November 8, 2013

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Article

LDS Church Buys 382,834 Acres in Northwest Florida

Press Release

November 8, 2013

The St. Joe Company has entered into a sales agreement with AgReserves, Inc., an affiliate of The Church of Jesus Christ of Latter-day Saints, to sell approximately 382,834 acres of its non-strategic timberland and rural land in Northwest Florida for $565 million. The final price is subject to an adjustment set forth in the Sales Agreement. This proposed transaction does not include land within The St. Joe Company's existing residential or commercial real estate segments or its resorts, leisure or leasing segment.

“This sale of timberland will help the company concentrate on its core business activity of real estate development in Northwest Florida,” said Park Brady, CEO of The St. Joe Company.

The land to be sold includes the majority of the company’s timberlands in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty and Wakulla counties and had an aggregate carrying value of approximately $54 million on Oct. 31. AgReserves, Inc. is assuming agreements and contracts existing on the purchased timberlands and intends to maintain timber and agricultural uses of the lands.

The transaction was approved by the board of The St. Joe Company and by AgReserves Inc., and is subject to customary closing conditions, including regulatory approvals, and the approval of the shareholders. The transaction is expected to close in the first quarter of 2014.


 

 

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