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News Breaks
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January 27, 2012
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| 09:50 EDT |  | JOE |
| theflyonthewall.com: | Saint Joe Co. sees $325M-$375M impairment charge in Q4, to cut CapEx by $190M | | The Board of Directors of The St. Joe Company adopted a new real estate investment strategy, which is focused on reducing future capital outlays and employing new risk-adjusted investment return criteria for evaluating the company’s properties and future investments in such properties. Pursuant to this new strategy, the company intends to significantly reduce planned future capital expenditures for infrastructure, amenities and master planned community development and reposition certain assets to encourage increased absorption of such properties in their respective markets. The company anticipates that the amount of future capital expenditures associated with existing projects will be reduced by approximately $190M, the majority of which was expected to be spent in the next 10 years. The company has made considerable progress in assessing the recoverability of specific properties under the new strategy, but has not yet completed the analysis. Based on the work performed to date, the company currently anticipates it will record an aggregate non-cash charge for impairment associated with these projects that may range from $325M-$375M in Q4. The company expects to finalize its estimates by the end of February. :theflyonthewall.com |
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