaterSound Beach	RS	Walton		256		511		433		6		72		29,000
WaterSound West Beach	RS	Walton		62		199		28		1		170		--
WindMark Beach	RS	Gulf		2,020		1,662		132		--		1,530		75,000
Subtotal				19,458		24,558		9,420		175		14,963		6,658,994

In Pre-Development:⁽⁵⁾
Avenue A	PR	Gulf		6		96		--		--		96		--
Bayview Estates	PR	Gulf		31		45		--		--		45		--
Bayview Multifamily	PR	Gulf		20		300		--		--		300		--
Beacon Hill	RR	Gulf		3		12		--		--		12		--
Beckrich NE	PR	Bay		15		70		--		--		70		--
Boggy Creek	PR	Bay		630		526		--		--		526		--
Bonfire Beach	RS	Bay		550		750		--		--		750		70,000
Breakfast Point, Phase 1	VAR	Bay		115		320		--		--		320		--
College Station	PR	Bay		567		800		--		--		800		--
DeerPoint Cedar Grove	PR	Bay		668		950		--		--		950		--
East Lake Creek	PR	Bay		81		313		--		--		313		--
East Lake Powell	RS	Bay		181		360		--		--		360		30,000
Howards Creek	RR	Gulf		8		33		--		--		33		--
Laguna Beach West	PR	Bay		59		382		--		--		382		--
Long Avenue	PR	Gulf		10		30		--		--		30		--
Palmetto Bayou	PR	Bay		58		217		--		--		217		90,000
ParkSide	PR	Bay		48		480		--		--		480		--
Pier Park NE	VAR	Bay		57		460		--		--		460		190,000
Pier Park Timeshare	RS	Bay		13		125		--		--		125		--
Port St. Joe Draper, Phase 1	PR	Gulf		639		1,200		--		--		1,200		--
Port St. Joe Draper, Phase 2	PR	Gulf		981		2,125		--		--		2,125		150,000
Port St. Joe Town Center	VAR	Gulf		180		624		--		--		624		500,000
Powell Hills Retail ⁽⁷⁾	RS	Bay		100		3,131		--		--		3,131		240,000
Sabal Island	RS	Gulf		45		18		--		--		18		--
The Cove	RR	Gulf		57		81		--		--		81		--
Timber Island ⁽⁸⁾	RS	Franklin		49		407		--		--		407		14,500
Topsail	VAR	Walton		115		627		--		--		627		300,000
Wavecrest	RS	Bay		7		95		--		--		95		--
WestBay Corners SE	VAR	Bay		100		524		--		--		524		50,000
WestBay Corners SW	PR	Bay		64		160		--		--		160		--
WestBay DSAP	VAR	Bay		15,089		5,628		--		--		5,628		4,330,000
WestBay Landing ⁽⁹⁾	VAR	Bay		950		214		--		--		214		--
Subtotal				21,496		21,103		--		--		21,103		5,964,500
Total				40,954		45,661		9,420		175		36,066		12,623,494

(1)		A project is deemed land-use entitled when all major discretionary governmental land-use approvals have been received. Some of these projects may require additional permits for development and/or build-out; they also may be subject to legal challenge.
(2)		Current JOE land classifications:
		● PR – Primary residential.
		● RS – Resort and seasonal residential, which includes RiverCamps.
		● RR – Rural residential, which includes Homesteads and other rural residential products.
		● VAR – Includes multiple classifications. For example, a project may have substantial commercial and residential acres.
(3)		Project units represent the maximum number of units entitled or currently expected at full build-out. The actual number of units or square feet to be constructed at full build-out may be lower than the number entitled or currently expected.
(4)		Represents the remaining square feet with land-use entitlements as designated in a development order or expected given the existing property land use or zoning and present plans. Commercial entitlements include retail, office and industrial uses. Industrial uses total 6,128,381 square feet including SouthWood, RiverTown and the West Bay DSAP.
(5)		A project is “in development” when construction on the project has commenced. A project in “pre-development” has land-use entitlements but is still under internal evaluation or requires one or more additional permits prior to the commencement of construction.
(6)		Artisan Park is 74 percent owned by JOE. Paseos and Rivercrest are each 50 percent owned by JOE.
(7)		Powell Hills Retail is made up of the previous projects, Hills Road and Powell Adams, and includes an additional 38 acres of entitled property which is no longer subject to an option to sell.
(8)		Timber Island entitlements include seven residential units and 400 units for hotel or other transient uses (including units heldwith fractional ownership such as private residence clubs) and include 480 wet/dry marina slips.
(9)		West Bay Landing is a sub-project within WestBay DSAP.

