The St. Joe pany(US:JOE)2025-04-23 20:43Financial Performance - Quarterly net income attributable to the company increased by 25.9% to $17.5 million during the three months ended March 31, 2025, from $13.9 million in the same period in 2024[214]. - Quarterly revenue increased by 7.3% to $94.2 million during the three months ended March 31, 2025, from $87.8 million in the same period in 2024[214]. - Net income for the three months ended March 31, 2025, was $16.7 million, compared to $13.1 million in the same period in 2024, reflecting a 27.5% increase[262]. - Net cash provided by operating activities was $29.0 million for the three months ended March 31, 2025, compared to $27.6 million in the same period of 2024[341]. - Net cash provided by operating activities was $29.0 million for the three months ended March 31, 2025, compared to $27.6 million for the same period in 2024, reflecting an increase of 5.1%[342]. Revenue Breakdown - Real estate revenue increased by 12.0% to $38.3 million during the three months ended March 31, 2025, from $34.2 million in the same period in 2024[221]. - Hospitality revenue increased by $0.3 million, or 0.8%, to $39.6 million, driven by growth in membership dues and ancillary spending[270]. - Leasing revenue increased by 14.0% to a quarterly record of $16.3 million during the three months ended March 31, 2025, from $14.3 million in the same period in 2024[221]. - Total revenue for the three months ended March 31, 2025, increased to $94.2 million, up 7.3% from $87.8 million in the same period in 2024[262]. - Total revenue for the residential segment reached $33.0 million in Q1 2025, compared to $30.8 million in Q1 2024, marking an increase of 7.1%[284]. Real Estate and Development - Homesite closings volume increased by 15.3% to 249 homesites during the three months ended March 31, 2025, from 216 homesites in the same period in 2024[221]. - As of March 31, 2025, the company had 952 residential homesites under contract, expected to result in revenue of approximately $94.4 million at closing[230]. - The unconsolidated Latitude Margaritaville Watersound JV had completed 1,855 home sale transactions, with 264 homes under contract, expected to result in a sales value of approximately $158.0 million[225]. - The Watersound Town Center is currently under development with a total planned square footage of 400,000, of which 155,962 square feet is completed[254]. - The company is developing the Watersound West Bay Center, which will have a total of 500,000 square feet, with 3,366 square feet completed[254]. Leasing and Occupancy - The total net rentable square feet of leasing properties is 1,179,957, with a leasing percentage of 94% as of March 31, 2025[249]. - The commercial segment manages approximately 1,180,000 square feet of leasable space, achieving a leasing percentage of 94% as of March 31, 2025[247]. - As of March 31, 2025, the multi-family units have a total of 1,128 planned units, with 983 units leased, resulting in an occupancy rate of 87%[245]. - Total leasing revenue increased by $1.6 million, or 11.9%, to $15.1 million for the three months ended March 31, 2025, compared to $13.5 million in the same period of 2024[301]. - The gross margin for total leasing improved to 55.6% in Q1 2025 from 51.9% in Q1 2024[301]. Capital Expenditures and Investments - The company funded $32.7 million in capital expenditures, paid $8.2 million in cash dividends, and repurchased $5.7 million of its common stock in the first quarter of 2025[221]. - The company invested a total of $32.7 million in capital expenditures during the three months ended March 31, 2025, including $4.5 million for the commercial segment[310]. - The company had capital expenditures for operating property and equipment of $5.6 million during the three months ended March 31, 2025, down from $14.3 million in the same period of 2024[343]. Debt and Interest Rates - The weighted average effective interest rate of total outstanding debt was 4.8% as of March 31, 2025, with 73.8% of the debt having fixed or swapped interest rates[311]. - As of March 31, 2025, the company had variable-rate debt totaling $155.7 million, with a weighted average interest rate of 6.5%[352]. - A hypothetical 100 basis point increase in interest rates would result in an increase of $1.2 million in annual interest expense based on the outstanding balance of variable-rate loans[352]. - Interest expense decreased by $0.7 million, or 8.2%, to $7.8 million, primarily due to repayment of project financing and lower interest rates[275]. Joint Ventures and Equity - Equity in income from unconsolidated joint ventures increased to $10.2 million, up from $7.4 million in the same period in 2024[277]. - Equity in income from unconsolidated joint ventures rose by $4.4 million in Q1 2025, attributed to higher average margins and increased home sale transactions[289]. - Equity in loss from unconsolidated joint ventures was $2.5 million for the three months ended March 31, 2025, compared to $0.9 million for the same period in 2024[306]. Cash Flow and Financing Activities - Cash, cash equivalents, and restricted cash at the end of the period were $101.6 million as of March 31, 2025, up from $94.2 million at the end of 2024[341]. - Net cash used in investing activities was $6.6 million for the three months ended March 31, 2025, a significant decrease from $14.7 million in the same period of 2024, indicating a reduction of 55.2%[343]. - Net cash used in financing activities increased to $17.1 million for the three months ended March 31, 2025, compared to $9.5 million in the same period of 2024, reflecting an increase of 80.0%[344]. - Principal payments for debt amounted to $30.4 million during the three months ended March 31, 2025, compared to $2.3 million in the same period of 2024, indicating a substantial increase in debt repayment[344].