##### 



Exhibit 24
 POWER OF ATTORNEY
   /s/ A. Codina

A. Codina, President, Chief Executive
Officer, Flagler Development Group and Director
    
    /s/ D. M. Foster

D. M. Foster, Director/s/ J. E. Jordan
    
    /s/ G.H. LamphereJ.E. Jordan, Director
    
    G. H. Lamphere, Director/s/ J. Nemec
    
    /s/ J. Perez.J. Nemec, Director
    
    J. Perez, Director/s/ W. L. Sanders, Jr.
    
    /s/ R. SugranesW. L. Sanders, Jr., Director
    
    R. Sugranes, Director/s/ George ZoffingerGeorge Zoffinger, Director




---



##### 



FLORIDA EAST COAST INDUSTRIES, INC.
SCHEDULE II  VALUATION RESERVES
YEARS ENDED DECEMBER 31, 2006, 2005 and 2004  (dollars in thousands)
 Balance at
    
    Charged to
    
    
    
    
    
    Balance atBeginning
    
    Costs and
    
    Deductions/
    
    End ofDescription
    
    of Period
    
    Expenses
    
    Write-offs
    
    Period2006 Allowance for Doubtful Accounts
    
    
    2,182
    
    
    
    1,001
    
    
    
    (624
    )
    
    
    2,5592005 Allowance for Doubtful Accounts
    
    
    1,710
    
    
    
    897
    
    
    
    (425
    )
    
    
    2,1822004 Allowance for Doubtful Accounts
    
    
    1,717
    
    
    
    609
    
    
    
    (616
    )
    
    
    1,710




---



##### 



FLORIDA EAST COAST INDUSTRIES, INC.
SCHEDULE III (CONSOLIDATED)  REAL ESTATE AND ACCUMULATED DEPRECIATION
YEARS ENDED DECEMBER 31, 2006, 2005 and 2004  (dollars in thousands)
 Initial Cost to Company
    
    Carried at Close of PeriodCosts
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciable LifeCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Used inSubsequent
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date
    
    Calculation into
    
    Land & Land
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Capitalized or
    
    Latest IncomeDescription
    
    Land
    
    Acquisition
    
    Improvements
    
    Improvements
    
    Total
    
    Depreciation
    
    Acquired
    
    StatementDuval CountyOffice Buildings
    
    
    13,809
    
    
    
    171,233
    
    
    
    31,645
    
    
    
    153,397
    
    
    
    185,042
    
    
    
    59,026
    
    
    
    1985
    
    
    
    3 to 40 yearsOffice/Showroom/Warehouses
    
    
    1,623
    
    
    
    45,570
    
    
    
    5,976
    
    
    
    41,217
    
    
    
    47,193
    
    
    
    24,729
    
    
    
    1987
    
    
    
    3 to 40 yearsOffice/Warehouses
    
    
    930
    
    
    
    4,999
    
    
    
    1,668
    
    
    
    4,261
    
    
    
    5,929
    
    
    
    1,743
    
    
    
    1994
    
    
    
    3 to 40 yearsFront Load Warehouse
    
    
    68
    
    
    
    9,548
    
    
    
    817
    
    
    
    8,799
    
    
    
    9,616
    
    
    
    1,608
    
    
    
    1998
    
    
    
    3 to 40 yearsRail Warehouse
    
    
    23
    
    
    
    3,259
    
    
    
    326
    
    
    
    2,956
    
    
    
    3,282
    
    
    
    1,205
    
    
    
    1998
    
    
    
    3 to 40 yearsLand with Infrastructure
    
    
    5,557
    
    
    
    25,633
    
    
    
    31,182
    
    
    
    8
    
    
    
    31,190
    
    
    
    6,035
    
    
    Various
    
    
    3 to 40 yearsUnimproved Land & Misc.
Assets
    
    
    523
    
    
    
    
    
    
    
    523
    
    
    
    
    
    
    
    523
    
    
    
    
    
    
    
    1998
    
    
    
    3 to 40 yearsSt. Johns CountyOffice Building
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Various
    
    
    3 to 40 yearsUnimproved Land
    
    
    3,467
    
    
    
    1,195
    
    
    
    4,662
    
    
    
    
    
    
    
    4,662
    
    
    
    252
    
    
    Various
    
    15 yearsFlagler CountyUnimproved Land
    
    
    16
    
    
    
    12
    
    
    
    28
    
    
    
    
    
    
    
