The company’s leasing operations business includes its retail and commercial leasing. Its retail leasing business principally arose in connection with the growth in its residential developments. The company has various small retail shopping centers located in or very near to some of its residential projects, such as the WaterColor, WaterSound Beach, SouthWood, and WindMark Beach communities that are managed by its leasing team. Pier Park North: The company’s commercial leasing operations include its Pier Park North joint venture. The company’s Pier Park North joint venture includes a 324,000 square foot retail lifestyle center in Panama City Beach, which the company developed with Casto, the company’s joint venture partner and one of the country’s major developers of neighborhood and community retail centers. The company developed and constructed the Pier Park North retail lifestyle center beginning in 2013 and expects to complete the majority of construction in mid-2015. As of February 1, 2015, approximately 260,000 square feet of retail space was leased, which included major tenants, such as Dick’s Sporting Goods, Fresh Market, World Market, Bed Bath & Beyond, Michaels, Pet Smart, and Ross Dress for Less. VentureCrossings: The company built and owns a 105,000 square foot building with manufacturing and office space in VentureCrossings and leases the facility to Exelis Inc. under a long-term lease that commenced in 2012. From time to time, the company might sell certain resort, leisure and operating properties. The sale of these assets were managed and reported in the company’s Commercial Real Estate segment. Forestry segment This segment focuses on the management of the company’s timber holdings in Northwest Florida. The company improves and sells sawtimber, wood fiber and forest products; and provides land management services for conservation properties. As of December 31, 2014, the company had approximately 120,000 acres designated for forestry operations and expects to have the ability to consistently operate approximately 60,000 acres. This segment might also sell the company’s timber holdings, undeveloped land or land with limited development and easements. Business Strategy The company’s strategy is to recruit and retain future leadership; explore opportunities to capitalize on the retirement demographic; develop new commercial and industrial uses for its land portfolio; explore partnerships with best of class operators; continue efficient operations; and continue to invest in available for sale securities while the company explores other opportunities. Seasonality Revenues from the company’s resorts, leisure and leasing operations are typically higher in the second and third quarters (year ended December 2014). Governmental Regulation The company’s operations are subject to federal, state and local environmental laws and regulations, including laws relating to water, air, solid waste and hazardous substances and the requirements of the Federal Occupational Safety and Health Act and comparable state statutes relating to the health and safety of its employees. History The St. Joe Company was founded in 1936. The company was incorporated in 1936.
st joe co/the
(JOE:New York Consolidated)
133 South WaterSound Parkway
WaterSound, FL 32413
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