Levitt Corporation Reports Financial Results For the Fourth Quarter and Full Year, 2007

Levitt Corporation (NYSE:LEV) today announced financial results for the fourth quarter and year ended December 31, 2007. For the fourth quarter 2007, Levitt Corporation ("Levitt” or "the Company”) reported a net loss of ($8.3) million, or ($0.09) per diluted share, compared with a net loss of ($10.7) million or ($0.53) per diluted share in the fourth quarter of 2006. For the full year ended December 31, 2007, Levitt reported a net loss of ($234.6) million, or ($6.00) per diluted share, compared to a net loss of ($9.2) million, or ($0.46) per diluted share, for the year ended December 31, 2006. The fourth quarter results include various expenses related to the bankruptcy of our homebuilding subsidiary, Levitt and Sons. The 2007 year end results includes impairment charges of $217.6 million related to the Levitt and Sons inventory of real estate compared to $36.8 million in 2006. "In 2007, the housing market experienced what many consider the worst downturn in decades,” commented Levitt Corporation‘s Chairman and Chief Executive Officer, Alan B. Levan. "The unprecedented sales declines, inventory oversupply and rising cancellations, together with Levitt and Sons’ unsuccessful efforts to renegotiate the terms of its outstanding debt, resulted in our decision to no longer financially support Levitt and Sons. We concluded that the decline in the housing market was so severe and prospects for any recovery in the near-term were so remote that without a restructuring of Levitt and Sons’ debt, there was no way for Levitt and Sons to sustain its operations. As a result, Levitt and Sons filed for bankruptcy protection in order to pursue an orderly dissolution and liquidation of its assets. "This decision, while unfortunate, was important to Levitt Corporation’s efforts to preserve its capital and the capital of its other subsidiaries. Levitt Corporation entered 2008 with shareholders’ equity of $261.1 million and unrestricted cash of $195.2 million. In addition to its cash position, Levitt Corporation’s ownership interest of approximately 9.5 million shares of the common stock of Bluegreen Corporation (NYSE: BXG) had an approximate market value of $68.4 million as of December 31, 2007. Levitt Corporation also owns Core Communities, its wholly-owned master-planned community subsidiary. Our goal moving forward is to utilize our capital and borrowing capacity to participate in investment and acquisition opportunities as they become available. It is often said that times of volatility and challenge are times which present the greatest opportunity. In 2008, we intend to pursue opportunities, both within and outside the real estate industry, using a combination of our cash on hand and third party equity and debt financing. Land Division: "Core Communities ("Core”), our master-planned community subsidiary reported total revenue of $13.5 million for the fourth quarter of 2007 compared to $40.7 million during the comparable 2006 period. Core’s fourth quarter revenue includes the sale of approximately 38 acres generating $13.1 million with a margin of 50%. "While Tradition, Florida encompasses more than 8,200 total acres, including approximately 3,900 net saleable acres, plans include a 4.5-mile long employment corridor along I-95, educational and health care facilities, commercial properties, residential developments and other uses in a series of mixed-use parcels. Further, for some time Core has been focused on the development of a research park as part of this corridor. We are pleased to report that our 120 acre research park has become a reality and we have named it the Florida Center for Innovation at Tradition ("Florida Center for Innovation” or "FCI”). When completed, FCI will include nearly two million square feet of research and development space, and activities have already commenced including a 300 bed Martin Memorial Health Systems hospital, the new headquarters for the Torrey Pines Institute for Molecular Studies (TPIMS), and Mann Research Center’s plans to build a 400,000 square foot life sciences complex. Also, Oregon Health & Science University’s Vaccine and Gene Therapy Institute recently announced plans to locate a 120,000-square-foot facility within FCI. "Core’s fourth quarter results include the purchase by Mann Research Center of a 22.4 acre parcel within FCI, and the sale of a 14.5 acre parcel for the development of a Homewood Suites by Hilton®. Construction of the 111 suite Homewood Suites by Hilton® is slated to begin in spring 2008, with a targeted opening of spring 2009. Future plans include an additional 200 room hotel that would feature banquet and meeting space. "The recently opened