The St. Joe pany(US:JOE)2025-10-29 20:22Financial Performance - Quarterly net income attributable to the company increased by 130.4% to $38.7 million, or $0.67 per share, during the three months ended September 30, 2025, compared to $16.8 million, or $0.29 per share, in the same period in 2024[226] - Quarterly revenue increased by 62.7% to $161.1 million during the three months ended September 30, 2025, from $99.0 million in the same period in 2024[226] - Operating income for Q3 2025 was $52.9 million, compared to $21.2 million in Q3 2024, reflecting a 149.1% increase[272] - Net income for the nine months ended September 30, 2025, was $86.6 million, up 59.6% from $54.3 million in the same period of 2024[272] - Total revenue for the nine months ended September 30, 2025, reached $384.4 million, a 28.8% increase from $298.4 million in the same period of 2024[272] Revenue Breakdown - Real estate revenue increased by 199.3% to $83.8 million during the three months ended September 30, 2025, from $28.0 million in the same period in 2024[226] - Hospitality revenue increased by 9.4% to a third quarter record of $60.6 million during the three months ended September 30, 2025, from $55.4 million in the same period in 2024[233] - Leasing revenue increased by 7.1% to a quarterly record of $16.7 million during the three months ended September 30, 2025, from $15.6 million in the same period in 2024[233] - Residential real estate revenue increased by $17.8 million, or 93.7%, to $36.8 million in Q3 2025 compared to $19.0 million in Q3 2024[274] - Revenue from homesite sales increased by $13.6 million, or 80.5%, during the three months ended September 30, 2025, compared to the same period in 2024[306] Operational Highlights - As of September 30, 2025, the company had 1,992 residential homesites under contract, expected to result in revenue of approximately $146.2 million at closing[240] - The unconsolidated Latitude Margaritaville Watersound JV had completed 2,074 home sale transactions, with 205 homes under contract, expected to result in a sales value of approximately $123.1 million[237] - The total number of hotel rooms in the portfolio is 1,298, with significant additional entitlements for future hotel projects[247] - The total multi-family units completed is 1,110, with an occupancy rate of 91%[255] - The commercial segment consists of approximately 1,173,000 square feet of leasable space, with a leasing percentage of 97%[259] Expenses and Income - Corporate and other operating expenses increased by $0.9 million to $6.9 million for the three months ended September 30, 2025, compared to $6.0 million in the same period in 2024, mainly due to higher property taxes[290] - Interest expense decreased by $0.6 million, or 7.1%, to $7.8 million for the three months ended September 30, 2025, compared to $8.4 million in the same period in 2024, due to repayment of project financing[293] - Income tax expense for the three months ended September 30, 2025, was $13.7 million, up from $6.4 million in the same period of 2024[299] - Net cash provided by operating activities was $146.3 million for the nine months ended September 30, 2025, compared to $78.2 million for the same period in 2024[392] Capital Expenditures and Financing - Total capital expenditures for the nine months ended September 30, 2025, amounted to $89.6 million, with $65.5 million allocated to the residential segment[359] - The company anticipates that future capital commitments will be funded through cash generated from operations and new financing arrangements[359] - Outstanding loans totaled $404.0 million as of September 30, 2025, down from $442.7 million as of December 31, 2024[360] - The company invested $8.6 million in capital expenditures for its hospitality segment during the nine months ended September 30, 2025[359] - The company has variable-rate debt outstanding totaling $122.6 million as of September 30, 2025, with $40.0 million swapped to a fixed interest rate[405] Market and Economic Factors - A hypothetical 100 basis point increase in interest rates would result in a decrease of less than $0.1 million in the market value of short-term U.S. Treasury Bills classified as cash equivalents[402] - The company is exposed to credit risk associated with investments classified as available-for-sale securities, which are subject to price fluctuations due to changes in issuer credit quality and economic factors[403] - Changes in interest rates related to money market instruments would not significantly impact the company's results of operations[404]