"JOE turned in another great year in 2002, providing shareholders with a total return (dividends and stock appreciation) for the year of 8.4%, compared to a 22.1% decline in the S&P 500 Index," says company chairman and CEO Peter S. Rummell.

Strong revenue from commercial, residential and land deals was credited for the performance. Q4 net income was $55.3 million or 70 cents per share compared to $18.8 million or 23 cents per share in 2001. Fourth-quarter earnings before interest, taxes, depreciation and amortization was $60.2 million versus $44.6 million in the same 2001 period.

The operations of Arvida Realty Services were included in the 2002 financials through April 17, 2002 when Arvida was sold for $170 million cash to NRT Inc., a subsidiary of New York-based Cendant Corp.