The St. Joe Company reported significant financial growth in its third quarter of 2025, with total revenue reaching $161.1 million, a 62.7% increase from $99.0 million in the same period last year. The company's net income attributable to shareholders surged by 130.4% to $38.7 million, or $0.67 per share, compared to $16.8 million, or $0.29 per share, in the prior year. This growth was driven primarily by a substantial increase in real estate revenue, which rose 199.3% to $83.8 million, bolstered by a 93.7% increase in residential real estate revenue to $36.8 million.
In addition to revenue growth, the company also saw a notable increase in its hospitality segment, which generated $60.6 million in revenue, up 9.4% from $55.4 million in the previous year. Leasing revenue also experienced a 7.1% increase, reaching a record $16.7 million. The overall operating income for the quarter was $52.9 million, compared to $21.2 million in the same quarter of 2024, reflecting a strong operational performance across all segments.
The company made strategic moves during the quarter, including the sale of its Watercrest joint venture's senior living community property for $41.0 million, which contributed to its real estate revenue. The sale resulted in a gross profit of $19.4 million and marked the cessation of operations for the Watercrest joint venture. Additionally, St. Joe's investment in unconsolidated joint ventures increased to $67.5 million, up from $66.5 million at the end of 2024, indicating ongoing growth in its collaborative projects.
Operationally, St. Joe reported a total of 1,173,000 square feet of leasable space, with a 97% occupancy rate as of September 30, 2025. The company also noted a significant increase in its residential homesite pipeline, with 1,992 homesites under contract expected to yield approximately $146.2 million in revenue. The company’s cash and cash equivalents stood at $126.1 million, up from $88.8 million at the end of 2024, providing a solid liquidity position to support future growth initiatives.
Looking ahead, St. Joe remains optimistic about its growth trajectory, driven by the continued demand for residential and commercial properties in Northwest Florida. The company plans to leverage its existing assets and explore new development opportunities to enhance shareholder value. However, it acknowledges potential challenges from macroeconomic factors such as inflation and interest rates, which could impact buyer sentiment and financing conditions.
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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