THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2019

(in thousands)


			Initial Cost to Company (2)						Gross Amount at December 31, 2019
							Costs Capitalized
							Subsequent to								Accumulated		Date of	Depreciation
			Land &		Buildings &		Acquisition or		Land & Land		Buildings and				Depreciation and		Construction or	Life
Description (1)	Encumbrances		Improvements		Improvements		Construction (3)		Improvements		Improvements		Total		Amortization		Acquisition	(In Years)
Residential developments	$	2,362	$	45,445	$	13,595	$	68,329	$	121,268	$	6,101	$	127,369	$	4,542	through 2019	5-25
Hospitality
WaterColor Inn		—		2,362		15,149		9,303		2,832		23,982		26,814		10,409	2002, 2013, 2018-2019	10 - 40
Pier Park Hospitality		2,637		—		—		7,139		7,139		—		7,139		—	2019	N/A
Clubs and golf courses		—		34,608		20,132		3,799		39,638		18,901		58,539		22,031	2001 - 2007, 2018-2019	10 - 25
Marinas		—		5,350		2,652		443		5,784		2,661		8,445		1,651	2006 - 2007, 2019	10 - 25
Other		1,574		—		5,470		660		572		5,558		6,130		2,131	2008 - 2009, 2019	10 - 30
Commercial leasing and sales
Leasing properties:
Pier Park North		45,134		13,711		35,243		3,115		13,711		38,358		52,069		9,364	2014 - 2017	15 - 39
Town centers		—		713		21,887		(2,136)		789		19,675		20,464		15,974	2001 - 2008	10 - 25
VentureCrossings		—		5,792		24,490		3,486		9,828		23,940		33,768		4,330	2012, 2017, 2019	10 - 39
Watersound Origins Crossings		2,414		21		—		7,584		7,605		—		7,605		—	2019	N/A
Pier Park Crossings		33,523		6,886		22,501		4,823		11,708		22,502		34,210		317	2018-2019	20-39
Pier Park Crossings Phase II		—		361		—		1,820		2,181		—		2,181		—	2019	N/A
Watercrest		—		894		—		8,724		9,618		—		9,618		—	2019	N/A
Other		2,907		3,540		11,057		14,343		17,712		11,228		28,940		1,355	through 2019	10 - 39
Commercial developments		1,978		34,816		—		21,175		55,991		—		55,991		73	through 2019	5
Timberlands		—		6,627		1,806		12,755		19,382		1,806		21,188		2,045	n/a	5 - 30
Unimproved land		—		85		—		4,477		4,562		—		4,562		34	n/a	15 - 20
Total	$	92,529	$	161,211	$	173,982	$	169,839	$	330,320	$	174,712	$	505,032	$	74,256

(1)

Substantially 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, 2019 for federal income tax purposes is approximately $503.8 million.

(B)

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


	December 31,		December 31,		December 31,
	2019		2018		2017
Balance at beginning of the year	$	418,494	$	404,376	$	381,969
Amounts capitalized		109,699		43,306		39,261
Impairments		—		(99)		(714)
Cost of real estate sold		(23,608)		(18,928)		(14,274)
Amounts retired or adjusted		447		(10,161)		(1,866)
Balance at the end of the year	$	505,032	$	418,494	$	404,376

(C)

Reconciliation of accumulated depreciation (in thousands of dollars):


	December 31,		December 31,		December 31,
	2019		2018		2017
Balance at beginning of the year	$	67,500	$	71,752	$	67,349
Depreciation expense		6,756		6,018		6,245
Amounts retired or adjusted		—		(10,270)		(1,842)
Balance at the end of the year	$	74,256	$	67,500	$	71,752