Washington, D.C. 20549


Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported) August 1, 2018

The St. Joe Company
(Exact Name of Registrant as Specified in its Charter)

Florida 1-10466 59-0432511

(State or Other Jurisdiction
of Incorporation)

File Number)

(I.R.S. Employer
Identification No.)

133 South WaterSound Parkway
WaterSound, Florida


(Address of Principal Executive Offices)

(Zip Code)

(850) 231-6400
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.


On August 1, 2018, The St. Joe Company issued a press release announcing its financial results for the quarter ended June 30, 2018.  A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.


(d) Exhibits

The following exhibit is furnished as part of the Current Report on Form 8-K.

99.1   Press Release dated August 1, 2018.


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





/s/ Marek Bakun

Marek Bakun

Chief Financial Officer

Date: August 1, 2018

Exhibit 99.1

The St. Joe Company Reports Second Quarter 2018 Results

WATERSOUND, Fla.--(BUSINESS WIRE)--August 1, 2018--The St. Joe Company (NYSE: JOE) (the “Company”) today announced Net Income for the second quarter of 2018 of $26.2 million, or $0.41 per share, compared with Net Income of $10.8 million, or $0.15 per share, for the second quarter of 2017. The second quarter of 2018 includes a $23.1 million pre-tax benefit from an impact fees receipt related to the Company’s 2014 sale of the RiverTown community. For the six months ended June 30, 2018, the Company reported Net Income of $27.0 million, or $0.42 per share compared to Net Income of $15.1 million, or $0.21 per share for the same period last year.

Second quarter update includes:

As of June 30, 2018, the Company owned approximately 809,000 square feet of rentable commercial space compared to approximately 671,000 as of June 30, 2017. The Company’s overall lease occupancy percentage increased to 89% as of June 30, 2018 as compared to 84% as of June 30, 2017. As of June 30, 2018, the Company had two commercial buildings totaling 18,200 gross square feet under construction as well as the 240-unit apartment complex which is expected to total 282,738 gross square feet.

The Company had cash, cash equivalents and investments of $268.1 million as of June 30, 2018, compared to $303.4 million as of December 31, 2017, a decrease of $35.3 million. During the six months ended June 30, 2018, the Company used $72.5 million to repurchase 4,065,160 shares of its common stock. As of June 30, 2018, the Company had approximately 61.8 million shares of its common stock outstanding.

Financial data schedules included in this press release provide greater detail on business performance, summarizing the consolidated results, summary balance sheets, debt schedule and other operating and corporate expenses for the second quarter of 2018 and 2017, respectively.

Jorge Gonzalez, the Company’s President and Chief Executive Officer, said: “We are pleased with our second quarter results. Aside from the significant revenue and cash generated by the RiverTown impact fees receipt, our overall operating income is up compared with the prior year, with increases in margins across our segments, as well as higher occupancy in our commercial leasing portfolio.”

Mr. Gonzalez added, “Looking forward, our team recently submitted a Detailed Specific Area Plan (DSAP) to local authorities associated with Latitude Margaritaville, which, in conjunction with our joint venture partner, is expected to create a significant entry into to the active adult market with initial plans for approximately 3,000 residential units, community amenities, and other assets. Subject to completion of several processes with our joint venture partner, including executing a definitive joint venture agreement, we anticipate having the sales center and initial model homes open in 2020.”

Mr. Gonzalez continued, “During the quarter, we broke ground on a new 240-unit apartment complex located in close proximity to Pier Park. At the same time, the Bay County Tourism Development Council broke ground on its new $37 million Sports Park and Stadium Complex, which is located adjacent to over 1,000 acres of entitled property which we own near the Breakfast Point residential community. We also expect to announce the start of other new business initiatives presented during our Company's annual shareholder meeting, including the exciting new Club and Resorts lodging and amenity complex at our Camp Creek golf course, and a new 210-unit apartment complex at Origins.”

Mr Gonzalez concluded, “These projects, as well as others we are currently planning, are expected to favorably impact our future growth.”

