8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported)  May 17, 2022

The St. Joe Company

(Exact Name of Registrant as Specified in its Charter)

Florida	1-10466	59-0432511
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

130 Richard Jackson Blvd., Suite 200  Panama City Beach, Florida	32407
(Address of Principal Executive Offices)	(Zip Code)

(850) 231-6400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading symbol(s)	Name of Each Exchange on Which Registered
Common Stock	JOE	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 7.01 Regulation FD Disclosure

The St. Joe Company (the “Company”) is providing the attached investor presentation that is expected to be presented at the Company’s 2022 virtual annual meeting of shareholders on May 17, 2022.  A copy of the presentation is available on the Company’s website and is attached hereto as Exhibit 99.1 and incorporated by this reference.

The foregoing information is furnished pursuant to Item 7.01, “Regulation FD”.  The information in Item 7.01 of this Current Report on Form 8-K and the exhibit furnished therewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Act of 1934, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is furnished as part of the Current Report on Form 8-K.

99.1 Investor Presentation dated May 17, 2022.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE ST. JOE COMPANY
By:	/s/ Marek Bakun
	Marek Bakun
	Executive Vice President  & Chief Financial Officer

Date:  May 17,  2022

EX-99.1

Exhibit 99.1

 Watersound Beach ClubSM | Walton County, Florida  

   TABLE OF CONTENTS  1  Watersound Origins ® | Walton County    Value CreationSegmentsMilestonesConstruction StartsDemographic TailwindsScratching the SurfaceAppendixMap 

   VALUE CREATION  2  Latitude MargaritavilleSM Watersound| Bay County 

 VALUE CREATION($ IN MILLIONS)    3   

 VALUE CREATION($ PER SHARE)    4   

 See Appendix “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation.    VALUE CREATIONCASH GENERATED FOR DISTRIBUTION OR INVESTMENT (CGFDI) ($ IN MILLIONS)  Q1 2020 Q1 2021 -$1.3 $3.0 $8.1 $20.3 $0.14 $0.34  Q1 2021  Q1 2022      $3.2  $13.4      $20.2  $43.4      $0.34  $0.74  5    2016  2017  2018  2019  2020  2021                Net Income  $15.9  $59.6  $32.4  $26.8  $45.2  $74.6                Cash Generated for Distribution or Investment (CGFDI)  $16.9  $55.5  $57.5  $65.5  $71.5  $154.5                CGFDI Per Share  $0.23  $0.79  $0.92  $1.09  $1.21  $2.62 

   SCALING EFFICIENCIES($ IN MILLIONS)  6    2016  2017  2018  2019  2020  2021  Revenue  $96.9   $100.0   $110.3   $127.1   $160.6   $267.0   Corporate and Other Operating Expenses  $23.0   $20.4   $20.6   $21.4   $22.9   $23.0   % of Revenue  24%  20%  19%  17%  14%  9% 

   SEGMENTS  7  WaterColor® Inn | Walton County 

   RESIDENTIAL SALES  8 

   RESIDENTIAL SALES PIPELINE  9  Total: 17,476          BACKLOG AS OF MARCH 31, 2022  2,294  ACTIVE BUILDERS  PLATTED OR UNDER DEVELOPMENT  3,288  ADDITIONAL ENTITLEMENTS WITH CONCEPT PLAN  12,185  ENGINEERING OR PERMITTING  2,003  527  HOMES UNDER CONTRACT AT LATITUDE MARGARITAVILLE WATERSOUND  18  -As of March 31, 2022-The Company has additional entitlements beyond what is listed  HOMESITES UNDER CONTRACT 

   HOSPITALITY  10  Hotel Rooms  Club Memberships 

   COMMERCIAL  11  Commercial and Operational Square Feet  Multi-Family and Senior Living 

