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) | February 13, 2001 | |
|
|
The St. Joe Company
Florida
| 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
N/A
ITEM 9. REGULATION FD DISCLOSURE
| The purpose of this Form 8-K is to furnish Supplemental Information for the period ended December 31, 2000. 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 December 31, 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 | |||||||||||||
| Dated: February 13, 2001 | By: | /s/ Robert M. Rhodes | |||||||||||
| Name: Title: |
Robert M. Rhodes Executive Vice President and General Counsel |
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1 EXHIBIT 99.1 Supplemental Information For the Period Ending 12-31-00 [THE ST JOE COMPANY LOGO] 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.
2 Supplemental Information - St. Joe Commercial For the Period Ending 12-31-00 [THE ST JOE COMPANY LOGO]
3 ST. JOE COMMERCIAL MAJOR LAND POSITIONS HELD FOR INVESTMENT DECEMBER 31, 2000 ($ in thousands) ENTITLED ORIGINAL MARKET ACRES SQ. FT. COST ----------------- ----- --------- -------- SOUTHEAST Glenlake Atlanta, GA 18.1 850,000 Parkstone Plaza Chantilly, VA 19.1 240,000 Lakeside at Frisco Bridges Dallas, TX 60.2 1,458,000 3001 Knox Dallas, TX 2.6 245,000 Westchase Houston, TX 4.5 150,000 Oak Park at Westchase Houston, TX 54.9 1,460,000 ----- --------- 159.4 4,403,000 ----- --------- NORTHEAST FLORIDA Golfway Center St. Augustine, FL 23.3 140,000 ----- --------- CENTRAL FLORIDA Millenia Park Orlando, FL 24.5 592,000 ----- --------- SOUTH FLORIDA Beacon Square at Boca Boca Raton, FL 18.3 282,000 ----- --------- TOTAL 225.5 5,417,000 $ 75,000 ===== ========= ========
4 ST. JOE COMMERCIAL DEVELOPMENT PROJECTS UNDER DEVELOPMENT OWNED BY ST. JOE AND AFFILIATES DECEMBER 31, 2000 CONSTRUCTION NET RENTABLE COMPLETION STABILIZATION MARKET OWNERSHIP % SQUARE FEET PRE-LEASED % DATE DATE ----------------- ----------- ------------ ------------ ------------ ------------- SOUTHEAST CAREington Int'l. Dallas, TX 100% 74,000 100% 3Q/01 3Q/01 ------- NORTHEAST FLORIDA TNT Logistics(1) Jacksonville, FL 100% 99,000 67% 1Q/02 3Q/02 Golfway Center (Tree of Life)(1) St. Augustine, FL 100% 69,000 72% 4Q/01 3Q/02 ------- 168,000 ------- SOUTH FLORIDA 355 Alhambra Coral Gables, FL 45% 224,000 32% 1Q/01 2Q/02 IBM Boca Raton, FL 100% 160,000 100% 2Q/01 3Q/01 ------- 384,000 ------- TOTAL 626,000 ======= (1) Currently in predevelopment.
5 ST. JOE COMMERCIAL PORTFOLIO OF OPERATING PROPERTIES - LEASING EXPIRATIONS DECEMBER 31, 2000 ---------------------------------------------- NET LEASE EXPIRATIONS RENTABLE LEASED ---------------------------------------------- MARKET OWNERSHIP % SQ. FT. PERCENTAGE 2001 2002 2003 2004 2005 --------------- ----------- --------- ---------- ------ ------ ------ ------ ------- SOUTHEAST Deerfield Commons I Atlanta, GA 40% 121,000 85% -- -- -- -- 103,231 Westchase Corporate Center Houston, TX 93% 184,000 70% -- -- -- -- 92,680 --------- ---- 305,000 76% --------- ---- NORTHWEST FLORIDA Park Center Panama City, FL 100% 23,000 93% 10,610 9,590 1,079 -- -- --------- ---- CENTRAL FLORIDA CNL Center Orlando, FL 50% 346,000 80% -- -- 2,302 -- 16,815 Millenia Park One Orlando, FL 50% 158,000 85% -- -- -- -- 43,851 Prestige Place Clearwater, FL 100% 143,000 95% 12,134 17,457 52,573 27,159 9,159 Harbourside Clearwater, FL 100% 147,000 96% 36,832 27,772 17,652 28,991 6,804 Lakeview Tampa, FL 100% 125,000 94% 11,821 8,423 -- 53,927 21,421 Palm Court Tampa, FL 100% 