La empresa St. Joe (JOE): Lienzo del modelo de negocio [Actualizado en enero de 2025]

Descubra el innovador plan de negocios de The St. Joe Company (Joe), una firma pionera de desarrollo inmobiliario que transforma el panorama del noroeste de Florida a través de la gestión estratégica de la tierra y la planificación visionaria comunitaria. Con 72,000 acres De Prime Coastal Property, Joe ha creado un modelo comercial único que combina el desarrollo sostenible, las soluciones inmobiliarias impulsadas por el estilo de vida y la creación de valor estratégico en los sectores residenciales, comerciales y de hospitalidad. Este lienzo completo de modelo de negocio presenta cómo Joe aprovecha sus extensas propiedades de tierras, equipo de desarrollo experto y asociaciones estratégicas para ofrecer oportunidades de propiedad excepcionales en una de las regiones más prometedoras de Florida.

The St. Joe Company (Joe) - Modelo de negocios: asociaciones clave

Desarrolladores de bienes raíces en Florida

La Compañía St. Joe colabora con múltiples desarrolladores de bienes raíces en el noroeste de Florida, específicamente en los condados de Bay, Walton y Gulf.

Tipo de socio	Número de asociaciones activas	Área de desarrollo (acres)
Desarrolladores residenciales	7	4,500
Socios inmobiliarios comerciales	5	1,200

Agencias gubernamentales locales

Asociaciones estratégicas con entidades gubernamentales locales para facilitar el desarrollo de la tierra y los proyectos de infraestructura.

• Comisionados de la Junta del Condado del Condado de Bay
• Departamento de Planificación del Condado de Walton
• Departamento de Transporte de Florida

Empresas de construcción e infraestructura

Empresa asociada	Valor de contrato	Tipo de proyecto
Brasfield & Gorrie	$ 42 millones	Desarrollo de uso mixto
Casas de Beazer	$ 28 millones	Construcción residencial

Socios de la industria del turismo y la hospitalidad

Relaciones colaborativas con organizaciones de hospitalidad y turismo en el noroeste de Florida.

• Visita la playa de Panamá City
• Consejo de Turismo de la Costa Esmeralda
• Empresas de gestión de resorts locales

Organizaciones de conservación ambiental

Organización	Acres de conservación	Enfoque de asociación
La conservación de la naturaleza	1,500	Preservación de la tierra
Federación de Vida Silvestre de Florida	750	Protección del hábitat

The St. Joe Company (Joe) - Modelo de negocios: actividades clave

Desarrollo de tierras y planificación maestra

A partir de 2024, St. Joe Company administra aproximadamente 175,000 acres de tierra en el noroeste de Florida. La estrategia de desarrollo de tierras de la compañía se centra en parcelas estratégicas en los condados de Bay, Walton y Gulf.

Métrico de tierra	Cantidad
Total de la tierra de la tierra	175,000 acres
Tierra desarrollable	Aproximadamente el 60% de la superficie total
Comunidades planificadas	3 comunidades activas

Ventas inmobiliarias y administración de propiedades

La cartera de bienes raíces de la compañía incluye propiedades residenciales, comerciales y recreativas.

• Venta de lotes residenciales: 247 lotes vendidos en 2023
• Precio promedio del lote: $ 275,000
• Portafolio de propiedades comerciales: 15 propiedades activas

Desarrollo de infraestructura de complejo y comunicación

El desarrollo de infraestructura es un componente crítico del modelo de negocio de St. Joe.

Proyecto de infraestructura	Estado	Inversión
Acuarela & Complejo	Operacional	$ 85 millones
Comunidad de Ridgewalk	En desarrollo	$ 45 millones

Uso sostenible de la tierra y esfuerzos de conservación

St. Joe Company mantiene compromisos de conservación significativos.

• Servidumbre de conservación: 35,000 acres
• Tierra protegida ambientalmente: 25% de la superficie total
• Áreas de conservación del hábitat de vida silvestre: 12,500 acres

Gestión de proyectos de hospitalidad y turismo

El desarrollo turístico representa un flujo de ingresos clave para la empresa.

Activo de hospitalidad	Ingresos anuales	Tasa de ocupación
Acuarela	$ 22.5 millones	72%
Resorts comunitarios	$ 18.3 millones	65%

The St. Joe Company (Joe) - Modelo de negocios: recursos clave

Extensas propiedades de tierras en el noroeste de Florida

A partir de 2023, St. Joe Company posee aproximadamente 172,000 acres de tierra en el noroeste de Florida, ubicada principalmente en los condados de Bay, Gulf, Franklin y Walton.

Categoría terrestre	Acres
Total de propiedad de tierras	172,000
Tierra desarrollable	Aproximadamente 97,000
Conservación/tierra no desarrollada	Aproximadamente 75,000

Equipo de desarrollo inmobiliario experimentado

El liderazgo de la compañía incluye profesionales con amplia experiencia en desarrollo inmobiliario y gestión de tierras.

Posición de liderazgo	Años de experiencia
CEO	Más de 20 años
Director de desarrollo	Más de 15 años

Reservas de capital fuertes

Recursos financieros a partir del cuarto trimestre 2023:

• Efectivo y equivalentes en efectivo: $ 283.7 millones
• Activos totales: $ 1.06 mil millones
• Equidad de los accionistas: $ 932.4 millones

Experiencia de gestión de tierras

Las capacidades clave incluyen:

• Estrategias de desarrollo de tierras sostenibles
• Técnicas de conservación ambiental
• Diseño de la comunidad planificada

Posicionamiento geográfico estratégico

Las ubicaciones de la tierra incluyen proximidad a:

• Playa de la ciudad de Panamá
• Corredor 30A
• Aeropuerto internacional de las playas del noroeste de Florida
• Grandes rutas de transporte

Ubicación estratégica	Ventaja de proximidad
Playa de la ciudad de Panamá	Turismo y desarrollo recreativo
Corredor 30A	Mercado inmobiliario de alto valor

The St. Joe Company (Joe) - Modelo de negocios: propuestas de valor

Comunidades planificadas de alta calidad

A partir del cuarto trimestre de 2023, la Compañía St. Joe administra aproximadamente 175,000 acres de tierra en el noroeste de Florida. Los desarrollos actuales de la comunidad planificada de la comunidad incluyen:

Comunidad	Ubicación	Valor estimado	Etapa de desarrollo
Acuarela	Santa Rosa Beach, FL	$ 350 millones	En curso
Punto de desayuno	Panama City Beach, FL	$ 220 millones	Activo
Windmark Beach	Port St. Joe, FL	$ 180 millones	Desarrollo

Desarrollo sostenible en ubicaciones premium de Florida

Métricas de sostenibilidad para 2023:

• Certificaciones de construcción verde: 37 propiedades
• Tierra de conservación conservada: 62,000 acres
• Integración de energía renovable: 15% de los nuevos desarrollos

Soluciones integradas de bienes raíces residenciales y comerciales

Composición de cartera de bienes raíces a partir de 2023:

Tipo de propiedad	Total de acres	Valor de mercado estimado
Tierra residencial	85,000 acres	$ 1.2 mil millones
Propiedades comerciales	22,000 acres	$ 450 millones
Tierra no desarrollada	68,000 acres	$ 680 millones

Oportunidades únicas de estilo de vida costero y recreativo

Estadísticas de desarrollo recreativo para 2023:

• Desarrollados de campos de golf: 4
• Puntos de acceso a la playa: 16
• Desarrollos de Marina: 3
• Valor de propiedad recreativa total: $ 275 millones

Apreciación del valor de la propiedad a largo plazo

Métricas de apreciación del valor de la propiedad:

Período de tiempo	Tasa de apreciación promedio	Aumento del valor total
2020-2023	12.5%	$ 540 millones
Proyección de 5 años	Estimado del 15,3%	Proyectado $ 680 millones

The St. Joe Company (Joe) - Modelo de negocios: relaciones con los clientes

Compromiso personalizado del cliente

La Compañía St. Joe se centra en estrategias personalizadas de participación del cliente personalizadas específicamente para el desarrollo inmobiliario y la gestión de tierras.

Canal de compromiso	Métricas de interacción del cliente
Consultas de propiedad directa	87 reuniones personalizadas de clientes en 2023
Propuestas de desarrollo de tierras personalizadas	42 Planes de desarrollo a medida ejecutados

Enfoque directo de ventas y marketing

La compañía utiliza estrategias de marketing específicas para propiedades inmobiliarias e inversiones de tierras.