    28
    
    
    
    2
    
    
    Various
    
    15 yearsVolusia CountyUnimproved Land
    
    
    137
    
    
    
    274
    
    
    
    411
    
    
    
    
    
    
    
    411
    
    
    
    22
    
    
    Various
    
    15 yearsBrevard CountyLand with Infrastructure
    
    
    715
    
    
    
    239
    
    
    
    954
    
    
    
    
    
    
    
    954
    
    
    
    34
    
    
    Various
    
    15 yearsUnimproved Land
    
    
    3,826
    
    
    
    
    
    
    
    3,826
    
    
    
    
    
    
    
    3,826
    
    
    
    
    
    
    Various
    
    15 yearsSt. Lucie CountyUnimproved Land
    
    
    405
    
    
    
    63
    
    
    
    468
    
    
    
    
    
    
    
    468
    
    
    
    14
    
    
    Various
    
    15 yearsMartin CountyLand with Infrastructure
    
    
    23
    
    
    
    124
    
    
    
    147
    
    
    
    
    
    
    
    147
    
    
    
    30
    
    
    Various
    
    15 yearsUnimproved Land
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Various
    
    15 yearsOkeechobee CountyUnimproved Land
    
    
    2
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    Various
    
    15 yearsPutnam CountyUnimproved Land
    
    
    2
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    Various
    
    15 yearsPalm Beach CountyUnimproved Land
    
    
    122
    
    
    
    33
    
    
    
    155
    
    
    
    
    
    
    
    155
    
    
    
    
    
    
    Various
    
    15 yearsBroward CountyRail Warehouse
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Various
    
    
    3 to 40 yearsLand with Infrastructure
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1992
    
    
    
    3 to 40 yearsUnimproved Land
    
    
    7,298
    
    
    
    
    
    
    
    7,298
    
    
    
    
    
    
    
    7,298
    
    
    
    
    
    
    Various
    
    
    3 to 40 yearsBuilding
    
    
    4,834
    
    
    
    9,649
    
    
    
    6,444
    
    
    
    8,039
    
    
    
    14,483
    
    
    
    585
    
    
    
    2005
    
    
    
    3 to 40 years




---



##### 



FLORIDA EAST COAST INDUSTRIES, INC.
 SCHEDULE III (CONSOLIDATED)  REAL ESTATE AND ACCUMULATED DEPRECIATION
YEARS ENDED DECEMBER 31, 2006, 2005 and 2004  (dollars in thousands)
 Initial Cost to Company
    
    Carried at Close of Period

    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciable LifeCosts
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Used inCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date
    
    Calculation inSubsequent to
    
    Land & Land
    
    Buildings and
    
    
    
    
    
    Accumulated
    
    Capitalized or
    
    Latest IncomeDescription
    
    Land
    
    Acquisition
    
    Improvements
    
    Improvements
    
    Total
    
    Depreciation
    
    Acquired
    
    StatementDade CountyDouble Front Load
Warehouse
    
    
    972
    
    
    
    7,306
    
    
    
    2,074
    
    
    
    6,204
    
    
    
    8,278
    
    
    
    3,216
    
    
    
    1993
    
    
    
    3 to 40 yearsRail Warehouses
    
    
    1,853
    
    
    
    13,335
    
    
    
    3,926
    
    
    
    11,262
    
    
    
    15,188
    
    
    
    6,936
    
    
    
    1988
    
    
    
    3 to 40 yearsOffice/Showroom/Warehouses
    
    
    2,328
    
    
    
    19,162
    
    
    
    5,788
    
    
    
    15,702
    
    
    
    21,490
    
    
    
    11,069
    
    
    
    1988
    
    
    
    3 to 40 yearsOffice Building
    
    
    8,209
    
    
    
    80,313
    
    
    
    22,282
    
    
    
    66,240
    
    
    
    88,522
    
    
    
    9,501
    
    
    
    2000
    
    
    
    3 to 40 yearsOffice/Warehouses
    
    
    11,392
    
    
    
    65,781
    
    
    
    19,355
    
    
    
    57,818
    
    
    
    77,173
    
    
    
    19,177
    
    
    
    1990
    
    
    
    3 to 40 yearsFront Load Warehouses
    
    
    4,092
    
    
    
    26,032
    
    
    
    8,773
    
    
    
    21,351
    
    
    
    30,124
    
    
    
    12,225
    
    
    
    1991
    
    
    
