1 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) October 23, 2000 ------------------------------- The St. Joe Company - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Florida - -------------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-10466 59-0432511 - -------------------------------------------------------------------------------- (Commission File Number) (IRS Employer Identification No.) 1650 Prudential Drive, Suite 400, Jacksonville, FL 32207 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (904) 396-6600 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) N/A - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 9. REGULATION FD DISCLOSURE ------------- The purpose of this Form 8-K is to furnish an Analyst Presentation, dated October 23, 2000. A copy of the Presentation is furnished with this Form 8-K as Exhibit 99.1 and is incorporated by reference.
2 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS 99.1 Analyst Presentation, dated October 23, 2000. 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 By: /s/ Robert M. Rhodes -------------------------------------- Dated: October 23, 2000 Name: Robert M. Rhodes Title: Executive Vice President and General Counsel
1 EXHIBIT 99.1 [PHOTO] FORWARD-LOOKING STATEMENT Certain matters discussed in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risk and uncertainty, and there can be no assurance that the results described in such forward-looking statements will be realized. For example, discussions regarding the size and number of commercial buildings, residential units, development timetables, development approvals and the ability to obtain approvals, anticipated price ranges of developments, the number of units that can be supported upon full build-out of development, the number and price of anticipated land sales, and the absorption rate and expected gain on land sales are forward-looking statements. Such statements are based on current expectations and are subject to certain risks. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, the company's actual performance may differ materially from that indicated or suggested by any forward-looking statement contained in this presentation. Additional risk factors that may cause actual results to differ materially from those expressed in forward-looking statements contained in this press release are described in various documents filed by the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 1999. 1
2 For 60 years, The St. Joe Company bought land. For the past three years, we have been working to increase its VALUE. Today, St. Joe represents one of the most exciting investment opportunities in the real estate industry... or any other industry. 2
3 It's about scarcity, demand, and value creation. SCARCITY - - 80 percent of Floridians live within 10 miles of the coast. - - A significant portion of that land is already developed. [MAP] (Source: Florida Trend; BEBR, Univ. of Florida; ESRI; United States Government; State of Florida; U.S. Census Bureau) 3
4 SCARCITY Scarcity of beachfront is pushing up value of near-coast waterfront. With rapidly diminishing supply, Southeast beachfront lot prices are increasing dramatically. [GRAPH] (Source: Real Estate Information Services; Permar & Ravenal, Inc. May 2000; beachfront average for Naples, Kiawah, Sea Pines, Rosemary Beach and Destiny. Near beach waterfront average is for Kiawah.) DEMAND 72,000,000 Baby Boomers: many in transition and on the move. 4
5 DEMAND Over the next 10 years more Boomers will move to Florida than any other state creating unprecedented demand. (Source: U.S. Census Bureau; BEBR, University of Florida; Rosen Consulting) DEMAND In the first decade of the new millennium, almost 10 percent of U.S. growth will be in Florida. (Source: U.S. Census Bureau; BEBR, University of Florida; Rosen Consulting) 5
