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Florida real-estate company to sell railroad stock PORT ST. JOE, Fla. -- The St. Joe Company said on Monday it has agreed to sell the rolling stock of the Apalachicola Northern Railroad (ANRR) to AN Railway, L.L.C., a subsidiary of Panama City-based Rail Management Corp. Terms of the transaction were not disclosed. Rail Management owns and operates the Bay Line, a short-line railroad between Panama City and Dothan, Ala., as well as 12 other short-line railroads, according to the Panama City News Herald. St. Joe will retain ownership of the right of way, track, related facilities and real estate. The agreement calls for St. Joe to lease the track and related facilities to AN Railway. Once the transaction is completed, AN Railway is expected to begin operations between Port St. Joe and Chattahoochee. Peter S. Rummell, chairman and chief executive officer of St. Joe, praised the association. "The St. Joe management team's expertise is in real estate, not railroads," Rummell said. "We believe that ANRR customers will benefit greatly from Rail Management's short-line railroad expertise. "A key objective of this transaction is to enhance rail service to Port St. Joe." Earl Durden, chairman and CEO of Rail Management Inc., the corporate parent of Bay Line, suggested the "combination of Apalachicola Northern Railroad operations with Bay Line represents an excellent opportunity for us." "We're a local business, we're familiar with the region, and we're committed to regional economic development," he said. "We see reliable rail service as an important part of Gulf County's economic strategy going forward." Rummell said the transaction doesn't mean St. Joe is reducing its interest in railroads. "The sale doesn't end St. Joe's commitment to a successful rail operation in Port St. Joe," he said. "Our continued ownership of ANRR's real estate, including the track and track bed, makes us a partner with Rail Management, Bay Line and the community, with a vested interest in seeing this operation succeed. "We're particularly pleased to have found a local company to provide rail services to Port St. Joe that is focused on the transportation needs of the region. Bay Line has strong ties to the community with a commitment to economic development in Gulf County." ANRR ships commodities -- including chemicals, wood chips, lime, scrap paper, bauxite and lumber to Chattahoochee -- where it connects with major interstate rail carriers. The railroad operates on 96 miles of track with six locomotives and 149 freight cars. The St. Joe Co., a publicly held company based in Jacksonville, is one of Florida's largest real estate companies. It also has significant timber holdings. Tuesday, August 27, 2002 © 1997-2010 Brotherhood of Locomotive Engineers and Trainmen

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