Consolidated Results (Unaudited)

($ in millions except share and per share amounts)


Quarter Ended

June 30,


Six Months Ended

June 30,









Real estate revenue   $32.1   $7.2   $39.9   $8.7
Resorts and leisure revenue   13.3   19.3   20.7   27.4
Leasing revenue   3.1   2.8   6.1   5.4
Timber revenue  








Total revenue  








Cost of real estate revenue   3.0   3.6   7.1   3.9
Cost of resorts and leisure revenue   9.8   14.9   16.8   23.7
Cost of leasing revenue   0.8   0.8   1.7   1.5
Cost of timber revenue   0.2   0.2   0.4   0.4
Other operating and corporate expenses   5.0   4.2   11.0   10.3
Depreciation, depletion and amortization  








Total expenses  








Operating income  








Investment income, net   6.0   14.3   9.6   24.7
Interest expense   (2.9)   (3.0)   (5.9)   (6.1)
Other income, net  








Income before income taxes   32.6   16.5   33.0   23.0
Income tax expense  








Net income   26.1   10.6   26.7   14.8
Net loss attributable to non-controlling interest  








Net income attributable to the Company  








Net income per share attributable to the Company  








Weighted average shares outstanding   63,760,022   71,981,505   64,613,298   72,970,462

Summary Balance Sheet (Unaudited)
($ in millions)

June 30, 2018


December 31, 2017

Investment in real estate, net   $339.5   $332.6
Cash and cash equivalents   215.1   192.1
Investments – debt securities   14.2   76.3
Investments – equity securities   38.8   35.0
Restricted investments   3.4   4.5
Income tax receivable   1.6   8.4
Claim settlement receivable   5.4   5.3
Other assets   46.4   47.1
Property and equipment, net   11.7   11.8
Investments held by special purpose entities  




Total assets  




Liabilities and Equity        
Debt, net   $59.2   $55.6
Other liabilities   49.3   47.3
Deferred tax liabilities, net   49.1   49.0
Senior Notes held by special purpose entity  




Total liabilities   334.2   328.4
Total equity  




Total liabilities and equity  




Debt Schedule (Unaudited)
($ in millions – Net of issuance costs)

June 30, 2018


December 31, 2017

Pier Park North joint venture refinanced loan   $46.4   $46.8
Community Development District debt   6.6   7.2
Pier Park Crossings joint venture loan   3.9   --
Pier park outparcel construction loan   1.6   1.6
WaterColor Crossings construction loan  




Total debt, net  




Other Operating and Corporate Expenses (Unaudited)
($ in millions)

Quarter Ended

June 30,


Six Months Ended

June 30,









Employee costs   $1.7   $1.7   $3.5   $3.5
401(k) contribution   --   --   1.1   1.2
Property taxes and insurance   1.2   1.4   2.5   2.8
Professional fees   0.8   0.4   1.7   1.4
Marketing and owner association costs   0.3   0.3   0.6   0.6
Occupancy, repairs and maintenance   0.4   0.1   0.5   0.2








Total other operating and corporate expense  









Additional Information and Where to Find It

Additional information with respect to the Company’s results for the second quarter 2018 will be available in a Form 10-Q that will be filed with the Securities and Exchange Commission, which can be found at the SEC’s website www.sec.gov.

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 continued progress in our operations, expectations on timing and impact of the proposed Latitude Margaritaville project, the impact of the Pier Park Crossings apartment complex, future development of business initiatives at our Camp Creek and Origins properties, and the impact of related developments on our future results. 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 cautions 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) 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; (3) significant decreases in the market value of our investments in securities or any other investments; (4) our ability to capitalize on strategic opportunities presented by a growing retirement demographic; (5) our ability to accurately predict market demand for the range of potential residential and commercial uses of our real estate; (6) volatility in the consistency and pace of our residential real estate sales; (7) any downturns in real estate markets in Florida or across the nation; (8) our dependence on the real estate industry and the cyclical nature of our real estate operations; (9) our ability to successfully and timely obtain land use entitlements and construction financing, maintain compliance with state law requirements and address issues that arise in connection with the use and development of our land, including the permits required for mixed-use and active adult communities; (10) changes in laws, regulations or the regulatory environment affecting the development of real estate; (11) our ability to effectively deploy and invest our assets, including our available-for-sale securities; (12) our ability to effectively manage our real estate assets, as well as the ability of our joint venture partners to effectively manage the day-to-day activities of our joint venture projects; and (13) increases in operating costs, including costs related to real estate taxes, owner association fees, construction materials, labor and insurance, and our ability to manage our cost structure; as well as, the cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings including the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which can be found at the SEC’s website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this press release.

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 The St. Joe Company

The St. Joe Company together with its consolidated subsidiaries is a real estate development, asset management and operating company with real estate assets and operations currently concentrated primarily in Northwest Florida. More information about the Company can be found on its website at www.joe.com.

© 2018, The St. Joe Company. “St. Joe®”, “JOE®”, the “Taking Flight” Design®, “St. Joe (and Taking Flight Design)®” and some of the project names mentioned herein are registered service marks of The St. Joe Company, its affiliates or third parties.

The St. Joe Company
Investor Relations Contact:
Marek Bakun, 1-866-417-7132
Chief Financial Officer