ST JOE Co Files 2023 Annual Report on Form 10-K

TL;DR

<b>ST JOE Co has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

ST JOE Co (JOE) filed a Annual Report (10-K) with the SEC on February 21, 2024. ST JOE Co filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company is classified under SIC code 6552: Land Subdividers & Developers (No Cemeteries). ST JOE Co is incorporated in Florida (FL). The company's principal business address is in Panama City Beach, FL.

Why It Matters

For investors and stakeholders tracking ST JOE Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of ST JOE Co's financial performance, operations, and strategic initiatives for the 2023 fiscal year, crucial for investors to assess the company's health and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate the company's position in the land development and real estate sector, including its joint venture activities and financial health.

Risk Assessment

Risk Level: medium — ST JOE Co shows moderate risk based on this filing. The company operates in the land subdividers and developers industry, which can be subject to cyclical economic downturns and regulatory changes impacting real estate development.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand ST JOE Co's performance and potential challenges in the real estate development sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-21 — Filing Date (Date the 10-K was filed)
• 1934 Act — SEC Act (The act under which the filing is made)
• 001-10466 — SEC File Number (The company's SEC file number)

Key Players & Entities

• ST JOE Co (company) — Filer of the 10-K report
• Panama City Beach (location) — Business and mailing address city
• FL (location) — Business and mailing address state
• 6552 (industry_code) — Standard Industrial Classification code

FAQ

Risk Factors

• Market Conditions [medium — market]: The company's operations are subject to the cyclical nature of the real estate and hospitality industries, which can be impacted by economic conditions, consumer confidence, and other factors.
• Regulatory and Environmental Matters [medium — regulatory]: The company's development activities are subject to extensive federal, state, and local regulations, including land use, environmental protection, and permitting requirements.
• Financing and Liquidity [medium — financial]: The company's ability to fund its development projects and operations depends on its access to capital markets and its ability to generate sufficient cash flow.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Official date the 10-K was submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by ST JOE Co, containing detailed financial and operational information.)

SIC Code

Standard Industrial Classification code, a system used to classify industries and businesses. (Helps categorize ST JOE Co's primary business activities as Land Subdividers & Developers.)

Key Financial Figures

• $0.10 — ctors (the "Board"). A cash dividend of $0.10 per share on our common stock was paid
• $0.12 — e first and second quarters of 2023 and $0.12 per share on our common stock was paid
• $0.08 — A quarterly cash dividend of $0.10 and $0.08 per share on our common stock was paid
• $20.0 million — tock for an aggregate purchase price of $20.0 million. As of December 31, 2023, we have a tot
• $80.0 million — f December 31, 2023, we have a total of $80.0 million available for the repurchase of shares
• $1,018.6 million — December 31, 2023, we had approximately $1,018.6 million of real estate investments, $66.4 milli
• $66.4 million — 8.6 million of real estate investments, $66.4 million of investment in unconsolidated joint v
• $66.0 million — nt in unconsolidated joint ventures and $66.0 million of property and equipment, net recorded

Filing Documents

• joe-20231231x10k.htm (10-K) — 6447KB
• joe-20231231xex21d1.htm (EX-21.1) — 84KB
• joe-20231231xex23d1.htm (EX-23.1) — 3KB
• joe-20231231xex23d2.htm (EX-23.2) — 3KB
• joe-20231231xex31d1.htm (EX-31.1) — 13KB
• joe-20231231xex31d2.htm (EX-31.2) — 9KB
• joe-20231231xex32d1.htm (EX-32.1) — 4KB
• joe-20231231xex32d2.htm (EX-32.2) — 4KB
• joe-20231231xex97.htm (EX-97) — 104KB
• joe-20231231xex99d1.htm (EX-99.1) — 351KB
• joe-20231231x10k006.jpg (GRAPHIC) — 51KB
• joe-20231231xex97001.jpg (GRAPHIC) — 1KB
• joe-20231231xex99d1001.jpg (GRAPHIC) — 15KB
• joe-20231231xex99d1002.jpg (GRAPHIC) — 13KB
• 0001558370-24-001435.txt (&nbsp;) — 28661KB
• joe-20231231.xsd (EX-101.SCH) — 139KB
• joe-20231231_cal.xml (EX-101.CAL) — 137KB
• joe-20231231_def.xml (EX-101.DEF) — 652KB
• joe-20231231_lab.xml (EX-101.LAB) — 1055KB
• joe-20231231_pre.xml (EX-101.PRE) — 1032KB
• joe-20231231x10k_htm.xml (XML) — 6898KB

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

Reserved

Item 6. Reserved 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 56

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56

Controls and Procedures

Item 9A. Controls and Procedures 57

Other Information

Item 9B. Other Information 58

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 58 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 59

Executive Compensation

Item 11. Executive Compensation 59

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 59

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 59

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 59 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 60

SIGNATURES

SIGNATURES 62 2 Table of Contents PART I

Business

Item 1. Business As used throughout this Annual Report on Form 10-K, the terms "St. Joe," the "Company," "we," "our," or "us" include The St. Joe Company, its consolidated subsidiaries and consolidated joint ventures unless the context indicates otherwise. Description St. Joe was incorporated in the State of Florida in 1936. We are a real estate development, asset management and operating company. As of December 31, 2023, we owned 168,000 acres of land in Northwest Florida, compared to 169,000 acres and 170,000 acres as of December 31, 2022 and 2021, respectively. A portion of our land is within The Bay-Walton Sector Plan ("Sector Plan"), that entitles, or gives legal rights, for us to originally develop over 170,000 residential dwelling units, over 22 million square feet of retail, commercial and industrial space and over 3,000 hotel rooms on lands within Florida's Bay and Walton counties. We also have additional entitlements, or legal rights, to develop acreage outside of the Sector Plan. Approximately 87% of our real estate is located in Florida's Bay, Gulf, and Walton counties. Approximately 90% of our real estate land holdings are located within fifteen miles of the Gulf of Mexico. Strategy St. Joe believes its long-term, owner-oriented capital and management allows us to optimize the value of Northwest Florida real estate by developing residential, hospitality, and commercial projects that meet growing market demands. This strategy is designed to provide opportunities to build recurring revenues and enterprise value for the foreseeable future. We may partner with or explore the sale of discrete assets when we and/or others can better deploy resources. Capital is invested to achieve risk-adjusted rates of return and support future business initiatives that create value. New projects are planned for stand-alone profitably and to benefit other enterprise activities. Investments, which include investments in joint ventures ("JVs") and limited partnerships,

Risk Factors

Item 1A. Risk Factors

Forward-Looking Statements

Forward-Looking Statements This annual report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements include, among other things, information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, strategies, prospects and objectives. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar expressions concerning matters that are not historical facts. The Company cautions that its forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. All business decisions involve assessing known risks. However, some risks may be unknown with changing socio-economic, market conditions and interest rates. Estimates are used to assess, among other things, capital allocation decisions. Actual results or events may differ materially from estimates and those indicated in our forward-looking statements as a result of various important factors. Such factors include, but are not limited to, those discussed below. Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Form 10-Q, Form 8-K and other reports filed with the SEC. You should carefully consider the risks described below, together with all of the other information in this Form 10-K. The risks described below are not the only risks facing us.

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