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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission file number: 1-10466

The St. Joe Company

(Exact name of registrant as specified in its charter)

Florida

59-0432511

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

130 Richard Jackson Boulevard, Suite 200

Panama City Beach, Florida

32407

(Address of principal executive offices)

(Zip Code)

(850) 231-6400

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Exchange on Which Registered

Common Stock, no par value

JOE

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   YES      NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   YES      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   YES      NO  

As of October 26, 2020, there were 58,882,549 shares of common stock, no par value, outstanding.

Table of Contents

THE ST. JOE COMPANY

INDEX

Page No.

PART I

Item 1. Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets - September 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of Income - Three and Nine Months Ended September 30, 2020 and 2019

5

Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2020 and 2019

6

Condensed Consolidated Statements of Changes in Stockholders’ Equity - Three and Nine Months Ended September 30, 2020 and 2019

7

Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2020 and 2019

9

Notes to the Condensed Consolidated Financial Statements

11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

45

Item 3. Quantitative and Qualitative Disclosures About Market Risk

74

Item 4. Controls and Procedures

75

PART II

Item 1. Legal Proceedings

75

Item 1A. Risk Factors

75

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

76

Item 3. Defaults Upon Senior Securities

77

Item 4. Mine Safety Disclosures

77

Item 5. Other Information

77

Item 6. Exhibits

77

SIGNATURES

78

2

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.         Financial Statements

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

September 30, 

December 31, 

    

2020

    

2019

ASSETS

 

  

 

  

Investment in real estate, net

$

530,673

$

430,776

Investment in unconsolidated joint ventures

34,848

5,084

Cash and cash equivalents

 

102,351

 

185,716

Investments - debt securities

50,035

53

Investments - equity securities

 

2,677

 

9,746

Other assets

 

58,471

 

52,069

Property and equipment, net of accumulated depreciation of $65,565 and $63,223 at September 30, 2020 and December 31, 2019, respectively

 

18,750

 

19,018

Investments held by special purpose entities

 

206,108

 

206,771

Total assets

$

1,003,913

$

909,233

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Debt, net

$

143,375

$

92,529

Other liabilities

 

70,774

 

57,200

Deferred tax liabilities, net

 

60,122

 

52,808

Senior Notes held by special purpose entity

 

177,222

 

177,026

Total liabilities

 

451,493

 

379,563

Commitments and contingencies (Note 18)

Equity:

 

  

 

  

Common stock, no par value; 180,000,000 shares authorized; 59,414,583 issued at September 30, 2020 and December 31, 2019; and 58,882,549 and 59,414,583 outstanding at September 30, 2020 and December 31, 2019, respectively

 

305,676

 

305,631

Retained earnings

 

239,552

 

214,225

Accumulated other comprehensive loss

 

(1,513)

 

(335)

Treasury stock at cost, 532,034 shares held at September 30, 2020

(8,803)

Total stockholders’ equity

 

534,912

 

519,521

Non-controlling interest

 

17,508

 

10,149

Total equity

 

552,420

 

529,670

Total liabilities and equity

$

1,003,913

$

909,233

See accompanying notes to the condensed consolidated financial statements.

3

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

The following presents the portion of the condensed consolidated balances attributable to the Company’s consolidated variable interest entities, which, as of September 30, 2020 and December 31, 2019, include the Pier Park North joint venture (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”), Origins Crossings, LLC (“Watersound Origins Crossings JV”), SJWCSL, LLC (“Watercrest JV”), Reliant Title and Closing Services, LLC (“Reliant Title JV”), Pier Park Crossings Phase II LLC (“Pier Park Crossings Phase II JV”), Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC as discussed in Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation. As of September 30, 2020, the condensed consolidated balances attributable to the Company’s consolidated variable interest entities also include the Pier Park Resort Hotel, LLC (“Pier Park Resort Hotel JV”) and the 30A Greenway Hotel, LLC (“The Lodge 30A JV”). The following assets may only be used to settle obligations of the consolidated variable interest entities and the following liabilities are only obligations of the variable interest entities and do not have recourse to the general credit of the Company, except for covenants and guarantees discussed in Note 10. Debt, Net.

