Highlights for the fourth quarter of 2025 as compared to the fourth quarter of 2024:
Quarterly net income attributable to the Company increased by 58% to $29.9 million, or $0.52 per share, from $18.9 million, or $0.32 per share.
Total quarterly revenue increased by 24% to $128.9 million from $104.3 million.
Real estate revenue increased by 47% to $68.2 million from $46.5 million.
Hospitality revenue increased by 10% to a fourth quarter record of $46.5 million from $42.2 million.
In the fourth quarter of 2025, the Company funded $18.5 million in capital expenditures, paid $9.2 million in cash dividends, repurchased $15.1 million of the Company's common stock and repaid a net amount of $8.0 million of debt.
Highlights for the full year 2025 as compared to the full year 2024:
Net income attributable to the Company increased by 56% to $115.6 million, or $2.00 per share, from $74.2 million, or $1.27 per share.
Total revenue increased by 27% to $513.2 million from $402.7 million. Real estate revenue increased by 64% to $234.2 million. Hospitality revenue increased by 8% to a Company record of $215.4 million. Leasing revenue increased by 5% to a Company record of $63.6 million.
In 2025, the Company funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of the Company's common stock and repaid a net amount of $46.6 million of debt.
Cash and cash equivalents balance increased by $40.8 million to $129.6 million as of December 31, 2025, as compared to $88.8 million as of December 31, 2024.
PANAMA CITY BEACH, Fla.--(BUSINESS WIRE)--Feb. 25, 2026-- The St. Joe Company (NYSE: JOE) (the “Company,” “We,” or “Our”) today reports fourth quarter and full year 2025 results.
Jorge Gonzalez, the Company’s President, Chief Executive Officer and Chairman of the Board, said, “We completed a strong year with 58% growth in net income and 24% growth in revenue in the fourth quarter compared to the same period in 2024. For the full year 2025, revenue exceeded $500 million totaling $513.2 million, an increase of 27% over a strong 2024. Each of the Company’s operating segments continued to reflect organic growth in revenue. For the full year 2025, residential real estate revenue increased 41% to $165.0 million from $116.8 million in 2024. The average base sales price per homesite increased from $108,000 in 2024 to $137,000 per homesite in 2025 while the gross margin on homesite sales increased from 47% to 51%. For the full year 2025, hospitality revenue increased to a Company record of $215.4 million while leasing revenue increased to a Company record of $63.6 million.”
Mr. Gonzalez continued, “We are not just a ‘land bank’ company. In addition to having the unique competitive advantage of owning 165,000 acres of land in a fast-growing area of Florida, we have demonstrated the ability to execute by consistently growing revenue and profitability in an efficient and thoughtful manner. As we have been growing revenue and profitability, we have simultaneously increased the value of the underlying land assets in what we like to call the virtuous circle of value creation in which an investment in one segment benefits other segments. With our vast land ownership, we already own the ‘raw material’, which combined with our proven ability to execute, positions St. Joe for multi-generational growth.”
Mr. Gonzalez added, “Our capital allocation strategy is measured and multi-faceted. During 2025, 33% of our capital allocation was for distributions to shareholders through dividends and share repurchases, 47% was for capital expenditures, primarily for growth, and the remaining 20% was for debt repayment. In 2025, we funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of our common stock, and repaid a net amount of $46.6 million of debt. We accelerated stock repurchases during the year, bringing the aggregate amount of stock repurchases in 2025 to 798,622 shares, as compared to 70,985 shares repurchased in 2024. Since 2015, the Company has used $653.6 million to repurchase 34.9 million shares of the Company’s stock, representing 37.8% of the original shares, bringing the outstanding share balance to below 58.0 million. The specifics of our capital allocation strategy may vary from quarter to quarter depending on various factors so it should be evaluated over a longer period, rather than on a quarterly basis.”
