St. Joe Co. Files Q2 2024 10-Q

TL;DR

JOE filed its Q2 2024 10-Q. Real estate dev biz update.

AI Summary

The St. Joe Company (JOE) filed its 10-Q for the period ending June 30, 2024. The company's primary business involves real estate development and management, focusing on land subdivisions and development. Key financial details and operational updates for the second quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of The St. Joe Company, crucial for understanding its real estate development activities and overall financial health.

Risk Assessment

Risk Level: medium — Real estate development is inherently subject to market fluctuations, economic conditions, and regulatory changes, posing medium-level risks.

Key Numbers

• Q2 2024 — Reporting Period (The second quarter of 2024 financial results are detailed.)

Key Players & Entities

• ST JOE Co (company) — Filer of the 10-Q
• 0000745308 (company) — Central Index Key for ST JOE Co
• 20240630 (date) — Conformed period of report
• 20240724 (date) — Filed as of date
• PANAMA CITY BEACH (location) — City of business and mailing address

FAQ

Filing Documents

• joe-20240630x10q.htm (10-Q) — 5255KB
• joe-20240630xex31d1.htm (EX-31.1) — 13KB
• joe-20240630xex31d2.htm (EX-31.2) — 12KB
• joe-20240630xex32d1.htm (EX-32.1) — 4KB
• joe-20240630xex32d2.htm (EX-32.2) — 4KB
• 0001558370-24-010049.txt ( ) — 21583KB
• joe-20240630.xsd (EX-101.SCH) — 99KB
• joe-20240630_cal.xml (EX-101.CAL) — 105KB
• joe-20240630_def.xml (EX-101.DEF) — 470KB
• joe-20240630_lab.xml (EX-101.LAB) — 764KB
• joe-20240630_pre.xml (EX-101.PRE) — 730KB
• joe-20240630x10q_htm.xml (XML) — 5269KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets - June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income - Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Stockholders' Equity - Three and Six Months Ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2024 and 2023 9 Notes to the Condensed Consolidated Financial Statements 11

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 75

Controls and Procedures

Item 4. Controls and Procedures 75

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 75

Risk Factors

Item 1A. Risk Factors 76

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 76

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 76

Other Information

Item 5. Other Information 76

Exhibits

Item 6. Exhibits 76

SIGNATURES

SIGNATURES 77 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements THE ST. JOE COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited) June 30, December 31, 2024 2023 ASSETS Investment in real estate, net $ 1,035,836 $ 1,018,618 Investment in unconsolidated joint ventures 71,387 66,356 Cash and cash equivalents 86,726 86,068 Other assets 90,287 82,243 Property and equipment, net of accumulated depreciation of $ 86,940 and $ 80,423 as of June 30, 2024 and December 31, 2023, respectively 62,374 66,049 Investments held by special purpose entities 203,832 204,196 Total assets $ 1,550,442 $ 1,523,530 LIABILITIES AND EQUITY Liabilities: Debt, net $ 447,386 $ 453,640 Accounts payable and other liabilities 65,332 58,573 Deferred revenue 64,134 62,836 Deferred tax liabilities, net 72,883 71,829 Senior Notes held by special purpose entity 178,321 178,162 Total liabilities 828,056 825,040 Commitments and contingencies (Note 18) Equity: Common stock, no par value; 180,000,000 shares authorized; 58,397,506 and 58,372,040 issued and outstanding at June 30, 2024 and December 31, 2023, respectively 271,403 270,848 Retained earnings 434,790 410,371 Accumulated other comprehensive income 1,925 1,843 Total stockholders' equity 708,118 683,062 Non-controlling interest 14,268 15,428 Total equity 722,386 698,490 Total liabilities and equity $ 1,550,442 $ 1,523,530 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 ("JV"), which, as of June 30, 2024 and December 31, 2023, include the Pier Park North JV ("Pier Park North JV"), Pier Park Crossings LLC ("Pier Park Crossings JV"), Origins Crossings, L

View Full Filing

View this 10-Q filing on SEC EDGAR