6 ST. JOE HAS LAND St. Joe owns approximately 1,000,000 acres - 50,000 coastal acres - 39 miles of coastline - 5 miles of white-sand beaches - 256 miles of near-coast waterfront - Hundreds of thousands of outdoor recreation acres - Estimated cost per acre: $100 St. Joe has a significant portion of coastal Florida left to develop. ST. JOE HAS THE SKILL St. Joe has the place-making skills that create value and push value inland. 6
7 ST. JOE IS CREATING INVENTORY 11,000 housing units with complete regulatory approvals in hand. And much more coming. (A 10-Year inventory depending on absorption rate.) ST. JOE KNOWS THE MARKET St. Joe participates in a Florida real estate transaction every 5 minutes of every working day. (on average) 7
8 OPPORTUNITY Scarcity, demand and St. Joe have converged to create a new opportunity in Florida's Great Northwest. OPPORTUNITY It's a brand new Florida... And every part of St. Joe is working to turn that opportunity into reality. 8
9 [PHOTO] BABY BOOMER DEMAND A great migration of people and wealth is underway. 9
10 BABY BOOMER DEMAND Historically, the median age of second home buyers is 43 and their spending power peaks at age 46. [GRAPH] (Source: H.S. Dent Foundation; Roper Starch Worldwide; The Wall Street Journal, May 9, 2000) BABY BOOMER DEMAND 4.7 million people turn 40 this year - more than at any time in history with new records coming year after year... [GRAPH] (Source: US News & World Report, H.S. Dent Foundation) 10
11 BABY BOOMER DEMAND This massive Baby Boomer generation -- currently people between the ages of 36 and 54 -- is driving demand and prices for vacations and second homes to new heights. [GRAPH] (Source: H.S. Dent Foundation; The Wall Street Journal, May 9, 2000) BABY BOOMER DEMAND Real estate buyers are usually visitors first. [GRAPH] (Source: Rosen Consulting) 11
12 BABY BOOMER DEMAND Florida continues to attract more Baby Boomers than any other state, keeping population growth well above the national average. [GRAPH] (Source: U.S. Census, Rosen Consulting) BABY BOOMER DEMAND 550 move to Florida every day, and they are buying homes. [GRAPH] (Source: Florida Trend, Rosen Consulting, data Includes Single Family, Apt. Condos, and Co-ops) 12
13 BABY BOOMER DEMAND Florida ranks first over California and Texas in new homes. 1999 RESIDENTIAL PERMITS Rank State Nov - 99 1. FLORIDA 143,800 2. Texas 134,611 3. California 122,958 4. Georgia 83,692 5. North Carolina 78,884 6. Arizona 58,917 7. Ohio 52,691 8. Michigan 49,599 9. Illinois 49,430 10. Virginia 49,060 (Source: Rosen Consulting) BABY BOOMER DEMAND They are coming younger, healthier and wealthier. [GRAPH] (Source: Rosen Consulting) 13
14 BABY BOOMER DEMAND Florida's population growth is translating into new jobs and demand for new places to work. [GRAPH] (Source: Bureau of Labor Statistics) BABY BOOMER DEMAND Florida's economic growth is diverse and broad-based. RANK METROPOLITAN AREA DEC. 1999 LAST 3 MONTHS (ANNUALIZED) 1. Las Vegas, NV 6.3% 6.2% 2. Atlanta, GA 5.5% 8.3% 3. Tucson, AZ 5.4% 6.2% 4. TAMPA, FL 5.4% 6.2% 5. WEST PALM BEACH, FL 5.3% 2.7% 6. Austin, TX 5.1% 6.5% 7. Charleston, SC 5.0% 3.6% 8. ORLANDO, FL 4.5% 4.9% 9. SARASOTA, FL 4.1% 2.8% 10. Fort-Worth, TX 4.1% 3.6% 11. Columbia, SC 3.7% 1.1% 12. Riverside, CA 3.7% 3.5% 13. Richmond, VA 3.5% 3.9% 14. Dallas, TX 3.4% 2.8% 15. JACKSONVILLE, FL 3.4% 2.9% MSA EMPLOYMENT GROWTH - 5 OF THE TOP 15 SMSA'S ARE IN FLORIDA RANKED BY YEAR OVER YEAR PERCENTAGE GROWTH (Source: Rosen Consulting) 14
