US Market News
1月前
The St. Joe Company Reports First Quarter 2026 Results and Declares a Quarterly Dividend of $0.16 Per ShareApril 29, 2026 4:10 PM
Business Wire
Highlights for the first quarter of 2026 as compared to the first quarter of 2025:
Quarterly revenue increased by 5% to $99.1 million from $94.2 million, the Company’s highest first quarter revenue outside of the one-off timberland sale in 2014.
Hospitality revenue increased by 13% to a first quarter record of $44.7 million from $39.6 million.
Real estate revenue increased by 4% to $39.7 million from $38.3 million.
Quarterly operating income increased by 8% to $18.2 million from $16.9 million. Equity in income from unconsolidated joint ventures decreased by $6.7 million primarily due to lower home closing volume related to the Latitude Margaritaville Watersound unconsolidated joint venture.
The Company placed 1,380 homesites under contract in the first quarter of 2026 bringing total homesites under contract to 3,204 as of March 31, 2026, as compared to 952 homesites under contract as of March 31, 2025.
In the first quarter of 2026, the Company funded $20.7 million in capital expenditures, paid $9.2 million in cash dividends, repurchased $5.0 million of the Company's common stock and repaid $10.9 million of debt.
Cash and cash equivalents balance increased to $136.3 million as of March 31, 2026, as compared to $129.6 million as of December 31, 2025.
The St. Joe Company (NYSE: JOE) (the “Company,” “We,” or “Our”) today reports first quarter 2026 results.
Jorge Gonzalez, the Company’s President, Chief Executive Officer and Chairman of the Board, said, “Building on a record year in 2025, the first quarter 2026 revenue of $99.1 million was the Company’s highest first quarter revenue outside of the one-off timberland sale in 2014. In addition, we continued to successfully execute our strategy of growing recurring revenue as evidenced by the first quarter record of $44.7 million in hospitality revenue and $14.7 million in leasing revenue, which together accounted for 60% of the total revenue in the quarter. In addition to the growth in our recurring revenue, we are improving profitability, as evidenced by the increase in margins in hospitality and leasing.”
Mr. Gonzalez continued, “Even though our revenue and net operating income increased for the quarter, our net income decreased primarily because of a lower equity in income from unconsolidated joint ventures, which was primarily caused by a lower home closing volume related to the Latitude Margaritaville Watersound unconsolidated joint venture. Residential projects of that scale and longevity have an ebb and flow of volume over time caused by many factors, including mortgage interest rates. The community has 2,273 occupied homes and is located in the middle of the Bay-Walton Sector Plan where there were previously only timberlands. Those residents are now creating demand for commercial goods and services in our emerging Watersound West Bay Center, located at the entry to the Latitude Margaritaville Watersound community, as evidenced by the commencement of development of a new Publix grocery store. The community is planned for a total of approximately 3,700 homes that are expected to generate additional consumer demand for goods and services. As of March 31, 2026, our cumulative earnings from the Latitude Margaritaville Watersound unconsolidated joint venture totaled $92.1 million in addition to the payments made to us for the initial land contribution. As we previously indicated, in addition to the financial performance, our business decision to develop the Latitude Margaritaville Watersound community was based on several factors, including creating energy in a part of our land holdings where there previously was none and creating consumers for our commercial leasing portfolio. The Watersound West Bay Center is planned for a minimum of 500,000 square feet of leasable space, which by itself would represent an increase of approximately 40% to our current commercial leasing portfolio. We believe there are other benefits to the creation of consumers at the Latitude Margaritaville Watersound community, including our planned marina on the Intracoastal Waterway as well as our real estate brokerage, insurance agency, and title insurance agency businesses.”
Mr. Gonzalez concluded, “In the first quarter 2026, we were pleased to announce the execution of a contract with PulteGroup for up to 2,653 homesites in our most recently approved Detailed Specific Area Plan. PulteGroup is new to our market and represents our third national homebuilder, joining D.R. Horton and Toll Brothers. PulteGroup is the third largest homebuilder in the country, and their decision to enter our market is in recognition of the growth of our area and of the thoughtfully planned residential communities we are creating. In the first quarter, we also executed a utility agreement for potable water and sanitary sewer with a utility provider that will service the Lake Powell and West Laird Detailed Specific Area Plans representing thousands of future residential homesites. Work on this infrastructure is planned to commence later this year.”
Consolidated First Quarter 2026 Results
Total consolidated revenue for the first quarter of 2026 increased by 5% to $99.1 million, as compared to $94.2 million for the first quarter of 2025. During the first quarter of 2026, real estate revenue increased by 4% to $39.7 million, hospitality revenue increased by 13% to a first quarter record of $44.7 million, while leasing revenue decreased by 10% to $14.7 million. The decrease in leasing revenue is primarily due to the sale of the Watercrest joint venture senior living community property in September 2025.
The Company has joint ventures which are unconsolidated and accounted for using the equity method. For the three months ended March 31, 2026, these unconsolidated joint ventures had $56.1 million of revenue, as compared to $123.2 million for the same period in 2025. The decrease is primarily due to the timing and number of homes completed by the Latitude Margaritaville Watersound joint venture. For the first quarter of 2026, there were 83 completed home sales in the Latitude Margaritaville Watersound unconsolidated joint venture as compared to 192 completed home sales in the first quarter of 2025. The Company’s economic interests in its unconsolidated joint ventures for the three months ended March 31, 2026, resulted in $3.5 million of equity in income from unconsolidated joint ventures, as compared to $10.2 million for the three months ended March 31, 2025. This activity is in addition to the Company’s reported consolidated revenue. Although these business ventures are not included as revenue in the Company’s financial statements, they are part of the core business strategy which generates substantial financial returns for the Company.
Net income attributable to the Company for the first quarter of 2026 decreased by 21% to $13.9 million, or $0.24 per share, as compared to net income of $17.5 million, or $0.30 per share, for the same period in 2025.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, for the three months ended March 31, 2026, decreased by 16% to $33.6 million, as compared to $39.8 million for the same period in 2025. Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life, while maintenance and repair expenses are period costs and expensed as incurred. See Financial Data below for additional information, including a reconciliation of EBITDA to net income attributable to the Company.
