ST JOE Co
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Consolidated Balance Sheets
| | | | | | | |
|---|---|---|---|---|---|---|
| · · December 31, · · December 31, | ||||||
| · 2023 · 2022 | ||||||
| ASSETS · · | ||||||
| Investment in real estate, net | | $1,018,618 | | $996,261 | ||
| Investment in unconsolidated joint ventures | | | 66,356 | | | 50,025 |
| Cash and cash equivalents | | 86,068 | | 37,747 | ||
| Investments - debt securities | | | — | | | 40,576 |
| Other assets | | 82,243 | | 61,729 | ||
| Property and equipment, net | | 66,049 | | 39,638 | ||
| Investments held by special purpose entities | | 204,196 | | 204,863 | ||
| Total assets | | $1,523,530 | | $1,430,839 | ||
| LIABILITIES AND EQUITY | | | ||||
| Liabilities: | | | ||||
| Debt, net | | $453,640 | | $385,860 | ||
| Accounts payable and other liabilities | | 58,573 | | 94,371 | ||
| Deferred revenue | | | 62,836 | | | 38,936 |
| Deferred tax liabilities, net | | 71,829 | | 82,706 | ||
| Senior Notes held by special purpose entity | | 178,162 | | 177,857 | ||
| Total liabilities | | 825,040 | | 779,730 | ||
| | | | | | | |
| Commitments and contingencies (Note 20) | | | | | | |
| | | | | | | |
| Equity: | | | ||||
| Common stock, no par value; 180,000,000 shares authorized; 58,372,040 and 58,335,541 issued and outstanding at December 31, 2023 and December 31, 2022, respectively | | 270,848 | | 270,028 | ||
| Retained earnings | | 410,371 | | 358,344 | ||
| Accumulated other comprehensive income | | 1,843 | | 2,430 | ||
| Total stockholders’ equity | | 683,062 | | 630,802 | ||
| Non-controlling interest | | 15,428 | | 20,307 | ||
| Total equity | | 698,490 | | 651,109 | ||
| Total liabilities and equity | | $1,523,530 | | $1,430,839 | ||
F 3
CONSOLIDATED BALANCE SHEETS
The following presents the portion of the consolidated balances attributable to the Company’s consolidated JVs, which as of December 31, 2023 and 2022, include the Pier Park North JV, Pier Park Crossings JV, Watersound Origins Crossings JV, Watercrest JV, Watersound Closings & Escrow, LLC (the “Watersound Closings JV”), Pier Park Crossings Phase II JV, Mexico Beach Crossings JV, Pier Park Resort Hotel JV, The Lodge 30A JV, Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC. See Note 2.Significant Accounting Policies. Basis of Presentation and Principles of Consolidationand Note 4.* Joint Ventures*for additional information. The following assets may only be used to settle obligations of the consolidated JVs and the following liabilities are only obligations of the consolidated JVs and do not have recourse to the general credit of the Company, except for covenants and guarantees discussed in Note 10.Debt, Net.
| | | | | | | |
|---|---|---|---|---|---|---|
| · December 31, · December 31, | ||||||
| · · 2023 · · 2022 | ||||||
| ASSETS · · | ||||||
| Investment in real estate, net | | $264,837 | | $272,395 | ||
| Cash and cash equivalents | | 4,851 | | 7,353 | ||
| Other assets | | 15,596 | | 16,804 | ||
| Property and equipment, net | | | 22,241 | | | 7,219 |
| Investments held by special purpose entities | | 204,196 | | 204,863 | ||
| Total assets | | $511,721 | | $508,634 | ||
| LIABILITIES | | | ||||
| Debt, net | | $275,757 | | $243,447 | ||
| Accounts payable and other liabilities | | 8,384 | | 18,834 | ||
| Deferred revenue | | | 307 | | | 234 |
| Senior Notes held by special purpose entity | | 178,162 | | 177,857 | ||
| Total liabilities | | $462,610 | | $440,372 | ||
F 4
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