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The St. Joe Company Reports First Quarter 2026 Results and Declares a Quarterly Dividend of $0.16 Per Share

JOE
  • The St. Joe Company reported first quarter 2026 revenue of $99.1 million, a 5% increase from $94.2 million in the same period in 2025.
  • Hospitality revenue reached a record $44.7 million, up 13% from $39.6 million, while real estate revenue rose 4% to $39.7 million.
  • Leasing revenue decreased 10% to $14.7 million due to the sale of the Watercrest joint venture senior living property in September 2025.
  • Operating income increased 8% to $18.2 million, though net income attributable to the Company fell 21% to $13.9 million.
  • Equity in income from unconsolidated joint ventures dropped to $3.5 million from $10.2 million, primarily due to lower home closing volume at the Latitude Margaritaville Watersound joint venture.
  • The Company placed 1,380 homesites under contract in the quarter, bringing the total homesites under contract to 3,204 as of March 31, 2026.
  • PulteGroup executed a contract for up to 2,653 homesites, marking the Company's third national homebuilder partnership.
  • Cash and cash equivalents increased to $136.3 million, while the Company funded $20.7 million in capital expenditures, paid $9.2 million in dividends, repurchased $5.0 million of stock, and repaid $10.9 million in debt.
  • The Board of Directors declared a cash dividend of $0.16 per share payable on June 25, 2026, to shareholders of record as of June 9, 2026.
  • The Latitude Margaritaville Watersound community now has 2,273 occupied homes with 158 homes under contract as of March 31, 2026.
  • EBITDA decreased 16% to $33.6 million, reflecting non-cash depreciation adjustments and lower equity income from joint ventures.
  • The Watersound Club membership grew by 149 members to 3,647, while hotel operations contributed $19.5 million in revenue.