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The St. Joe Company reports developments tied to its Northwest Florida real estate, hospitality and commercial leasing operations. The company plans and develops residential communities, sells homesites to builders and retail buyers, and manages land-use opportunities across its real estate holdings.
News for JOE commonly covers quarterly operating results, dividend declarations, builder relationships, Watersound-branded communities, hospitality assets such as hotels, golf, club and marina operations, and commercial projects that expand recurring leasing revenue. Updates also include Watersound Club communications, brokerage and title-related services, and recognition for properties within the company’s hospitality portfolio.
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The St. Joe Company (NYSE: JOE) reported a 12% increase in total revenue for Q1 2023, reaching $73.0 million, up from $64.9 million in Q1 2022. Hospitality revenue surged by 50% to $24.5 million, while leasing revenue rose by 34% to $11.8 million. However, real estate revenue declined by 5% to $35.0 million. Net income attributable to the company fell to $10.4 million from $13.4 million due to increased pre-opening expenses of $2.4 million for upcoming hotels. The company sold 327 homesites, a significant increase of 81% compared to 181 homesites in Q1 2022. A quarterly dividend of $0.10 per share is declared, payable on June 15, 2023.
The St. Joe Company (NYSE: JOE) has launched the spring/summer edition of its member magazine, "Watersound Lifestyle." This biannual publication highlights new amenities at the Watersound Club, which include a new restaurant and various community stories. Additionally, it features insights into coastal ecology from an affiliated PhD and information about the recently reopened Point South Marina Port St. Joe. The magazine emphasizes the company's commitment to enhancing member experiences and promoting its real estate developments in Northwest Florida. The press release includes a cautionary note regarding forward-looking statements, urging investors to review the company’s SEC filings for detailed risks and factors.
The St. Joe Company (NYSE: JOE) invites shareholders to its 2023 Annual Meeting on May 16, 2023, at the Embassy Suites by Hilton Panama City Beach Resort. The meeting will start at 9 a.m. CDT and will include a discussion on company performance and a Q&A session. Revenue has increased significantly from $96.9 million in 2016 to $252.3 million in 2022, with earnings per share rising from $0.21 to $1.21. A project tour will also take place on May 17, 2023, with limited space available. Shareholders are encouraged to reserve accommodations in advance. Additional information can be found on the company's website.
The St. Joe Company (NYSE: JOE) plans to open five new hotels in 2023, increasing its portfolio from 531 to 1,177 rooms, marking a 122% growth in available hotel accommodations. The properties include The Lodge 30A, Embassy Suites by Hilton Panama City Beach, Hotel Indigo Panama City Marina, Home2 Suites by Hilton Santa Rosa Beach, and Camp Creek Inn. In 2022, hospitality revenue reached a record $97.2 million, a 29% increase from 2021. The strategic location of the hotels aims to meet the high demand in popular areas such as Scenic Highway 30A, driven by increased visitor activity and economic impact in South Walton.
The St. Joe Company (NYSE: JOE) reported its 2022 financial results, revealing a decrease in overall revenue to $252.3 million from $267.0 million in 2021. While hospitality and leasing revenues increased by 29% and 45%, respectively, real estate revenue dropped by 31%. Net income fell by 4.8% to $70.9 million, influenced by a challenging real estate market and rising costs. The company invested $356.7 million in capital expenditures and plans to increase hotel rooms and multi-family units in 2023. A dividend of $0.10 per share was declared, payable on March 28, 2023, to shareholders of record on March 6, 2023.
The St. Joe Company (NYSE: JOE) has released a video showcasing the progress on its development projects as of January 1, 2023. This video, available on their website, highlights ongoing construction and plans. The company specializes in real estate development and asset management in Northwest Florida, focusing on residential, hospitality, and commercial ventures. St. Joe holds significant land-use entitlements and seeks to enhance its real estate value through various development activities. The video serves as a transparent update for stakeholders and investors.
The St. Joe Company (NYSE: JOE) has officially kicked off construction for a new health care campus in Panama City Beach, Florida, in partnership with Florida State University (FSU) and Tallahassee Memorial HealthCare (TMH). The project will occupy 87 acres and includes an 80,000-square-foot medical office building, alongside a 100-bed hospital, expected to be completed by 2027. The facility aims to improve healthcare access for the growing population of the Florida Panhandle. As Florida faces significant healthcare provider shortages by 2030, this initiative is seen as vital for community health and educational opportunities for FSU students.
The St. Joe Company (NYSE: JOE) and Minto Communities USA announced the sale of the 1,000th home at Latitude Margaritaville Watersound in December 2022, just 19 months after opening in May 2021. The community will soon celebrate the grand opening of the Latitude Town Center, which will feature a multi-tiered amphitheater, restaurants, a fitness center, and other amenities. St. Joe plans a public marina and healthcare campus near the community, expanding opportunities for buyers. The initial phase of Watersound is expected to encompass approximately 3,500 homes.
The St. Joe Company (NYSE: JOE) has closed three significant real estate transactions, enhancing its hotel portfolio and retail presence. Notably, the company acquired The Pearl Hotel in Rosemary Beach, a luxury establishment, increasing its hotel holdings to three properties along Scenic Highway 30A. Additionally, St. Joe purchased a further 30% stake in Pier Park North, a 320,000 sq. ft. shopping center, raising ownership to 90%. The company anticipates opening five new hotels and two apartment communities in 2023, effectively more than doubling its hotel capacity to 1,117 rooms.