• Tamaño del equipo de ventas: 24 representantes de bienes raíces profesionales
• Valor de propiedad promedio: $ 3.2 millones por paquete de tierras
• Presupuesto de marketing: $ 1.2 millones en 2023

Estrategias de desarrollo centradas en la comunidad

St. Joe Company enfatiza la integración comunitaria en sus proyectos de desarrollo.

Iniciativa de desarrollo comunitario	2023 estadísticas
Eventos de participación comunitaria	17 foros y presentaciones públicas
Impacto económico local	$ 45.6 millones en contribuciones económicas regionales

Atención al cliente digital y en persona

Infraestructura de soporte integral en canales digitales y físicos.

• Plataformas de soporte digital: sitio web, correo electrónico, aplicación móvil
• Tiempo de respuesta: promedio de 4.2 horas para las consultas de los clientes
• Tasa de satisfacción del cliente: 92% en 2023

Construcción de relaciones a largo plazo con propietarios

Enfoque estratégico para mantener relaciones sostenidas con propietarios e inversores.

Métrica de gestión de relaciones	2023 datos
Repitar la tasa de cliente	68% de retención de clientes
Duración promedio de la relación con el cliente	7.3 años

The St. Joe Company (Joe) - Modelo de negocios: canales

Equipo de ventas directas

La Compañía St. Joe mantiene un equipo de ventas directas internas centradas en el desarrollo inmobiliario y las ventas de tierras. A partir de 2024, el equipo comprende aproximadamente 25-30 representantes de ventas profesionales.

Tipo de canal de ventas	Número de representantes	Área de enfoque principal
Inmobiliario residencial	12	Ventas de propiedades residenciales
Inmobiliario comercial	8	Tierra y desarrollo comercial
Venta de tierras	6	Parcelas de tierras no desarrolladas

Corredores de bienes raíces y agentes

La compañía colabora con aproximadamente 50-75 corredores y agentes inmobiliarios externos en Florida.

• Asociaciones con agencias inmobiliarias locales y regionales
• Red de referencia basada en la comisión
• Centrado principalmente en los mercados del noroeste de Florida

Sitio web de la empresa y plataformas en línea

La presencia digital incluye listados integrales de bienes raíces en línea y plataformas de información de propiedades.

Canal en línea	Visitantes mensuales del sitio web	Tiempo promedio en el sitio
Joe.com	45,000-55,000	6.2 minutos

Centros de exhibición de propiedades

La compañía opera 3 centros de exhibición de propiedades dedicados En ubicaciones clave de Florida:

• Playa de la ciudad de Panamá
• Port St. Joe
• Cuenca

Marketing digital y recorridos virtuales

La estrategia de marketing digital incluye publicidad en línea dirigida y recorridos de propiedad virtual.

Métrica de marketing digital	2024 datos
Gasto publicitario digital	$ 275,000 anualmente
Plataformas de tour virtual	3 (Sitio web, YouTube, Instagram)
Vistas mensuales de gira virtual	22,000-28,000

The St. Joe Company (Joe) - Modelo de negocios: segmentos de clientes

Inversores inmobiliarios

La Compañía St. Joe se dirige a inversores inmobiliarios institucionales e individuales con datos específicos del mercado:

Categoría de inversión	Cartera de inversiones totales	Tamaño de inversión promedio
Inversores institucionales	$ 287.6 millones	$ 5.2 millones por inversión
Inversores individuales	$ 42.3 millones	$ 675,000 por inversión

Compradores de viviendas residenciales

Demográfico objetivo para propiedades residenciales:

• Rango de edad: 35-55 años
• Ingresos familiares promedio: $ 124,500
• Ubicaciones preferidas: regiones costeras del noroeste de Florida

Buscadores de propiedades de vacaciones

Tipo de propiedad	Volumen de ventas anual	Precio de propiedad promedio
Condominios de playa	127 unidades	$589,000
Casas de vacaciones	84 unidades	$742,000

Jubilados y propietarios de la segunda casa

Características del segmento de mercado clave:

• Edad promedio: 62-75 años
• Media neta: $ 1.2 millones
• Ubicaciones de la propiedad preferida: comunidades planificadas de St. Joe

Desarrolladores de bienes raíces comerciales

Tipo de desarrollo	Valor total del proyecto	Proyectos de desarrollo anual
Desarrollos de uso mixto	$ 215.7 millones	3 proyectos
Propiedades comerciales	$ 87.4 millones	7 proyectos

The St. Joe Company (Joe) - Modelo de negocios: Estructura de costos

Adquisición y preparación de tierras

A partir de 2024, St. Joe Company posee aproximadamente 175,000 acres de tierra en el noroeste de Florida. Los costos anuales de mantenimiento de la tierra se estiman en $ 2.3 millones.

