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Kurt

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Oct 15, 2004
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mooncreek.com
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The St. Joe Company Reports Fourth Quarter and Full Year 2019 Results | The St. Joe Company


The St. Joe Company (NYSE: JOE) (the “Company”) today announced revenue for the fourth quarter of 2019 increased to $42.6 million as compared to $16.3 million for the fourth quarter of 2018. Net income and earnings per share increased to $8.7 million, or $0.15 per share, compared with net loss of ($0.1) million, or ($0.00) per share, for the same period in 2018. Operating income for the fourth quarter of 2019 improved by approximately $16.5 million.

Revenue for the full year 2019 increased to $127.1 million as compared to $110.3 million in 2018. The 2018 results included $23.1 million in revenue and pre-tax benefit from a one-time impact fees receipt related to the Company’s 2014 RiverTown transaction. For the full year ended December 31, 2019, the Company reported net income of $26.8 million, or $0.45 per share, compared to net income of $32.4 million, or $0.52 per share, for the full year ended December 31, 2018.

Jorge Gonzalez, the Company’s President and Chief Executive Officer, said: “In 2019, we increased revenues, margins, and operating income while simultaneously commencing development or construction of 27 new projects for future revenue growth and bottom line performance. We sold 379 homesites, which was the highest in 13 years, and rented 216 new apartment units immediately after completion. We have 930 homesites under contract and we anticipate commencing sales in five new residential communities in 2020 – from east Bay County to Walton County’s 30A with the much anticipated Camp Creek residential community and a new residential phase at WaterColor in more than a decade. Currently, we have an additional 768 apartment or assisted living units, 597 hotel rooms, and over 130,000 square feet of commercial and hospitality spaces under construction to meet demand. We are also excited about the “lift off” of The Clubs by JOE, breaking ground on a community planned for 3,500 homes at Latitude Margaritaville Watersound next to the Gulf Intracoastal Waterway, and the many other projects that are in the planning process in and around our unique coastal communities.”


The following information compares the fourth quarter and full year 2019 to the fourth quarter and full year 2018.

Real Estate Revenue

Real estate revenue increased to $27.8 million for the fourth quarter of 2019 from $6.1 million in the fourth quarter of 2018. The increase was broad based, including an increase in residential homesite sales, commercial transactions and sale of non-strategic rural land in Leon County, Florida. The Company sold 103 homesites in the fourth quarter of 2019 totaling $11.4 million in revenue as compared to 45 homesites in the fourth quarter of 2018 totaling $4.4 million in revenue, bringing the 2019 full year volume total to 379 homesites as compared to 202 for the same period in 2018.

The Company also sold approximately 33 acres of commercial land for the fourth quarter of 2019 totaling $4.6 million as compared to 12 acres for the fourth quarter of 2018 totaling $0.8 million. The Company generated $10.3 million in revenue from sales of non-strategic rural land, primarily in Leon County, Florida, as compared to $0.2 million in rural land sales for the same period in 2018.

As of December 31, 2019, the Company had 930 residential homesites under contract, which are expected to result in revenue of approximately $84.3 million over the next several years. As of December 31, 2018, the Company had 684 residential homesites under contract, which are expected to result in revenue of approximately $67.9 million.

Hospitality Revenue

Hospitality revenue increased by $2.4 million for the fourth quarter of 2019 as compared to the fourth quarter of 2018 due to The Clubs by JOE increase in the number of members and membership revenue, an increase in FOOW restaurant revenue, the opening of the Camp WaterColor food and beverage operation in March 2019 and additional revenue from the new WaterColor store that opened in January 2019. Full year 2019 revenue totaled $46.1 million as compared to $38.8 million in 2019. Gross margins for the full year 2019 increased to 25.2% as compared to 16.2% for the full year 2018.

As of December 31, 2019, the Company had under construction a 255-room Embassy Suites hotel in the Pier Park area of Panama City Beach, Florida, a 143-room Hilton Garden Inn hotel located near the Northwest Florida Beaches International Airport, as well as a 75-room boutique inn and new The Clubs by JOE amenities at Camp Creek. The Company intends to operate these new hotels.

Leasing Revenue

Leasing revenue from commercial properties and an apartment property increased by approximately $1.2 million for the fourth quarter of 2019 as compared to the same period in 2018. For the full year 2019, gross margins increased to 69.9% as compared to 65.7% for the full year 2018. As of December 31, 2019, the Company’s rentable commercial space consisted of approximately 882,000 square feet of which approximately 758,000 was leased, as compared to approximately 813,000 square feet as of December 31, 2018 of which approximately 758,000 was leased. In addition, the initial 216 apartment units in Pier Park Crossings were completed and fully leased.

As of December 31, 2019, the Company had under construction eight commercial leasing projects totaling approximately 98,000 square feet of rentable space in addition to a 124-room TownePlace Suites hotel that will be operated by a third party, 107 assisted living / memory care units, a 15,500 square foot Busy Bee branded fuel station and convenience store and apartment communities consisting of a total of 577 units (216 units complete).


Timber Revenue

Timber revenue increased to $1.3 million for the fourth quarter of 2019 as compared to $0.3 million for the fourth quarter of 2018. Revenue increased in 2019 as the industry began to recover from the residual effects of Hurricane Michael.

Other Operating and Corporate Expenses

Other operating and corporate expenses were $5.3 million for the fourth quarter of 2019 compared to $4.5 million for the same period in 2018. For the full year 2019, other operating and corporate expenses totaled $21.4 million as compared to $20.6 million for the full year 2018. The Company continues to manage operating costs to maintain an efficient structure.

Liquidity

The Company had cash, cash equivalents and investments of $195.5 million as of December 31, 2019, compared to $240.3 million as of December 31, 2018, a decrease of $44.8 million. During 2019, the Company incurred a total of $114.3 million for capital expenditures and used $20.8 million to repurchase approximately 1.3 million shares of its common stock. As of December 31, 2019, the Company had approximately 59.4 million shares of its common stock outstanding.

Financial data schedules included in this press release provide greater detail on business performance summary, consolidated results, summary balance sheets, debt and other operating and corporate expenses for the fourth quarter and full year 2019 and 2018, respectively.
 

Jim Tucker

Beach Fanatic
Jul 12, 2005
1,189
497
...commencing development or construction of 27 new projects for future revenue growth and bottom line performance. We sold 379 homesites, which was the highest in 13 years, and rented 216 new apartment units immediately after completion. We have 930 homesites under contract and we anticipate commencing sales in five new residential communities in 2020 – from east Bay County to Walton County’s 30A with the much anticipated Camp Creek residential community and a new residential phase at WaterColor in more than a decade. Currently, we have an additional 768 apartment or assisted living units, 597 hotel rooms, and over 130,000 square feet of commercial and hospitality spaces under construction to meet demand. We are also excited about the “lift off” of The Clubs by JOE, breaking ground on a community planned for 3,500 homes at Latitude Margaritaville Watersound next to the Gulf Intracoastal Waterway, and the many other projects that are in the planning process in and around our unique coastal communities...

:yikes:

In case you were wondering how the real estate business was doing ... movements like these are happening all over - a ton of housing and commercial development all over SoWal.
 
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