SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
| Date of report (Date of earliest event reported) | July 26, 2001 | |
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The St. Joe Company
Florida
| 1-10466 | 59-0432511 | |
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| (Commission File Number) | (IRS Employer Identification No.) | |
| 1650 Prudential Drive, Suite 400, Jacksonville, FL | 32207 | |
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| (Address of Principal Executive Offices) | (Zip Code) |
(904) 396-6600
N/A
ITEM 9. REGULATION FD DISCLOSURE
| The purpose of this Form 8-K is to furnish a copy of Supplemental Information for the period ended June 30, 2001. A copy is furnished with this Form 8-K as Exhibit 99.1 and is incorporated by reference. |
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
| 99.1 | Supplemental Information for the period ended June 30, 2001. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE ST. JOE COMPANY | ||
| Dated: July 26, 2001 | By: /s/ Michael N. Regan | |
| Name: Michael N. Regan | ||
| Title: Senior Vice President Finance and Planning |
1 Supplemental Information For the Period Ending 6-30-01 - ------------------------------------------------------------------------------- [LOGO] THE ST JOE COMPANY
2 FORWARD LOOKING STATEMENT This document contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "anticipate", "expect", "estimate", "intend", "plan", "goal", "believe" or other words of similar meaning. All forward-looking statements, by their nature, are subject to risks and uncertainties. The Company's actual future results may differ materially from those set forth in the Company's forward-looking statements. In particular, discussions regarding (a) the size and number of commercial buildings and residential units; (b) development timetables, development approvals and the ability to obtain approvals; (c) anticipated price ranges of developments; (d) the number of units that can be supported upon full build-out; (e) absorption rates; and (f) expected gain on land sales are forward-looking statements. For further information about forward-looking statements, the reader should consult the disclosures contained in the periodic reports filed by the Company with the Securities and Exchange Commission, and in the Company's other written materials. [LOGO] ST JOE
3 Supplemental Information - St. Joe Commercial For the Period Ending 6-30-01 - ------------------------------------------------------------------------------- [LOGO] THE ST JOE COMPANY
4 ST. JOE COMMERCIAL LAND POSITIONS HELD FOR INVESTMENT JUNE 30, 2001 ($ in thousands) ENTITLED ORIGINAL SOUTHEAST MARKET ACRES SQ. FT.(a) COST - --------- ------ ----- ---------- -------- Glenlake Atlanta, GA 18.2 850,000 Parkstone Plaza Chantilly, VA 19.1 240,000 Lakeside at Frisco Bridges Dallas, TX 58.0 1,458,000 Westchase Houston, TX 4.5 150,000 Oak Park at Westchase Houston, TX 54.9 1,460,000 ----- --------- 154.8 4,158,000 ----- --------- NORTHEAST FLORIDA - ----------------- Golfway Center St. Augustine, FL 23.3 167,500 Currington Jacksonville, FL 0.3 -- ----- --------- 23.6 167,500 ----- --------- CENTRAL FLORIDA - --------------- ----- --------- Millenia Park Orlando, FL 21.7 592,000 ----- --------- SOUTH FLORIDA - ------------- ----- --------- Beacon Square at Boca Boca Raton, FL 18.3 282,000 ----- --------- ===== ========= ======== TOTAL 218.4 5,199,540 $ 65,000 ===== ========= ======== (a) Excludes entitlements related to land parcels that have been developed.
5 ST. JOE COMMERCIAL PROJECTS UNDER DEVELOPMENT JUNE 30, 2001 CONSTRUCTION NET RENTABLE COMPLETION STABILIZATION MARKET OWNERSHIP % SQUARE FEET PRE-LEASED % DATE DATE ------ ----------- ------------ ------------ ---------- ------------- SOUTHEAST - --------- CAREington International Dallas, TX 100% 74,000 100% 3Q/01 3Q/01 NORTHWEST FLORIDA - --------- ------- SouthWood One Tallahassee, FL 100% 88,000 0% 1Q/02 1Q/03 Beckrich One (a) Panama City Beach, FL 100% 34,000 17% 2Q/02 2Q/03 Nextel Partners Panama City Beach, FL 100% 67,000 100% 4Q/01 4Q/02 ------- 189,000 ------- NORTHEAST FLORIDA - --------- ------- TNT Logistics Jacksonville, FL 100% 99,000 67% 1Q/02 3Q/02 Golfway Center (Tree of Life) St. Augustine, FL 100% 70,000 72% 4Q/01 3Q/02 -------- 169,000 -------- ======== TOTAL 432,000 ======== (a) Currently in predevelopment.
