St. Joe Company (the) · NYSE:JOE
St. Joe Company (the) — The St. Joe Company — Investor Presentation (January 2008)
32 slides from St. Joe Company (the)'s investor presentation, January 2008
Slide 1: The St. Joe Company
The St. Joe Company January 2008
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements about future events that are subject to numerous assumptions, risks and uncertainties. As a result, actual results may differ from those forward-looking statements. For additional information and risk factors, please re
Slide 3: This is JOE
This is JOE Acclaimed regional place-maker Proven entitlements expertise; strong pipeline High-quality, low-basis land Tremendous geographic and demographic advantages Leading conservationist 3
Slide 4: This is JOE
This is JOE Area Shown: Approximately 175 miles JOE Projects (existing and planned) St. Joe Holdings Public Ownership Other Lands As of September 30, 2007 4
Slide 5: Extraordinary Assets
Extraordinary Assets JOE’s Land Holdings Approximately 718,000 acres concentrated primarily in Northwest Florida Miles of frontage on the Gulf of Mexico, bays, rivers and waterways • Over 150 miles of frontage along the WaterSound Beach Gulf of Mexico and several bays - Including 5.8 miles of sandy
Slide 6: WaterColor
WaterColor 6
Slide 7: WaterColor – Cerulean Park
WaterColor – Cerulean Park 7
Slide 8: WaterColor Inn
WaterColor Inn 8
Slide 9: WaterSound Beach
WaterSound Beach 9
Slide 10: WaterSound Beach Club
WaterSound Beach Club 10
Slide 11: RiverCamps on Crooked Creek
RiverCamps on Crooked Creek 11
Slide 12: WindMark Beach
WindMark Beach 12
Slide 13: Land Comparisons
Land Comparisons • Almost 50 Manhattans 14,719 acres Manhattan Island New York, NY • Hilton Head is equal in size to less than 4% of JOE’s holdings 26,879 acres • 23 times the size of Walt Disney World 30,079 acres • Irvine Ranch is less than 13% the size of JOE’s holdings 93,000 acres As of Septemb
Slide 14: The Demographic Opportunity – Florida Population Growth
The Demographic Opportunity – Florida Population Growth Pennsylvania Moving to Florida Florida is expected to grow by an amount equal to the population of Pennsylvania over the next 25 years Baby Boomer migration is expected to play a significant role in this growth PENNSYLVANIA 2000 Population: 12,
Slide 15: Accelerating Value Creation
Accelerating Value Creation To accelerate value creation as announced on October 8, 2007: Realigning JOE with a significantly leaner and streamlined operating structure Implementing a new asset portfolio framework Taking aggressive steps to improve financial performance 15
Slide 16: Leaner Structure
Leaner Structure A lean corporate center focused on: Land use entitlements Business-to-business sales Strategic partners, alliances, repeat customers Regional economic development Reduce project development staff Outsource hospitality and golf operations By better managing our fixed overhead costs,
Slide 17: Asset Portfolio Framework
Asset Portfolio Framework Seed Assets Growth Assets Harvest Assets Land Enhancement Partnerships & Divestitures Ventures Entitlements Commercial Sales Inducer Initiatives Residential Sales Rural Land Sales 17
Slide 18: Seed Assets
Seed Assets JOE assets with significant unrealized potential “Seed” land with value by planning, enhancing and entitling it for future use Maintain tight limit on capital expenditures Preserve future options to realize and harvest highest and best use 18
Slide 19: Regional Placemaking – Transportation Infrastructure
Regional Placemaking – Transportation Infrastructure Regional road improvements: – Planned Road Widenings* – Underway/Completed – County Road 2321 - Bay • U.S. 98 – (Walton County) road widening – State Road 656 - Gadsden and Liberty • U.S. 98 – (Gulf County) road relocation at WindMark – State Road
Slide 20: Regional Placemaking – Transportation Infrastructure
Regional Placemaking – Transportation Infrastructure Projects Underway/Completed Total Miles: 180 Planned New Roads* Planned Road Widenings* West Bay Tallahassee Apalachicola *Subject to change 20
Slide 21: Regional Placemaking – Health and Education Infrastructure
Regional Placemaking – Health and Education Infrastructure Health Care – New Walton County hospital opened (Sacred Heart) on land donated by JOE – Construction underway on Port St. Joe hospital SouthWood Schools – New Sacred Heart medical outpatient facility in Panama City Beach leased from JOE Educ
Slide 22: Growth Assets
Growth Assets JOE assets planned and entitled with clear drivers of future value Near-term primary targets for future business with strategic partners Highest potential for value creation Currently, primarily in Walton, Bay and Gulf Counties 22
Slide 23: Growth Assets - WaterSound
Growth Assets - WaterSound Walton Bay US 98 2,425 Acres 1,432 Units CampCreek Golf WaterSound WaterSound Beach Wild Heron 256 Acres 511 Units US 98 Acquired Aug 2007 Shark’s Tooth Amenities JOE Land 23
Slide 24: Growth Assets - Gulf County
Growth Assets - Gulf County US 98 2,020 Acres WindMark Beach 1,662 Units 75,000 SF Commercial 180 Acres 624 Units Town Center/ Port St. Joe 500,000 SF Commercial Former Mill Site Hospital Under Construction BayView/Sacred Heart JOE Land 24
Slide 25: Growth Assets - The West Bay Area
Growth Assets - The West Bay Area Approved New Airport Phase I Entitlements • 4.4 million square feet of industrial, commercial and retail space • 5,800 residential units • 500 hotel rooms • 2 marinas (900 slips) Many Potential Strategic Partners WestBay Preservation Area – 39,156 ac. Regional Emplo
Slide 26: Harvest Assets
Harvest Assets Harvest assets are in position to return capital to shareholders Assets that have reached their highest and best use Land whose full potential value is beyond a reasonable time value curve Existing residential and commercial inventory 26
Slide 27: Harvest Assets - Bay County
Harvest Assets - Bay County B each ma City $276,000/Acre (2004/2005) Pana 13 Acres Pier Park 116 Acres 32 Acres 58 Acres 44 Acres 30 Acres JOE owns 177 adjacent acres Palmetto Trace 481 Units SummerWood 219 Units 98 US JOE Land 27
Slide 28: Harvest Assets - Bay County
Harvest Assets - Bay County Outparcels: Dec ‘03 Tom Thumb Outparcels: June 2006 $426K per Acre Nov ‘05 BB&T Lowe’s $1.05M per Acre Price: $4.3M Mar ’07 Dairy Queen Acres: 13.46 $549K per Acre Price/Acre: $317,900 Aug ’07 CVS Nextel I $992K per Acre Nextel II Lowe’s Building Site Murphy Outparcel C O
Slide 29: Harvest Assets - Beach Commerce
Harvest Assets - Beach Commerce 07/07 2.17 Acres 09/06 $368,000/Acre 5.13 Acres 8 U S9 $208,000/Acre h eac B C ity ma a Pan 08/07 2.22 Acres $221,000/Acre 07/03 5.15 Acres $47,000/Acre JOE Land 29
Slide 30: Improving Financial Performance
Improving Financial Performance Significantly reduce capital expenditures Meaningfully decrease selling, general and administrative expenses Divest non-core assets Aggressively lower company debt Eliminated cash dividend. Return value to shareholders through our share repurchase program 30
Slide 31: No Ordinary JOE
No Ordinary JOE We believe in JOE’s future High-quality, low basis land Entitlements expertise A sound, focused strategy The right allocation of capital 31
Slide 32: The St. Joe Company
The St. Joe Company
The St. Joe Company — Investor Presentation (January 2008) on 6ix