Dividends
On April 29, 2026, the Board of Directors declared a cash dividend of $0.16 per share on the Company’s common stock, payable on June 25, 2026, to shareholders of record as of the close of business on June 9, 2026.
Real Estate
For the first quarter of 2026, total real estate revenue increased by 4% to $39.7 million, as compared to $38.3 million for the first quarter of 2025. Residential real estate volume totaled 168 residential homesites and six townhomes in the Watersound Villas on the Fairway community, in the first quarter of 2026, as compared to 249 residential homesites in the first quarter of 2025. For the first quarter of 2026, there were three commercial and forestry real estate sales totaling $2.8 million and one hospitality sale totaling $3.6 million, as compared to two commercial and forestry real estate sales totaling $3.2 million for the first quarter of 2025.
As of March 31, 2026, the Company had 3,204 residential homesites under contract, including 1,326 homesites within the Pigeon Creek project, which is structured to include significant variable revenue due to its long-term nature, and approximately 647 entitled undeveloped homesites within the SouthWood community. Excluding the Pigeon Creek project and SouthWood community contracts due to their scale and timing, the remaining 1,231 residential homesites under contract are expected to result in revenue of approximately $119.9 million, plus residuals, at closing of the homesites over the next several years. By comparison, as of March 31, 2025, the Company had 952 residential homesites under contract, with an expected revenue of approximately $94.4 million, plus residuals. The change in homesites under contract is due to homesite transactions since the end of the prior period, new contracts, and the amount of remaining homesites in current phases of the residential communities. The Company’s residential homesite pipeline has over 23,500 homesites in various stages of development, engineering, permitting or concept planning.
The Latitude Margaritaville Watersound unconsolidated joint venture, planned for 3,700 residential homes, had 92 net sale contracts executed in the first quarter of 2026. Since the start of sales in 2021, there have been 2,431 home contracts. For the first quarter of 2026, there were 83 completed home sales, bringing the community to 2,273 occupied homes. There were 158 homes under contract as of March 31, 2026, with an average sales price of approximately $592,000, which are expected to result in sales value of approximately $93.5 million at completion.
Hospitality
Hospitality revenue increased by 13% to a first quarter record of $44.7 million in 2026, as compared to $39.6 million in the first quarter of 2025. The gross margin improved across all hospitality categories to a total of 24.4% for the first quarter of 2026, as compared to 18.2% for the first quarter of 2025.
Hospitality revenue continues to benefit from the growth of the Watersound Club membership program and hotel operations. For the first quarter of 2026, the Watersound Club revenue (including Camp Creek Inn operations) increased by 16% to $22.8 million, while hotel revenue increased by 10% to $19.5 million, as compared to the first quarter of 2025. As of March 31, 2026, the Company had 3,647 club members, as compared to 3,498 club members as of March 31, 2025, a net increase of 149 members. As of March 31, 2026, the Company owned (individually by the Company or through consolidated and unconsolidated joint ventures) 12 hotels with 1,298 operational hotel rooms.
Leasing
Leasing revenue from commercial, office, retail, multi-family, self-storage and other properties decreased by 10% to $14.7 million for the first quarter of 2026, as compared to $16.3 million for the same period in 2025. The decrease in leasing revenue is primarily due to the sale of the Watercrest joint venture senior living community property in September 2025. Although the revenue is lower in the first quarter of 2026 as compared to 2025, the gross profit increased by $0.1 million to $9.0 million (61.2%) for the first quarter of 2026 as compared to $8.9 million (54.6%) for the first quarter of 2025.
Leasable space as of March 31, 2026, consisted of approximately 1,200,000 square feet, of which approximately 1,150,000, or 96%, were leased, as compared to approximately 1,180,000 square feet as of March 31, 2025, of which approximately 1,114,000, or 94%, were leased. As of March 31, 2026, the Company had an additional 69,134 square feet of space under construction of which 58,134, or 84%, was pre-leased or will be occupied by the Company. The Company is focused on commercial leasing space at the Watersound Town Center, Watersound West Bay Center and the FSU/TMH Medical Campus. These three centers, and others in the planning stage, have the potential to more than double the Company’s total current leasable commercial space.
Corporate and Other Operating Expenses
The Company’s corporate and other operating expenses for the three months ended March 31, 2026, increased by $1.8 million to $8.4 million, as compared to $6.6 million for the same period in 2025. The increase was primarily related to compensation payments made in the first quarter of 2026.
Investments, Liquidity and Debt
In the first quarter of 2026 the Company funded $20.7 million in capital expenditures, paid $9.2 million in cash dividends, repurchased $5.0 million of the Company’s common stock, and repaid $10.9 million of debt, resulting in capital allocation of 45% to capital expenditures, 31% to shareholders through dividends and stock repurchases and 24% to debt repayment. As of March 31, 2026, the Company had $136.3 million in cash and cash equivalents, as compared to $129.6 million as of December 31, 2025. As of March 31, 2026, the Company had $259.7 million invested in development property, which, when complete, will be added to operating property or sold.
As of March 31, 2026, the weighted average effective interest rate of outstanding debt was 4.7% with an average remaining life of 19.7 years. As of March 31, 2026, 83% of the Company’s outstanding debt had a fixed or swapped interest rate while the remaining 17% of debt has interest rates that vary with SOFR.
Earnings Call
The Company will conduct an earnings call on April 30, 2026, at 3:00 p.m. Central Time / 4:00 p.m. Eastern Time to discuss the Company’s performance and answer questions.
Additional Information and Where to Find It
Additional information with respect to the Company’s results for the first quarter 2026 will be available in a Form 10-Q that will be filed with the Securities and Exchange Commission (“SEC”) and can be found at www.joe.com and at the SEC’s website www.sec.gov. We recommend studying the Company’s latest Form 10-K and Form 10-Q before making an investment decision.
FINANCIAL DATA SCHEDULES
Financial data schedules in this press release include consolidated results, summary balance sheets, corporate and other operating expenses and the reconciliation of EBITDA, a non-GAAP financial measure, for the first quarter 2026 and 2025, respectively.
