The St. Joe Company (Joe): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Descubra o plano de negócios inovador da The St. Joe Company (Joe), uma empresa de desenvolvimento imobiliário pioneira que transforma o cenário da Northwest Florida através de gestão estratégica da terra e planejamento comunitário visionário. Com 72.000 acres De propriedades costeira principal, Joe criou um modelo de negócios único que combina o desenvolvimento sustentável, as soluções imobiliárias orientadas ao estilo de vida e a criação estratégica de valor nos setores residencial, comercial e de hospitalidade. Essa abrangente modelo de negócios pode revelar como Joe aproveita suas extensas participações terrestres, equipe de desenvolvimento especializado e parcerias estratégicas para oferecer oportunidades de propriedade excepcionais em uma das regiões mais promissoras da Flórida.

The St. Joe Company (Joe) - Modelo de Negócios: Principais Parcerias

Recomendações imobiliárias na Flórida

A St. Joe Company colabora com vários promotores imobiliários no noroeste da Flórida, especificamente nos condados de Bay, Walton e Golfo.

Tipo de parceiro	Número de parcerias ativas	Área de Desenvolvimento (Acres)
Desenvolvedores residenciais	7	4,500
Parceiros imobiliários comerciais	5	1,200

Agências governamentais locais

Parcerias estratégicas com entidades do governo local para facilitar projetos de desenvolvimento e infraestrutura da terra.

• Conselho de Comissários do Condado de Bay County
• Departamento de Planejamento do Condado de Walton
• Departamento de Transporte da Flórida

Empresas de construção e infraestrutura

Empresa parceira	Valor do contrato	Tipo de projeto
Brasfield & Gorrie	US $ 42 milhões	Desenvolvimento de uso misto
Casas de Beazer	US $ 28 milhões	Construção residencial

Parceiros da indústria de turismo e hospitalidade

Relações colaborativas com organizações de hospitalidade e turismo no noroeste da Flórida.

• Visite a praia da cidade do Panamá
• Conselho de Turismo de Emerald Coast
• Empresas de gestão de resorts locais

Organizações de conservação ambiental

Organização	Acres de conservação	Foco em parceria
A Conservancy Nature	1,500	Preservação da terra
Federação da Vida Selvagem da Flórida	750	Proteção de habitat

The St. Joe Company (Joe) - Modelo de Negócios: Atividades -chave

Desenvolvimento da terra e planejamento mestre

A partir de 2024, a St. Joe Company gerencia aproximadamente 175.000 acres de terra no noroeste da Flórida. A estratégia de desenvolvimento de terras da empresa se concentra em parcelas estratégicas nos condados de Bay, Walton e Golfo.

Métrica terrestre	Quantidade
Learra da terra total	175.000 acres
Terras desenvolvíveis	Aproximadamente 60% da área total
Comunidades planejadas	3 comunidades ativas

Vendas imobiliárias e gerenciamento de propriedades

O portfólio imobiliário da empresa inclui propriedades residenciais, comerciais e recreativas.

• Vendas de lote residencial: 247 lotes vendidos em 2023
• Preço médio do lote: US $ 275.000
• Portfólio de propriedades comerciais: 15 propriedades ativas

Desenvolvimento de infraestrutura de resorts e comunitários

O desenvolvimento de infraestrutura é um componente crítico do modelo de negócios de St. Joe.

Projeto de infraestrutura	Status	Investimento
Watercolor Inn & Recorrer	Operacional	US $ 85 milhões
Comunidade de Ridgewalk	Em desenvolvimento	US $ 45 milhões

Esforços sustentáveis ​​de uso da terra e conservação

A St. Joe Company mantém compromissos significativos de conservação.

• Servidões de conservação: 35.000 acres
• Terra ambientalmente protegida: 25% da área total
• Áreas de Preservação de Habitat da Vida Selvagem: 12.500 acres

Gerenciamento de projetos de hospitalidade e turismo

O desenvolvimento do turismo representa um fluxo de receita importante para a empresa.

