Revenue Performance - Total revenue for the six months ended June 30, 2024, was $201.157 million, compared to $201.157 million for the same period in 2023, indicating no growth year-over-year [566]. - Residential revenue for the six months ended June 30, 2024, was $91.438 million, while hospitality revenue was $70.466 million, and commercial revenue was $37.308 million [566]. - The company recognized $161.873 million of revenue at a point in time and $15.116 million over time during the six months ended June 30, 2024 [566]. - Hospitality revenue increased by $32.0 million, or 46.0%, to $101.6 million for the six months ended June 30, 2024, compared to $69.6 million in the same period in 2023 [619]. - The company’s hospitality segment generated $63.249 million in revenue for the three months ended June 30, 2024, compared to $45.611 million for the same period in 2023, showing a growth of 38.6% [588]. Membership and Club Performance - The company had a total of 49,406 club memberships at the end of June 30, 2024, up from 32,315 at the end of June 30, 2023, representing a 53.1% increase [570]. - The number of Watersound Club members rose to 3,571 as of June 30, 2024, an increase of 718 members from 2,853 members as of June 30, 2023 [619]. Income and Profitability - The company reported an income before income taxes of $32.825 million for the three months ended June 30, 2024, compared to $45.339 million for the same period in 2023, reflecting a decrease of 27.6% [588]. - The company’s total operating revenue for the three months ended June 30, 2024, was $111.606 million, down from $128.167 million for the same period in 2023, a decline of 12.9% [588]. - The company’s income from the residential segment for the six months ended June 30, 2024, was $62.546 million, compared to $91.438 million for the same period in 2023, a decrease of 31.6% [588]. - Residential real estate revenue decreased by $28.9 million, or 31.6%, to $62.5 million for the six months ended June 30, 2024, compared to $91.4 million in the same period of 2023 [616]. - The gross profit for residential real estate in the first half of 2024 was $31.7 million, with a gross margin of 50.7%, compared to $45.9 million and a gross margin of 50.2% in the same period of 2023 [616]. - Hospitality gross margin improved to 32.9% for the six months ended June 30, 2024, up from 19.3% during the same period in 2023 [619]. Real Estate and Development - As of June 30, 2024, the company had 1,303 residential homesites under contract, expected to generate approximately $114.0 million in revenue, down from 1,825 homesites and $158.5 million in revenue as of June 30, 2023 [603]. - The average base revenue per homesite sold increased to approximately $128,000 in the first half of 2024 from $105,000 in the same period of 2023 [616]. - The company sold 402 homesites during the first half of 2024, compared to 627 homesites in the same period of 2023 [616]. - The commercial segment is developing the Watersound Town Center and Watersound West Bay Center, which are complementary to residential communities [608]. - The company plans to develop an 87-acre medical campus in Panama City Beach, Florida, in collaboration with Florida State University and Tallahassee Memorial Hospital [608]. - The total multi-family units completed as of June 30, 2024, were 1,128, with a leasing percentage of 86% [609]. Financial Position and Debt - The company’s total liabilities included income tax payable of $2.1 million as of June 30, 2024, down from $9.2 million as of December 31, 2023 [564]. - As of June 30, 2024, the company had $192.9 million in variable-rate debt, with $41.1 million swapped to a fixed interest rate [365]. - The weighted average interest rate on variable rate loans, excluding the swapped portion, was 7.6% as of June 30, 2024 [365]. - A hypothetical 100 basis point increase in the applicable rate would result in an increase to annual interest expense of $1.5 million [365]. - The company entered into a $22.9 million loan in 2019, with $22.0 million outstanding as of June 30, 2024, bearing interest at a rate of 2.7% [620]. - The loan matures in May 2057 and includes a prepayment premium of 1% - 8% for any principal prepaid through May 2032 [620]. - Surety bonds and financial guarantees amounted to $27.9 million and $40.0 million as of June 30, 2024, and December 31, 2023, respectively [590]. Expenses - The company incurred expenses of $0.6 million and $0.4 million related to leasing management services in the second quarter of 2024 and 2023, respectively [593]. - Capital expenditures for operating property and equipment were $28.2 million for the six months ended June 30, 2024, down from $82.3 million in the same period in 2023 [623]. Investment Risks - The company is subject to credit risk associated with investments classified as available-for-sale securities, which may fluctuate due to market conditions [364].

