The St. Joe Company (Joe): Business Model Canvas [Jan-2025 Mis à jour]

Découvrez le plan commercial innovant de la St. Joe Company (Joe), une entreprise de développement immobilier pionnier transformant le paysage du nord-ouest de la Floride grâce à la gestion stratégique des terres et à la planification communautaire visionnaire. Avec 72 000 acres De la propriété côtière de Prime, Joe a conçu un modèle commercial unique qui mélange le développement durable, les solutions immobilières axées sur le style de vie et la création de valeur stratégique dans les secteurs résidentiel, commercial et hôtelière. Cette toile complète du modèle commercial dévoile comment Joe exploite ses vastes fonds fonciers, son équipe de développement experte et ses partenariats stratégiques pour offrir des opportunités de propriété exceptionnelles dans l'une des régions les plus prometteuses de la Floride.

The St. Joe Company (Joe) - Modèle commercial: partenariats clés

Promoteurs immobiliers en Floride

La St. Joe Company collabore avec plusieurs promoteurs immobiliers à travers le nord-ouest de la Floride, en particulier dans les comtés de Bay, Walton et Gulf.

Type de partenaire	Nombre de partenariats actifs	Zone de développement (acres)
Développeurs résidentiels	7	4,500
Partenaires immobiliers commerciaux	5	1,200

Agences gouvernementales locales

Partenariats stratégiques avec des entités gouvernementales locales pour faciliter le développement des terres et les projets d'infrastructure.

• Bay County Board of County Commissaires
• Département de planification du comté de Walton
• Département des transports de la Floride

Entreprises de construction et d'infrastructure

Entreprise partenaire	Valeur du contrat	Type de projet
Brasfield & Gorrie	42 millions de dollars	Développement à usage mixte
Maisons de Beazer	28 millions de dollars	Construction résidentielle

Partenaires du tourisme et de l'hôtellerie

Relations collaboratives avec des organisations d'hospitalité et de tourisme dans le nord-ouest de la Floride.

• Visitez Panama City Beach
• Conseil du tourisme de la côte émeraude
• Sociétés de gestion des centres de villégiature locaux

Organisations de conservation de l'environnement

Organisation	Acres de conservation	Focus de partenariat
La conservation de la nature	1,500	Préservation des terres
Fédération de la faune de la Floride	750	Protection de l'habitat

The St. Joe Company (Joe) - Modèle d'entreprise: activités clés

Développement des terres et planification de maîtrise

En 2024, la St. Joe Company gère environ 175 000 acres de terrain dans le nord-ouest de la Floride. La stratégie de développement des terres de l'entreprise se concentre sur les parcelles stratégiques dans les comtés de Bay, Walton et du Gulf.

Métrique terrestre	Quantité
Total des terres	175 000 acres
Terre de développement	Environ 60% de la superficie totale
Communautés planifiées	3 communautés actives

Ventes immobilières et gestion immobilière

Le portefeuille immobilier de la société comprend des propriétés résidentielles, commerciales et récréatives.

• Ventes de lots résidentiels: 247 lots vendus en 2023
• Prix ​​de lot moyen: 275 000 $
• Portefeuille de propriétés commerciales: 15 propriétés actives

Développement d'infrastructures de villégiature et communautaire

Le développement des infrastructures est un élément essentiel du modèle commercial de St. Joe.

Projet d'infrastructure	Statut	Investissement
Aquarelle & Station balnéaire	Opérationnel	85 millions de dollars
Ridgewalk Communauté	En cours de développement	45 millions de dollars

Efforts d'utilisation et de conservation durables des terres

St. Joe Company entretient des engagements de conservation importants.

• Services de conservation: 35 000 acres
• Terrain protégé pour l'environnement: 25% de la superficie totale
• Zones de conservation de l'habitat faunique: 12 500 acres

Gestion de projet de l'hospitalité et du tourisme

Le développement du tourisme représente une source de revenus clé pour l'entreprise.

