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The St. Joe Company Reports Sales of Non-Strategic Rural Lands for $28.0 Million

^{Published on 2008-12-18 14:34:47 - Market Wire}
 

JACKSONVILLE, Fla.--([ BUSINESS WIRE ])--The St. Joe Company (NYSE:JOE) today said that it has closed the sales of 19,917 acres of non-strategic rural land in Liberty and Gulf Counties for an aggregate sales price of $28.0 million, or over $1,400 per acre.

"After the termination in October of a previously announced contract for the sale of non-strategic rural conservation land we returned those parcels to the market," said JOE's president and CEO Britt Greene. "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."

About JOE

The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies. We are primarily engaged in real estate development and sales, with significant interests in timber. Our mission is to create places that inspire people and make JOE's Florida an even better place to live, work and play. We're no ordinary JOE.

More information about JOE can be found at our web site at [ www.joe.com ].

Forward-Looking Statements

Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our beliefs, plans, goals, expectations and intentions. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on our current expectations, and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in this press release and in various documents we have filed with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2007, and our Quarterly Reports on Form 10-Q.

© 2008, The St. Joe Company, "St. Joe," "JOE," and the "Taking Flight" design are service marks of The St. Joe Company.