JOE

Magnet Innovation Center Ranks #17 Among Florida Public High Schools in Latest U.S. News & World Report Rankings PANAMA CITY BEACH, Fla., September 03, 2026--(BUSINESS WIRE)--Seven years ago, The St. Joe Company (NYSE: JOE) ("St. Joe") (the "Company") made its former corporate headquarters available to the Walton County School District for the creation of an innovative public STEAM high school. The Magnet Innovation Center ("MIC") has now been recognized as one of the top public high schools in Florida, ranked #17 among Florida public high schools and #136 nationally in the newly released 2026–2027 U.S. News & World Report Best High Schools rankings. The recognition places the MIC among the highest-performing schools evaluated from approximately 27,000 eligible public high schools nationwide and 1,267 high schools in Florida. "When we made the decision to move our headquarters, we saw an opportunity to do something transformative with the campus that could create far greater value for the region than another office building," said Jorge Gonzalez, St. Joe President, Chief Executive Officer and Chairman of the Board. "To see a public school operating there that ranks among the very best in Florida is incredibly rewarding. We congratulate the superintendent, educators, administrators and students whose dedication and hard work have made the school’s tremendous success possible." Russell Hughes, Superintendent of Walton County School District, championed the partnership that began in 2019, when St. Joe and the school district announced plans for the county’s first STEAM-focused public school. This latest recognition of the MIC comes amid broader academic success for Walton County public schools under the leadership of Hughes and the Walton County School Board. The district is ranked among Florida’s highest-performing school districts for the 2025–2026 school year, continuing a multi-year record of academic achievement. "When we first announced the Magnet Innovation Center, we envisioned a public school that would give students an innovative environment to develop the technical skills, creativity, critical thinking and problem-solving abilities they will need for the careers of the future," said Hughes. "To see that vision realized, and the MIC now recognized among the top public high schools in Florida and the nation is a tremendous achievement and another point of pride for our district. This recognition speaks to the dedication of our students, teachers and administrators and demonstrates what can be accomplished through strong partnerships like the one we have built with St. Joe." St. Joe’s involvement in the establishment of the MIC reflects the Company’s broader approach to long-term investment in Northwest Florida, which includes not only development, but also supporting the infrastructure, institutions and resources that contribute to a strong and sustainable region. "We have never viewed our responsibility in this region as simply developing homes, hotels or commercial buildings," said Gonzalez. "Great communities need much more than that. They need strong public schools, access to quality healthcare, infrastructure, jobs, recreation and places that bring people together. Our goal is to help create those interconnected ecosystems and connect people to place in ways that contribute to the long-term wellbeing of the communities we call home." The recognition of the Magnet Innovation Center as one of Florida’s top public high schools represents a significant milestone for the school and underscores the value of St. Joe’s partnerships with school districts throughout the communities in which the Company operates. It also provides a measurable example of the long-term outcomes that can result from public-private collaboration and strategic investment in the institutions that support a growing region. To learn more about the Magnet Innovation Center, visit mic.walton.k12.fl.us. About The St. Joe Company The St. Joe Company is a diversified Florida real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use existing assets for residential, hospitality and commercial ventures and has significant residential and commercial land-use entitlements. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about The St. Joe Company can be found on its website at joe.com. ©2026 The St Joe Company. "JOE®", "St. Joe®", the "Taking Flight Design®" and "St. Joe (and Taking Flight Design)®" are registered service marks of The St. Joe Company. View source version on businesswire.com: https://www.businesswire.com/news/home/20260903499887/en/ Contacts St. Joe Investor Relations Contact: Marek BakunChief Financial [email protected] St. Joe Media Relations Contact: Mary Beth LovingoodCorporate Director of Marketing & [email protected]

This article first appeared on GuruFocus. Bruce Berkowitz (Trades, Portfolio), founder and Managing Member of the Fairholme Fund (Trades, Portfolio), recently submitted the N-PORT filing for the second quarter of 2026, offering value investors a window into his concentrated portfolio strategy. Berkowitz, who previously served as a Managing Director at Smith Barney, Inc. from 1993 to 1997, built his reputation on a philosophy inspired by Benjamin Graham's "The Intelligent Investor." He deliberately maintains a small number of holdings, arguing that diversification often leads to average performance. His approach targets companies with exceptional management, strong free cash flow generation, and deeply undervalued stock pricesthough he will also consider mediocre businesses trading at significant discounts when a clear catalyst exists to close the gap between market price and intrinsic value. Warning! GuruFocus has detected 6 Warning Signs with JOE. Is JOE fairly valued? Test your thesis with our free DCF calculator. During the second quarter, Berkowitz added three new positions to his portfolio. The most significant addition was Pfizer Inc (NYSE:PFE), with 231,000 shares acquired, representing 0.37% of the portfolio at a total value of $5.56 million. The second largest new position was The Campbell's Co (NASDAQ:CPB), consisting of 116,500 shares, accounting for approximately 0.17% of the portfolio with a total value of $2.59 million. The third addition was United Parcel Service Inc (NYSE:UPS), with 23,800 shares, also representing 0.17% of the portfolio at a total value of $2.56 million. These new positions suggest Berkowitz is selectively expanding into defensive consumer and healthcare names while maintaining his value-oriented discipline. Berkowitz significantly increased his stakes in four existing holdings, with Berkshire Hathaway receiving particular attention. The most notable increase was in Berkshire Hathaway Inc (NYSE:BRK.B), where he added 37,400 shares, bringing the total to 87,852 shares. This adjustment represents a substantial 74.13% increase in share count, a 1.26% impact on the current portfolio, and a total value of $43.96 million. Additionally, he increased his position in Berkshire Hathaway Inc (NYSE:BRK.A) by 9 shares, bringing the total to 11 sharesa remarkable 450% increase in share count with a total value of $8.24 million. These moves underscore Berkowitz's confidence in Warren Buffett (Trades, Portfolio)'s conglomerate as a core holding. Notably, the filing indicates no complete sell-outs during the quarter, suggesting Berkowitz maintained conviction in his existing investment thesis across all portfolio companies. This stability aligns with his long-term, concentrated approach to value investing. The most impactful move this quarter was the reduction of The St. Joe Co (NYSE:JOE) by 1,027,800 shares, resulting in a -5.35% decrease in shares and a -4.26% impact on the portfolio. The stock traded at an average price of $65.57 during the quarter and has returned 6.76% over the past three months and 15.76% year-to-date. Despite this trim, The St. Joe Co remains Berkowitz's dominant holding, reflecting his continued belief in the company's long-term value proposition while taking some profits off the table. At the end of the second quarter of 2026, Bruce Berkowitz (Trades, Portfolio)'s portfolio included 13 stocks. The top holdings were heavily concentrated, with The St. Joe Co (NYSE:JOE) representing 76.43% of the portfolio, followed by Enterprise Products Partners LP (NYSE:EPD) at 13.46%, Bank OZK (NASDAQ:OZK) at 3.22%, Berkshire Hathaway Inc (NYSE:BRK.B) at 2.95%, and WR Berkley Corp (NYSE:WRB) at 1.21%. The holdings are mainly concentrated across seven of the 11 industries: Real Estate, Energy, Financial Services, Consumer Defensive, Healthcare, Industrials, and Technology. This sector allocation reflects Berkowitz's preference for asset-heavy, cash-generative businesses that trade at attractive valuations relative to their intrinsic worth. For value investors tracking Berkowitz's moves, the quarter's key takeaway is his deliberate rebalancingtrimming the outsized St. Joe position while doubling down on Berkshire Hathaway and introducing new defensive names. This strategy suggests a cautious optimism, maintaining concentrated exposure to his highest-conviction ideas while gradually diversifying into other undervalued opportunities.