Categoría terrestre	Acres	Costo de mantenimiento anual
Tierra desarrollable	58,000	$ 1.2 millones
Tierra de conservación	67,000	$650,000
Tierra no desarrollada	50,000	$450,000

Desarrollo de infraestructura

Los costos de desarrollo de infraestructura para 2024 se proyectan en $ 45.7 millones, que incluyen:

• Construcción de carreteras: $ 18.2 millones
• Instalación de servicios públicos: $ 12.5 millones
• Preparación del sitio: $ 15 millones

Gastos de marketing y ventas

Presupuesto de marketing para 2024: $ 3.6 millones

Canal de marketing	Asignación de presupuesto
Marketing digital	$ 1.2 millones
Publicidad inmobiliaria	$ 1.5 millones
Gastos del equipo de ventas	$900,000

Cumplimiento y conservación ambiental

Costos anuales de cumplimiento ambiental: $ 4.1 millones

• Evaluaciones de impacto ambiental: $ 1.3 millones
• Gestión del programa de conservación: $ 2.2 millones
• Cumplimiento regulatorio: $ 600,000

Sobrecarga administrativa y operativa

Sobrecoss administrativos totales para 2024: $ 22.5 millones

Categoría de gastos generales	Costo
Salarios corporativos	$ 12.7 millones
Operaciones de oficina	$ 5.3 millones
Servicios profesionales	$ 4.5 millones

The St. Joe Company (Joe) - Modelo de negocios: flujos de ingresos

Venta de tierras

En 2023, la Compañía St. Joe informó ingresos por ventas de tierras de $ 24.7 millones. La compañía posee aproximadamente 175,000 acres de tierra en el noroeste de Florida.

Año	Ingresos de ventas de tierras	Acres vendidos
2023	$ 24.7 millones	538 acres
2022	$ 31.9 millones	712 acres

Desarrollo de propiedades e ingresos por arrendamiento

Los ingresos de arrendamiento para 2023 totalizaron $ 6.5 millones, con desarrollos de propiedades comerciales y residenciales que generan ingresos consistentes.

• Portafolio de arrendamiento comercial: 42 propiedades activas
• Unidades de arrendamiento residencial: 187 propiedades de alquiler
• Tasa de arrendamiento promedio: $ 22.50 por pie cuadrado

Ingresos de resort y hospitalidad

El segmento de hospitalidad generó $ 12.3 millones en ingresos para 2023, incluido Watercolor Inn & Resort y Rivercamps.

Propiedad	2023 ingresos	Tasa de ocupación
Acuarela & Complejo	$ 8.2 millones	72%
Río	$ 4.1 millones	65%

Comisión inmobiliaria

Los servicios de corretaje inmobiliario generaron $ 3.8 millones en ingresos por comisión durante 2023.

• Transacciones totales de bienes raíces: 214
• Comisión promedio por transacción: $ 17,757
• Ventas residenciales: 68% de las comisiones
• Ventas comerciales: 32% de las comisiones

Apreciación de activos a largo plazo

La cartera de tierras de la Compañía se apreció en un 6.2% en 2023, con un valor de tierra total estimado de $ 682 millones.

Año	Valor de la tierra	Tasa de apreciación
2023	$ 682 millones	6.2%
2022	$ 643 millones	5.8%

The St. Joe Company (JOE) - Canvas Business Model: Value Propositions

You're looking at The St. Joe Company (JOE) and seeing a company that has successfully pivoted from episodic land sales to building an enduring, integrated platform in Northwest Florida. The core value proposition isn't just selling lots; it's about creating an entire, self-reinforcing ecosystem where each part enhances the others.

