St. Joe Q2 2025 Earnings Report

St. Joe EPS Results

• Actual EPS: $0.51
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

St. Joe Revenue Results

• Actual Revenue: $129.10 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

St. Joe Announcement Details

• Quarter: Q2 2025
• Date: 7/23/2025
• Time: After Market Closes
• Conference Call Date: Thursday, July 24, 2025
• Conference Call Time: 4:00PM ET

The St. Joe (NYSE:JOE) Company, together with its subsidiaries, operates as a real estate development, asset management, and operating company in Northwest Florida. It operates through three segments: Residential, Hospitality, and Commercial. The Residential segment engages in the development of communities into homesites for sale to homebuilders and on a limited basis to retail customers. This segment primarily sells developed homesites, completed homes, parcels of entitled or undeveloped land or homesites, and a homesite residual on homebuilder, as well as offers title insurance and marketing services. The Hospitality segment owns and operates a private membership club, golf courses, beach clubs, retail outlets, marinas, and other entertainment assets. This segment also engages in the hotel, food and beverage, and gulf-front vacation rental operations, as well as provides management services. The Commercial segment engages in leasing of commercial property, multi-family, a senior living community, and other assets. This segment is also involved in the planning, development, entitlement, management, and sale of commercial and rural land holdings for retail, office, hotel, senior living, multi-family, self-storage, and industrial uses; and grows and sells pulpwood, sawtimber, and other forest products. The company was incorporated in 1936 and is based in Panama City Beach, Florida.

St. Joe Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Quarterly results showed 16% revenue growth and 20% net income growth, led by a 27% rise in real estate revenue and record leasing (+11%) and hospitality (+10%) revenues, making recurring streams 63% of total revenue.
• Positive Sentiment: The company executed a measured capital allocation strategy, investing $36.5 M in capex, repurchasing $10.1 M in shares, paying $8.1 M in dividends, and reducing $7.7 M in project debt, lowering share count to under 58 M for the first time since 1996.
• Positive Sentiment: The Bay County Commission approved the Pigeon Creek DSAP entitling over 3,000 residential units and 400,000 sq ft of commercial space, and discussions are underway with a home builder to accelerate development.
• Negative Sentiment: High mortgage interest rates remain a headwind, limiting home site sales momentum and creating uncertainty around surpassing the industry‐average pace of 1,000 lots per year.
• Neutral Sentiment: The company continues long‐range infrastructure planning with state and local partners to address transportation and utility needs, acknowledging the challenge of timing projects precisely.

Presentation

[Operator]

Good day, and thank you for standing by. Welcome to The St. Joe Company Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session.

[Operator]

If you wish to ask a question via the webcast, please use the Q and A box available on the webcast link at any time during the conference. Please be advised that today's conference is also being recorded. I would now like to hand the conference over to George Gonzales, President, CEO, and Chairman of The St. Joe Company. Please go ahead.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Thank you. Good afternoon, everyone. I am George Gonzales, President, CEO, and Chairman of The St. Joe Company. It is my pleasure to welcome you to the quarterly earnings call of of the St.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Joe company. Yesterday afternoon after the market closed, we issued our twenty twenty five second quarter earnings press release, which can be found in the investor relations portions of our website at joe.com. As a reminder and a housekeeping matter, in the top right hand corner of your screen, the words submitted question are visible. Clicking that text will take you to the section where you can type in your question and then click submit for later in this call. I'm joined today by Merrick Lecoon, our chief financial officer.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

As we discussed at our twenty twenty five annual meeting of shareholders back in May, we committed to launching quarterly earnings calls to provide our shareholders and the investor community with another opportunity to engage with management and ask questions about our business and performance. We have always been an open and transparent company that welcomes engagement in any form throughout the year. Because of the types of assets that we own, we always encourage shareholders to visit us in person so they can assess the progress of the region and of the company. We are excited to begin this new chapter of investor engagement as the company continues to execute on our strategic transformation. Over the past several years, we have evolved from primarily a transactional land sales company to a diversified real estate operating company with multiple recurring revenue streams.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Our strategy centers on growing and enhancing the ecosystem in Northwest Florida by developing scalable master plan residential communities and businesses and hospitality and commercial leasing that generate recurring revenue. We call this our virtuous circle of value creation where investments in one area enhance the value of our adjacent assets. The essence of our business is we connect people to place. Before we begin discussing our results and answering your questions, I would like to remind everyone that today's press release and the statements made during this call include forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Such risks and uncertainties include the factors set forth in the earnings release and in our filings with the Securities and Exchange Commission. Additionally, during today's call, we will be discussing non GAAP measures, which we believe can be useful in evaluating our performance. A reconciliation of these measures can be found in our earnings release. Our earnings release provides comprehensive details on our performance, so I'm not going to read all the details, but I will briefly focus on hitting on some key highlights before we move to our questions or to your questions. For the second quarter, we continue to show solid organic growth with 16% growth in revenue, 20% growth in net income led by 27% growth in real estate revenue.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

