THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2018

(in thousands)


			Initial Cost to Company (2)						Gross Amount at December 31, 2018
							Costs Capitalized
							Subsequent to										Date of	Depreciation
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Accumulated		Construction or	Life
Description (1)	Encumbrances		Improvements		Improvements		Construction (3)		Improvements		Improvements		Total		Depreciation		Acquisition	(In Years)
Residential developments	$	1,471	$	48,430	$	10,954	$	53,283	$	111,207	$	1,460	$	112,667	$	2,044	through 2018	5-25
Hospitality
WaterColor Inn		—		2,237		15,790		6,778		3,259		21,546		24,805		9,591	2002. 2013, 2018	10 - 40
Clubs and golf courses		—		34,227		16,272		3,105		37,137		16,467		53,604		20,623	2001 - 2007, 2018	10 - 25
Marinas		—		5,351		2,540		329		5,559		2,661		8,220		1,517	2006 - 2007	10 - 25
Other		—		—		10,054		89		—		10,143		10,143		4,232	2008 - 2009	10 - 30
Commercial leasing and sales
Leasing properties:
Pier Park North		45,977		13,711		35,243		3,115		13,711		38,358		52,069		7,643	2014 - 2017	15 - 39
Town centers		—		713		21,887		(2,138)		787		19,675		20,462		15,424	2001 - 2008	10 - 25
VentureCrossings		—		5,791		24,490		(2,566)		3,775		23,940		27,715		3,433	2012. 2017	10 - 39
Pier Park Crossings		14,285		705		—		13,092		13,796		—		13,796		—	2018	N/A
Other		2,788		2,962		8,684		2,970		5,933		8,684		14,617		913	through 2018	10 - 39
Commercial developments		4,853		34,922		—		21,018		55,940		—		55,940		66	through 2018	5
Timberlands		—		6,687		1,796		11,282		17,969		1,796		19,765		1,983	n/a	5 - 30
Unimproved land		—		85		—		4,606		4,691		—		4,691		31	n/a	15 - 20
Total	$	69,374	$	155,821	$	147,710	$	114,963	$	273,764	$	144,730	$	418,494	$	67,500

(1)

All real estate properties are located in Northwest Florida.

(2)

Includes initial costs to the Company to place the assets in service.

(3)

Includes cumulative impairments.

Notes:

(A)

The aggregate cost of real estate owned at December 31, 2018 for federal income tax purposes is approximately $432.7 million.

(B)

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


	December 31,		December 31,		December 31,
	2018		2017		2016
Balance at beginning of the year	$	404,376	$	381,969	$	377,668
Amounts capitalized		43,306		39,261		13,875
Impairments		(99)		(714)		(357)
Cost of real estate sold		(18,928)		(14,274)		(6,489)
Amounts retired or adjusted		(10,161)		(1,866)		(2,728)
Balance at the end of the year	$	418,494	$	404,376	$	381,969

(C)

Reconciliation of accumulated depreciation (in thousands of dollars):


	December 31,		December 31,		December 31,
	2018		2017		2016
Balance at beginning of the year	$	71,752	$	67,349	$	64,069
Depreciation expense		6,018		6,245		6,002
Amounts retired or adjusted		(10,270)		(1,842)		(2,722)
Balance at the end of the year	$	67,500	$	71,752	$	67,349