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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, 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 July 25, 2022, there were 58,907,744 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, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Income - Three and Six Months Ended June 30, 2022 and 2021

5

Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2022 and 2021

6

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

7

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2022 and 2021

11

Notes to the Condensed Consolidated Financial Statements

13

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

49

Item 3. Quantitative and Qualitative Disclosures About Market Risk

78

Item 4. Controls and Procedures

78

PART II

Item 1. Legal Proceedings

78

Item 1A. Risk Factors

79

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

79

Item 3. Defaults Upon Senior Securities

79

Item 4. Mine Safety Disclosures

79

Item 5. Other Information

79

Item 6. Exhibits

80

SIGNATURES

81

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, 

    

2022

    

2021

ASSETS

 

  

 

  

Investment in real estate, net

$

819,618

$

690,113

Investment in unconsolidated joint ventures

54,086

52,027

Cash and cash equivalents

 

21,851

 

70,162

Investments - debt securities

113,777

88,956

Other assets

 

69,882

 

70,235

Property and equipment, net of accumulated depreciation of $64,240 and $64,251 as of June 30, 2022 and December 31, 2021, respectively

 

35,445

 

31,145

Investments held by special purpose entities

 

205,166

 

205,513

Total assets

$

1,319,825

$

1,208,151

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

291,471

$

223,034

Other liabilities

 

86,343

 

67,985

Deferred revenue

38,977

36,207

Deferred tax liabilities, net

 

77,884

 

77,259

Senior Notes held by special purpose entity

 

177,710

 

177,566

Total liabilities

 

672,385

 

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 June 30, 2022 and December 31, 2021, respectively; and 58,907,744 and 58,882,549 outstanding at June 30, 2022 and December 31, 2021, respectively

 

297,021

 

296,873

Retained earnings

 

329,593

 

310,925

Accumulated other comprehensive income (loss)

 

1,084

 

(389)

Treasury stock at cost, 4,760 shares held at June 30, 2022

(180)

Total stockholders’ equity

 

627,518

 

607,409

Non-controlling interest

 

19,922

 

18,691

Total equity

 

647,440

 

626,100

Total liabilities and equity

$

1,319,825

$

1,208,151

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, 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 June 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.

    

June 30, 

    

December 31, 

2022

2021

ASSETS

 

  

 

  

Investment in real estate

$

238,979

$

206,565

Cash and cash equivalents

 

7,220

 

10,564

Other assets

 

22,612

 

17,392

Investments held by special purpose entities

 

205,166

 

205,513

Total assets

$

473,977

$

440,034

LIABILITIES

 

  

 

  

Debt, net

$

210,099

$

173,531

Other liabilities

 

18,844

 

17,602

Deferred revenue

217

234

Senior Notes held by special purpose entity

 

177,710

 

177,566

Total liabilities

$

406,870

$

368,933

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, 

2022

2021

    

2022

    

2021

 

Revenue:

    

  

    

  

  

  

Real estate revenue

$

28,027

$

41,063

$

64,801

$

62,116

Hospitality revenue

 

29,556

 

22,627

 

45,877

 

35,694

Leasing revenue

 

9,345

 

6,371

 

18,167

 

11,966

Timber revenue

 

1,322

 

2,178

 

4,276

 

3,769

Total revenue

 

68,250

 

72,239

 

133,121

 

113,545

Expenses:

 

  

 

  

 

  

 

  

Cost of real estate revenue

 

12,800

 

14,052

 

28,095

 

24,595

Cost of hospitality revenue

 

21,411

 

15,437

 

36,279

 

26,933

Cost of leasing revenue

 

3,998

 

2,527

 

7,650

 

5,191

Cost of timber revenue

 

255

 

243

 

404

 

384

Corporate and other operating expenses

 

5,515

 

5,106

 

11,172

 

12,175

Depreciation, depletion and amortization

 

5,466

 

4,124

 

10,492

 

7,978

Total expenses

 

49,445

 

41,489

 

94,092

 

77,256

Operating income

 

18,805

 

30,750

 

39,029

 

36,289

Other income (expense):

 

  

 

  

 

  

 

  

Investment income, net

 

2,496

 

1,287

 

4,796

 

2,482

Interest expense

 

(4,071)

 

(3,854)

 

(8,224)

 

(7,525)

Gain on contributions to unconsolidated joint ventures

 

89

 

3,169

 

571

 

3,290

Other income, net

 

4,285

 

972

 

3,917

 

2,266

Total other income, net

 

2,799

 

1,574

 

1,060

 

513

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

 

21,604

 

32,324

 

40,089

 

36,802

Equity in income (loss) from unconsolidated joint ventures

1,430

(601)

934

(1,070)

Income tax expense

 

(5,945)

 

(7,699)

 

(10,480)

 

(8,751)

Net income

 

17,089

 

24,024

 

30,543

 

26,981

Net (income) loss attributable to non-controlling interest

 

(50)

 

200

 

(92)

 

439

Net income attributable to the Company

$

17,039

$

24,224

$

30,451

$

27,420

NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY

 

  

 

  

 

  

 

  

Basic

$

0.29

$

0.41

$

0.52

$

0.47

Diluted

$

0.29

$

0.41

$

0.52

$

0.47

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

 

58,882,392

 

58,882,549

 

58,882,470

 

58,882,549

Diluted

58,887,440

58,882,549

 

58,885,046

 

58,882,549

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, 

    

2022

    

2021

    

2022

    

2021

 

Net income:

$

17,089

$

24,024

$

30,543

$

26,981

Other comprehensive income (loss):

 

 

  

 

 

  

Net unrealized loss on available-for-sale investments

 

(334)

 

(3)

 

(656)

 

(5)

Interest rate swaps

805

(48)

3,113

109

Interest rate swap - unconsolidated joint venture

(5)

(46)

308

134

Reclassification of net realized (gain) loss included in earnings

 

(11)

 

82

 

136

 

98

Total before income taxes

 

455

 

(15)

 

2,901

 

336

Income tax (expense) benefit

 

(56)

 

4

 

(501)

 

(85)

Total other comprehensive income (loss), net of tax

 

399

 

(11)

 

2,400

 

251

Total comprehensive income, net of tax

17,488

24,013

32,943

27,232

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

(285)

200

(1,019)

439

Total comprehensive income attributable to the Company

$

17,203

$

24,213

$

31,924

$

27,671

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

    

Income

    

Stock

    

Interest

    

Total

Balance at March 31, 2022

 

58,908,143

$

296,915

$

318,448

$

920

$

$

20,749

$

637,032

Capital distribution to non-controlling interest

 

 

 

 

 

 

(1,112)

 

(1,112)

Issuance of restricted stock

4,361

Stock based compensation expense

 

 

106

 

 

 

 

 

106

Repurchase of common shares

 

(4,760)

 

 

 

 

(180)

 

 

(180)

Dividends ($0.10 per share)

(5,894)

(5,894)

Other comprehensive income, net of tax

 

 

 

 

164

 

 

235

 

399

Net income

 

 

 

17,039

 

 

 

50

 

17,089

Balance at June 30, 2022

 

58,907,744

$

297,021

$

329,593

$

1,084

$

(180)

$

19,922

$

647,440

7

Table of Contents

    

    

    

    

    

    

    

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

See accompanying notes to the condensed consolidated financial statements.

8

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