Ativo de hospitalidade	Receita anual	Taxa de ocupação
Watercolor Inn	US $ 22,5 milhões	72%
Resorts comunitários	US $ 18,3 milhões	65%

The St. Joe Company (Joe) - Modelo de Negócios: Recursos Principais

Extensas propriedades terrestres no noroeste da Flórida

Em 2023, a St. Joe Company possui aproximadamente 172.000 acres de terra nos condados do noroeste da Flórida, localizados principalmente em Bay, Gulf, Franklin e Walton.

Categoria de terra	Acres
TOTAL DE TERRAS	172,000
Terras desenvolvíveis	Aproximadamente 97.000
Conservação/Terras não desenvolvidas	Aproximadamente 75.000

Equipe de desenvolvimento imobiliário experiente

A liderança da empresa inclui profissionais com vasta experiência em desenvolvimento imobiliário e gestão da terra.

Posição de liderança	Anos de experiência
CEO	Mais de 20 anos
Diretor de desenvolvimento	Mais de 15 anos

Fortes reservas de capital

Recursos Financeiros a partir do quarto trimestre 2023:

• Caixa e equivalentes em dinheiro: US $ 283,7 milhões
• Total de ativos: US $ 1,06 bilhão
• Equidade dos acionistas: US $ 932,4 milhões

Experiência proprietária de gestão da terra

Os principais recursos incluem:

• Estratégias sustentáveis ​​de desenvolvimento da terra
• Técnicas de conservação ambiental
• Design da comunidade planejada por mestre

Posicionamento geográfico estratégico

Os locais da terra incluem a proximidade de:

• Praia da cidade do Panamá
• Corredor 30A
• Aeroporto Internacional do Noroeste da Flórida Praia
• Principais rotas de transporte

Localização estratégica	Vantagem de proximidade
Praia da cidade do Panamá	Turismo e desenvolvimento recreativo
Corredor 30A	Mercado imobiliário de alto valor

The St. Joe Company (Joe) - Modelo de Negócios: Proposições de Valor

Comunidades planejadas de alta qualidade

A partir do quarto trimestre de 2023, a St. Joe Company gerencia aproximadamente 175.000 acres de terra no noroeste da Flórida. Os desenvolvimentos comunitários planejados atuais incluem:

Comunidade	Localização	Valor estimado	Estágio de desenvolvimento
Aquarela	Praia de Santa Rosa, FL	US $ 350 milhões	Em andamento
Ponto de café da manhã	Praia da cidade do Panamá, FL	US $ 220 milhões	Ativo
Windmark Beach	Port St. Joe, FL	US $ 180 milhões	Em desenvolvimento

Desenvolvimento sustentável em locais premium da Flórida

Métricas de sustentabilidade para 2023:

• Certificações de construção verde: 37 propriedades
• Terras de conservação preservadas: 62.000 acres
• Integração de energia renovável: 15% dos novos desenvolvimentos

Soluções imobiliárias residenciais e comerciais integradas

Composição do portfólio imobiliário a partir de 2023:

Tipo de propriedade	Total de acres	Valor de mercado estimado
Terra residencial	85.000 acres	US $ 1,2 bilhão
Propriedades comerciais	22.000 acres	US $ 450 milhões
Terra não desenvolvida	68.000 acres	US $ 680 milhões

Oportunidades únicas de estilo de vida costeira e recreativa

Estatísticas de desenvolvimento recreativo para 2023:

• Campos de golfe desenvolvidos: 4
• Pontos de acesso à praia: 16
• Desenvolvimentos da Marina: 3
• Valor da propriedade recreativa total: US $ 275 milhões

Apreciação do valor da propriedade a longo prazo

Métricas de valorização do valor da propriedade:

Período de tempo	Taxa de valorização média	Aumento do valor total
2020-2023	12.5%	US $ 540 milhões
Projeção de 5 anos	Estimado 15,3%	Projetado US $ 680 milhões

The St. Joe Company (Joe) - Modelo de Negócios: Relacionamentos ao Cliente

Engajamento personalizado do cliente

A empresa St. Joe se concentra em estratégias de engajamento personalizadas e altas do cliente especificamente para desenvolvimento imobiliário e gestão da terra.