15 [PHOTO] LARGE-SCALE DEVELOPMENT OPPORTUNITIES - - Florida is the nation's fourth largest state with projections taking it to number three - - The 10-mile coastal zone already contains 80 percent of Florida's population - - A large part of that coastal zone is already developed - - Scores of government entities have huge holdings in Florida and environmentally sensitive land cannot be developed - - Only a small portion of coastal Florida remains available for large-scale development [MAP] (Source: ESRI, Florida Natural Areas Inventory, Florida Trend, Rosen Consulting) 15
16 LARGE-SCALE DEVELOPMENT OPPORTUNITIES - - Most of that is owned by St. Joe - - St. Joe also owns hundreds of thousands of acres outside this coastal zone suitable for outdoor recreation and timber. [MAP] (Source: ESRI, Florida Natural Areas Inventory, Florida Trend, Rosen Consulting) LARGE-SCALE DEVELOPMENT OPPORTUNITIES The size of the St. Joe's land holdings is approximately the same as the developed area from: - - Ft. Pierce to Coral Cables - - The size of Long Island, New York [MAP] 16
17 LARGE SCALE DEVELOPMENT OPPORTUNITY St. Joe owns a significant portion of the remaining developable coastal lands in Florida. The Ft. Myers Model: For Growth in Florida's Great Northwest 17
18 THE FT. MYERS MODEL In the late 1970's, Ft. Myers and Southwest Florida were sleepy and remote. [PHOTO] (Source: Fishkind & Associates) THE FT. MYERS MODEL After the construction of Interstate 75 and the Southwest Florida Regional Jetport, the Ft. Myers MSA grew at an astonishing rate. [PHOTO] (Source: EDAW) 18
19 THE FT. MYERS MODEL The Ft. Myers economy doubled in size, then doubled again... and keeps on growing. Real Taxable Sales [GRAPH] (Source: EDAW; BEBR, University of Florida, data in millions of 1992 dollars; Florida Department of Revenue) THE FT. MYERS MODEL Population growth in Ft. Myers far outpaced the state and nation. Permanent Population Growth [GRAPH] Permanent Households [GRAPH] (Source: EDAW; BEBR, University of Florida; Bureau of Economic Analysis, U.S. Department of Commerce) 19
20 THE FT. MYERS MODEL Southwest Florida Regional Jetport became the nation's fastest growing airport. Total Enplanements [GRAPH] (Source: Lee County Port Authority) THE FT. MYERS MODEL Today, Northwest Florida and Panama City are better positioned for growth than Fort Myers was in 1975. - Population - Demographics - Economic base [PHOTO] Panama City - Ft. Myers 20
21 THE FT. MYERS MODEL Panama City is much closer to feeder markets. [MAP] (Source: EDAW, Fishkind Associates) THE FT. MYERS MODEL The number of people and households in Panama City today is equivalent to those in Ft. Myers 1975. [GRAPH] (Source: EDAW; Fishkind & Associates; BEBR, University of Florida - Northwest Florida Fort Myers MSA) 21
22 THE FT. MYERS MODEL Compared with Ft. Myers 1975, Panama City's population today is more concentrated in their prime economic years. Panama City 2000 today has larger service sector than Fort Myers 1975. Percent of Population 20-55 Years of Age [GRAPH] (Source: EDAW; Fishkind & Associates; BEBR, University of Florida - Northwest Florida Fort Myers MSA) THE FT. MYERS MODEL The average Panama City 2000 resident earns 33 percent more today (after adjusting for inflation) than his/her counterpart in Ft. Myers 1975. Panama City 2000 has a larger labor force than Fort Myers 1975. Real Per Capita Income [GRAPH] (Source: EDAW; Fishkind & Associates; BEBR, University of Florida, data in thousands of 1992 dollars - Northwest Florida Fort Myers MSA) 22
23 THE FT. MYERS MODEL Infrastructure improvements helped fuel Ft. Myers growth. - - After 1975, the expansion of Ft. Myers airport, the extension of I-75, and the creation of health care, tourism, and other amenities improved the economic vibrancy of the SW Florida area. Total Passengers [GRAPH] (Source: Federal Aviation Administration) THE FT. MYERS MODEL Expensive. Nice. And, from a large scale real estate development perspective: DONE. [PHOTO] Enter St. Joe and Florida's Great Northwest 23
