Welcome to our dedicated page for St. Joe Company news (Ticker: JOE), a resource for investors and traders seeking the latest updates and insights on St. Joe Company stock.
The St. Joe Company (symbol: JOE) is a prominent Florida-based real estate developer and manager, holding extensive land assets primarily in Northwest Florida. With significant residential and commercial land-use entitlements, St. Joe Company is pivotal in shaping the future of this region.
The company's operations are segmented into three key areas:
- Residential: This segment focuses on planning and developing residential communities, selling homesites to homebuilders and retail consumers. St. Joe's developments cater to those looking to live, work, and play near the region's stunning white sand beaches.
- Hospitality: Featuring a private membership club (the Watersound Club), this segment encompasses hotel operations, food and beverage services, golf courses, beach clubs, retail outlets, gulf-front vacation rentals, management services, marinas, and other entertainment assets.
- Commercial: This segment includes leasing commercial properties, multi-family and senior living facilities, self-storage, and other assets. It also oversees the planning, development, entitlement, management, and sale of commercial and rural land holdings.
In addition to real estate development, St. Joe Company manages timber operations on thousands of acres and offers certain rural acreage for sale. The company's strategic vision for Northwest Florida aims to create long-term value for shareholders by driving regional economic growth through commercial and industrial developments.
Recent Achievements: The St. Joe Company has made notable strides in enhancing its portfolio and expanding its influence in the real estate market. Recent projects and partnerships reflect a commitment to growth and innovation, further solidifying its role in the region's development.
Financially, St. Joe Company maintains a robust and stable condition, leveraging its vast real estate assets and diversified operations to generate consistent revenue streams. The company's dedication to sustainable development and community building positions it as a key player in Florida's economic landscape.
Overall, The St. Joe Company’s combination of strategic land management, diversified operational segments, and a vision for sustainable growth makes it a cornerstone of Northwest Florida’s development.
Latitude Margaritaville Watersound, a joint venture between Minto Communities USA, The St. Joe Company (NYSE: JOE), and Margaritaville Holdings, has reached its 2,000th home sale since opening in May 2021. Located on Florida's Emerald Coast, the 55+ active adult community plans approximately 3,500 homes in its first phase.
The development features extensive amenities including the Latitude Town Square with an amphitheater, Paradise Pool, Fins Up! Fitness Center, and various recreational facilities. Home prices start from the $300s, with floor plans ranging from 1,210 to 4,048 square feet. The community is part of St. Joe's Bay-Walton Sector Plan, spanning 110,500 acres with 15 miles of Intracoastal Waterway frontage.
The St. Joe Company (NYSE: JOE) has achieved Great Place To Work® Certification™, joining renowned companies like Trek, Hulu, and Hilton. With over 1,000 team members from 18 countries, St. Joe received higher employee satisfaction ratings compared to typical U.S. companies. The certification, based solely on employee feedback, highlights the company's successful 'think like an owner' culture and commitment to employee experience.
Research shows certified workplaces offer 4.5 times better leadership experiences, with employees being 93% more likely to enjoy work and twice as likely to receive fair pay and promotion opportunities. The company's Talent, Leadership and Culture team, recently recognized in the 2024 OnCon Icon Awards Top 50, emphasizes creating an empowering work environment.
The St. Joe Company (NYSE: JOE) reported Q3 2024 results with mixed performance across segments. Hospitality revenue increased 17% to $55.4 million, with improved gross margin of 34.1%. Leasing revenue grew 19% to $15.6 million, with 96% occupancy rate. However, real estate revenue decreased 32% to $28.0 million. Total revenue declined 2% to $99.0 million, while net income decreased 13% to $16.8 million. The company declared a quarterly dividend of $0.14 per share, payable December 6, 2024. The company maintains 1,381 residential homesites under contract, expected to generate approximately $122.3 million in future revenue.
The St. Joe Company (NYSE: JOE) has announced the opening of a new Starbucks at Watersound Town Center, an open-air lifestyle center in Inlet Beach, Florida. The center, located at the entrance of the Watersound Origins community, is attracting national brands and increasing consumer traffic.
Joining Starbucks, J. McLaughlin, a national clothing brand, is set to open this year. Recent openings include Halo Salon and Blowout Bar, Legacy Dental Studio, and Electric Cart Watersound. The second phase of Watersound Executive Suites is now complete and fully leased.