Mr. Gonzalez concluded, “As we discussed before, we are excited about the new daily non-stop flights between Northwest Florida Beaches International Airport (ECP) and LaGuardia Airport (LGA) in New York City. New York is the largest metropolitan statistical area (‘MSA’) in the country with a population of approximately 20 million people. We are poised to leverage this new opportunity by promoting the quality of the Watersound lifestyle to this large population base, including the launch of a new media campaign in the New York market. A sample of the ‘NoFlo is New York’s Hottest Neighborhood’ campaign can be viewed at NoFlo is New York's Hottest New Neighborhood. With this new flight schedule, ECP has non-stop flights between seven of the ten largest MSAs in the country, which is impactful in that it continues to increase convenient access to our region. In fact, the ECP passenger traffic has continued to increase in recent years, with 2025 setting an all-time record of 1,937,224 passengers. As access continues to improve and our area continues to be discovered by more people from wider range of locations, we are cautiously optimistic that these factors will have a positive impact to our segments in 2026 and beyond.”
Consolidated Fourth Quarter and Full Year 2025 Results
Total consolidated revenue for the fourth quarter of 2025 increased by 24% to $128.9 million, as compared to $104.3 million for the fourth quarter of 2024. During the fourth quarter of 2025, real estate revenue increased by 47% to $68.2 million, hospitality revenue increased by 10% to a fourth quarter record of $46.5 million, while leasing revenue decreased by 9% to $14.2 million. The decrease in leasing revenue is due to the sale of the Watercrest joint venture senior living property in September 2025.
For the full year 2025, total consolidated revenue increased by 27% to $513.2 million, as compared to $402.7 million for the full year 2024. During 2025, real estate revenue increased by 64% to $234.2 million, hospitality revenue increased by 8% to a Company record of $215.4 million and leasing revenue increased by 5% to a Company record of $63.6 million.
The Company has entered into joint ventures which are unconsolidated and accounted for using the equity method. For the three months ended December 31, 2025, these unconsolidated joint ventures had $75.2 million of revenue, as compared to $79.1 million for the same period in 2024. For the full year 2025, these unconsolidated joint ventures had $345.3 million of revenue, as compared to $378.2 million for the full year 2024. This activity is in addition to the Company’s reported consolidated revenue. The Company’s economic interests in its unconsolidated joint ventures resulted in $25.6 million in equity in income from unconsolidated joint ventures in 2025, as compared to $23.6 million in 2024. Although these business ventures are not included as revenue in the Company’s financial statements, they are part of the core business strategy which generates substantial financial returns for the Company.
Net income attributable to the Company for the fourth quarter of 2025 increased by 58% to $29.9 million, or $0.52 per share, as compared to net income of $18.9 million, or $0.32 per share, for the same period in 2024. Net income attributable to the Company for the full year 2025 increased by 56% to $115.6 million, or $2.00 per share, as compared to net income of $74.2 million, or $1.27 per share, in 2024.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, for the three months ended December 31, 2025, increased by 30% to $55.1 million, as compared to $42.5 million for the same period in 2024. EBITDA for the full year 2025 increased by 32% to $219.6 million as compared to $166.7 million for the full year 2024. Depreciation is a non-cash, GAAP expense which is amortized over an asset’s useful life, while maintenance and repair expenses are period costs and expensed as incurred. See Financial Data below for additional information, including a reconciliation of EBITDA to net income attributable to the Company.
Dividends
On February 25, 2026, the Board of Directors declared a cash dividend of $0.16 per share on the Company’s common stock, payable on March 26, 2026, to shareholders of record as of the close of business on March 9, 2026.
Real Estate
For the fourth quarter of 2025, total real estate revenue increased by 47% to $68.2 million, as compared to $46.5 million for the fourth quarter of 2024. The residential real estate volume totaled 248 residential homesites, six townhomes in the Watersound Villas on the Fairway community and one completed home, in the fourth quarter of 2025, as compared to 331 residential homesites in the fourth quarter of 2024. For the fourth quarter of 2025, there were five commercial and forestry real estate sales totaling $6.5 million, as compared to five commercial and forestry real estate sales totaling $8.6 million for the fourth quarter of 2024. In addition, the unconsolidated Latitude Margaritaville Watersound joint venture transacted 116 homes in the fourth quarter of 2025, as compared to 130 homes in the fourth quarter of 2024.
