EX-99.1 2 a53400725_ex991.htm EXHIBIT 99.1
Exhibit 99.1
ANNUAL MEETING OF SHAREHOLDERS May 16, 2023

STARTS WITH FLORIDA New Florida Estimates Show Nation’s Third-Largest State Reaching Historic Milestone “After decades of rapid population increase, Source: US Census Bureau, December 22, 2022 New federal data says Florida is one of the most desired destinations for Americans wanting to move and continues to be the fastest growing state in the country. Destination Florida: IRS Data Says it's a Top Choice of Americans on the Move 1 Florida now is the nation’s fastest-growing state for the first time since 1957, Bureau’s Vintage 2022 population estimates released today. Florida's population increased by 1.9% to 22,244,823 between 2021 and 2022, surpassing Idaho, the previous year’s fastest-growing state. Florida's percentage gains since 1946 have been impressive: its 2022 population is just over 9 times its 1946 population of 2,440,000. For the third most-populous state to also be the fastest growing is notable because it requires significant population gains.” according to the U.S. Census data, Florida has gained more people than any other state in the U.S since the COVID-19 pandemic began. The Sunshine State's government continues to add more employment opportunities and tax breaks, enhancing the chances migration to Florida could continue on the same trend. The IRS data is derived from income tax filings. Overall, 709,120 people have relocated to Florida, both from within the U.S and internationally. Between 2020 and 2021 Florida had a net gain of 257,487 people. Texas, Tennessee, North Carolina and South Carolina also had some of the biggest migration gains in the country. Source: The Center Square Contributor, May 3, 2023 According to the 2020-21 IRS migration

WHERE THE PUCK IS GOING IN FLORIDA Source: US Census, Quick Facts, Population, Percent Change – April 1, 2020 (estimate base) to July 1, 2022, (V22) 2 “I skate to where the puck is going to be, not where it has been.” - Wayne Gretzky POPULATION PERCENT CHANGE COUNTY CHANGE RANK__ Walton 10.6% #3 Gulf 7.8% #12 Bay 5.7% #19____ Florida Average 3.3% 67 counties

HOW JOE IS POSITIONED 86% OF THE 169,000 ACRES OWNED ARE IN WALTON, GULF, AND BAY COUNTY ENTITLEMENTS TO DEVELOP OVER 170,000 RESIDENTIAL UNITS AND OVER 20 MILLION SQUARE FEET OF NON-RESIDENTIAL USES MAJORITY OF REVENUE IS DERIVED FROM LESS THAN 2% OF LAND HOLDINGS 3

2018 4 Expand portfolio of income producing commercial properties Develop residential communities with long term, scalable and repeatable revenue Grow resorts & leisure segment Work collaboratively with public and private partners on strategic infrastructure Joint venture with best of class operators Maintain low fixed expenses and focus on profitability Build liquidity and balance sheet strength Increase long term shareholder value BUSINESS STRATEGY Business strategy from 2018 Annual Meeting of Shareholders (Filed on May 23, 2018)

2018 5 DEVELOP ASSETS Low Cost Recurring Revenue World Class Communities SEED GROWTH Every Action Seeds Future Actions 21st Century Education, Jobs, Infrastructure Help Communities Thrive BOLT-ON ACQUISITIONS Opportunistic Acquisitions Expand Core Areas High Quality Jobs ACT LIKE OWNERS Excess Capital Distributed via Stock Buybacks Repurchased 29.5% of JOE Last 3 Years ($480 million) BUILD VALUE FOR OWNERS From 2018 Annual Meeting of Shareholders (Filed on May 23, 2018)

INVESTMENT IN REAL ESTATE & UNCONSOLIDATED JOINT VENTURES BALANCE SHEET ($ IN MILLIONS) 6 AVERAGE ANNUAL GROWTH RATE 22% Average Annual Growth Rate calculated using Compound Annual Growth Rate formula Balances at amortized cost basis as of each year end

CONSOLIDATED & UNCONSOLIDATED REVENUE ($ IN MILLIONS) 7 AVERAGE ANNUAL GROWTH RATE 28% Average Annual Growth Rate calculated using Compound Annual Growth Rate formula Includes total revenue of each unconsolidated entity Revenue of unconsolidated entities is not included in St. Joe’s revenue

SCALING EFFICIENCIES CORPORATE & OTHER OPERATING EXPENSES AS % OF REVENUE 8

Average Annual Growth Rate calculated using Compound Annual Growth Rate formula See Appendix “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation EBITDA ($ IN MILLIONS) 9 AVERAGE ANNUAL GROWTH RATE 30%