Download the Complete Report Here Key Takeaways: 3Q FY26 results increasingly reflected ALCO’s post-citrus operating model, with the revenue base now centered on land-management activities. Revenue increased 7.7% y/y to $9.0 million from $8.4 million, as Land Management and Other Operations revenue rose to $7.9 million from $0.6 million, more than offsetting the 85.6% decline in Alico Citrus revenue to $1.1 million from $7.8 million following completion of the final significant citrus harvest. Net income improved to $2.1 million from a loss of $18.3 million y/y, while adjusted EBITDA was $4.6 million and FY26 guidance was raised to approximately $15 million. Beginning in 3Q FY26 (q/e June 30, 2026), ALCO also moved to a single reportable segment following substantial completion of the citrus wind-down, providing a structural marker that the citrus wind-down is substantially complete and the financial reporting increasingly reflects execution of the land-focused model. A key strategic development is ALCO’s new agricultural lease covering approximately 3,280 acres in Hendry County. The lease commenced July 1, 2026, and initially runs through June 30, 2027, with the lessee holding the right to extend it for an additional ten years. More importantly, the agreement includes an option to acquire approximately 3,280 acres for $29.52 million, or $9,000 per acre, if exercised by June 30, 2029, subject to annual escalation and certain acreage adjustments; an extended lease would push the option period through June 2031. Rather than choosing between leasing and selling the asset today, ALCO can therefore generate agricultural income while preserving exposure to future land-value realization. Recent transaction pricing continues to support upside to our agricultural land assumptions. The new purchase option is initially priced at approximately $9,000 per acre, while ALCO sold 3,546 acres during the first nine months of FY26 for $34.6 million, or approximately $9,761 per acre. Both sit materially above the $4,000-$5,000-per-acre assumptions used in the agricultural component of our valuation framework. The broad consistency between recent realized pricing and the new option value provides further evidence that these assumptions leave meaningful room for upside as additional acreage is monetized. While values will vary by location, infrastructure and development potential, the latest transaction evidence supports upside to conservative portfolio assumptions. Corkscrew Grove East Village has moved beyond the local entitlement milestone achieved in April and into the state and federal permitting phase, progressively reducing the regulatory discount embedded in ALCO’s largest development asset. Corkscrew Grove Villages encompasses approximately 4,660 acres and is planned as two master-planned villages supporting roughly 9,000 homes, including approximately 750 affordable units, and approximately 480,000 square feet of commercial uses. More than 6,000 surrounding acres are expected to enter permanent conservation. Following Collier County approval, the remaining process includes permits from the South Florida Water Management District, U.S. Army Corps of Engineers and U.S. Fish and Wildlife Service, with construction potentially beginning in 2028 or 2029 if approvals are obtained. The Citree acquisition increases ALCO’s control over future land monetization by consolidating full ownership of approximately 1,200 acres in DeSoto County. ALCO acquired the remaining 49% interest in Citree for $2.0 million in cash and assumed sole responsibility for approximately $3.3 million of debt that was already reflected on ALCO’s consolidated balance sheet, eliminating the minority interest and giving the company sole discretion over future leasing, sale or other land-use decisions. Following the Citree transaction and recent land sales, ALCO’s owned portfolio stands at approximately 47,300 acres. Full ownership also allows ALCO to retain a greater share of any future value creation from the property, subject to contingent consideration tied to a sale above $12,000 per acre within 24 months. We view the transaction as a strategic step toward simplifying the portfolio and increasing control over monetization timing. The post-citrus cost structure continues to normalize, improving the durability of the underlying operating model. G&A declined 21.2% y/y in 3Q to $2.3 million, driven by lower employee expenses and insurance premiums, while management continues to review overhead following the citrus wind-down. A new office lease is expected to generate additional savings beginning in 2Q FY27. As the remaining legacy citrus costs roll off, ALCO should operate against a lower and more predictable expense base while new lease and land-management revenues build. Adjusted EBITDA remained positive in 3Q FY26, while the raised full-year outlook highlights the timing variability of ALCO’s transformed earnings model. Adjusted EBITDA was $4.6 million in 3Q FY26 versus $19.3 million in the prior-year quarter, with the y/y decline primarily reflecting lower crop-insurance proceeds and a lower gain on property sales. For the first nine months of FY26, adjusted EBITDA totaled $24.2 million versus $25.3 million a year ago. Despite 9M results already exceeding the full-year outlook, ALCO raised FY26 adjusted EBITDA guidance to approximately $15 million from $14 million, with 4Q expected to be an EBITDA usage quarter as revenue steps down materially while recurring property taxes and G&A continue. Stronger liquidity extends ALCO’s operating runway through FY29 without requiring additional asset sales. Cash increased to $55.6 million at June 30 from $38.1 million at FY25-end, while total debt remained essentially unchanged at approximately $85.4 million and net debt declined to $29.8 million from $47.4 million. Working capital reached $50.6 million with a 7.96x current ratio, compared with $49.2 million and 9.56x at September 2025, while ALCO had approximately $92.5 million of available borrowings under its line of credit against a minimum liquidity requirement of $5.8 million. The company now expects to end FY26 with approximately $48 million of cash and $37 million of net debt, improved from prior guidance of $40 million and $45 million, respectively, while maintaining only the minimum required $2.5 million balance on its revolving credit facility. This liquidity gives ALCO greater flexibility to advance development projects on its own timeline rather than relying on near-term asset sales. Inventory also declined to $0.2 million from $4.2 million at FY25-end, while assets held for sale declined from $9.2 million to zero, further reflecting the runoff of the legacy citrus balance-sheet footprint. Land monetization continued to fund the transformation while supporting capital returns and a stronger cash position. Nine-month operating cash flow was $2.3 million versus $22.8 million last year, with the $20.5 million decline largely attributable to significantly higher crop-insurance proceeds received in FY25. Investing cash flow contributed $28.2 million, driven by $35.0 million of property-sale proceeds and partially offset by the $5.1 million Corkscrew advance, while financing outflows totaled $13.1 million, principally reflecting $10.0 million of share repurchases and the $2.0 million Citree acquisition. The company repurchased 245,399 shares, including 38,059 shares in 3Q, and paid approximately $1.1 million of dividends through 9M FY26, returning more than $11 million to shareholders while still increasing cash by $17.5 million since fiscal year-end. Shares outstanding declined to approximately 7.42 million, leaving the company with greater flexibility to balance shareholder returns, entitlement investment and future land monetization. Disclaimer: Exec Edge does not publish proprietary estimates, ratings, price targets, or investment recommendations. The valuation discussion below is illustrative only and is based on company filings, management commentary, and third-party data and estimates. It does not constitute a recommendation, price target, rating, or prediction of future pricing. While we do not publish a formal price target for ALCO, our analysis suggests potential upside from current levels. In light of ALCO’s transition to a land-management-focused business model, we apply a sum-of-the-parts framework combining discounted cash flow analysis for near-term development with risk-adjusted asset values for longer-dated development and agricultural land. Any implied upside reflects the output of this framework and should not be interpreted as a formal price target. We value ALCO using a sum-of-the-parts (SOTP) framework that reflects the company’s evolution into a diversified land platform with distinct asset components and risk profiles. Our approach separates value across near-term development projects with defined execution visibility, longer-dated development optionality embedded in the broader land base, and the long-duration value of agricultural land and royalty streams. Near-term development is valued using a conservative discounted cash flow methodology, while longer-dated development and agricultural land value are incorporated on a risk-adjusted basis to reflect timing, liquidity, and execution uncertainty. We believe this framework more appropriately captures ALCO’s underlying asset value than a single consolidated DCF, while maintaining disciplined underwriting and a clear linkage between upside and execution. Illustrative Valuation. Combining our base-case DCF with risk-adjusted contributions from longer-dated development and agricultural land value, and adjusting for net debt, supports an implied equity value modestly above the current share price. We therefore arrive at an illustrative valuation of approximately $50 per share. Importantly, this upside is driven primarily by execution and entitlement progress rather than discount-rate compression or multiple expansion. As regulatory milestones are achieved and development visibility improves, we see scope for incremental value recognition over time. Recent land transactions continue to support potential upside to ALCO’s underlying land valuation. ALCO’s remaining portfolio comprises approximately 47,300 acres, while recent transaction evidence continues to support values materially above the $4,000-$5,000 per acre agricultural assumptions embedded in our conservative NPV framework. The new 3,280-acre purchase option is initially priced at approximately $9,000 per acre, broadly consistent with recent agricultural land-sale values, while ALCO sold 3,546 acres during the first nine months of FY26 for approximately $34.6 million, or roughly $9,761 per acre. While values vary materially by location, infrastructure and development potential, recent realized and contractual pricing provides additional support for upside to the agricultural component of our SOTP. Read Exec Edge’s Initiation on Alico Here Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected] The post Alico 3Q Revenue Jumps on Booming Land Management Strategy – Quarterly Update Report appeared first on ExecEdge.