For the full year 2025, total real estate revenue increased by 64% to $234.2 million, as compared to $143.2 million for the full year 2024. The Company sold 911 residential homesites at an average base price of approximately $137,000 and gross margin of 51%, 24 townhomes in the Watersound Villas on the Fairway community, and one completed home, for the full year 2025, as compared to 912 residential homesites at an average base price of approximately $108,000 and gross margin of 47%, for the full year 2024. The differences in the average sales price, number of homesite closings and gross margin period-over-period were primarily due to the mix of sales in different communities.
For the full year 2025, there were 16 commercial, hospitality and forestry real estate sales totaling $57.1 million, as compared to 11 commercial and forestry real estate sales totaling $18.0 million for the full year 2024. The 2025 commercial real estate revenue included the sale of the Watercrest joint venture senior living community property for $41.0 million.
In 2025, the Company placed 1,829 homesites under contract. As of December 31, 2025, the Company had 1,992 residential homesites under contract, which are expected to result in revenue of approximately $143.5 million, plus residuals, over the next several years, as compared to 1,074 residential homesites under contract for $102.0 million, plus residuals, as of December 31, 2024. The change in homesites under contract is due to homesite transactions since the end of the prior period, new contracts, including a long-term contract totaling approximately 650 undeveloped homesites within the SouthWood community, and the amount of remaining homesites in the current phases of the residential communities. The Company’s residential homesite pipeline has approximately 23,900 homesites in various stages of development, engineering, permitting or concept planning, an increase of approximately 2,200 homesites from December 31, 2024.
In December 2025, the Company sold approximately 34 acres of land to the Latitude Margaritaville Watersound unconsolidated joint venture. The community, initially planned for 3,500 residential homes, is now expected to increase to approximately 3,700 homes. The Latitude Margaritaville Watersound unconsolidated joint venture had 60 net sale contracts executed in the fourth quarter of 2025. Since the start of sales in 2021, there have been 2,339 home contracts. For the fourth quarter of 2025, there were 116 completed home sales, bringing the community to 2,190 occupied homes. For the full year 2025, the Latitude Margaritaville Watersound completed 527 home sales at an average price of approximately $594,000 resulting in equity in income from the joint venture of $32.2 million to the Company, as compared to 659 homes at an average price of approximately $527,000 resulting in equity in income from the joint venture of $29.3 million for the full year 2024. There were 149 homes under contract as of December 31, 2025, with an average sales price of approximately $596,000, which are expected to result in sales value of approximately $88.8 million at completion to the joint venture.
Hospitality
Hospitality revenue increased by 10% to a fourth quarter record of $46.5 million in 2025, as compared to $42.2 million in the fourth quarter of 2024. For the full year 2025, hospitality revenue increased by 8% to a Company record of $215.4 million, as compared to $199.2 million for the full year 2024.
Hospitality revenue continues to benefit from the growth of the Watersound Club membership program and hotel operations. For the full year 2025, the Watersound Club revenue (including Camp Creek Inn operations) increased by 13% to $91.5 million while hotel revenue increased by 4% to $110.3 million, as compared to 2024. As of December 31, 2025, the Company had 3,594 club members, as compared to 3,476 club members as of December 31, 2024, a net increase of 118 members. As of December 31, 2025, the Company owned (individually by the Company or through consolidated and unconsolidated joint ventures) 12 hotels with 1,298 operational hotel rooms.
Leasing
Leasing revenue from commercial, office, retail, multi-family, senior living, self-storage and other properties decreased by 9% to $14.2 million for the fourth quarter of 2025, as compared to $15.6 million for the same period in 2024. The decrease in leasing revenue is due to the sale of the Watercrest joint venture senior living property in September 2025. For the full year 2025, leasing revenue increased by 5% to a Company record of $63.6 million, as compared to $60.3 million in 2024.
Leasable space as of December 31, 2025, consisted of approximately 1,174,000 square feet, of which approximately 1,133,000, or 96% was leased, with rent collection rate in excess of 99%, as compared to approximately 1,182,000 square feet as of December 31, 2024, of which approximately 1,126,000, or 95%, was leased. The small decrease in leasable square feet is due to an increase in internal Company use of space for the new Watersound Real Estate Brokerage business that launched in the second quarter of 2025. As of December 31, 2025, the Company had an additional 94,500 square feet of leasable space under construction of which approximately 72,100, or 76%, was pre-leased. The Company is focused on commercial leasing space at the Watersound Town Center, Watersound West Bay Center and the FSU/TMH Medical Campus. These three centers, and others in the planning stage, have the potential to more than double the Company’s total current leasable commercial space.
Corporate and Other Operating Expenses
The Company’s corporate and other operating expenses for the three months ended December 31, 2025, increased by $1.1 million to $7.4 million, as compared to $6.3 million for the same period in 2024. The Company’s corporate and other operating expenses for the full year 2025 increased by $2.1 million to $27.3 million, as compared to $25.2 million in 2024. Corporate and other operating expenses were approximately 5% of revenue for the full year 2025, as compared to approximately 6% of revenue in 2024.
Investments, Liquidity and Debt
In the fourth quarter of 2025, the Company funded $18.5 million in capital expenditures, paid $9.2 million in cash dividends, repurchased $15.1 million of the Company’s common stock, and repaid a net amount of $8.0 million of debt. For the full year 2025, the Company funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of the Company’s common stock and repaid a net amount of $46.6 million of debt. The 2025 capital allocation represented 47% to capital expenditures, 33% to shareholders through dividends and stock repurchases and 20% to debt repayment. As of December 31, 2025, the Company had $129.6 million in cash, cash equivalents and other liquid investments, as compared to $88.8 million as of December 31, 2024. As of December 31, 2025, the Company had $257.1 million invested in development property, which, when complete, will be added to operating property or sold.
As of December 31, 2025, the weighted average effective interest rate of outstanding debt was 4.8% with an average remaining life of 19.6 years. As of December 31, 2025, 81% of the Company’s outstanding debt had a fixed or swapped interest rate while the remaining 19% of debt has interest rates that vary with SOFR.
Quarterly net income attributable to the Company increased by 58% to $29.9 million, or $0.52 per share, from $18.9 million, or $0.32 per share.
Total quarterly revenue increased by 24% to $128.9 million from $104.3 million.
Real estate revenue increased by 47% to $68.2 million from $46.5 million.
Hospitality revenue increased by 10% to a fourth quarter record of $46.5 million from $42.2 million.
In the fourth quarter of 2025, the Company funded $18.5 million in capital expenditures, paid $9.2 million in cash dividends, repurchased $15.1 million of the Company's common stock and repaid a net amount of $8.0 million of debt.
Highlights for the full year 2025 as compared to the full year 2024:
Net income attributable to the Company increased by 56% to $115.6 million, or $2.00 per share, from $74.2 million, or $1.27 per share.
Total revenue increased by 27% to $513.2 million from $402.7 million. Real estate revenue increased by 64% to $234.2 million. Hospitality revenue increased by 8% to a Company record of $215.4 million. Leasing revenue increased by 5% to a Company record of $63.6 million.
In 2025, the Company funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of the Company's common stock and repaid a net amount of $46.6 million of debt.
Cash and cash equivalents balance increased by $40.8 million to $129.6 million as of December 31, 2025, as compared to $88.8 million as of December 31, 2024.
PANAMA CITY BEACH, Fla.--(BUSINESS WIRE)--Feb. 25, 2026-- The St. Joe Company (NYSE: JOE) (the “Company,” “We,” or “Our”) today reports fourth quarter and full year 2025 results.
Jorge Gonzalez, the Company’s President, Chief Executive Officer and Chairman of the Board, said, “We completed a strong year with 58% growth in net income and 24% growth in revenue in the fourth quarter compared to the same period in 2024. For the full year 2025, revenue exceeded $500 million totaling $513.2 million, an increase of 27% over a strong 2024. Each of the Company’s operating segments continued to reflect organic growth in revenue. For the full year 2025, residential real estate revenue increased 41% to $165.0 million from $116.8 million in 2024. The average base sales price per homesite increased from $108,000 in 2024 to $137,000 per homesite in 2025 while the gross margin on homesite sales increased from 47% to 51%. For the full year 2025, hospitality revenue increased to a Company record of $215.4 million while leasing revenue increased to a Company record of $63.6 million.”
