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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission file number: 1-10466

The St. Joe Company

(Exact name of registrant as specified in its charter)

Florida

59-0432511

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

130 Richard Jackson Boulevard, Suite 200

Panama City Beach, Florida

32407

(Address of principal executive offices)

(Zip Code)

(850) 231-6400

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Exchange on Which Registered

Common Stock, no par value

JOE

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   YES      NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   YES      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   YES      NO  

As of October 24, 2022, there were 58,335,541 shares of common stock, no par value, outstanding.

THE ST. JOE COMPANY

INDEX

Page No.

PART I

Item 1. Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets - September 30, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Income - Three and Nine Months Ended September 30, 2022 and 2021

5

Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2022 and 2021

6

Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three and Nine Months Ended September 30, 2022 and 2021

7

Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2022 and 2021

9

Notes to the Condensed Consolidated Financial Statements

11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

49

Item 3. Quantitative and Qualitative Disclosures About Market Risk

79

Item 4. Controls and Procedures

79

PART II

Item 1. Legal Proceedings

80

Item 1A. Risk Factors

80

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

80

Item 3. Defaults Upon Senior Securities

80

Item 4. Mine Safety Disclosures

80

Item 5. Other Information

81

Item 6. Exhibits

81

SIGNATURES

82

2

PART I - FINANCIAL INFORMATION

Item 1.         Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

September 30, 

December 31, 

    

2022

    

2021

ASSETS

 

  

 

  

Investment in real estate, net

$

883,796

$

690,113

Investment in unconsolidated joint ventures

58,865

52,027

Cash and cash equivalents

 

18,846

 

70,162

Investments - debt securities

74,033

88,956

Other assets

 

62,190

 

70,235

Property and equipment, net of accumulated depreciation of $64,666 and $64,251 as of September 30, 2022 and December 31, 2021, respectively

 

36,981

 

31,145

Investments held by special purpose entities

 

204,829

 

205,513

Total assets

$

1,339,540

$

1,208,151

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

321,085

$

223,034

Other liabilities

 

83,338

 

67,985

Deferred revenue

39,311

36,207

Deferred tax liabilities, net

 

81,558

 

77,259

Senior Notes held by special purpose entity

 

177,783

 

177,566

Total liabilities

 

703,075

 

582,051

Commitments and contingencies (Note 19)

Equity:

 

  

 

  

Common stock, no par value; 180,000,000 shares authorized; 58,912,504 and 58,882,549 issued at September 30, 2022 and December 31, 2021, respectively; and 58,335,541 and 58,882,549 outstanding at September 30, 2022 and December 31, 2021, respectively

 

297,129

 

296,873

Retained earnings

 

336,049

 

310,925

Accumulated other comprehensive income (loss)

 

2,047

 

(389)

Treasury stock at cost, 576,963 shares held at September 30, 2022

(19,972)

Total stockholders’ equity

 

615,253

 

607,409

Non-controlling interest

 

21,212

 

18,691

Total equity

 

636,465

 

626,100

Total liabilities and equity

$

1,339,540

$

1,208,151

See accompanying notes to the condensed consolidated financial statements.

3

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

The following presents the portion of the condensed consolidated balances attributable to the Company’s consolidated joint ventures, which, as of September 30, 2022 and December 31, 2021, include the Pier Park North joint venture (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”), Origins Crossings, LLC (“Watersound Origins Crossings JV”), SJWCSL, LLC (“Watercrest JV”), Watersound Closings & Escrow, LLC (“Watersound Closings JV”), Pier Park Crossings Phase II LLC (“Pier Park Crossings Phase II JV”), Pier Park Resort Hotel, LLC (“Pier Park Resort Hotel JV”), the 30A Greenway Hotel, LLC (“The Lodge 30A JV”), Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC. As of September 30, 2022, condensed consolidated balances attributable to the Company’s consolidated joint ventures also includes Mexico Beach Crossings, LLC (“Mexico Beach Crossings JV”). See Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation and Note 4. Joint Ventures for additional information. The following assets may only be used to settle obligations of the consolidated joint ventures and the following liabilities are only obligations of the consolidated joint ventures and do not have recourse to the general credit of the Company, except for covenants and guarantees discussed in Note 10. Debt, Net.

    

September 30, 

    

December 31, 

2022

2021

ASSETS

 

  

 

  

Investment in real estate, net

$

257,697

$

206,565

Cash and cash equivalents

 

7,539

 

10,564

Other assets

 

22,942

 

17,392

Investments held by special purpose entities

 

204,829

 

205,513

Total assets

$

493,007

$

440,034

LIABILITIES

 

  

 

  

Debt, net

$

226,893

$

173,531

Other liabilities

 

17,868

 

17,602

Deferred revenue

310

234

Senior Notes held by special purpose entity

 

177,783

 

177,566

Total liabilities

$

422,854

$

368,933

See accompanying notes to the condensed consolidated financial statements.

