The St. Joe Company (JOE) (6.5%) continues to make steady progress. Since our involvement in late 2010, the company has: (i) streamlined real estate and forestry operations by 50%; (ii) reduced corporate expenses by 35%; (iii) increased liquidity by 260%; (iv) cut debt as a percentage of assets to 4.6%; and (v) focused on entitling core assets surrounding one of America’s newest airports and the Gulf of Mexico. St. Joe’s sale of 380,000 acres of non-strategic timberland and rural land for $562 million last year was an important milestone in positioning the company for long-term success. The company’s search for a new CEO is well underway. And Port St. Joe was recently issued a permit by the Florida Department of Environmental Protection to allow for the dredging of the port’s navigational channel, which will help reinvigorate this deep-water seaport for bulk and cargo shipments.
Form Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund 2014 Annual Report and Investor Letter.
