圣乔 2025年季度报告

(Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch31,2025 or ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THESECURITIES EXCHANGE ACT OF 1934 For the transition period fromto.Commission file number:1-10466 The St. Joe Company(Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was requiredto file such reports), and (2)has been subject to such filing requirements for the past 90days.YES☑NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12months (or for suchshorter period that the registrant was required to submit such files).YES☑NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Largeacceleratedfiler☑Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).YES☐NO☑ As of April 21, 2025, there were58,222,315shares of common stock, no par value, outstanding. THE ST. JOE COMPANYINDEX PARTI - FINANCIAL INFORMATIONItem1. Financial Statements (Unaudited)3Condensed Consolidated Balance Sheets- March31, 2025 and December31, 20243Condensed Consolidated Statements of Income- Three Months Ended March31, 2025 and20245Condensed Consolidated Statements of Comprehensive Income- Three Months Ended March31, 2025 and 20246Condensed Consolidated Statements of Equity- Three Months Ended March 31, 2025 and20247Condensed Consolidated Statements of Cash Flows- ThreeMonths Ended March 31, 2025and 20248Notesto the Condensed Consolidated Financial Statements10Item2. Management’s Discussion and Analysis of Financial Condition and Results ofOperations43Item3. Quantitative and Qualitative Disclosures About Market Risk67Item4. Controls and Procedures68PARTII - OTHER INFORMATIONItem1. Legal Proceedings68Item1A. Risk Factors68Item2. Unregistered Sales of Equity Securities and Use of Proceeds68Item3. Defaults Upon Senior Securities69Item4. Mine Safety Disclosures69Item5. Other Information69Item6. Exhibits69SIGNATURES70 PARTI- FINANCIAL INFORMATION THE ST. JOE COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands)(Unaudited) THE ST. JOE COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands)(Unaudited) The following presents the portion of the condensed consolidated balances attributable to theCompany’s consolidated joint ventures (“JV”), which, as of March31,2025 and December31,2024,include the Pier Park North JV (“Pier Park North JV”), Pier Park Crossings LLC (“Pier ParkCrossings JV”), Origins Crossings, LLC (“Watersound Origins Crossings JV”), SJWCSL, LLC(“Watercrest JV”), Pier Park Crossings Phase II LLC (“Pier Park Crossings Phase II JV”), MexicoBeach Crossings, LLC (“Mexico Beach Crossings JV”), Pier Park Resort Hotel, LLC (“Pier ParkResort Hotel JV”), the 30A Greenway Hotel, LLC (“The Lodge 30A JV”), Panama City TimberFinance Company, LLC and Northwest Florida Timber Finance, LLC. As of December 31, 2024,condensed consolidated balances attributable to the Company’s consolidated JVs also includeWatersound Closings & Escrow, LLC (“Watersound Closings JV”). See Note2.Summary ofSignificant Accounting Policies. Basis of Presentation and Principles of Consolidationand Note 4.Joint Venturesfor additional information. The following assets may only be used to settle obligationsof the consolidated JVs and the following liabilities are only obligations of the consolidated JVs anddo not have recourse to the general credit of the Company, except for covenants and guaranteesdiscussed in Note8.Debt, Net. THE ST. JOE COMPANYCONDENSED CONSOLIDATED STATEMENTS OF INCOME(Dollars in thousands except per share amounts)(Unaudited) See accompanying notes to the condensed consolidated financial statements. THE ST. JOE COMPANYCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Dollars in thousands)(Unaudited) Three Months EndedMarch31,20252024Net income:$16,668$13,102Other comprehensive (loss) income:Interest rate swaps(213)751Interest rate swap - unconsolidated joint venture(2)93Reclassification of net realized gain incl