Watersound Town Center currently offers nearly 156,000 square feet of leasable space, with plans to expand to approximately 400,000 square feet. The adjacent Watersound Origins communities, with over 1,100 existing homes and plans for more than 5,000 homesites, provide a significant consumer base for the center.
Latitude Margaritaville Watersound, a master-planned community in Panama City Beach, Florida, has been named among the top 50 in the U.S. by RCLCO Real Estate Consulting. Developed by The St. Joe Company (NYSE: JOE) and Minto Communities USA, it offers a laid-back lifestyle for those 55 and better.
The community features resort-style amenities including a Town Square with amphitheater, restaurants, fitness center, and water activities. Home options range from 1,210 to 4,048 square feet, priced from the $300s to over $1.1 million for exclusive Intracoastal Waterway homes.
This recognition highlights the success of the Latitude Margaritaville brand in creating desirable communities based on fun, food, music, and escapism. The development continues to attract buyers seeking a vibrant, tropical-inspired lifestyle in Northwest Florida's Emerald Coast region.
The St. Joe Company (NYSE: JOE) has announced new homebuilder relationships with Holiday Builders and Harris Doyle Homes, expanding its builder program to 19 builders across 16 active communities in Northwest Florida. Holiday Builders has contracted to purchase homesites in the Salt Creek at Mexico Beach community, while Harris Doyle Homes will become the fourth builder in the Breakfast Point East community in Panama City Beach.
These additions diversify St. Joe's new home offerings, with prices ranging from the low $300,000's to over $3 million. Both builders plan to have new homes ready for sale by 2025, demonstrating continued builder interest and demand for homesites in the region as Northwest Florida attracts full-time residents from across the country.
The St. Joe Company (NYSE: JOE) reported record-breaking results for its hospitality segment in Q2 2024. Highlights include:
- Hospitality revenue increased 38% to $62.3 million (vs $45.1 million in Q2 2023)
- Gross margin improved to 39.2% (vs 26.2% in Q2 2023)
- Opened 6 new hotels since 2023, now owning 12 hotels with 1,298 rooms
- Watersound Club membership grew to 3,571 (vs 2,853 in June 2023)
The company attributes success to new property openings, operational efficiencies, and increased visitation to Northwest Florida. St. Joe's diverse portfolio now includes high-end boutique inns, resorts, select-service hotels, golf courses, marinas, and restaurants.
The St. Joe Company (NYSE: JOE) reported its second quarter and first half 2024 results, highlighting mixed financial performance. Hospitality revenue surged 38% to $62.3 million, while leasing revenue grew 19% to $14.8 million. However, real estate revenue dropped 51% to $34.5 million, leading to a 13% decline in total revenue to $111.6 million. Net income for Q2 decreased to $24.5 million from $34.7 million in 2023.
For the first half of 2024, total revenue slightly decreased by 1% to $199.4 million. The company increased its quarterly dividend by 17% to $0.14 per share, effective in Q3. Despite revenue declines, the company emphasized growth in its hospitality and leasing sectors and continued development of over 22,500 homesites. EBITDA for Q2 fell to $49.2 million, an 18% drop from $59.7 million in 2023.
The St. Joe Company (NYSE: JOE) and Tallahassee Memorial HealthCare (TMH) have announced the opening of the first building at the FSU/TMH Medical Campus in Panama City Beach, Florida. The newly constructed medical office building houses TMH Urgent Care and TMH Physician Partners - Primary Care, now open to patients. This 87-acre campus is being jointly developed by St. Joe, TMH, and Florida State University.
Future plans include an ambulatory surgery center and cardiology services expected to be operational this fall, and a 100-bed hospital with an emergency center and other inpatient services, anticipated to be complete in 2027. The collaboration aims to create synergies between research, education, and clinical delivery, potentially impacting the entire Northwest Florida region.
Construction is underway on new amenities at Latitude Margaritaville Watersound's Latitude Town Square. Developed by The St. Joe Company (NYSE: JOE) and Minto Communities USA, under Margaritaville Holdings licensing, the community promises a vibrant lifestyle for 55+ home buyers. Located near Panama City Beach, Florida, the project's first phase will include 3,500 homes. New amenities feature a theater, workshop, pottery studio, pet spa, and additional sports courts. Existing facilities include a fitness center, restaurant, pool, and business center. St. Joe also plans a marina and healthcare campus nearby.
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