Table 2

Proposed JOE Residential and Mixed-Use Projects

In the Land-Use Entitlement Process in Florida ⁽¹⁾

September 30, 2007

Project	Class⁽²⁾	County	Project Acres	Estimated Project Units ⁽³⁾	Estimated Commercial Entitlements (Sq. Ft.)⁽³⁾
Breakfast Point, Phase 2	VAR	Bay	1,299	2,780	635,000
Carrabelle East	PR	Franklin	200	600	--
Country Walk	RR	Bay	1,300	125	--
SouthSide	VAR	Leon	1,625	2,800	1,150,000
South Walton Multifamily	PR	Walton	40	212	--
Star Avenue North	VAR	Bay	271	1,248	380,000
St. James Island McIntyre	RR	Franklin	1,704	340	--
St. James Island RiverCamps	RS	Franklin	2,500	500	--
St. James Island Granite Point	RS	Franklin	1,000	2,000	--
The Cove, Phase 3	RR	Gulf	7	26	--
Total			9,946	10,631	2,165,000

(1)		A project is deemed to be in the land-use entitlement process when customary steps necessary for the preparation and submittal of an application, such as conducting pre-application meetings or similar discussions with governmental officials, have commenced and/or an application has been filed. All projects listed have significant entitlement steps remaining that could affect their timing, scale and viability. There can be no assurance that these entitlements will ultimately be received.
(2)		Current JOE land classifications:
		● PR – Primary residential.
		● RS – Resort and seasonal residential, which includes RiverCamps.
		● RR – Rural residential, which includes Homesteads and other rural residential products.
		● VAR – Includes multiple classifications. For example, a project may have substantial commercial and residential acres.
(3)		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

Summary of Additional Commercial Land-Use Entitlements⁽¹⁾

(Commercial Projects Not Included in Tables 1 and 2 Above)

Active JOE Florida Commercial Projects

September 30, 2007

Project	County	Project Acres	Acres Sold Since Inception	Acres Under Contract As of 9/30/07	Total Acres Remaining
Airport Commerce	Leon	45	7	--	38
Airport Road	Franklin	13	--	--	13
Alf Coleman Retail	Bay	25	23	--	2
Avery St. Retail	Bay	10	10	--	--
Beach Commerce	Bay	157	151	3	3
Beach Commerce II	Bay	112	13	0	99
Beckrich Office Park	Bay	16	12	2	2
Beckrich Retail	Bay	44	23	18	3
Cedar Grove Commerce	Bay	51	--	4	47
Franklin Industrial	Franklin	7	--	--	7
Glades Retail	Bay	14	--	--	14
Gulf Boulevard	Bay	76	21	5	50
Hammock Creek Commerce	Gadsden	165	27	--	138
Mill Creek Commerce	Bay	37	--	--	37
Nautilus Court	Bay	11	4	--	7
Port St. Joe Commerce II	Gulf	39	9	--	30
Port St. Joe Commerce III	Gulf	54	--	--	54
Port St. Joe Medical	Gulf	19	--	--	19
Powell Hills Retail	Bay	44	--	--	44
South Walton Commerce	Walton	39	18	--	21
Total		978	318	32	628

⁽¹⁾

A project is deemed land-use entitled when all major discretionary governmental land-use approvals have been received. Some of these projects may require additional permits for development and/or build-out; they also may be subject to legal challenge. Includes significant JOE projects that are either operating, under development or in the pre-development stage.

