745308--3/14/2006--ST_JOE

related topics

{loan, real, estate}

{investment, property, distribution}

{regulation, change, law}

{condition, economic, financial}

{personnel, key, retain}

{operation, natural, condition}

{tax, income, asset}

{competitive, industry, competition}

A downturn in economic conditions and demand for real estate could adversely affect our business. The occurrence of hurricanes and other natural disasters in Florida could adversely affect our business. Our businesses are primarily concentrated in the State of Florida. As a result, our financial results are dependent on the economic growth and health of Florida, particularly Northwest Florida. Changes in the demographics affecting projected population growth in Florida, including a decrease in the migration of Baby Boomers, could adversely affect our business. Increases in interest rates could reduce demand for our products. Our real estate operations are cyclical. We are exposed to risks associated with real estate sales and development. Our business is subject to extensive regulation which makes it difficult and expensive for us to conduct our operations. Our joint venture partners may have interests that differ from ours and may take actions that adversely affect us. Changes in our income tax estimates could affect our profitability. Significant competition could have an adverse effect on our business. We are highly dependent on our senior management. If we are unable to attract or retain experienced real estate development personnel, our business may be adversely affected.

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745308--3/14/2006--ST_JOE_CO