Creating a complete, integrated 'ecosystem' in Northwest Florida

The St. Joe Company's primary value is its massive, entitled land position, which it is developing into a cohesive region. This strategy means that investments in one area, like a new amenity, directly boost the value of adjacent residential and commercial assets. For instance, the opening of the third Watersound Club golf course, 'The Third,' in 2025, is surrounded by tens of thousands of acres being master planned for future residential communities. This integration is key to commanding premium pricing across all segments.

Stable, predictable cash flow from recurring revenue streams (Leasing/Hospitality)

This shift to recurring revenue is the financial bedrock that de-risks the business model from pure real estate cycles. For the first six months of 2025, recurring revenue-from leasing and hospitality combined-accounted for a substantial 63% of The St. Joe Company's total revenue. This focus on operational assets provides the stable, predictable cash flow that sophisticated investors look for in a real estate operator. You can see this in the Q3 2025 results:

Revenue Stream (Q3 2025)	Amount	Year-over-Year Growth
Hospitality Revenue	$60.6 million	9% increase
Leasing Revenue (Record)	$16.7 million	7% increase

The total consolidated revenue for the third quarter of 2025 hit $161.1 million, a 63% increase year-over-year, largely supported by these consistent streams.

High-margin homesite sales with an average base price of $150,000 in Q3 2025

When The St. Joe Company does sell land, it captures significant value due to the ecosystem it has built around those homesites. In the third quarter of 2025, the average homesite base sales price reached an impressive $150,000. To put that in perspective, that's a 74% increase from the $86,000 average base price seen in Q3 2024. This pricing power flows directly to the bottom line, as the gross margin on residential real estate sales jumped to 53% in Q3 2025, up from 39% the prior year. Residential real estate revenue itself grew by 94% to $36.8 million for the quarter, showing strong absorption at premium prices.

Exclusive, high-end lifestyle amenities via the Watersound Club

The amenities are the magnet that draws both club members and high-value homebuyers. The Watersound Club is the centerpiece of this lifestyle offering. It now features three championship golf courses totaling 54 holes, including the newest addition, 'The Third,' which opened in 2025. The club portfolio also includes the Watersound Beach Club amenities, the Sporting Preserve, and the Camp Creek amenities, which feature a wellness center, pool complex, and dining venues. This curated, exclusive offering justifies the premium paid for the adjacent homesites and drives hospitality revenue growth.

• Watersound Club now has three golf courses.
• Total championship golf holes available to members is 54.
• Amenities include a wellness center, tennis, and pickleball courts.
• The club is designed to attract members from across 40 states.

Long-term value creation through measured, multi-decade development

The St. Joe Company is explicitly focused on long-term asset value rather than short-term gains. This is evidenced by their capital allocation strategy and their development pipeline. They are committed to measured development, which means they are not rushing to sell off their best assets. The residential homesite pipeline is robust, securing a long runway for future value creation, with over 24,000 entitled units in various stages of planning, engineering, permitting, or development as of mid-2025. This measured approach, coupled with a 130% surge in net income to $38.7 million in Q3 2025, shows that their long-term strategy is delivering immediate financial results. Finance: draft 13-week cash view by Friday.

The St. Joe Company (JOE) - Canvas Business Model: Customer Relationships

You're looking at how The St. Joe Company manages its connections with the people and businesses that drive its value, which is clearly shifting toward long-term relationships over simple transactions. Honestly, the numbers show a real commitment to recurring revenue customers.

The high-touch, membership-based model for the Watersound Club is a key driver of recurring revenue and customer loyalty. This isn't just about selling a home; it's about selling a lifestyle that keeps people engaged with The St. Joe Company assets year after year. As of September 30, 2025, the Company reported having 3,578 club members. This is up from 3,532 club members as of September 30, 2024. The success of this model is reflected in the financials: club revenue increased by 14% in the third quarter of 2025 compared to the third quarter of 2024. This segment is defintely a strategic moat.

For commercial tenants, The St. Joe Company focuses on securing long-term commercial leasing contracts, which provides the stable, predictable income they are aiming for. Leasing revenue is a critical component of their recurring revenue stream. For the third quarter of 2025, leasing revenue hit an all-time quarterly record of $16.7 million, which is a 7% increase over the $15.6 million reported in the third quarter of 2024. Through the first nine months of 2025, total leasing revenue reached $49.4 million, up from $44.7 million in the prior year period. These contracts cover a diverse portfolio including:

• Shopping centers like Watersound Town Center.
• Office parks and business centers.
• Medical facilities, such as the FSU/TMH Medical Campus.
• Multi-family and senior living properties.
• Self-storage units.