24 [PHOTO] PLACE-MAKING People have demonstrated a willingness to pay a premium for true places. 24
25 PLACE-MAKING Place-making creates value. - True places are unique. - True places have their own personality, character and feel. - True places can't be recreated anywhere else. FLORIDA'S GREAT NORTHWEST The region has critical mass in place. [PHOTO] - Population of 600,000 - 9 million visitor nights annually - 3 airports with commercial airline service - Interstate Highway I-10 - Broadband backbone - World class water and outdoor recreation Some of the most beautiful beaches on the planet 25
26 ST. JOE'S GREAT NORTHWEST [PHOTO] - 1,000,000 acres - 39 miles of Gulf of Mexico coast - 256 miles of waterfront INFRASTRUCTURE IMPROVEMENTS FUEL GROWTH - - Proposed highway system to link region with proposed Panama City airport and markets in other parts of the country. - - Infrastructure enhances value of land holdings: - Airports - Highways - Healthcare - Education [MAP] (St. Joe Proposal) 26
27 FLORIDA'S GREAT NORTHWEST - - In August 2000, the FAA approved a feasibility study recommending moving the Panama City-Bay County Int'l Airport - - Site selection by year-end - - One of the sites being considered is an area almost entirely owned by St. Joe [MAP] (St. Joe Proposal) [PHOTO] 27
28 FLORIDA'S GREAT NORTHWEST - - Cost to develop approximately $9 million - - Revenue upon completion approximately $38 million - - Provided early indication of: - value of land - value creation potential [THE RETREAT LOGO] [MAP] The Retreat FLORIDA'S GREAT NORTHWEST - - The Retreat provided a hint of the value potential in Florida's Great Northwest. [THE RETREAT LOGO] [PHOTO] The Retreat 28
29 FLORIDA'S GREAT NORTHWEST - - If the Retreat provided the appetizer... - - WaterColor is the entree - - Approvals in place for all residential development - - Lot sales began 2Q 2000 - - Earnings start now [WATERCOLOR LOGO] [PHOTO] WaterColor FLORIDA'S GREAT NORTHWEST - - 499-acre resort community with WaterColor Inn - - 1,100 homes - - Beach club, boathouse, aquatic center, tennis, fitness facility, open areas and parks [WATERCOLOR LOGO] [PHOTO] WaterColor 29
30 FLORIDA'S GREAT NORTHWEST - - First phase: 212 residences and 20,000 square feet of commercial space - - First release (April 2000): 24 lots and 4 Town Center residences contracted - - First day of sales: Deposits for units worth $8.6 million [WATERCOLOR LOGO] [PHOTO] WaterColor FLORIDA'S GREAT NORTHWEST - - Second release (Aug 2000): 22 premium Gulf-front residential units sold at an average price of $1.22 million - - First beachfront lot sold for $28,333 a front foot [WATERCOLOR LOGO] [PHOTO] WaterColor 30
31 FLORIDA'S GREAT NORTHWEST BEACHFRONT LOT SALES [GRAPH] PLACE-MAKING - - Seaside, the 80-acre built-out community adjacent to WaterColor, provides a foundation for value creation - - Nice - - Expensive - - Done - - WaterColor's 499 acres wraps around Seaside SEASIDE [PHOTO] [PHOTO] Seaside 31
32 PLACE-MAKING - - Integrated into WaterColor - - Small, upscale luxury hotel - - Located on some of the most beautiful beaches in the world - - Construction starts scheduled for Summer 2000; expected completion 2002 [WATERCOLOR INN LOGO] [PHOTO] WaterColor Inn PLACE-MAKING - - More than a mile of stunning white sand beachfront - - First Tom Fazio championship golf course nearing completion - - Begins contributing modestly in 2Q 2001 WATERSOUND [PHOTO] WaterSound 32