    

September 30, 

    

December 31, 

2020

2019

ASSETS

 

  

 

  

Investment in real estate

$

161,362

$

96,001

Cash and cash equivalents

 

5,007

 

3,483

Other assets

 

12,612

 

12,766

Investments held by special purpose entities

 

206,108

 

206,771

Total assets

$

385,089

$

319,021

LIABILITIES

 

  

 

  

Debt, net

$

127,501

$

81,071

Other liabilities

 

12,201

 

3,471

Senior Notes held by special purpose entity

 

177,222

 

177,026

Total liabilities

$

316,924

$

261,568

See accompanying notes to the condensed consolidated financial statements.

4

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2020

2019

    

2020

    

2019

 

Revenue:

    

  

    

  

  

  

Real estate revenue

$

18,476

$

13,490

$

41,838

$

33,634

Hospitality revenue

 

17,005

 

14,003

 

35,180

 

36,994

Leasing revenue

 

4,963

 

4,037

 

14,169

 

11,218

Timber revenue

 

1,597

 

1,326

 

5,508

 

2,580

Total revenue

 

42,041

 

32,856

 

96,695

 

84,426

Expenses:

 

  

 

  

 

  

 

  

Cost of real estate revenue

 

9,368

 

6,036

 

18,412

 

14,715

Cost of hospitality revenue

 

10,973

 

10,191

 

26,534

 

26,384

Cost of leasing revenue

 

2,047

 

1,351

 

3,972

 

3,411

Cost of timber revenue

 

212

 

175

 

603

 

509

Other operating and corporate expenses

 

5,113

 

5,054

 

16,975

 

16,116

Depreciation, depletion and amortization

 

3,303

 

2,629

 

9,394

 

7,162

Total expenses

 

31,016

 

25,436

 

75,890

 

68,297

Operating income

 

11,025

 

7,420

 

20,805

 

16,129

Other income (expense):

 

  

 

  

 

  

 

  

Investment income, net

 

2,405

 

2,371

 

2,851

 

10,952

Interest expense

 

(3,379)

 

(3,109)

 

(10,113)

 

(9,075)

Other income, net

 

267

 

2,147

 

20,276

 

7,126

Total other (expense) income, net

 

(707)

 

1,409

 

13,014

 

9,003

Income before equity in loss from unconsolidated affiliates and income taxes

 

10,318

 

8,829

 

33,819

 

25,132

Equity in loss from unconsolidated affiliates

(95)

(301)

Income tax expense

 

(2,441)

 

(3,003)

 

(7,852)

 

(7,098)

Net income

 

7,782

 

5,826

 

25,666

 

18,034

Net (income) loss attributable to non-controlling interest

 

(31)

 

(109)

 

(249)

 

53

Net income attributable to the Company

$

7,751

$

5,717

$

25,417

$

18,087

NET INCOME PER SHARE

 

  

 

  

 

  

 

  

Basic and Diluted

 

  

 

  

 

  

 

  

Weighted average shares outstanding

 

58,882,549

 

60,043,427

 

59,052,613

 

60,187,313

Net income per share attributable to the Company

$

0.13

$

0.10

$

0.43

$

0.30

See accompanying notes to the condensed consolidated financial statements.

