By 2021, JOE (NYSE:JOE), with project partners, hopes to reach a run rate of 1,000 home and home lot sales per year; rent over 1,300 apartments, 900 hotel rooms, and 1.5 million square feet of commercial space; and register more than 1,400 The Clubs by JOE full-time members. Thirty residential, commercial, and hospitality projects are expected to start this year. Each project is based on pent-up demand, stands on its own, and is expected to increase company operating earnings and asset values. I continue to chair JOE’s board of directors.
From Bruce Berkowitz (Trades, Portfolio)'s second-quarter 2019 Fairholme Fund (Trades, Portfolio) shareholder letter.