33 PLACE-MAKING - - 325-acre residential and resort community - - Luxury beachfront and lakefront condos - - Along with single-family cottages; complements WaterColor WATERSOUND [PHOTO] WaterSound PLACE-MAKING - - Beachfront retail, dining and entertainment master-planned development - - Over 9 million annual visitor nights - - Phase one projected to begin in 2001 PIER PARK [PHOTO] Panama City Beach 33
34 PLACE-MAKING - - Tallahassee, Florida - - Land for 4,250 homes on 3,800 acres - - Commercial and retail space - - Begins contributing to earnings in 2Q 2001 [SOUTHWOOD LOGO] [PHOTO] Tallahassee GREAT NORTHWEST OPPORTUNITIES Additional beachfront and near-beach opportunities coming in 2003 and beyond: - Mexico Beach - St. Joe Beach - SummerCamp - Lake Powell - Commercial and industrial region-wide 34
35 MORE FLORIDA OPPORTUNITIES - - Planning underway for 4,300 acres - - South of Jacksonville in path of growth - - 4 miles of riverfront along the most beautiful parts of the river - - Contracts for sale on 12 riverfront lots expected to close 4Q 2000 - - 10 additional lots to be released for sale in 4Q 2000 [RIVERTOWN LOGO] [PHOTO] St. Johns County MORE FLORIDA OPPORTUNITIES - - Located near Orlando - - 1,859-acre mixed-use planned community - - 4,000 single-family homes - - Championship golf course - - Begins contributing to earnings in second half of 2001 VICTORIA PARK [PHOTO] De Land 35
36 MORE FLORIDA OPPORTUNITIES - - 3-story, 310,000 SF Class-A, suburban office building - - Sale expected 4Q 2000/ 1Q 2001 NCCI [PHOTO] Boca Raton MORE FLORIDA OPPORTUNITIES - - Premier 1.2-acre site in Coral Gables - - Sale planned after lease-up - - 16-story, 224,000 SF class-A office tower 355 Alhambra [PHOTO] Coral Gables 36
37 [PHOTO] OPPORTUNITIES St. Joe owns a significant portion of the remaining private developable coastal lands in Florida. Scarcity, demand and St. Joe have converged to create a new opportunity in Florida's Great Northwest. And every part of St. Joe is working to turn that opportunity into reality. [MAP] (Source: ESRI, Florida Natural Areas Inventory, Florida Trend, Rosen Consulting) 37
38 EXECUTING OUR STRATEGY - - Real estate development focus - Arvida - Arvida Realty Services - St. Joe Commercial - Advantis - St. Joe Hospitality Development - - St. Joe then and now - - Completed disposition and transfer of Storehouse - - Value transformation, creation and realization of: - Timberland - Conservation Land - St. Joe Land - - Summary of early results [PHOTO] [PHOTO] St. Joe Then and Now: Progress and Transformation in One Year 38
39 ST. JOE - THEN 1998 Annual Report Message: "Two St. Joe's" - Real Estate Operating Company - Storehouse of Value Businesses [PHOTO] ST. JOE - THEN Strategic issues from the Storehouse assets: - Complex business mix - Difficult to understand - Need to realize "locked up" asset values - Need to rationalize capital and ownership structure 39
40 PROGRESS SINCE THEN Monetizing the Storehouse - - Sugar - Sold in 1999 for $153 million - - Timber - Sold 13,275 acre Sumatra tract in July 1999 for $743 per acre - - Equity Securities - forward sale 4Q 1999 - - Spun off equity interest in FLA to shareholders 10/9/00 - - Announced the sale of several large tracts of land for conservation, including 8,840 acres to the State of Florida for $16.2 million and a contract to sell 15,505 acres of Georgia swampland to The Nature Conservancy for $30 million [PHOTO] ST. JOE - NOW Annual report today: "Say goodbye to the `Storehouse of Value' businesses." - Real Estate Operating Company - Sharply improving profitability and prospects - Formed St. Joe Land Company in conjunction with land and timber management strategy to transform, create and realize value [PHOTO] 40
