Guru	Date	Trades	Impact to Portfolio	Price Range * (?)	Current Price	Change from Average	Current Shares
Bruce Berkowitz	2017-09-21	Add 1.80%	0.88%	$18.15	$ 18.15	0%	27,002,485
Bruce Berkowitz	2017-08-23	Add 4.14%	2%	$19	$ 18.15	-4%	26,524,885
Bruce Berkowitz	2017-07-14	Reduce -0.05%	0.02%	$18.55	$ 18.15	-2%	25,471,485
Bruce Berkowitz	2017-06-30	Add 4.44%	2.07%	$16.75 - $19.55	$ 18.15	3%	25,484,557
Charles Brandes	2017-06-30	Add 9.42%	0.05%	$16.75 - $19.55	$ 18.15	3%	2,034,434
Mario Gabelli	2017-06-30	Add 3.95%		$16.75 - $19.55	$ 18.15	3%	1,109,217
Bruce Berkowitz	2017-05-25	Add 2.99%	1.22%	$17.5	$ 18.15	4%	25,128,057
Bruce Berkowitz	2017-04-14	Reduce -0.01%	0.01%	$16.95	$ 18.15	7%	24,398,057
Bruce Berkowitz	2017-03-31	Reduce -0.12%	0.05%	$16.35 - $19.05	$ 18.15	6%	24,401,157
Charles Brandes	2017-03-31	Add 6.22%	0.03%	$16.35 - $19.05	$ 18.15	6%	1,859,213
Mario Gabelli	2017-03-31	Reduce -1.79%		$16.35 - $19.05	$ 18.15	6%	1,067,017
Bruce Berkowitz	2016-12-31	Reduce -0.07%	0.02%	$16.55 - $21.5	$ 18.15	-5%	24,429,257
Charles Brandes	2016-12-31	Add 2.20%	0.01%	$16.55 - $21.5	$ 18.15	-5%	1,750,409
Mario Gabelli	2016-12-31	Reduce -2.28%		$16.55 - $21.5	$ 18.15	-5%	1,086,517

Bruce Berkowitz Comments on St. Joe - Aug 08, 2017

St. Joe (NYSE:JOE) owns 120,000 contiguous acres with entitlements to build homes and grow jobs for generations to come – at near zero land costs. CEO Jorge Gonzalez and team are making investments that will add value to this land with projects generating recurring revenue. It is my belief that GKN Aerospace may be just the first of many high-tech companies that will move to Northwest Florida. Great jobs build strong communities with top-notch education and healthcare.

If you are considering any type of corporate relocation or expansion, please call Jorge at (850) 544-3177 to find out why one of the largest global aerospace companies chose St. Joe to build their first facility in Florida.



From Bruce Berkowitz (Trades, Portfolio)'s mid-year 2017 shareholder letter.

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Bruce Berkowitz Comments on St. Joe - Jul 11, 2017

Daniel Schmerin: Bruce, I’d like to return to The St. Joe Company (NYSE:JOE) (“St. Joe”) and wrap up. You recently said that if you could only invest in one of our positions, St. Joe would be it. A shareholder asks a slightly different question: If you had no investment positions at all, what is the first investment you would put money into today? Would it still be St. Joe?

Bruce Berkowitz (Trades, Portfolio): Yes, it would.

Daniel Schmerin: So what is happening at St. Joe these days that gives you cause for optimism and what is the timeline for meaningful profitability?

Bruce Berkowitz (Trades, Portfolio): I should give everyone a taste of the new activities starting at St. Joe in Northwest Florida. St. Joe is increasing jobs in the area by helping to create global high-tech manufacturing facilities. St. Joe signed its first global high-tech company, GKN plc (“GKN”), an automotive and aerospace components company. Hopefully they will open up before the end of this year. St. Joe is increasing primary home choices for the first time, building apartments to rent as well as townhomes and condominiums to increase density. Of course, there is also the further expansion of retail and village spaces that go along with more jobs and more homes.

St. Joe is trying to increase the quality of education, looking to build new schools and very much focused on the “STEM” areas: sciences, technology, engineering, and mathematics. They are in talks to expand the healthcare system in the area. They’re working hard on a very large biomedical engineering project. Of course, they’re also looking to continue to increase tourism. I believe that Northwest Florida Beaches International Airport has crossed a million legs. I know airlines are exploring additional routes. For the first time they’re starting the process of looking to build new hotels and a new convention center. They’re also finalizing plans for a very large national sports facility.

I’m sure people haven’t heard of Triumph Gulf Coast. Triumph Gulf Coast is a nonprofit corporation that was created by the Florida legislature to distribute about a billion and a half dollars of funds for economic damages in the State of Florida that resulted from the 2010 Deepwater Horizon oil spill.