FINANCIAL DATA
Consolidated Results (Unaudited)
($ in millions except share and per share amounts)
Quarter Ended
March 31,
2026
2025
Revenue
Real estate revenue
$39.7
$38.3
Hospitality revenue
44.7
39.6
Leasing revenue
14.7
16.3
Total revenue
99.1
94.2
Expenses
Cost of real estate revenue (a)
21.6
18.8
Cost of hospitality revenue (a)
33.8
32.4
Cost of leasing revenue (a)
5.7
7.4
Corporate and other operating expenses (a)
8.4
6.6
Depreciation, depletion and amortization
11.4
12.1
Total expenses
80.9
77.3
Operating income
18.2
16.9
Investment income, net
3.3
3.4
Interest expense
(7.1)
(7.8)
Equity in income from unconsolidated joint ventures
3.5
10.2
Other expense, net
(0.1)
(0.2)
Income before income taxes
17.8
22.5
Income tax expense
(4.5)
(5.8)
Net income
13.3
16.7
Net loss attributable to non-controlling interest
0.6
0.8
Net income attributable to the Company
$13.9
$17.5
Basic net income per share attributable to the Company
$0.24
$0.30
Basic weighted average shares outstanding
57,485,043
58,244,040
(a)
Excluding depreciation, depletion and amortization, shown separately above.
Summary Balance Sheet (Unaudited)
($ in millions)
March 31, 2026
December 31, 2025
Assets
Investment in real estate, net
$999.8
$1,004.9
Investment in unconsolidated joint ventures
68.1
66.0
Cash and cash equivalents
136.3
129.6
Other assets
71.5
73.8
Property and equipment, net
39.6
41.3
Investments held by special purpose entities
202.4
202.8
Total assets
$1,517.7
$1,518.4
Liabilities and Equity
Debt, net
$380.4
$391.2
Accounts payable and other liabilities
57.6
48.3
Deferred revenue
61.8
58.7
Deferred tax liabilities, net
64.6
65.8
Senior Notes held by special purpose entity
178.9
178.8
Total liabilities
743.3
742.8
Total equity
774.4
775.6
Total liabilities and equity
$1,517.7
$1,518.4
Corporate and Other Operating Expenses (Unaudited)
($ in millions)
Quarter Ended
March 31,
2026
2025
Employee costs
$4.3
$2.8
Property taxes and insurance
1.6
1.6
Professional fees
1.3
1.4
Marketing and owner association costs
0.4
0.3
Occupancy, repairs and maintenance
0.2
0.1
Other miscellaneous
0.6
0.4
Total corporate and other operating expenses
$8.4
$6.6
Reconciliation of Non-GAAP Financial Measures (Unaudited)
($ in millions)
EBITDA is a non-GAAP financial measure, which management believes assists investors by providing insight into the operating performance of the Company across periods on a consistent basis and, when viewed in combination with the Company results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting the Company. However, EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP. EBITDA is calculated by adjusting “Interest expense”, “Investment income, net”, “Income tax expense”, “Depreciation, depletion and amortization” to “Net income attributable to the Company”.
Quarter Ended
March 31,
2026
2025
Net income attributable to the Company
$13.9
$17.5
Plus: Interest expense
7.1
7.8
Less: Investment income, net
(3.3)
(3.4)
Plus: Income tax expense
4.5
5.8
Plus: Depreciation, depletion and amortization
11.4
12.1
EBITDA
$33.6
$39.8
Important Notice Regarding Forward-Looking Statements
Certain statements contained in this press release, as well as other information provided from time to time by the Company or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “guidance,” “anticipate,” “estimate,” “expect,” “forecast,” “project,” “plan,” “intend,” “believe,” “confident,” “may,” “should,” “can have,” “likely,” “future” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Examples of forward-looking statements in this press release include statements regarding our and our market’s growth prospects; ability to generate recurring revenue and grow profitability; opportunities to capture value of our developed assets in strategic transactions; our capital allocation initiatives, including investments in our business, dividends and opportunistic stock repurchases; plans regarding our joint venture developments; and the timing and impact of current developments, including relationships with new partners and service providers, and new projects in 2026 and beyond. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements.
The Company wishes to caution readers that, although we believe any forward-looking statements are based on reasonable assumptions, certain important factors may have affected and could in the future affect the Company’s actual financial results and could cause the Company’s actual financial results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company, including: our ability to successfully implement our strategic objectives; new or increased competition across our business units; any decline in general economic conditions, particularly in our primary markets; interest rate fluctuations; inflation; higher insurance costs and our ability to obtain adequate insurance coverage for our properties; financial institution disruptions; supply chain disruptions, including as a result of conflicts; geopolitical conflicts and political uncertainty and the corresponding impact on the global economy; imposition of tariffs and uncertainty regarding trade policies; changes in consumer sentiment and confidence that may impact demand across our segments; our ability to successfully execute or integrate new business endeavors and acquisitions; our ability to yield anticipated returns from our developments and projects; our ability to cooperate effectively with new builder partners; our ability to effectively manage our real estate assets, as well as the ability for us or our joint venture partners to effectively manage the day-to-day activities of our projects; our ability to complete construction and development projects within expected timeframes; the interest of prospective guests in our hotels; reductions in travel and other risks inherent to the hospitality industry; the illiquidity of all real estate assets; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of our investment portfolio; any potential negative impact of our longer-term property development strategy, including losses and negative cash flows for an extended period of time if we continue with the self-development of granted entitlements; our dependence on homebuilders; mix of sales from different communities and the corresponding impact on sales period over period; the financial condition of our commercial tenants; regulatory and insurance risks associated with a senior living facility; any reduction in the supply of mortgage loans or tightening of credit markets; our dependence on strong migration and population expansion in our regions of development, particularly Northwest Florida; our ability to fully recover from natural disasters and severe weather conditions; the actual or perceived threat of climate change; the seasonality of our business; our dependence on certain third party providers; the decreased ability of minority shareholders to influence corporate matters, due to concentrated ownership of largest shareholder; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations in the areas where we operate; changes in tax rates, the adoption of new U.S. tax legislation, and exposure to additional tax liabilities; new litigation; our ability to attract and retain qualified employees, particularly in our hospitality business; our ability to protect our information technology infrastructure and defend against cyber-attacks; increased media, political, and regulatory scrutiny negatively impacting our reputation; our ability to maintain adequate internal controls; risks associated with our financing arrangements, including our compliance with certain restrictions and limitations; our ability to pay our quarterly dividend and our ability to repurchase stock under our stock repurchase program. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and subsequent filings. The discussion of these risks is specifically incorporated by reference into this press release.