Table 4

Stock Repurchase Activity

Through September 30, 2007

	Shares
Period	Purchased		Surrendered ⁽¹⁾		Total		Total Cost (in millions)		Average 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
2006		948,200		148,417		1,096,617		57.3		52.22
2007 (through Sept. 30)		--		51,158		51,158		1.8		36.02
Total/Weighted Average		27,945,611		2,304,717		30,250,328	$	930.8	$	30.74

⁽¹⁾

Shares surrendered by company executives as payment for the strike price and taxes due on exercised stock options and the taxes due on the vesting of restricted stock.

Table 5

Residential Real Estate

Sales Activity

Three Months Ended September 30,

($ in millions)

	2007								2006
	Number of Units Closed		Revenue		Cost of Sales ⁽¹⁾		Gross Profit		Number of Units Closed		Revenue		Cost of Sales ⁽¹⁾		Gross Profit

Home Sites ⁽²⁾		49	$	8.4	$	4.0	$	4.4		134	$	20.4	$	9.7	$	10.7
Homes ⁽³⁾		17		9.6		8.0		1.6		159		54.9		42.9		12.0
Total		66	$	18.0	$	12.0	$	6.0		293	$	75.3	$	52.6	$	22.7

⁽¹⁾

Cost of sales for home sites in the third quarter of 2007 consisted of $3.3 million in direct costs, $0.3 million in selling costs and $0.4 million in indirect costs. Cost of sales for home sites in the third quarter of 2006 consisted of $8.3 million in direct costs, $0.6 million in selling costs and $0.8 million in indirect costs. Cost of sales for homes in the third quarter of 2007 consisted of $6.5 million in direct costs, $0.4 million in selling costs and $1.1 million in indirect costs. Cost of sales for homes in the third quarter of 2006 consisted of $35.7 million in direct costs, $2.7 million in selling costs and $4.5 million in indirect costs.

⁽²⁾	Profit has been deferred as a result of continuing development obligations at SummerCamp Beach and WaterSound West Beach. As a consequence, revenue recognition and closings may occur in different periods.

⁽³⁾

Homes include single-family, multifamily and Private Residence 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 third quarter of 2006. 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

Residential Real Estate

Units Placed Under Contract

Three Months Ended September 30,

	2007		2006		Percentage Change
Home Sites		43		154		(72.1	)%
Homes ⁽¹⁾		15		29		(48.3	)
Total ⁽¹⁾		58		183		(68.3	)%

⁽¹⁾

Homes include single-family homes, multifamily and PRC units. Paseos and Rivercrest, two unconsolidated joint ventures, are not included. Sales are substantially complete at both of these communities.

Table 7

Residential Real Estate

Backlog ⁽¹⁾

($ in millions)

	September 30, 2007				September 30, 2006
	Units		Revenues		Units		Revenues
Home Sites		165	$	6.5		38	$	7.4
Homes ⁽²⁾		8		7.0		166		84.7
Total		173	$	13.5		204	$	92.1

⁽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 $0.8 million for 2 units at the end of the third quarter of 2007, compared to $17.8 million for 75 units at the end of the third quarter of 2006.
⁽²⁾		As of September 30, 2007, there were no units subject to percentage-of-completion accounting in the homes backlog. As of September 30, 2006, there were 61 units subject to percentage-of completion accounting with related revenue of $28.3 million (of which $25.8 million had previously been recognized in the financial statements).