Mr. Gonzalez continued, “We are not just a ‘land bank’ company. In addition to having the unique competitive advantage of owning 165,000 acres of land in a fast-growing area of Florida, we have demonstrated the ability to execute by consistently growing revenue and profitability in an efficient and thoughtful manner. As we have been growing revenue and profitability, we have simultaneously increased the value of the underlying land assets in what we like to call the virtuous circle of value creation in which an investment in one segment benefits other segments. With our vast land ownership, we already own the ‘raw material’, which combined with our proven ability to execute, positions St. Joe for multi-generational growth.”
Mr. Gonzalez added, “Our capital allocation strategy is measured and multi-faceted. During 2025, 33% of our capital allocation was for distributions to shareholders through dividends and share repurchases, 47% was for capital expenditures, primarily for growth, and the remaining 20% was for debt repayment. In 2025, we funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of our common stock, and repaid a net amount of $46.6 million of debt. We accelerated stock repurchases during the year, bringing the aggregate amount of stock repurchases in 2025 to 798,622 shares, as compared to 70,985 shares repurchased in 2024. Since 2015, the Company has used $653.6 million to repurchase 34.9 million shares of the Company’s stock, representing 37.8% of the original shares, bringing the outstanding share balance to below 58.0 million. The specifics of our capital allocation strategy may vary from quarter to quarter depending on various factors so it should be evaluated over a longer period, rather than on a quarterly basis.”
Mr. Gonzalez concluded, “As we discussed before, we are excited about the new daily non-stop flights between Northwest Florida Beaches International Airport (ECP) and LaGuardia Airport (LGA) in New York City. New York is the largest metropolitan statistical area (‘MSA’) in the country with a population of approximately 20 million people. We are poised to leverage this new opportunity by promoting the quality of the Watersound lifestyle to this large population base, including the launch of a new media campaign in the New York market. A sample of the ‘NoFlo is New York’s Hottest Neighborhood’ campaign can be viewed at NoFlo is New York's Hottest New Neighborhood. With this new flight schedule, ECP has non-stop flights between seven of the ten largest MSAs in the country, which is impactful in that it continues to increase convenient access to our region. In fact, the ECP passenger traffic has continued to increase in recent years, with 2025 setting an all-time record of 1,937,224 passengers. As access continues to improve and our area continues to be discovered by more people from wider range of locations, we are cautiously optimistic that these factors will have a positive impact to our segments in 2026 and beyond.”
Consolidated Fourth Quarter and Full Year 2025 Results
Total consolidated revenue for the fourth quarter of 2025 increased by 24% to $128.9 million, as compared to $104.3 million for the fourth quarter of 2024. During the fourth quarter of 2025, real estate revenue increased by 47% to $68.2 million, hospitality revenue increased by 10% to a fourth quarter record of $46.5 million, while leasing revenue decreased by 9% to $14.2 million. The decrease in leasing revenue is due to the sale of the Watercrest joint venture senior living property in September 2025.
For the full year 2025, total consolidated revenue increased by 27% to $513.2 million, as compared to $402.7 million for the full year 2024. During 2025, real estate revenue increased by 64% to $234.2 million, hospitality revenue increased by 8% to a Company record of $215.4 million and leasing revenue increased by 5% to a Company record of $63.6 million.
The Company has entered into joint ventures which are unconsolidated and accounted for using the equity method. For the three months ended December 31, 2025, these unconsolidated joint ventures had $75.2 million of revenue, as compared to $79.1 million for the same period in 2024. For the full year 2025, these unconsolidated joint ventures had $345.3 million of revenue, as compared to $378.2 million for the full year 2024. This activity is in addition to the Company’s reported consolidated revenue. The Company’s economic interests in its unconsolidated joint ventures resulted in $25.6 million in equity in income from unconsolidated joint ventures in 2025, as compared to $23.6 million in 2024. Although these business ventures are not included as revenue in the Company’s financial statements, they are part of the core business strategy which generates substantial financial returns for the Company.