What is particularly encouraging is the continued growth of our recurring revenue streams. Leasing revenue increased by 11% to a quarterly record and hospitality revenue increased to 10% to a quarterly record. Through the first six months of twenty twenty five, recurring revenue is now 63% of our total revenue, which is a significant transformation of the company. In the second quarter, we continue to execute a measured and multifaceted capital allocation strategy with 36,500,000.0 in capital expenditures for growth, 10,100,000.0 for share repurchase, 8,100,000.0 for cash dividends and 7,700,000.0 for project debt reduction. We have accelerated share repurchase with 16,200,000.0 through the first half of twenty twenty five, leaving the outstanding share balance below 58,000,000 for the first time since 1996 or twenty nine years ago.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Beyond the numbers, there were several events in the second quarter that are relevant to our business that I would like to briefly mention in case anyone missed them. On April 1, the Bay County Commission approved the Pigeon Creek Detail Specific Area Plan or DSAP with entitlements for over 3,000 residential units and over 400,000 square feet of commercial. We are already in discussion with a home builder interested in the entire DSAP that would be a new addition to our builder program. On May 5, we launched Watersound Real Estate, a boutique real estate brokerage located in the Watercolor Town center with several other future locations planned. This is our latest asset light business to complement our existing title and insurance businesses that generate recurring revenue from capital investments we have already made.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

On May 7, Delta announced year round daily nonstop flights between New York City's LaGuardia Airport and Northwest Florida Beaches Airport, ECP. This is an exciting opportunity for us to reach a new and heavily populated market. On June 10, the Florida governor and cabinet approved the issuance of $414,000,000 of bonds for the construction of a new FSU Health teaching research hospital in Bay County on our medical campus on State Road 79. On June 27, Topgolf opened its doors in Panama City Beach as our main anchor for Pure Park City Center, an exciting new entertainment district. On June 30, the Florida governor signed the state budget for fiscal year twenty twenty five-twenty six, which includes a $5,000,000 appropriation to Bay County for the planning of a new sanitary sewer plant in the northern part of State Road 79 corridor to help support future growth.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

In closing, no matter the high quality of our real estate assets, the quality of our people is what stands out. We have a hard working team that is committed to executing our shared vision and it is an honor and privilege to be a part of the journey with them. So now we're gonna transition to the question and answer part of the call. We're gonna read the questions as they come up on the screen. So please I encourage you if you have any questions, click on the question button and submit them to us so we can read them and answer your questions.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

The first question is, would the board consider reviewing the current access policies to ensure that hotel guest usage in our watershed club, do not dilute the premium experience and investment for members. There's currently three hotels on 30A that we allow access to our club amenities out of a total of 12 hotels. At this moment in time, we don't have a plan to change that current policy. The next question distributed cash from latitude Margaritaville water sound. Could you provide color on the decision make on the decision making of how much capital or cash is kept at latitude versus being distributed out to the joint venture partners?

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

The answer to the question is there's not a specific formula that the partners execute ourselves and Minto on the actual distribution. It's a decision that's made based on how the business is going, how sales are going, how closings are going, the infrastructure needs, the capital needs for the infrastructure. So there's not a specific formula. It is something that that we work together with our partner as part of the normal day to day execution of the joint venture. The next question, what is the number of acres contributed to the Margaritaville joint venture with Minto?