4

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2022

2021

    

2022

    

2021

 

Revenue:

    

  

    

  

  

  

Real estate revenue

$

17,330

$

23,500

$

82,132

$

85,615

Hospitality revenue

 

29,035

 

22,292

 

74,912

 

57,986

Leasing revenue

 

10,049

 

7,146

 

28,215

 

19,112

Timber revenue

 

1,162

 

1,058

 

5,438

 

4,827

Total revenue

 

57,576

 

53,996

 

190,697

 

167,540

Expenses:

 

  

 

  

 

  

 

  

Cost of real estate revenue

 

7,229

 

8,471

 

35,324

 

33,067

Cost of hospitality revenue

 

21,959

 

16,536

 

58,238

 

43,469

Cost of leasing revenue

 

4,946

 

3,106

 

12,596

 

8,297

Cost of timber revenue

 

172

 

118

 

577

 

502

Corporate and other operating expenses

 

5,322

 

4,987

 

16,493

 

17,161

Depreciation, depletion and amortization

 

5,771

 

4,617

 

16,263

 

12,594

Total expenses

 

45,399

 

37,835

 

139,491

 

115,090

Operating income

 

12,177

 

16,161

 

51,206

 

52,450

Other income (expense):

 

  

 

  

 

  

 

  

Investment income, net

 

2,735

 

2,331

 

7,531

 

4,813

Interest expense

 

(4,727)

 

(4,114)

 

(12,951)

 

(11,639)

Gain on contributions to unconsolidated joint ventures

 

1,430

 

 

2,001

 

3,290

Other income, net

 

2,128

 

7,329

 

6,045

 

9,595

Total other income, net

 

1,566

 

5,546

 

2,626

 

6,059

Income before equity in income (loss) from unconsolidated joint ventures and income taxes

 

13,743

 

21,707

 

53,832

 

58,509

Equity in income (loss) from unconsolidated joint ventures

2,481

(501)

3,415

(1,570)

Income tax expense

 

(4,163)

 

(6,429)

 

(14,643)

 

(15,180)

Net income

 

12,061

 

14,777

 

42,604

 

41,759

Net loss attributable to non-controlling interest

 

286

 

419

 

194

 

857

Net income attributable to the Company

$

12,347

$

15,196

$

42,798

$

42,616

NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY

 

  

 

  

 

  

 

  

Basic

$

0.21

$

0.26

$

0.73

$

0.72

Diluted

$

0.21

$

0.26

$

0.73

$

0.72

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

 

58,814,972

 

58,882,549

 

58,859,723

 

58,882,549

Diluted

58,814,972

58,882,549

 

58,861,440

 

58,882,549

See accompanying notes to the condensed consolidated financial statements.

5

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

 

Net income:

$

12,061

$

14,777

$

42,604

$

41,759

Other comprehensive (loss) income:

 

 

  

 

 

  

Net unrealized (loss) gain on available-for-sale investments

 

(31)

 

3

 

(686)

 

(1)

Interest rate swaps

1,427

301

4,540

410

Interest rate swap - unconsolidated joint venture

307

(1)

615

133

Reclassification of net realized loss included in earnings

 

15

 

154

 

150

 

251

Total before income taxes

 

1,718

 

457

 

4,619

 

793

Income tax expense

 

(327)

 

(116)

 

(828)

 

(201)

Total other comprehensive income, net of tax

 

1,391

 

341

 

3,791

 

592

Total comprehensive income, net of tax

13,452

15,118

46,395

42,351

Total comprehensive (income) loss attributable to non-controlling interest

(142)

419

(1,161)

857

Total comprehensive income attributable to the Company

$

13,310

$

15,537

$

45,234

$

43,208

See accompanying notes to the condensed consolidated financial statements.

6

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Income

    

Stock

    

Interest

    

Total

Balance at June 30, 2022

 

58,907,744

$

297,021

$

329,593

$

1,084

$

(180)

$

19,922

$

647,440

Capital contribution from non-controlling interest

 

 

 

 

 

 

1,579

 

1,579

Capital distribution to non-controlling interest

 

 

 

 

 

 

(431)

 

(431)

Stock based compensation expense

 

 

108

 

 

 

 

 

108

Repurchase of common shares

 

(572,203)

 

 

 

 

(19,792)

 

 

(19,792)

Dividends ($0.10 per share)

(5,891)

(5,891)

Other comprehensive income, net of tax

 

 

 

 

963

 

 

428

 

1,391

Net income

 

 

 

12,347

 

 

 

(286)

 

12,061

Balance at September 30, 2022

 

58,335,541

$

297,129

$

336,049

$

2,047

$

(19,972)

$

21,212

$

636,465

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Stock

    

Interest

    

Total

Balance at June 30, 2021

 

58,882,549

$

296,873

$

273,214

$

(1,221)

$

$

19,649

$

588,515

Capital distribution to non-controlling interest

 

 

 

 

 

 

(304)

 

(304)

Dividends ($0.08 per share)

(4,711)

(4,711)

Other comprehensive income, net of tax

 

 

 

 

341

 

 

 

341

Net income

 

 

 

15,196

 

 

 

(419)

 

14,777

Balance at September 30, 2021

 

58,882,549

$

296,873

$

283,699

$

(880)

$

$

18,926

$

598,618

See accompanying notes to the condensed consolidated financial statements.

7

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)