Image source: The Motley Fool. Friday, July 31, 2026 at 11:00 a.m. ET President, CEO and Chairman - Jorge Gonzalez Chief Financial Officer - Marek Bakun Operator: Good day, and thank you for standing by. Welcome to the St. Joe Company Second Quarter 2026 Earnings Call. [Operator Instructions] Please be advised this call is being recorded. I'd now like to hand the conference over to your speaker today, Jorge Gonzalez, President, CEO and Chairman of the St. Joe Company. Please go ahead. Jorge Gonzalez: Thank you, and good morning. I'm Jorge Gonzalez, President, CEO and Chairman of The St. Joe Company. It is my pleasure to welcome you to our quarterly earnings call. I'm joined today by Marek Bakun, our Chief Financial Officer. On Wednesday after the market closed, we issued our second quarter of 2026 earnings press release, which can be found in the Investor Relations section of our corporate website at joe.com. This morning, we are continuing our commitment to quarterly earnings calls to provide our shareholders and the investor community with an opportunity to ask questions about our business and performance. We have always been an open and transparent company that welcomes all feedback and opinions. Because of the types of assets that we own, we encourage shareholders to visit us in person so they may assess firsthand the progress of the region and of our assets. If you like to send us questions for later in the call, you may do so by visiting the top right-hand corner of your screen where the word submit a question are visible. Clicking on that text will take you to the text entry box where you can type in your question and then click submit. Before we begin discussing our results and answering your questions, I would like to remind everyone that Wednesday's press release and the statements made during this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Such risks and uncertainties include the factors set forth in the earnings release and in our filings with the Securities and Exchange Commission. Additionally, during today's call, we will discuss non-GAAP measures, which we believe can be useful in evaluating our performance. A reconciliation of these measures can be found in our earnings release. Let's go ahead and get started. We assume everyone has already carefully reviewed our earnings release, which provides comprehensive details about our performance. So we are only going to mention a few key highlights of the second quarter before we move on to your questions. We had a strong second quarter with total revenue increasing by 23% and net income increasing by 37% compared to the second quarter of 2025. The total revenue of $158.9 million was the highest in the second quarter in 20 years and the net income of $40.5 million was the highest in the second quarter in the company's history, not including the one-off gain on the sale of discontinued operations in 1996. In addition to this growth, the company is also becoming more profitable with an increase in the gross margins of every segment. The gross margins in the residential segment increased to 48% from 45%. The hospitality segment increased to 42% from 39%, and the commercial segment increased to 65% from 57%. This growth in gross margin demonstrates our emphasis on profitability while we continue to scale up and grow. The increase in profitability is in part due to our continued focus on refining and improving operations. In addition, we systematically evaluate our operating assets to identify nonstrategic lower-margin assets for their potential disposition. In the short term, these decisions may cause a slight reduction in revenue inside of the segment, but an increase in income and profitability as evidenced by last year's sale of the Watercrest Senior Living Community property in the commercial segment. This strategy is being executed with a deliberate and thoughtful process that seeks to maximize the value of these assets based on timing and market conditions. Residential real estate revenue grew by 39% in the second quarter when compared to the prior year. This growth is in part due to the diverse portfolio of our residential communities, which contain a mixture of price points and product types to accommodate a wide cross-section of consumers moving to our region. The new home prices in our communities range from the high $200,000 to over $5 million. This diversity is deliberate to help insulate the residential segment from volatility in the market conditions of any one price point. Later this year, the company plans on commencing the development of 2 utility corridors, one that will serve the future residential communities in the Lake Powell and West Laird Detail Specific Area Plans or DSAPs, and the other that will serve the Pigeon Creek and West Bay Creek DSAPs. These types of off-site utility extensions are capital intensive but necessary feeding to harvest many thousands of future residential homesites in these DSAPs. It is important to remember that because of the 1- to 2-year seeding and harvesting cycles and the mixture of homesite pricing, the results of the residential segment are not linear and may vary from quarter-to-quarter. In the second quarter, we continued to implement a measured and multifaceted capital allocation strategy. We repurchased $32.7 million of the company's common stock, funded $24 million for capital expenditures, primarily for future growth, repaid $10.9 million of debt and paid $9.1 million in cash dividends. The allocation broke down is 43% for stock repurchases, 31% for capital expenditures, 14% for debt reduction and 12% for cash dividends. More than half or 55% of the capital allocation in the second quarter was to shareholders through stock repurchases and cash dividends. As of July 27, the company had repurchased [ $41 million ] of common stock in 2026 when compared to $40 million in all of 2025. As of the same date, the company now has 56,930,451 outstanding shares, which is the lowest number of outstanding shares in nearly 30 years. With 165,000 acres of mostly entitled land in one of the fastest-growing areas of Florida and a diverse operations platform with a proven track record of growing revenue, increasing profitability, distributing profits to shareholders, reducing the number of outstanding shares and planning for the future, the company is uniquely positioned like few other companies. Now Marek and I are going to answer your questions. [Operator Instructions] Marek Bakun: Thank you, Jorge. First question, estimated residuals grew this quarter. Origins looks to have added to residuals. Did homesites in Bay County add to the estimated residual balance this quarter? Jorge Gonzalez: Yes. The answer to the question is homesites and Bay County did add to the estimated residual balance to this quarter. Marek Bakun: Yes. And just to add a little bit, the increase was driven by higher price point communities. For the first half of 2026, we booked a total of $14.6 million of new true-ups, but we've also collected $5.3 million worth of existing true-ups. The buyback pace this quarter was appreciated. Given your tireless work increasing the value of land holdings, it was also nice to see some of the piggy banks open along with the operating improvements funding this capital allocation. Jorge Gonzalez: Thank you for the comment. We appreciate it. That is part of our measured and multifaceted capital allocation strategy, which we are planning to continue. Marek Bakun: How is the new hospital on Highway 79 progressing? Jorge Gonzalez: The new hospital, which again, is an academic health center model with teaching research and clinical delivery or teaching hospital is progressing well. Construction is ongoing. There are many other components of operations that are in the works. The anticipated completion of that hospital is still in 2028. Marek Bakun: While record quarterly income is notable, I believe the across-the-board increase in margins and the 50% growth in net income on a trailing 12-month basis on lower amount of invested capital is far more indicative of the superb job done by management when it comes to maximizing long-term value of this great company and assets. In regards to capital allocation, when the company looks at buybacks as a capital allocation tool, are you doing via a long-term model, i.e., are you thinking about [indiscernible] terms of can we reduce the share count by a certain percentage over a 5- or 10-year period? And how allocation along [indiscernible] will be able to impact future earnings on a per share basis? Jorge Gonzalez: Thank you for the question. That's a great question. Our capital allocation strategy and specifically our share buyback strategy is based on a longer-term model. Marek Bakun: As the region continues to grow, are you attracting new interest from investment institutions in St. Joe? The company who have not visited the region before? Jorge Gonzalez: Obviously, we can't answer the question of individuals or institutions that haven't called us, but we, on a regular basis, do host entities that have not been here before that are looking at the company and the region. Marek Bakun: Given another great quarter, what is management doing to attract more sell-side coverage? This is an amazing story to tell. Jorge Gonzalez: It's not something that is a primary focus of ours. But obviously, if there's an interest in that, we would speak to whoever has an interest in providing that service. Marek Bakun: In the release, you said that capital allocation decisions may vary quarter-to-quarter based on the dynamic nature of our cash flows and for stock repurchases based on market conditions and the timing of open and close periods relative to our cash flows. While our lot sales and land sales are lumpy, it appears the company now has comfortably over $100 million of annualized recurring income, over $100 million in cash and highly unlevered balance sheet. At this point, why should buybacks be dependent on the timing of your cash flows? I would think given the above, we should be capable of repurchasing $100 million or more of our shares annually. Jorge Gonzalez: Another great question. That information we provided in our earnings release was not intended to mean that our share buybacks are exclusively based on the short-term cash flows. That was not the intent of that statement. It was an attempt at describing our capital allocation strategy in broad terms and cash flows is a factor in our broad capital allocation strategy, but it was not meant to be specific to share buybacks. Like I answered in a previous question, our capital allocation strategy as a whole and our share buyback strategy specifically is based on the long-term model. Marek Bakun: Can you confirm that the 4.87 acre commercial parcel on the corner of 30A in Watersound Parkway is under contract? Jorge Gonzalez: We cannot disclose contractual matters in an earnings call, but we appreciate the question. Marek Bakun: We read daily about various costs being driven higher by AI-related data center build-out demand. Are you seeing larger than previous increases in either trade personnel costs or other expenses? Jorge Gonzalez: Not anything significant or acute. Marek Bakun: Is there a chance that recently increased lead time for power development and grid connection will constrain Joe's ability to execute on the growth plan? Jorge Gonzalez: If the question is specific to power generation and distribution, we don't anticipate that being a constraint at this moment in time. Marek Bakun: While items like utility pipe improvement and new community launches are capital intensive, do we not have significant capital already within a lot development business, which can then be recycled into these community investments as our prior lots are sold? Meaning it is not as if we need to add significant additional capital into the business to fund these items. Jorge Gonzalez: That's a great question, and it's really a description of our broader capital allocation strategy in our cash flows. That's a factor -- what's mentioned in the question or the statement, it is a factor in how we execute that strategy. Marek Bakun: Where is the new Park Place development going to be located? Jorge Gonzalez: We're not too clever