Any forward-looking statement made by us in this press release speaks only as of the date on which it is made, and we do not undertake to update these statements other than as required by law.
About The St. Joe Company
The St. Joe Company is a diversified real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use existing assets for residential, hospitality and commercial ventures. St. Joe has significant residential and commercial land-use entitlements. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about the Company can be found on its website at www.joe.com.
© 2026, The St. Joe Company. “St. Joe®”, “JOE®”, the “Taking Flight” Design®, “St. Joe (and Taking Flight Design)®”, “WaterColor®” and “Watersound®”, and other development names used herein are the registered service marks of The St. Joe Company or its affiliates or others.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429486925/en/
St. Joe Investor Relations Contact:
Marek Bakun
Chief Financial Officer
1-866-417-7132
Marek.Bakun@Joe.Com
Original: The St. Joe Company Reports First Quarter 2026 Results and Declares a Quarterly Dividend of $0.16 Per Share
US Market News
3月前
The St. Joe Company Reports Fourth Quarter and Full Year 2025 Results and Declares a Quarterly Dividend of $0.16 Per ShareFebruary 25, 2026 4:10 PM
Business Wire
Highlights for the fourth quarter of 2025 as compared to the fourth quarter of 2024:
Quarterly net income attributable to the Company increased by 58% to $29.9 million, or $0.52 per share, from $18.9 million, or $0.32 per share.
Total quarterly revenue increased by 24% to $128.9 million from $104.3 million.
Real estate revenue increased by 47% to $68.2 million from $46.5 million.
Hospitality revenue increased by 10% to a fourth quarter record of $46.5 million from $42.2 million.
In the fourth quarter of 2025, the Company funded $18.5 million in capital expenditures, paid $9.2 million in cash dividends, repurchased $15.1 million of the Company's common stock and repaid a net amount of $8.0 million of debt.
Highlights for the full year 2025 as compared to the full year 2024:
Net income attributable to the Company increased by 56% to $115.6 million, or $2.00 per share, from $74.2 million, or $1.27 per share.
Total revenue increased by 27% to $513.2 million from $402.7 million. Real estate revenue increased by 64% to $234.2 million. Hospitality revenue increased by 8% to a Company record of $215.4 million. Leasing revenue increased by 5% to a Company record of $63.6 million.
In 2025, the Company funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of the Company's common stock and repaid a net amount of $46.6 million of debt.
Cash and cash equivalents balance increased by $40.8 million to $129.6 million as of December 31, 2025, as compared to $88.8 million as of December 31, 2024.
The St. Joe Company (NYSE: JOE) (the “Company,” “We,” or “Our”) today reports fourth quarter and full year 2025 results.
Jorge Gonzalez, the Company’s President, Chief Executive Officer and Chairman of the Board, said, “We completed a strong year with 58% growth in net income and 24% growth in revenue in the fourth quarter compared to the same period in 2024. For the full year 2025, revenue exceeded $500 million totaling $513.2 million, an increase of 27% over a strong 2024. Each of the Company’s operating segments continued to reflect organic growth in revenue. For the full year 2025, residential real estate revenue increased 41% to $165.0 million from $116.8 million in 2024. The average base sales price per homesite increased from $108,000 in 2024 to $137,000 per homesite in 2025 while the gross margin on homesite sales increased from 47% to 51%. For the full year 2025, hospitality revenue increased to a Company record of $215.4 million while leasing revenue increased to a Company record of $63.6 million.”
Mr. Gonzalez continued, “We are not just a ‘land bank’ company. In addition to having the unique competitive advantage of owning 165,000 acres of land in a fast-growing area of Florida, we have demonstrated the ability to execute by consistently growing revenue and profitability in an efficient and thoughtful manner. As we have been growing revenue and profitability, we have simultaneously increased the value of the underlying land assets in what we like to call the virtuous circle of value creation in which an investment in one segment benefits other segments. With our vast land ownership, we already own the ‘raw material’, which combined with our proven ability to execute, positions St. Joe for multi-generational growth.”
Mr. Gonzalez added, “Our capital allocation strategy is measured and multi-faceted. During 2025, 33% of our capital allocation was for distributions to shareholders through dividends and share repurchases, 47% was for capital expenditures, primarily for growth, and the remaining 20% was for debt repayment. In 2025, we funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of our common stock, and repaid a net amount of $46.6 million of debt. We accelerated stock repurchases during the year, bringing the aggregate amount of stock repurchases in 2025 to 798,622 shares, as compared to 70,985 shares repurchased in 2024. Since 2015, the Company has used $653.6 million to repurchase 34.9 million shares of the Company’s stock, representing 37.8% of the original shares, bringing the outstanding share balance to below 58.0 million. The specifics of our capital allocation strategy may vary from quarter to quarter depending on various factors so it should be evaluated over a longer period, rather than on a quarterly basis.”
Mr. Gonzalez concluded, “As we discussed before, we are excited about the new daily non-stop flights between Northwest Florida Beaches International Airport (ECP) and LaGuardia Airport (LGA) in New York City. New York is the largest metropolitan statistical area (‘MSA’) in the country with a population of approximately 20 million people. We are poised to leverage this new opportunity by promoting the quality of the Watersound lifestyle to this large population base, including the launch of a new media campaign in the New York market. A sample of the ‘NoFlo is New York’s Hottest Neighborhood’ campaign can be viewed at https://watersound.com/noflo/. With this new flight schedule, ECP has non-stop flights between seven of the ten largest MSAs in the country, which is impactful in that it continues to increase convenient access to our region. In fact, the ECP passenger traffic has continued to increase in recent years, with 2025 setting an all-time record of 1,937,224 passengers. As access continues to improve and our area continues to be discovered by more people from wider range of locations, we are cautiously optimistic that these factors will have a positive impact to our segments in 2026 and beyond.”