5

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Net income:

$

7,782

$

5,826

$

25,666

$

18,034

Other comprehensive income (loss):

 

 

  

 

 

  

Net unrealized gain on available-for-sale investments

 

21

 

34

 

127

 

824

Net unrealized gain on restricted investments

 

2

 

 

7

 

18

Interest rate swap

1

(509)

(865)

(509)

Interest rate swap - unconsolidated affiliate

(2)

(843)

Reclassification of net realized gain included in earnings

 

 

(80)

 

(4)

 

(78)

Total before income taxes

 

22

 

(555)

 

(1,578)

 

255

Income tax (expense) benefit

 

(5)

 

135

 

400

 

(71)

Total other comprehensive income (loss), net of tax

 

17

 

(420)

 

(1,178)

 

184

Total comprehensive income, net of tax

7,799

5,406

24,488

18,218

Total comprehensive (income) loss attributable to non-controlling interest

(31)

(109)

(249)

53

Total comprehensive income attributable to the Company

$

7,768

$

5,297

$

24,239

$

18,271

See accompanying notes to the condensed consolidated financial statements.

6

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Stock

    

Interest

    

Total

Balance at June 30, 2020

 

58,882,549

$

305,676

$

231,801

$

(1,530)

$

(8,803)

$

15,506

$

542,650

Capital contribution from non-controlling interest

 

 

 

 

 

 

2,357

 

2,357

Capital distribution to non-controlling interest

 

 

 

 

 

 

(386)

 

(386)

Other comprehensive income, net of tax

 

 

 

 

17

 

 

 

17

Net income

 

 

 

7,751

 

 

 

31

 

7,782

Balance at September 30, 2020

 

58,882,549

$

305,676

$

239,552

$

(1,513)

$

(8,803)

$

17,508

$

552,420

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Loss

    

Stock

    

Interest

    

Total

Balance at June 30, 2019

 

60,200,534

$

330,209

$

199,820

$

(70)

$

(7,073)

$

19,254

$

542,140

Allocation of ownership interest in Windmark JV

(3,787)

(7,832)

(11,619)

Capital contribution from non-controlling interest

 

 

 

 

 

 

(1,683)

 

(1,683)

Stock based compensation expense

 

5,708

 

27

 

 

 

 

 

27

Repurchase of common shares

 

(670,029)

 

 

 

 

(11,721)

 

 

(11,721)

Other comprehensive loss, net of tax

 

 

 

 

(420)

 

 

 

(420)

Net income

 

 

 

5,717

 

 

 

109

 

5,826

Balance at September 30, 2019

 

59,536,213

$

326,449

$

205,537

$

(490)

$

(18,794)

$

9,848

$

522,550

See accompanying notes to the condensed consolidated financial statements.

7

Table of Contents

THE ST. JOE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

Loss

    

Stock

    

Interest

    

Total

Balance at December 31, 2019

 

59,414,583

$

305,631

$

214,225

$

(335)

$

$

10,149

$

529,670

Capital contribution from non-controlling interest

 

 

 

 

 

 

7,496

 

7,496

Capital distribution to non-controlling interest

 

 

 

 

 

 

(386)

 

(386)

Stock based compensation expense

 

 

45

 

 

 

 

 

45

Repurchase of common shares

 

(532,034)

 

 

 

 

(8,803)

 

 

(8,803)

Adoption of ASU 2016-13 Financial Instruments - Credit Losses, net of tax

(90)

(90)

Other comprehensive loss, net of tax

 

 

 

 

(1,178)

 

 

 

(1,178)

Net income

 

 

 

25,417

 

 

 

249

 

25,666

Balance at September 30, 2020

 

58,882,549

$

305,676

$

239,552

$

(1,513)

$

(8,803)

$

17,508

$

552,420

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Other

Outstanding

Retained

Comprehensive

Treasury

Non-controlling

    

Shares

    

Amount

    

Earnings

    

(Loss) Income

    

Stock

    

Interest

    

Total

Balance at December 31, 2018

60,672,034

$

331,395

$

187,450

$

(674)

$

$

14,940

$

533,111

Allocation of ownership interest in Watercrest JV

(1,209)

1,209

Allocation of ownership interest in Windmark JV

(3,787)

(7,832)

(11,619)

Capital contribution from non-controlling interest

1,784

1,784

Capital distribution to non-controlling interest

(200)