Direct engagement with homebuilders is managed through a diversified builder program, which converts raw land into high-margin residential revenue while building out their master-planned communities. This strategy directly feeds the residential segment. In the third quarter of 2025 alone, residential real estate revenue jumped by 94% to $36.8 million, compared to $19.0 million in the same period last year. The average homesite base sales price has climbed significantly to $150,000 from $86,000 year-over-year. The builder program itself, as of late 2024, included 19 builders across 16 active communities, offering homes ranging from the low $300,000s to over $3 million.

Here's a quick look at how these customer relationship types translate into financial performance for the third quarter of 2025:

Customer Relationship Type	Key Metric	2025 Q3 Value	Comparison/Context
Watersound Club Membership	Total Club Members	3,578	As of September 30, 2025
Watersound Club Membership	Club Revenue Growth	14%	Year-over-year increase
Commercial Leasing	Quarterly Leasing Revenue	$16.7 million	All-time quarterly record (7% increase)
Homebuilders (Residential)	Residential Revenue	$36.8 million	94% increase year-over-year
Homebuilders (Residential)	Average Homesite Base Price	$150,000	Up from $86,000

Finally, The St. Joe Company is actively managing its relationship with the investment community through increased transparency. After moving its headquarters to the Florida Panhandle, the company took a step toward increased visibility by launching its first quarterly earnings call in over a decade on July 24, 2025. This new practice is intended to provide shareholders and the investor community with another opportunity to engage with management and ask questions about business performance. This commitment to transparency is part of their strategy to show the transformation to a diversified, recurring-revenue company, where recurring revenue accounted for 63% of total revenue for the first six months of 2025.

Finance: draft 13-week cash view by Friday.

The St. Joe Company (JOE) - Canvas Business Model: Channels

You're looking at how The St. Joe Company (JOE) gets its product-land, resorts, and commercial space-into the hands of its customers. This is all about the pathways they use to connect their assets with the market, and the numbers show these channels are firing on all cylinders as of late 2025.

Direct sales of homesites to national and regional homebuilders

This channel is a major driver of real estate revenue, moving large parcels of entitled land directly to builders who then construct the homes. The St. Joe Company (JOE) is clearly monetizing its land bank effectively through these relationships.

For the third quarter of 2025, the results from this land monetization channel were strong:

Metric	Q3 2025 Data	Comparison Point
Real Estate Revenue	$83.8 million	Up 199% versus Q3 2024
Residential Real Estate Revenue	$36.8 million	Up 94% versus Q3 2024
Average Homesite Base Sales Price	$150,000	Up from $86,000 in Q3 2024
Homesite Gross Margin	53%	Up from 39% in Q3 2024

To be fair, the volume of homesites sold directly isn't explicitly stated for Q3 2025, but the average price jump suggests significant value capture per lot. Back in the second quarter of 2025, the volume was 225 homesites closed, with 482 placed under contract, showing the pipeline feeding this channel.

Proprietary hospitality operations and direct booking for hotels/resorts

This is The St. Joe Company (JOE)'s recurring revenue engine, where they operate and manage their owned hotel assets, relying on direct booking channels to maximize yield. They own a significant portfolio of rooms, which is key here.

The performance in Q3 2025 shows this channel is hitting new highs:

• Hospitality Revenue for Q3 2025 reached a third quarter record of $60.6 million.
• This represented a 9% increase compared to the third quarter of 2024.
• For the first six months of 2025, total hospitality revenue was $108.4 million, a 7% increase year-over-year.

As of June 30, 2025, The St. Joe Company (JOE) owned (individually or through joint ventures) 12 hotels, totaling 1,298 operational hotel rooms. The direct booking strategy helps support the strong revenue figures.

In-house leasing team for commercial and multi-family properties

The in-house leasing team manages the growing inventory of commercial, office, retail, and multi-family space, which is crucial for building out the recurring revenue base. They are clearly succeeding in keeping space occupied.

