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Joe closes on 19,917 acres

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Has anybody got the data on these JOE press releases. I know they always contain the forward looking caveats, but I'm interested to compare what they say over the past couple of years to what they report to have done.

Because this is about my 1,000th post I want to say Thank You to Kurt for giving AAbsolute, John Carroll, the opportunity to have a voice. I love my family more than I can put in words. I try hard to do the right thing. When I am wrong I want to admit it so I can free myself to learn from it. I think our beaches, lakes, bay and bayous are a miracle. I love architecture and the process of building. I will try to do better this coming year in all my endeavors and take nothing for granted.
 
Thank you Kurt, I am a guest in your home

AAbsolute said:
Has anybody got the data on these JOE press releases. I know they always contain the forward looking caveats, but I'm interested to compare what they say over the past couple of years to what they report to have done.

Because this is about my 1,000th post I want to say Thank You to Kurt for giving AAbsolute, John Carroll, the opportunity to have a voice. I love my family more than I can put in words. I try hard to do the right thing. When I am wrong I want to admit it so I can free myself to learn from it. I think our beaches, lakes, bay and bayous are a miracle. I love architecture and the process of building. I will try to do better this coming year in all my endeavors and take nothing for granted.
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Thank You Kurt
 
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AAbsolute said:
Was the property that's the subject of the Thread the property JOE reported to have sold below?
Construction of the new airport continues on schedule and on budget. [/SIZE][/FONT]
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During the fourth quarter of 2007, JOE announced it was marketing certain of its non-strategic rural lands for sale. During the quarter ended June 30, 2008, JOE sold 29,398 acres for a total of $39.0 million as a part of this program.
After the end of the quarter, JOE executed a contract for the sale of 67,365 acres of non-strategic rural conservation land in Liberty, Jefferson, Gulf and Franklin Counties. The sale will be closed in two transactions for a total price of $130.4 million. The first sale of 39,359 acres for $67.3 million is scheduled to be completed in the fourth quarter of this year. The second sale of 28,005 acres is scheduled for the second quarter of 2009 at a price of $63.1 million. These transactions are subject to ongoing due diligence review and customary closing conditions. ​
"We look forward to closing this sale and believe it represents good value for our shareholders," said Greene. "At this time we do not expect to close any other large-tract land sales in 2008."
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No...the deal that you're referencing above fell through:
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The St. Joe Company Termination Land Sale Contract
October 14, 2008
The St. Joe Company announced that the contract for the sale of 67,365 acres of non strategic rural conservation land in Liberty, Jefferson, Gulf and Franklin Counties has been terminated. The sale was suppose to close in two transactions for a total price of $130.4 million, the first transaction in the fourth quarter of this year and the other in the second quarter of 2009.
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As you follow JOE, you'll find that they pull a deal out of their arse at the end of every quarter so they have something to report to their shareholders and to justify their salaries and benefits.

.
 
SHELLY said:
No...the deal that you're referencing above fell through:
-----------------------------------
The St. Joe Company Termination Land Sale Contract
October 14, 2008
The St. Joe Company announced that the contract for the sale of 67,365 acres of non strategic rural conservation land in Liberty, Jefferson, Gulf and Franklin Counties has been terminated. The sale was suppose to close in two transactions for a total price of $130.4 million, the first transaction in the fourth quarter of this year and the other in the second quarter of 2009.
-------------------------------

As you follow JOE, you'll find that they pull a deal out of their arse at the end of every quarter so they have something to report to their shareholders and to justify their salaries and benefits.

.
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Your point reinforces mine. IMO, It looks like JOE is in the process of an orderly shut down.

My company's core business is buying land, improving it and selling it. To continue operations we have to purchase land. To grow the business we have to purchase more than we sell. If we intend to close in an orderly fashion we would sell more than we would purchase.

Does it look like JOE is planning future expansion or orderly liquidation?
 
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AAbsolute said:
Your point reinforces mine. IMO, It looks like JOE is in the process of an orderly shut down.

My company's core business is buying land, improving it and selling it. To continue operations we have to purchase land. To grow the business we have to purchase more than we sell. If we intend to close in an orderly fashion we would sell more than we would purchase.

Does it look like JOE is planning future expansion or orderly liquidation?
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I think the most likely scenario is that Joe is selling non-performing assets to be a more attractive buyout target. I wouldn't be surprised if they don't already have the buyer lined up in the wings and know exactly where the point is they need to stop selling land.
 
ClintClint said:
I think the most likely scenario is that Joe is selling non-performing assets to be a more attractive buyout target. I wouldn't be surprised if they don't already have the buyer lined up in the wings and know exactly where the point is they need to stop selling land.
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There's some logic in that, but I am having a hard time as of late putting my finger on it. JOE's Board looks to be made up of individuals with strong finance experience. I had been thinking maybe there's a LUK deal waiting in the wings so to speak. A company like LUK might be able to leverage JOE's assets and credit position for other ventures. Someone who knows Mssrs. Rummell, Brit Greene and Rod Wilson used the scenario, "Hey, thanks JOE for opening up Northwest Florida for us."

What I'm not able to connect yet is, if JOE is asset heavy with little to no debt then when/why would it trade at multiples or be publicly traded at all? It seems more like a private equity firm. Where is the expansion plan versus the liquidation type activities? Is there a JOE statement out there that says they intend to expand or continue to entitle and liquidate?
 
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