Landing at Tradition, Core’s approximate 600,000 square foot, 80 acre retail power center, welcomed holiday shoppers to more than 30 nationally branded retail stores including Target, Babies "R” Us, Bed Bath & Beyond, LA Fitness, Michaels, Office Max, Old Navy, PetSmart, Pier 1 Imports, The Sports Authority and TJ Maxx, all of which are opening their first stores in St. Lucie County. Further, Tradition Square, Core’s 112,000 square foot mixed-use development, which serves as the town center for Tradition Florida, is fully leased. "As part of Core’s business plan, Core is actively marketing its income producing commercial assets in Florida, which includes the Landing at Tradition and Tradition Square. This is in addition to the continued marketing of commercial land parcels to users and third party developers. "Tradition South Carolina, the 5,400 acre community, officially changed its name to `Tradition Hilton Head' in November 2007, in an effort to better communicate to potential homebuyers its close proximity to Hilton Head Island. "In the fourth quarter, the HGTV lifestyle network announced plans to build its first ‘green’ home in Tradition Hilton Head. During the HGTV Green Home Giveaway 2008sm, viewers nationwide can enter to win the home and prize package valued at approximately $850,000. The over 2,000 square foot, fully furnished, three bedroom, two and a half bath home features both construction and design elements that are known to contribute to an energy efficient, cleaner and even healthier living environment. The home will be featured in the HGTV Green Home 2008 special and marketed in multiple media outlets by HGTV showcasing the green home and Tradition Hilton Head. Additional information can be obtained at www.hgtv.com/greenhome. "Core Communities’ third party backlog at December 31, 2007 consisted of contracts for the sale of 259 acres with a sales value of $77.9 million, compared with contracts for the sale of 74 acres with a sales value of $21.1 million at December 31, 2006. "Total SG&A expenses at Core Communities increased to $5.8 million during the fourth quarter of 2007 from $4.4 million for the comparable 2006 period. This increase reflects additional employees associated with supporting expansion into the South Carolina market and increasing activity in commercial leasing operations as well as increased marketing and advertising expenditures designed to attract buyers in Florida and establish a market presence in South Carolina. Bluegreen Corporation: "As previously discussed, Levitt Corporation holds an approximate 31% ownership interest (approximately 9.5 million shares of common stock) in Bluegreen Corporation (NYSE: BXG). Levitt Corporation’s Chairman and Vice Chairman also serve as Chairman and Vice Chairman of Bluegreen Corporation. "For the fourth quarter of 2007, Bluegreen Corporation reported net income of $8.5 million, or $0.27 per diluted share, up from $1.8 million or $0.06 per diluted share in the comparable period of 2006. Total sales in the fourth quarter of 2007 rose 7.6% to $136.6 million, up from $126.9 million in the same period last year. This increase was attributable to record vacation ownership ("Resorts") sales and higher homesite ("Bluegreen Communities") sales. For the full year ended December 31, 2007, Bluegreen Corporation reported net income of $31.9 million, or $1.02 per diluted share, up from net income of $29.8 million, or $0.96 per diluted share, in the comparable twelve months of 2006. For the full year 2007, total sales increased 3.5% to $582.8 million from total sales of $563.1 million in 2006, and Resorts sales rose 13.6% to $453.5 million, up from $399.1 million in the comparable 2006 period. Bluegreen Communities sales during 2007 were $129.2 million, a decrease from sales of $164.0 million during 2006. As of December 31, 2007, Bluegreen Corporation’s book value was $12.34 per share. "Based on Levitt Corporation’s ownership interest of Bluegreen Corporation, income was $2.8 million for the fourth quarter of 2007, versus $0.7 million in the corresponding 2006 period. For the full year ended December 31, 2007, income was $10.3 million, versus $9.7 million for the year ended December 31, 2006. "Bluegreen recently announced its intention to pursue a rights offering to its shareholders of up to $100 million of its common stock. Bluegreen intends to file a registration statement relating to the rights offering in March 2008. We own approximately 31% of Bluegreen’s outstanding common stock and we currently intend to participate in this rights offering and to support the efforts of Bluegreen’s management to maximize shareholder value through organic and acquisition-driven growth initiatives and then exploring strategic