Consolidated Fourth Quarter and Full Year 2025 Results
Total consolidated revenue for the fourth quarter of 2025 increased by 24% to $128.9 million, as compared to $104.3 million for the fourth quarter of 2024. During the fourth quarter of 2025, real estate revenue increased by 47% to $68.2 million, hospitality revenue increased by 10% to a fourth quarter record of $46.5 million, while leasing revenue decreased by 9% to $14.2 million. The decrease in leasing revenue is due to the sale of the Watercrest joint venture senior living property in September 2025.
For the full year 2025, total consolidated revenue increased by 27% to $513.2 million, as compared to $402.7 million for the full year 2024. During 2025, real estate revenue increased by 64% to $234.2 million, hospitality revenue increased by 8% to a Company record of $215.4 million and leasing revenue increased by 5% to a Company record of $63.6 million.
The Company has entered into joint ventures which are unconsolidated and accounted for using the equity method. For the three months ended December 31, 2025, these unconsolidated joint ventures had $75.2 million of revenue, as compared to $79.1 million for the same period in 2024. For the full year 2025, these unconsolidated joint ventures had $345.3 million of revenue, as compared to $378.2 million for the full year 2024. This activity is in addition to the Company’s reported consolidated revenue. The Company’s economic interests in its unconsolidated joint ventures resulted in $25.6 million in equity in income from unconsolidated joint ventures in 2025, as compared to $23.6 million in 2024. Although these business ventures are not included as revenue in the Company’s financial statements, they are part of the core business strategy which generates substantial financial returns for the Company.
Net income attributable to the Company for the fourth quarter of 2025 increased by 58% to $29.9 million, or $0.52 per share, as compared to net income of $18.9 million, or $0.32 per share, for the same period in 2024. Net income attributable to the Company for the full year 2025 increased by 56% to $115.6 million, or $2.00 per share, as compared to net income of $74.2 million, or $1.27 per share, in 2024.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, for the three months ended December 31, 2025, increased by 30% to $55.1 million, as compared to $42.5 million for the same period in 2024. EBITDA for the full year 2025 increased by 32% to $219.6 million as compared to $166.7 million for the full year 2024. Depreciation is a non-cash, GAAP expense which is amortized over an asset’s useful life, while maintenance and repair expenses are period costs and expensed as incurred. See Financial Data below for additional information, including a reconciliation of EBITDA to net income attributable to the Company.
Dividends
On February 25, 2026, the Board of Directors declared a cash dividend of $0.16 per share on the Company’s common stock, payable on March 26, 2026, to shareholders of record as of the close of business on March 9, 2026.
Real Estate
For the fourth quarter of 2025, total real estate revenue increased by 47% to $68.2 million, as compared to $46.5 million for the fourth quarter of 2024. The residential real estate volume totaled 248 residential homesites, six townhomes in the Watersound Villas on the Fairway community and one completed home, in the fourth quarter of 2025, as compared to 331 residential homesites in the fourth quarter of 2024. For the fourth quarter of 2025, there were five commercial and forestry real estate sales totaling $6.5 million, as compared to five commercial and forestry real estate sales totaling $8.6 million for the fourth quarter of 2024. In addition, the unconsolidated Latitude Margaritaville Watersound joint venture transacted 116 homes in the fourth quarter of 2025, as compared to 130 homes in the fourth quarter of 2024.
For the full year 2025, total real estate revenue increased by 64% to $234.2 million, as compared to $143.2 million for the full year 2024. The Company sold 911 residential homesites at an average base price of approximately $137,000 and gross margin of 51%, 24 townhomes in the Watersound Villas on the Fairway community, and one completed home, for the full year 2025, as compared to 912 residential homesites at an average base price of approximately $108,000 and gross margin of 47%, for the full year 2024. The differences in the average sales price, number of homesite closings and gross margin period-over-period were primarily due to the mix of sales in different communities.
For the full year 2025, there were 16 commercial, hospitality and forestry real estate sales totaling $57.1 million, as compared to 11 commercial and forestry real estate sales totaling $18.0 million for the full year 2024. The 2025 commercial real estate revenue included the sale of the Watercrest joint venture senior living community property for $41.0 million.
In 2025, the Company placed 1,829 homesites under contract. As of December 31, 2025, the Company had 1,992 residential homesites under contract, which are expected to result in revenue of approximately $143.5 million, plus residuals, over the next several years, as compared to 1,074 residential homesites under contract for $102.0 million, plus residuals, as of December 31, 2024. The change in homesites under contract is due to homesite transactions since the end of the prior period, new contracts, including a long-term contract totaling approximately 650 undeveloped homesites within the SouthWood community, and the amount of remaining homesites in the current phases of the residential communities. The Company’s residential homesite pipeline has approximately 23,900 homesites in various stages of development, engineering, permitting or concept planning, an increase of approximately 2,200 homesites from December 31, 2024.
In December 2025, the Company sold approximately 34 acres of land to the Latitude Margaritaville Watersound unconsolidated joint venture. The community, initially planned for 3,500 residential homes, is now expected to increase to approximately 3,700 homes. The Latitude Margaritaville Watersound unconsolidated joint venture had 60 net sale contracts executed in the fourth quarter of 2025. Since the start of sales in 2021, there have been 2,339 home contracts. For the fourth quarter of 2025, there were 116 completed home sales, bringing the community to 2,190 occupied homes. For the full year 2025, the Latitude Margaritaville Watersound completed 527 home sales at an average price of approximately $594,000 resulting in equity in income from the joint venture of $32.2 million to the Company, as compared to 659 homes at an average price of approximately $527,000 resulting in equity in income from the joint venture of $29.3 million for the full year 2024. There were 149 homes under contract as of December 31, 2025, with an average sales price of approximately $596,000, which are expected to result in sales value of approximately $88.8 million at completion to the joint venture.
