St. Joe Company (the) · NYSE:JOE
St. Joe Company (the) — The St. Joe Company — Shareholder Meeting (May 2021)
27 slides from St. Joe Company (the)'s shareholder meeting presentation, May 18, 2021
Slide 1: The St. Joe Company
The St. Joe Company May 18, 2021 · Annual Shareholders’ Meeting Presentation
Slide 2: Cash Generated for Distribution or Investment in Additional Growth (CGFDI)
CASH GENERATED FOR DISTRIBUTION OR INVESTMENT IN ADDITIONAL GROWTH (CGFDI) ($'s in Millions except Q1 2020 Q1 2021 per share amount) 2016 2017 2018 2019 2020 Q1 2020 Q1 -$1.32021 $3.0 Net Income $15.5 $59.2 $31.6 $26.7 $45.5 Cash Generated for -$1.3 $3.0 Distribution or Investment $8.1 $20.3 $16.9 $
Slide 3: Financial Measures
FINANCIAL MEASURES $157.5 Million Cash & Investments as of 12/31/20 See Appendix “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation. 3
Slide 4: Growing Efficient Operations
GROWING EFFICIENT OPERATIONS Economies of Scale ($'s in Millions) 2016 2017 2018 2019 2020 Revenue $96.9 $100.0 $110.3 $127.1 $160.6 Other operating and $23.0 $20.4 $20.6 $21.4 $22.9 corporate expenses % of Revenue 24% 20% 19% 17% 14% 4
Slide 5: Flexible Owner-Oriented Capital Allocation Strategy
FLEXIBLE OWNER-ORIENTED CAPITAL ALLOCATION STRATEGY $ In Millions 5
Slide 6: 2020 Capital Allocation
2020 CAPITAL ALLOCATION Sources and Uses * * See Appendix “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation. 6
Slide 7: $590 Million Returned to Shareholders
$590 MILLION RETURNED TO SHAREHOLDERS 36% OF SHARES BOUGHT BACK $17.64 Average Buy- Back Price 7
Slide 8: 2021 Unit Milestones
2021 UNIT MILESTONES* Status Update Milestone As of End of 1Q 2021** HOMESITES*** 1,000 PER YEAR 2020: 509 (51%) 2021 1Q: 205 APARTMENT AND SENIOR LIVING 1,300 1,224 (94%) UNITS HOTEL ROOMS 900 939 (104%) CLUB MEMBERSHIPS 1,400 1,722 (123%) COMMERCIAL SQUARE 1,500,000 1,246,543 (83%) FEET**** *2021
Slide 9: Growth Trajectory: Homesites
GROWTH TRAJECTORY Homesite Sales 1,268 Homesites under contract as of 3/31/21 HOMESITE SALES Q1 2020 19 Q1 2021 205* *Q1 2021 – Includes 203 homesites and 2 homes 9
Slide 10: Residential Homesite Pipeline
RESIDENTIAL HOMESITE PIPELINE March 31, 2021 (a) Additional Platted or Engineering or Entitlements with Community/Project Location Under Development Permitting Concept Plan Total (b) Breakfast Point Bay County, FL — 235 1,445 1,680 College Station Bay County, FL 89 44 274 407 (c) East Lake Powell Ba
Slide 11: Growth Trajectory: Apartments and Senior Living
GROWTH TRAJECTORY Apartments and Senior Living 11
Slide 12: Apartment and Senior Living Portfolio
APARTMENT AND SENIOR LIVING PORTFOLIO March 31, 2021 Percentage Leased Units Units Units of Units Location Planned Completed Leased Completed Apartments Pier Park Crossings Bay County, FL 240 240 238 99% Pier Park Crossings Phase II Bay County, FL 120 120 115 96% (a) Watersound Origins Crossings Wal
Slide 13: Growth Trajectory: Hotel Rooms
GROWTH TRAJECTORY Hotel Rooms 13
Slide 14: Hotel Portfolio
HOTEL PORTFOLIO March 31, 2021 (a) Rooms Rooms Total Location Completed Planned Rooms Operational WaterColor Inn Walton County, FL 60 — 60 WaterSound Inn Walton County, FL 11 — 11 (b) TownePlace Suites by Marriott Panama City Beach Pier Park Bay County, FL 124 — 124 Total operational rooms 195 — 195
Slide 15: Growth Trajectory: Club Memberships
GROWTH TRAJECTORY Club Memberships 15
Slide 16: Growth Trajectory: Commercial and Operational Square Feet
GROWTH TRAJECTORY Commercial and Operational Square Feet 16
Slide 17: Commercial and Operational Square Feet
COMMERCIAL AND OPERATIONAL SQUARE FEET March 31, 2021 Net Leases Rentable Operational Executed Total Square Square and To Be Square Location Feet Feet Constructed Feet Operational Pier Park North JV Bay County, FL 320,310 320,310 VentureCrossings Bay County, FL 303,605 303,605 Beckrich Office Park (
Slide 18: Planned New Construction Starts 2021-2022
PLANNED NEW CONSTRUCTION STARTS 2021-2022 COMMERCIAL HOSPITALITY RESIDENTIAL • South Walton Commerce Park, Phase 2 • Topsail (select service hotel) • Watersound Origins, Phase 3 (broke ground in March 2021) • Watermark Senior Living (broke ground in May 2021) • Watersound Town Center (restaurant) •
Slide 19: Starting to Scratch the Surface
STARTING TO SCRATCH THE SURFACE Majority of current revenues from approximately 2% of our land holdings 2020 Acres at Acres % Revenue Revenue % 12/31/20 * Total (Millions) Total Developed Projects 3,646 2% $143.0 89% In Transition / Development 12,101 7% $4.4 3% Not Developed - Forestry / Land 155,1
Slide 20: Surging Demand
SURGING DEMAND Discovery of Northwest Florida • More vacationers and residents from outside of traditional geographic markets • Less seasonality, more permanent residents Growth of Virtual Work Environment • Worker and entrepreneur flexibility to work and live anywhere Quality of Life and Safety • F
Slide 21: What Is Around the Corner?
WHAT IS AROUND THE CORNER? Re-Development of Latitude Margaritaville TMH/FSU College of Medicine Tyndall Air Force Base Watersound Health Care Campus • Department of Defense: “Air Force Base • Significant demand for first release of homes • Clinical, research, teaching of the Future” (lottery) • Hos
Slide 22: Doing Well by Doing Good
DOING WELL BY DOING GOOD Seeding Local Communities JOE communities, through The St. Joe Community Foundation, have donated $29 million in Northwest Florida towards education, health care, environment, arts and culture JOE has donated thousands of acres for airport, schools, hospitals, roads, boat ra
Slide 23: Why JOE?
Why JOE? Geographic Tailwind Dominant in Northwest Florida Flexible Owner-Oriented Capital • Discovery of Northwest Florida by • Strong brand; land; entitlements; Allocation Strategy more people from more diverse proven execution muscle • Share buy-backs locations • Accelerating growth • Panama City
Slide 24: Appendix
APPENDIX RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 24
Slide 25: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Cash Generated for Distribution or Investment in Additional Growth (CGFDI) “Cash Generated for Distribution or Investment in Additional Growth” (CGFDI) is a non-GAAP measure that provides insight into the cash generated by the Company, which management h
Slide 26: Land Holdings and Projects and Developments
LANDHOLDINGS LAND HOLDINGS AND PROJECTS AND DEVELOPMENTS JOE.COM 26
Slide 27: Important Notice Regarding Forward-Looking Statements
Important Notice Regarding Forward-Looking Statements Certain statements contained in this presentation, as well as other information provided from time to time by the Company or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual result