WATERSOUND, Fla.--(BUSINESS WIRE)--Oct. 18, 2018-- The St. Joe Company (“St. Joe”) (NYSE: JOE) today releases additional information and photographs regarding the status of its WindMark Beach Town Center and timberland properties, after the effects of Hurricane Michael.
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Timber Operations (Photo: Business Wire)
The WindMark Beach Town Center, located in Gulf County, sustained minimal effects from the storm. The buildings in WindMark Beach Town Center are in good condition and are open for business with power and water restored to the community. Similar to its asset portfolio in Walton and Bay Counties, St. Joe has experienced an increase in interest as to the availability of leasable space within the Town Center for businesses looking to relocate due to effects of the storm.
An initial assessment of St. Joe’s timber operations revealed an approximate 3% loss of total timber assets, primarily located in eastern Bay County and the Port St. Joe area. Approximately 234,000 tons of timber were affected and will be salvaged or lost. The majority of St. Joe’s other timberlands, have little to no damage.
“We are grateful our timberlands and the WindMark Beach Town Center weathered the storm with minimal damage,” said Jorge Gonzalez, The St. Joe Company President and Chief Executive Officer. Mr. Gonzalez added, “With only a minor loss in our timber and minimal interruption in the WindMark Beach Town Center, we can focus on the needs of others and continue to be a resource in the community.”
Stay up to date with the latest information and photos by visiting www.joe.com.
The St. Joe Company (“St. Joe”) (NYSE: JOE) is a Northwest Florida based real estate development, asset management and operating company established in 1936. The Company focuses on thoughtfully planned destinations and thriving communities to Live, Work, Play, Shop, and Vacation near the region's beautiful white sand beaches such as WaterColor, WaterSound Beach, WaterSound Origins, WaterColor Inn, WaterSound Beach Club, VentureCrossings, Breakfast Point, Pier Park North, WindMark Beach, Camp Creek Golf Club, Bay Point Marina, among other distinct brand names. For more information, visit www.joe.com.
©The St Joe Company 2018. “St. Joe®”, “JOE®”, the “Taking Flight” Design®, “St. Joe (and Taking Flight Design) ®” are registered service marks of The St. Joe Company or its affiliates.
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Source: The St. Joe Company
The St. Joe Company Investor Relations Contact:
Marek Bakun, 866-417-7132
Chief Financial Officer