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

It is approximately 2,600 acres. Next question. What can you tell us on the ground in terms of what you're seeing in terms of population growth in the area over the past year? Do you think it's possible that we can see the housing market in the area above the national trend? You returned 26,000,000 to equity holders in the form of dividends, buybacks, debt pay down.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Being able to return significant capital to shareholders while continuing to grow is essential to this investment. Do you believe we have reached a point where we can return close to 100,000,000 annually to shareholders in the manner you did this past quarter? So let me answer those questions one section at a time. What can you tell us on the ground in terms of what you're seeing in terms of population growth in the area over the past year? As we shared at the annual meeting, Bay And Walton County are among the fastest growing counties in the state of Florida by rate.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

We are still seeing that level of in migration coming into our area. We're not seeing any material difference in that aspect. So the answer to the question is we expect to see a continuation of the trend in the growth rate that we've been seeing in both Baden Walton County. Could you see the housing market in the area above the national trend? Time will tell, but so far we certainly our region is certainly doing better than many other parts, many other metro markets in the country.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

You returned 26,000,000 to equity holders in the form of dividends. I think really the question is do you believe you have reached a point where you can return close to 100,000,000 annually to shareholders in the manner you did this quarter? We don't know. Capital allocation is something that we look at daily. We make decisions based on what's happening at the ground level, what's happening at the macro level, at the micro level, share price.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

But, as I've said many times and we talked about in great detail at the annual meeting, it is, something that is very important to us. It is top of mind and we're constantly thinking about capital allocation in the best way that we can create value for our shareholders. The next question, what is going on with memberships? So two things about memberships. First of all, and I think that question is probably because the question, the individual asking the question noticed that there was a slight decrease in memberships for the quarter but a lot of that has to do with two things.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

One, we had an adjustment or recalibration of membership types, legacy family memberships, and that created a bit of an anomaly in the math of the membership. We actually had 113 new members, full new members join so far. The second thing is we did expect a little bit of a slowdown in membership because we increased the entry fee significantly starting in January and the monthly dues. So every time we've done that and we we increase the entry fee and the membership dues, very gradually and incrementally over time and the trend has always been when we do that there's a little bit of a slowdown in new memberships reacting to the increase in entry fees and memberships. And over time that the market absorbs the increase and then we get back on another upcycle in membership growth.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Next question, there was a nice pickup to four eighty two newly contracted homesites this quarter. Were there any major communities that drove this number? The answer is no. There was not one major community that drove that number. That was spread out over all the active communities that we have.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

What is currently the main bottleneck to sell more than the thousand home sites that you have averaged in the last year? I think I'm not sure I would call it a bottleneck but probably the same driver that affects all the builders nationally. Relief in mortgage interest rates would certainly be very helpful in us accelerating in going beyond not only to the thousand per year but even going beyond the thousand. We are still seeing good traffic in the sales centers. We are still seeing good in migration into our region.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

We still get positive feedback about the quality of the product that is here. So it's a matter of interest rates decreasing so the consumer will feel a little bit more comfortable about making that final decision. Next question, how do you think about the vehicle traffic you're creating over time when traffic already seems difficult at times? Yes, we, infrastructure, not just in terms of transportation but utilities is a really important aspect of what we do. We as a company are constantly planning three, five, seven, ten years ahead.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

We spend a lot of time with our partners, at the state level, at the regional level, and at the local level planning for future infrastructure expansion. It is always difficult to get it just right. You're either too far ahead or far behind, but it is something that we are constantly spending time on with our state, regional, and local partners trying to make sure that the infrastructure keeps up with the growth. The next question. See club grads grew with lower memberships.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

What color on that can you provide? So a couple of things, higher dues, was a big part of it. As I mentioned before, we increased not only the entry fee but the monthly dues pretty significantly in January. So that obviously resulted in higher revenue for the for the club. We also have the new golf course.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

So we now have three golf courses that increases the fees associated with the golf course. And we had a pretty good second quarter in terms of our hotel occupancy in our rates. The next question you have twelve oh nine home sites under contract which is a decline versus previous years despite having more active selling communities and more national builders. This implies that you have fewer home sites under contract per community and per builder. What is driving this decline and how do you think about this metric versus prior years?

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Well the answer is we closed a lot of lots in the first half of this year. Also, as I've mentioned before, it's difficult to try to create an algorithm or a methodology on lot closings because the time it takes to engineer permit develop infrastructure in any one subdivision phase is not linear and it takes approximately two years. Sometimes it takes a year, sometimes it takes a year and a half. So when looking at that metric, I would just caution shareholders on over reading or reading too much into that metric because there's a lot of components to delivering lots or home sites that are not easier. They're not easy to apply in a linear formula.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

But we sold a lot of lots so obviously that that displaced a lot of those lots that were under contract. In terms of what we're seeing at the ground level in our discussions with all of our builders and we talk to them very regularly We don't don't feel that there's any material difference in that pipeline that causes us any concern at this point. The next question does the board believe Florida Senate Bill sixteen twenty two customary use assigned to law this year by the governor to have negative effect in St. Joe's real estate holdings especially in Walton County? The answer is no.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

We don't anticipate it will have any effect on St. Joe's real estate holdings. The next question there's a massive discrepancy between the market cap and NAV how do you plan on closing that? Any consideration for getting sell side coverage? Our focus as management is to continue to grow the company, continue to grow the company in the most profitable way possible and also in the best way possible that's going to be creating shareholder value.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

That's our focus. That's what our team is focused on on a daily basis. The next question. CapEx and lot development seems significant relative to the amount of lots platted under development. Can you give us some color here?

