<PAGE> 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
<PAGE> 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
<PAGE> 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
<PAGE> 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
<PAGE> 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
<PAGE> 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
<PAGE> 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
<PAGE> 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
<PAGE> 9
[PHOTO]
BABY BOOMER DEMAND
A great migration of
people and wealth
is underway.
9
<PAGE> 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
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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
<PAGE> 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
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BABY BOOMER DEMAND
Florida ranks first over California and Texas in new homes.
1999 RESIDENTIAL PERMITS
<TABLE>
<CAPTION>
Rank State Nov - 99
<S> <C> <C>
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
</TABLE>
(Source: Rosen Consulting)
BABY BOOMER DEMAND
They are coming younger, healthier and wealthier.
[GRAPH]
(Source: Rosen Consulting)
13
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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.
<TABLE>
<CAPTION>
RANK METROPOLITAN AREA DEC. 1999 LAST 3 MONTHS (ANNUALIZED)
<S> <C> <C> <C>
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%
</TABLE>
MSA EMPLOYMENT GROWTH - 5 OF THE TOP 15 SMSA'S ARE IN FLORIDA
RANKED BY YEAR OVER YEAR PERCENTAGE GROWTH
(Source: Rosen Consulting)
14
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[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
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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
<PAGE> 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
<PAGE> 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
<PAGE> 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
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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
<PAGE> 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
<PAGE> 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
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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
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[PHOTO]
PLACE-MAKING
People have demonstrated
a willingness to pay a
premium for true places.
24
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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
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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
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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]
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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
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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
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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
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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
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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
<PAGE> 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
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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
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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
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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
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[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
<PAGE> 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
<PAGE> 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
<PAGE> 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
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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
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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
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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
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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
<PAGE> 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: $200 million of product listed
<PAGE> 46
EARLY RESULTS
[PHOTO]
45
<PAGE> 47
NET EBITDA PER SHARE - CONSOLIDATED
[GRAPH]
Sale of Conservation Lands
<PAGE> 48
NET EBITDA PER SHARE - JOE ONLY
[GRAPH]
Sale of Conservation Lands
46
<PAGE> 49
NET EBITDA - JOE ONLY AS REPORTED
($ in millions)
[GRAPH]
Sale of Conservation Lands
<PAGE> 50
NET EBITDA PER SHARE - JOE ONLY
Excludes Sugar & Transportation
[GRAPH]
Sale of Conservation Lands
47
<PAGE> 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.
<PAGE> 52
STOCK REPURCHASE
Total Stock Purchase Program
through September 30, 2000
<TABLE>
<CAPTION>
Pre-Spin Pre-Spin
Shares Average Price Total Cost
Authorization Purchased Per Share (in millions)
-------------- ----------- ------------- -------------
<S> <C> <C> <C>
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
</TABLE>
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
<PAGE> 53
YTD PRICE PERFORMANCE
JOE vs. Indices (through October 16)
[GRAPH]
<PAGE> 54
APPENDIX A
ARVIDA
COMMUNITY
DEVELOPMENT
[PHOTO]
49
<PAGE> 55
ST. JOE/ARVIDA RESIDENTIAL
(As of September 30, 2000)
<TABLE>
<CAPTION>
WALTON COUNTY BAY COUNTY
CampCreek
WaterColor WaterSound North Summerwood Woodrun Hammocks
---------------------------------------------------------------- ----------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
<CAPTION>
BAY COUNTY
Bay Cty W. Lake
Lot Program Huntington Powell
<S> <C> <C> <C>
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
</TABLE>
(ST. JOE LOGO)
A-1
<PAGE> 56
ST. JOE/ARVIDA RESIDENTIAL (CONT.)
(As of September 30, 2000)
<TABLE>
<CAPTION>
GULF COUNTY CAPITAL REGION
Dixie Bell
Curve Mexico Beach St. Joe Beach SouthWood SummerCamp
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
<CAPTION>
JACKSONVILLE
RiverTown James Island St. John's G & CC Hampton Park
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
</TABLE>
(ST. JOE LOGO)
A-2
<PAGE> 57
ST. JOE/ARVIDA RESIDENTIAL (CONT.)
(As of September 30, 2000)
<TABLE>
<CAPTION>
CENTRAL FLORIDA MID ATLANTIC
Victoria Park Perico
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
</TABLE>
(ST. JOE LOGO)
A-3
