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EX - 99.1 2 a52420004ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 The St. Joe Company Reports First Quarter 2021 Results and Declares a Quarterly Dividend Of $ 0.08 PANAMA CITY BEACH , Fla .-- ( BUSINESS WIRE ) -- April 28 , 2021 -- The St. Joe Company ( NYSE : JOE ) ( the " Company " ) today announced revenue for the first quarter of 2021 increased 122 % to $ 41.3 million as compared to $ 18.6 million for the first quarter of 2020 . The increase was broad - based with a 262 % increase in real estate revenue , a 98 % increase in hospitality revenue and a 30 % increase in leasing revenue . Operating income increased by $ 6.8 million to $ 5.5 million for the three months ended March 31 , 2021 as compared to a loss of ( $ 1.3 ) million for the three months ended March 31 , 2020. Net income increased by $ 4.7 million to $ 3.2 million , or $ 0.05 per share , compared to a net loss of ( $ 1.5 ) million , or ( $ 0.03 ) per share , for the same period in 2020. The three months ended March 31 , 2020 included a one - time gain of $ 4.3 million on land and mitigation credits contributed to the Company's unconsolidated Sea Sound Apartments joint venture . In the first quarter of 2021 , the Company invested $ 37.2 million in capital projects . In addition , the Company paid $ 4.7 million in cash dividends . As of March 31 , 2021 , the Company had $ 147.9 million in cash , cash equivalents and investments . On April 28 , 2021 , the Board of Directors declared a cash dividend of $ 0.08 per share on its common stock , payable on June 10 , 2021 to shareholders of record as of the close of business on May 12 , 2021 . Jorge Gonzalez , the Company's President and Chief Executive Officer , said , " We grew revenue by 122 % in what historically has been the slowest quarter of the year . We believe that this is an indication of Northwest Florida becoming less seasonal and more of a year - round resort destination as well as an increase in the number of residents that are choosing to live here full - time . We believe these trends will continue and we have been positioning the Company accordingly by offering a wide range of products , pricing and experiences . Our residential segment sold 203 homesites in the first quarter of 2021 compared to 19 homesites in the first quarter of 2020 and placed 202 new residential homesites under contract , bringing the March 31 , 2021 number of homesites under contract to 1,268 with 11 different builders . Our hospitality segment's Watersound Club membership grew by a record 159 members in the quarter , bringing the total to 1,722 members as of March 31 , 2021. Our commercial segment executed seven new commercial leases and leased nearly all the new apartment units that completed construction in the quarter , bringing the March 31 , 2021 apartments under lease to 400. "