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Is it possible this capex is going towards lots and permitting planning? So yes first of all capex includes both soft dollars and hard dollars. Soft dollars are dollars that we spend in planning engineering permitting and of course hard dollars are dollars that we spend in actually putting infrastructure in the ground. So it's a combination of both and again it's very difficult and I would caution looking at any residential home site metric as it relates to timing into not reading too much into it at any one time. Just because of that two year window that's a big variable in the time it takes to engineer permit and develop home sites.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

The next question, when will phase two Margaritaville break ground and what is its size? Will the pricing and market positioning be similar to phase one? Thanks and great work to all the team members. So, as we talked about in the annual meeting, we received approval, for the detailed specific area plan immediately West of Latitude. I believe it was one or two years ago from Bay County.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

That's approved for over 4,000 units. We have been engaging in planning with our potential joint venture partner, extending the joint venture from Latitude to the property to the West. We are in discussions with our partner about the transition and the expansion of Latitude into that new area. At this point in time, we anticipate having a very similar market position in terms of pricing and product. So that's something that we hope in terms of answering the specific question when we'll actually break ground, we don't have an exact projection for that.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

But if you can kind of look at the 3,500 units that were approved in the first joint venture and the current rate run rate that we're on on a yearly basis, it's probably going to be a couple years away when we break ground for the second latitude project. But we do feel, very positive with our relationship with our partner. We feel positive about, the continued market acceptance and the traffic that we're seeing in the sales center. So we obviously are planning on continuing relationship on that property to the immediate West. Next question, your income from equity accounted investments is getting material due to Latitude Margaritaville, but the sum of the earnings of your two Pure Park JVs and soon the Water Sun Fountain independent living JV are negative and the value of those two assets doesn't currently show in the P and L.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

What is the earnings potential of these properties as they ramp up? Is Joe the logical owner of these properties? So a couple of those properties that were mentioned are still in the startup lease up phase, particularly the fountains and that project was delayed on the construction side. So, we started leasing later than we anticipated. Residence Inn is the other hotel joint venture that was referenced that was that's still in the startup stabilization phase.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

We believe they're both two great locations, and the long term potential of those two assets, we still believe are good. And for example, Fountains, Watercress, our other senior living facility took a while to lease up. They don't have the same leasing trajectory as apartments. They do take longer than apartments And watercress was slow to lease up and now is in the 90 percentile and actually, quite profitable for us. There's no reason to believe that Water Sound Fountains, it's going to be any different from that.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

So, but having said all that, we're constantly looking at all of our assets constantly whether it's a joint venture or it's one of our projects, assessing its long term potential, assessing its long term profitability and making decisions on our long term ownership of that asset. That's something that we do constantly. The next question, what needs to occur for the West Bay Bridge to be built and what kind of timeline do you envision for that? So, the question refers to the Water Sound, the West Bay Parkway, the road that would, connect State Road 79 in Bay County, head west, go over the intercoastal waterway, and then come out in Walton County, West of Water Sound, origins. That is a project that we've been engaged in planning with the Florida Department of Transportation.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

The Florida Department of Transportation has a very specific process they go through for regional roadways like that. The very first step is choosing the alignment and that alignment was chosen. We worked closely with the Florida Department of Transportation in them making that decision of the alignment. The next step is engineering and permitting of the road. We have been in discussion with the local transportation planning organizations and DOP, on putting together that next step in, engineering and, permitting.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

We don't have an exact timeframe from when the road is going to be built. But one thing that we do know as with the success of Latitude, every home that gets built at Latitude is another consumer that is going to appreciate that road and the more of those consumers we have, the more positive we feel about, the potential timing of that road. The next question. There is a lot of, real estate activity in the areas some distance from the coast in your area. For example, Freeport.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Your raw land is appreciating even though it doesn't show up in quarterly results. Do you get offers to buy land from third parties and how do you think about selling the land or holding on to it even though you might not have immediate plans to use the land? That's a very good observation. We do get from time to time offers from individuals, different parts of our land holdings. The part of our land holdings that we consider non strategic which is essentially the bulk of that is the property East Of The Apalachicola River in Leon County and Gadsden County and Waculla County.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