   MILESTONES  12  Shark’s Tooth Golf Course | Bay County 

 HOMESITES  MULTI-FAMILY AND SENIOR LIVING UNITS  HOTEL ROOMS  COMMERCIAL SQUARE FEET***  CLUB MEMBERSHIPS  1,000 PER YEAR  1,300  900  1,500,000  1,400  *2021 Unit Milestones presented at the May 20, 2019, Annual Shareholders’ Meeting **Existing and under development/construction as of December 31, 2021***Commercial Square Feet includes leasable assets (i.e., Pier Park North) and operational assets (i.e., Busy Bee Convenience Store, Scratch Restaurant, etc.)Includes projects wholly owned or partially owned via Joint Ventures    853 (85%)  1,436 (110%)  1,177 (131%)  1,306,095 (87%)  2,255 (161%)  Milestone  Results**     2021 UNIT MILESTONES*  13 

     2024 UNIT MILESTONES*  14  2,000 PER YEAR  2,500  1,500  1,800,000  3,250  2024 Milestone  750  *2024 Unit Milestones presented at the May 17, 2022 Annual Shareholders’ Meeting **Commercial Square Feet includes leasable assets (i.e., Pier Park North) and operational assets (i.e., Busy Bee Convenience Store, Scratch Restaurant, etc.)All information above is subject to change and includes projects wholly owned or partially owned via Joint Ventures  HOMESITES  MULTI-FAMILY AND SENIOR LIVING UNITS  HOTEL ROOMS  COMMERCIAL SQUARE FEET**  CLUB MEMBERSHIPS  BOAT SLIPS 

   CONSTRUCTION STARTS  15  Hotel Indigo®| Bay County 

       TimeLine  2013 - 2018    CONSTRUCTION STARTS 2021-2023  COMMERCIALSouth Walton Commerce ParkWatersound Fountains Senior Living Watersound Town Center East Lake Creek Apartments Watersound West Bay CenterFSU Health Medical CampusGateway Apartments Mexico Beach Crossings ApartmentsPier Park Northwest (second select service hotel)Lake Powell Crossings ApartmentsWatersound West ApartmentsWest Bay Self StoragePier Park City CenterWatersound Origins Townhomes  HOSPITALITYHome2 Suites by Hilton Watersound Hotel WaterColor Inn (room expansion)East Lake Powell (club amenity)Intracoastal Waterway (ICW) Marina Hotel IndigoHarrison’s Kitchen & Bar Watersound Club Golf Course (club amenity)Point South Marinas (Bay Point and Port St. Joe)Port St. Joe Marina (lodging and restaurant)  RESIDENTIALWatersound OriginsWatersound Origins WestWatersound Camp CreekWard Creek EastWard Creek WestEast Lake CreekBreakfast Point EastPark PlaceTitus ParkCollege StationMexico Beach WindMark Beach ®Latitude Margaritaville WatersoundWest Laird  16  = Construction Started    Watersound® Town Center Publix | Walton County  Watersound Origins Greenway | Walton County  - Additional projects are in the planning stage  - Residential projects include multiple phases  Point South Marina Port St. Joe | Gulf County  BREAKFAST POINT®, PIER PARK®, PIER PARK CITY CENTERSM, WATERCOLOR®, WATERSOUND®, WATERSOUND CAMP CREEKSM, WATERSOUND® CLUB, WATERSOUND FOUNTAINSSM, WATERSOUND INNSM , WATERSOUND ORIGINS®, WATERSOUND® TOWN CENTER, & WINDMARK BEACH®, (the “Marks”) are trademarks and service marks of The St. Joe Company (“St. Joe”). 