62,000 100% 4,053 2,200 55,644 -- -- --------- ---- 981,000 88% --------- ---- SOUTH FLORIDA NCCI Boca Raton, FL 100% 290,000 100% -- -- -- -- -- Westside Corporate Center Plantation, FL 100% 100,000 95% 8,205 6,279 13,365 8,490 38,588 --------- ---- 390,000 99% --------- ---- TOTAL 1,699,000 89% 83,655 71,721 142,615 118,567 332,549 ========= ==== ====== ====== ======= ======= ======= 5% 4% 8% 7% 20% ====== ====== ======= ======= ======= ----------------- LEASE EXPIRATIONS ----------------- ANNUAL 2006 AND NET OPERATING THEREAFTER INCOME(a) ---------- ------------- SOUTHEAST Deerfield Commons I -- 1,767(b) Westchase Corporate Center 36,251 2,500(b)(c) NORTHWEST FLORIDA Park Center -- 197 CENTRAL FLORIDA CNL Center 258,880 6,500(b)(c) Millenia Park One 91,133 2,500(b)(c) Prestige Place 17,222 1,239 Harbourside 23,278 1,315 Lakeview 21,793 1,394 Palm Court -- 618 SOUTH FLORIDA NCCI 290,000 4,844 Westside Corporate Center 19,781 1,140 TOTAL 758,338 24,014 ======= ====== 45% ======= (a) Represents budgeted net operating income. (b) All information is shown at 100%. (c) Represents proforma net operating income at stabilization.
6 Supplemental Information - Arvida For the Period Ending 12-31-00 [THE ST JOE COMPANY LOGO]
7 ST. JOE/ARVIDA ----------------------WALTON COUNTY----------------------- DESCRIPTION OF COMMUNITIES WATERCOLOR WATERSOUND CAMP CREEK GOLF CLUB AS OF DECEMBER 31, 2000 ----------------- --------------- -------------------- YEAR SALES BEGIN 2000 2001 2003 YEAR OF COMPLETION 2009 2010 2003 ACRES IN COMMUNITY 499 256 1,203 TOTAL PLANNED UNITS Arvida Built 374 20 Retail Lots/Outside Builder 717 TBD 0 ----------------- --------------- ---------------- TOTAL 1,091 20 SALES, AS OF DECEMBER 31, 2000 Arvida Built 34 0 0 Retail Lots/Outside Builder 71 0 0 ----------------- --------------- ---------------- TOTAL 105 0 0 REMAINING TO BE SOLD Arvida Built 340 20 Retail Lots/Outside Builder 646 TBD 0 ----------------- --------------- ---------------- TOTAL 986 20 ----------------- --------------- ---------------- STABILIZED ABSORPTIONS 95 TBD 20 ----------------- --------------- ---------------- ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $400 - $1,000+ $900 - $1,000+ $325 LOT PRICING (IN THOUSANDS) $150 - $1,000+ $200 - $1,000+ ----------------- --------------- ---------------- AMENITIES Resort Resort 36 Holes of Golf Beach Club Beach Club Boat House Tennis Facility Tennis Facility Parks Pedestrian Trials ST. JOE/ARVIDA -----------------------------------BAY COUNTY---------------------------------- DESCRIPTION OF COMMUNITIES SUMMERWOOD HAMMOCKS BAY COUNTY LOT PROGRAM HUNTINGTON W. LAKE POWELL ---------- ---------- ---------------------- ---------- ---------------- AS OF DECEMBER 31, 2000 YEAR SALES BEGIN 1998 2000 2000 2001 2004 YEAR OF COMPLETION 2002 2006 2016 2005 2018 ACRES IN COMMUNITY 79 143 225 138 1,550 TOTAL PLANNED UNITS Arvida Built 152 475 0 268 Retail Lots/Outside Builder 67 0 447 0 TBD ----------- ---------- --------- ---------- ---------------- TOTAL 219 475 447 268 SALES, AS OF DECEMBER 31, 2000 Arvida Built 100 4 0 0 0 Retail Lots/Outside Builder 67 0 11 0 0 ---------- ---------- --------- ---------- ---------------- TOTAL 167 4 11 0 0 REMAINING TO BE SOLD Arvida Built 52 471 0 268 Retail Lots/Outside Builder 0 0 436 0 TBD ----------- ---------- --------- ---------- ---------------- TOTAL 52 471 436 268 ----------- ---------- --------- ---------- ---------------- STABILIZED ABSORPTIONS 48 100 25 90 TBD ----------- ---------- --------- ---------- ---------------- ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $120 - $175 $90 - $150 $95 - $150 $175 - $400+ LOT PRICING (IN THOUSANDS) $30 - $35 $105 - $120 ----------- ---------- --------- ---------- ---------------- PLANNED AMENITIES Pool Tot lots None Pool 18 Holes of Golf Bike Paths Beach club