Table 8

Residential Real Estate

National Homebuilder Summary

of Home Site Commitments and Purchases

Activity During the

Three Months Ended September 30, 2007

	Total Units Committed ⁽¹⁾		Total Units Closed 9/30/07		Average Price Closed Units
Beazer Homes
RiverTown		64		--		--
Shea Homes
Victoria Park		--		5	$	38,144
David Weekley Homes
Hawks Landing		--		20	$	60,990
Palmetto Trace		--		--		--
PineWood		(70)		--		--
SouthWood		--		9	$	80,066
American Home Builders
RiverTown		48		--		--
Cornerstone Homes
RiverTown		31		--		--
Issa Homes
RiverTown		55		--		--
Lakeridge Homes
Victoria Park		10		--		--
Total		138		34

⁽¹⁾

Includes amounts under contract or committed.

April 1, 2006 through September 30, 2007

	Total Units Committed ⁽¹⁾		Total Units Closed 9/30/07		Average Price Closed Units		Remaining Units To Close⁽²⁾
Beazer Homes
Breakfast Point		70		--				70
Laguna West		350		--				350
RiverTown		64		--				64
SouthWood		163		143	$	45,003		20
Victoria Park		179		179		66,369		--
Shea Homes
Victoria Park		705		5		38,144		700
David Weekley Homes
Hawks Landing		99		60		60,900		39
Palmetto Trace		56		56		78,509		--
PineWood		0		--				--
RiverCamps on Crooked Creek		3		3		209,667		--
RiverTown		93		--		--		93
SouthWood		140		30		95,182		110
Victoria Park		115		115		97,248		--
WaterSound		7		7		144,248		--
American Home Builders
RiverTown		48		--				48
Cornerstone Homes
RiverTown		31		--				31
Issa Homes
RiverTown		55		--				55
Lakeridge Homes
Victoria Park		10		--				10
Total		2,188		598				1,590

(1)		Includes lots under contract or committed
(2)		Units not under contract are excluded from data on Tables 6 and 7.

Table 9

Residential Real Estate Sales Activity

Three Months Ended September 30,

($ in thousands)

	2007				2006
	Units Closed	Avg. Price	Accepted ⁽¹⁾	Avg. Price	Units Closed	Avg. Price	Accepted ⁽¹⁾	Avg. Price
Artisan Park ⁽²⁾
Single-Family Homes	3	699.4	2	680.0	9	700.1	7	498.8
Multifamily Homes	3	387.5	3	387.5	35	476.2	1	123.2
Hawks Landing
Home Sites	20	60.9	20	60.9	5	76.0	11	75.9
Palmetto Trace
Home Sites	0	0.0	0	0.0	8	79.6	8	79.6
Paseos ⁽²⁾
Single-Family Homes	1	605.0	3	458.3	15	578.0	(2)	487.6
RiverCamps on Crooked Creek
Home Sites	2	300.4	2	300.4	1	275.0	1	275.0
Rivercrest ⁽²⁾
Single-Family Homes	1	227.5	1	227.5	74	207.6	(8)	239.9
SouthWood
Home Sites	14	95.9	14	94.5	26	50.0	32	61.9
Single-Family Homes	0	0.0	0	0.0	54	294.5	3	336.8
St. Johns G &CC
Single-Family Homes	2	479.0	2	479.0	16	564.7	9	544.7
SummerCamp Beach
Home Sites	0	0.0	0	0.0	3	305.9	4	313.5
The Hammocks
Single-Family Homes	1	257.9	1	257.9	0	0.0	0	0.0
Victoria Park
Home Sites	5	38.1	0	0.0	67	101.6	67	101.6
Single-Family Homes	3	285.4	2	253.5	41	353.5	(7)	404.5
WaterColor
Home Site	2	395.1	2	395.1	0	0.0	0	0.0
Single/Multifamily Homes	0	0.0	0	0.0	3	1,234.6	4	1,078.8
WaterSound
Home Sites	1	188.1	1	188.1	7	180.0	8	178.1
WaterSound Beach
Home Sites	1	2,000.0	1	2,000.0	0	0.0	2	1,632.6
Single-Family Homes	5	858.2	11	822.8	1	1,069.0	5	1,303.0
PRC Shares	0	0.0	(7)	275.0	0	0.0	7	275.0
WaterSound West Beach
Home Sites	3	334.0	2	385.0	0	0.0	0	0.0
Single-Family Homes	0	0.0	1	895.0	0	0.0	0	0.0
WindMark Beach
Home Sites	1	695.0	1	695.0	17	256.3	21	242.0
Total	68	$271.8	62	$346.0	382	$280.5	173	$220.3