   DEMOGRAPHIC TAILWINDS  17  Watersound Town Center| Walton County 

 SURGING DEMAND    DISCOVERY OF NORTHWEST FLORIDAVisitors and residents from expanding geographiesMore year-round activity and permanent residents  VIRTUAL WORK ENVIRONMENTFlexibility to work and live anywhere  QUALITY OF LIFE AND SAFETYFamily-oriented, natural beauty, open spaces, and relative affordability  GROWING INFRASTRUCTURENorthwest Florida Beaches International Airport (ECP) and Destin/Fort Walton Beach Airport (VPS) breaking recordsWest Bay ParkwayFSU Health Medical Campus  18  WindMark Beach| Gulf County 

   ECOSYSTEM FOCUS  19  RESIDENTIAL COMMUNITIESWide range of prices and lifestylesWorkforce, move-up, retirement, luxury and second home  HOSPITALITY EXPERIENCESLuxury branded hotelsValue flagged hotelsWaterfront resortsMarinasPrivate club  COMMERCIAL PORTFOLIO RELATEDGarden style multi-family, village townhomes and senior livingVillage town centersCommercial, office and light industrial flex spacesStorage facilities, convenience store and other retail operationsFinancial services 

   20  EXPANDING GEOGRAPHIESWALTON COUNTY 

   21  EXPANDING GEOGRAPHIESBAY COUNTY 

   EXPANDING GEOGRAPHIESWATERSOUND CLUB MEMBERS  22 

   SCRATCHING THE SURFACE  23  Pier Park Crossings Apartments | Bay County 

   JUST SCRATCHING THE SURFACE OFMULTI-GENERATIONAL VALUE CREATION  24  LAND  ENTITLEMENTS  SCALABLE OPERATIONS  ECO SYSTEM FOCUS   

   RECONCILIATION OF NON-GAAP FINANCIAL MEASURES  APPENDIX  25  Embassy Suites by Hilton ® | Bay County 

   “Cash Generated for Distribution or Investment” (CGFDI) and “CGFDI Per Share” are non-GAAP measures, which management believes assists investors by providing insight into the cash generated by the Company that management has available for distribution to shareholders or for reinvestment into the business. CGFDI is calculated by adding “Net Cash Provided by Operating Activities”, “Expenditures for and Acquisition of Real Estate to Be Sold”, and “Capital Distributions from Unconsolidated Joint Ventures” and subtracting “Capital Distributions to Non-Controlling Interest”, “Principal Payments for Debt”, “Principal Payments for Finance Leases”, and “Maintenance Capital Expenditures”. Maintenance Capital Expenditures are intended to show capital expenditures made to maintain the value and/or revenue generating capacity of existing operating assets. CGFDI should not be considered an alternative to “Net Cash Provided by Operating Activities” determined in accordance with GAAP as an indicator of the Company’s cash flows and liquidity position. CDFGI Per Share is calculated by dividing CGFDI by “Basic Weighted Average Shares Outstanding.”    RECONCILIATION OF NON-GAAP FINANCIAL MEASURESCash Generated for Distribution or Investment (CGFDI)  26  ($'s and Shares in Millions except per share amount)  2016  2017  2018  2019  2020  2021    Q1 2021  Q1 2022                        Net Cash Provided by Operating Activities  $10.7   $53.7   $41.4   $30.4   $37.3   $111.8     $9.8   $19.8   Plus: Expenditures for and Acquisition of Real Estate to Be Sold  $8.3   $8.5   $19.8   $40.1   $40.5   $47.3     $12.0   $25.9   Plus: Capital Distributions from Unconsolidated Joint Ventures  $0.0   $0.0   $0.0   $0.0   $0.0   $1.5     $0.0   $0.2   Less: Capital Distributions to Non-Controlling Interest  ($0.6)  ($2.3)  ($0.4)  ($0.6)  ($0.6)  ($1.2)    ($0.3)  ($0.7)  Less: Principal Payments for Debt  ($0.5)  ($1.3)  ($1.4)  ($1.6)  ($1.9)  ($2.3)    ($0.5)  ($0.5)  Less: Principal Payments for Finance Leases  $0.0   $0.0   $0.0   ($0.0)  ($0.1)  ($0.1)    ($0.0)  ($0.0)  Less: Maintenance Capital Expenditures  ($1.0)  ($3.1)  ($1.9)  ($2.8)  ($3.7)  ($2.5)    ($0.8)  ($1.3)                        CGFDI  $16.9   $55.5   $57.5   $65.5   $71.5   $154.5     $20.2   $43.4                         Basic Weighted Average Shares Outstanding  74.5   70.5   62.7   60.0   59.0   58.9     58.9   58.9                         CGFDI Per Share  $0.23   $0.79   $0.92   $1.09   $1.21   $2.62     $0.34   $0.74  

