St. Joe Company (the) · NYSE:JOE
St. Joe Company (the) — The St. Joe Company — Shareholder Meeting (May 2024)
29 slides from St. Joe Company (the)'s shareholder meeting presentation, May 14, 2024
Slide 1: Annual Meeting of Shareholders
ANNUAL MEETING OF SHAREHOLDERS May 14, 2024
Slide 2: 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 • Business strategy from 2018 Annual Meeting of Shareholders (Filed on May 23, 2018) • Resorts & leisure s
Slide 3: Business Strategy 2016 - 2023
BUSINESS STRATEGY 2016 - 2023 2016 2023 Expand portfolio of income producing commercial properties • Building square feet of leasing portfolio 603,598 1,082,017 • Multi-family and senior living units 0 1,235 • Leasing revenue $9,858,000 $50,836,000 Develop residential communities with long term, sca
Slide 4: How JOE Is Positioned
HOW JOE IS POSITIONED 87% ENTITLEMENTS TO DEVELOP OVER MAJORITY OF REVENUE IS OF THE 170,000 DERIVED FROM LESS THAN 168,000 RESIDENTIAL UNITS AND OVER 2% ACRES OWNED ARE IN BAY, WALTON AND 22 MILLION OF LAND HOLDINGS SQUARE FEET OF GULF COUNTIES NON-RESIDENTIAL USES
Slide 5: Average Annual Acres Sold
AVERAGE ANNUAL ACRES SOLD 2000-2023 168,000 TOTAL ACRES OWNED BY JOE AS OF 12/31/23
Slide 6: Investment in Real Estate & Unconsolidated Joint Ventures
INVESTMENT IN REAL ESTATE & UNCONSOLIDATED JOINT VENTURES BALANCE SHEET ($ IN MILLIONS) COMPOUND ANNUAL GROWTH RATE 19% • 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 34% • 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: Scaling Efficiencies
SCALING EFFICIENCIES CORPORATE & OTHER OPERATING EXPENSES AS % OF CONSOLIDATED REVENUE
Slide 9: EBITDA
EBITDA ($ IN MILLIONS) COMPOUND ANNUAL GROWTH RATE 30% • Growth Rate calculated using Compound Annual Growth Rate formula • See Appendix “Reconciliation of Non-GAAP Financial Measures”
Slide 10: Project-Level Debt Only
PROJECT-LEVEL DEBT ONLY DEBT IS 66% 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 5.3% 17.0 as of March 31, 2024
Slide 11: Net Income
NET INCOME ($ IN MILLIONS) IN 2023, DEPRECIATION WAS $38.8 MILLION, WHICH IS A NON- CASH ITEM. COMPOUND ANNUAL GROWTH RATE 25% Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula
Slide 12: Earnings Per Share
EARNINGS PER SHARE IN 2023, DEPRECIATION WAS $0.66 PER SHARE, WHICH IS A NON- CASH ITEM. COMPOUND ANNUAL GROWTH RATE 30% Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula
Slide 13: Depreciation/Sustaining Capital
DEPRECIATION/SUSTAINING CAPITAL 2023 SNAPSHOT ($’s in thousands) 2023 Net Income 77,712 Depreciation/Amortization (non-cash item) 38,776 Sustaining Capital (7,982) Total 108,506 • Sustaining Capital represents Capital Expenditures for maintaining existing operating assets • Repairs and Maintenance (
Slide 14: 2023 Project Completions and Openings
2023 PROJECT COMPLETIONS AND OPENINGS RESIDENTIAL COMMERCIAL HOSPITALITY WINDMARK BEACH NORTH NORTH BAY LANDING MULTI-FAMILY CAMP CREEK INN + CLUB AMENITIES • PHASE 2 WATERSOUND WEST BAY CENTER EMBASSY SUITES SALT CREEK AT MEXICO BEACH • ELECTRIC CART COMPANY SHOWROOM • TOWNHOMES – PHASE 1 THE LODGE
Slide 15: 2024 Project Completions and Openings
2024 PROJECT COMPLETIONS AND OPENINGS RESIDENTIAL COMMERCIAL HOSPITALITY WINDMARK BEACH WATERSOUND FOUNTAINS SENIOR LIVING THE THIRD GOLF COURSE • TOWNHOMES (COMPLETE) SHARKS TOOTH CLUBHOUSE REMODEL WARD CREEK RESIDENCE INN (COMPLETE) • BREAKWATER AT WARD CREEK WATERSOUND CLUB SPORTING PRESERVE • PH
Slide 16: The Future
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 17: Commercial and Hospitality Areas of Focus
LAND HOLDINGS AND DEVELOPMENTS COMMERCIAL AND HOSPITALITY AREAS OF FOCUS
Slide 18: Watersound Town Center
LAND HOLDINGS AND DEVELOPMENTS WATERSOUND® TOWN CENTER Conceptual plans subject to change.
Slide 19: East Lake Powell
LAND HOLDINGS AND DEVELOPMENTS EAST LAKE POWELL Conceptual plans subject to change.
Slide 20: Watersound West Bay Center
LAND HOLDINGS AND DEVELOPMENTS WATERSOUND WEST BAY CENTER Conceptual plans subject to change.
Slide 21: FSU/TMH Medical Campus
LAND HOLDINGS AND DEVELOPMENTS FSU/TMH MEDICAL CAMPUS Conceptual plans subject to change.
Slide 22: Pier Park East
LAND HOLDINGS AND DEVELOPMENTS PIER PARK® EAST Conceptual plans subject to change.
Slide 23: Breakfast Point East
BREAKFAST POINT® EAST LAND HOLDINGS AND DEVELOPMENTS PUBLIX SPORTS PARK Conceptual plans subject to change.
Slide 24: South Marina Port St. Joe
POINTLAND HOLDINGS AND DEVELOPMENTS SOUTH MARINA PORT ST. JOE Conceptual plans subject to change.
Slide 25: Residential Homesite Pipeline
2024 AND BEYOND RESIDENTIAL HOMESITE PIPELINE BACKLOG AS OF MARCH 31, 2024 HOMESITES UNDER CONTRACT 1,335 2,133 3,193 16,177 HOMES UNDER CONTRACT AT LATITUDE MARGARITAVILLE WATERSOUND PLATTED OR UNDER ENGINEERING OR ADDITIONAL 562 DEVELOPMENT PERMITTING ENTITLEMENTS WITH CONCEPT PLAN ACTIVE BUILDERS
Slide 26: 2024 Unit Milestones
2024 UNIT MILESTONES LAND HOLDINGS AND DEVELOPMENTS SNAPSHOT 2024 UNIT MILESTONES STATUS HOMESITES 2,000 PER YEAR 1,704 (85%) MULTI-FAMILY AND SENIOR 2,500 1,383 (55%) see note (1) LIVING UNITS HOTEL ROOMS 1,500 1,298 (87%) see note (2) COMMERCIAL SQUARE FEET 1,800,000 1,393,315 (77%) see notes (3)
Slide 27: Latitude Margaritaville Watersound
LATITUDE MARGARITAVILLE WATERSOUND PLANNED SALES: 1,743 HOMES: MONTHLY PACE: CLOSINGS: 1,181 3,500 67 HOME WAT E R F R O N T BACKLOG: COMPLETIONS/CLOSINGS In March 2024 AMENITY 5 6 2 H O M ES OPENED: 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 $303.9M S
Slide 28: 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 29: 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