⁽¹⁾		Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed. Average prices shown reflect variations in the product mix across time periods as well as price changes for similar product.
⁽²⁾		JOE owns 74 percent of Artisan Park and 50 percent of each of Paseos and Rivercrest. Sales from Paseos and Rivercrest are not consolidated with the financial results of residential real estate.

Table 10

Commercial Land Sales

Three Months Ended September 30,

	Number of Sales		Acres Sold		Gross Sales Price (in thousands)		Average Price/Acre (in thousands)
2007
Northwest Florida		10		20	$	6,208	$	309.0
2006
Northwest Florida		7		53		10,798		204.0

Table 11

Rural Land Sales

Three Months Ended September 30,

	Number of Sales		Acres Sold		Gross Sales Price (in thousands)		Average Price/Acre (in thousands)
2007
Woodlands		7		21,073	$	31,884	$	1.5
2006
Florida Wild		4		1,783		5,041		2.8
Woodlands		13		2,127		7,186		3.4
Other		3		119		4,150		4.9
Total		20		4,029	$	16,377	$	4.1

FINANCIAL DATA

($ in millions except per share amounts)

Quarterly Segment Pretax Income (Loss)

From Continuing Operations

	Sept 30, 2007			June 30, 2007			Mar 31, 2007			Dec 31, 2006			Sept 30, 2006			June 30, 2006			Mar 31, 2006			Dec 31, 2005			Sept 30, 2005
Residential	$	(26.2	)	$	(0.8	)	$	(5.4	)	$	4.3		$	(7.6	)	$	17.2		$	10.2		$	40.6		$	26.9
Commercial		2.3			8.4			0.1			13.6			8.2			1.6			0.6			4.8			14.1
Rural Land sales		27.8			7.2			40.4			26.7			12.2			22.1			11.4			19.1			11.7
Forestry		(5.7	)		1.4			0.4			--			1.4			0.9			2.0			0.4			0.6
Corporate and other		(15.8	)		(16.4	)		(10.2	)		(18.9	)		(16.3	)		(17.2	)		(20.3	)		(15.0	)		(16.1	)
Pretax (loss)income from continuing operations	$	(17.6	)	$	(0.2	)	$	25.3		$	25.7		$	(2.1	)	$	24.6		$	3.9		$	49.9		$	37.2

Discontinued Operations, Net of Tax

	Quarter Ended Sept. 30,					Nine Months Ended Sept. 30,
	2007		2006			2007			2006
Loss on sale of Saussy Burbank, net of tax	$	--	$	--		$	(0.1	)	$	--
Income from Saussy Burbank operations, net of tax ⁽¹⁾		--		2.1			1.2			5.3
Gain from sale of office buildings, net of tax		4.8		6.6			28.3			9.4
Income (loss) from office buildings, net of tax		0.3		(0.3	)		1.6			(1.0	)
Net income from discontinued operations	$	5.1	$	8.4		$	31.0		$	13.7

⁽¹⁾	Nine months ended September 30, 2007, includes a $2.2 million impairment charge to approximate fair value, less costs to sell, of Saussy Burbank.

Other Income (Expense)

	Quarter Ended Sept. 30,						Nine Months Ended Sept. 30,
	2007			2006			2007			2006
Dividend and interest income	$	1.4		$	0.8		$	4.1		$	3.8
Interest expense		(3.5	)		(3.7	)		(14.7	)		(8.8	)
Other		(3.4	)		0.7			1.4			1.0
Gain on disposition of assets		0.2			--			7.8			--
Total	$	(5.3	)	$	(2.2	)	$	(1.4	)	$	(4.0	)