St. Joe Company (the) · NYSE:JOE
St. Joe Company (the) — The St. Joe Company — Shareholder Meeting (May 2025)
28 slides from St. Joe Company (the)'s shareholder meeting presentation, May 13, 2025
Slide 1: Annual Meeting of Shareholders
ANNUAL MEEING OF SHAREHOLDERS May 13, 2025
Slide 2: Consistent Business Strategy
CONSISTENT BUSINESS STRATEGY Expand portfolio of recurring income producing commercial and hospitality properties Develop residential communities with long term, scalable and repeatable revenue Multi-faceted capital allocation between capital expenditures for business growth, debt reduction, a
Slide 3: How JOE Is Positioned
HOW JOE IS POSITIONED 87% ENTITLEMENTS TO DEVELOP OVER MAJORITY OF REVENUE IS OF THE 170,000 DERIVED FROM LESS THAN 167,000 ACRES OWNED ARE IN RESIDENTIAL UNITS AND OVER 22 MILLION 2% OF LAND HOLDINGS BAY, WALTON AND SQUARE FEET OF GULF COUNTIES NON-RESIDENTIAL USES
Slide 4: Population Change (2020-2024)
POPULATION CHANGE (2020-2024) 87% of JOE’s Land Holdings Source: U.S Census (April 1, 2020 to July 1, 2024)
Slide 5: Northwest Florida Beaches International Airport (ECP)
NORTHWEST FLORIDA BEACHES INTERNATIONAL AIRPORT (ECP) PASSENGER GROWTH Servicing Direct Flight Airlines Locations 2009 • Delta • Atlanta • Delta • Atlanta • Southwest • Austin • United • Baltimore • American • Charlotte Airlines • Chicago • Dallas • Denver 2025 • Houston • Indianapolis • Kansas City
Slide 6: Investment in Real Estate & Unconsolidated Joint Ventures
INVESTMENT IN REAL ESTATE & UNCONSOLIDATED JOINT VENTURES BALANCE SHEET ($ IN MILLIONS) COMPOUND ANNUAL GROWTH RATE 17% • Growth Rate calculated using Compound Annual Growth Rate formula • Balances at amortized cost basis as of each year end
Slide 7: Consolidated & Unconsolidated Revenue
CONSOLIDATED & UNCONSOLIDATED REVENUE ($ IN MILLIONS) COMPOUND ANNUAL GROWTH RATE 30% • Growth Rate calculated using Compound Annual Growth Rate formula • Includes total revenue of each unconsolidated joint venture • Revenue of unconsolidated joint ventures is not included in St. Joe’s consolidated
Slide 8: EBITDA
EBITDA ($ IN MILLIONS) COMPOUND ANNUAL GROWTH RATE 26% • Growth Rate calculated using Compound Annual Growth Rate formula • See Slide “Reconciliation of Non-GAAP Financial Measures”
Slide 9: Net Income
NET INCOME ($ IN MILLIONS) IN 2024, DEPRECIATION WAS $46.4 MILLION, WHICH IS A NON- CASH ITEM. 20% increase from 2023 COMPOUND ANNUAL GROWTH RATE 21% • Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula
Slide 10: Earnings Per Share
EARNINGS PER SHARE IN 2024, DEPRECIATION WAS $0.80 PER SHARE, WHICH IS A NON- CASH ITEM. 20% increase from 2023 COMPOUND ANNUAL GROWTH RATE 25% • Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula
Slide 11: Growth in Depreciation
GROWTH IN DEPRECIATION NON-CASH ITEM $50.0 $46.4 $45.0 NET INCOME IS $40.0 $38.7 REDUCED BY $35.0 DEPRECIATION, $30.0 WHICH IS A NON- CASH ITEM. in Millions $25.0 $22.9 $20.0 $18.2 $15.0 $10.3 $12.7 COMPOUND $9.0 ANNUAL GROWTH $10.0 $8.6 $8.9 $5.0 RATE 24% $- 2016 2017 2018 2019 2020 2021 2022 2023
Slide 12: Net Income & EBITDA 2022-2024
NET INCOME & EBITDA 2022-2024 ($ IN MILLIONS) 4% Increase 26% Increase • See Slide “Reconciliation of Non-GAAP Financial Measures”
Slide 13: Free Cash Flow
“FREE CASH FLOW” DEPRECIATION/SUSTAINING CAPITAL 2024 SNAPSHOT ($ in thousands) 2024 Net income attributable to the Company $74,189 Depreciation, depletion and amortization $46,385 (non-cash item) Sustaining Capital $(7,607) Total $112,967 • Sustaining Capital represents Capital Expenditures for mai
