St. Joe Company (the) · NYSE:JOE
St. Joe Company (the) — The St. Joe Company — Shareholder Meeting (May 2023)
20 slides from St. Joe Company (the)'s shareholder meeting presentation, May 16, 2023
Slide 1: Annual Meeting of Shareholders
ANNUAL MEETING OF SHAREHOLDERS May 16, 2023
Slide 2: Starts with Florida
STARTS WITH FLORIDA NEW FLORIDA ESTIMATES SHOW NATION’S THIRD- DESTINATION FLORIDA: IRS DATA SAYS IT'S A LARGEST STATE REACHING HISTORIC MILESTONE TOP CHOICE OF AMERICANS ON THE MOVE New federal data says Florida is one of the most desired destinations “After decades of rapid population increase, Fl
Slide 3: Where the Puck Is Going in Florida
WHERE THE PUCK IS GOING IN FLORIDA POPULATION PERCENT CHANGE COUNTY CHANGE RANK__ “I skate to where Walton 10.6% #3 the puck is going to be, not where Gulf 7.8% #12 it has been.” Bay 5.7% #19____ - Wayne Gretzky Florida Average 3.3% 67 counties Source: US Census, Quick Facts, Population, Percent Cha
Slide 4: How JOE Is Positioned
HOW JOE IS POSITIONED ENTITLEMENTS TO 86% DEVELOP OVER MAJORITY OF REVENUE IS 170,000 DERIVED FROM LESS THAN 2% OF THE 169,000 RESIDENTIAL UNITS AND OVER ACRES OWNED ARE IN 20 MILLION OF LAND HOLDINGS WALTON, GULF, AND SQUARE FEET OF NON-RESIDENTIAL USES BAY COUNTY 3
Slide 5: Business Strategy
BUSINESS STRATEGY Expand portfolio of income producing commercial properties Develop residential communities with long term, scalable and repeatable revenue Grow resorts & leisure segment Work collaboratively with public and private partners on strategic infrastructure Joint venture with best of cla
Slide 6: Build Value for Owners
BUILD VALUE FOR OWNERS BOLT-ON DEVELOP ASSETS SEED GROWTH ACT LIKE OWNERS ACQUISITIONS Low Cost Every Action Seeds Opportunistic Excess Capital Future Actions Acquisitions Distributed via Stock Recurring Revenue Buybacks 21st Century Expand Core Areas World Class Education, Jobs, Repurchased 29.5% o
Slide 7: Investment in Real Estate & Unconsolidated Joint Ventures
INVESTMENT IN REAL ESTATE & UNCONSOLIDATED JOINT VENTURES BALANCE SHEET ($ IN MILLIONS) AVERAGE ANNUAL GROWTH RATE 22% • Average Annual Growth Rate calculated using Compound Annual Growth Rate formula • Balances at amortized cost basis as of each year end 6
Slide 8: Consolidated & Unconsolidated Revenue
CONSOLIDATED & UNCONSOLIDATED REVENUE ($ IN MILLIONS) AVERAGE ANNUAL GROWTH RATE 28% • Average Annual Growth Rate calculated using Compound Annual Growth Rate formula • Includes total revenue of each unconsolidated entity 7 • Revenue of unconsolidated entities is not included in St. Joe’s revenue
Slide 9: Scaling Efficiencies
SCALING EFFICIENCIES CORPORATE & OTHER OPERATING EXPENSES AS % OF REVENUE 8
Slide 10: EBITDA
EBITDA ($ IN MILLIONS) AVERAGE ANNUAL GROWTH RATE 30% • Average Annual Growth Rate calculated using Compound Annual Growth Rate formula • See Appendix “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation 9
Slide 11: Project-Level Debt Only
PROJECT-LEVEL DEBT ONLY DEBT IS 70% 29% 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 5.0% 17.8 10 as of March 31, 2023
Slide 12: Net Income
NET INCOME ($ IN MILLIONS) AVERAGE ANNUAL GROWTH RATE 28% Average Annual Growth Rate calculated using Compound Annual Growth Rate formula 11
Slide 13: $610 Million Returned to Shareholders
$610 MILLION RETURNED TO SHAREHOLDERS 37% OF SHARES BOUGHT BACK 2015 - 2022 $17.92 Average Buy-Back Price 12
Slide 14: Earnings Per Share
EARNINGS PER SHARE AVERAGE ANNUAL GROWTH RATE 33% Average Annual Growth Rate calculated using Compound Annual Growth Rate formula 13
Slide 15: New Operating Properties Planned in 2023
NEW OPERATING PROPERTIES PLANNED IN 2023 HOTELS MULTI-FAMILY & COMMERCIAL & SENIOR LIVING CLUBS MEXICO BEACH CROSSINGS 216 UNITS WATERSOUND TOWN CENTER THE LODGE 30A 85 ROOMS APARTMENTS WATERSOUND FOUNTAINS 148 UNITS WATERSOUND WEST BAY CENTER EMBASSY SUITES 255 ROOMS SENIOR LIVING NORTH BAY LANDING
Slide 16: 2023 and Beyond: Residential Homesite Pipeline
2023 AND BEYOND RESIDENTIAL HOMESITE PIPELINE BACKLOG AS OF MARCH 31, 2023 1,915 2,556 3,530 17,041 HOMESITES UNDER CONTRACT HOMES UNDER CONTRACT AT LATITUDE MARGARITAVILLE WATERSOUND 679 PLATTED OR UNDER ENGINEERING OR ADDITIONAL DEVELOPMENT PERMITTING ENTITLEMENTS WITH CONCEPT PLAN ACTIVE BUILDERS
Slide 17: Latitude Margaritaville Watersound
LATITUDE MARGARITAVILLE WATERSOUND PLANNED SALES: 1,191 HOMES: MONTHLY PACE: CLOSINGS: 512 3,500 74 HOME WAT E R F R O N T BACKLOG: COMPLETIONS/CLOSINGS In March 2023 AMENITY 6 7 9 H O M ES OPENING: SALES CENTER JUNE 2023 OPENED: E S T I M AT E D T O G E N E R AT E TOTA L H O M E MAY 2021 $337.8M S
Slide 18: Map of Land Holdings and Projects and Developments
MAP OF LAND LAND HOLDINGS HOLDINGS AND PROJECTS AND DEVELOPMENTS WALTON, BAY, AND GULF COUNTIES 17
Slide 19: 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
Slide 20: Important Notice Regarding Forward-Looking Statements
© The St. Joe Company 2023. 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, in