Profile: St. Joe Co (JOE.N)
11 Jul 2014
The St. Joe Company, incorporated on May 26, 1936, is a Florida real estate development and operating company. The Company operates in five segments: residential real estate, commercial real estate, resorts, leisure and leasing operations, forestry, and rural land. Its residential real estate segment plans and develops mixed-use resort, primary and seasonal residential communities of various sizes, primarily on the Company's existing land. In the Company's commercial real estate segment the Company plans, develops, manages and sells real estate for commercial purposes. Its resorts, leisure and leasing operations segment includes recurring revenue streams from its resort and leisure businesses, and its leasing operations. The Company owns and operates forestry operations in the Southeastern United States. It traditionally sells parcels of varying sizes ranging from less than one acre to thousands of acres. In March 2014, St. Joe Co closed on the sale of about 380,000 acres of the Company's non-strategic timberland and rural land in Northwest Florida.
Residential Real Estate
The Company owns tracts of land in Northwest Florida, including Gulf of Mexico beach frontage, and other waterfront properties and land in and around Jacksonville and Tallahassee. Within the Company's residential real estate business, the Company has two types of communities and is planning to add a third type. The first, the Company's residential resort communities, are positioned to attract primarily second home buyers. The Company's l projects in this category include the WaterColor and WaterSound Beach communities, which were built in a region of Florida. The Company's second category of residential communities is the Company's primary home communities for buyers who will use the community as their primary residence. The WaterSound, Breakfast Point, SouthWood and RiverTown communities are the Company's projects in this category. The Company's third category of residential communities is active adult communities.
Commercial Real Estate
The Company focuses on commercial development and sales in Northwest Florida because of its large land holdings surrounding the new Northwest Florida Beaches International Airport (the Airport), along roadways and near or within business districts in the region. The Company provides development opportunities for national and regional retailers and its strategic partners in Northwest Florida. The Company offers land for commercial and light industrial uses within large and small-scale commerce parks, as well as a range of multi-family rental projects. The Company also develops commercial parcels within or near existing residential development projects.
Resorts, Leisure and Leasing Operations
The Company's WaterColor Inn and Resort is a boutique hotel, which provides guests with a beach club, spa, tennis center, restaurant and complementary retail and commercial space. In addition its vacation rental business rents private homes in the WaterColor, WaterSound Beach and surrounding communities, to individuals who are vacationing in the area. It owns four golf courses in Northwest Florida. Three of them are in the Panama City Beach area and the fourth is located in Tallahassee.
The Company's leasing operations business includes the Company's retail and commercial leasing. The Company has several small retail shopping centers located in or near to some of its residential projects, such as the WaterColor, SouthWood and WindMark Beach communities that are managed by its leasing team. The Company's commercial leasing business includes industrial parks and several commerce parks. One of the industrial parks is the Company's VentureCrossings Enterprise Centre, a commercial and industrial development adjacent to the Airport.
The Company has 545,000 acres designated for forestry operations, including land in West Bay. Subsequent to the AgReserves Sale, it expects to have approximately 120,000 acres designated for forestry operations, including land in West Bay. The Company produces both sawtimber (lumber used in construction) and pulp (timber used to make pulp for products like linerboard).
The majority of rural land sold is undeveloped timberland and is managed as timberland until sold, although some parcels include the benefits of limited development activity, including improved roads, ponds and fencing. The pricing of these parcels varies significantly based on size, location, terrain, timber quality and other local factors.
St. Joe Co
133 SOUTH WATERSOUND PARKWAY
WATERSOUND FL 32413