6 ST. JOE COMMERCIAL PORTFOLIO OF OPERATING PROPERTIES JUNE 30, 2001 ($ in thousands) NET ANNUAL # OF RENTABLE LEASED NET OPERATING MARKET OWNERSHIP % BUILDINGS SQ. FT. PERCENTAGE INCOME (B) --------------- ----------- --------- ---------- ---------- ------------- INVESTMENT PROPERTY PORTFOLIO - ----------------------------- Prestige Place Clearwater, FL 100% 2 143,000 95% $ 1,239 Harbourside Clearwater, FL 100% 1 147,000 76% 1,315 Lakeview Tampa, FL 100% 1 125,000 92% 1,394 Palm Court Tampa, FL 100% 1 62,000 93% 618 Westside Corporate Center Plantation, FL 100% 1 100,000 75% 1,276 280 Interstate North Atlanta, GA 100% 1 126,000 92% 1,366 Southhall Center Orlando, FL 100% 1 155,000 97% 1,948 ---------------------------------------------- 8 858,000 89% 9,156 ---------------------------------------------- DEVELOPMENT PROPERTY PORTFOLIO - ------------------------------ CNL Center Orlando, FL 50% 1 346,000 95% 6,500 (c)(d) Millenia Park One Orlando, FL 50% 1 158,000 89% 2,500 (c)(d) Alliance Bank Building (a) Orlando, FL 50% 1 71,000 86% 555 (c) IBM Boca Raton, FL 100% 1 160,000 100% 2,736 355 Alhambra Coral Gables, FL 45% 1 224,000 52% 5,000 (c)(d) Park Center Panama City, FL 100% 2 22,000 88% 197 Deerfield Commons I Atlanta, GA 40% 1 122,000 99% 1,767 (c) Westchase Corporate Center Houston, TX 93% 1 184,000 85% 2,500 (c)(d) ---------------------------------------------- 9 1,287,000 86% 21,755 ---------------------------------------------- ============================================== TOTAL 17 2,145,000 87% $30,911 ============================================== (a) Property expected to be redeveloped. (b) Represents budgeted net operating income. (c) All information is shown at 100%. (d) Represents proforma net operating income at stabilization.
7 ST. JOE COMMERCIAL PORTFOLIO OF OPERATING PROPERTIES - LEASING EXPIRATIONS JUNE 30, 2001 NET RENTABLE LEASED MARKET OWNERSHIP % SQ. FT. PERCENTAGE ------ ----------- --------- ---------- INVESTMENT PROPERTY PORTFOLIO Prestige Place Clearwater, FL 100% 143,000 95% Harbourside Clearwater, FL 100% 147,000 76% Lakeview Tampa, FL 100% 125,000 92% Palm Court Tampa, FL 100% 62,000 93% Westside Corporate Center Plantation, FL 100% 100,000 75% 280 Interstate North Atlanta, GA 100% 126,000 92% Southhall Center Orlando, FL 100% 155,000 97% ------------------------- 858,000 89% ------------------------- DEVELOPMENT PROPERTY PORTFOLIO CNL Center Orlando, FL 50% 346,000 95% Millenia Park One Orlando, FL 50% 158,000 89% Alliance Bank Building Orlando, FL 50% 71,000 86% IBM Boca Raton, FL 100% 160,000 100% 355 Alhambra Coral Gables, FL 45% 224,000 52% Park Center Panama City, FL 100% 22,000 88% Deerfield Commons I Atlanta, GA 50% 122,000 99% Westchase Corporate Center Houston, TX 93% 184,000 85% ------------------------- 1,287,000 86% ------------------------- TOTAL 2,145,000 87% ========================= ------------------------------------------------------------------------- LEASE EXPIRATIONS (SQUARE FEET) ------------------------------------------------------------------------- 2006 AND 2001 2002 2003 2004 2005 THEREAFTER ------ ------- ------ ------- ------- ---------- INVESTMENT PROPERTY PORTFOLIO Prestige Place 11,000 19,000 52,000 27,000 9,000 17,000 Harbourside 9,000 28,000 18,000 29,000 7,000 21,000 Lakeview 4,000 8,000 -- 60,000 21,000 22,000 Palm Court -- 2,000 56,000 -- -- -- Westside Corporate Center 1,000 5,000 13,000 8,000 39,000 9,000 280 Interstate North -- -- 52,000 14,000 51,000 -- Southhall Center 5,000 12,000 68,000 41,000 27,000 -- ------------------------------------------------------------------------ 30,000 74,000 259,000 179,000 154,000 69,000 ------------------------------------------------------------------------ DEVELOPMENT PROPERTY PORTFOLIO CNL Center -- -- 9,000 -- 14,000 306,000 Millenia Park One -- -- -- -- 44,000 97,000 Alliance Bank Building -- 22,000 38,000 -- -- -- IBM -- -- -- -- -- 160,000 355 Alhambra -- -- -- -- -- 117,000 Park Center 7,000 8,000 1,000 -- -- 4,000 Deerfield Commons I -- -- -- -- 32,000 88,000 Westchase Corporate Center -- -- -- -- 94,000 62,000 ------------------------------------------------------------------------ 7,000 30,000 48,000 -- 184,000 834,000 ------------------------------------------------------------------------ TOTAL 37,000 104,000 307,000 179,000 338,000 903,000 ======================================================================== 2% 5% 17% 10% 18% 48% ========================================================================