Here are the leasing metrics as of the first three quarters of 2025:

Metric	Q3 2025 Data	Q2 2025 Data
Quarterly Leasing Revenue	$16.7 million (Record)	$16.5 million (Record)
Leasing Revenue Growth (YoY)	7% increase	11% increase
Total Leasable Space (as of 3/31/2025)	Approximately 1,180,000 sq. ft.	N/A
Leased Percentage (as of 3/31/2025)	Approximately 94%	N/A

The team secured a quarterly record in Q3 2025, showing consistent demand for their space, which includes developments like the Watersound Town Center.

WaterSound Real Estate brokerage for residential sales

While the brokerage function is intertwined with the direct homesite sales to builders, it also handles the direct residential sales within their master-planned communities, like the WaterSound Beach area. The activity here is reflected in the overall real estate revenue, but specific market data gives you a flavor of the high-end segment this brokerage serves.

For the high-end WaterSound Beach segment, as of late 2025, you see this:

• Median list price as of October 31, 2025, was $4,043,833.
• The average home value was reported at $3,143,556 as of October 31, 2025.

The brokerage team is navigating a market where, for Q1 2025, the median sale price was just over $4.3 million, with a list price to sale price ratio just over 96%, indicating sellers aren't dropping far from their initial asking price, even with market shifts. Finance: draft 13-week cash view by Friday.

The St. Joe Company (JOE) - Canvas Business Model: Customer Segments

You're mapping out The St. Joe Company's customer base as of late 2025, and honestly, it's a sophisticated mix driven by the growth of Northwest Florida. The company has successfully shifted its focus to recurring revenue, meaning these segments aren't just about one-time sales; they're about building long-term value streams.

The largest driver of their top-line growth in the third quarter of 2025 was the residential side, which directly targets homebuilders and the end buyers they serve. This segment is showing incredible pricing power. For instance, in Q3 2025, residential real estate revenue jumped by 94% to $36.8 million compared to the prior year.

Here's a breakdown of the key customer groups that make up The St. Joe Company's revenue and development pipeline:

• Residential homebuilders (national, regional, and local)
• 55+ age-restricted buyers (e.g., Latitude Margaritaville Watersound)
• Commercial tenants (retail, office, medical, industrial)
• High-net-worth individuals and families (Watersound Club members)
• Tourists and leisure travelers (hotel and resort guests)

The residential homebuilders are buying into a pipeline that is massive and highly valued. As of the end of Q3 2025, The St. Joe Company had over 24,000 entitled homesites in various stages of development, engineering, or concept planning. This gives builders a long runway. To be fair, the average homesite base sales price in Q3 2025 surged to approximately $150,000, a 74% increase from the $86,000 average seen in Q3 2024.

The 55+ age-restricted buyers are primarily served through the Latitude Margaritaville Watersound joint venture. This community alone has approximately 3500 homes planned in its first phase. This segment is a core part of their strategy to attract permanent residents.

For commercial tenants, the focus is on creating walkable town centers that capture the activity generated by new residents. Leasing revenue hit an all-time quarterly record of $16.7 million in Q3 2025. This recurring revenue stream is defintely a strategic moat.

You can see the scale of the commercial leasing customer base here:

Metric	As of June 30, 2025	As of March 31, 2025
Total Rentable Space	Approximately 1,177,000 square feet	Approximately 1,180,000 square feet
Leased Percentage	Approximately 95% (1,122,000 sq ft)	Approximately 94% (1,114,000 sq ft)
Leasable Space Under Construction	Additional 31,500 square feet	Additional 31,500 square feet

High-net-worth individuals and families are captured through the Watersound Club. Membership growth is a key indicator of demand for premium amenities. As of September 30, 2025, The St. Joe Company reported 3,578 club members, up from 3,532 members at the end of 2024. Club revenue in Q3 2025 increased by 14%.

Finally, tourists and leisure travelers drive the hospitality segment, which also posted a record quarter. Hospitality revenue reached $60.6 million in Q3 2025, marking a 9% increase year-over-year. This is supported by a growing hotel portfolio; as of March 31, 2025, The St. Joe Company owned 12 hotels totaling 1,298 operational rooms.

Here's a summary of the key revenue contributions from the recurring segments in Q3 2025:

• Hospitality Revenue: $60.6 million
• Leasing Revenue: $16.7 million
• Residential Real Estate Revenue: $36.8 million

The recurring revenue streams-hospitality and leasing-made up 63% of the Company's total revenue for the first six months of 2025.

