The St. Joe pany(US:JOE)2024-10-23 20:18Revenue Performance - Hospitality revenue increased by 16.9% in Q3 2024 to $55.4 million from $47.4 million, and increased 34.2% for the first nine months of 2024 to $157.0 million from $117.0 million[186]. - Leasing revenue increased by 19.1% in Q3 2024 to $15.6 million from $13.1 million, and increased 20.2% for the first nine months of 2024 to $44.7 million from $37.2 million[186]. - Real estate revenue decreased by 31.5% in Q3 2024 to $28.0 million from $40.9 million, and decreased by 34.8% for the first nine months of 2024 to $96.7 million from $148.3 million[186]. - Total revenue for Q3 2024 decreased by 2.4% to $99.0 million from $101.4 million, while operating income increased by 4.4% to $21.2 million from $20.3 million[187]. - Total revenue for the nine months ended September 30, 2024, reached $157.0 million, up 34.2% from $117.0 million in the same period in 2023[276]. Net Income and Expenses - Net income attributable to the Company decreased by 13.4% to $16.8 million from $19.4 million in Q3 2024, primarily due to timing of homesite closings and product mix[187]. - Total expenses for the three months ended September 30, 2024, were $77.8 million, down from $81.1 million in the same period of 2023, a decrease of 4.1%[225]. - Net income for the three months ended September 30, 2024, was $16.6 million, down from $18.7 million in the same period of 2023, a decrease of 11.2%[225]. - Corporate and other operating expenses decreased by $0.2 million to $6.0 million for the three months ended September 30, 2024, compared to $6.2 million in the same period of 2023[241]. Residential and Hospitality Segments - The residential segment generated 19.2% of operating revenue in Q3 2024, down from 35.0% in Q3 2023, while the hospitality segment increased to 57.0% from 47.3%[190]. - The company has significant additional entitlements for future hotel projects on its land holdings[207]. - The hospitality segment generates revenue from various sources including membership sales, lodging, and food and beverage operations, with revenue recognized at the point services are provided[201]. Leasing and Real Estate - Multi-family units total 1,128, with an overall leasing percentage of 87% as of September 30, 2024[211]. - Senior living communities total 255 units, with a leasing percentage of 53% as of September 30, 2024[211]. - The leasing portfolio consists of approximately 1,179,000 square feet of leasable space for mixed-use, retail, and medical uses[212]. - Total leasing revenue for the nine months ended September 30, 2024, increased by $6.2 million, or 17.5%, to $41.6 million compared to the same period in 2023[292]. Cash Flow and Capital Expenditures - Net cash provided by operating activities was $78.2 million for the nine months ended September 30, 2024, compared to $92.3 million for the same period in 2023[326]. - Net cash used in investing activities was $42.4 million for the nine months ended September 30, 2024, significantly lower than $81.5 million for the same period in 2023[327]. - Total capital expenditures for the nine months ended September 30, 2024, amounted to $98.7 million, with $51.1 million allocated to the residential segment, $23.4 million to the hospitality segment, and $23.2 million to the commercial segment[301]. Debt and Interest Expense - As of September 30, 2024, total outstanding loans amounted to $448.5 million, down from $459.2 million as of December 31, 2023, with a weighted average effective interest rate of 5.1%[302]. - Interest expense increased by $3.7 million, or 17.0%, to $25.5 million during the nine months ended September 30, 2024, compared to $21.8 million in the same period in 2023[244]. - The weighted average interest rate on the variable rate loans, excluding the swapped portion, was 7.1% based on SOFR[336]. Membership and Club Performance - The company had 3,532 members in the Watersound Club as of September 30, 2024, an increase of 444 members from 3,088 members as of September 30, 2023[276]. - Revenue from clubs increased by $22.6 million, or 59.2%, during the nine months ended September 30, 2024, compared to the same period in 2023[276]. Joint Ventures and Equity - Equity in income from unconsolidated joint ventures was $6.8 million for the three months ended September 30, 2024, compared to $8.7 million in the same period in 2023, while it increased to $19.5 million for the nine months ended September 30, 2024, from $18.4 million in the same period in 2023[248]. - Equity in loss from unconsolidated joint ventures was $1.6 million for the three months ended September 30, 2024, compared to $0.1 million for the same period in 2023[289].