St. Joe Company (the) · NYSE:JOE
St. Joe Company (the) — The St. Joe Company — Shareholder Meeting (May 2025)
31 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, stock repurchases
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 165,000 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: Investment in Real Estate & Unconsolidated Joint Ventures
INVESTMENT IN REAL ESTATE & UNCONSOLIDATED JOINT VENTURES BALANCE SHEET ($ IN MILLIONS) COMPOUND ANNUAL GROWTH RATE 15% • Growth Rate calculated using Compound Annual Growth Rate formula • Balances at amortized cost basis as of each year end
Slide 5: Consolidated & Unconsolidated Revenue
CONSOLIDATED & UNCONSOLIDATED REVENUE ($ IN MILLIONS) COMPOUND ANNUAL GROWTH RATE 27% • 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 6: EBITDA
EBITDA ($ IN MILLIONS) COMPOUND ANNUAL GROWTH RATE 27% • Growth Rate calculated using Compound Annual Growth Rate formula • See Slide “Reconciliation of Non-GAAP Financial Measures”
Slide 7: Net Income
NET INCOME ($ IN MILLIONS) IN 2025, DEPRECIATION WAS $47.5 MILLION, WHICH IS A NON- CASH ITEM. COMPOUND ANNUAL GROWTH RATE 25% • Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula
Slide 8: Earnings Per Share
EARNINGS PER SHARE IN 2025, DEPRECIATION WAS $0.82 PER SHARE, WHICH IS A NON- CASH ITEM. COMPOUND ANNUAL GROWTH RATE 28% • Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula • Earnings Per Share attributable to the Company is presented based on the basic weighted averag
Slide 9: Growth in Depreciation
GROWTH IN DEPRECIATION NON-CASH ITEM NET INCOME IS REDUCED BY DEPRECIATION, WHICH IS A NON- CASH ITEM. COMPOUND ANNUAL GROWTH RATE 21% • Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula
Slide 10: "Free Cash Flow"
“FREE CASH FLOW” DEPRECIATION/SUSTAINING CAPITAL 2025 SNAPSHOT ($ in Thousands) 2025 Net income attributable to the Company $115,627 Depreciation, depletion and amortization $47,471 (non-cash item) Sustaining Capital $(4,314) Total $158,784 • Sustaining Capital represents Capital Expenditures for ma
Slide 11: Project-Level Debt Only
PROJECT-LEVEL DEBT ONLY AS OF MARCH 31, 2026 DEBT IS 25% 82.7% 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 4.7% 19.7
Slide 12: Capital Allocation
CAPITAL ALLOCATION JANUARY 1, 2015 – MARCH 31, 2026 $2.2 BILLION IN TOTAL CAPITAL ALLOCATION FROM JANUARY 1, 2015 TO MARCH 31, 2026
Slide 13: Stock Repurchase Year to Date
STOCK REPURCHASE YEAR TO DATE 2025 AND 2026 COMPARISON FOR THE FULL YEAR 2025, THE COMPANY REPURCHASED 798,622 SHARES FOR $40.0MM. • Shares repurchased represent only those acquired under the Company’s authorized Stock Repurchase Program • The number of shares repurchased from April 1 to May 11, 202
Slide 14: Efficient Overhead
EFFICIENT OVERHEAD CORPORATE AND OTHER OPERATING EXPENSES AS % OF CONSOLIDATED REVENUE
Slide 15: The Future: Approved Detailed Specific Area Plans
THE FUTURE LAND HOLDINGS AND DEVELOPMENTS APPROVED DETAILED SPECIFIC AREA PLANS • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions
Slide 16: DSAPs Started
LAND HOLDINGS AND DEVELOPMENTS DSAPs STARTED • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions
Slide 17: DSAPs Planned
DSAPs PLANNED LAND HOLDINGS AND DEVELOPMENTS LATE 2026/EARLY 2027 • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions
Slide 18: DSAPs Planned
DSAPs PLANNED LAND HOLDINGS AND DEVELOPMENTS MID 2027 • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions
Slide 19: DSAPs Planned
DSAPs PLANNED LAND HOLDINGS AND DEVELOPMENTS START DATE TBD • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions
Slide 20: 2026 and Beyond: Residential Homesite Pipeline
2026 AND BEYOND RESIDENTIAL HOMESITE PIPELINE BACKLOG AS OF MARCH 31, 2025 BACKLOG AS OF MARCH 31, 2026 HOMESITES UNDER CONTRACT 952 HOMESITES UNDER CONTRACT: 3,204 ACTIVE BUILDERS 237% INCREASE FROM 20 MARCH 31, 2025 ACTIVE BUILDERS: 18 • As of March 31, 2026 • Includes 1,452 homesites for Latitude
Slide 21: 2026 and Beyond: Residential Homesite Pipeline
2026 AND BEYOND RESIDENTIAL HOMESITE PIPELINE BACKLOG AS OF MARCH 31, 2025 HOMESITES UNDER CONTRACT 952 ACTIVE BUILDERS 20 • SouthWood®, SummerCamp® Beach and WindMark Beach® communities are located in Leon, Franklin or Gulf counties respectively and not shown on this map • Subject to change
Slide 22: 2026 and Beyond: Commercial Leasing Pipeline
2026 AND BEYOND LAND HOLDINGS AND DEVELOPMENTS COMMERCIAL LEASING PIPELINE AS OF MARCH 31, 2026 EXECUTED LEASES: ~250 96% LEASED Subject to change
Slide 23: 2026 and Beyond: Commercial Leasing Pipeline
2026 AND BEYOND LAND HOLDINGS AND DEVELOPMENTS COMMERCIAL LEASING PIPELINE • Subject to change • Map does not depict all commercial leasing space
Slide 24: Watersound Town Center
2026 AND BEYOND LAND HOLDINGS AND DEVELOPMENTS WATERSOUND TOWN CENTER Subject to change
Slide 25: Watersound West Bay Center
2026 AND BEYOND LAND HOLDINGS AND DEVELOPMENTS WATERSOUND WEST BAY CENTER Subject to change
Slide 26: Latitude Joint Venture Cash Flow
LATITUDE JOINT VENTURE CASH FLOW AS OF MARCH 31, 2026 Joint Venture Initial Capital Contribution Earnings* 2,273 homes JOE $11.7 Million closed or 61% of $92.1 Million 3,700 homes Minto $11.7 Million $92.1 Million $23.4 Million $184.2 Million *not all earnings have been disbursed Develops infrastruc
Slide 27: Latitude Drives Value
LATITUDE DRIVES VALUE BEYOND JOINT VENTURE CASH FLOWS Joint Venture
Slide 28: JOE's Virtuous Circle
JOE’S VIRTUOUS CIRCLE VALUE CREATION
Slide 29: 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 the operating p
Slide 30: 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
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