in naming projects. So Park Place East is east of Park Place. Marek Bakun: Could you talk about cadence of capital spend for utility expansions? Is it more lump sum or more steady periodic investment over time? Jorge Gonzalez: It's probably somewhere in between. Off-site utility extensions are capital intensive. But at the same time, they are things that we plan well ahead of time, and we incorporate into our overall business plan budget and capital allocation strategy. Marek Bakun: How has demand for homes evolved in Northwest Florida over the last few years? Jorge Gonzalez: We continue to see an increase in demand, and it's really led by a continuation of in-migration into our region, not only in migration in terms of the actual numbers of people that are moving to our region, but we continue to also see a broader range of geography where those individuals are moving from, which is very encouraging. We're not seeing migration from a static historical set of states and locations. It's dynamic, and we continue to see more people moving to our region from a broader range of locations. Marek Bakun: Okay. We have one more question. Given the negative impact fair home selling has had on the stock the last several years, have you guys given thought to a solution as far as it relates to the things in your control? As a shareholder, it becomes increasingly frustrating seeing any market enthusiasm down in a wave of Form 4. Even as it relates to attracting new investors, this dynamic is viewed very negatively, which is a shame given the outstanding assets, people and executions that occurring at St. Joe. Jorge Gonzalez: We appreciate the question, but we don't comment on individual shareholders. Marek Bakun: Waterfront property across the country appears to be at record demand and at record pricing. Are these assets around the Bay or the intercoastal water frontage that the company has -- the company can unlock over the next several years for residential and commercial development? Jorge Gonzalez: Yes. The short answer to the question is absolutely yes, in all the locations mentioned in the question. It's part of our planning process. And part of the -- I guess, the best way to describe it is we don't look at those locations in isolation. We look at those locations to see how we can drive value away from the water also. So it's not just let's look at a property that's on the inter coastal or the bay and maximize the value, but how can us moving forward with the concept in those locations add value to all of our landholdings adjacent to it. Marek Bakun: Could you talk a bit about the growth of aviation-related companies and the recent release on the Space Florida program in Bay County? Jorge Gonzalez: Aviation in aerospace has always been a focus of the regional and local economic development authorities for a number of reasons. That has been one of the target industries to attract. And we do continue to see interest from the industry in our region. There's also a concept that's in the process of being executed led by Florida State University in an aerospace research and development center that is in the planning stage in Bay County that we believe may be a catalyst for the aerospace aviation industry. Marek Bakun: It appears build-to-lot inventory at Origins is dwindling, especially the bunch delivered in mid-2023. Does this not provide a huge window for growth in deliveries at Origins, Walton County over the next few years? More specifically, is it intentional that you're giving builders bigger communities such as the [ Huff/Arkon ] versus the previous piecemeal strategy? If so, would this open opportunities for builders like Toll, Fischer or even Kolter, who's finishing up NatureWalk to take their own communities in the future? Jorge Gonzalez: I guess the short answer to that question is we are considering every and all those options. We don't feel that our pipeline is dwindling. Again, it's a matter of when you look at the pipeline quarter-to-quarter because of that seeding and harvesting cycle, that we have a very long runway, a very long pipeline of potential residential home sites, both west of origins and east of origins. Marek Bakun: There are no additional questions at this time. Jorge Gonzalez: Great questions, as always. Let's give it a couple more minutes in case there's any other questions. Marek Bakun: There's one more that just came in. How do you guys view your land holdings around Southport? It seems to be a unique area where there's huge and growing opportunity, given the price points for inland around Lake Merial indicate these good values there. Jorge Gonzalez: So we look at our geography very broadly, again, going back to what I mentioned at the beginning of the call that we want to continue to have a residential segment that has diversity in price point and product type. And the Southport area is we do own property in that area. For example, the [ Ticheli ] DSAP, which we have talked about a number of times where we're planning on breaking ground on the first phase early next year, is an example of us, again, continuing to look at broader geographies, continue to maintain diversity in our residential segment. Marek Bakun: Thank you for taking my questions. Great job as always. Jorge Gonzalez: That is an easy answer. Thank you. Okay. Well, we don't see any more questions. So again, thank you for joining us today. We greatly appreciate you joining us and asking great questions, and we look forward to speaking with you again next quarter. Thank you. Operator: This concludes today's conference call. Thank you for participating. You may now disconnect. Before you buy stock in St. Joe, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and St. Joe wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. 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Interested in St. Joe Company (The)? Here are five stocks we like better. St. Joe delivered record second-quarter results: Revenue rose 23% year over year to $158.9 million, while net income increased 37% to $40.5 million. Gross margins improved across residential, hospitality and commercial operations. Residential growth remains a major focus, with revenue up 39% and utility-corridor projects planned to support thousands of future homesites. Management cited continued Northwest Florida in-migration and a broad range of communities and price points as demand drivers. Shareholder returns remained central to capital allocation: St. Joe repurchased $32.7 million of stock, paid $9.1 million in dividends and allocated 55% of second-quarter capital to shareholders. The company has repurchased $41 million of stock in 2026, bringing its share count to the lowest level in nearly 30 years. St. Joe (NYSE:JOE) reported second-quarter revenue of $158.9 million, up 23% from the prior-year period, while net income rose 37% to $40.5 million, President, CEO and Chairman Jorge Gonzalez said during the company’s earnings call. Gonzalez said the revenue figure was the company’s highest second-quarter result in 20 years. He described net income as the highest second-quarter total in company history excluding a one-time gain related to discontinued operations in 1996. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now The company also reported higher gross margins across its operating segments. Residential gross margin increased to 48% from 45% a year earlier, hospitality margin rose to 42% from 39%, and commercial margin climbed to 65% from 57%. Residential real estate revenue increased 39% year over year during the second quarter. Gonzalez attributed part of the growth to the company’s range of residential communities and home price points, which span from the high $200,000s to more than $5 million. → Microsoft Just Flipped the AI Spending Narrative Overnight “This diversity is deliberate to help insulate the residential segment from volatility in the market conditions of any one price point,” Gonzalez said. St. Joe plans later this year to begin development of two utility corridors. One corridor is intended to serve future residential communities in the Lake Powell and West Laird Detailed Specific Area Plans, or DSAPs, while the other is planned for the Pigeon Creek and West Bay Creek DSAPs. → Carrier Earnings Could Send the Stock to a New All-Time High Gonzalez said off-site utility extensions are capital intensive but are necessary to support the future development of “many thousands” of residential homesites. He cautioned that residential results can vary quarter to quarter because of one- to two-year development cycles and differing homesite pricing. Chief Financial Officer Marek Bakun said that homesites in Bay County contributed to the company’s estimated residual balance during the quarter. He added that the increase was driven by higher-priced communities. During the first half of 2026, St. Joe recorded $14.6 million of new true-ups and collected $5.3 million of existing true-ups, according to Bakun. During the second quarter, St. Joe repurchased $32.7 million of common stock, invested $24 million in capital expenditures primarily supporting future growth, repaid $10.9 million of debt and paid $9.1 million in cash dividends. 43% of second-quarter capital allocation went to stock repurchases. 31% went to capital expenditures. 14% was used for debt reduction. 12% was paid as cash dividends. More than half of the company’s capital allocation, or 55%, went to shareholders through buybacks and dividends, Gonzalez said. As of July 27, St. Joe had repurchased $41 million in stock during 2026, compared with $40 million for all of 2025. The company had 56,930,451 shares outstanding as of that date, which Gonzalez said was its lowest share count in nearly 30 years. In response to investor questions, Gonzalez said St. Joe’s capital allocation strategy, including its repurchase program, is based on a longer-term model rather than solely on short-term cash flows. He said cash flow remains a factor in the broader allocation strategy but was not intended to be viewed as the exclusive determinant of buyback activity. Construction on a new academic health center model hospital on Highway 79 is progressing, according to Gonzalez. The facility is expected to include teaching, research and clinical delivery functions, with anticipated completion still targeted for 2028. Gonzalez said St. Joe does not currently anticipate power generation or distribution constraints to limit execution of its growth plans. He also said the company has not seen any “significant or acute” increase in trade personnel costs or other expenses associated with artificial-intelligence-related data center construction demand. Demand for homes in Northwest Florida continues to increase, Gonzalez said, led by continued in-migration. He noted that buyers and new residents are arriving from a broader geographic range than in prior years. St. Joe is also considering waterfront development opportunities around bay and intracoastal locations. Gonzalez said the company evaluates those properties not only for their direct waterfront value, but also for their ability to increase the value of adjacent land holdings. Addressing questions about Origins in Walton County, Gonzalez said the company does not view its residential pipeline as dwindling. He said St. Joe has a “very long runway” of potential homesites both west and east of Origins and is considering a range of development and builder-partnership options. In the Southport area, Gonzalez cited the Ticheli DSAP as an example of the company’s strategy to maintain geographic and product diversity. St. Joe plans to break ground on the first phase of that project early next year. The company also continues to see interest from aviation and aerospace businesses in the region, Gonzalez said. He noted that aviation and aerospace have long been focus industries for regional economic development authorities. A Florida State University-led aerospace research and development center remains in the planning stage in Bay County and could become a catalyst for the sector, he said. Gonzalez said St. Joe owns approximately 165,000 acres of mostly entitled land in Florida and intends to continue pursuing a capital allocation approach that balances future development investment, debt reduction, dividends and share repurchases. The St. Joe Company (NYSE: JOE) is a leading real estate development and asset management firm focused on Northwest Florida. Headquartered in Jacksonville, the company owns and manages approximately 171,000 acres of land across Bay, Gulf, Franklin and Walton counties. St. Joe's core businesses include residential community development, commercial real estate, and hospitality, with an emphasis on master-planned neighborhoods, office and retail campuses, resort hotels and mixed-use town centers. Founded in 1936 as a paper manufacturing company, St. