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
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 from$18.9 million .$13.2 million -
Quarterly revenue increased by
20% to from$104.3 million .$86.7 million -
Real estate revenue increased by
23% to from$46.5 million . Homesite closings volume increased$37.7 million 82% to a single quarter record of 331 homesites from 182 homesites. -
Hospitality revenue increased by
19% to from$42.2 million .$35.4 million -
Leasing revenue increased by
15% to from$15.6 million . As of December 31, 2024,$13.6 million 95% of the 1,182,000 net rentable square feet were leased. -
In the fourth quarter of 2024, the Company funded
in capital expenditures, paid$30.7 million in cash dividends, repurchased$8.2 million of the Company's common stock and repaid$3.4 million of debt.$6.0 million -
Cash and cash equivalents balance increased to
as of December 31, 2024, as compared to$88.8 million as of December 31, 2023.$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