In those counties, we are predisposed to sell at the right price obviously. We're not discounting any land even if it's non strategic. So on the East Side Of The Apalachicola River, Leon County, Gasson, Waculla and a couple of those counties those are lands that we don't consider strategic and we when we get inquires about selling our potential buyers buying property in those areas in those counties We are predisposed to do that and we do. We have sold several of those properties. Land, in our core counties in our strategic counties, whether it's Bay, Walton or Gulf, we're a lot more picky, about engaging with potential parties that have an interest.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

And oftentimes, the interest is really somebody looking to buy a property at a low price and wait for the appreciation and then do something in the future. Quite frankly that's not something that we think is in the best interest of our shareholders in the company. But we always listen, we always meet and if we think there's a strategic opportunity to sell a piece of land in one of our strategic counties at a good price that will be accretive to what we're doing we are certainly going to consider that. The next question when do you expect the new marina to start construction on the ICW? So we started construction of that new marina.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

We did a lot of grading, on that property. We are still waiting for all the permits, to be issued, before we, finalize, the plan and move forward and finish, the marina. But we have started construction. We're just waiting for all the permits, before we can continue the development of that marina. The next question, how should we look at the earnings potential of the new St.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

Joe's brokerage boutique? Will all St. Joe's newly built homes be sold through, your own brokerage? So we we have some, pretty ambitious goals for for the agency. We're we're taking it one step at a time.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

We have been extremely pleased, with the reaction that we've had in the agent community. When we announced that we were forming the brokerage, we were inundated with phone calls of agents, in the region wanting to join, the brokerage. Right now the focus, is on the first location, which is in the Watercolor Town Center and the focus of that location is resells in that part of 38. We have plans to expand locations, in multiple areas in both Bay and Walton. In terms of new home sales in communities, yes that is something that we're certainly looking at and targeting of how our brokerage can be involved in executing that part of our business.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

The next question as part of your strategic plan what is the goal for growth rate of recurring revenues the next three to five years? We don't I don't know if I can tell you an exact goal at this moment in time. It's project by project but we obviously like I said earlier our focus at the management team is on growth is on growing revenues growing profitability particularly growing reoccurring revenue. The next question, can you talk about the timing of the medical center breaking ground since the bonds have been approved and also the impact on the region? So first the impact on the region.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

We believe it's going to be a pretty transformational, impact to the region, transformational impact in a in a obviously extremely positive way. Having a research teaching hospital, in our region, is going to be extremely beneficial for existing residents, prospective residents. So we really believe it's going to be a transformational event, for the region. The bonds were issued. FSU is currently in the process of finalizing an agreement with an operator.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

And as soon as that agreement is finalized, you're going to be able to see the project move forward fairly quickly after that. The next question is Pigeon Creek potentially a parcel that you would consider offloading for a sizable chunk of upfront cash to a single builder versus the slow bleed approach that seems to be common with the existing builders and MPC? The location of the land and potentially density a large scale builder could quickly add on the residential side appears to make this sort of transaction more appealing. As I mentioned in my introductory comments, we are in discussions with one large scale builder as the question mentions, that has an interest in, the entire Pigeon Creek VSAT. We've made a lot of progress in those discussions and we believe that builder is the right builder to accomplish what the question asks, which is to help accelerate the pace in the trajectory of our residential segment, particularly with the scale that Pigeon Creek has.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

So I'm not seeing another question. If there's any more questions that anybody has, please go ahead and send them in. We'll give it a few more minutes, to see if there's any other questions that, come in. Okay. We're not seeing any more questions.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

So, thank you again for joining us today. I greatly appreciate the questions. There were some really great insightful questions from individuals that know our company pretty well. So appreciate the questions. I appreciate the interest and the engagement.

[Jorge Gonzalez, President, CEO & Chairman of the Board at The St. Joe Company]

And again, we're looking forward to this new phase of engagement with our shareholders and look forward to speaking with you again next quarter. Thank you. Everybody have a great day.

[Operator]

This concludes today's conference call. Thank you for participating. You may now disconnect.

Participants

Executives

• Jorge Gonzalez, President, CEO & Chairman of the Board