ST JOE (JOE) risk factors, FY2025 10-K

ST JOE's FY2025 10-K, filed Feb 25, 2026, lists 9 risk factors in 5 groups. Against the prior year's 11: 3 new, 5 dropped, 5 substantially reworded.

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Risk factors listed
95 groups
New this year
3vs 11 last year
Dropped
5since the prior 10-K
Substantially reworded
5of those kept
Section length
9k wordsItem 1A

What the changes say

  • Tenant financial stress from e-commerce and inflation adds occupancy risks.
  • Environmental regulations and wetland restrictions threaten real estate development timelines.
  • Strategic partnership revenue relies heavily on the Latitude Margaritaville Watersound joint venture.

What changed since the prior 10-K

New

  • NewRISKS RELATED TO THE OPERATION OF OUR BUSINESS SEGMENTS

    comparable or more favorable terms. Additionally, the loss or failure to renew of an anchor tenant may make it more difficult to lease the remainder of the affected properties, which may have a material adverse effect on our business, results of operations, cash flows and financial condition

    E-commerce trends, inflation, and labor shortages may stress tenants and homebuilders, reducing occupancy and causing periodic revenue fluctuations.

  • NewLEGAL, REGULATORY, AND LITIGATION RISK

    financial assurances that the additional services will be provided as the project progresses. In addition, local governments that fail to keep their plans current may be prohibited by law from amending their plans to allow for new development

    Strict environmental regulations, multi-permit processes, and jurisdictional wetlands can delay or prohibit real estate development projects.

  • NewLEGAL, REGULATORY, AND LITIGATION RISK

    interpretation thereof, new enforcement of laws, the identification of new facts or the failure of other parties to perform remediation at our current or former facilities may lead to new or greater liabilities that may materially adversely affect our business, results of operations, cash flows or financial condition

    Changes in FASB accounting standards, SEC reporting rules, or U.S. tax laws could force material restatements of prior financial statements.

Dropped

  • DroppedStrategic and Competitive Risks

    Additionally, we and the real estate industry in general may be adversely affected during periods of high inflation, primarily because of higher construction and operating costs

  • DroppedStrategic and Competitive Risks

    interests or investments at a premium to the market price to continue ownership. In addition, we may not have sufficient resources, experience and/or skills to manage our existing JVs or locate additional desirable partners

    High inflation driving up construction and operating costs.

  • DroppedLEGAL, REGULATORY, AND LITIGATION RISK

    permitting burden or must address issues such as coastal high hazard, hurricane evacuation, floodplains and dune protection

  • DroppedLEGAL, REGULATORY, AND LITIGATION RISK

    Changes to U.S. tax laws may materially affect us

    Illiquidity of real estate and timber holdings and JV management.

  • DroppedGENERAL RISKS

    Contingencies included in Item 15 of this Form 10-K for additional information. If we were to become obligated to perform on any of these guarantees, our results of operations, cash flows and financial condition may be adversely affected

Reworded

  • 65% rewrittenStrategic and Competitive Risks

    Failure to lease new properties or obtain lease rates that are consistent with our projections or significant time lags between commencement and completion of a commercial project may lead to lower than anticipated returns, which could adversely impact our ability to successfully execute our business strategy

    Updated the Latitude Margaritaville Watersound joint venture income contribution reference to include the year ended December 31, 2025.

  • 50% rewrittenLEGAL, REGULATORY, AND LITIGATION RISK

    We may be subject to risks from changes in certain governmental policies

    Changed conditional mortgage rate increase language from continue to increase generally to increase generally.

  • 47% rewrittenRISKS RELATED TO THE OPERATION OF OUR BUSINESS SEGMENTS

    Any of these factors may increase our costs or limit or reduce the prices we are able to charge for our hospitality products or services, or otherwise affect our ability to maintain existing properties, develop new properties or add amenities to our existing properties

    Added capacity constraints in the Florida insurance market as a factor limiting coverage availability and increasing costs.

  • 47% rewrittenLEGAL, REGULATORY, AND LITIGATION RISK

    We are subject to various existing government regulations

    Minor phrasing update from local government to local governments regarding development approval processes.

  • 22% rewrittenRISKS RELATED TO THE OPERATION OF OUR BUSINESS SEGMENTS

    We are subject to various geographic risks

    Added bridges to the list of required regional infrastructure improvements needed for Northwest Florida growth.

All 9 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01Forward-Looking Statements

Strategic and Competitive Risks

  1. 02Failure to lease new properties or obtain lease rates that are consistent with our projections or significant time lags between commencement and completion of a commercial project may lead to lower than anticipated returns, which could adversely impact our ability to successfully execute our business strategy65% rewritten

RISKS RELATED TO THE OPERATION OF OUR BUSINESS SEGMENTS

  1. 03Any of these factors may increase our costs or limit or reduce the prices we are able to charge for our hospitality products or services, or otherwise affect our ability to maintain existing properties, develop new properties or add amenities to our existing properties47% rewritten
  2. 04comparable or more favorable terms. Additionally, the loss or failure to renew of an anchor tenant may make it more difficult to lease the remainder of the affected properties, which may have a material adverse effect on our business, results of operations, cash flows and financial conditionNew
  3. 05We are subject to various geographic risks22% rewritten

LEGAL, REGULATORY, AND LITIGATION RISK

  1. 06We are subject to various existing government regulations47% rewritten
  2. 07financial assurances that the additional services will be provided as the project progresses. In addition, local governments that fail to keep their plans current may be prohibited by law from amending their plans to allow for new developmentNew
  3. 08We may be subject to risks from changes in certain governmental policies50% rewritten
  4. 09interpretation thereof, new enforcement of laws, the identification of new facts or the failure of other parties to perform remediation at our current or former facilities may lead to new or greater liabilities that may materially adversely affect our business, results of operations, cash flows or financial conditionNew

Other ST JOE 10-Ks

  • FY2024 10-K risk factors
    11 risks

    St. Joe Co. faces concentrated geographic risk tied to Northwest Florida real estate development and population growth. Operations are heavily exposed to weather events, uninsured timber assets, and hurricane insurance limitations. Real estate investments and timber holdings are inherently illiquid and subject to complex land use regulations.

    Filed Feb 26, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.