The St. Joe Company reported a net income of $17.5 million for the first quarter of 2025, a 25.9% increase from $13.9 million in the same period last year. Total revenue rose by 7.3% to $94.2 million, compared to $87.8 million in the first quarter of 2024. The increase in revenue was driven by a 12.0% rise in real estate revenue, which reached $38.3 million, and a 14.0% increase in leasing revenue, which hit a record $16.3 million. Hospitality revenue remained stable at $39.6 million, slightly up from $39.3 million in the previous year.
The company's total expenses for the quarter increased to $77.3 million from $71.8 million, primarily due to higher costs associated with real estate and hospitality revenue. Operating income was reported at $16.9 million, a marginal increase from $16.0 million in the prior year. The company also saw a decrease in interest expenses, which fell to $7.8 million from $8.5 million, reflecting a reduction in project financing costs.
In terms of operational metrics, St. Joe's residential segment sold 249 homesites during the quarter, a 15.3% increase from 216 homesites sold in the same period last year. The average revenue per homesite sold was approximately $114,000, down from $117,000 in the previous year, influenced by the mix of sales across different communities. The company’s hospitality segment reported a net increase in club memberships, reaching 3,498 members, compared to 3,433 members a year earlier.
Looking ahead, St. Joe remains optimistic about its growth prospects, citing strong demand in Northwest Florida driven by increased migration and a high quality of life in the region. The company plans to continue leveraging its real estate assets for residential, hospitality, and commercial ventures, while also managing macroeconomic challenges such as inflation and elevated interest rates. As of March 31, 2025, St. Joe had cash and cash equivalents of $94.5 million, up from $88.8 million at the end of 2024, providing a solid liquidity position to support ongoing operations and capital expenditures.
About ST JOE Co
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