The St. Joe Company Reports Fourth Quarter and Full Year 2024 Results, Declares a Quarterly Dividend of $0.14 Per Share and Increases the Stock Repurchase Authority to $100 Million
The St. Joe Company (NYSE: JOE) reported strong Q4 2024 results with notable growth across all segments. Q4 net income increased 43% to $18.9 million, while quarterly revenue grew 20% to $104.3 million.
Key Q4 highlights include:
- Real estate revenue up 23% to $46.5 million with record 331 homesite closings
- Hospitality revenue increased 19% to $42.2 million
- Leasing revenue rose 15% to $15.6 million with 95% occupancy rate
For full-year 2024:
- Total revenue reached $402.7 million, up 3% from 2023
- Record hospitality revenue of $199.2 million, up 31%
- Record leasing revenue of $60.3 million, up 19%
- The company maintained strong liquidity with $88.8 million in cash
The Board declared a quarterly dividend of $0.14 per share and increased stock repurchase authority to $100 million.
La St. Joe Company (NYSE: JOE) ha riportato risultati solidi per il quarto trimestre del 2024, con una crescita notevole in tutti i segmenti. Il reddito netto del quarto trimestre è aumentato del 43% a 18,9 milioni di dollari, mentre il fatturato trimestrale è cresciuto del 20% a 104,3 milioni di dollari.
I punti salienti del quarto trimestre includono:
- Fatturato immobiliare in aumento del 23% a 46,5 milioni di dollari con un record di 331 chiusure di lotti
- Fatturato dell'ospitalità aumentato del 19% a 42,2 milioni di dollari
- Fatturato da locazione cresciuto del 15% a 15,6 milioni di dollari con un tasso di occupazione del 95%
Per l'intero anno 2024:
- Il fatturato totale ha raggiunto 402,7 milioni di dollari, in aumento del 3% rispetto al 2023
- Fatturato record nell'ospitalità di 199,2 milioni di dollari, in aumento del 31%
- Fatturato record da locazione di 60,3 milioni di dollari, in aumento del 19%
- L'azienda ha mantenuto una forte liquidità con 88,8 milioni di dollari in contante
Il Consiglio ha dichiarato un dividendo trimestrale di 0,14 dollari per azione e ha aumentato l'autorità di riacquisto delle azioni a 100 milioni di dollari.
La St. Joe Company (NYSE: JOE) reportó resultados sólidos para el cuarto trimestre de 2024, con un notable crecimiento en todos los segmentos. El ingreso neto del cuarto trimestre aumentó un 43% a 18,9 millones de dólares, mientras que los ingresos trimestrales crecieron un 20% a 104,3 millones de dólares.
Los aspectos destacados del cuarto trimestre incluyen:
- Ingresos por bienes raíces aumentaron un 23% a 46,5 millones de dólares con un récord de 331 cierres de lotes
- Los ingresos por hospitalidad aumentaron un 19% a 42,2 millones de dólares
- Los ingresos por arrendamiento crecieron un 15% a 15,6 millones de dólares con una tasa de ocupación del 95%
Para el año completo 2024:
- Los ingresos totales alcanzaron 402,7 millones de dólares, un aumento del 3% respecto a 2023
- Ingresos récord en hospitalidad de 199,2 millones de dólares, un aumento del 31%
- Ingresos récord por arrendamiento de 60,3 millones de dólares, un aumento del 19%
- La empresa mantuvo una sólida liquidez con 88,8 millones de dólares en efectivo
La Junta declaró un dividendo trimestral de 0,14 dólares por acción y aumentó la autoridad de recompra de acciones a 100 millones de dólares.
세인트 조 회사 (NYSE: JOE)는 2024년 4분기 실적이 모든 부문에서 눈에 띄는 성장을 기록했다고 보고했습니다. 4분기 순이익은 43% 증가한 1890만 달러에 달했으며, 분기 매출은 20% 증가한 1억 430만 달러에 이르렀습니다.
