The St. Joe Company
) announced the expansion of its vacation rental program and
disclosed the launch of its private membership club, St. Joe Club
& Resorts. As a result, a broad array of offering of benefits
and privileges will now be accessible at Shark's Tooth Golf Club,
WaterSound Beach Club and Camp Creek Golf Club, as well as other
St. Joe owned and operated facilities.
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With efficiency in managing prized club and resort operations and
boosting vacation-rental occupancies in this part of Florida, the
company further aims at tapping opportunities and expand its
luxury vacation home management operations. It is now offering
such services to homeowners in communities down the Highway 30A.
As a matter of fact, St. Joe is making efforts to maximize
shareholder value by focusing on its residential resort
communities, primary homes, and the active adult residential
market. Earlier this month, the company reported its
third-quarter 2013 earnings of 5 cents per share, beating the
Zacks Consensus Estimate of 1 cent. Results were mainly driven by
lower expenses and growth in revenues from its resorts, leisure
and leasing operations.
In particular, revenues from resorts, leisure and leasing
operations at St. Joe increased 15.6% year over year to $16.3
million in third-quarter 2013. Higher average room rates,
significant number of homes in its vacation rental business as
well as the positive impact of commercial leases led to an uptick
in the segment's revenue.
Moreover, its deal for timberland dispositions announced earlier
this month augurs well. In particular, the company agreed to sell
around 382,834 acres of its non-strategic timberland and rural
land in Northwest Florida for $565 million.
The move will aid the company in streamlining focus on its core
activity of real estate development in Northwest Florida and the
proceeds reaped would enhance its liquidity as well as finance
its growth needs.
St. Joe currently has a Zacks Rank #1 (Strong Buy). Investors
interested in the real estate industry may also consider stocks
E-House (China) Holdings Ltd.
Mitsubishi Estate Co., Ltd.
). While E-House (China) holds a Zacks Rank #1 (Strong Buy),
Gazit-Globe and Mitsubishi Estate carry a Zacks Rank #2