alternatives. Other Operations: "SG&A expense for the fourth quarter of 2007 increased to $10.6 million as compared to $7.8 million for the same 2006 period. The increase was attributable in part to increased restructuring related expenses as a result of terminations during 2007 and included severance paid to Levitt Corporation employees and additional commitments made by Levitt Corporation to terminated Levitt and Sons employees to supplement the limited termination benefits granted by Levitt and Sons. Restructuring expenses also included facilities expenses related to the termination of agreements in place for various equipment, sites and services that no longer provide an economic benefit to the Company. In addition to the restructuring expenses, professional services expense increased in 2007 related to securities filings and the Levitt and Sons bankruptcy filing. Partially offsetting these increases were decreases in compensation and benefits expense related to stock-based compensation and incentive compensation due to the decrease in headcount during 2007 and decreased employee recruitment costs. Homebuilding Division: "Levitt Corporation deconsolidated Levitt and Sons as of November 9, 2007, eliminating all future operations of Levitt and Sons from the financial results of Levitt Corporation, and records any remaining investment in Levitt and Sons, net of any outstanding advances due from Levitt and Sons, as a cost method investment. Under cost method accounting, income will only be recognized to the extent of cash received in the future or when the Company is discharged from the bankruptcy, at which time, any loss in excess of the investment in subsidiary can be recognized into income,” Levan concluded. Levitt Corporation Selected Financial Data (Consolidated) Fourth Quarter, 2007 Compared to Fourth Quarter, 2006 Total cash and cash equivalent of $195.2 million vs. $48.4 million Total revenues of $21.3 million vs. $180.9 million Net loss of ($8.3) million vs. ($10.7) million Diluted loss per share of ($0.09) vs. ($0.53) SG&A as a percent of total revenue was 90% vs. 17% Land Division third party backlog (value) of $77.9 million vs. $21.1 million Year-to-date, 2007 Compared to Year-to-date, 2006 (Consolidated) Total revenues of $415.9 million vs. $573.6 million Net loss of ($234.6) million vs. ($9.2) million Diluted loss per share of ($6.00) vs. ($0.46) Year-end Summary (Consolidated) (As of December 31, 2007) Total Cash and cash equivalents: $195,181,000 Total Assets: $712,851,000 Debt $274,820,000 Shareholders’ Equity: $261,106,000 Shares Outstanding: 96,260,000 Book Value per share: $2.71 Book value per share is calculated as shareholders’ equity divided by the total number of shares outstanding as of December 31, 2007. Levitt Corporation’s fourth quarter 2007 earnings results press release and financial summary will be available on its website: www.LevittCorporation.com. To view the press release and financial summary, access the "Investor Relations” section and click on the "News Releases” navigation link. About Levitt Corporation: Levitt Corporation, (NYSE: LEV) directly and through its wholly owned subsidiaries, historically has been a real estate development company. Going forward, Levitt Corporation intends to pursue acquisitions and investments opportunistically within and outside the real estate industry. Core Communities develops master-planned communities, including its original and best known, St. Lucie West. Core Communities' newest master-planned community is TraditionTM Florida. Now under development on Florida's Treasure Coast in St. Lucie County, TraditionTM is an 8,200-acre community that is planned to ultimately feature up to 18,000 residences as well as a commercial town center and a world-class corporate park. Core has also begun development of TraditionTM Hilton Head, an approximate 5,400-acre parcel of land located adjacent to Hilton Head Island and Bluffton, South Carolina that is planned to ultimately include up to 9,500 residences and 1.5 million square feet of commercial space. For further information, please visit our websites: www.LevittCorporation.com www.CoreCommunities.com To receive future Levitt Corporation news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.LevittCorporation.com. Levitt Corporation Contact Information Investor Relations: Leo Hinkley, SVP, Investor Relations Officer Phone: 954-940-4995 Fax: 954-940-5320 Email: InvestorRelations@LevittCorporation.com Some of the statements contained or incorporated by reference herein include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act”), that involve substantial risks and uncertainties. Some of the forward-looking statements can be identified by the use of words such as "anticipate,” "believe,” "estimate,” "may,” "intend,” "expect,” "will,” "should,” "seek” or other similar expressions. Forward-looking statements are based largely on management’s expectations and involve inherent risks and uncertainties. Some factors which may affect the accuracy of the forward-looking statements apply generally to the real estate industry, while other factors apply directly to Levitt Corporation. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including: the impact of economic, competitive and other factors affecting the Company and its operations; the market for real estate in the areas where the Company has developments, including the impact of market conditions on the Company’s margins and the fair value of our real estate inventory; the risk that the value of the property held by Core Communities may decline, including as a result of a sustained downturn in the residential real estate and homebuilding industries; the impact of market conditions for commercial property and whether the factors negatively impacting the homebuilding and residential real estate industries will impact the market for commercial property; the risk that the development of parcels and master-planned communities will not be completed as anticipated; continued declines in the estimated fair value of our real estate inventory and the potential for write-downs or impairment charges; the effects of increases in interest rates and availability of credit to buyers of our inventory; accelerated principal payments of our debt obligations due to re-margining of curtailment payment requirements; the ability to obtain financing and to renew existing credit facilities on acceptable terms, if at all; the Company's ability to access additional capital on acceptable terms, if at all; the risks and uncertainties inherent in bankruptcy proceedings and the inability to predict the effect of Levitt and Sons’ reorganization and/or liquidation process on Levitt Corporation and its results of operation and financial condition; the risk that creditors of Levitt and Sons may be successful in asserting claims against Levitt Corporation and the risk that any of Levitt Corporation’s assets may become subject to or included in Levitt and Sons’ bankruptcy case; and the Company’s success at managing the risks involved in the foregoing. Many of these factors are beyond the Company’s control and the Company cautions that the foregoing factors are not exclusive. Additional information concerning the potential risk factors that could affect the Company's future performance are described in the Company's periodic reports filed with the SEC, which may be viewed free of charge on the SEC's website, www.sec.gov, or on the Company's website, www.LevittCorporation.com. Further, Levitt Corporation and its subsidiaries have no affiliation in any way with the HGTV website and are not responsible for its content. Levitt Corporation Consolidated Statements of Financial Condition (In thousands, except share data)   December 31, December 31, 2007 2006 Assets   Cash and cash equivalents $ 195,181 48,391 Restricted cash 2,207 1,397 Current income tax receivable 27,407 - Inventory of real estate 227,290 822,040 Assets held for sale 96,214 47,284 Investment in Bluegreen Corporation 116,014 107,063 Property and equipment, net 33,566 33,115 Other assets 14,972   31,376 Total assets $ 712,851   1,090,666   Liabilities and Shareholders' Equity   Accounts payable, accrued liabilities and other $ 41,077 84,323 Customer deposits 541 42,571 Current income tax payable - 3,905 Liabilities related to assets held for sale 80,093 28,263 Notes and mortgage notes payable 189,768 503,313 Junior subordinated debentures 85,052 85,052 Loss in excess of investment in subsidiary 55,214   - Total liabilities 451,745   747,427   Shareholders' equity: Preferred stock, $0.01 par value Authorized: 5,000,000 shares Issued and outstanding: no shares - -   Class A Common Stock, $0.01 par value Authorized: 150,000,000 and 50,000,000 shares, respectively Issued and outstanding: 95,040,731 and 18,609,024 shares, respectively 950 186   Class B Common Stock, $0.01 par value Authorized: 10,000,000 shares Issued and outstanding: 1,219,031 shares 12 12   Additional paid-in capital 336,795 184,401 (Accumulated deficit) retained earnings (78,537 ) 156,219 Accumulated other comprehensive income 1,886   2,421 Total shareholders' equity 261,106   343,239 Total liabilities and shareholders' equity $ 712,851   1,090,666 Levitt Corporation Consolidated Statements of Operations (In thousands, except per share data)       For the years ended December 31, 2007   2006 2005   Revenues: Sales of real estate $ 410,115 566,086 558,112 Other revenues 5,766   7,488   6,585   Total revenues 