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) April 20, 2001 -------------------------- 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 Supplemental Information for the period ended March 31, 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 ending March 31, 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: April 20, 2001 By: /s/ Robert M. Rhodes -------------------------------------- Name: Robert M. Rhodes Title: Executive Vice President and General Counsel
1 SUPPLEMENTAL INFORMATION FOR THE PERIOD ENDING 3-31-01 [THE ST JOE COMPANY LOGO]
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. [The St. Joe Company Logo]
3 SUPPLEMENTAL INFORMATION - ST. JOE COMMERCIAL FOR THE PERIOD ENDING 3-31-01 [THE ST. JOE COMPANY LOGO]
4 ST. JOE COMMERCIAL LAND POSITIONS HELD FOR INVESTMENT MARCH 31, 2001 ($ IN THOUSANDS) ENTITLED ORIGINAL MARKET ACRES SQ. FT.(A) COST ------ ----- ---------- -------- SOUTHEAST - --------- Glenlake Atlanta, GA 18.2 850,000 Parkstone Plaza Chantilly, VA 19.1 240,000 Lakeside at Frisco Bridges Dallas, TX 60.3 1,458,000 3001 Knox Dallas, TX 2.5 245,000 Westchase Houston, TX 4.5 150,000 Oak Park at Westchase Houston, TX 54.9 1,460,000 ----- ---------- 159.5 4,403,000 ----- ---------- 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 223.2 5,444,500 $ 72,000 ===== ========== ======== (a) Excludes entitlements related to land parcels that have been developed.
5 ST. JOE COMMERCIAL PROJECTS UNDER DEVELOPMENT MARCH 31, 2001 CONSTRUCTION NET RENTABLE COMPLETION STABILIZATION MARKET OWNERSHIP % SQUARE FEET LEASED % DATE DATE ------ ----------- ------------ -------- ------------ ------------- SOUTHEAST - --------- CAREington Int'l. Dallas, TX 100% 74,000 100% 3Q/01 3Q/01 ------------ NORTHWEST FLORIDA - ----------------- Southwood(a) Tallahassee, FL 100% 88,000 0% 1Q/02 1Q/03 ------------ NORTHEAST FLORIDA - ----------------- TNT Logistics(a) Jacksonville, FL 100% 99,000 70% 1Q/02 3Q/02 Golfway Center (Tree of Life)(a) St. Augustine, FL 100% 69,000 75% 4Q/01 3Q/02 ------------ 168,000 ------------ SOUTH FLORIDA - ------------- IBM Boca Raton, FL 100% 160,000 100% 2Q/01 3Q/01 ------------ 160,000 ------------ TOTAL 490,000 ============ (a) Currently in predevelopment.
6 ST. JOE COMMERCIAL PORTFOLIO OF OPERATING PROPERTIES MARCH 31, 2001 ($ IN THOUSANDS) NET ANNUAL # OF RENTABLE LEASED NET OPERATING MARKET OWNERSHIP % BUILDINGS SQ. FT. PERCENTAGE INCOME(D) ------ ----------- --------- ------- ---------- ---------- INVESTMENT PROPERTY PORTFOLIO - ----------------------------- Prestige Place Clearwater, FL 100% 2 143,000 95% $ 5,439 Harbourside Clearwater, FL 100% 1 147,000 76% 1,315 Lakeview Tampa, FL 100% 1 125,000 94% 1,394 Palm Court Tampa, FL 100% 1 62,000 93% 618 Westside Corporate Center Plantation, FL 100% 1 100,000 95% 1,276 280 Interstate North Atlanta, GA 100% 1 126,000 92% 1,366 Southhall Center (a) Orlando, FL 100% 1 155,000 97% 1,948 -- ------- -- ------ 8 858,000 92% 13,356 -- ------- -- ------ DEVELOPMENT PROPERTY PORTFOLIO - ------------------------------ CNL Center Orlando, FL 50% 1 346,000 94% 6,500 (e)(f) Millenia Park One Orlando, FL 50% 1 158,000 85% 2,500 (e)(f) Alliance Bank Building(b) Orlando, FL 50% 1 71,000 86% 555 (e) NCCI(c) Boca Raton, FL 100% 1 290,000 100% 4,844 355 Alhambra Coral Gables, FL 45% 1 224,000 40% 4,966 (e)(f) Park Center Panama City, FL 100% 2 23,000 87% 197 Deerfield Commons I Atlanta, GA 40% 1 122,000 97% 1,767 (e) Westchase Corporate Center Houston, TX 93% 1 184,000 74% 2,500 (e)(f) -- --------- -- -------- 9 1,418,000 83% 23,829 -- --------- -- -------- TOTAL 17 2,276,000 86% $ 37,185 == ========= == ======== (a) Property acquired on April 2, 2001. (b) Property expected to be redeveloped. (c) Property sold on April 12, 2001. (d) Represents budgeted net operating income. (e) All information is shown at 100%. (f) Represents proforma net operating income at stabilization.