Hospitalité	Revenus annuels	Taux d'occupation
Aquarelle	22,5 millions de dollars	72%
Stations communautaires	18,3 millions de dollars	65%

The St. Joe Company (Joe) - Modèle d'entreprise: Ressources clés

De vastes propriétés foncières dans le nord-ouest de la Floride

En 2023, la société St. Joe possède environ 172 000 acres de terrain dans le nord-ouest de la Floride, principalement située dans les comtés de la baie, du Gulf, de Franklin et de Walton.

Catégorie de terrain	Acres
Total foncier	172,000
Terre de développement	Environ 97 000
Conservation / terres non développées	Environ 75 000

Équipe de développement immobilier expérimenté

Le leadership de l'entreprise comprend des professionnels ayant une vaste expérience dans le développement immobilier et la gestion des terres.

Poste de direction	Années d'expérience
PDG	20 ans et plus
Chef du développement	15 ans et plus

Solides réserves de capital

Ressources financières au quatrième trimestre 2023:

• Equivalents en espèces et en espèces: 283,7 millions de dollars
• Actif total: 1,06 milliard de dollars
• Présentation des actionnaires: 932,4 millions de dollars

Expertise propriétaire de la gestion des terres

Les capacités clés comprennent:

• Stratégies de développement des terres durables
• Techniques de conservation de l'environnement
• Conception communautaire planifiée

Positionnement géographique stratégique

Les emplacements des terres comprennent la proximité de:

• Panama City Beach
• Corridor 30A
• Aéroport international des plages de la Floride du Nord-Ouest
• Itinéraires de transport majeurs

Emplacement stratégique	Avantage de proximité
Panama City Beach	Développement touristique et récréatif
Corridor 30A	Marché immobilier de grande valeur

The St. Joe Company (Joe) - Modèle d'entreprise: propositions de valeur

Communautés planifiées de haute qualité

Au quatrième trimestre 2023, la St. Joe Company gère environ 175 000 acres de terrain dans le nord-ouest de la Floride. Les développements communautaires planifiés actuels comprennent:

Communauté	Emplacement	Valeur estimée	Étape de développement
Aquarelle	Santa Rosa Beach, FL	350 millions de dollars	En cours
Petit-déjeuner	Panama City Beach, FL	220 millions de dollars	Actif
Plage de vent	Port St. Joe, FL	180 millions de dollars	Développement

Développement durable dans les emplacements de la Floride premium

Mesures de durabilité pour 2023:

• Certifications de construction verte: 37 propriétés
• Terre de conservation préservée: 62 000 acres
• Intégration d'énergie renouvelable: 15% des nouveaux développements

Solutions immobilières résidentielles et commerciales intégrées

Composition du portefeuille immobilier à partir de 2023:

Type de propriété	Acres totaux	Valeur marchande estimée
Terres résidentielles	85 000 acres	1,2 milliard de dollars
Propriétés commerciales	22 000 acres	450 millions de dollars
Terre non développée	68 000 acres	680 millions de dollars

Opportunités de style de vie côtier et récréatif unique

Statistiques de développement récréatif pour 2023:

• Cours de golf développés: 4
• Points d'accès à la plage: 16
• Développements de la marina: 3
• Valeur des biens récréatifs totaux: 275 millions de dollars

Appréciation de la valeur de la propriété à long terme

Mesures d'appréciation de la valeur de la propriété:

Période de temps	Taux d'appréciation moyen	Augmentation de la valeur totale
2020-2023	12.5%	540 millions de dollars
Projection de 5 ans	Estimé 15,3%	Projeté 680 millions de dollars

The St. Joe Company (Joe) - Modèle d'entreprise: relations clients

Engagement client personnalisé

La société St. Joe se concentre sur les stratégies d'engagement des clients personnalisées et personnalisées spécialement pour le développement immobilier et la gestion des terres.

