The St. Joe Company reported a total revenue of $99.0 million for the first quarter of 2026, marking a 5.2% increase from $94.2 million in the same period of 2025. The growth was driven primarily by a 12.9% rise in hospitality revenue, which reached a record $44.7 million, up from $39.6 million. Real estate revenue also saw a modest increase of 3.7%, totaling $39.7 million compared to $38.3 million in the prior year. However, leasing revenue declined by 9.8% to $14.7 million, down from $16.3 million, largely due to the sale of the Watercrest JV’s senior living community property in September 2025.
Operating income for the quarter increased by 7.7% to $18.2 million, up from $16.9 million in the previous year. Despite this, net income attributable to the company decreased to $13.9 million, or $0.24 per share, compared to $17.5 million, or $0.30 per share, in the first quarter of 2025. The decline in net income was attributed to a significant drop in equity income from unconsolidated joint ventures, which fell to $3.5 million from $10.2 million, primarily due to lower home closing volumes in the Latitude Margaritaville Watersound JV.
In terms of operational metrics, the company placed 1,380 homesites under contract in the first quarter of 2026, bringing the total to 3,204 homesites under contract as of March 31, 2026, compared to 952 homesites under contract at the same time last year. The company’s total assets slightly decreased to $1.52 billion from $1.52 billion at the end of 2025, while total liabilities increased marginally to $743.4 million from $742.8 million. The company’s equity also saw a slight decline, totaling $774.4 million compared to $775.6 million at the end of the previous year.
Strategically, St. Joe continues to focus on its core business of real estate development, asset management, and operations, with plans to enhance its portfolio through joint ventures and new developments. The company is actively pursuing opportunities in residential, hospitality, and commercial sectors, leveraging its significant land holdings in Northwest Florida. The management expressed confidence in the company’s ability to navigate current economic challenges, including elevated interest rates and inflation, by capitalizing on the ongoing net migration to the region, which is expected to sustain demand for its offerings.
Looking ahead, St. Joe anticipates continued growth in its hospitality segment, supported by an increase in membership and ancillary spending. The company remains committed to its long-term strategy of developing scalable residential communities and expanding its commercial properties. The management believes that the current capital structure and liquidity position will provide sufficient resources to meet anticipated working capital needs and support future growth initiatives.
About ST JOE Co
The St. Joe Company is a diversified real estate development, asset management, and operating firm focused on Northwest Florida. It develops residential communities, commercial properties, and hospitality assets, including hotels, golf courses, and recreational facilities. The company leverages land entitlements, strategic partnerships, and sustainable practices to create long-term value through real estate sales, leasing, and hospitality services in a high-growth regional market.
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