PROJECT-LEVEL DEBT ONLY 10 as of March 31, 2023 DEBT IS 29% OF OUTSTANDING DEBT HAS A FIXED OR SWAPPED INTEREST RATE 70% AVERAGE WEIGHTED EFFECTIVE INTEREST RATE IS 5.0% AVERAGE REMAINING LIFE IN YEARS 17.8 OF COMPANY’S TOTAL ASSETS

NET INCOME ($ IN MILLIONS) 11 AVERAGE ANNUAL GROWTH RATE 28% Average Annual Growth Rate calculated using Compound Annual Growth Rate formula

$17.92 Average Buy-Back Price 12 $610 MILLION RETURNED TO SHAREHOLDERS 37% OF SHARES BOUGHT BACK 2015 - 2022

EARNINGS PER SHARE 13 AVERAGE ANNUAL GROWTH RATE 33% Average Annual Growth Rate calculated using Compound Annual Growth Rate formula

NEW OPERATING PROPERTIES PLANNED IN 2023 14 * 120 units completed in 2022. Total of 240 units. | ** 48 units completed in 2022. Total of 64 units. | *** 12 units completed in 2022. Total of 31 units. HOTELS MULTI-FAMILY & SENIOR LIVING COMMERCIAL & CLUBS THE LODGE 30A 85 ROOMS EMBASSY SUITES HOME2 SUITES HOTEL INDIGO CAMP CREEK INN 107 ROOMS 124 ROOMS 75 ROOMS 255 ROOMS TOTAL 646 ROOMS 122% INCREASE MEXICO BEACH CROSSINGS APARTMENTS WATERSOUND FOUNTAINS SENIOR LIVING NORTH BAY LANDING APARTMENTS WATERSOUND ORIGINS TOWNHOMES WINDMARK BEACH APARTMENTS TOTAL 216 UNITS 148 UNITS 120 UNITS* 16 UNITS** 19 UNITS*** 519 UNITS 60% INCREASE WATERSOUND TOWN CENTER WATERSOUND WEST BAY CENTER CAMP CREEK AMENITY

2023 AND BEYOND RESIDENTIAL HOMESITE PIPELINE 15 Total: 23,127 BACKLOG AS OF MARCH 31, 2023 1,915 ACTIVE BUILDERS PLATTED OR UNDER DEVELOPMENT 2,556 ADDITIONAL ENTITLEMENTS WITH CONCEPT PLAN 17,041 ENGINEERING OR PERMITTING 3,530 679 HOMES UNDER CONTRACT AT LATITUDE MARGARITAVILLE WATERSOUND 18 As of March 31, 2023 The Company has additional entitlements beyond what is listed HOMESITES UNDER CONTRACT

SALES CENTER OPENED: MAY 2021 PLANNED HOMES: 3,500 As of March 31, 2023 Revenue generated by unconsolidated joint ventures is not included in St. Joe’s revenue LATITUDE MARGARITAVILLE WATERSOUND BACKLOG: 679 HOMES ESTIMATED TO GENERATE $337.8M IN SALES VALUE WATERFRONT AMENITY OPENING: JUNE 2023 TOTAL HOME STARTS: 924 SALES: 1,191 CLOSINGS: 512 MONTHLY PACE: 74 HOME COMPLETIONS/CLOSINGS In March 2023 16

17 LAND HOLDINGS AND DEVELOPMENTS MAP OF LAND HOLDINGS AND PROJECTS WALTON, BAY, AND GULF COUNTIES

“Earnings Before Interest, Taxes, Depreciation and Amortization” (EBITDA) is a non-GAAP measure, which management believes assists investors by providing insight into operating the performance of the Company across periods on a consistent basis and, when viewed in combination with the Company results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting the Company. However, EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP. EBITDA is calculated by adjusting “Interest expense”, “Investment income, net”, “Income tax expense (benefit)”, “Depreciation, depletion and amortization” to “Net income attributable to the Company”. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) 18

19 © The St. Joe Company 2023. 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: 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; interest rate fluctuations; supply chain disruptions; inflation; financial institution disruptions; geopolitical conflicts and political uncertainty and the corresponding impact on the global economy; 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 projects; our ability to complete construction and development projects within expected timeframes; 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; 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; our ability to pay our quarterly dividend; and 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 .