41 ST. JOE NON-COASTAL TIMBER HOLDINGS Total of 914,409 acres - - Major efforts underway to reallocate to highest and best use. Northwest Florida St. Joe Land Classification [MAP] (Classifications may change) LAND HOLDINGS - STRATEGY EVOLUTION Pre - 1997 Managed all land for timber - Principally to supply pulp to the Port St. Joe paper mill - The Port St. Joe mill was sold in 1996 for $323 million - It saved production during a pricing low point - It helped our forest age and grow toward higher product value - It removed a horrible smell from our beaches [PHOTO] 41
42 LAND HOLDINGS - STRATEGY EVOLUTION 1997 to mid -1999 - - Managed timberlands for periodic income and to increase value of planted timber - - Prepared for bulk sales of timberlands - Worldwide decline of pulp prices - Glut of timber for sale in Southeast - 1998 closure of Port St. Joe mill - Eliminated 1.8 million tons of annual consumption - Created huge local supply/demand imbalance for production and infrastructure [PHOTO] TIMBERLAND PROCESS Increase local demand for timber - - Major forest products company purchased tract in St. Joe timber holdings - New OSB mill site - Opening expected late 2002 - Consumption projected at 900,000 tons per year - St. Joe contracted to supply 450,000 tons - Expected to supply total of 600,000 tons - Smurfitt Panama City Mill - Proposed multi-year contract to deliver 750,000 tons annually [PHOTO] [PHOTO] 42
43 CONSERVATION LANDS PROGRESS - - Hired respected Conservation Land expert from The Nature Conservancy to manage disposition of St. Joe's conservation land - - Florida's Document Stamp Tax has generated funds for the purchase of environmental land [PHOTO] CONSERVATION LANDS PROGRESS - - Florida's Conservation and Recreational Land (CARL) list identifies priorities for purchase by the state - St. Joe owns 10 of the top 50 parcels - - Currently, St. Joe has activity underway to sell additional parcels totaling over 80,000 acres in 2001 and 2002 - 88 thousand acres in various stages of preparation or negotiation - Closings started in 3Q 2000 and will continue in 2001 and 2002 [PHOTO] [PHOTO] 43
44 THE ST. JOE LAND COMPANY Strategic Principles - - Maximize value - Neighbors - Secluded home-sites - Ranches - Quail plantations - Fishing camps - Commercial uses - - Use St. Joe Timberland Company to enhance value of land for sale - - Create internal competition with St. Joe Conservation Land sales to engender highest value - - Create external competition and more buyers through division of major tracts [PHOTO] [PHOTO] ST. JOE LAND PROGRESS - - 4Q 1999 generated pretax gains of $3.1 million - - 1Q 2000 sales generated pretax gains of $17.9 million, including sale of 3,600 acres at $3,200 per acre to Ted Turner - - 2Q 2000 sales generated pretax gains of $14.7 million - - 3Q 2000 sales generated pretax gains of $9.6 million - - Increase acreage for sale by St. Joe Land Company 44
45 EXHIBIT 99.1 ST. JOE LAND PROSPECTS Key Objectives - 300,000 - 500,000 acres to The St. Joe Land Company - Year-end 2000: $100 million of product listed - Year-end 2001: $200 million of product listed
46 EARLY RESULTS [PHOTO] 45
47 NET EBITDA PER SHARE - CONSOLIDATED [GRAPH] Sale of Conservation Lands
48 NET EBITDA PER SHARE - JOE ONLY [GRAPH] Sale of Conservation Lands 46
49 NET EBITDA - JOE ONLY AS REPORTED ($ in millions) [GRAPH] Sale of Conservation Lands
50 NET EBITDA PER SHARE - JOE ONLY Excludes Sugar & Transportation [GRAPH] Sale of Conservation Lands 47
51 NET EBITDA GUIDANCE - JOE ONLY - 4Q 2000 - Comfortable with analysts estimates of $0.32 to $0.33 per share - 2001 - Strong results fueled by increased sales volume at residential real estate operations in Northwest Florida and strong sales at St. Joe Land Company - Our goal is to repurchase, on average, over a million shares per quarter over the next several quarters All projections exclude conservation land sales.
