The St. Joe Company Completes Construction of the Second Phase of Pier Park Crossings and Continues Construction of Additional Apartment Communities in Northwest Florida - Seite 2

“Our apartment communities feature almost 400 completed units that have leased up quickly. In many cases, we have residents moving into apartments as soon as they are completed,” continued Velazquez. “Upon completion of our apartment communities that are currently under construction, we will have a portfolio of 1,117 apartment units in Northwest Florida. We anticipate the market demand that we’ve been experiencing to continue as the region grows and we will explore additional apartment community projects to meet that demand where available.”

“Our growing portfolio of apartment communities aligns with our strategic plan of developing assets that create new streams of recurring revenue,” said Jorge Gonzalez, President and CEO of St. Joe. “The leasing activity that we’ve seen to date is very encouraging and a positive indicator for our future plans in the apartment community market.”

For more information on St. Joe’s apartment communities, visit www.joe.com.

Important Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements,” within the meaning of Section 21E of the Exchange Act, including statements regarding the construction of apartment homes in Northwest Florida and prospective tenants. These forward-looking statements are qualified in their entirety by cautionary statements and risk factors set forth in St. Joe’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 and subsequent current filings as well as the following: (1) the ability of St. Joe and its joint ventures to successfully complete the construction of the apartment community, (2) the ability of St. Joe and its joint ventures to capitalize on the interest of prospective tenants in Northwest Florida, and (3) the continued interest of tenants in Northwest Florida.

About The St. Joe Company

The St. Joe Company, together with its consolidated subsidiaries, is a real estate development, asset management and operating company. The Company owns land in Northwest Florida and has significant residential and commercial land-use entitlements in hand or in process. More information about the Company can be found on its website at www.joe.com. More information on the Company’s current project pipeline can be found at www.joe.com/project-updates.

The St Joe Company 2021. “St. Joe”, “JOE”, the “Taking Flight” Design, “St. Joe (and Taking Flight Design) ”, “Watersound” and “Pier Park”, are registered service marks of The St. Joe Company or its affiliates.

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