The St. Joe Company Reports Fourth Quarter and Full Year 2019 Results
WATERSOUND, Fla.--(BUSINESS WIRE)--Feb. 26, 2020--
Revenue for the full year 2019 increased to
The following information compares the fourth quarter and full year 2019 to the fourth quarter and full year 2018.
Real Estate Revenue
Real estate revenue increased to
The Company also sold approximately 33 acres of commercial land for the fourth quarter of 2019 totaling
As of
Hospitality Revenue
Hospitality revenue increased by
As of
Leasing Revenue
Leasing revenue from commercial properties and an apartment property increased by approximately
As of
Timber Revenue
Timber revenue increased to
Other Operating and Corporate Expenses
Other operating and corporate expenses were
Liquidity
The Company had cash, cash equivalents and investments of
Financial data schedules included in this press release provide greater detail on business performance summary, consolidated results, summary balance sheets, debt and other operating and corporate expenses for the fourth quarter and full year 2019 and 2018, respectively.
FINANCIAL DATA |
|||||||
Consolidated Results ($ in millions except share and per share amounts) |
|||||||
|
Quarter Ended |
Year Ended |
|||||
|
2019 |
2018 |
2019 |
2018 |
|||
Revenue |
|
|
|
|
|||
Real estate revenue |
|
|
|
|
|||
Hospitality revenue |
9.1 |
6.7 |
46.1 |
38.8 |
|||
Leasing revenue |
4.4 |
3.2 |
15.6 |
13.7 |
|||
Timber revenue |
1.3 |
0.3 |
3.9 |
5.6 |
|||
Total revenue |
42.6 |
16.3 |
127.1 |
110.3 |
|||
Expenses |
|
|
|
|
|||
Cost of real estate revenue |
9.6 |
2.6 |
24.3 |
13.4 |
|||
Cost of hospitality revenue |
8.1 |
7.0 |
34.5 |
32.5 |
|||
Cost of leasing revenue |
1.2 |
1.2 |
4.7 |
4.7 |
|||
Cost of timber revenue |
0.1 |
0.1 |
0.6 |
0.7 |
|||
Other operating and corporate expenses |
5.3 |
4.5 |
21.4 |
20.6 |
|||
Depreciation, depletion and amortization |
3.1 |
2.2 |
10.3 |
9.0 |
|||
Total expenses |
27.4 |
17.6 |
95.8 |
80.9 |
|||
Operating income (loss) |
15.2 |
(1.3) |
31.3 |
29.4 |
|||
Investment (loss) income, net |
(0.3) |
(0.1) |
10.7 |
12.2 |
|||
Interest expense |
(3.2) |
(2.9) |
(12.3) |
(11.8) |
|||
Other (expense) income, net |
(0.7) |
0.3 |
6.5 |
1.1 |
|||
Income (loss) before equity in loss from unconsolidated affiliates and income taxes |
11.0 |
(4.0) |
36.2 |
30.9 |
|||
Equity in loss from unconsolidated affiliates |
(0.1) |
-- |
(0.1) |
-- |
|||
Income tax (expense) benefit |
(2.3) |
3.6 |
(9.4) |
0.7 |
|||
Net income (loss) |
8.6 |
(0.4) |
26.7 |
31.6 |
|||
Net loss attributable to non-controlling interest |
0.1 |
0.3 |
0.1 |
0.8 |
|||
Net income (loss) attributable to the Company |
|
( |
|
|
|||
Net income (loss) per share attributable to the Company |
|
( |
|
|
|||
Weighted average shares outstanding |
59,422,455 |
60,672,034 |
59,994,527 |
62,725,954 |
Summary Balance Sheet
($ in millions) |
||
|
|
|
Assets |
|
|
Investment in real estate, net |
|
|
Investment in unconsolidated joint ventures |
5.1 |
1.1 |
Cash and cash equivalents |
185.7 |
195.2 |
Investments – debt securities |
0.1 |
9.0 |
Investments – equity securities |
9.7 |
36.1 |
Other assets |
52.0 |
59.2 |
Property and equipment, net |
19.0 |
12.0 |
Investments held by special purpose entities |
206.8 |
207.4 |
Total assets |
|
|
|
|
|
Liabilities and Equity |
|
|
Debt, net |
|
|
Other liabilities |
57.2 |
47.4 |
Deferred tax liabilities, net |
52.8 |
44.3 |
Senior Notes held by special purpose entity |
177.0 |
176.8 |
Total liabilities |
379.5 |
337.9 |
Total equity |
529.7 |
533.1 |
Total liabilities and equity |
|
|
Debt Schedule ($ in millions – Net of issuance costs) |
||
|
|
|
|
|
|
Pier Park Crossings joint venture |
33.5 |
14.3 |
|
7.0 |
6.3 |
Origins Crossings joint venture |
2.4 |
-- |
|
1.6 |
-- |
|
1.5 |
1.6 |
WaterColor Crossings |
1.4 |
1.2 |
Total debt, net |
|
|
Other Operating and Corporate Expenses ($ in millions) |
||||
|
Quarter Ended |
Year Ended |
||
|
2019 |
2018 |
2019 |
2018 |
Employee costs |
|
|
|
|
401(k) contribution |
-- |
-- |
1.1 |
1.1 |
Non-cash stock compensation costs |
-- |
-- |
0.1 |
0.1 |
Property taxes and insurance |
1.4 |
1.3 |
5.0 |
4.9 |
Professional fees |
1.0 |
0.8 |
4.0 |
3.5 |
Marketing and owner association costs |
0.3 |
0.3 |
1.2 |
1.2 |
Occupancy, repairs and maintenance |
0.2 |
0.2 |
0.8 |
0.9 |
Other |
0.3 |
0.3 |
1.4 |
1.6 |
Total other operating and corporate expense |
|
|
|
|
Additional Information and Where to Find It
Additional information with respect to the Company’s results for the fourth quarter and full year 2019 will be available in a Form 10-K that will be filed with the
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 expected revenues from sales of residential homesites; our continued cost discipline to maintain an efficient cost structure; timing of new projects in 2020; and our continued progress in our operations, including revenue growth and bottom line expectations from new projects or phases. Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions.
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 (1) any changes in our strategic objectives or our ability to successfully implement such strategic objectives; (2) our ability to successfully execute our newer business ventures, including expansion of our portfolio of income producing commercial and multi-family properties, assisted living communities and hotels; (3) 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 recently granted entitlements; (4) significant decreases in the market value of our investments in securities or any other investments; (5) our ability to capitalize on strategic opportunities presented by a population growth in
Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
About
© 2020,
View source version on businesswire.com: https://www.businesswire.com/news/home/20200226005920/en/
St. Joe Investor Relations Contact:
Chief Financial Officer
1-866-417-7132
Marek.Bakun@Joe.Com
Source:
St. Joe Investor Relations Contact:
Marek Bakun
Chief Financial Officer
1-866-417-7132
Marek.Bakun@Joe.Com