4분기의 주요 하이라이트는 다음과 같습니다:
- 부동산 매출이 23% 증가하여 4650만 달러에 달하며, 331개의 주택 부지 마감 기록
- 환대 부문 매출이 19% 증가하여 4220만 달러
- 임대 매출이 15% 증가하여 1560만 달러에 도달하며, 95%의 점유율
2024년 전체 연도:
- 총 매출이 4억 270만 달러에 도달하여 2023년 대비 3% 증가
- 기록적인 환대 매출 1억 9920만 달러, 31% 증가
- 기록적인 임대 매출 6030만 달러, 19% 증가
- 회사는 8880만 달러의 현금을 보유하여 강력한 유동성을 유지
이사회는 주당 0.14달러의 분기 배당금을 선언하고, 주식 재매입 권한을 1억 달러로 증가시켰습니다.
La St. Joe Company (NYSE: JOE) a annoncé des résultats solides pour le quatrième trimestre 2024, avec une croissance notable dans tous les segments. Le revenu net du quatrième trimestre a augmenté de 43 % pour atteindre 18,9 millions de dollars, tandis que le chiffre d'affaires trimestriel a crû de 20 % pour atteindre 104,3 millions de dollars.
Les points forts du quatrième trimestre incluent :
- Les revenus immobiliers ont augmenté de 23 % pour atteindre 46,5 millions de dollars avec un record de 331 clôtures de terrains
- Les revenus de l'hospitalité ont augmenté de 19 % pour atteindre 42,2 millions de dollars
- Les revenus locatifs ont augmenté de 15 % pour atteindre 15,6 millions de dollars avec un taux d'occupation de 95 %
Pour l'année complète 2024 :
- Le chiffre d'affaires total a atteint 402,7 millions de dollars, en hausse de 3 % par rapport à 2023
- Revenus record dans l'hospitalité de 199,2 millions de dollars, en hausse de 31 %
- Revenus locatifs record de 60,3 millions de dollars, en hausse de 19 %
- L'entreprise a maintenu une forte liquidité avec 88,8 millions de dollars en espèces
Le Conseil a déclaré un dividende trimestriel de 0,14 dollar par action et a augmenté l'autorité de rachat d'actions à 100 millions de dollars.
Die St. Joe Company (NYSE: JOE) hat für das vierte Quartal 2024 starke Ergebnisse gemeldet, mit bemerkenswertem Wachstum in allen Segmenten. Der Nettogewinn im vierten Quartal stieg um 43% auf 18,9 Millionen Dollar, während der Umsatz im Quartal um 20% auf 104,3 Millionen Dollar wuchs.
Wichtige Höhepunkte des vierten Quartals sind:
- Immobilienumsatz stieg um 23% auf 46,5 Millionen Dollar mit einem Rekord von 331 abgeschlossenen Grundstücken
- Umsatz im Gastgewerbe stieg um 19% auf 42,2 Millionen Dollar
- Mietumsatz stieg um 15% auf 15,6 Millionen Dollar bei einer Belegungsrate von 95%
Für das Gesamtjahr 2024:
- Der Gesamtumsatz erreichte 402,7 Millionen Dollar, ein Anstieg von 3% im Vergleich zu 2023
- Rekordumsatz im Gastgewerbe von 199,2 Millionen Dollar, ein Anstieg von 31%
- Rekordumsatz aus Vermietung von 60,3 Millionen Dollar, ein Anstieg von 19%
- Das Unternehmen hielt eine starke Liquidität mit 88,8 Millionen Dollar in bar
Der Vorstand erklärte eine vierteljährliche Dividende von 0,14 Dollar pro Aktie und erhöhte die Rückkaufautorisierung auf 100 Millionen Dollar.