7 SUPPLEMENTAL INFORMATION - ARVIDA FOR THE PERIOD ENDING 3-31-01 [THE ST JOE COMPANY LOGO]
8 ------------------------------------------------------ ----------- ST. JOE/ARVIDA WALTON COUNTY DESCRIPTION OF COMMUNITIES WATERCOLOR WATERSOUND CAMP CREEK GOLF CLUB SUMMERWOOD As of March 31, 2001 ------------------------------------------------------ ----------- YEAR SALES BEGIN 2000 2001 2003 1998 YEAR OF COMPLETION 2009 2010 2003 2002 ACRES IN COMMUNITY 499 256 1,203 79 TOTAL PLANNED UNITS Arvida Built 374 140 20 152 Retail Lots/Outside Builder 766 410 0 67 ----- ---- ----- ---- TOTAL 1,140 550 20 219 SALES, AS OF MARCH 31, 2001 Arvida Built 36 0 0 112 Retail Lots/Outside Builder 77 0 0 67 ----- ---- ----- ---- TOTAL 113 0 0 179 REMAINING TO BE SOLD Arvida Built 338 140 20 40 Retail Lots/Outside Builder 689 410 0 0 ----- ---- ----- ---- TOTAL 1,027 550 20 40 STABILIZED ABSORPTIONS 95 65 20 48 ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $400 - $1,000+ $900 - $1,000+ $325 $120 - 175 LOT PRICING (IN THOUSANDS) $150 - $1,000+ $200 - $1,000+ AMENITIE Resort Resort 36 Holes of Golf Pool Beach Club Beach Club Boat House Tennis Facility Tennis Facility Parks Pedestrian Trails ------------------------------------------------------------------------------ BAY COUNTY WOODRUN HAMMOCKS BAY COUNTY LOT PROGRAM HUNTINGTON W. LAKE POWELL ------------------------------------------------------------------------------ YEAR SALES BEGIN 1998 2000 2000 2001 2004 YEAR OF COMPLETION 2001 2006 2016 2005 2018 ACRES IN COMMUNITY 25 143 225 138 1,550 TOTAL PLANNED UNITS Arvida Built 22 475 0 268 1,145 Retail Lots/Outside Builder 29 0 447 0 755 ---- ---- ---- --- ----- TOTAL 51 475 447 268 1,900 SALES, AS OF MARCH 31, 2001 Arvida Built 20 8 0 0 0 Retail Lots/Outside Builder 21 0 11 0 0 ---- ---- ---- --- ----- TOTAL 41 8 11 0 0 REMAINING TO BE SOLD Arvida Built 2 467 0 268 1,145 Retail Lots/Outside Builder 8 0 436 0 755 ---- ---- ---- --- ----- TOTAL 10 467 436 268 1,900 STABILIZED ABSORPTIONS 25 90 150 ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $225 $90 - $150 $95 - $150 $175 - 400+ LOT PRICING (IN THOUSANDS) $ 32 $30 - $35 $105 - $120 AMENITIES None Tot lots None Pool 18 Holes of Golf Bike Paths Beach club
9 CAPITOL GULF COUNTY REGION --------------------------------------------------------- ---------- ST. JOE/ARVIDA THE POINT AT ST JOE BEACH MEXICO BEACH SABAL BEACH SOUTHWOOD DESCRIPTION OF COMMUNITIES ------------------------------------------------------------------------------- AS OF MARCH 31, 2001 YEAR SALES BEGIN 2001 2003 2004 2000 YEAR OF COMPLETION 2005 2015 2020 2020 ACRES IN COMMUNITY 80 946 810 3,800 TOTAL PLANNED UNITS Arvida Built 1 150 0 2,707 Retail Lots/Outside Builder 111 615 1,600 1,543 --- ----- ----- TOTAL 112 765 1,600 4,250 SALES, AS OF MARCH 31, 2001 Arvida Built 0 0 0 34 Retail Lots/Outside Builder 0 0 0 31 --- --- ----- ----- TOTAL 0 0 0 65 REMAINING TO BE