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "St. Joe Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. The St. Joe Co (NYSE:JOE) reported record second-quarter results, with total revenue of $158.9 million (up 23% year-over-year) and net income of $40.5 million (up 37%), marking the highest Q2 figures in 20 years and in company history, respectively. Gross margins improved across all segments, with residential increasing to 48% from 45%, hospitality to 42% from 39%, and commercial to 65% from 57%, demonstrating a strong focus on profitability. The company's capital allocation strategy is robust, returning 55% of capital to shareholders in Q2 through $32.7 million in stock repurchases and $9.1 million in dividends, while also reducing debt by $10.9 million. The aggressive share buyback program has reduced outstanding shares to 56,930,451, the lowest count in nearly 30 years, which is expected to enhance future earnings per share. Demand for homes in Northwest Florida remains strong, driven by continued in-migration from a broadening geographic range, supporting the company's diverse residential portfolio with price points from the high $200,000s to over $5 million. The company is strategically planning for future growth by commencing development of two utility corridors to serve future residential communities, ensuring a long runway of potential home sites despite quarterly fluctuations. The company's residential segment results are inherently non-linear and may vary significantly from quarter to quarter due to 1-2 year seeding and harvesting cycles, making earnings unpredictable. Management declined to comment on the negative impact of insider selling (Form 4 filings) on the stock price, which has frustrated shareholders and potentially deterred new investors. The company faces potential cost pressures from AI-related data center build-out demand, though management noted no significant or acute increases in trade personnel or other expenses at this time. Capital-intensive off-site utility extensions, while necessary for future growth, require significant upfront investment and may strain cash flows in the short term. The company cannot disclose contractual matters, such as the status of a commercial parcel under contract, limiting transparency on specific transaction progress. While the company has a strong balance sheet, management's statement that buybacks depend on cash flow timing and market conditions suggests a cautious approach that may not satisfy shareholders expecting more aggressive repurchases. Warning! GuruFocus has detected 4 Warning Signs with JOE. Is JOE fairly valued? Test your thesis with our free DCF calculator. Q: Regarding capital allocation, when the company looks at buybacks as a capital allocation tool, are you doing so via a long-term model, i.e., are you thinking about reducing the share count by a certain percentage over a 5 or 10-year period and how that application along the business will be able to impact future earnings on a per-share basis?A: George Gonzalez (President, CEO and Chairman): Our capital allocation strategy, specifically our share buyback strategy, is based on a longer-term model. We are planning to continue this measured and multifaceted approach, which is a key part of our overall plan to maximize long-term value. Q: In the release, you said that capital allocation decisions may vary quarter to quarter based on the dynamic nature of our cash flows and for stock repurchases based on market conditions. While lot sales and land sales are lumpy, it appears the company now has comfortably over $100 million of annualized recurring income, over $100 million in cash, and a highly unlevered balance sheet. At this point, why should buybacks be dependent on the timing of your cash flows?A: George Gonzalez (President, CEO and Chairman): The information in our earnings release was not intended to mean that our share buybacks are exclusively based on short-term cash flows. It was an attempt at describing our capital allocation strategy in broad terms. Cash flows are a factor in our broad strategy, but it was not meant to be specific to share buybacks. Our strategy as a whole is based on a long-term model. Q: Estimated residuals grew this quarter. Origins looks to have added to residuals; did home sites in Bay County add to the estimated residual balance this quarter?A: Merrick Bao (Chief Financial Officer): Yes, home sites in Bay County did add to the estimated residual balance this quarter. The increase was driven by higher price point communities. For the first half of 2026, we booked a total of $14.6 million of residuals, but we've also collected $5.3 million worth of existing true-ups. Q: Waterfront property across the country appears to be at record demand and record pricing. Are these assets around the bay or the intracoastal water frontage that the company has, that the company can unlock over the next several years for residential and commercial development?A: George Gonzalez (President, CEO and Chairman): The short answer is absolutely yes, in all the locations mentioned in the question. It's part of our planning process. We don't look at those locations in isolation; we look at how we can drive value away from the water also. It's not just about maximizing the value of a property on the intracoastal or the bay, but how moving forward with a concept in those locations can add value to all of our adjacent land holdings. Q: It appears build-to-lot inventory in Origins is dwindling, especially the bunch delivered in mid-2023. Does this not provide a huge window for growth in deliveries at Origins, Walton County over the next few years? Is it intentional that you're giving builders bigger communities such as the Huff Arcom versus the previous piecemeal strategy?A: George Gonzalez (President, CEO and Chairman): We are considering every and all those options. We don't feel that our pipeline is dwindling; it's a matter of how you look at the pipeline quarter to quarter because of the seeding and harvesting cycle. We have a very long runway and a very long pipeline of potential residential home sites, both west of Origins and east of Origins. Q: How has demand for homes evolved in Northwest Florida over the last few years?A: George Gonzalez (President, CEO and Chairman): We continue to see an increase in demand, led by a continuation of in-migration into our region. Not only in terms of the actual numbers of people moving to our region, but we also continue to see a broader range of geography where those individuals are moving from. It's dynamic, and we continue to see more people move into our region from a broader range of locations. Q: Could you talk a bit about the growth of aviation-related companies and the recent release on the Space Florida program in Bay County?A: George Gonzalez (President, CEO and Chairman): Aviation and aerospace has always been a focus of the regional and local economic development authorities and has been one of the target industries to attract. We continue to see interest from the industry in our region. There's also a concept being executed, led by Florida State University, for an aerospace research and development center in the planning stage in Bay County that we believe may be a catalyst for the aerospace aviation industry. Q: How is the new hospital on Highway 79 progressing?A: George Gonzalez (President, CEO and Chairman): The new hospital, which is an academic health center model with teaching, research, and clinical delivery, is progressing well. Construction is ongoing, and there are many other components of operations in the works. The anticipated completion of that hospital is still in 2028. Q: Could you talk about the cadence of capital spend for utility expansions. Is it more lump sum or more steady periodic investment over time?A: George Gonzalez (President, CEO and Chairman): It's probably somewhere in between. Offsite utility extensions are capital intensive, but at the same time, they are things that we plan well ahead of time and incorporate into our overall business plan, budget, and capital allocation strategy. Q: How do you guys view your land holdings around Southport? It seems to be a unique area where there's huge and growing opportunity, given the price points far inland around Lake Mariel indicate good values there.A: George Gonzalez (President, CEO and Chairman): We look at our geography very broadly. We want to continue to have a residential segment that has diversity in price point and product type. In the Southport area, we do own property, for example, in the Tsheet DSAP, where we're planning on breaking ground on the first phase early next year. This is an example of us continuing to look at broader geographies to maintain diversity in the residential segment. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Highlights for the second quarter of 2026 as compared to the second quarter of 2025: Quarterly net income increased by 37% to $40.5 million, or $0.71 per share, from $29.5 million, or $0.51 per share, the Company’s highest second quarter net income in 30 years since a one-off gain on sale of discontinued operations in 1996. Total quarterly revenue increased by 23% to $158.8 million from $129.1 million, the Company’s highest second quarter revenue in 20 years. Real estate revenue increased by 59% to $69.6 million from $43.8 million. Hospitality revenue increased by 8% to a Company quarterly record of $74.2 million from $68.8 million. In the second quarter of 2026, the Company funded $24.0 million in capital expenditures, repurchased $32.7 million of the Company's common stock (499,700 shares), paid $9.1 million in cash dividends and repaid $10.9 million of debt. PANAMA CITY BEACH, Fla., July 29, 2026--(BUSINESS WIRE)--The St. Joe Company (NYSE: JOE) (the "Company," "We," or "Our") today reports second quarter and first half 2026 results. Jorge Gonzalez, the Company’s President, Chief Executive Officer and Chairman of the Board said, "We had a strong second quarter with total revenue increasing by 23% and net income increasing by 37%, as compared to the second quarter of 2025. It was our highest total revenue for a second quarter in 20 years and the highest net income for a second quarter in our history since a one-off gain on sale of discontinued operations 30 years ago. In addition to the growth in revenue, the Company also increased the gross margin of every segment with residential increasing to 48% from 45%, hospitality increasing to 42% from 39% and commercial increasing to 65% from 57%. This across-the-board increase in gross margin demonstrates that the Company continues to refine operations and increase profitability as we continue to scale and plan for the future. The Company has proven it can generate income, and in doing so, increase the value of the surrounding land holdings with our ‘Virtuous Circle of Value Creation’. We are seeing this model function in real time: A visiting family stays in one of our hotels and becomes introduced to our area. The family decides to purchase a home in one of our communities and hires our brokerage business, closes the purchase with our title agency, and purchases home insurance from our insurance agency. The family becomes a Watersound Club member. The family shops, eats, or obtains services from our commercial leasing tenants. More consumers create additional demand for commercial leasing tenants. Added commercial opportunities make our resorts and communities more appealing for residents and resort guests, which takes it full circle by helping to grow additional guests in our resorts and consumers in our residential communities. With