- Q4 net income up 43% to $18.9 million
- Record Q4 homesite closings of 331 units (+82%)
- Record hospitality revenue of $199.2M (+31%)
- Record leasing revenue of $60.3M (+19%)
- 95% occupancy rate in commercial properties
- Strong club membership growth to 3,476 members
- Full-year net income decreased 5% to $74.2 million
- Annual real estate revenue declined 23% to $143.2 million
- Residential homesites under contract decreased from 1,486 to 1,074
Insights
St. Joe Company's Q4 2024 results demonstrate strong momentum across all business segments, with quarterly revenue increasing 20% year-over-year to
The company's strategic shift toward building recurring revenue businesses is bearing fruit, with hospitality and leasing segments achieving record annual revenues of
What's particularly noteworthy is JOE's "virtuous circle" business model - developing operating properties that generate recurring revenue while simultaneously increasing the value of surrounding land holdings. This approach creates multiple value streams from the same land assets and appears to be working effectively based on the results.
The company's unconsolidated joint ventures, though not reflected in consolidated revenue, contributed
From a balance sheet perspective, JOE maintains financial flexibility with
The continued influx of visitors and new residents to Northwest Florida creates a tailwind for JOE's diversified real estate operations, suggesting the company has significant runway for long-term value creation despite any short-term market fluctuations.
St. Joe Company's Q4 results showcase the powerful execution of their integrated real estate development model in Northwest Florida. The record-breaking 331 homesite closings in Q4 (
What distinguishes JOE from traditional developers is their vertically integrated approach - they not only develop and sell land but create and operate the amenities that drive property values. This strategy generates multiple revenue streams from the same land assets while controlling the pace and quality of development. Their massive land holdings (approximately 171,000 acres) acquired at legacy costs provide a significant competitive advantage, allowing higher margins than developers who must purchase land at current market prices.
The Latitude Margaritaville Watersound joint venture demonstrates the effectiveness of this approach. With 2,030 home contracts since 2021 and an average sales price of
JOE's strategic pivot toward recurring revenue assets is transforming their business model. Their hospitality portfolio has expanded to 1,298 hotel rooms across 12 properties, while their commercial leasing portfolio maintains
The
Looking ahead, JOE's 21,500+ homesite pipeline provides visibility into at least 7-10 years of development potential. Their continued investment in infrastructure and amenities creates barriers to entry for competitors while enhancing the value of their remaining land holdings - a virtuous cycle that should continue driving shareholder returns for years to come.
Highlights for the fourth quarter of 2024 compared to the fourth quarter of 2023:
-
Quarterly net income attributable to the Company increased by
43% to$18.9 million $13.2 million -
Quarterly revenue increased by
20% to$104.3 million $86.7 million -
Real estate revenue increased by
23% to$46.5 million $37.7 million 82% to a single quarter record of 331 homesites from 182 homesites. -
Hospitality revenue increased by
19% to$42.2 million $35.4 million -
Leasing revenue increased by
15% to$15.6 million $13.6 million 95% of the 1,182,000 net rentable square feet were leased. -
In the fourth quarter of 2024, the Company funded
$30.7 million $8.2 million $3.4 million $6.0 million -
Cash and cash equivalents balance increased to
$88.8 million $86.1 million
Jorge Gonzalez, the Company’s President, Chief Executive Officer and Chairman of the Board, said, “We are pleased with the year-over-year growth in the fourth quarter across all segments and strong finish to 2024. In the month of December alone, we closed 318 homesites and homes, a single month record exceeding the prior record for a single month of volume at 313 closings in June of 2023. The fourth quarter also set a volume record for residential homesite closings for the Company. For the full year 2024, we achieved a Company record for a single year revenue in hospitality with
