JOE is a real estate story but also a cycle story.
During the Great Depression, JOE stole the land they now own. Ask the few remaining people who are old enough to remember.
JOE has never paid fair market taxes on its property. NEVER.
JOE got to the FAA to build a new airport in the middle of a swamp. JOE got to the EPA to build an airport in the middle of a swamp. JOE got to Bay County to...swamp. JOE did NOT get the approval of the people of Bay County to build an airport they didn't need, in fact, it was voted down.
JOE is going to be the victim of management who don't understand the big picture. They TRIED to sell off all their land during the bubble but failed. Now they have drawn attention to themselves and the people will demand that JOE pay its fair share of taxes. Watch JOE taxes double in the near term. People are sick of JOE. Aging baby boomers don't buy JOElots, they stick JOE with their doctors' bills.