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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 September 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 October 25, 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 - September 30, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Income - Three and Nine Months Ended September 30, 2021 and 2020

5

Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2021 and 2020

6

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

7

Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 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

49

Item 3. Quantitative and Qualitative Disclosures About Market Risk

79

Item 4. Controls and Procedures

80

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

81

Item 5. Other Information

81

Item 6. Exhibits

81

SIGNATURES

82

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.         Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

September 30, 

December 31, 

    

2021

    

2020

ASSETS

 

  

 

  

Investment in real estate, net

$

647,874

$

551,653

Investment in unconsolidated joint ventures

50,766

37,965

Cash and cash equivalents

 

27,260

 

106,794

Investments - debt securities

102,986

48,051

Other assets

 

69,897

 

65,866

Property and equipment, net of accumulated depreciation of $62,548 and $60,433 at September 30, 2021 and December 31, 2020, respectively

 

32,291

 

20,846

Investments held by special purpose entities

 

205,476

 

206,149

Total assets

$

1,136,550

$

1,037,324

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

196,099

$

158,915

Other liabilities

 

91,758

 

72,035

Deferred tax liabilities, net

 

72,580

 

60,915

Senior Notes held by special purpose entity

 

177,495

 

177,289

Total liabilities

 

537,932

 

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 September 30, 2021 and December 31, 2020

 

296,873

 

296,873

Retained earnings

 

283,699

 

255,216

Accumulated other comprehensive loss

 

(880)

 

(1,472)

Total stockholders’ equity

 

579,692

 

550,617

Non-controlling interest

 

18,926

 

17,553

Total equity

 

598,618

 

568,170

Total liabilities and equity

$

1,136,550

$

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 September 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.

    

September 30, 

    

December 31, 

2021

2020

ASSETS

 

  

 

  

Investment in real estate

$

190,454

$

170,853

Cash and cash equivalents

 

4,420

 

2,639

Other assets

 

17,214

 

13,821

Investments held by special purpose entities

 

205,476

 

206,149

Total assets

$

417,564

$

393,462

LIABILITIES

 

  

 

  

Debt, net

$

155,131

$

139,592

Other liabilities

 

12,803

 

9,596

Senior Notes held by special purpose entity

 

177,495

 

177,289

Total liabilities

$

345,429

$

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

Nine Months Ended

September 30, 

September 30, 

2021

2020

    

2021

    

2020

 

Revenue:

    

  

    

  

  

  

Real estate revenue

$

23,500

$

18,476

$

85,615

$

41,838

Hospitality revenue

 

22,292

 

17,005

 

57,986

 

35,180

Leasing revenue

 

7,146

 

4,963

 

19,112

 

14,169

Timber revenue

 

1,058

 

1,597

 

4,827

 

5,508

Total revenue

 

53,996

 

42,041

 

167,540

 

96,695

Expenses:

 

  

 

  

 

  

 

  

Cost of real estate revenue

 

8,471

 

9,368

 

33,067

 

18,412

Cost of hospitality revenue

 

16,536

 

10,973

 

43,469

 

26,534

Cost of leasing revenue

 

3,106

 

2,047

 

8,297

 

3,972

Cost of timber revenue

 

118

 

212

 

502

 

603

Other operating and corporate expenses

 

4,987

 

5,113

 

17,161

 

16,975

Depreciation, depletion and amortization

 

4,617

 

3,303

 

12,594

 

9,394

Total expenses

 

37,835

 

31,016

 

115,090

 

75,890

Operating income

 

16,161

 

11,025

 

52,450

 

20,805

Other income (expense):

 

  

 

  

 

  

 

  

Investment income, net

 

2,331

 

2,405

 

4,813

 

2,851

Interest expense

 

(4,114)

 

(3,379)

 

(11,639)

 

(10,113)

Gain on contribution to equity method investment

 

 

 

3,290

 

19,615

Other income, net

 

7,329

 

267

 

9,595

 

661

Total other income (expense), net

 

5,546

 

(707)

 

6,059

 

13,014

Income before equity in loss from unconsolidated affiliates and income taxes

 

21,707

 

10,318

 

58,509

 

33,819

Equity in loss from unconsolidated affiliates

(501)

(95)

(1,570)

(301)

Income tax expense

 

(6,429)

 

(2,441)

 

(15,180)

 

(7,852)

Net income

 

14,777

 

7,782

 

41,759

 

25,666

Net loss (income) attributable to non-controlling interest

 

419

 

(31)

 

857

 

(249)

Net income attributable to the Company

$

15,196

$

7,751

$

42,616

$

25,417

NET INCOME PER SHARE

 

  

 

  

 

  

 

  

Basic and Diluted

 

  

 

  

 

  

 

  

Weighted average shares outstanding

 

58,882,549

 

58,882,549

 

58,882,549

 

59,052,613

Net income per share attributable to the Company

$

0.26

$

0.13

$

0.72

$

0.43

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

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

Net income:

$

14,777

$

7,782

$

41,759

$

25,666

Other comprehensive income (loss):

 

 

  

 

 

  

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

 

3

 

21

 

(1)

 

127

Net unrealized gain on restricted investments

 

 

2

 

 

7

Interest rate swap

301

1

410

(865)

Interest rate swap - unconsolidated affiliate

(1)

(2)

133

(843)

Reclassification of net realized loss (gain) included in earnings

 

154

 

 

251

 

(4)

Total before income taxes

 

457

 

22

 

793

 

(1,578)

Income tax (expense) benefit

 

(116)

 

(5)

 

(201)

 

400

Total other comprehensive income (loss), net of tax

 

341

 

17

 

592

 

(1,178)

Total comprehensive income, net of tax

15,118

7,799

42,351

24,488

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

419

(31)

857

(249)

Total comprehensive income attributable to the Company

$

15,537

$

7,768

$

43,208

$

24,239

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) 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

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Stock

    

Interest

    

Total

Balance at June 30, 2020

 

58,882,549

$

305,676

$

231,801

$

(1,530)

$

(8,803)

$

15,506

$

542,650

Capital contribution from non-controlling interest

 

 

 

 

 

 

2,357

 

2,357

Capital distribution to non-controlling interest

 

 

 

 

 

 

(386)

 

(386)

Other comprehensive income, net of tax

 

 

 

 

17

 

 

 

17

Net income

 

 

 

7,751

 

 

 

31

 

7,782

Balance at September 30, 2020

 

58,882,549

$

305,676

$

239,552

$

(1,513)

$

(8,803)

$

17,508

$

552,420

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

 

 

 

 

 

 

(958)

 

(958)

Dividends ($0.24 per share)

(14,133)

(14,133)

Other comprehensive income, net of tax

 

 

 

 

592

 

 

 

592

Net income

 

 

 

42,616

 

 

 

(857)

 

41,759

Balance at September 30, 2021

 

58,882,549

$

296,873

$

283,699

$

(880)

$

$

18,926

$

598,618

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

$