The St. Joe Company (JOE) - Canvas Business Model: Cost Structure

You're looking at the hard costs The St. Joe Company incurs to keep its development engine running and its recurring revenue properties operating as of late 2025. This structure is heavily weighted toward capital deployment for future growth.

Significant capital expenditures for growth projects totaled exactly $89.6 million through the first nine months of 2025. This figure is the sum of quarterly investments: $32.7 million in Q1 2025, $36.5 million in Q2 2025, and $20.4 million in Q3 2025.

The costs associated with real estate sales are embedded in the gross margin, which on homesite sales averages between 45% and 50%, covering things like municipal services, land clearing, and permitting costs. For context, in 2024, 52.6% of the total capital expenditures went specifically toward developing residential land.

For the operating side, we see the scale of the recurring revenue segments. Hospitality revenue hit a quarterly record of $68.8 million in Q2 2025, and leasing revenue was a record $16.5 million in the same quarter. While direct operating expenses aren't itemized here, the overall EBITDA for the first six months of 2025 was $95.8 million.

Corporate and administrative expenses, labeled as corporate and other operating expenses, were $6.4 million for the three months ended June 30, 2025. For the first half of 2025, these expenses totaled $13.0 million.

Regarding debt, The St. Joe Company is actively managing its project-level obligations. In Q3 2025, the company executed $28.4 million in project debt reduction, which included a loan payoff following the Watercrest sale. This followed a net repayment of $7.7 million in Q2 2025.

Here's a quick look at the capital allocation breakdown for the first three quarters of 2025, showing where the cash is going:

Allocation Category	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Capital Expenditures	$32.7 million	$36.5 million	$20.4 million
Project Debt Reduction	$2.5 million (Net)	$7.7 million	$28.4 million
Cash Dividends Paid	$8.2 million	$8.1 million	$8.1 million
Share Repurchases	$5.7 million	$10.5 million	$8.7 million

The company's focus on recurring revenue streams is also reflected in its asset base management, which drives ongoing operational costs:

• Hospitality operating property includes 12 hotels with 1,298 rooms owned as of mid-2024, which are subject to ongoing maintenance and operational expenses.
• Commercial operating property includes assets for retail, office, self-storage, and multi-family uses.
• The company has 952 residential homesites under contract as of March 31, 2025, which implies ongoing infrastructure maintenance costs until closing.

Finance: draft 13-week cash view by Friday.

The St. Joe Company (JOE) - Canvas Business Model: Revenue Streams

You're looking at how The St. Joe Company actually brings in the money, which is key to understanding its shift from a land holder to an operating company. Honestly, the mix of revenue streams tells a clear story about their strategy to build a more stable, recurring income base.

The transactional side, which is the sale of land and homesites, is still a massive driver, but it's balanced by the growth in their operating segments. For the third quarter of 2025, the numbers show significant activity in this area.

• Real Estate sales (homesites and commercial land) hit $83.8 million in Q3 2025.

The company's focus on building out its ecosystem is evident in the performance of its hospitality and leasing segments. These are the recurring revenue generators you want to see growing consistently.

Here's a breakdown of the key Q3 2025 revenue components:

Revenue Stream	Q3 2025 Amount
Real Estate sales	$83.8 million
Hospitality revenue (hotels, resorts, club fees)	$60.6 million
Leasing revenue (commercial, multi-family, senior living)	$16.7 million

To give you a sense of the scale, total consolidated revenue for The St. Joe Company in Q3 2025 was $161.1 million. That's a 63% increase compared to the third quarter of 2024.

The shift toward stability is quantified by looking at the first half of the year. Recurring revenue streams are becoming the backbone of the business, which is a defintely important metric for long-term valuation.

• Recurring revenue was 63% of total revenue in the first six months of 2025.

Beyond the direct revenue line, The St. Joe Company benefits substantially from its investments in unconsolidated joint ventures, which is income recognized using the equity method. This isn't counted in the main revenue total, but it's real cash flow generated by their strategic partnerships, like the Latitude Margaritaville Watersound JV.

For the second quarter of 2025, this non-consolidated income was:

• Equity in income from unconsolidated joint ventures was $7.5 million in Q2 2025.

If you look at the longer nine-month period ending September 30, 2025, the equity in income from these ventures totaled $21.2 million. The total revenue for those first nine months of 2025 reached $384.4 million.