The St. Joe Company reported a total revenue of $402.7 million for the fiscal year ending December 31, 2024, marking a 3.5% increase from $389.2 million in 2023. The company's operating income rose by 5.4% to $95.6 million, compared to $90.7 million in the previous year. Net income for 2024 was $72.4 million, slightly down from $74.0 million in 2023. The hospitality segment achieved record revenue of $199.2 million, a 30.7% increase from $152.4 million in 2023, while leasing revenue also set a record at $60.3 million, up 18.7% from $50.8 million.
In terms of operational changes, St. Joe's residential segment saw a significant decline in revenue, dropping 25% to $116.8 million, attributed to a decrease in homesite sales, which fell from 1,063 in 2023 to 912 in 2024. The average revenue per homesite remained stable at approximately $108,000. The company continues to focus on its Latitude Margaritaville Watersound joint venture, which has completed 1,663 home sales to date, with 367 homes under contract expected to generate approximately $226.9 million in sales value.
St. Joe's strategic developments included a total capital expenditure of $129.4 million in 2024, with investments across residential, hospitality, and commercial segments. The company also repurchased $3.4 million of its common stock and paid $30.3 million in dividends, reflecting a commitment to returning value to shareholders. The Board of Directors has increased the total authorization for stock repurchases to $100 million as of February 2025.
The company employed 863 full-time and 194 part-time employees as of February 2025, maintaining a focus on attracting and retaining skilled labor amid competitive labor markets. St. Joe's operations are primarily concentrated in Northwest Florida, where approximately 87% of its real estate holdings are located. The company continues to explore opportunities for geographic expansion and new project developments to enhance its portfolio.
Looking ahead, St. Joe remains optimistic about the growth potential in Northwest Florida, driven by ongoing migration and demand for residential and commercial properties. However, the company acknowledges the impact of macroeconomic factors such as inflation and elevated interest rates on its operations. Management anticipates that these conditions may affect the timing of revenue recognition and overall market demand, but they remain committed to executing their long-term strategies to optimize the value of their real estate assets.
About ST JOE Co
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.