Our business strategy of developing operating properties that grow recurring revenue while simultaneously increasing the value of our surrounding lands continues to take shape. It is a virtuous circle of value creation. During 2024, we invested
Mr. Gonzalez continued, “In addition to increasing our consolidated revenue, we continue to create meaningful profitability through joint ventures. As of year-end 2024, we had
Mr. Gonzalez concluded, “Demand across each of our segments remains strong, which we attribute to the continued influx of visitors and new residents from all over the country who are discovering the high quality of life offered in
Consolidated Fourth Quarter and Full Year 2024 Results
Total consolidated revenue for the fourth quarter of 2024 increased by
For the full year 2024, total consolidated revenue increased by
Over the past several years, the Company has entered into joint ventures which are unconsolidated and accounted for using the equity method. For the three months ended December 31, 2024, these unconsolidated joint ventures had
Net income attributable to the Company for the fourth quarter of 2024 increased by
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, for the three months ended December 31, 2024, increased by
On February 26, 2025, the Board of Directors declared a cash dividend of
Real Estate
For the fourth quarter of 2024, real estate revenue increased by
For the full year 2024, the Company sold 912 residential homesites as compared to 1,063 residential homesites in 2023. In addition, the unconsolidated Latitude Margaritaville Watersound joint venture transacted a single year record of 659 homes in 2024, as compared to 641 homes in 2023. In 2024, the Company invested
As of December 31, 2024, the Company had 1,074 residential homesites under contract, which are expected to result in revenue of approximately
The Latitude Margaritaville Watersound unconsolidated joint venture, planned for 3,500 residential homes, had 417 net sale contracts executed in 2024. For the fourth quarter of 2024, there were 130 completed home sales bringing the community to 1,663 occupied homes. Since the start of sales in 2021, there have been 2,030 home contracts. The 367 homes under contract as of December 31, 2024, with an average sales price of approximately
Hospitality
Hospitality revenue increased by
Hospitality revenue continues to benefit from the growth of the Watersound Club membership program and the opening of five hotels throughout 2023. As of December 31, 2024, the Company had 3,476 club members, as compared to 3,317 club members as of December 31, 2023, a net increase of 159 members. As of December 31, 2024, the Company owned (individually by the Company or through consolidated and unconsolidated joint ventures) 12 hotels with 1,298 operational hotel rooms, as compared to 11 hotels with 1,177 rooms as of December 31, 2023.
Leasing
Leasing revenue from commercial, office, retail, multi-family, senior living, self-storage and other properties increased by
Leasable space as of December 31, 2024, consisted of approximately 1,182,000 square feet, of which approximately 1,126,000, or
Corporate and Other Operating Expenses
The full year 2024 and 2023 corporate and other operating expenses remained at
Investments, Liquidity and Debt
In the fourth quarter of 2024, the Company funded
As of December 31, 2024, the weighted average effective interest rate of outstanding debt was
Additional Information and Where to Find It
Additional information with respect to the Company’s results for the fourth quarter and full year 2024 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 2024 and 2023, respectively.
FINANCIAL DATA |
||||
Consolidated Results |
||||
($ in millions except share and per share amounts) |
||||
|
Quarter Ended December 31, |
Year Ended December 31, |
||
|
2024 |
2023 |
2024 |
2023 |
Revenue |
|
|
|
|
Real estate revenue |
|
|
|
|
