St. Joe Co. Files Q3 2024 10-Q

TL;DR

JOE filed its Q3 10-Q. Real estate development updates inside.

AI Summary

The St. Joe Company (JOE) filed its 10-Q for the period ending September 30, 2024. The company's primary business involves real estate development and management, with a focus on land subdivisions and development. Key financial details and operational updates are provided within this quarterly report.

Why It Matters

This filing provides investors with an update on St. Joe Company's financial performance and operational status for the third quarter of 2024, crucial for understanding the company's real estate development trajectory.

Risk Assessment

Risk Level: medium — As a real estate developer, the company is subject to market fluctuations, economic conditions, and regulatory changes that can impact its financial performance.

Key Numbers

• Q3 2024 — Reporting Period (Indicates the specific quarter for which financial information is reported.)

Key Players & Entities

• ST JOE Co (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241023 (date) — Filing date
• 0000745308 (company) — Central Index Key for ST JOE Co
• PANAMA CITY BEACH (location) — City of business and mailing address

FAQ

Filing Documents

• joe-20240930x10q.htm (10-Q) — 5319KB
• joe-20240930xex31d1.htm (EX-31.1) — 13KB
• joe-20240930xex31d2.htm (EX-31.2) — 12KB
• joe-20240930xex32d1.htm (EX-32.1) — 4KB
• joe-20240930xex32d2.htm (EX-32.2) — 4KB
• 0001558370-24-013522.txt ( ) — 21785KB
• joe-20240930.xsd (EX-101.SCH) — 100KB
• joe-20240930_cal.xml (EX-101.CAL) — 104KB
• joe-20240930_def.xml (EX-101.DEF) — 474KB
• joe-20240930_lab.xml (EX-101.LAB) — 769KB
• joe-20240930_pre.xml (EX-101.PRE) — 735KB
• joe-20240930x10q_htm.xml (XML) — 5306KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income - Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Stockholders' Equity - Three and Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 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 46

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 77

Controls and Procedures

Item 4. Controls and Procedures 77

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 78

Risk Factors

Item 1A. Risk Factors 78

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 78

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 78

Other Information

Item 5. Other Information 78

Exhibits

Item 6. Exhibits 79

SIGNATURES

SIGNATURES 79 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) September 30, December 31, 2024 2023 ASSETS Investment in real estate, net $ 1,039,391 $ 1,018,618 Investment in unconsolidated joint ventures 73,257 66,356 Cash and cash equivalents 82,745 86,068 Other assets 84,487 82,243 Property and equipment, net of accumulated depreciation of $ 91,679 and $ 80,423 as of September 30, 2024 and December 31, 2023, respectively 62,205 66,049 Investments held by special purpose entities 203,486 204,196 Total assets $ 1,545,571 $ 1,523,530 LIABILITIES AND EQUITY Liabilities: Debt, net $ 443,342 $ 453,640 Accounts payable and other liabilities 61,691 58,573 Deferred revenue 62,141 62,836 Deferred tax liabilities, net 70,389 71,829 Senior Notes held by special purpose entity 178,402 178,162 Total liabilities 815,965 825,040 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 September 30, 2024 and December 31, 2023, respectively 271,730 270,848 Retained earnings 443,449 410,371 Accumulated other comprehensive income 1,227 1,843 Total stockholders' equity 716,406 683,062 Non-controlling interest 13,200 15,428 Total equity 729,606 698,490 Total liabilities and equity $ 1,545,571 $ 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 September 30, 2024 and December 31, 2023, include the Pier Park North JV ("Pier Park North JV"), Pier Park Crossings LLC ("Pier Park Crossings JV"),

View Full Filing

View this 10-Q filing on SEC EDGAR