...JOE CEO's base salary is $514,134--so that revenue isn't going to make it to the bottom line.
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Nationally, nearly half of 2006 buyers are upside down
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...JOE CEO's base salary is $514,134--so that revenue isn't going to make it to the bottom line.
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At least he is pulling his weight.
...he's got another $500k in "other compensation" to cover...then there's the electricity and post-it note costs.
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With that sale plus the 2 lots at 315,000 last week that should cover his whole pay, no?
...then there's Rummell's payment of his regular salary thru last month (he left in May 08); annual payment of $250K + "other expenses" for services as COB through 2009; cash in lieu of stock grants as a "non-employee" director; and target bonus of 100% of his salary for 2008 and prorated payment of any additional bonuses the committee may authorize for 2008. :roll:
Next up--the CFO's salary. So get out there and sell, sell, sell those lots...baby needs a new pair of shoes!
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JOE has got quite a bit of land in their arsenal and it's apparent they are not afraid to scorch the earth. I remember the Watercolor initial town design charette like yesterday. That night at the Seaside Rep. Theatre when all those JOE exec's were doing the meet and greet was real interesting. Who would have imagined that 10 years later it would be like this?
SHELLY, aren't you forgetting that JOE's revenue isn't purely real estate sales. Unfortunately when Starbucks leaves they'll loose that rental revenue, but they still have plenty of other rental property.
That and there was the announcement of a joint effort to add more retail space by Pier Park. 58 acres if IIRC.
That and there was the announcement of a joint effort to add more retail space by Pier Park. 58 acres if IIRC.
I think I read that JOE sold the Watercolor Crossings/Publix shopping center last summer. Does JOE keep other income producing rental properties or do they own amenity based properties that they may or may not turn a profit on? It does seem that if anyone could make it work JOE could do very well with commercial and other rental.
I'm pretty sure JOE sold off all its commercial RE. Their financials for 2008 are showing zip for Commercial Rental Revenue vs. @ $600K the year previous. (Or maybe their tenants just stopped paying the rent this year
)From their Aug 8K:
After the close of the second quarter, JOE and Glimcher Realty Trust entered into a strategic partnership to develop an anchored retail shopping center across from Pier Park along Highway 98 in Panama City Beach. JOE and Glimcher will jointly develop 58 acres that will be marketed to large national retail outlets.
The agreement is subject to minimum leasing requirements, financing and other customary conditions.
.......I recommend you don't hold your breath waiting for this one to start cranking out a profit.
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