Hospitality revenue |
42.2 |
35.4 |
199.2 |
152.4 |
Leasing revenue |
15.6 |
13.6 |
60.3 |
50.8 |
Total revenue |
104.3 |
86.7 |
402.7 |
389.2 |
Expenses |
|
|
|
|
Cost of real estate revenue |
22.0 |
14.9 |
70.3 |
88.0 |
Cost of hospitality revenue |
31.6 |
29.8 |
136.4 |
122.2 |
Cost of leasing revenue |
6.6 |
7.1 |
28.8 |
25.8 |
Corporate and other operating expenses |
6.3 |
6.4 |
25.2 |
23.8 |
Depreciation, depletion and amortization |
12.1 |
11.2 |
46.4 |
38.7 |
Total expenses |
78.6 |
69.4 |
307.1 |
298.5 |
Operating income |
25.7 |
17.3 |
95.6 |
90.7 |
Investment income, net |
3.2 |
3.5 |
13.5 |
13.3 |
Interest expense |
(8.1) |
(8.8) |
(33.6) |
(30.6) |
Equity in income from unconsolidated joint ventures |
4.0 |
4.3 |
23.6 |
22.7 |
Other (expense) income, net |
(0.1) |
-- |
(0.7) |
3.9 |
Income before income taxes |
24.7 |
16.3 |
98.4 |
100.0 |
Income tax expense |
(6.6) |
(4.3) |
(26.0) |
(26.0) |
Net income |
18.1 |
12.0 |
72.4 |
74.0 |
Net loss attributable to non-controlling interest |
0.8 |
1.2 |
1.8 |
3.7 |
Net income attributable to the Company |
|
|
|
|
Basic net income per share attributable to the Company |
|
|
|
|
Basic weighted average shares outstanding |
58,321,016 |
58,314,117 |
58,326,286 |
58,312,878 |
Summary Balance Sheet |
||
($ in millions) |
||
|
December 31, 2024 |
December 31, 2023 |
Assets |
|
|
Investment in real estate, net |
|
|
Investment in unconsolidated joint ventures |
66.5 |
66.4 |
Cash and cash equivalents |
88.8 |
86.1 |
Other assets |
80.3 |
82.2 |
Property and equipment, net |
59.1 |
66.0 |
Investments held by special purpose entities |
203.5 |
204.2 |
Total assets |
|
|
|
|
|
Liabilities and Equity |
|
|
Debt, net |
|
|
Accounts payable and other liabilities |
53.9 |
58.6 |
Deferred revenue |
59.3 |
62.8 |
Deferred tax liabilities, net |
72.4 |
71.8 |
Senior Notes held by special purpose entity |
178.5 |
178.2 |
Total liabilities |
801.9 |
825.0 |
Total equity |
736.7 |
698.5 |
Total liabilities and equity |
|
|
Corporate and Other Operating Expenses |
||||
($ in millions) |
||||
|
Quarter Ended
|
Year Ended
|
||
|
2024 |
2023 |
2024 |
2023 |
Employee costs |
|
|
|
|
Property taxes and insurance |
1.4 |
1.8 |
5.5 |
6.4 |
Professional fees |
1.2 |
1.2 |
3.6 |
4.0 |
Marketing and owner association costs |
0.3 |
0.3 |
1.0 |
1.0 |
Occupancy, repairs and maintenance |
0.1 |
0.1 |
0.6 |
0.4 |
Other miscellaneous |
0.4 |
0.4 |
1.8 |
1.6 |
Total corporate and other operating expenses |
|
|
|
|
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”.
Reconciliation of Non-GAAP Financial Measures (Unaudited) |
||||
($ in millions) |
||||
|
Quarter Ended |
Year Ended |
||
|
December 31, |
December 31, |
||
|
2024 |
2023 |
2024 |
2023 |
Net income attributable to the Company |
|
|
|
|
Plus: Interest expense |
8.1 |
8.8 |
33.6 |
30.6 |
Less: Investment income, net |
(3.2) |
(3.5) |
(13.5) |
(13.3) |
Plus: Income tax expense |
6.6 |
4.3 |
26.0 |
26.0 |
Plus: Depreciation, depletion and amortization |
12.1 |
11.2 |
46.4 |
38.7 |
EBITDA |
|
|
|
|
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; expansion of operational assets such as increases in hotel rooms; 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 of current developments and new projects in 2025 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; financial institution disruptions; supply chain disruptions; geopolitical conflicts and political uncertainty and the corresponding impact on the global economy; changes in fiscal and regulatory priorities as a result of the outcome of the 2024 U.S. presidential election; 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, including the new hotels we have opened since the beginning of 2023; 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; public health emergencies; 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
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
© 2025, 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/20250225067806/en/
St. Joe Investor Relations Contact:
Marek Bakun
Chief Financial Officer
1-866-417-7132
Marek.Bakun@Joe.Com
Source: The St. Joe Company
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