st.joe presentation print - ramurapt.files.wordpress.com · c. g. creative the . boldest, wildest,...
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David Einhorn, Greenlight CapitalValue Investing Congress
October 13, 2010
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“The custom at Imagineering has been to start the creative process with the boldest, wildest, best idea one can come up with. Many Imagineers consider this to be the true beginning of the design process and operate under the notion that if it can be dreamt, it can be built.”
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our priority was to seek as many land-use entitlements for commercial and residential development in our region as possible. This continues to be one of our core competencies, ?8%&I#&8'I&+?X#&$?8%K1-#S"3$#,#83-&3'3?$"8F&'X#>&[;4\\\&>#-"%#83"?$&18"3-&?8%&?GG>'d",?3#$6&;;Ec&
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1,098.1895.2202.9;c[E`[MEa
1,098.1;N`EN;c[EN
Total EquityTotal Liabilities
Total Liabilities + Equity
=#C3<3+#>&R"?C"$"3"#-
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/8X#-3,#83&"8&H#?$&Q-3?3#Balance Sheet as of Dec. 31, 2009 (in millions $)
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H#X#81#-Income Statement YTD as of June 30, 2010 (in millions $)
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WaterSound West Beach
Northwest Florida Beaches Airport
WaterSound Beach
WindMark
WaterSound SummerCamp Beach
Tallahassee
Jacksonville
RiverTown
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As of Dec. 31, 2009 (in millions $) j;k;`[Eb2?6&:'18364&!$'>"%?NEO:?$+'18&:'18364&!$'>"%?[E\=1X?$&:'18364&!$'>"%?`bE;!>?8D$"8&:'18364&!$'>"%?cENU?%-%#8&:'18364&!$'>"%?OOE[U#'>F"?O[[EMU1$(&:'18364&!$'>"%?;E\]#((#>-'8&:'18364&!$'>"%?c\EcR#'8&:'18364&!$'>"%?[EMR"C#>36&:'18364&!$'>"%?\E[<3+#>&!$'>"%?&:'183"#-bcE`)3E&]'+8-&:'18364&!$'>"%?\EM7?D1$$?&:'18364&!$'>"%?
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746.7Total investment in Real Estate jOk
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648.7Investment in Selected Real Estate
As of Dec. 31, 2009 (in millions $)
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12 Units; 215 Lots Platted12 Units1,900 D.U.s2,600 D.U.sTotal Residential
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Cumulative Completed
Completed 2008-2009
Phase II 2012-2016
Phase I2005-2011
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WaterSound West Beach
Northwest Florida Beaches Airport
WaterSound Beach
WaterSound
Tallahassee
Jacksonville
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Unsold Properties: 14
Houses: 100Sold Lots: 311*
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Unsold Properties: 155
Houses: 5Sold Properties: 44*
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ba
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Unsold Properties: 84
Houses: 9Sold Properties: 29*
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Completed(2)
2007-2008
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Cumulative Completed
Cumulative Initiated
Initiated(1)
2007-2008DRI
EntitlementsDRILand Uses
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SummerCamp Beach
Tallahassee
Jacksonville
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Unsold Properties: 144
Houses: 4Sold Properties: 82*
SummerCamp East and West
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Unsold Properties: 144
Houses: 4Sold Properties: 82*
SummerCamp East and West
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$14,850,000Total
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WindMark
Tallahassee
Jacksonville
Port St. Joe
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Unsold Properties: 72
Homes: 6
Sold Lots: 42
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Total Proposed To Date
Phase I &II- 2004-2018
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Measure (%)
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Measure (%)
BuiltTo Date
BuiltThis Period
Phase I2004-2012
ProposedThis Period
Phase I2004-2012Land Use Type
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