St. Joe previously annuitized approximately $93 million of its pension plan liabilities through an insurance company transfer. The transaction resulted in a pre-tax charge for the second quarter of $44.7 million.
Remaining non-cash charges of $20 million included the $7.4-million write-off of a note receivable from GVA Advantis, which ceased operation in late July. It also included a $6.7-million write-down related to St. Joe's SevenShores condominium and marina development in Bradenton.
"As a result of a slight uptick in the market in the second quarter, we experienced positive results from our ongoing efforts to sell residential inventory with closings in a number of our communities generating revenue of approximately $11.7 million," Britt Greene, St. Joe president and CEO, stated in a release. The company also sold 5,300 acres of rural land during the second quarter, generating $8.4 million in revenue.
St. Joe also announced it has accelerated pre-construction development activity on 1,000 acres adjacent to the new Panama City International Airport. The land is planned for office, retail, hotel and industrial use.
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