approximately 165,000 acres of land in one of the fastest growing parts of Florida, we are uniquely positioned to execute the strategy of income generation and value creation." Mr. Gonzalez continued, "The Company has created a diverse portfolio of residential communities with a wide range of product mix, price points, and lifestyle offerings, with home pricing ranging from the high $200 thousands to over $5 million. This diversity is contributing to the growth of the residential segment as evidenced by the 39% growth in residential real estate revenue in the second quarter compared to the same period in the prior year. Due to the one to two year seeding and harvesting cycles and the mixture of homesite pricing per community, the results of the residential segment are not linear and may vary from quarter to quarter. The Company has a runway for immediate and long-term growth with over 25,000 units in the residential homesite pipeline, of which over 2,000 units are already platted or are currently under development, and over 1,500 are units in the engineering or permitting stage. This pipeline includes the first phase of two new communities in the Teachee and Pigeon Creek Detailed Specific Area Plans (‘DSAPs’), where commencement is planned for early 2027. In the second quarter of 2026, the Company obtained approval for Park Place East, a new community of approximately 2,000 residential units. In addition to the demand from 18 existing homebuilders currently in our communities, the Company is in active discussions with additional homebuilders not currently in our market who want to purchase homesites in our residential communities." Mr. Gonzalez concluded, "The Company continues to implement a measured and multi-faceted capital allocation strategy. As a diversified real estate operating company, our daily cash flows vary significantly throughout the year based on seasonality, the timing of the seeding and harvesting cycles of the residential communities, which for any one community or phase ranges from one to two years, the timing of major off-site utility extensions for future residential communities, and other factors like property and income tax payments. Thus, capital allocation decisions may vary quarter to quarter based on the dynamic nature of our cash flows and for stock repurchases, based on market conditions and the timing of open and closed periods relative to our cash flows. For the second quarter of 2026, the Company allocated 43% of capital to stock repurchases, 31% to capital expenditures for growth, 14% to debt repayment, and 12% to dividends. We have continued to expand our stock repurchase program. For the first six months of 2026, the Company used $37.7 million to repurchase common stock, an increase of 133% as compared to $16.2 million for the first six months of 2025. As of June 30, 2026, the Company had 56,991,651 outstanding shares, which is the lowest number of outstanding shares since 1997." Consolidated Second Quarter and First Half 2026 Results Total consolidated revenue for the second quarter of 2026 increased by 23% to $158.8 million, the highest second quarter revenue in twenty years, as compared to $129.1 million for the second quarter of 2025. During the second quarter of 2026, real estate revenue increased by 59% to $69.6 million, hospitality revenue increased by 8% to a Company record of $74.2 million, while leasing revenue decreased by 9% to $15.0 million, primarily due to the sale of the Watercrest joint venture senior living community property in September 2025. For the six months ended June 30, 2026, total consolidated revenue increased by 15% to $257.9 million, as compared to $223.3 million for the first six months of 2025. Real estate revenue increased by 33% to $109.3 million, hospitality revenue increased by 10% to $118.9 million while leasing revenue decreased by 9% to $29.7 million, primarily due to the sale of the Watercrest joint venture senior living community property in September 2025. The Company has joint ventures which are unconsolidated and accounted for using the equity method. For the three months ended June 30, 2026, these unconsolidated joint ventures had $59.0 million of revenue, as compared to $89.9 million for the same period in 2025. The decrease is primarily due to the timing and number of home sales completed by the Latitude Margaritaville Watersound joint venture. For the second quarter of 2026, there were 86 completed home sales in the Latitude Margaritaville Watersound unconsolidated joint venture as compared to 137 completed home sales in the second quarter of 2025. In the second quarter of 2026, the Latitude Margaritaville Watersound joint venture placed 111 homes under contract, a 25% increase in net new contracts, compared to 89 net new contracts in the second quarter of 2025. The 111 new contracts in the second quarter of 2026 represent the highest volume since the second quarter of 2024. The Company’s economic interests in its unconsolidated joint ventures for the three months ended June 30, 2026, resulted in $4.5 million of equity in income from unconsolidated joint ventures, as compared to $7.5 million for the three months ended June 30, 2025. This activity is in addition to the Company’s reported consolidated revenue. For the first six months of 2026, these unconsolidated joint ventures had $115.1 million of revenue, as compared to $213.2 million for the first six months of 2025. The Company’s economic interests in its unconsolidated joint ventures resulted in $8.0 million of equity in income from unconsolidated joint ventures, for the first six months of 2026, as compared to $17.7 million for the first six months of 2025. 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 second quarter of 2026 was a record for any second quarter for the Company in 30 years since a one-off gain on sale of discontinued operations in 1996. Net income increased by 37% to $40.5 million, or $0.71 per share, for the second quarter of 2026, as compared to net income of $29.5 million, or $0.51 per share, for the same period in 2025. Net income for the first six months of 2026 increased by 16% to $54.4 million, or $0.95 per share, as compared to net income of $47.0 million, or $0.81 per share, for the same period in 2025. Earnings before interest, taxes, depreciation and amortization ("EBITDA"), a non-GAAP financial measure, for the three months ended June 30, 2026, increased by 24% to $69.7 million, as compared to $56.0 million for the same period in 2025. EBITDA for the six months ended June 30, 2026, increased by 8% to $103.3 million, as compared to $95.8 million for the first six months of 2025. 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 July 29, 2026, the Board of Directors declared a cash dividend of $0.16 per share on the Company’s common stock, payable on September 18, 2026, to shareholders of record as of the close of business on August 21, 2026. Real Estate For the second quarter of 2026, total real estate revenue increased by 59% to $69.6 million, as compared to $43.8 million for the second quarter of 2025. Residential real estate volume totaled 224 homesites, 15 townhomes in the Watersound Villas on the Fairway community and an unimproved residential land sale totaling $2.5 million, in the second quarter of 2026, as compared to 225 homesites and 10 townhomes in the Watersound Villas on the Fairway community, in the second quarter of 2025. For the second quarter of 2026, there were six commercial, forestry and hospitality real estate sales totaling $10.4 million, as compared to five commercial, forestry and hospitality real estate sales totaling $3.3 million for the second quarter of 2025. As of June 30, 2026, the Company had 3,077 residential homesites under contract, including 1,326 homesites within the Pigeon Creek DSAP, which is structured to include significant variable revenue due to its long-term nature, and approximately 647 entitled undeveloped homesites within the SouthWood community. Excluding the Pigeon Creek and SouthWood community contracts due to their scale and timing, the remaining 1,104 residential homesites under contract are expected to result in revenue of approximately $109.2 million, plus residuals, at closing of the homesites over the next several years. By comparison, as of June 30, 2025, the Company had 1,209 residential homesites under contract, with an expected revenue of approximately $121.7 million, plus residuals. The change in homesites under contract is due to homesite transactions since the end of the prior period, new contracts, and the amount of remaining homesites in current phases of the residential communities. The Company’s residential homesite pipeline has over 25,000 homesites in various stages of development, engineering, permitting or concept planning. The Latitude Margaritaville Watersound unconsolidated joint venture, planned for 3,700 residential homes, had 111 net sale contracts executed in the second quarter of 2026. Since the start of sales in 2021, there have been 2,542 home contracts. For the second quarter of 2026, there were 86 completed home sales, bringing the community to 2,359 occupied homes. There were 183 homes under contract as of June 30, 2026, with an average sales price of approximately $629,000, which are expected to result in sales value of approximately $115.1 million at completion. Hospitality Hospitality revenue increased by 8% to a quarterly record of $74.2 million in the second quarter of 2026, as compared to $68.8 million in the second quarter of 2025. The gross margin improved across all hospitality categories to a total of 41% for the second quarter of 2026, as compared to 39% for the second quarter of 2025. Hospitality revenue continues to benefit from the growth of the Watersound Club membership program and hotel operations. For the second quarter of 2026, the Watersound Club revenue (including Camp Creek Inn operations) increased by 13% to $28.6 million, while hotel revenue increased by 4% to $40.5 million, compared to the second quarter of 2025. As of June 30, 2026, the Company had 3,723 club members, compared to 3,551 club members as of June 30, 2025, a net increase of 172 members. As of June 30, 2026, 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, self-storage and other properties decreased by 9% to $15.0 million for the second quarter of 2026, as compared to $16.5 million for the same period in 2025. The decrease in leasing revenue is primarily due to the sale of the Watercrest joint venture senior living community property in September 2025. Although the revenue is lower in the second quarter of 2026 as compared to 2025, the gross profit increased by $0.1 million to $9.0 million (a gross margin percentage of 60%) for the second quarter of 2026, as compared to $8.9 million (a gross margin percentage of 54%) for the second quarter of 2025. Leasable space as of June 30, 2026, consisted of approximately 1,196,000 square feet, of which approximately 1,139,000, or 95%, were leased, as compared to approximately 1,177,000 square feet as of June 30, 2025, of which approximately 1,122,000, or 95%, was leased. As of June 30, 2026, the Company had an additional 69,134 square feet of space under construction of which 58,134, or 84%, was pre-leased or will be occupied by the Company. 