Revenue Performance - Hospitality revenue increased by 38% to a quarterly record of $62.3 million in Q2 2024, compared to $45.1 million in Q2 2023[30]. - Total consolidated revenue for Q2 2024 decreased by 13% to $111.6 million, down from $128.1 million in Q2 2023[6]. - For the first six months of 2024, total revenue decreased by 1% to $199.4 million from $201.1 million in the same period of 2023[24]. - Total revenue decreased by 12.9% to $111.6 million in Q2 2024, compared to $128.1 million in Q2 2023[35]. - Real estate revenue decreased by 51% to $34.5 million in Q2 2024 due to a mix of sales and timing of transactions[6]. - Real estate revenue fell by 51% to $34.5 million in Q2 2024, down from $70.6 million in Q2 2023[45]. - Leasing revenue increased by 19% to $14.8 million in Q2 2024, compared to the same period in 2023[6]. - Leasing revenue rose by 19% to $14.8 million in Q2 2024, compared to $12.4 million in Q2 2023[48]. Net Income and Earnings - Net income attributable to the Company for Q2 2024 decreased by 29% to $24.5 million, or $0.42 per share, compared to $34.7 million, or $0.60 per share, in Q2 2023[26]. - Net income attributable to the Company was $24.5 million in Q2 2024, down from $34.7 million in Q2 2023, representing a decrease of 29.4%[38]. - Basic net income per share attributable to the Company decreased to $0.42 in Q2 2024 from $0.60 in Q2 2023[35]. Expenses and EBITDA - Corporate and other operating expenses increased by 7.3% to $5.9 million in Q2 2024, compared to $5.5 million in Q2 2023[49]. - EBITDA for Q2 2024 was $49.2 million, down from $59.7 million in Q2 2023, a decrease of 17.5%[38]. Cash and Capital Expenditures - As of June 30, 2024, the Company had $86.7 million in cash and cash equivalents, compared to $88.6 million as of June 30, 2023[50]. - The Company funded $32.4 million in capital expenditures in Q2 2024, with a total of $63.9 million for the first six months of 2024[50]. Dividends and Shareholder Returns - The Company declared a cash dividend of $0.14 per share, representing a 17% increase from the previous dividend of $0.12 per share[27]. - The company plans to continue its capital allocation initiatives, including the payment of quarterly dividends[60]. Future Growth and Development - The St. Joe Company focuses on real estate development, asset management, and operations in Northwest Florida, utilizing existing assets for residential, hospitality, and commercial ventures[61]. - The company has significant residential and commercial land-use entitlements, actively seeking higher and better uses for its real estate assets through various development activities[61]. - Future growth prospects include expansion of operational assets, such as increases in hotel rooms, and maintaining an efficient cost structure[60]. - There are ongoing plans regarding joint venture developments and the timing of new projects in 2024 and beyond[60]. - As of June 30, 2024, the Company had 1,303 residential homesites under contract, expected to generate approximately $114.0 million in revenue[11]. - The Company has over 22,500 homesites in various stages of planning or development[19].

Financial Performance - Revenue increased by 20.3% to $87.8 million from $73.0 million in Q1 2024 compared to Q1 2023[218] - Operating income rose by 41.6% to $16.0 million from $11.3 million year-over-year[218] - Net income attributable to the Company increased by 33.7% to $13.9 million from $10.4 million[219] - Total revenue for the three months ended March 31, 2024, increased to $87.8 million, up 20.5% from $73.0 million in the same period in 2023[264] - Net income for Q1 2024 was $13.1 million, up from $9.5 million in Q1 2023, reflecting a 38.9% increase[352] Hospitality Segment - Hospitality revenue surged by $14.8 million, or 60.4%, to $39.3 million, driven by new club members and the opening of new amenities[273] - Revenue from hospitality segment surged to $40.0 million in Q1 2024, a significant increase of 60.8% from $24.9 million in Q1 2023[298] - Hospitality revenue from clubs increased by $8.9 million, or 88.1%, in Q1 2024 compared to Q1 2023, driven by a rise in membership[299] - The gross profit margin for hospitality improved to 22.9% from 6.5% year-over-year, reflecting operational efficiencies from new assets[273] - Total expenses for the hospitality segment rose to $37.9 million in Q1 2024, compared to $27.1 million in Q1 2023, an increase of 39.0%[298] Residential Segment - The hospitality segment's operating revenue increased to 45.6% in Q1 2024 from 34.1% in Q1 2023, while the residential segment decreased to 35.1% from 38.4%[223] - Residential real estate revenue rose by $2.8 million, or 10.0%, to $30.8 million, with gross profit increasing to $15.8 million, reflecting a gross margin of 51.3%[266] - Total revenue for the residential segment increased to $30.8 million in Q1 2024, up from $28.0 million in Q1 2023, representing a growth of 10.0%[289] - The number of homes sold in the Latitude Margaritaville Watersound JV increased to 177 in Q1 2024 from 149 in Q1 2023, reflecting a growth of 18.8%[283] - Gross margin for residential homesites improved to 50.0% in Q1 2024, up from 41.0% in Q1 2023[292] Development and Projects - The company plans to enhance the value of its real estate assets through the development of residential, commercial, and hospitality projects[215] - The company is constructing the Residence Inn Panama City Beach Pier Park, which opened in April 2024, as part of its commercial segment[239] - The company is developing an 87-acre medical campus in partnership with Florida State University and Tallahassee Memorial Hospital[246] - The company has various hospitality projects in planning stages, indicating potential future growth in the sector[242] - The residential homesite pipeline includes a total of 21,503 homesites across various communities[229] Financial Position and Cash Flow - As of March 31, 2024, cash, cash equivalents, and restricted cash totaled $94.2 million, up from $64.2 million at the end of Q1 2023, an increase of 46.7%[349] - Net