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Table of Contents

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 June 30, 2021

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 July 26, 2021, there were 58,882,549 shares of common stock, no par value, outstanding.

Table of Contents

THE ST. JOE COMPANY

INDEX

Page No.

PART I

Item 1. Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets - June 30, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Income - Three and Six Months Ended June 30, 2021 and 2020

5

Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2021 and 2020

6

Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three and Six Months Ended June 30, 2021 and 2020

7

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2021 and 2020

9

Notes to the Condensed Consolidated Financial Statements

11

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

47

Item 3. Quantitative and Qualitative Disclosures About Market Risk

77

Item 4. Controls and Procedures

77

PART II

Item 1. Legal Proceedings

78

Item 1A. Risk Factors

78

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

78

Item 3. Defaults Upon Senior Securities

78

Item 4. Mine Safety Disclosures

78

Item 5. Other Information

78

Item 6. Exhibits

78

SIGNATURES

80

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.         Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

June 30, 

December 31, 

    

2021

    

2020

ASSETS

 

  

 

  

Investment in real estate, net

$

601,589

$

551,653

Investment in unconsolidated joint ventures

51,178

37,965

Cash and cash equivalents

 

33,336

 

106,794

Investments - debt securities

109,975

48,051

Other assets

 

73,001

 

65,866

Property and equipment, net of accumulated depreciation of $61,854 and $60,433 at June 30, 2021 and December 31, 2020, respectively

 

27,117

 

20,846

Investments held by special purpose entities

 

205,809

 

206,149

Total assets

$

1,102,005

$

1,037,324

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

183,086

$

158,915

Other liabilities

 

87,514

 

72,035

Deferred tax liabilities, net

 

65,464

 

60,915

Senior Notes held by special purpose entity

 

177,426

 

177,289

Total liabilities

 

513,490

 

469,154

Commitments and contingencies (Note 18)

Equity:

 

  

 

  

Common stock, no par value; 180,000,000 shares authorized; 58,882,549 issued and outstanding at June 30, 2021 and December 31, 2020

 

296,873

 

296,873

Retained earnings

 

273,214

 

255,216

Accumulated other comprehensive loss

 

(1,221)

 

(1,472)

Total stockholders’ equity

 

568,866

 

550,617

Non-controlling interest

 

19,649

 

17,553

Total equity

 

588,515

 

568,170

Total liabilities and equity

$

1,102,005

$

1,037,324

See accompanying notes to the condensed consolidated financial statements.

3

Table of Contents

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 June 30, 2021 and December 31, 2020, 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 discussed in Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation. The following assets may only be used to settle obligations of the consolidated joint ventures and the following liabilities are only obligations of the 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.

    

June 30, 

    

December 31, 

2021

2020

ASSETS

 

  

 

  

Investment in real estate

$

178,750

$

170,853

Cash and cash equivalents

 

7,760

 

2,639

Other assets

 

19,990

 

13,821

Investments held by special purpose entities

 

205,809

 

206,149

Total assets

$

412,309

$

393,462

LIABILITIES

 

  

 

  

Debt, net

$

150,261

$

139,592

Other liabilities

 

10,629

 

9,596

Senior Notes held by special purpose entity

 

177,426

 

177,289

Total liabilities

$

338,316

$

326,477

See accompanying notes to the condensed consolidated financial statements.

4

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2021

2020

    

2021

    

2020

 

Revenue:

    

  

    

  

  

  

Real estate revenue

$

41,063

$

17,555

$

62,116

$

23,362

Hospitality revenue

 

22,627

 

11,565

 

35,694

 

18,176

Leasing revenue

 

6,371

 

4,907

 

11,966

 

9,206

Timber revenue

 

2,178

 

2,055

 

3,769

 

3,911

Total revenue

 

72,239

 

36,082

 

113,545

 

54,655

Expenses:

 

  

 

  

 

  

 

  

Cost of real estate revenue

 

14,052

 

7,245

 

24,595

 

9,044

Cost of hospitality revenue

 

15,437

 

8,240

 

26,933

 

15,560

Cost of leasing revenue

 

2,527

 

1,314

 

5,191

 

1,925

Cost of timber revenue

 

243

 

212

 

384

 

391

Other operating and corporate expenses

 

5,106

 

4,946

 

12,175

 

11,862

Depreciation, depletion and amortization

 

4,124

 

3,018

 

7,978

 

6,092

Total expenses

 

41,489

 

24,975

 

77,256

 

44,874

Operating income

 

30,750

 

11,107

 

36,289

 

9,781

Other income (expense):

 

  

 

  

 

  

 

  

Investment income, net

 

1,287

 

2,055

 

2,482

 

446

Interest expense

 

(3,854)

 

(3,390)

 

(7,525)

 

(6,734)

Gain on contribution to equity method investment

 

3,169

 

15,338

 

3,290

 