Florida’s Governor Rick Scott executed the Triumph legislation earlier this month, and it is now in effect. Triumph Gulf Coast attempts to establish, hold, invest, and administer this trust of a billion and a half dollars for the economic recovery, diversification, and enhancement of eight Northwest Florida counties that were disproportionately affected by the spill.

St. Joe owns property in five of the eight counties, with significant ownership in three of the counties – Bay, Gulf, and Walton counties.

I mentioned GKN. We’re constructing a 137,000 square foot building at Venture Crossings, which is proceeding well and should be completed later this year. St. Joe is constructing the building and leasing it to GKN. GKN has started the hiring process, and we expect them to create 170 aerospace manufacturing jobs with a median annual salary of about $65,000. We also expect another 400 to 500 jobs to be created from the knock-on, secondary effects associated with this new facility.

I mentioned apartments. St. Joe is constructing 240 units in a joint venture with HomeCorp near Pier Park. It is expected to commence in the third or fourth quarter of this year. St. Joe will be the majority owner of the JV and owns most of the land surrounding this project.

We expect many more starts to come, so I tell everyone to stay tuned.

Daniel Schmerin: Here’s an interesting one we received. Given that the Intergovernmental Panel on Climate Change expects that the oceans will rise between 11 and 38 inches by 2100, can you please discuss how much, if any, of St. Joe’s highly desirable real estate properties would be at risk?

Bruce Berkowitz (Trades, Portfolio): The coastline in Northwest Florida typically has higher elevations than other parts of Florida. For example, the gulf front at our Watercolor Inn has an elevation of 13 feet. Pier Park North commercial center has an elevation of 30 feet. Watersound Origin, one of our growing communities, has an average elevation of 35 feet. And our high-tech manufacturing area at Venture Crossings is adjacent to the airport with elevations ranging between 50 and 60 feet above sea level.

St. Joe is going to be A-OK, at least for the next few hundred years. I think those of us living in Miami have a lot more to worry about.

Daniel Schmerin: For the last several years, shares of St. Joe have underperformed the market and its peer groups. What action do you anticipate the company will take to highlight the value for investors of its cash and property, and when? And what actions will the company take to potentially increase capital allocation for shareholders, whether in the form of dividends or accelerated buybacks, especially given the strength of St. Joe’s balance sheet?

Bruce Berkowitz (Trades, Portfolio): I’m happy to report the company is executing on its plans. It’s focused on recurring revenues, executing joint ventures to maintain low fixed cost structures, working hard to diversify the regional economy. We’ve been very lucky and fortunate to have great support from the state and local officials, be it from Governor Rick Scott, Commissioner Adam Putnam, and many others who believe there’s a bright future for Northwest Florida. I’m quite excited.

And in terms of capital allocation, more capital will be directed toward new programs and projects. But St. Joe will still have significant excess liquidity, and shareholders could see substantial amounts of capital used to continue repurchasing shares if the price is right.

Daniel Schmerin: Another shareholder asked, “Are there accommodations for us small fry investors to go down to St. Joe and get a tour of the facilities and the region itself?” How would you recommend people go down and tour this area? And is Joe doing enough to promote itself?

Bruce Berkowitz (Trades, Portfolio): All of our shareholders are welcome at St. Joe. Feel free to call St. Joe and arrange a visit. Tell them I encouraged the visit. Shareholders who visit will be pleasantly surprised and it’s going to get easier and easier to get to the area, because every year, we expect more direct flights into Northwest Florida Beaches International Airport. And we’re hoping to see flights from the New York area in the not-too-distant future.

St. Joe is moving faster and faster on all fronts. However, they are still exercising prudence. Every project must be profitable from day one. Every project must add value to all other current or future projects. St. Joe has at least 30 years of organic growth ahead. People at St. Joe want to make sure that they achieve this tremendous growth with minimum risk to the company and communities. It’s my belief that the company is now ready for whatever may come.




From Bruce Berkowitz (Trades, Portfolio)'s June 29, 2017, public conference call transcript.

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Bruce Berkowitz Comments on St. Joe - Jan 31, 2017

To outperform in sports, you must go to where the ball will be – not where it already is. The same is true of investing and our investment in St. Joe (NYSE:JOE). Northwest Florida Beaches International Airport, the newest U.S. international airport, is approaching 1,000,000 “travel legs” per year. Becca Hardin, President of the Bay Economic Development Alliance, which helps bring business to the airport and surrounding area, recently commented: “We’ve got a couple of really hot prospects that are looking at some sites in VentureCrossings … We think 2017 is going to be the year that some of these projects come into fruition and we will be able to announce them.”7 Joe is growing and has the assets and entitlements to meet multi-generational demand for affordable housing, commercial facilities, healthcare, education, and transportation. See for yourself at www.venturecrossings.com and www.watersound.com – you’ll get the idea. As St. Joe’s Chairman, I cordially invite you to visit the beginning of Florida’s newest metropolis.



From Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund (Trades, Portfolio) annual shareholder letter 2016.

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Bruce Berkowitz Comments on St. Joe - Aug 02, 2016

St. Joe (NYSE:JOE) is accelerating development plans to meet growing demand for commercial and residential properties in Northwest Florida. The company’s joint venture commercial development project at Pier Park North is now 93% leased, with four new tenants recently added to the rent roll. VentureCrossings, an industrial and technology park adjacent to the Northwest Florida Beaches International Airport, is generating interest. The WaterSound Origins residential project will surpass 270 homes in the next year, with more residential and commercial development expected. The company is evaluating opportunities to (i) dispose of additional non-core assets, (ii) build a portfolio of income-producing commercial properties, and (iii) further reduce operating expenses – all positive trends. We remain optimistic about St. Joe’s current trajectory and owned land – a good hedge against rising inflation.


From Bruce Berkowitz (Trades, Portfolio)'s first-half 2016 letter to shareholders.

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Bruce Berkowitz Comments on St. Joe Company - May 20, 2016

Daniel Schmerin: Let’s move on to the St. Joe Company (NYSE:JOE). Some market participants have interpreted the recent registration statement filed by St. Joe to mean that your view on the company has soured. What’s the truth?

Bruce Berkowitz (Trades, Portfolio): My view on St. Joe has not soured. The company’s regulatory filing was routine. It happened previously in April 2013. It has no bearing on our investment outlook.

The company last year received entitlements spanning 110,000 acres of nearly contiguous land on Florida’s Emerald Coast. The company now has the ability to develop 22 million square feet of retail, commercial, and industrial facilities, along with 170,000 residential units. There is huge potential at St Joe.

Daniel Schmerin: So let’s drill down on that a little bit and discuss your perspective regarding St. Joe. Particularly, what has been accomplished since you’ve been actively involved?

Bruce Berkowitz (Trades, Portfolio): Dan, I started with four objectives. Stop the bleeding – that is, eliminate excessive corporate spending and other fixed expenses at St Joe. Strengthen the balance sheet is number two, to create huge liquidity to be able to weather any environment. The third objective was to focus the company on core projects that can really move the performance needle. Fourth is helping the company create the underlying conditions for maximum optionality and long-term success. I believe these objectives have been accomplished.

Over the last few years, St. Joe has sold some of its non-core assets. More recently, the company appointed a new CEO, Jorge Gonzalez.

The company is now focusing on creating partnerships with the best, most experienced companies that can help increase the value of St. Joe’s land – whether it’s the entitlements, the deepwater port, the short-line railroad, the new international airport, the hotel, or the golf and resort properties, there’s a whole lot at St. Joe. And I have to tell our shareholders, for those who think St. Joe is just forestry land far away from civilization, you need to come down and visit St. Joe and take a look for yourself.

Daniel Schmerin: Do you need to remain Chairman of the Board for the company to succeed going forward?

Bruce Berkowitz (Trades, Portfolio): The short answer is no. The company is now entering a new phase, transitioning from what I consider defense to offense. While I am happy to continue serving, there may well be others who can bring different expertise that will be accretive for St. Joe’s next chapter.

From Bruce Berkowitz (Trades, Portfolio)'s Feb. 23, 2016, Fairholme Fund (Trades, Portfolio) conference call.

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Bruce Berkowitz Comments on St. Joe Company - Feb 03, 2016

The St. Joe Company (“St. Joe”) (NYSE:JOE) comprises 12.8% of Fund assets. Today, St. Joe stands well capitalized and focused on future developments in Florida’s Bay and Walton Counties. The company is entitled to develop 170,000 residential units and 22 million square feet of retail, commercial, and industrial facilities on 110,500 acres of nearly contiguous land on the “Emerald Coast.” We believe that the intrinsic value of St. Joe’s current entitlements and other assets is substantially higher than its recent market price, and were pleased that the company repurchased almost 17 million shares of its common stock (over 18% of the outstanding public float) at $18 per share in 2015.

From Bruce Berkowitz (Trades, Portfolio)'s 2015 Annual Letter for the Fairholme Fund.

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David Einhorn Comments on St. Joe Company - Nov 19, 2015

St. Joe Company (NYSE:JOE), shorted at $36.90, covered at $17.17: After being short for almost 10 years, we decided to declare victory and move on, even though the shares remain somewhat overvalued.

From David Einhorn (Trades, Portfolio)'s third quarter 2015 Greenlight Capital shareholder commentary.

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