JOE has Hidden Value in Discounted Real Estate Portfolio
1.25% YieldOwns 167,000 acres of land in the Panhandle of Florida, which we believe can be monetized at a current present value of at least $100 per share.The major Bay-Walton Sector Plan covering 110,500 acres slated for development through 2064, including 170k residential units and 22 million sqft of commercial space.Special zoning status reduces regulatory hurdles for planned residential and commercial development.Record-setting year for hospitality segment offset the slowdown in the region’s housing market after a boom in 2021-22.The Bay-Walton County area has an annual population growth rate of 3.2%, providing a secular demographic tailwind.Investment Thesis $St. Joe(JOE)$ is a property developer located in North Florida, owning 167,000 acres.
Newmark Group, Inc. provides commercial real estate services in the United States, the United Kingdom, and internationally. The company offers capital markets consisting of investment sales and commercial mortgage brokerage; landlord or agency representation leasing; valuation and advisory; property management; commercial real estate technology platform and capabilities; the United Kingdom business rates services; due diligence, consulting, and other advisory services; GSEs and the Federal Housing Administration lending services comprising multifamily lending and loan servicing; asset management; and flexible workspace solutions for owners. It also provides tenant representation leasing; and global corporate services consisting of workplace and occupancy strategy, energy and sustainability services, technology, project management, real estate and lease administration, and facilities management. The company offers its services to commercial real estate tenants, investors, owners, occupiers, and developers; lenders; small and medium size businesses; and multi-national corporations. The company was formerly known as Newmark Grubb Knight Frank Capital Group and changed its name to Newmark Group, Inc. in October 2017. Newmark Group, Inc. was founded in 1929 and is based in New York, New York. Newmark Group, Inc. is a subsidiary of Cantor Fitzgerald, L.P.