SOLD Arvida Built 1 150 0 2,673 Retail Lots/Outside Builder 111 615 1,600 1,512 --- ----- ----- TOTAL 112 765 1,600 4,185 STABILIZED ABSORPTIONS 31 50 120 265 ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) 250+ $115 - $300 LOT PRICING (IN THOUSANDS) $90 - $400+ $90 - $600+ 150+ $40 - $125 AMENITIES Beach club Beach club Beach club 18 holes of golf Marina Marina Marina Pedestrian trails Aquatic facility Tennis facility Clubhouse (AA) Beach Club CAPITOL REGION JACKSONVILLE -------------- ---------------------------------------------------------------- ST. JOE/ARVIDA SUMMERCAMP RIVERTOWN JAMES ISLAND ST. JOHN'S G. & C.C. HAMPTON PARK DESCRIPTION OF COMMUNITIES -------------------------------------------------------------------------------------- AS OF MARCH 31, 2001 YEAR SALES BEGIN 2003 2000 1999 2001 2001 YEAR OF COMPLETION 2013 2018 2003 2006 2004 ACRES IN COMMUNITY 750 4,346 194 820 150 TOTAL PLANNED UNITS Arvida Built 450 365 533 158 Retail Lots/Outside Builder 150 N/A 0 266 0 --- ----- --- --- --- TOTAL 600 365 799 158 SALES, AS OF MARCH 31, 2001 Arvida Built 0 0 209 33 0 Retail Lots/Outside Builder 0 21 0 25 0 --- ----- --- --- --- TOTAL 0 21 209 58 0 REMAINING TO BE SOLD Arvida Built 450 156 500 158 Retail Lots/Outside Builder 150 N/A 0 241 0 --- ----- --- --- --- TOTAL 600 156 741 158 STABILIZED ABSORPTIONS 60 N/A 90 140 70 ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $250 - $450+ N/A $175 - $450 $175 - $350 $200 - $350 LOT PRICING (IN THOUSANDS) $75 - $250+ N/A $30 - $70 AMENITIES Beach club Marina Tennis facility 18 holes of golf Marina 18 holes of golf Pool Clubhouse Pedestrian trails Clubhouse Sports fields Aquatic facility Aquatic facility Tot lot Sports fields Sports fields Tot lots
10 CENTRAL FLORIDA SOUTH FLORIDA MIDATLANTIC OPERATIONS ------------------------------------------------------------- ST. JOE/ARVIDA VICTORIA PARK JUPITER WOODS INCLUDING SAUSSY BURBANK DESCRIPTION OF COMMUNITIES ------------------------------------------------------------- AS OF MARCH 31, 2001 YEAR SALES BEGIN 2001 2001 1999 YEAR OF COMPLETION 2011 2006 Ongoing ACRES IN COMMUNITY 1859 175 N/A TOTAL PLANNED UNITS Arvida Built 2,630 326 Retail Lots/Outside Builder 993 0 N/A ----- --- TOTAL 3,623 326 SALES, AS OF MARCH 31, 2001 Arvida Built 2 0 99 Retail Lots/Outside Builder 3 0 0 ----- --- --- TOTAL 5 0 99 REMAINING TO BE SOLD Arvida Built 2,628 326 Retail Lots/Outside Builder 990 0 N/A ----- --- TOTAL 3,618 326 STABILIZED ABSORPTIONS 440 102 400+ ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $120 - $300 $225 - $350 $110 - $380 LOT PRICING (IN THOUSANDS) $45 - $75 AMENITIES 18 holes of golf Pool Varies By Clubhouse Club House Community Clubhouse (AA) Aquatic facility Sports fields Note: Some of the projects discussed above are in various stages of planning and development and some have not obtained all of the necessary development permits and entitlements.