8 ST. JOE/ARVIDA --------------------GULF COUNTY--------------------- --CAPITOL REGION-- DESCRIPTION OF COMMUNITIES THE POINT AT SABAL BEACH MEXICO BEACH SABAL BEACH SOUTHWOOD ------------------------ ------------ ------------ ------------------ AS OF DECEMBER 31, 2000 YEAR SALES BEGIN 2001 2003 2004 2000 YEAR OF COMPLETION 2005 2015 2020 2020 ACRES IN COMMUNITY 80 946 810 3,770 TOTAL PLANNED UNITS Arvida Built 1 2,707 Retail Lots/Outside Builder 111 TBD TBD 1,543 ---------- ----------------- TOTAL 112 4,250 SALES, AS OF DECEMBER 31, 2000 Arvida Built 0 0 0 8 Retail Lots/Outside Builder 0 0 0 21 ---------- ---------- ---------- ----------------- TOTAL 0 0 0 29 REMAINING TO BE SOLD Arvida Built 1 2,699 Retail Lots/Outside Builder 111 TBD TBD 1,522 ---------- ----------------- TOTAL 112 4,221 STABILIZED ABSORPTIONS 31 TBD TBD 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 Beach Club ST. JOE/ARVIDA ------------------------------JACKSONVILLE-------------------------------- DESCRIPTION OF COMMUNITIES RIVERTOWN JAMES ISLAND ST. JOHN'S G. & C.C. HAMPTON PARK ---------------- --------------- -------------------- ------------ AS OF DECEMBER 31, 2000 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 365 533 158 Retail Lots/Outside Builder TBD 0 266 0 --------------- ---------------- ----------- TOTAL 365 799 158 SALES, AS OF DECEMBER 31, 2000 Arvida Built 0 186 0 0 Retail Lots/Outside Builder 15 0 0 0 ---------------- --------------- ---------------- ----------- TOTAL 15 186 0 0 REMAINING TO BE SOLD Arvida Built 179 533 158 Retail Lots/Outside Builder TBD 0 266 0 --------------- ---------------- ----------- TOTAL 179 799 158 STABILIZED ABSORPTIONS TBD 90 140 70 ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) TBD $175 - $450 $175 - $300 $200 - $350 LOT PRICING (IN THOUSANDS) TBD $ 30 - $ 70 PLANNED 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
9 ST. JOE/ARVIDA ----------CENTRAL FLORIDA----------- SOUTH FLORIDA -MIDATLANTIC OPERATIONS- DESCRIPTION OF COMMUNITIES VICTORIA PARK PERICO JUPITER WOODS INCLUDING SAUSSY BURBANK AS OF DECEMBER 31, 2000 ---------------- ---------------- ------------- ------------------------ YEAR SALES BEGIN 2001 2003 2001 1999 YEAR OF COMPLETION 2011 2009 2006 Ongoing ACRES IN COMMUNITY 1,859 225 175 N/A TOTAL PLANNED UNITS Arvida Built 2,630 326 Retail Lots/Outside Builder 993 TBD 0 N/A ---------------- ----------- TOTAL 3,623 326 SALES, AS OF DECEMBER 31, 2000 Arvida Built 0 0 0 231 Retail Lots/Outside Builder 0 0 0 0 ---------------- ---------------- ----------- ----------- TOTAL 0 0 0 231 REMAINING TO BE SOLD Arvida Built 2,630 326 Retail Lots/Outside Builder 993 TBD 0 N/A ---------------- ----------- TOTAL 3,623 326 STABILIZED ABSORPTIONS 440 TBD 102 250-500 ---------------- ---------------- ----------- ----------- ARVIDA-BUILT HOUSE PRICING (IN THOUSANDS) $120 - $300 $270 - $450 $225 - $350 $140 - $350 LOT PRICING (IN THOUSANDS) $ 45 - $ 75 ---------------- ---------------- ----------- ----------- PLANNED AMENITIES 18 holes of golf Beach club Pool Varies By Clubhouse Fitness center Club House Community Aquatic facility Aquatic facility Sports fields Tennis facility Marina