Hospitality
Hospitality revenue increased by 10% to a fourth quarter record of $46.5 million in 2025, as compared to $42.2 million in the fourth quarter of 2024. For the full year 2025, hospitality revenue increased by 8% to a Company record of $215.4 million, as compared to $199.2 million for the full year 2024.
Hospitality revenue continues to benefit from the growth of the Watersound Club membership program and hotel operations. For the full year 2025, the Watersound Club revenue (including Camp Creek Inn operations) increased by 13% to $91.5 million while hotel revenue increased by 4% to $110.3 million, as compared to 2024. As of December 31, 2025, the Company had 3,594 club members, as compared to 3,476 club members as of December 31, 2024, a net increase of 118 members. As of December 31, 2025, the Company owned (individually by the Company or through consolidated and unconsolidated joint ventures) 12 hotels with 1,298 operational hotel rooms.
Leasing
Leasing revenue from commercial, office, retail, multi-family, senior living, self-storage and other properties decreased by 9% to $14.2 million for the fourth quarter of 2025, as compared to $15.6 million for the same period in 2024. The decrease in leasing revenue is due to the sale of the Watercrest joint venture senior living property in September 2025. For the full year 2025, leasing revenue increased by 5% to a Company record of $63.6 million, as compared to $60.3 million in 2024.
Leasable space as of December 31, 2025, consisted of approximately 1,174,000 square feet, of which approximately 1,133,000, or 96% was leased, with rent collection rate in excess of 99%, as compared to approximately 1,182,000 square feet as of December 31, 2024, of which approximately 1,126,000, or 95%, was leased. The small decrease in leasable square feet is due to an increase in internal Company use of space for the new Watersound Real Estate Brokerage business that launched in the second quarter of 2025. As of December 31, 2025, the Company had an additional 94,500 square feet of leasable space under construction of which approximately 72,100, or 76%, was pre-leased. The Company is focused on commercial leasing space at the Watersound Town Center, Watersound West Bay Center and the FSU/TMH Medical Campus. These three centers, and others in the planning stage, have the potential to more than double the Company’s total current leasable commercial space.
Corporate and Other Operating Expenses
The Company’s corporate and other operating expenses for the three months ended December 31, 2025, increased by $1.1 million to $7.4 million, as compared to $6.3 million for the same period in 2024. The Company’s corporate and other operating expenses for the full year 2025 increased by $2.1 million to $27.3 million, as compared to $25.2 million in 2024. Corporate and other operating expenses were approximately 5% of revenue for the full year 2025, as compared to approximately 6% of revenue in 2024.
Investments, Liquidity and Debt
In the fourth quarter of 2025, the Company funded $18.5 million in capital expenditures, paid $9.2 million in cash dividends, repurchased $15.1 million of the Company’s common stock, and repaid a net amount of $8.0 million of debt. For the full year 2025, the Company funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of the Company’s common stock and repaid a net amount of $46.6 million of debt. The 2025 capital allocation represented 47% to capital expenditures, 33% to shareholders through dividends and stock repurchases and 20% to debt repayment. As of December 31, 2025, the Company had $129.6 million in cash, cash equivalents and other liquid investments, as compared to $88.8 million as of December 31, 2024. As of December 31, 2025, the Company had $257.1 million invested in development property, which, when complete, will be added to operating property or sold.
As of December 31, 2025, the weighted average effective interest rate of outstanding debt was 4.8% with an average remaining life of 19.6 years. As of December 31, 2025, 81% of the Company’s outstanding debt had a fixed or swapped interest rate while the remaining 19% of debt has interest rates that vary with SOFR.
Earnings Call
The Company will conduct an earnings call on February 27, 2026, at 10:00 a.m. Central Time / 11:00 a.m. Eastern Time to discuss the Company’s performance and answer questions.
Additional Information and Where to Find It
Additional information with respect to the Company’s results for the full year 2025 will be available in a Form 10-K that will be filed with the Securities and Exchange Commission (“SEC”) and can be found at www.joe.com and at the SEC’s website www.sec.gov. We recommend studying the Company’s latest Form 10-K and Form 10-Q before making an investment decision.
FINANCIAL DATA SCHEDULES
Financial data schedules in this press release include consolidated results, summary balance sheets, corporate and other operating expenses and the reconciliation of EBITDA, a non-GAAP financial measure, for the fourth quarter and full year 2025 and 2024, respectively.
FINANCIAL DATA
Consolidated Results
($ in millions except share and per share amounts)
Quarter Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Revenue
Real estate revenue
$68.2
$46.5
$234.2
$143.2
Hospitality revenue
46.5
42.2
215.4
199.2
Leasing revenue
14.2
15.6
63.6
60.3
Total revenue
128.9
104.3
513.2
402.7
Expenses
Cost of real estate revenue (a)
30.2
22.0
115.3
70.3
Cost of hospitality revenue (a)
34.2
31.6
148.5
136.4
Cost of leasing revenue (a)
6.0
6.6
28.4
28.8
Corporate and other operating expenses (a)
7.4
6.3
27.3
25.2
Depreciation, depletion and amortization
11.7
12.1
47.5
46.4
Total expenses
89.5
78.6
367.0
307.1
Operating income
39.4
25.7
146.2
95.6
Investment income, net
3.4
3.2
13.2
13.5
Interest expense
(7.2)
(8.1)
(30.5)
(33.6)
Equity in income from unconsolidated joint ventures
4.4
4.0
25.6
23.6
Other (expense) income, net
(1.1)
(0.1)
0.6
(0.7)
Income before income taxes
38.9
24.7
155.1
98.4
Income tax expense
(9.7)
(6.6)
(39.2)
(26.0)
Net income
29.2
18.1
115.9
72.4
Net loss (income) attributable to non-controlling interest
0.7
0.8
(0.3)
1.8
Net income attributable to the Company
$29.9
$18.9
$115.6
$74.2
Basic net income per share attributable to the Company
$0.52
$0.32
$2.00
$1.27
Basic weighted average shares outstanding
57,640,995
58,321,016
57,944,092
58,326,286
(a)
Excluding depreciation, depletion and amortization, shown separately above.