Net income attributable to the Company for the fourth quarter of 2025 increased by 58% to $29.9 million, or $0.52 per share, as compared to net income of $18.9 million, or $0.32 per share, for the same period in 2024. Net income attributable to the Company for the full year 2025 increased by 56% to $115.6 million, or $2.00 per share, as compared to net income of $74.2 million, or $1.27 per share, in 2024.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, for the three months ended December 31, 2025, increased by 30% to $55.1 million, as compared to $42.5 million for the same period in 2024. EBITDA for the full year 2025 increased by 32% to $219.6 million as compared to $166.7 million for the full year 2024. Depreciation is a non-cash, GAAP expense which is amortized over an asset’s useful life, while maintenance and repair expenses are period costs and expensed as incurred. See Financial Data below for additional information, including a reconciliation of EBITDA to net income attributable to the Company.
Dividends
On February 25, 2026, the Board of Directors declared a cash dividend of $0.16 per share on the Company’s common stock, payable on March 26, 2026, to shareholders of record as of the close of business on March 9, 2026.
Real Estate
For the fourth quarter of 2025, total real estate revenue increased by 47% to $68.2 million, as compared to $46.5 million for the fourth quarter of 2024. The residential real estate volume totaled 248 residential homesites, six townhomes in the Watersound Villas on the Fairway community and one completed home, in the fourth quarter of 2025, as compared to 331 residential homesites in the fourth quarter of 2024. For the fourth quarter of 2025, there were five commercial and forestry real estate sales totaling $6.5 million, as compared to five commercial and forestry real estate sales totaling $8.6 million for the fourth quarter of 2024. In addition, the unconsolidated Latitude Margaritaville Watersound joint venture transacted 116 homes in the fourth quarter of 2025, as compared to 130 homes in the fourth quarter of 2024.
For the full year 2025, total real estate revenue increased by 64% to $234.2 million, as compared to $143.2 million for the full year 2024. The Company sold 911 residential homesites at an average base price of approximately $137,000 and gross margin of 51%, 24 townhomes in the Watersound Villas on the Fairway community, and one completed home, for the full year 2025, as compared to 912 residential homesites at an average base price of approximately $108,000 and gross margin of 47%, for the full year 2024. The differences in the average sales price, number of homesite closings and gross margin period-over-period were primarily due to the mix of sales in different communities.
For the full year 2025, there were 16 commercial, hospitality and forestry real estate sales totaling $57.1 million, as compared to 11 commercial and forestry real estate sales totaling $18.0 million for the full year 2024. The 2025 commercial real estate revenue included the sale of the Watercrest joint venture senior living community property for $41.0 million.
In 2025, the Company placed 1,829 homesites under contract. As of December 31, 2025, the Company had 1,992 residential homesites under contract, which are expected to result in revenue of approximately $143.5 million, plus residuals, over the next several years, as compared to 1,074 residential homesites under contract for $102.0 million, plus residuals, as of December 31, 2024. The change in homesites under contract is due to homesite transactions since the end of the prior period, new contracts, including a long-term contract totaling approximately 650 undeveloped homesites within the SouthWood community, and the amount of remaining homesites in the current phases of the residential communities. The Company’s residential homesite pipeline has approximately 23,900 homesites in various stages of development, engineering, permitting or concept planning, an increase of approximately 2,200 homesites from December 31, 2024.
In December 2025, the Company sold approximately 34 acres of land to the Latitude Margaritaville Watersound unconsolidated joint venture. The community, initially planned for 3,500 residential homes, is now expected to increase to approximately 3,700 homes. The Latitude Margaritaville Watersound unconsolidated joint venture had 60 net sale contracts executed in the fourth quarter of 2025. Since the start of sales in 2021, there have been 2,339 home contracts. For the fourth quarter of 2025, there were 116 completed home sales, bringing the community to 2,190 occupied homes. For the full year 2025, the Latitude Margaritaville Watersound completed 527 home sales at an average price of approximately $594,000 resulting in equity in income from the joint venture of $32.2 million to the Company, as compared to 659 homes at an average price of approximately $527,000 resulting in equity in income from the joint venture of $29.3 million for the full year 2024. There were 149 homes under contract as of December 31, 2025, with an average sales price of approximately $596,000, which are expected to result in sales value of approximately $88.8 million at completion to the joint venture.
