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The St. Joe Company Message Board

  • hhparkway hhparkway Oct 7, 2012 6:18 PM Flag

    Value of Land

    Following up on ,Why I am Long Joe". Does anyone have an idea about the value of its land holdings per acre. $4m? What type of timber is on the land. Is it marketable? What other value does the land hold?

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    • What's going on today? Very good volume and 5% increase.

    • The timber is primarily pine (shortleaf pine, spruce pine, sand pine, slash pine, longleaf pine, loblolly pine and pond pine). Much of what JOE has is sand pine and slash pine. Sand pine is harder to harvest because of the terrain in which it thrives. I have a friend who runs a logging operation that cuts much of JOE's acreage. JOE owns many thousands of woodland acres, but much of its beachfront land was disposed of during the boom in the 2000-2005 period. It must now content itself with dealing with its penny earning logging prospects as opposed to gouging naive Northerners out of their savings as they chased a dream life in Florida. That period for JOE is over at least for another generation.

      Sentiment: Hold

      • 1 Reply to namthgiw2010
      • Nam, your depiction of the JOE land holding is not entirely accurate. The land they have in silvaculture is primarily slash pine due to its fast growth and low maintenance. But that's only a part of their holdings. At least 30% of their holdings is wetlands of some variety and a portion of their uplands that's not in silvaculture is oak hammock and other mixed vegetation.

        What any of this is worth in terms of $$$ varies wildly since comps over the last 5 years have been all over the board. Einhorn and Berkowitz/JOE have their opinions which are quite divergent. The answer to the original question is...depends.

17.72+0.33(+1.90%)4:06 PMEDT