St. Joe (JOE, Financial) common stock accounted for 1,390 basis points of 2019 performance. Record numbers of Americans are working and retiring in Florida, which now has more residents than New York. The company, with partners, has ignited residential and hospitality operations to meet accelerating demand. Over nine hundred homesites are under contract – four times more than two years ago. Nearly nine hundred apartments are under construction or leased. Latitude Margaritaville Watersound, a 55 & better community, is on the way with a first phase of three thousand five hundred homes. St. Joe clubs and resorts welcomed thirty thousand guests last year with less than one hundred and thirty rooms. Over five hundred new rooms are in construction under Marriott and Hilton flags. Clubs by Joe exceeded twelve hundred members in its first three years. Watersound Beach Club finished its first expansion. The Camp Creek Golf Club is expanding with a 75 room boutique inn and resort amenities. St. Joe has returned $581 million to shareholders by repurchasing over 35% of outstanding common stock. New projects should accelerate operating profits for years to come. Project videos are updated monthly at www.joe.com.
From Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund (Trades, Portfolio) annual shareholder letter for 2019.