52 STOCK REPURCHASE Total Stock Purchase Program through September 30, 2000 Pre-Spin Pre-Spin Shares Average Price Total Cost Authorization Purchased Per Share (in millions) - -------------- ----------- ------------- ------------- Authorization 1 6,485,311 $23.13 $150.0 Authorization 2 636,955 $27.95 $ 17.8 Total 7,122,266 $23.56 $167.8 STOCK BUYBACK - - First program - $150 million starts 2Q 1998 - - Finishes 1Q 2000 - - Second program - $150 million starts 1Q 2000 PLANS - - On average, repurchased over one million shares per quarter over the next several quarters 48
53 YTD PRICE PERFORMANCE JOE vs. Indices (through October 16) [GRAPH]
54 APPENDIX A ARVIDA COMMUNITY DEVELOPMENT [PHOTO] 49
55 ST. JOE/ARVIDA RESIDENTIAL (As of September 30, 2000) WALTON COUNTY BAY COUNTY CampCreek WaterColor WaterSound North Summerwood Woodrun Hammocks - ---------------------------------------------------------------- ---------------------------------------------- Year Sales Started 2000 2001 2003 1998 1998 2000 - ---------------------------------------------------------------- ---------------------------------------------- Year of Completion 2010 2010 2003 2002 2001 2006 - ---------------------------------------------------------------- ---------------------------------------------- Acres in Community 499 256 1203 79 25 143 - ---------------------------------------------------------------- ---------------------------------------------- Total Planned Units Arvida Built 410 140 20 152 24 475 Retail Lots/Outside Builder 678 410 -- 67 27 -- -------- -------- -------- -------- -------- -------- Total 1088 550 20 219 51 475 - ---------------------------------------------------------------- ---------------------------------------------- Remaining to Be Sold Arvida Built 365 TBD 20 66 5 465 Retail Lots/Outside Builder 597 TBD -- -- 16 -- -------- -------- -------- -------- -------- Total 962 20 66 21 465 - ---------------------------------------------------------------- ---------------------------------------------- Average Expected House Price $695,000 TBD $335,000 $145,000 $225,000 $130,000 - ---------------------------------------------------------------- ---------------------------------------------- Average Expected Lot Price $275,000 $320,000 $ 30,000 - ---------------------------------------------------------------- ---------------------------------------------- Amenities Resort Resorts 36 holes of Pool None Tot lots Beach club Beach club golf Bike paths Boat house Tennis courts Tennis courts BAY COUNTY Bay Cty W. Lake Lot Program Huntington Powell Year Sales Started 2000 2001 2004 - ---------------------------------------------------------------------------------------- Year of Completion 2016 2005 2018 - ---------------------------------------------------------------------------------------- Acres in Community 225 138 1550 - ---------------------------------------------------------------------------------------- Total Planned Units Arvida Built -- 268 1145 Retail Lots/Outside Builder 447 -- 755 -------- ------------- ------- Total 447 268 1900 - ---------------------------------------------------------------------------------------- Remaining to Be Sold Arvida Built -- 268 1145 Retail Lots/Outside Builder 432 -- 755 -------- ------------ ------- Total 432 268 1900 - ---------------------------------------------------------------------------------------- Average Expected House Price $130,000 $260,000 - ---------------------------------------------------------------------------------------- Average Expected Lot Price $ 30,000 $130,000 - ---------------------------------------------------------------------------------------- Amenities None Pool 18 holes of golf Beach club (ST. JOE LOGO) A-1
56 ST. JOE/ARVIDA RESIDENTIAL (CONT.) (As of September 30, 2000) GULF COUNTY CAPITAL REGION Dixie Bell Curve Mexico Beach St. Joe Beach SouthWood SummerCamp - ----------------------------------------------------------------------------------------------------------------------------------- Year Sales Started 2001 2003 2004 2000 2003 - ----------------------------------------------------------------------------------------------------------------------------------- Year of Completion 2005 2015 2020 2020 2013 - ----------------------------------------------------------------------------------------------------------------------------------- Acres in Community 80 946 810 3,200 750 - ----------------------------------------------------------------------------------------------------------------------------------- Total Planned Units Arvida Built 1 150 -- 2707 450 Retail Lots/Outside Builder 111 615 1600 1543 150 -------- -------- -------- -------- -------- Total 112 765 1600 4250 600 - ----------------------------------------------------------------------------------------------------------------------------------- Remaining to Be Sold Arvida Built 1 150 -- 2686 450 Retail Lots/Outside Builder 111 615 1600 1528 150 -------- -------- -------- -------- -------- Total 112 765 1600 4214 600 - ----------------------------------------------------------------------------------------------------------------------------------- Average Expected House Price $965,000 $400,000 $200,000 $400,000 - ----------------------------------------------------------------------------------------------------------------------------------- Average Expected Lot Price $245,000 $290,000 $160,000 $ 80,000 $185,000 - ----------------------------------------------------------------------------------------------------------------------------------- Amenities Beach club Beach club Beach club 18 holes of golf Beach club Marina Marina Marina Pedestrain trails Marina Florida Wild Florida Wild Florida Wild Aquatic facility Pedestrain trails Tennis facility Clubhouse (AA) Beach club JACKSONVILLE RiverTown James Island St. John's G & CC Hampton Park - ----------------------------------------------------------------------------------------------------------- Year Sales Started 2000 1999 2000 2001 - ----------------------------------------------------------------------------------------------------------- Year of Completion 2018 2003 2006 2004 - ----------------------------------------------------------------------------------------------------------- Acres in Community 4,346 194 820 150 - ----------------------------------------------------------------------------------------------------------- Total Planned Units Arvida Built TBD 365 533 158 Retail Lots/Outside Builder TBD -- 266 -- -------- -------- -------- Total 365 799 158 - ----------------------------------------------------------------------------------------------------------- Remaining to Be Sold Arvida Built TBD 191 511 158 Retail Lots/Outside Builder TBD -- 256 -- -------- -------- -------- Total 191 767 158 - ----------------------------------------------------------------------------------------------------------- Average Expected House Price $270,000 $250,000 $270,000 - ----------------------------------------------------------------------------------------------------------- Average Expected Lot Price $ 47,500 - ----------------------------------------------------------------------------------------------------------- Amenities Marina Tennis courts 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 (ST. JOE LOGO) A-2
57 ST. JOE/ARVIDA RESIDENTIAL (CONT.) (As of September 30, 2000) CENTRAL FLORIDA MID ATLANTIC Victoria Park Perico - ----------------------------------------------------------------------------------------------- Year Sales Started 2000 2003 2000 - ----------------------------------------------------------------------------------------------- Year of Completion 2011 2009 2008 - ----------------------------------------------------------------------------------------------- Acres in Community 1,859 225 674 - ----------------------------------------------------------------------------------------------- Total Planned Units Arvida Built 2,624 794 -- Retail Lots/Outside Builder 984 -- 2,316 -------- -------- ------- Total 3,608 794 2,316 - ----------------------------------------------------------------------------------------------- Remaining to Be Sold Arvida Built 2,624 794 -- Retail Lots/Outside Builder 984 -- -- -------- -------- Total 1,000 794 - ----------------------------------------------------------------------------------------------- Average Expected House Price $180,000 $600,000 - ----------------------------------------------------------------------------------------------- Average Expected Lot Price $ 60,000 $37,000 - ----------------------------------------------------------------------------------------------- Amenities 18 holes of golf Beach club Pools Clubhouse Fitness Center Clubhouses Clubhouse (AA) Aquatic facility Sports fields Aquatic facility Tennis facility Pedestrian trails Sports field Marina (ST. JOE LOGO) A-3