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 June 30, 2026, increased by $0.8 million to $7.2 million, compared to $6.4 million for the same period in 2025. The Company’s corporate and other operating expenses for the six months ended June 30, 2026, increased by $2.6 million to $15.6 million, as compared to $13.0 million for the same period in 2025. Corporate and other operating expenses were approximately 6% of revenue for both of the six month periods ended June 30, 2026 and 2025. Investments, Liquidity and Debt In the second quarter of 2026 the Company funded $24.0 million in capital expenditures, repurchased $32.7 million of the Company’s common stock, paid $9.1 million in cash dividends and repaid $10.9 million of debt, resulting in capital allocation of 31% to capital expenditures, 55% to shareholders through dividends and stock repurchases and 14% to debt repayment. For the first half of 2026, the Company funded $44.7 million in capital expenditures, repurchased $37.7 million of the Company’s common stock, paid $18.3 million in cash dividends and repaid $21.8 million of debt. As of June 30, 2026, the Company had $117.3 million in cash and cash equivalents, as compared to $129.6 million as of December 31, 2025. As of June 30, 2026, the Company had $258.0 million invested in development property, which, when complete, will be added to operating property or sold. As of June 30, 2026, the weighted average effective interest rate of outstanding debt was 4.7% with an average remaining life of 19.8 years. As of June 30, 2026, 84% of the Company’s outstanding debt had a fixed or swapped interest rate while the remaining 16% of debt has interest rates that vary with SOFR. Earnings Call The Company will conduct an earnings call on July 31, 2026, at 10:00 a.m. Central Time / 11:00 a.m. Eastern Time to discuss the Company’s performance and answer questions. Additional Information and Where to Find It Additional information with respect to the Company’s results for the second quarter and first half of 2026 will be available in a Form 10-Q that will be filed with the Securities and Exchange Commission ("SEC") and can be found at www.joe.com and at the SEC’s website www.sec.gov. We recommend studying the Company’s latest Form 10-K and Form 10-Q before making an investment decision. FINANCIAL DATA SCHEDULES Financial data schedules in this press release include consolidated results, summary balance sheets, corporate and other operating expenses and the reconciliation of EBITDA, a non-GAAP financial measure, for the second quarter and first half of 2026 and 2025, respectively. FINANCIAL DATA Reconciliation of Non-GAAP Financial Measures (Unaudited) ($ in millions) EBITDA is a non-GAAP financial measure, which management believes assists investors by providing insight into the operating performance of the Company across periods on a consistent basis and, when viewed in combination with the Company results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting the Company. However, EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP. EBITDA is calculated by adjusting "Interest expense", "Investment income, net", "Income tax expense", "Depreciation, depletion and amortization" to "Net income attributable to the Company". Important Notice Regarding Forward-Looking Statements Certain statements contained in this press release, as well as other information provided from time to time by the Company or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "guidance," "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Examples of forward-looking statements in this press release include statements regarding our and our market’s growth prospects; ability to generate recurring revenue and grow profitability; opportunities to capture value of our developed assets in strategic transactions; our capital allocation initiatives, including investments in our business, dividends and opportunistic stock repurchases; plans regarding our joint venture developments; and the timing and impact of current developments, including relationships with new and potential partners and service providers, and new projects in 2026 and beyond. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. The Company wishes to caution readers that, although we believe any forward-looking statements are based on reasonable assumptions, certain important factors may have affected and could in the future affect the Company’s actual financial results and could cause the Company’s actual financial results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company, including: our ability to successfully implement our strategic objectives; new or increased competition across our business units; any decline in general economic conditions, particularly in our primary markets; interest rate fluctuations; persistent inflation; higher insurance costs and our ability to obtain adequate insurance coverage for our properties; financial institution disruptions; supply chain disruptions, including as a result of conflicts; geopolitical conflicts and political uncertainty and the corresponding impact on the global economy; imposition of tariffs and uncertainty regarding trade policies; changes in consumer sentiment and confidence that may impact demand across our segments; our ability to successfully execute or integrate new business endeavors and acquisitions; our ability to yield anticipated returns from our developments and projects; our ability to cooperate effectively with new builder partners; our ability to effectively manage our real estate assets, as well as the ability for us or our joint venture partners to effectively manage the day-to-day activities of our projects; our ability to complete construction and development projects within expected timeframes; the interest of prospective guests in our hotels; reductions in travel and other risks inherent to the hospitality industry; the illiquidity of all real estate assets; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of our investment portfolio; any potential negative impact of our longer-term property development strategy, including losses and negative cash flows for an extended period of time if we continue with the self-development of granted entitlements; our dependence on homebuilders; mix of sales from different communities and the corresponding impact on sales period over period; the financial condition of our commercial tenants; regulatory and insurance risks associated with a senior living facility; any reduction in the supply of mortgage loans or tightening of credit markets; our dependence on strong migration and population expansion in our regions of development, particularly Northwest Florida; our ability to fully recover from natural disasters and severe weather conditions; the actual or perceived threat of climate change; the seasonality of our business; our dependence on certain third party providers; the decreased ability of minority shareholders to influence corporate matters, due to concentrated ownership of largest shareholder; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations in the areas where we operate; changes in tax rates, the adoption of new U.S. tax legislation, and exposure to additional tax liabilities; new litigation; our ability to attract and retain qualified employees, particularly in our hospitality business; our ability to protect our information technology infrastructure and defend against cyber-attacks; increased media, political, and regulatory scrutiny negatively impacting our reputation; our ability to maintain adequate internal controls; risks associated with our financing arrangements, including our compliance with certain restrictions and limitations; our ability to pay our quarterly dividend and our ability to repurchase stock under our stock repurchase program. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company’s most recently filed periodic reports on Form 10-K and subsequent filings. The discussion of these risks is specifically incorporated by reference into this press release. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made, and we do not undertake to update these statements other than as required by law. About The St. Joe Company The St. Joe Company is a diversified Florida real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use existing assets for residential, hospitality and commercial ventures. St. Joe has significant residential and commercial land-use entitlements. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about the Company can be found on its website at www.joe.com. © 2026, The St. Joe Company. "St. Joe®", "JOE®", the "Taking Flight" Design®, "St. Joe (and Taking Flight Design)®", "WaterColor®" and "Watersound®", and other development names used herein are the registered service marks of The St. Joe Company or its affiliates or others. View source version on businesswire.com: https://www.businesswire.com/news/home/20260729363522/en/ Contacts St. Joe Investor Relations Contact:Marek BakunChief Financial [email protected]

Q1 results: Revenue rose 5% to $99.1 million and operating income increased 8%, but net income fell 21% largely because equity income from the Latitude Margaritaville Watersound joint venture dropped to $3.5M from $10.2M year-over-year due to lower home closings. Recurring revenue and margins improving: Hospitality and leasing made a record contribution (hospitality $44.7M, leasing $14.7M = 60% of revenue) while hospitality gross margin expanded to 24% from 18% and leasing margin rose to 61% from 55%. Growth pipeline and capital moves: St. Joe signed a PulteGroup agreement for up to 2,653 home sites and a long-range utility deal enabling thousands more, while deploying a measured capital plan including $20.7M of capex, $9.2M of dividends, $5M buybacks and $10.9M of project debt reduction focused on higher-rate variable debt. Interested in St. Joe Company (The)? Here are five stocks we like better. St. Joe (NYSE:JOE) reported first-quarter 2026 results highlighted by higher revenue and operating income, while net income declined due largely to lower earnings from its unconsolidated joint venture at Latitude Margaritaville Watersound. President, CEO and Chairman Jorge Gonzalez and CFO Marek Bakun also discussed the company’s focus on recurring revenue growth, hospitality margin improvements, and a pipeline of development and infrastructure agreements in Northwest Florida. Gonzalez said St. Joe posted a 5% increase in revenue and an 8% increase in operating income for the first quarter. Total revenue was $99.1 million, which he described as the company’s highest first-quarter revenue outside of a one-time timberland sale in 2014. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss By segment, Gonzalez said the year-over-year revenue increase included a 13% rise in hospitality revenue and a 4% increase in real estate revenue. Leasing revenue declined 10%, which he attributed “primarily due to the sale of the Watercrest senior living property in September of 2025.” Net income decreased 21% in the quarter. Gonzalez said the decline was “primarily because of a decrease in equity and income from unconsolidated joint ventures,” which fell to $3.5 million from $10.2 million in the first quarter of 2025. He attributed the change primarily to lower home closing volume in the Latitude Margaritaville Watersound unconsolidated joint venture, while noting Latitude is a “large-scale, long-term project” that can have quarterly and annual variability. → Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall? Management emphasized its strategy of expanding recurring revenue. Gonzalez said the company generated a first-quarter record of $44.7 million in hospitality revenue and $14.7 million in leasing revenue, which together represented 60% of total revenue. Gonzalez also pointed to improved profitability in those segments. In hospitality, the company has been focused on improving operations and increasing margins after opening five new hotels in 2023 and expanding its club membership program. He said hospitality gross margin improved “across all hospitality categories” to 24% in the first quarter of 2026, compared with 18% a year earlier. → Is Oracle Undervalued as Cloud Growth Accelerates? In leasing, Gonzalez said gross margin increased to 61% from 55%. He described leasing as “not as operationally intensive as hospitality,” and said St. Joe’s approach to lifting profitability includes investing in higher-margin projects and divesting lower-margin assets. As examples, he cited WaterSound Town Center as a higher-margin investment and the 2025 sale of Watercrest as a divestiture. Gonzalez outlined a “measured and multifaceted” capital allocation approach during the quarter, including: $20.7 million in capital expenditures, “primarily for growth” $9.2 million in cash dividends $5 million in share repurchases $10.9 million in reduction of project debt He said the company’s project debt reduction strategy is focused on “variable shorter term, higher interest rate debt,” such as hospitality-related borrowings, rather than “fixed longer term, lower interest rate debt,” such as apartment-related debt. During Q&A, management discussed the pace and structure