Canal de engajamento	Métricas de interação do cliente
Consultas de propriedade direta	87 reuniões personalizadas de clientes em 2023
Propostas de desenvolvimento de terras personalizadas	42 planos de desenvolvimento personalizado executados

Abordagem direta de vendas e marketing

A empresa utiliza estratégias de marketing direcionadas para propriedades imobiliárias e investimentos em terras.

• Tamanho da equipe de vendas: 24 representantes profissionais de imóveis
• Valor médio da propriedade: US $ 3,2 milhões por parcela terrestre
• Orçamento de marketing: US $ 1,2 milhão em 2023

Estratégias de desenvolvimento focadas na comunidade

A St. Joe Company enfatiza a integração da comunidade em seus projetos de desenvolvimento.

Iniciativa de Desenvolvimento Comunitário	2023 Estatísticas
Eventos de engajamento da comunidade	17 fóruns e apresentações públicas
Impacto econômico local	US $ 45,6 milhões em contribuições econômicas regionais

Suporte ao cliente digital e pessoal

Infraestrutura de suporte abrangente nos canais digitais e físicos.

• Plataformas de suporte digital: site, email, aplicativo móvel
• Tempo de resposta: média de 4,2 horas para consultas de clientes
• Taxa de satisfação do cliente: 92% em 2023

Construção de relacionamento de longo prazo com proprietários

Abordagem estratégica para manter relacionamentos sustentados com proprietários de terras e investidores.

Métrica de Gerenciamento de Relacionamento	2023 dados
Repetir a taxa do cliente	68% de retenção de clientes
Duração média do relacionamento do cliente	7,3 anos

The St. Joe Company (Joe) - Modelo de Negócios: Canais

Equipe de vendas diretas

A empresa St. Joe mantém uma equipe de vendas direta interna focada no desenvolvimento imobiliário e nas vendas de terras. Em 2024, a equipe compreende aproximadamente 25 a 30 representantes de vendas profissionais.

Tipo de canal de vendas	Número de representantes	Área de foco primário
Imóveis residenciais	12	Vendas de propriedades residenciais
Imóveis comerciais	8	Terra e desenvolvimento comercial
Vendas de terras	6	Encomendas de terras não desenvolvidas

Corretores e agentes imobiliários

A empresa colabora com aproximadamente 50-75 corretores e agentes externos de imóveis externos em toda a Flórida.

• Parcerias com agências imobiliárias locais e regionais
• Rede de referência baseada em comissão
• Focado principalmente nos mercados do noroeste da Flórida

Site da empresa e plataformas online

A presença digital inclui listagens imobiliárias on -line abrangentes e plataformas de informações de propriedade.

Canal online	Visitantes mensais do site	Tempo médio no local
Joe.com	45,000-55,000	6,2 minutos

Centros de vitrine de propriedades

A empresa opera 3 centros de vitrine de propriedades dedicadas Nos principais locais da Flórida:

• Praia da cidade do Panamá
• Port St. Joe
• Watersound

Marketing digital e passeios virtuais

A estratégia de marketing digital inclui publicidade on -line direcionada e passeios de propriedade virtual.

Métrica de marketing digital	2024 dados
Gasto de anúncios digitais	US $ 275.000 anualmente
Plataformas de turismo virtual	3 (site, YouTube, Instagram)
Visualizações mensais de turnê virtual	22,000-28,000

The St. Joe Company (Joe) - Modelo de Negócios: Segmentos de Clientes

Investidores imobiliários

A empresa St. Joe tem como alvo investidores imobiliários institucionais e individuais com dados específicos de mercado:

Categoria de investimento	Portfólio total de investimentos	Tamanho médio de investimento
Investidores institucionais	US $ 287,6 milhões	US $ 5,2 milhões por investimento
Investidores individuais	US $ 42,3 milhões	US $ 675.000 por investimento

Compradores residenciais de casa

Alvo Demográfico para Propriedades Residenciais:

• Faixa etária: 35-55 anos
• Renda familiar média: US $ 124.500
• Locais preferidos: Regiões costeiras do noroeste da Flórida

Buscadores de propriedades de férias

Tipo de propriedade	Volume anual de vendas	Preço médio da propriedade
Condomínios da praia	127 unidades	$589,000
Casas de férias	84 unidades	$742,000