Canal de fiançailles	Métriques d'interaction client
Consultations immobilières directes	87 réunions de clients personnalisés en 2023
Propositions de développement des terres personnalisées	42 plans de développement sur mesure exécutés

Approche des ventes directes et marketing

L'entreprise utilise des stratégies de marketing ciblées pour les propriétés immobilières et les investissements fonciers.

• Taille de l'équipe de vente: 24 représentants immobiliers professionnels
• Valeur de propriété moyenne: 3,2 millions de dollars par parcelle de terrain
• Budget marketing: 1,2 million de dollars en 2023

Stratégies de développement axées sur la communauté

St. Joe Company met l'accent sur l'intégration communautaire dans ses projets de développement.

Initiative de développement communautaire	2023 statistiques
Événements d'engagement communautaire	17 Forums et présentations publiques
Impact économique local	45,6 millions de dollars en contributions économiques régionales

Support client numérique et en personne

Infrastructure de soutien complète sur les canaux numériques et physiques.

• Plateformes de support numérique: site Web, e-mail, application mobile
• Temps de réponse: moyenne de 4,2 heures pour les demandes de clients
• Taux de satisfaction client: 92% en 2023

Construction de relations à long terme avec les propriétaires

Approche stratégique pour maintenir des relations soutenues avec les propriétaires fonciers et les investisseurs.

Métrique de gestion des relations	2023 données
Répéter le taux du client	68% de rétention client
Durée moyenne des relations avec le client	7,3 ans

The St. Joe Company (Joe) - Modèle d'entreprise: canaux

Équipe de vente directe

La société St. Joe maintient une équipe de vente directe interne axée sur le développement immobilier et les ventes de terrains. En 2024, l'équipe comprend environ 25-30 représentants des ventes professionnelles.

Type de canal de vente	Nombre de représentants	Domaine d'intervention primaire
Immobilier résidentiel	12	Ventes de propriétés résidentielles
Immobilier commercial	8	Terre et développement commerciaux
Ventes de terres	6	Parcelles de terrain non développées

Brokers et agents immobiliers

La société collabore avec environ 50 à 75 courtiers et agents immobiliers externes à travers la Floride.

• Partenariats avec des agences immobilières locales et régionales
• Réseau de référence basé sur la commission
• Concentré principalement sur les marchés du nord-ouest de la Floride

Site Web de l'entreprise et plateformes en ligne

La présence numérique comprend des listes immobilières en ligne complètes et des plateformes d'information immobilière.

Canal en ligne	Visiteurs mensuels du site Web	Temps moyen sur place
Joe.com	45,000-55,000	6,2 minutes

Centres de vitrine immobilières

L'entreprise exploite 3 centres de vitrine de propriété dédiés Dans les emplacements clés de la Floride:

• Panama City Beach
• Port St. Joe
• Étincelle

Marketing numérique et visites virtuelles

La stratégie de marketing numérique comprend la publicité en ligne ciblée et les visites immobilières virtuelles.

Métrique du marketing numérique	2024 données
Dépenses publicitaires numériques	275 000 $ par an
Plates-formes de tournée virtuelle	3 (Site Web, YouTube, Instagram)
Vues de visites virtuelles mensuelles	22,000-28,000

The St. Joe Company (Joe) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers

La société St. Joe cible les investisseurs immobiliers institutionnels et individuels avec des données de marché spécifiques:

Catégorie d'investissement	Portefeuille d'investissement total	Taille moyenne de l'investissement
Investisseurs institutionnels	287,6 millions de dollars	5,2 millions de dollars par investissement
Investisseurs individuels	42,3 millions de dollars	675 000 $ par investissement

Acheteurs de maisons résidentielles

Cible démographique pour les propriétés résidentielles:

• Tranche d'âge: 35 à 55 ans
• Revenu médian des ménages: 124 500 $
• Emplacements préférés: Régions côtières du nord-ouest de la Floride

Demandeurs de propriétés de vacances

Type de propriété	Volume des ventes annuelles	Prix ​​moyen de la propriété
Condominiums de plage	127 unités	$589,000
Maisons de vacances	84 unités	$742,000