Slide 14: Project-Level Debt Only
PROJECT-LEVEL DEBT ONLY AS OF MARCH 31, 2025 73.8% DEBT IS 28% OF OUTSTANDING OF COMPANY’S DEBT HAS A FIXED OR TOTAL ASSETS SWAPPED INTEREST RATE AVERAGE WEIGHTED AVERAGE EFFECTIVE INTEREST REMAINING RATE IS LIFE IN YEARS 4.8% 18.8
Slide 15: Capital Allocation
CAPITAL ALLOCATION JANUARY 1, 2015 – MARCH 31, 2025 $ in Millions $110.7 5% $619.2 30% Capital Expenditures $1,342.5 Stock Repurchases 65% Dividends • $2.1 billion in total Capital Allocations from January 1, 2015 to March 31, 2025
Slide 16: Efficient Overhead
EFFICIENT OVERHEAD CORPORATE AND OTHER OPERATING EXPENSES AS % OF CONSOLIDATED REVENUE
Slide 17: Efficient Use of Land
EFFICIENT USE OF LAND AVERAGE ANNUAL ACRES SOLD (2000-2024) 167,000 TOTAL ACRES OWNED AS OF 12/31/24
Slide 18: Illustrative Residential Homesites Cashflow
ILLUSTRATIVE RESIDENTIAL HOMESITES CASHFLOW Formula: Revenue ($2) minus cost ($1) = Profit ($1) ; Profit ($1) divided by Revenue ($2) = Gross Margin (50%)* From 2016 through 2024, the average Gross Margin of all homesites developed and sold was 53% Illustration: 1,000 homesites per year = $64 Millio
Slide 19: 2025 and Beyond: Residential Homesite Pipeline
2025 AND BEYOND RESIDENTIAL HOMESITE PIPELINE BACKLOG AS OF MARCH 31, 2025 BACKLOG AS OF HOMESITES UNDER CONTRACT MARCH 31, 2025 952 HOMESITES UNDER CONTRACT: 952 ACTIVE BUILDERS 20 ACTIVE BUILDERS: 20 • As of March 31, 2025 • Includes 1,645 homesites for Latitude Margaritaville Watersound joint ven
Slide 20: Latitude Joint Venture Cash Flow
LATITUDE JOINT VENTURE CASH FLOW AS OF MARCH 31, 2025 Joint Venture Initial Capital Contribution* Earnings** 1,855 homes JOE $11.7 Million closed or 53% of $67.0 Million 3,500 homes Minto $11.7 Million $67.0 Million $23.4 Million $134.0 Million *no capital contributions since 2021 **not all earnings
Slide 21: The Future: Land Holdings and Developments
THE FUTURE LAND HOLDINGS AND DEVELOPMENTS APPROVED DETAIL SPECIFIC AREA PLANS • Detailed Specific Area Plans (DSAPs) are the second and final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions
Slide 22: Commercial and Hospitality Areas of Focus
LAND HOLDINGS AND DEVELOPMENTS COMMERCIAL AND HOSPITALITY AREAS OF FOCUS
Slide 23: State Road 79 Corridor
Northwest Florida 8 International Airport Latitude Margaritaville Watersound JV an atersound West Bay Center Commercial Ward Creek Residen West Bay Gateway Crossings Apartments Feo Yr, West Bay Crossings Mixed Use Gulf of Mexico FSU/TMH Medical Campus SR: = Pier Park Crossings Apartments ™Nm aS Pier
Slide 24: JOE's Virtuous Circle
JOE’S VIRTUOUS CIRCLE VALUE CREATION
Slide 25: Valuation Range
VALUATION RANGE INCOME PRODUCING ASSETS • Based on a broker’s opinion of value provided by Jones Lang LaSalle and management estimates, the Company’s income-producing assets are estimated to have a value range of approximately $1.5 billion to $1.7 billion.1 • The income-producing assets encompass 49
Slide 26: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) “Earnings Before Interest, Taxes, Depreciation and Amortization” (EBITDA) is a non-GAAP measure, which management believes assists investors by providing insight into operating the p
Slide 27: Important Notice Regarding Forward-Looking Statements
All Rights Reserved. Important Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include, among other things, information about possible or
Slide 28: St. Joe - JOE.COM
\ I STJOE JOE.COM