The St. Joe Company Reports First Quarter 2021 Results and Declares a Quarterly Dividend Of $0.08
The St. Joe Company (NYSE: JOE) reported a remarkable 122% increase in revenue for Q1 2021, reaching $41.3 million, up from $18.6 million in Q1 2020. Real estate revenue surged 262% to $21 million, while hospitality revenue rose 98% to $13.1 million. The company achieved a net income of $3.2 million or $0.05 per share, compared to a loss of ($1.5 million) in the previous year. A cash dividend of $0.08 per share was declared, payable on June 10, 2021.
- Revenue growth of 122% to $41.3 million.
- 262% increase in real estate revenue to $21 million.
- Net income of $3.2 million compared to a loss of $1.5 million in Q1 2020.
- Cash dividend of $0.08 per share declared.
- Decrease in timber revenue by 16% to $1.6 million.
The St. Joe Company (NYSE: JOE) (the “Company”) today announced revenue for the first quarter of 2021 increased
In the first quarter of 2021, the Company invested
On April 28, 2021, the Board of Directors declared a cash dividend of
Jorge Gonzalez, the Company’s President and Chief Executive Officer, said, “We grew revenue by
Mr. Gonzalez continued, “Our focus is on growth and continuing to increase our economy of scale efficiencies across and within our operating segments. We currently have under construction over 700 additional apartment units, 689 new hotel rooms, over 90,000 square feet of commercial space as well as other operating assets such as the Watersound Club amenity at Watersound Camp Creek, Bay Point Marina and Port St. Joe Marina. We have residential homesites currently in development, planning or engineering in 13 different communities.”
With respect to Latitude Margaritaville Watersound, Mr. Gonzalez added, “The opening of this new community is upon us. Site development on the initial homesites is underway. Completed models and the sales center are open for tours by future residents. Sales and construction of homes are expected to begin in a matter of days. The reservation interest is exceeding the planned number of homes available in the initial release.”
Mr. Gonzalez concluded, “Northwest Florida is being discovered by more people from more places than we have ever seen before. We are experiencing new homebuyers, vacationers and club members from geographic areas outside of our traditional markets, including from the West Coast, Midwest and Northeast. The combination of our strong brand, land holdings, fortress-like balance sheet, entitlements and operational muscle position us for sustainable growth not easily available to others. Our region is on the tipping point of multi-generational growth.”
Real Estate Revenue
Real estate revenue increased by approximately
As of March 31, 2021, the Company had 1,268 residential homesites under contract, which are expected to result in revenue of approximately
2016: 106 - (full year) |
2017: 174 - (full year) |
2018: 202 - (full year) |
2019: 379 - (full year) |
2020: 509 - (full year) |
2021: 203 - (Q1 - three months only) |
Hospitality Revenue
Hospitality revenue increased by approximately
Q1
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Q1
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Percentage
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Revenue: |
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January |
|
|
|
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February |
3.4 |
2.0 |
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March |
6.7 |
2.9 |
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Total Quarter |
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As of March 31, 2021, the Company had under construction a 143-room Hilton Garden Inn hotel located near the Northwest Florida Beaches International Airport, a 75-room boutique inn and new Watersound Club amenities at Watersound Camp Creek and a 131-room HomeWood Suites hotel near the new Panama City Beach Sports Complex. In addition, the Company, with separate joint venture partners, has under construction a 255-room Embassy Suites hotel in the Pier Park area of Panama City Beach and an 85-room boutique hotel in Seagrove Beach. In December 2020, the Company announced the planned Hotel Indigo in Panama City’s downtown waterfront district expected to begin construction in 2021. The Company intends to operate these new hotels. In addition, Bay Point Marina and Port St. Joe Marina are in reconstruction and additional new marinas are in the planning process.
Leasing Revenue
Leasing revenue from commercial, retail, multi-family and other properties increased by approximately
In the first quarter of 2021, the Company executed seven new commercial leases and signed 108 new apartment leases bringing total apartment units under lease to 400. As of March 31, 2021, the Company’s rentable space consisted of approximately 907,000 square feet of which approximately 780,000 was leased, compared to approximately 869,000 square feet as of March 31, 2020 of which approximately 743,000 was leased.
As of March 31, 2021, the Company, through consolidated joint ventures, had 414 completed apartment units. Of this amount, 240 apartment units were in Pier Park Crossings, which were
In addition, the Watercrest senior living community, consisting of 107 units, received its operational license in January 2021 and welcomed residents to the community. As of March 31, 2021, the first 21 units became occupied representing
Timber Revenue
Timber revenue decreased by approximately
Other Operating and Corporate Expenses
Other operating and corporate expenses for the three months ended March 31, 2021 and 2020 were comparable. The Company continues to manage operating costs to maintain an efficient structure.
Liquidity
The Company maintained cash, cash equivalents and investments of
Financial data schedules in this press release include consolidated results, summary balance sheets, debt and other operating and corporate expenses for the first quarter of 2021 and 2020, respectively.
FINANCIAL DATA
Consolidated Results (Unaudited) ($ in millions except share and per share amounts) |
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Quarter Ended
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2021 |
2020 |
Revenue |
|
|
Real estate revenue |
|
|
Hospitality revenue |
13.1 |
6.6 |
Leasing revenue |
5.6 |
4.3 |
Timber revenue |
1.6 |
1.9 |
Total revenue |
41.3 |
18.6 |
Expenses |
|
|
Cost of real estate revenue |
10.5 |
1.8 |
Cost of hospitality revenue |
11.5 |
7.3 |
Cost of leasing revenue |
2.7 |
0.6 |
Cost of timber revenue |
0.1 |
0.2 |
Other operating and corporate expenses |
7.1 |
6.9 |
Depreciation, depletion and amortization |
3.9 |
3.1 |
Total expenses |
35.8 |
19.9 |
Operating income (loss) |
5.5 |
(1.3) |
Investment income (loss), net |
1.2 |
(1.6) |
Interest expense |
(3.6) |
(3.3) |
Other income, net |
1.4 |
4.5 |
Income (loss) before equity in loss from unconsolidated affiliates and income taxes |
4.5 |
(1.7) |
Equity in loss from unconsolidated affiliates |
(0.5) |
(0.1) |
Income tax (expense) benefit |
(1.0) |
0.5 |
Net income (loss) |
3.0 |
(1.3) |
Net loss (income) attributable to non-controlling interest |
0.2 |
(0.2) |
Net income (loss) attributable to the Company |
|
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FAQ
What was the revenue for St. Joe Company (JOE) in Q1 2021?
St. Joe Company reported revenue of $41.3 million in Q1 2021.
How much did St. Joe Company (JOE) declare in dividends for Q2 2021?
The company declared a cash dividend of $0.08 per share, payable on June 10, 2021.
What were the key factors driving revenue growth for St. Joe Company (JOE) in Q1 2021?
The revenue growth was driven by a 262% increase in real estate revenue and a 98% increase in hospitality revenue.
How did the net income of St. Joe Company (JOE) perform in Q1 2021 compared to Q1 2020?
Net income for Q1 2021 was $3.2 million, a significant recovery from a loss of $1.5 million in Q1 2020.
What impact did the pandemic have on St. Joe Company (JOE)'s commercial leasing segment?
The pandemic had minimal impact on the commercial leasing segment, with no rent abatements or deferrals provided.
St. Joe Company
NYSE:JOEJOE RankingsJOE Latest NewsJOE Stock Data
2.94B
58.23M
0.29%
86.76%
1.14%
Real Estate - Diversified
Land Subdividers & Developers (no Cemeteries)
United States of America
PANAMA CITY BEACH
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