Summary Balance Sheet
($ in millions)
December 31, 2025
December 31, 2024
Assets
Investment in real estate, net
$1,004.9
$1,040.4
Investment in unconsolidated joint ventures
66.0
66.5
Cash and cash equivalents
129.6
88.8
Other assets
73.8
80.3
Property and equipment, net
41.3
59.1
Investments held by special purpose entities
202.8
203.5
Total assets
$1,518.4
$1,538.6
Liabilities and Equity
Debt, net
$391.2
$437.8
Accounts payable and other liabilities
48.3
53.9
Deferred revenue
58.7
59.3
Deferred tax liabilities, net
65.8
72.4
Senior Notes held by special purpose entity
178.8
178.5
Total liabilities
742.8
801.9
Total equity
775.6
736.7
Total liabilities and equity
$1,518.4
$1,538.6
Corporate and Other Operating Expenses
($ in millions)
Quarter Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Employee costs
$3.7
$2.9
$13.1
$12.7
Property taxes and insurance
1.4
1.4
6.3
5.5
Professional fees
1.1
1.2
3.9
3.6
Marketing and owner association costs
0.4
0.3
1.3
1.0
Occupancy, repairs and maintenance
0.3
0.1
0.7
0.6
Other miscellaneous
0.5
0.4
2.0
1.8
Total corporate and other operating expenses
$7.4
$6.3
$27.3
$25.2
Reconciliation of Non-GAAP Financial Measures (Unaudited)
($ in millions)
EBITDA is a non-GAAP financial measure, which management believes assists investors by providing insight into the operating performance of the Company across periods on a consistent basis and, when viewed in combination with the Company results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting the Company. However, EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP. EBITDA is calculated by adjusting “Interest expense”, “Investment income, net”, “Income tax expense”, “Depreciation, depletion and amortization” to “Net income attributable to the Company”.
Quarter Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net income attributable to the Company
$29.9
$18.9
$115.6
$74.2
Plus: Interest expense
7.2
8.1
30.5
33.6
Less: Investment income, net
(3.4)
(3.2)
(13.2)
(13.5)
Plus: Income tax expense
9.7
6.6
39.2
26.0
Plus: Depreciation, depletion and amortization
11.7
12.1
47.5
46.4
EBITDA
$55.1
$42.5
$219.6
$166.7
Important Notice Regarding Forward-Looking Statements
Certain statements contained in this press release, as well as other information provided from time to time by the Company or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “guidance,” “anticipate,” “estimate,” “expect,” “forecast,” “project,” “plan,” “intend,” “believe,” “confident,” “may,” “should,” “can have,” “likely,” “future” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Examples of forward-looking statements in this press release include statements regarding our growth prospects; ability to generate recurring revenue and grow profitability; opportunities to capture value of our developed assets in strategic transactions; plans to maintain an efficient cost structure; our capital allocation initiatives, including investments in our business, dividends and opportunistic stock repurchases; plans regarding our joint venture developments; and the timing and impact of current developments and new projects in 2026 and beyond. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements.
The Company wishes to caution readers that, although we believe any forward-looking statements are based on reasonable assumptions, certain important factors may have affected and could in the future affect the Company’s actual financial results and could cause the Company’s actual financial results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company, including: our ability to successfully implement our strategic objectives; new or increased competition across our business units; any decline in general economic conditions, particularly in our primary markets; interest rate fluctuations; inflation; higher insurance costs and our ability to obtain adequate insurance coverage for our properties; financial institution disruptions; geopolitical conflicts and political uncertainty and the corresponding impact on the global economy; imposition of tariffs and uncertainty regarding trade policies; changes in consumer sentiment and confidence that may impact demand across our segments; our ability to successfully execute or integrate new business endeavors and acquisitions; our ability to yield anticipated returns from our developments and projects; our ability to effectively manage our real estate assets, as well as the ability for us or our joint venture partners to effectively manage the day-to-day activities of our projects; our ability to complete construction and development projects within expected timeframes; the interest of prospective guests in our hotels; reductions in travel and other risks inherent to the hospitality industry; the illiquidity of all real estate assets; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of our investment portfolio; any potential negative impact of our longer-term property development strategy, including losses and negative cash flows for an extended period of time if we continue with the self-development of granted entitlements; our dependence on homebuilders; mix of sales from different communities and the corresponding impact on sales period over period; the financial condition of our commercial tenants; regulatory and insurance risks associated with our senior living facilities; any reduction in the supply of mortgage loans or tightening of credit markets; our dependence on strong migration and population expansion in our regions of development, particularly Northwest Florida; our ability to fully recover from natural disasters and severe weather conditions; the actual or perceived threat of climate change; the seasonality of our business; our dependence on certain third party providers; the inability of minority shareholders to influence corporate matters, due to concentrated ownership of largest shareholder; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations in the areas where we operate; changes in tax rates, the adoption of new U.S. tax legislation, and exposure to additional tax liabilities; new litigation; our ability to attract and retain qualified employees, particularly in our hospitality business; our ability to protect our information technology infrastructure and defend against cyber-attacks; increased media, political, and regulatory scrutiny negatively impacting our reputation; our ability to maintain adequate internal controls; risks associated with our financing arrangements, including our compliance with certain restrictions and limitations; our ability to pay our quarterly dividend and our ability to repurchase stock under our stock repurchase program. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and subsequent filings. The discussion of these risks is specifically incorporated by reference into this press release.
Any forward-looking statement made by us in this press release speaks only as of the date on which it is made, and we do not undertake to update these statements other than as required by law.
About The St. Joe Company
The St. Joe Company is a diversified real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use existing assets for residential, hospitality and commercial ventures. St. Joe has significant residential and commercial land-use entitlements. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about the Company can be found on its website at www.joe.com.