   MAP  27  WindMark Beach® Town Center | Gulf County 

 28    LAND HOLDINGS AND DEVELOPMENTS  MAP OF LAND HOLDINGS AND PROJECTSWALTON, BAY, AND GULF COUNTIES  JOE.COM  FOOW®, CAMP CREEK® GOLF, ORIGINSSM GOLF, PIER PARK CROSSINGSSM, PIER PARK NORTH®, RIVERCAMPS®, WATERCOLOR EXECUTIVE SUITESSM, WATERSOUND BEACH CLUBSM, WATERSOUND CAMP CREEKSM, WATERSOUND ORIGINS CROSSINGSSM, & VENTURE CROSSINGS®, (the “Marks”) are trademarks and service marks of The St. Joe Company (“St. Joe”). 

 29  © The St. Joe Company 2022. All Rights Reserved.Important Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include, among other things, information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, strategies, prospects and objectives. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar expressions concerning matters that are not historical facts.We caution you that all forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors, including: the potential impacts of the ongoing COVID-19 pandemic; our ability to successfully implement our strategic objectives; new or increased competition across our business units; any decline in general economic conditions, particularly in our primary markets; our ability to successfully execute or integrate new business endeavors and acquisitions; our ability to yield anticipated returns from our developments and projects; our ability to effectively manage our real estate assets, as well as the ability for us or our joint venture partners to effectively manage the day-to-day activities of our joint venture projects; the illiquidity of all real estate assets; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of our investment portfolio; any potential negative impact of our longer-term property development strategy, including losses and negative cash flows for an extended period of time if we continue with the self-development of granted entitlements; our dependence on homebuilders; reductions in travel and other risks inherent to the hospitality industry; the financial condition of our commercial tenants; regulatory and insurance risks associated with our senior living facilities; public health emergencies; any reduction in the supply of mortgage loans or tightening of credit markets; our dependence on strong migration and population expansion in our regions of development, particularly Northwest Florida; our ability to fully recover from natural disasters and severe weather conditions, including the recovery of insurance claims for losses related to Hurricane Michael; the actual or perceived threat of climate change; the seasonality of our business; our ability to obtain adequate insurance for our properties or rising insurance costs; our dependence on certain third party providers; the inability of minority shareholders to influence corporate matters, due to concentrated ownership of largest shareholder; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations in the areas we operate; changes in tax rates, the adoption of new U.S. tax legislation, and exposure to additional tax liabilities, including with respect to Qualified Opportunity Zone program; new litigation; our ability to attract and retain qualified employees, particularly in our hospitality business; our ability to protect our information technology infrastructure and defend against cyber-attacks; increased media, political, and regulatory scrutiny could negatively impact our reputation; our ability to maintain adequate internal controls; risks associated with our financing arrangements, including our compliance with certain restrictions and limitations; interest rate fluctuations; geopolitical conflicts and political uncertainty and the corresponding impact on the global economy; our ability to pay our quarterly dividend; the potential volatility of our common stock; and the other risks and uncertainties discussed in “Risk Factors” beginning on page 6 of our most recent annual report on Form 10-K and from time to time in our subsequent filings with the SEC .  

XML

Document and Entity Information	May 17, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 17, 2022
Entity Registrant Name	The St. Joe Company
Entity Incorporation, State or Country Code	FL
Entity File Number	1-10466
Entity Tax Identification Number	59-0432511
Entity Address, Address Line One	130 Richard Jackson Blvd.
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Panama City Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32407
City Area Code	850
Local Phone Number	231-6400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000745308
Title of 12(b) Security	Common Stock
Trading Symbol	JOE
Security Exchange Name	NYSE