St. Joe was incorporated in 1936. We are a real estate development and operating
company with real estate assets and operations currently concentrated primarily
between Tallahassee and Destin, Florida, which we predominantly use, or intend
to use, for or in connection with, our various residential or commercial real
estate developments, resorts, leisure and leasing operations or our forestry
operations on a limited basis.
We have significant residential and commercial land-use entitlements in hand
or in process. We seek higher and better uses for our assets through a range
of activities from strategic land planning and development, infrastructure improvements
and promoting economic development in the regions where we operate. We may explore
the sale of such assets opportunistically or when we believe they have reached
their highest and best use.
We intend to use our land holdings and our cash and cash equivalents and investments
to create long-term value for our shareholders. We believe that our present
liquidity position can provide us with numerous opportunities to create long-term
value for our shareholders by allowing us to focus on our core business activity
of real estate development, including opportunities in Northwest Florida in
the active adult market; resorts, leisure and leasing operations; and the Port
of Port St. Joe.
We currently operate our business in four reportable operating segments: (1)
residential real estate, (2) commercial real estate, (3) resorts, leisure and
leasing operations and (4) forestry.
Our residential real estate segment typically plans and develops mixed-use
resort, primary and seasonal residential communities of various sizes, primarily
on our existing land. We own land in Northwest Florida, including Gulf of Mexico
beach frontage, and other waterfront properties concentrated primarily between
Tallahassee and Destin, Florida.
Our real estate investment strategy focuses on projects that meet our risk-adjusted
investment return criteria. We adopted a rate of return against which we evaluate
our capital expenditures and investments. The time frame for these expenditures
and investments will vary based on the type of project. However, we will only
incur such expenditures if our analysis indicates that the project will generate
a return equal to or greater than the threshold return over its life.
In our commercial real estate segment we plan, develop and sell real estate,
including commercial operating property, for commercial purposes. We provide
development opportunities for national and super regional retailers and our
strategic partners in Northwest Florida. We offer land for commercial and light
industrial uses. We also develop commercial parcels within or near existing
residential development projects. Our commercial real estate also includes industrial
parks and several commerce parks. We have large land holdings surrounding the
Northwest Florida Beaches International Airport, along roadways and near or
within business districts in the region. Adjacent to the Northwest Florida Beaches
International Airport, is one of our industrial parks, VentureCrossings Enterprise
Centre, a commercial and industrial development. We are soliciting global office,
retail and industrial users for this prime development location.
Our resorts, leisure and leasing operations segment includes recurring revenue
streams from (i) our resort and leisure businesses and (ii) our leasing operations.
WaterColor Inn and Vacation Rentals. Our WaterColor Inn and Resort is an award
winning boutique hotel, which provides guests with a beach club, spa, tennis
center, an award-winning restaurant and complementary retail and commercial
space. In addition, our vacation rental business rents private homes in the
WaterColor, WaterSound Beach and surrounding communities, to individuals who
are vacationing in the area. Our resorts and leisure businesses are managed
for us by a third party management company.
Clubs and Resorts. We own four golf courses in Northwest Florida. Three of them
are in the Panama City Beach area and the fourth is located in Tallahassee.
The golf courses are situated in or near our residential communities. We also
own and operate two marinas. Our golf courses and marinas are managed for us
by a third party management company.
Pier Park North. Our commercial leasing operations include our Pier Park North
joint venture. Our Pier Park North joint venture includes a 324,000 square foot
retail lifestyle center in Panama City Beach, which we developed with Casto,
our joint venture partner and one of the country’s leading developers
of neighborhood and community retail centers.
Our forestry segment focuses on the management of our timber holdings in Northwest
Florida. We grow and sell sawtimber, wood fiber and forest products and provide
land management services for conservation properties. Subsequent to the AgReserves
Sale, we have sold and plan to continue to sell product on site without the
associated delivery costs.
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