Hospitality
Hospitality revenue increased by 10% to a fourth quarter record of $46.5 million in 2025, as compared to $42.2 million in the fourth quarter of 2024. For the full year 2025, hospitality revenue increased by 8% to a Company record of $215.4 million, as compared to $199.2 million for the full year 2024.
Hospitality revenue continues to benefit from the growth of the Watersound Club membership program and hotel operations. For the full year 2025, the Watersound Club revenue (including Camp Creek Inn operations) increased by 13% to $91.5 million while hotel revenue increased by 4% to $110.3 million, as compared to 2024. As of December 31, 2025, the Company had 3,594 club members, as compared to 3,476 club members as of December 31, 2024, a net increase of 118 members. As of December 31, 2025, the Company owned (individually by the Company or through consolidated and unconsolidated joint ventures) 12 hotels with 1,298 operational hotel rooms.
Leasing
Leasing revenue from commercial, office, retail, multi-family, senior living, self-storage and other properties decreased by 9% to $14.2 million for the fourth quarter of 2025, as compared to $15.6 million for the same period in 2024. The decrease in leasing revenue is due to the sale of the Watercrest joint venture senior living property in September 2025. For the full year 2025, leasing revenue increased by 5% to a Company record of $63.6 million, as compared to $60.3 million in 2024.
Leasable space as of December 31, 2025, consisted of approximately 1,174,000 square feet, of which approximately 1,133,000, or 96% was leased, with rent collection rate in excess of 99%, as compared to approximately 1,182,000 square feet as of December 31, 2024, of which approximately 1,126,000, or 95%, was leased. The small decrease in leasable square feet is due to an increase in internal Company use of space for the new Watersound Real Estate Brokerage business that launched in the second quarter of 2025. As of December 31, 2025, the Company had an additional 94,500 square feet of leasable space under construction of which approximately 72,100, or 76%, was pre-leased. The Company is focused on commercial leasing space at the Watersound Town Center, Watersound West Bay Center and the FSU/TMH Medical Campus. These three centers, and others in the planning stage, have the potential to more than double the Company’s total current leasable commercial space.
Corporate and Other Operating Expenses
The Company’s corporate and other operating expenses for the three months ended December 31, 2025, increased by $1.1 million to $7.4 million, as compared to $6.3 million for the same period in 2024. The Company’s corporate and other operating expenses for the full year 2025 increased by $2.1 million to $27.3 million, as compared to $25.2 million in 2024. Corporate and other operating expenses were approximately 5% of revenue for the full year 2025, as compared to approximately 6% of revenue in 2024.
Investments, Liquidity and Debt
In the fourth quarter of 2025, the Company funded $18.5 million in capital expenditures, paid $9.2 million in cash dividends, repurchased $15.1 million of the Company’s common stock, and repaid a net amount of $8.0 million of debt. For the full year 2025, the Company funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of the Company’s common stock and repaid a net amount of $46.6 million of debt. The 2025 capital allocation represented 47% to capital expenditures, 33% to shareholders through dividends and stock repurchases and 20% to debt repayment. As of December 31, 2025, the Company had $129.6 million in cash, cash equivalents and other liquid investments, as compared to $88.8 million as of December 31, 2024. As of December 31, 2025, the Company had $257.1 million invested in development property, which, when complete, will be added to operating property or sold.
As of December 31, 2025, the weighted average effective interest rate of outstanding debt was 4.8% with an average remaining life of 19.6 years. As of December 31, 2025, 81% of the Company’s outstanding debt had a fixed or swapped interest rate while the remaining 19% of debt has interest rates that vary with SOFR.