19,616

Other income, net

 

972

 

139

 

2,266

 

393

Total other income, net

 

1,574

 

14,142

 

513

 

13,721

Income before equity in loss from unconsolidated affiliates and income taxes

 

32,324

 

25,249

 

36,802

 

23,502

Equity in loss from unconsolidated affiliates

(601)

(123)

(1,070)

(206)

Income tax expense

 

(7,699)

 

(5,907)

 

(8,751)

 

(5,412)

Net income

 

24,024

 

19,219

 

26,981

 

17,884

Net loss (income) attributable to non-controlling interest

 

200

 

(20)

 

439

 

(218)

Net income attributable to the Company

$

24,224

$

19,199

$

27,420

$

17,666

NET INCOME PER SHARE

 

  

 

  

 

  

 

  

Basic and Diluted

 

  

 

  

 

  

 

  

Weighted average shares outstanding

 

58,882,549

 

58,901,540

 

58,882,549

 

59,138,579

Net income per share attributable to the Company

$

0.41

$

0.33

$

0.47

$

0.30

See accompanying notes to the condensed consolidated financial statements.

5

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2021

    

2020

    

2021

    

2020

Net income:

$

24,024

$

19,219

$

26,981

$

17,884

Other comprehensive (loss) income:

 

 

  

 

 

  

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

 

(3)

 

106

 

(5)

 

106

Net unrealized gain on restricted investments

 

 

15

 

 

5

Interest rate swap

(48)

(137)

109

(866)

Interest rate swap - unconsolidated affiliate

(46)

(841)

134

(841)

Reclassification of net realized loss (gain) included in earnings

 

82

 

 

98

 

(4)

Total before income taxes

 

(15)

 

(857)

 

336

 

(1,600)

Income tax benefit (expense)

 

4

 

217

 

(85)

 

405

Total other comprehensive (loss) income, net of tax

 

(11)

 

(640)

 

251

 

(1,195)

Total comprehensive income, net of tax

24,013

18,579

27,232

16,689

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

200

(20)

439

(218)

Total comprehensive income attributable to the Company

$

24,213

$

18,559

$

27,671

$

16,471

See accompanying notes to the condensed consolidated financial statements.

6

Table of Contents

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

    

Loss

    

Stock

    

Interest

    

Total

Balance at March 31, 2021

 

58,882,549

$

296,873

$

253,701

$

(1,210)

$

$

18,740

$

568,104

Capital contribution from non-controlling interest

 

 

 

 

 

 

1,443

 

1,443

Capital distribution to non-controlling interest

 

 

 

 

 

 

(334)

 

(334)

Dividends ($0.08 per share)

(4,711)

(4,711)

Other comprehensive loss, net of tax

 

 

 

 

(11)

 

 

 

(11)

Net income

 

 

 

24,224

 

 

 

(200)

 

24,024

Balance at June 30, 2021

 

58,882,549

$

296,873

$

273,214

$

(1,221)

$

$

19,649

$

588,515

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Loss

    

Stock

    

Interest

    

Total

Balance at March 31, 2020

 

59,003,470

$

305,658

$

212,602

$

(890)

$

(6,807)

$

10,347

$

520,910

Capital contribution from non-controlling interest

 

 

 

 

 

 

5,139

 

5,139

Stock based compensation expense

 

 

18

 

 

 

 

 

18

Repurchase of common shares

 

(120,921)

 

 

 

 

(1,996)

 

 

(1,996)

Other comprehensive loss, net of tax

 

 

 

 

(640)

 

 

 

(640)

Net income

 

 

 

19,199

 

 

 

20

 

19,219

Balance at June 30, 2020

 

58,882,549

$

305,676

$

231,801

$

(1,530)

$

(8,803)

$

15,506

$

542,650

See accompanying notes to the condensed consolidated financial statements.

7

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

    

    

    

    

    

    

    

    

    

    

    

    

    

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Stock

    

Interest

    

Total

Balance at December 31, 2020

 

58,882,549

$

296,873

$

255,216

$

(1,472)

$

$

17,553

$

568,170

Capital contribution from non-controlling interest

 

 

 

 

 

 

3,188

 

3,188

Capital distribution to non-controlling interest

 

 

 

 

 

 

(653)

 

(653)

Dividends ($0.16 per share)

(9,422)

(9,422)

Other comprehensive income, net of tax

 

 

 

 

251

 

 

 

251

Net income

 

 

 

27,420

 

 

 

(439)

 

26,981

Balance at June 30, 2021

 

58,882,549

$

296,873

$

273,214

$

(1,221)

$

$

19,649

$

588,515

Common Stock

Accumulated Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Loss

    

Stock

    

Interest

    

Total

Balance at December 31, 2019

59,414,583

$

305,631

$

214,225

$

(335)

$

$

10,149

$

529,670

Capital contribution from non-controlling interest

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