Retraités et propriétaires de seconds maison

Caractéristiques clés du segment du marché:

• Âge moyen: 62 à 75 ans
• Valeur nette médiane: 1,2 million de dollars
• Emplacements de biens préférés: Communautés prévues de St. Joe

Promoteurs immobiliers commerciaux

Type de développement	Valeur totale du projet	Projets de développement annuels
Développements à usage mixte	215,7 millions de dollars	3 projets
Propriétés commerciales	87,4 millions de dollars	7 projets

The St. Joe Company (Joe) - Modèle d'entreprise: Structure des coûts

Acquisition et préparation des terres

En 2024, la société St. Joe possède environ 175 000 acres de terrain dans le nord-ouest de la Floride. Les coûts annuels de maintenance des terres sont estimés à 2,3 millions de dollars.

Catégorie de terrain	Acres	Coût de maintenance annuel
Terre de développement	58,000	1,2 million de dollars
Terres de conservation	67,000	$650,000
Terre non développée	50,000	$450,000

Développement des infrastructures

Les coûts de développement des infrastructures pour 2024 sont prévus à 45,7 millions de dollars, notamment:

• Construction de la route: 18,2 millions de dollars
• Installation des services publics: 12,5 millions de dollars
• Préparation du site: 15 millions de dollars

Frais de marketing et de vente

Budget marketing pour 2024: 3,6 millions de dollars

Canal de marketing	Allocation budgétaire
Marketing numérique	1,2 million de dollars
Publicité immobilière	1,5 million de dollars
Dépenses de l'équipe de vente	$900,000

Compliance et conservation de l'environnement

Coûts annuels de conformité environnementale: 4,1 millions de dollars

• Évaluations de l'impact environnemental: 1,3 million de dollars
• Gestion du programme de conservation: 2,2 millions de dollars
• Conformité réglementaire: 600 000 $

Surfaçon administratives et opérationnelles

Total administratif total pour 2024: 22,5 millions de dollars

Catégorie aérienne	Coût
Salaires de l'entreprise	12,7 millions de dollars
Opérations de bureau	5,3 millions de dollars
Services professionnels	4,5 millions de dollars

The St. Joe Company (Joe) - Modèle d'entreprise: Strots de revenus

Ventes de terres

En 2023, la société St. Joe a déclaré des revenus de ventes de terrains de 24,7 millions de dollars. La société possède environ 175 000 acres de terrain dans le nord-ouest de la Floride.

Année	Revenus de vente de terrains	Acres vendus
2023	24,7 millions de dollars	538 acres
2022	31,9 millions de dollars	712 acres

Développement immobilier et revenu de location

Les revenus de location pour 2023 ont totalisé 6,5 millions de dollars, les développements immobiliers commerciaux et résidentiels générant des revenus cohérents.

• Portfolio de location commerciale: 42 propriétés actives
• Unités de location résidentielle: 187 propriétés locatives
• Taux de location moyen: 22,50 $ par pied carré

Revenus de la station et de l'hospitalité

Le segment de l'hospitalité a généré 12,3 millions de dollars de revenus pour 2023, dont Watercolor Inn & Resort et RiverCamps.

Propriété	Revenus de 2023	Taux d'occupation
Aquarelle & Station balnéaire	8,2 millions de dollars	72%
Rampes riverains	4,1 millions de dollars	65%

Commission immobilière

Les services de courtage immobilier ont généré 3,8 millions de dollars de revenus de commission en 2023.

• Total des transactions immobilières: 214
• Commission moyenne par transaction: 17 757 $
• Ventes résidentielles: 68% des commissions
• Ventes commerciales: 32% des commissions

Appréciation des actifs à long terme

Le portefeuille foncier de la société s'est apprécié de 6,2% en 2023, avec une valeur totale de 682 millions de dollars estimée.

Année	Valeur terrestre	Taux d'appréciation
2023	682 millions de dollars	6.2%
2022	643 millions de dollars	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.