of a newly announced agreement with PulteGroup. Gonzalez said the homebuilder’s pacing will ultimately be “set by market,” and that Pulte plans to offer multiple product types within the community. Bakun added that the company’s disclosure was “intentional” and reiterated that St. Joe has “built-in protections” related to the takedown schedule. In his prepared remarks, Gonzalez said St. Joe executed a contract with PulteGroup for up to 2,653 home sites within its most recently approved Detailed Specific Area Plan (DSAP), noting it marks Pulte’s first entry into the Northwest Florida market. He also said the company executed a long-range utility, water, and sewer agreement that will service the Lake Powell and West Laird DSAPs, with infrastructure work planned to begin later this year and the potential for “thousands of future residential home sites.” On timing for revenue realization, Gonzalez said Pigeon Creek closings are expected “probably [the] first part of 2027,” adding that St. Joe is working on engineering and permitting and coordinating with PulteGroup. For Southwood, he said the company does not pursue a homesite strategy and instead sells tracts with master infrastructure to homebuilders; he said St. Joe has several contracts in progress and continues discussions with builders. Gonzalez also discussed several other projects and initiatives: Hospitality marketing: Asked about RevPAR improvement, Gonzalez said the majority of the uptick was “organic,” while noting the company has tracked increased bookings from the New York City market following a campaign launched in December and remains “cautiously optimistic.” VentureCrossings and data centers: Gonzalez said the company has held discussions with potential users about VentureCrossings Enterprise Centre, and would consider monetization through a ground lease (recurring revenue) and/or a sale depending on circumstances. Brokerage business: Gonzalez said the company has been pleased with the start of its real estate brokerage agency, which began at WaterColor Town Center and expanded to WaterSound Town Center. He said St. Joe plans three additional locations—two in Bay County and one in Walton County—and expects more meaningful evaluation after a full year of data. Pier Park City Center surf park: Gonzalez said the company has made “significant progress” and expects the surf park project to commence “relatively soon.” He also said St. Joe is in discussions with other potential users for the site and is being “very thoughtful” about tenant mix. Latitude Margaritaville expansion: Gonzalez said the company has been in discussions with its partner about the next phase and has made “really good progress,” adding that expansion would be “to the immediate west of the existing joint venture.” Intracoastal Waterway Marina: Gonzalez said work has started, but St. Joe still needs to obtain a couple more permits. He said the company does not see major regulatory challenges and expects to accelerate work once final permits are received. Origins West custom homesites near Art Park: Gonzalez said St. Joe is planning another custom residential homesite product in Origins West, but does not yet have specifics on lot count or timing and expects to share more information “in the subsequent weeks and months.” Gonzalez described continued positive demand signals in the region. In response to a question about migration and tourism, he said it “still feels really positive,” with migration broadening beyond historical feeder geographies. He said the company is also seeing hotel guests from a wider range of locations and noted the quarter’s hospitality revenue growth and improved occupancy and rates as supporting indicators. On residential pace in Walton County, Gonzalez said the company agrees with the questioner’s observations about demand but emphasized balancing inventory to meet market needs without overextending capital. He cited Camp Creek as an example where many custom builders have participated, and said Origins currently has five or six builders with ongoing discussions with additional builders. On commercial development, Gonzalez said activity depends on market demand, but added that St. Joe is receiving more inbound inquiries—particularly from national retailers—than in earlier years when the company was “the ones making phone calls.” If the trend continues, he said the company would make decisions to meet demand and “accelerate” commercial development. St. Joe said it will hold its annual meeting of shareholders on May 12 at 9:00 a.m. Central Time at Camp Creek Inn. The St. Joe Company (NYSE: JOE) is a leading real estate development and asset management firm focused on Northwest Florida. Headquartered in Jacksonville, the company owns and manages approximately 171,000 acres of land across Bay, Gulf, Franklin and Walton counties. St. Joe's core businesses include residential community development, commercial real estate, and hospitality, with an emphasis on master-planned neighborhoods, office and retail campuses, resort hotels and mixed-use town centers. Founded in 1936 as a paper manufacturing company, St. The article "St. Joe Q1 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. Release Date: April 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. The St. Joe Co (NYSE:JOE) reported a 5% increase in revenue and an 8% increase in operating income for the first quarter of 2026. Hospitality revenue increased by 13%, contributing to a record $44.7 million in hospitality revenue for the quarter. The company successfully executed a contract with Pulte Group for up to 2,653 home sites, marking Pulte's first entry into the Northwest Florida market. Gross margins improved across all hospitality categories to 24% in Q1 2026, up from 18% in Q1 2025. The company is actively pursuing growth opportunities, including discussions for data center development at Venture Crossings and expanding real estate brokerage locations. Net income decreased by 21%, primarily due to a decrease in equity and income from unconsolidated joint ventures. Leasing revenue decreased by 10%, attributed to the sale of the Watercrest Senior Living property. The decrease in equity and income was primarily due to lower home closing volumes in the Latitude joint venture. There are ongoing regulatory processes delaying the finalization of the Intercoastal Waterway Marina. The company faces challenges in balancing inventory to meet market demand without overextending capital. Warning! GuruFocus has detected 9 Warning Signs with JOE. Is JOE fairly valued? Test your thesis with our free DCF calculator. Q: Can you elaborate on the pace of takedown at Pigeon Creek DSAP? 1,300 home sites is great, but obviously, whether it's over three, five, or 10 years makes a big difference. Also, are there protections in the takedown schedule as it relates to the value of the land? A: George Gonzalez, President, CEO, and Chairman: The pace is set by the market, and Pulte Group plans to offer various product types. We have incorporated lessons learned from past agreements to ensure protections in the takedown schedule. Q: There was a nice uptick in the RevPAR at the hotels this quarter. Was any of that attributable to the New York City marketing campaign? A: George Gonzalez: The majority of the uptick was organic. We have seen an increase in bookings from the New York City market, likely due to the campaign, but it's still early to fully assess its impact. Q: With strong national demand for data centers driven by AI, have you considered or pursued marketing positions of venture crossing enterprise center for data center development? A: George Gonzalez: We have had discussions with potential users for data center development at Venture Crossings. We are considering options like ground leases for recurring revenue or potential sales, depending on various factors. Q: Can you provide additional color on the brokerage revenue, either by county, average transaction value, or number of transactions? A: George Gonzalez: We are pleased with the commencement of our real estate brokerage agency, which started in Watercolor Town Center and expanded to Watertown Town Center. We plan to open three more locations and will have more data after a full year of operations. Q: What is the expected timeline for starting to realize revenue from home sites at Pigeon Creek and also Southwood? A: George Gonzalez: For Pigeon Creek, we expect closings and revenue realization in early 2027. In Southwood, we sell tracts with master infrastructure to home builders and are in ongoing discussions with potential buyers. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Performance was driven by a strategic pivot toward recurring revenue, with hospitality and leasing now accounting for 60% of total quarterly revenue. Hospitality gross margins expanded from 18% to 24% following the stabilization of five new hotels opened in 2023 and the expansion of the club membership program. Leasing margin improvement to 61% resulted from a systematic portfolio evaluation, divesting lower-margin assets like senior living to reinvest in higher-margin projects like Watersound Town Center. Net income decline was primarily attributed to lower home closing volumes in the Latitude Margaritaville joint venture, which management describes as a long-term project subject to quarterly volume fluctuations. The company is leveraging its ownership of 165,000 acres of entitled land as a competitive advantage against national builders facing land acquisition and entitlement challenges. Capital allocation focused on reducing variable, shorter-term project debt associated with hospitality assets while maintaining fixed, lower-rate debt for apartment assets. The new PulteGroup agreement for 2,653 homesites marks a major market entry for a top-three national builder, with revenue realization expected to begin in early 2027. Management is cautiously optimistic about the hospitality season, citing an uptick in bookings potentially linked to a targeted New York City marketing campaign launched in December. Infrastructure work for the Lake Powell and West Laird developments is planned to commence later in 2026, supporting the potential for thousands of future residential sites. Commercial development pace is expected to accelerate if the current trend of increased inquiries from national retail tenants continues. The company is actively planning the next phase of the Latitude Margaritaville partnership, which is expected to expand into land immediately west of the existing project. The 10% decrease in leasing revenue was a planned result of the strategic sale of the Watercrest senior living property in late 2025. Management noted that while migration to the region remains strong, they are carefully balancing inventory development to avoid tying up capital in 'sitting' inventory. Permitting remains a procedural step for the Intracoastal Waterway Marina, with work expected to accelerate once final regulatory approvals are obtained. The company is exploring data center development at Venture Crossings, considering ground leases to maintain recurring revenue streams. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management stated that while the market ultimately sets the pace, the agreement includes 'significant variable of revenue' protections and built-in safeguards based on lessons from previous long-term contracts. The project will feature various product types to appeal to different consumer segments and price points. Management believes the club is currently in a 'sweet spot' of balanced demand and capacity following recent investments in golf and facility expansions. New amenities at Lake Powell are in the design phase to ensure capacity stays ahead of membership growth without overextending capital. The company plans to expand from two to five brokerage locations across Bay and Walton counties following strong initial agent interest. A full year of data by the end of 2026 will inform the long-term scaling strategy for this new agency segment. Revenue commencement for the Surf Park is expected 'relatively soon,' and management is being selective with additional tenants to maintain the site's high-energy profile. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.