Aposentados e proprietários de segunda casa

Principais características do segmento de mercado:

• Idade média: 62-75 anos
• Patrimônio líquido médio: US $ 1,2 milhão
• Locais de propriedades preferidas: comunidades planejadas de St. Joe

Promotores imobiliários comerciais

Tipo de desenvolvimento	Valor total do projeto	Projetos anuais de desenvolvimento
Desenvolvimentos de uso misto	US $ 215,7 milhões	3 projetos
Propriedades comerciais	US $ 87,4 milhões	7 projetos

The St. Joe Company (Joe) - Modelo de Negócios: Estrutura de Custo

Aquisição e preparação de terras

A partir de 2024, a St. Joe Company possui aproximadamente 175.000 acres de terra no noroeste da Flórida. Os custos anuais de manutenção da terra são estimados em US $ 2,3 milhões.

Categoria de terra	Acres	Custo de manutenção anual
Terras desenvolvíveis	58,000	US $ 1,2 milhão
Terra de conservação	67,000	$650,000
Terra não desenvolvida	50,000	$450,000

Desenvolvimento de infraestrutura

Os custos de desenvolvimento de infraestrutura para 2024 são projetados em US $ 45,7 milhões, incluindo:

• Construção de estradas: US $ 18,2 milhões
• Instalação de utilidade: US $ 12,5 milhões
• Preparação do local: US $ 15 milhões

Despesas de marketing e vendas

Orçamento de marketing para 2024: US $ 3,6 milhões

Canal de marketing	Alocação de orçamento
Marketing digital	US $ 1,2 milhão
Publicidade imobiliária	US $ 1,5 milhão
Despesas da equipe de vendas	$900,000

Conformidade e Conservação Ambiental

Custos anuais de conformidade ambiental: US $ 4,1 milhões

• Avaliações de impacto ambiental: US $ 1,3 milhão
• Gerenciamento de programas de conservação: US $ 2,2 milhões
• Conformidade regulatória: US $ 600.000

Overhead administrativo e operacional

Overplante administrativa total para 2024: US $ 22,5 milhões

Categoria de sobrecarga	Custo
Salários corporativos	US $ 12,7 milhões
Operações do escritório	US $ 5,3 milhões
Serviços profissionais	US $ 4,5 milhões

The St. Joe Company (Joe) - Modelo de Negócios: Receitas

Vendas de terras

Em 2023, a St. Joe Company registrou receita de vendas de terras de US $ 24,7 milhões. A empresa possui aproximadamente 175.000 acres de terra no noroeste da Flórida.

Ano	Receita de vendas de terras	Acres vendidos
2023	US $ 24,7 milhões	538 acres
2022	US $ 31,9 milhões	712 acres

Desenvolvimento de propriedades e renda de arrendamento

A receita do arrendamento de 2023 totalizou US $ 6,5 milhões, com empreendimentos de propriedades comerciais e residenciais gerando receita consistente.

• Portfólio de arrendamento comercial: 42 propriedades ativas
• Unidades de arrendamento residencial: 187 propriedades de aluguel
• Taxa média de arrendamento: US $ 22,50 por pé quadrado

Receita de resort e hospitalidade

O segmento de hospitalidade gerou US $ 12,3 milhões em receita para 2023, incluindo Watercolor Inn & Resort e Rivercamps.

Propriedade	2023 Receita	Taxa de ocupação
Watercolor Inn & Recorrer	US $ 8,2 milhões	72%
Rivercamps	US $ 4,1 milhões	65%

Comissão Real Estate

Os serviços de corretagem imobiliária geraram US $ 3,8 milhões em receita de comissão durante 2023.

• Total de transações imobiliárias: 214
• Comissão média por transação: US $ 17.757
• Vendas residenciais: 68% das comissões
• Vendas comerciais: 32% das comissões

Apreciação de ativos de longo prazo

O portfólio de terras da empresa apreciado em 6,2% em 2023, com o valor total estimado da terra de US $ 682 milhões.

Ano	Valor da terra	Taxa de valorização
2023	US $ 682 milhões	6.2%
2022	US $ 643 milhões	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.