8 SUPPLEMENTAL INFORMATION - ARVIDA FOR THE PERIOD ENDING 6-30-01 [ST JOE COMPANY LOGO]
9 ST. JOE/ARVIDA ---------------------WALTON COUNTY--------------------- ------BAY COUNTY-------- DESCRIPTION OF COMMUNITIES WATERCOLOR WATERSOUND CAMP CREEK GOLF CLUB SUMMERWOOD HAMMOCKS As of June 30, 2001 YEAR SALES BEGIN 2000 2001 2003 1998 2000 YEAR OF COMPLETION 2009 2010 2003 2002 2006 ACRES IN COMMUNITY 499 256 1,203 79 143 TOTAL PLANNED UNITS Arvida Built 374 140 20 152 475 Retail Lots/Outside Builder 717 410 0 67 0 ------ ---- ------ ---- ---- TOTAL 1,091 550(E) 20 219 475 SALES, AS OF JUNE 30, 2001 Arvida Built 54 0 0 123 24 Retail Lots/Outside Builder 104 0 0 67 0 ------ ---- ------ ---- ---- TOTAL 158 0 0 190 24 REMAINING TO BE SOLD Arvida Built 320 140 20 29 451 Retail Lots/Outside Builder 613 410 0 0 0 ------ ---- ------ ---- ---- TOTAL 933 0 20 29 451 STABILIZED ABSORPTIONS 95 65 20 48 100 ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $400 - $1,000+ $900 - $1,000+ $325 $120 - 175 $90 - $150 LOT PRICING (IN THOUSANDS) $150 - $1,000+ $200 - $1,000+ AMENITIES Resort Resort 36 Holes of Golf Pool Tot lots Beach Club Beach Club Clubhouse Bike Paths Boat House Tennis Facility Tennis Facility Parks Pedestrian Trials ST. JOE/ARVIDA --------------------BAY COUNTY---------------------- DESCRIPTION OF COMMUNITIES BAY COUNTY LOT PROGRAM HUNTINGTON W. LAKE POWELL As of June 30, 2001 YEAR SALES BEGIN 2000 2001 2004 YEAR OF COMPLETION 2016 2005 2018 ACRES IN COMMUNITY 225 138 1,550 TOTAL PLANNED UNITS Arvida Built 0 268 1,145 Retail Lots/Outside Builder 447 0 755 ---- ---- ------ TOTAL 447 268 1,900(E) SALES, AS OF JUNE 30, 2001 Arvida Built 0 0 0 Retail Lots/Outside Builder 13 0 0 ---- ---- ------ TOTAL 13 0 0 REMAINING TO BE SOLD Arvida Built 0 268 1,145 Retail Lots/Outside Builder 434 0 755 ---- ---- ------ TOTAL 434 268 0 STABILIZED ABSORPTIONS 25 90 150 ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $95 - $150 $175 - 400+ LOT PRICING (IN THOUSANDS) $30 - $35 $105 - $120 AMENITIES None Pool 18 Holes of Golf Clubhouse Beach club (E) = ESTIMATED (1) = 50% JOINT VENTURE
10 --------------------------------------------------------------------------------- ST. JOE/ARVIDA ---------------GULF COUNTY--------------- ------------CAPITOL REGION----------- DESCRIPTION OF COMMUNITIES WINDMARK BEACH MEXICO BEACH WINDMARK SOUTHWOOD SUMMERCAMP AS OF JUNE 30, 2001 --------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ YEAR SALES BEGIN 2001 2003 2004 2000 2003 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ YEAR OF COMPLETION 2005 2015 2020 2020 2013 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ACRES IN COMMUNITY 80 946 810 3,770 750 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL PLANNED UNITS Arvida Built 2 150 0 2,707 350 Retail Lots/Outside Builder 109 615 1,600 1,543 150 ---- ---- ----- ----- ---- TOTAL 111 765(E) 1,600(E) 4,250 500(E) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ SALES, AS OF JUNE 30, 2001 Arvida Built 0 0 0 62 0 Retail Lots/Outside Builder 2 0 0 55 0 ---- ---- ----- ----- ---- TOTAL 2 0 0 117 0 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ REMAINING TO BE SOLD Arvida Built 2 150 0 2,645 350 Retail Lots/Outside Builder 107 615 1,600 1,488 150 ---- ---- ----- ----- ---- TOTAL 109 765(E) 1,600(E) 4,133 500(E) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ STABILIZED ABSORPTIONS 31 50 120 265 60 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) 250+ $115 - $300 $250 - $450+ LOT PRICING (IN THOUSANDS) $90 - $400+ $90 - $600+ 150+ $40 - $125 $75 - $250+ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ AMENITIES Beach club Beach club Beach club 18 holes of golf Beach club Community Dock Marina Marina Pedestrian trails Marina Aquatic facility Pedestrian trails Tennis facility Clubhouse(AA) Beach Club - ------------------------------------------------------------------------------------------------------------------------------------ ----------------------------------------------------------------------- ST. JOE/ARVIDA ---------------------------------------JACKSONVILLE-------------------- DESCRIPTION OF COMMUNITIES RIVER TOWN JAMES ISLAND ST. JOHN'S G. & C.C. HAMPTON PARK AS OF JUNE 30, 2001 ----------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- YEAR SALES BEGIN 2000 1999 2001 2001 - -------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- YEAR OF COMPLETION 2018 2003 2006 2004 - -------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- ACRES IN COMMUNITY 4,346 194 820 150 - -------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- TOTAL PLANNED UNITS Arvida Built 4,016 365 533 158 Retail Lots/Outside Builder 2,977 0 266 0 ----- ---- ---- ---- TOTAL 6,993 365 799 158 - -------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- SALES, AS OF JUNE 30, 2001 Arvida Built 0 234 75 0 Retail Lots/Outside Builder 22 0 44 0 ----- ---- ---- TOTAL 22 234 119 0 - -------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- REMAINING TO BE SOLD Arvida Built 4,016 131 458 158 Retail Lots/Outside Builder 2,955 0 222 0 ----- ---- ---- ---- TOTAL 6,971 131 680 158 - -------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- STABILIZED ABSORPTIONS N/A 90 140 70 - -------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) N/A $175 - $450 $175 - $350 $200 - $350 LOT PRICING (IN THOUSANDS) N/A $30 - $70 - -------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- AMENITIES Marina Tennis facility 18 holes of golf 18 holes of golf Pool Clubhouse Clubhouse Sports fields Aquatic facility Aquatic facility Tot lot Sports fields Sports fields Tot lots - -------------------------------------------------------------------------------------------------------------------------- (E) = ESTIMATED (1) = 50% JOINT VENTURE
11 -------------------------------------------------------------------------------------- ST. JOE/ARVIDA ---CENTRAL FLORIDA---- ---------SOUTH FLORIDA-------- (1) --MIDATLANTIC OPERATIONS- DESCRIPTION OF COMMUNITIES VICTORIA PARK PERICO JUPITER WOODS RIVERCREST INCLUDING SAUSSY BURBANK AS OF JUNE 30, 2001 -------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- YEAR SALES BEGIN 2001 2003 2002 2001 1999 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- YEAR OF COMPLETION 2011 2009 2006 2009 Ongoing - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- ACRES IN COMMUNITY 1,859 225 175 413 N/A - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL PLANNED UNITS Arvida Built 2,630 794 325 1,027 Retail Lots/Outside Builder 993 0 0 332 N/A ----- --- ---- ----- TOTAL 3,623 794 325 1,359 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- SALES, AS OF JUNE 30, 2001 Arvida Built 9 0 0 0 233 Retail Lots/Outside Builder 5 0 0 0 0 ----- --- ---- ----- ---- TOTAL 14 0 0 0 233 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- REMAINING TO BE SOLD Arvida Built 2,621 794 325 1,027 Retail Lots/Outside Builder 988 0 0 332 N/A ----- --- ---- ----- TOTAL 3,609 794 325 1,359 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- STABILIZED ABSORPTIONS 440 160 102 218 550 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $120 - $300 $270 - $450 $225 - $350 $90 - $200 $110 - $380 LOT PRICING (IN THOUSANDS) $45 - $75 $30 - $40 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- AMENITIES 18 holes of golf Beach club Pool Pool Varies By Clubhouse Fitness center Club House Club House Community Clubhouse(AA) Aquatic facility Sports fields Aquatic facility Tennis facility Tennis facility Sports fields Marina Tot lot - ----------------------------------------------------------------------------------------------------------------------------------- (E) = ESTIMATED (1) = 50% JOINT VENTURE