cash provided by operating activities increased to $27.6 million in Q1 2024 from $19.2 million in Q1 2023, representing a 43.8% increase[350] - Net cash used in investing activities decreased to $14.7 million in Q1 2024 from $27.2 million in Q1 2023, a reduction of 46.1%[353] - Capital expenditures for operating property and equipment were $14.3 million in Q1 2024, down from $44.0 million in Q1 2023, a decrease of 67.5%[354] Debt and Interest Rates - As of March 31, 2024, the company had various loans outstanding totaling $457.4 million, with a weighted average effective interest rate of 5.3%[319] - Variable-rate debt outstanding as of March 31, 2024, totaled $195.7 million, with a weighted average interest rate of 7.6%[365] - A hypothetical 100 basis point increase in interest rates would result in an increase to annual interest expense of $1.5 million based on the outstanding balance of variable-rate loans[365] - The company has entered into interest rate swap agreements to manage interest rate risk on some of its variable-rate debt[364] Operational Metrics - The hotel portfolio consists of 1,177 operational rooms and an additional 121 rooms under development, totaling 1,298 rooms[240] - The company had 1,053 operational hotel rooms as of March 31, 2024, an increase of 561 rooms from 492 operational hotel rooms as of March 31, 2023[302] - Multi-family units total 1,128, with an occupancy rate of 83% as of March 31, 2024, compared to 79% in December 2023[248] - Senior living communities have 255 units, with only 45% leased as of March 31, 2024, down from 99% in December 2023[248] - The Watersound Town Center has 137,921 square feet completed, with an occupancy rate of 89% as of March 31, 2024[258]

Revenue Growth - Revenue for the first quarter of 2024 increased by 20% to $87.8 million compared to $73.0 million in the first quarter of 2023[4] - Hospitality revenue grew by 60% to $39.3 million, while leasing revenue increased by 21% to $14.3 million[4] Net Income and Earnings - Net income attributable to the Company rose by 34% to $13.9 million, or $0.24 per share, compared to $10.4 million, or $0.18 per share, in the same period last year[6] - Net income attributable to the Company for Q1 2024 was $13.9 million, up from $10.4 million in Q1 2023, representing a 33.65% increase[29] EBITDA Performance - EBITDA for the first quarter of 2024 increased by 43% to $34.9 million, up from $24.4 million in the first quarter of 2023[7] - EBITDA for Q1 2024 was $34.9 million, compared to $24.4 million in Q1 2023, reflecting a 42.62% growth[29] Sales and Contracts - The Company sold 216 homesites at an average base price of approximately $117,000 with a gross margin of 50% in the first quarter of 2024[10] - As of March 31, 2024, the Company had 1,335 residential homesites under contract, expected to generate approximately $119.8 million in revenue[12] - The Latitude Margaritaville Watersound joint venture had 177 completed home sales in the first quarter of 2024, bringing total occupied homes to 1,181[13] Dividends and Capital Expenditures - The Company declared a cash dividend of $0.12 per share, payable on June 13, 2024[8] - The Company funded $31.5 million in capital expenditures in the first quarter of 2024[20] Financial Position - Total assets as of March 31, 2024, were $1,537.7 million, with total liabilities of $832.8 million[25] Strategic Focus and Growth Prospects - The Company anticipates growth prospects and plans to expand operational assets, including increases in hotel rooms, in 2024 and beyond[30] - The Company is focused on maintaining an efficient cost structure and capital allocation initiatives, including quarterly dividend payments[30] - The Company has significant residential and commercial land-use entitlements and seeks higher and better uses for its real estate assets[34] - The Company is dependent on strong migration and population expansion in its regions of development, particularly Northwest Florida[32] - The Company aims to effectively manage real estate assets and complete construction projects within expected timeframes[31] Risks and Challenges - Risks include competition, economic conditions, interest rate fluctuations, and geopolitical conflicts that may impact financial results[31] Cybersecurity and Compliance - The Company is committed to protecting its information technology infrastructure against cyber-attacks and maintaining adequate internal controls[32] - The Company does not undertake to update forward-looking statements other than as required by law[33]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 1-10466 The St. Joe Company (Exact name of registrant as specified in its charter) Florida 59-0432511 (State or other j ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 1-10466 The St. Joe Company (Exact name of registrant as specified in its charter) | Florida | 59-0432511 | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Table of Contents (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 1-10466 The St. Joe Company (Exact name of registrant as specified in its charter) | Florida | 59-0432511 | | -- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 1-10466 The St. Joe Company (Exact name of registrant as specified in its charter) | Florida | 59-0432511 | | - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) For the transition period from to . Commission file number: 1-10466 The St. Joe Company (Exact name of registrant as specified in its charter) Florida 59-0432511 (State or other jurisdiction of incorporation or organization) 130 Richard Jackson Boulevard, Suite 200 Panama City Beach, Florida 32407 (Address of principal executive offices) (Zip Code) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) The St. Joe Company (Exact name of registrant as specified in its charter) | Florida | 59-0432511 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 130 Richard Jackson Boulevard, Suite 200 | | | Panama City Beach, Florida | 32407 | | (Address of principal executive offices) | (Zip Code) | (850) 231-6400 (Registrant's te ...