REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2012

REAL ESTATE AND ACCUMULATED DEPRECIATION

THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) — REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2012

(in thousands)

	Initial Cost to Company															Accumulated Depreciation
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition(1)			Land & Land Improvements		Buildings and Improvements		Total
Bay County, Florida
Land with infrastructure	$	3,496	$	2,437	$	8407	$	41,829		$	44,266	$	8407	$	52,673	$	444
Buildings		—		13,639		11,873		1,038			14,121		12,429		26,550		4,192
Residential		—		21,639		1,300		17,930			43,306		—		40,869		—
Timberlands		—		3,896		—		11,284			15,180		—		15,180		160
Unimproved land		—		2,646		—		—			2,646		—		2,646		—
Calhoun County, Florida
Timberlands		—		1,774		—		4,643			6,417		—		6,417		68
Unimproved land		—		927		—		698			1,625		—		1,625		—
Duval County, Florida
Land with infrastructure		—		185		—		(3	)		182		—		182		—
Buildings		—		—		—		—			—		—		—		3
Franklin County, Florida
Land with infrastructure		—		44		—		—			44		—		44		14
Residential		—		7,567		—		—			7,567		—		7,567		843
Timberlands		—		1,241		—		1,208			2,449		—		2,449		26
Unimproved Land		—		210		—		9			219		—		219		—
Buildings		—		69		1,582		(718	)		147		786		933		70
Gadsden County, Florida
Land with infrastructure		—		1,050		—		—			1,050		—		1,050		—
Timberlands		—		1,302		—		135			1,437		—		1,437		15
Unimproved land		—		135		—		—			135		—		135		—
Gulf County, Florida
Land with infrastructure		—		1,663		1,087		3,078			4,741		1,087		5,828		200
Buildings		—		2,843		7,115		9,743			2,807		16,894		19,701		8,495
Residential		—		26,707		526		6,275			33,508		—		33,508		—
Timberlands		—		5,238		—		15,375			20,613		—		20,613		214
Unimproved land		—		506		—		969			1,475		—		1,475		—
Jefferson County, Florida
Timberlands		—		721		—		(8	)		713		—		713		8
Unimproved land		—		193		—		29			222		—		222		—
Leon County, Florida
Land with infrastructure		—		1,880		—		651			2,531		—		2,531		28
Buildings		—		—		—		20,689			8,651		12,038		20,689		9,159
Residential		2,346		—		58		11,825			11,883		—		11,883		—
Timberlands		—		923		—		941			1,864		—		1,864		20
Unimproved land		—		—		—		487			487		—		487		—
Liberty County, Florida
Buildings		—		—		611		189			—		800		800		350
Timberlands		—		2,587		205		196			2,988		—		2,988		215
St. Johns County, Florida
Land with infrastructure		—		435		—		—			435		—		435		—
Buildings		—		—		255		448			300		403		703		268
Residential		3,402		10,855		—		4,750			15,605		—		15,605		—
Wakulla County, Florida
Buildings		—		—		5		—			—		5		5		5
Timberlands		—		457		—		(32	)		425		—		425		5
Unimproved Land		—		16		—		47			63		—		63		—
Walton County, Florida
Land with infrastructure		—		56		—		3,063			3,119		—		3,119		—
Buildings		—		—		3,471		67,319			22,855		47,935		70,790		24,856
Residential		—		5,227		—		30,756			33,546		—		35,983		—
Timberlands		—		354		—		988			1,342		—		1,342		14
Unimproved land		—		1,105		—		—			1,105		—		1,105		—
Other Florida Counties
Timberlands		—		201		—		—			201		—		201		2
Unimproved land		—		79		—		60			139		—		139		—
Georgia
Land with infrastructure		—		4,800		—		—			4,800		—		4,800		49
Buildings		—		—		36		103			—		139		139		47
Timberlands		—		6,895		—		(6,883	)		12		—		12		2
Unimproved land		—		51		—		—			51		—		53		—
TOTALS	$	9,244	$	132,553	$	36,531	$	249,111		$	317,272	$	100,923	$	418,197	$	49,772

(1) Includes cumulative impairments.

Notes:

(A) The aggregate cost of real estate owned at December 31, 2012 for federal income tax purposes is approximately $677.0 million.

(B) Reconciliation of real estate owned (in thousands of dollars):

	2012			2011			2010
Balance at Beginning of Year	$	429,431		$	799,506		$	781,664
Amounts Capitalized		21,058			28,309			32,215
Impairments		(2,551	)		(377,270	)		(4,297	)
Amounts Retired or Adjusted		(29,741	)		(21,114	)		(10,076	)
Balance at Close of Period	$	418,197		$	429,431		$	799,506
(C) Reconciliation of accumulated depreciation (in thousands of dollars):
Balance at Beginning of Year	$	44,489		$	41,992		$	35,000
Depreciation Expense		7,494			12,215			9,453
Amounts Retired or Adjusted		(2,211	)		(9,718	)		(2,461	)
Balance at Close of Period	$	49,772		$	44,489		$	41,992