    3 to 40 yearsOffice/Service Center
    
    
    344
    
    
    
    3,060
    
    
    
    873
    
    
    
    2,531
    
    
    
    3,404
    
    
    
    1,467
    
    
    
    1994
    
    
    
    3 to 40 yearsTransit (Retail) Warehouse
    
    
    439
    
    
    
    6,135
    
    
    
    840
    
    
    
    5,734
    
    
    
    6,574
    
    
    
    1,909
    
    
    Various
    
    
    3 to 40 yearsLand with Infrastructure
    
    
    12,790
    
    
    
    24,032
    
    
    
    35,939
    
    
    
    883
    
    
    
    36,822
    
    
    
    3,882
    
    
    Various
    
    
    3 to 40 yearsUnimproved Land & Misc.
Assets
    
    
    145,960
    
    
    
    1,244
    
    
    
    145,960
    
    
    
    1,244
    
    
    
    147,204
    
    
    
    548
    
    
    Various
    
    
    3 to 40 yearsOrange CountyOffice Buildings
    
    
    8,764
    
    
    
    92,911
    
    
    
    10,840
    
    
    
    90,835
    
    
    
    101,675
    
    
    
    24,373
    
    
    
    1998
    
    
    
    3 to 40 yearsOffice/Showroom/Warehouses
    
    
    1,261
    
    
    
    10,435
    
    
    
    1,377
    
    
    
    10,319
    
    
    
    11,696
    
    
    
    5,294
    
    
    
    1998
    
    
    
    3 to 40 yearsLand with Infrastructure
    
    
    3,231
    
    
    
    414
    
    
    
    3,430
    
    
    
    215
    
    
    
    3,645
    
    
    
    77
    
    
    
    1995
    
    
    
    3 to 40 yearsUnimproved Land & Misc.
Assets
    
    
    10,287
    
    
    
    6,065
    
    
    
    16,352
    
    
    
    
    
    
    
    16,352
    
    
    
    758
    
    
    
    1999
    
    
    
    3 to 40 yearsPolk CountyUnimproved Land
    
    
    15,045
    
    
    
    4,414
    
    
    
    19,459
    
    
    
    
    
    
    
    19,459
    
    
    
    
    
    
    Various
    
    15 yearsIndian River CountyUnimproved Land
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Various
    
    15 yearsSeminole CountyUnimproved Land
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Various
    
    15 yearsTOTALS
    
    
    270,347
    
    
    
    632,470
    
    
    
    393,802
    
    
    
    509,015
    
    
    
    902,817
    
    
    
    195,717
 Notes:(A)
    
    The aggregate cost of real estate owned at December 31, 2006 for federal income tax purposes is approximately $785.6 million. This amount includes reinvested gains of $168.4 million.(B)
    
    Reconciliation of real estate owned (dollars in thousands):
 2006
    
    
    2005
    
    
    2004Balance at beginning of year
    
    
    735,778
    
    
    
    547,497
    
    
    
    527,493Amounts capitalized
    
    
    214,699
    
    
    
    193,349
    
    
    
    49,767Amounts retired or adjusted
    
    
    (47,660
    )
    
    
    (5,068
    )
    
    
    (29,763
    )Balance at close of period
    
    
    902,817
    
    
    
    735,778
    
    
    
    547,497
 Reconciliation of real estate owned to Note 7 of the financial statements included in Item 8 of this report:
 Note 7 captions
    
    2006
    
    
    2005Railroad buildings
    
    
    2,680
    
    
    
    13,234Railroad land & land improvements
    
    
    22,279
    
    
    
    12,562Flagler buildings
    
    
    506,335
    
    
    
    469,833Flagler land & land improvements
    
    
    371,523
    
    
    
    240,149Real estate owned above
    
    
    902,817
    
    
    
    735,778
 See Note 7 for construction in progress amounts.(C)
    
    Reconciliation of accumulated depreciation (dollars in thousands):
 2006
    
    
    2005
    
    
    2004Balance at beginning of year
    
    
    171,908
    
    
    
    143,585
    
    
    
    125,757Depreciation expense
    
    
    30,935
    
    
    
    28,073
    
    
    
    22,821Amounts retired or adjusted
    
    
    (7,126
    )
    
    
    250
    
    
    
    (4,993
    )Balance at close of period
    
    
    195,717
    
    
    
    171,908
    
    
    
    143,585
 (D)
    
    Certain amounts shown in Schedule III have been reclassified to conform to 2006s presentation.