© 2026, The St. Joe Company. “St. Joe®”, “JOE®”, the “Taking Flight” Design®, “St. Joe (and Taking Flight Design)®”, “WaterColor®” and “Watersound®”, and other development names used herein are the registered service marks of The St. Joe Company or its affiliates or others.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225719264/en/
St. Joe Investor Relations Contact:
Marek Bakun
Chief Financial Officer
1-866-417-7132
Marek.Bakun@Joe.Com
Original: The St. Joe Company Reports Fourth Quarter and Full Year 2025 Results and Declares a Quarterly Dividend of $0.16 Per Share
Enterprising Investor
11年前
The St. Joe Company Reports Third Quarter 2015 Results and Announces Additional Authority for Repurchases of Shares of Its Common Stock (11/05/14)
WATERSOUND, Fla.--(BUSINESS WIRE)--The St. Joe Company (NYSE: JOE) (the “Company”) today announced Net Income for the third quarter of 2015 of $2.8 million, or $0.03 per share, compared with Net Loss of $(0.1) million, or $(0.00) per share, for the third quarter of 2014. For the nine months ended September 30, 2015, the Company reported Net Income of $0.8 million, or $0.01 per share compared to Net Income of $417.6 million, or $4.52 per share for the same period last year. The 2014 earnings included the Company’s AgReserves and RiverTown transactions.
During the nine months ended September 30, 2015, the Company repurchased a total of 16,982,739 shares of its common stock outstanding. This amount included 16,348,143 shares of its common stock acquired pursuant to a tender offer at a purchase price of $18.00 per share, for a total purchase price of $294.3 million. The tender offer was announced on August 21, 2015 and expired on September 22, 2015. In addition, prior to the commencement of the tender offer, the Company purchased 634,596 shares of its common stock under its Stock Repurchase Program at a weighted average purchase price of $16.03 in open market transactions. As of September 30, 2015, the Company had approximately 75.3 million shares outstanding.
The Company’s Board of Directors recently approved an additional amount of $200 million for the repurchase of its outstanding common stock under the Company’s Stock Repurchase Program. As a result, the Company currently has a total of $205.7 million available for share repurchases. The Company may repurchase its stock in open market purchases pursuant to Rule 10b-18, in privately negotiated transactions or otherwise. The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions, applicable legal requirements and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion.
Third Quarter 2015 update includes:
• Total revenue for the quarter was $27.8 million as compared to $24.0 million in the third quarter of 2014. The Company experienced increases in real estate sales, resorts and leisure revenues, leasing revenues and timber sales.
• Real estate sales increased to $4.9 million in the third quarter of 2015 as compared to $3.9 million in the third quarter of 2014.
• Resorts and leisure revenue increased approximately $1.6 million, or 10%, during the three months ended September 30, 2015, as compared to the third quarter of 2014. The increase was primarily due to higher membership revenue, additional nights rented, higher average rates in vacation rental programs and ancillary receipts.
• Leasing operations increased $0.4 million during the third quarter of 2015, as compared to the third quarter of 2014. The increase was primarily related to the increase in lease revenue at Pier Park North.
• Timber sales increased to $1.9 million during the third quarter of 2015 as compared to $1.1 million in the third quarter of 2014 due to tons sold. Tons sold were approximately 109,000 during the third quarter of 2015 as compared to approximately 76,000 tons during the third quarter of 2014. Gross margins increased during the third quarter of 2015 to 89%, as compared to 82% during the third quarter of 2014.
• Investment income and realized gains from the Company’s available-for-sale securities for the third quarter of 2015 was $7.0 million as compared to $1.0 million during the third quarter of 2014. Approximately $5.3 million in gains related to a sale of corporate debt securities.
• As of September 30, 2015, the Company had cash, cash equivalents and investments of $409.9 million, as compared to $671.4 million as of December 31, 2014. The decrease was related to the $304.9 million of cash used for the stock repurchases.
Jeffrey C. Keil, the Company’s President and Interim Chief Executive Officer said, “We are pleased with the result of the repurchase programs and the Board’s decision to increase the authority by $200 million.” Mr. Keil added, “We are committed to maintaining a healthy balance sheet as we continue to pursue value creation for our shareholders.”
[tables deleted]
Additional Information and Where to Find It
Additional information with respect to the Company’s results for the third quarter of 2015 will be available in a Form 10-Q that will be filed with the Securities and Exchange Commission.
Important Notice Regarding Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the Company’s expectations regarding its financial position and its pursuit of value creation for its shareholders, as well as its plans with respect to share repurchases. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company, including (1) changes in the Company’s strategic objectives and its ability to implement such strategic objectives; (2) economic or other conditions that affect the future prospects for the Southeastern region of the United States and the demand for the Company’s products, including a slowing of the population growth in Florida, inflation, or unemployment rates or declines in consumer confidence or the demand for, or the prices of, housing; (3) any potential negative impact of the Company’s longer-term property development strategy, including losses and negative cash flows for an extended period of time if the Company continues with the self-development of recently granted entitlements; (4) the impact of natural or man-made disasters or weather conditions, including hurricanes and other severe weather conditions, on the Company’s business; (5) the Company’s ability to capitalize on its leasing operations in the Pier Park North joint venture; (6) the Company’s ability to capitalize on opportunities relating to its mixed use and active adult communities, including its ability to successfully and timely obtain land-use entitlements and construction financing, maintain compliance with state law requirements and address issues that arise in connection with the use and development of its land, including the permits required for the mixed use and active adult communities; (7) the impact of market volatility on the value of the Company’s investments, including potential unrealized losses or the realization of losses on its investments; (8) the Company’s use of its share repurchase authorization and its ability to carry out the Stock Repurchase Program in accordance with applicable securities laws; (9) the Company’s ability to realize the anticipated benefits of its Stock Repurchase Program; and (10) the Company’s ability to effectively deploy and invest its assets, including available-for-sale securities; as well as, the cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings including the Company’s Annual Report on Form 10-K filed with the Commission on February 26, 2015 as updated by subsequent Quarterly Reports on Form 10-Qs and other current report filings.
About The St. Joe Company
The St. Joe Company together with its consolidated subsidiaries is a real estate company concentrated primarily between Tallahassee and Destin, Florida. More information about the Company can be found on its website at www.joe.com.
http://www.businesswire.com/news/home/20151105006825/en/St.-Joe-Company-Reports-Quarter-2015-Results
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