415,881   573,574   564,697     Costs and expenses: Cost of sales of real estate 573,241 482,961 408,082 Selling, general and administrative expenses 116,087 119,337 87,162 Other expenses 3,929   3,677   4,855   Total costs and expenses 693,257   605,975   500,099       Earnings from Bluegreen Corporation 10,275 9,684 12,714 Interest and other income, net of interest expense 7,439   7,816   10,289   (Loss) income from continuing operations before income taxes (259,662 ) (14,901 ) 87,601 Benefit (provision) for income taxes 23,277   5,758   (32,532 ) (Loss) income from continuing operations (236,385 ) (9,143 ) 55,069 Discontinued operations: Income (loss) from discontinued operations, net of tax 1,765   (21 ) (158 ) Net (loss) income $ (234,620 ) (9,164 ) 54,911     Basic (loss) earnings per common share: Continuing operations $ (6.05 ) (0.45 ) 2.73 Discontinued operations 0.05   -   (0.01 ) Total basic (loss) earnings per common share $ (6.00 ) (0.45 ) 2.72   Diluted (loss) earnings per common share: Continuing operations $ (6.05 ) (0.46 ) 2.70 Discontinued operations 0.05   -   (0.01 ) Total diluted (loss) earnings per common share $ (6.00 ) (0.46 ) 2.69   Weighted average common shares outstanding: Basic 39,092 20,214 20,208 Diluted 39,092 20,214 20,320   Dividends declared per common share: Class A common stock $ 0.02 0.08 0.08 Class B common stock $ 0.02 0.08 0.08 LEVITT CORPORATION Summary of Selected Financial Data (unaudited)               As of or for the Twelve Months Ended   As of or for the Three Months Ended (dollars in thousands, except share and per share data) 12/312007 12/312006 12/312007 9/302007 6/302007 3/312007 12/312006   Consolidated Operations: Revenues from sales of real estate $ 410,115 566,086 20,629 122,824 125,364 141,298 178,946 Cost of sales of real estate $ 573,241   482,961   13,399   275,340   171,594   112,908   170,734   Margin (a) $ (163,126 ) 83,125 7,230 (152,516 ) (46,230 ) 28,390 8,212 Earnings from Bluegreen Corporation $ 10,275 9,684 2,756 4,418 1,357 1,744 658 Selling, general and administrative expenses $ 116,087 119,337 19,200 31,556 33,017 32,314 30,634 (Loss) income from continuing operations $ (236,385 ) (9,143 ) (9,189 ) (169,980 ) (58,195 ) 979 (10,695 ) Income (loss) from discontinued operations, net of taxes $ 1,765 (21 ) 848 812 108 (3 ) (45 ) Net (loss) income $ (234,620 ) (9,164 ) (8,341 ) (169,168 ) (58,087 ) 976 (10,740 )   Basic (loss) earnings per share (b) Continuing operations $ (6.05 ) (0.45 ) (0.10 ) (8.41 ) (2.88 ) 0.05 (0.53 ) Discontinued operations $ 0.05     -     0.01     0.04     0.01     -     -   Total basic (loss) earnings per share $ (6.00 ) (0.45 ) (0.09 ) (8.37 ) (2.87 ) 0.05 (0.53 )   Diluted (loss) earnings per share (b) Continuing operations $ (6.05 ) (0.46 ) (0.10 ) (8.41 ) (2.88 ) 0.05 (0.53 ) Discontinued operations $ 0.05     -     0.01     0.04     0.01     -     -   Total diluted (loss) earnings per share $ (6.00 ) (0.46 ) (0.09 ) (8.37 ) (2.87 ) 0.05 (0.53 )   Weighted average shares outstanding - basic 39,092 20,214 96,256 20,220 20,218 20,217 20,216 Weighted average shares outstanding - diluted 39,092 20,214 96,256 20,220 20,218 20,228 20,216   Dividends declared per common share $ 0.02 0.08 - - - 0.02 0.02   Key Performance Ratios: S, G & A expense as a percentage of total revenues 27.9%   20.8%   90.0%   25.4%   26.0%   22.6%   16.9%   Return on average shareholders' equity, trailing 12 mos. (d) (77.6% ) (2.6% ) (77.6% ) (100.3% ) (20.4% ) (2.2% ) (2.6% ) Ratio of debt to shareholders' equity 105.3%   171.4%   105.3%   510.0%   227.6%   185.4%   171.4%   Ratio of debt to total capitalization 51.3%   63.2%   51.3%   83.6%   69.5%   65.0%   63.2%   Ratio of net debt to total capitalization 14.9%   58.0%   14.9%   78.7%   62.9%   58.8%   58.0%     Consolidated Financial Condition Data: Cash and cash equivalents $ 195,181 48,391 195,181 35,733 61,618 60,550 48,391 Inventory of real estate 227,290 822,040 227,290 580,104 776,211 844,598 822,040 Investment in Bluegreen Corporation 116,014 107,063 116,014 115,408 109,658 108,615 107,063 Total assets 712,851 1,090,666 712,851 900,392 1,096,585 1,129,487 1,090,666 Total debt 274,820 588,365 274,820 609,149 654,093 639,190 588,365 Total liabilities 451,745 747,427 451,745 780,959 809,244 784,715 747,427 Shareholders' equity 261,106 343,239 261,106 119,433 287,341 344,772 343,239   Homebuilding Division (e): Revenues from sales of real estate $ 387,708 500,719 7,662 122,224 123,653 134,169 143,233 Cost of sales of real estate 552,566   440,059   6,747   267,210   171,006   107,603   147,132   Margin (a) $ (164,858 ) 60,660 915 (144,986 ) (47,353 ) 26,566 (3,899 ) Margin percentage (c) (42.5% ) 12.1%   11.9%   (118.6% ) (38.3% ) 19.8%   (2.7% ) Gross orders (units) 1,031 1,520 62 206 478 285 204 Cancellations (units) 538 404 68 157 187 126 122 Net orders (units) 493 1,116 (6 ) 49 291 159 82 Net orders (value) 115,403 381,993 (3,695 ) 12,872 62,326 43,900 27,243 Construction starts 729 1,682 4 236 235 254 277 Homes delivered 1,144 1,660 28 375 379 362 426 Average closing price of homes delivered (h) $ 321 302 274 302 326 340 336 Backlog of homes (units) - 1,248 - 631 957 1,045 1,248 Backlog of homes ($) $ - 438,240 - 197,404 297,832 359,029 438,240   Land Division (f): Revenues from sales of real estate (i) $ 16,567 69,778 13,116 757 1,917 777 40,118 Cost of sales of real estate (i) 7,447   42,662   6,636   256   483   72   25,165   Margin (a) (i) $ 9,120 27,116 6,480 501 1,434 705 14,953 Margin percentage (c) (i) 55.0%   38.9%   49.4%   66.2%   74.8%   90.7%   37.3%   Acres sold 40 371 38 1 1 - 237 Inventory of real estate (acres) (g) 6,679 6,871 6,679 6,717 6,870 6,871 6,871 Inventory of real estate ($) $ 189,903 176,356 189,903 212,704 204,611 195,394 176,356 Backlog of land (acres) - Third parties 259 74 259 291 98 74 74 Backlog of land ($) - Third parties $ 77,888 21,124 77,888 92,451 29,013 21,124 21,124     (a) Margin is calculated as sales of real estate minus cost of sales of real estate. Homebuilding Division impairment charges and write-offs of deposits and pre-acquisition costs included in cost of sales for the quarters ended December 31, 2006; March 31, 2007; June 30, 2007 and September 30, 2007; total $31.1 million, $282,000, $63.0 million and $154.3 million, respectively. There were no impairment charges for the quarter ended December 31, 2007. (b) Diluted (loss) earning per share takes into account the dilutive effect of our stock options and restricted stock using the treasury stock method and the dilution in earnings we recognize as a result of outstanding Bluegreen securities that entitle the holders thereof to acquire shares of Bluegreen's common stock. The weighted average number of common shares outstanding in basic and diluted (loss) earnings per share for all prior periods presented have been retroactively adjusted for a number of shares representing a bonus element arising from the rights offering that closed at a higher price ($2.05) on October 1, 2007 than the offering price of $2.00 per share. (c) Margin percentage is calculated by dividing margin by sales of real estate. (d) Calculated by dividing net income (loss) by average shareholders' equity. Average shareholders' equity is calculated by averaging the equity balance at the end of the current period with the equity balance at the end of the same period in the prior year. (e) Backlog includes all homes subject to sales contracts. (f) Land sales to the Homebuilding Division represented $15.5 million of the total revenues and $4.6 million of margin from sales of real estate for the three months ended December 31, 2006. There were no land sales to the Homebuilding Division during 2007. These inter-segment transactions are eliminated in consolidation. (g) Estimated net saleable acres (subject to final zoning, permitting, and other governmental regulations/approvals). Includes approximately 56 acres related to assets held for sale as of December 31, 2007. (h) Average closing price of homes delivered excludes lot sales and land sales in the Homebuilding Division. (i) Consists of land sales, look back fees and revenue recognition of previously deferred revenue associated with percentage of completion accounting. LEVITT CORPORATION Land Development Properties As of: 12/31/07                       Project Location Total Acres Non- Saleable Acres (a) Net Saleable Acres (a) Closed Acres Saleable Acres Remaining (c) $ Book value per Saleable Acre ($000) Acres Under Contract to Third Parties (b) Saleable Acres Available (d) Currently in Development     Tradition, FL St. Lucie County, FL 8,246 2,583 5,663 1,794 3,869 25 259 3,610   Tradition, SC Jasper County, SC 5,390 2,417 2,973 163 2,810   34 - 2,810 Total Currently in Development 13,636 5,000 8,636 1,957 6,679 $ 28 259 6,420     (a) Actual saleable acres may vary from original plan due to changes in zoning, project design, or other factors. (b) There can be no assurance that current property contracts will be consummated. (c) Includes approximately 56 acres related to assets held for sale as of December 31, 2007. (d) Saleable acres available for sale are approved for the following mix of use:   Acres Residential Commercial Project Available Units(a) Sq. Ft. Tradition, FL 3,610 11,000 6,350,000 Tradition, SC 2,810 8,500 1,500,000 Total 6,420 19,500 7,850,000   (a) Based on current plans for these communities. Management does not expect to utilize the full residential density allowed by the existing entitlements.