Joe closes on 19,917 acres

[DuneLaker]

But Joe does own an astonishing 95% of Gulf County and 50% of Bay County and huge amounts of prime SoWal land.

 

[AAbsolute]

But Joe does own an astonishing 95% of Gulf County and 50% of Bay County and huge amounts of prime SoWal land.

I believe JOE is trying to sell that land too. What do you think their business plan will be after they sell it?

 

[passin thru]

"These sales are evidence of our ability to execute our strategic plan in an orderly manner. These closings further strengthen our cash position and virtually debt-free balance sheet, better positioning JOE to withstand this prolonged economic downturn. Going forward, we will continue to prudently manage our inventory and assets to enhance long-term shareholder value."

Why does reading spin like this always make me feel like I need to take a shower?

 

[Matt J]

I believe JOE is trying to sell that land too. What do you think their business plan will be after they sell it?

They'll still be operating the things they own. Commercial property, rentals, etc. Although they turned over WaterColor and WaterSound to Noble House I believe that was a cost saving measure when they saw the market heading down.

 

[AAbsolute]

They'll still be operating the things they own. Commercial property, rentals, etc. Although they turned over WaterColor and WaterSound to Noble House I believe that was a cost saving measure when they saw the market heading down.

I like your signature line.

I didn't know that JOE planned to manage their developed holdings thanks for the tip. I was certain that I read one of the Rummels or Greene quote's to say JOE is open for business as a placemaker entitling land and disposing of it.

 

[SHELLY]

I believe JOE is trying to sell that land too. What do you think their business plan will be after they sell it?

...sell it to whom?

.

 

[Miss Critter]

Didn't Joe start with something like a million acres? That's a lot of dirt. I'd imagine they've still got a few hundred thousand to do something with when the market allows.

 

[AAbsolute]

...sell it to whom?

.

Only they know who they plan to sell to. Am I missing something? I thought they were about entitling and selling their holdings.

This is very, very interesting. Here is The St. Joe Company Mission Statement in their own words:

Mission Statement

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PURPOSE

Creating places that inspire people.

MISSION

Create a family of places in Northwest Florida that inspire people and
make the region an even better place to live, work and play.

PHILOSOPHY

Design Every place JOE creates is designed to further our mission to deliver a family of places in Northwest Florida that reflect our purpose.

Experiences JOE believes that its primary product is the creation of places that enhance our lives. Every place we create begins with a focused understanding of the needs and wants of the customer and is planned and developed to deliver to that high standard.

Nature JOE believes that Mother Nature is the best placemaker of all time. Every place we create begins with the fundamental value that the protection and enhancement of our natural environment is paramount.

VALUES

Integrity JOE acts in a responsible manner at all times. At JOE we do the right thing and keep our word.

Stewardship JOE understands the awesome responsibility it has as a primary steward of the environment and heritage of Northwest Florida. At JOE, we foster an ethic that promotes stewardship of our landholdings and sustainability.

Accountability JOE accepts responsibility for its actions. JOE empowers its people and holds them accountable for getting the job done right.

Fairness JOE acts in a manner that reflects the needs of all key stakeholders. At JOE everyone is treated equally and honestly.

Imagination JOE believes that imagination makes the difference. At JOE we always stretch and always challenge to create and deliver.

Surprising Customers JOE strives to surprise its customers by exceeding their expectations.

Each Other JOE enhances its own success by helping others be more successful.

 

[Matt J]

I like your signature line.

I didn't know that JOE planned to manage their developed holdings thanks for the tip. I was certain that I read one of the Rummels or Greene quote's to say JOE is open for business as a placemaker entitling land and disposing of it.

Right now I would say that they don't have the intention to manage anything as it's all been farmed out. However, they are still getting the rent from quite a bit of commercial real estate.

The other issue is that they could always go on to develop land that isn't theirs. ;-)

 

[AAbsolute]

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.
​

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."