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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Comstock Holding Companies Inc | NASDAQ:CHCI | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.23 | -2.87% | 7.78 | 7.77 | 7.85 | 8.0098 | 7.78 | 8.0098 | 5,438 | 19:56:35 |
From Oct 2024 to Dec 2024
YTD Revenue growth for 23rd consecutive period as Company prepares for next significant growth phase
Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced its financial results for the third quarter ended September 30, 2024.
“In Q3, we continued to execute on our strategic plan, generating year-to-date revenue that has grown versus the prior year for 23 consecutive periods and is at an all-time high, dating back to the shift to our current business model that we began in 2018,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “The recurring, fee-based revenue streams we generate from the high-quality assets we manage have established a stable growth platform. Paired with the recent expansion of our supplemental fees schedule related to commercial leasing, as well as the significant AUM growth we are currently projecting, we have the benefit of clear visibility on future top line growth in Q4 and beyond.”
Mr. Clemente continued, “Our asset-light, debt-free business model continues to generate cash, nearly $4 million in Q3 2024 alone. As a result, we are well-positioned to expand our Institutional Venture Platform, the focus of which is joint venture acquisitions of strategic real estate investments that are value-add and capable of generating high return on invested capital. Our current managed portfolio remains in-demand and leased far above industry averages, and our development pipeline includes The Row at Reston Station, the ongoing ~$1.5 billion development that will be substantially delivered by the 2nd half of 2025. I am extremely excited for our next significant phase of growth as well as what the future holds for Comstock and all its stakeholders.”
Key Performance Metrics
($ in thousands, except per share and portfolio data)
Q3 2024
Q3 2023
YTD 2024
YTD 2023
Revenue
$
12,995
$
14,463
$
34,386
$
33,705
Net income
$
2,377
$
4,685
$
4,233
$
5,914
Adjusted EBITDA
3,133
5,605
6,220
8,258
Net income per share — diluted
$
0.23
$
0.46
$
0.41
$
0.59
Managed Portfolio - # of assets
72
46
72
46
Please see the included financial tables for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure.
Additional Information
_____________________________
1 Represents stabilized assets only and includes terminated leases have been substantially prepaid or prepaid in full.
About Comstock
Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio that includes approximately 10 million square feet of stabilized, under construction, and planned assets that are strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in one of the nation’s best real estate markets. Comstock’s developments include some of the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale public-private partnership developments. For more information, please visit Comstock.com.
Cautionary Statement Regarding Forward-Looking Statements
This release may include "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as "anticipate," "believe," "estimate," "may," "intend," "expect," "will," "should," "seeks" or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. You should not place any undue reliance on any forward-looking statement, which speaks only as of the date made. Any number of important factors could cause actual results to differ materially from those projected or suggested by the forward-looking statements. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise.
COMSTOCK HOLDING COMPANIES, INC.
Consolidated Balance Sheets
(Unaudited; In thousands)
September 30,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
21,051
$
18,788
Accounts receivable, net
440
496
Accounts receivable - related parties
6,921
4,749
Prepaid expenses and other current assets
402
353
Total current assets
28,814
24,386
Fixed assets, net
587
478
Intangible assets
144
144
Leasehold improvements, net
67
89
Investments in real estate ventures
6,176
7,077
Operating lease assets
6,138
6,790
Deferred income taxes, net
9,750
10,885
Deferred compensation plan assets
470
53
Other assets
18
37
Total assets
$
52,164
$
49,939
Liabilities and Stockholders' Equity
Current liabilities:
Accrued personnel costs
$
2,605
$
4,681
Accounts payable and accrued liabilities
910
838
Current operating lease liabilities
905
854
Total current liabilities
4,420
6,373
Deferred compensation plan liabilities
472
77
Operating lease liabilities
5,585
6,273
Total liabilities
10,477
12,723
Stockholders' equity:
Class A common stock
96
94
Class B common stock
2
2
Additional paid-in capital
202,348
202,112
Treasury stock
(2,662
)
(2,662
)
Accumulated deficit
(158,097
)
(162,330
)
Total stockholders' equity
41,687
37,216
Total liabilities and stockholders' equity
$
52,164
$
49,939
COMSTOCK HOLDING COMPANIES, INC.
Consolidated Statements of Operations
(Unaudited; In thousands, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenue
$
12,995
$
14,463
$
34,386
$
33,705
Operating costs and expenses:
Cost of revenue
9,583
8,557
27,375
24,561
Selling, general, and administrative
507
575
1,588
1,711
Depreciation and amortization
77
74
218
212
Total operating costs and expenses
10,167
9,206
29,181
26,484
Income (loss) from operations
2,828
5,257
5,205
7,221
Other income (expense):
Interest income
169
—
476
—
Gain (loss) on real estate ventures
(75
)
(241
)
(369
)
(720
)
Other income (expense), net
23
1
56
48
Income (loss) from operations before income tax
2,945
5,017
5,368
6,549
Provision for (benefit from) income tax
568
332
1,135
635
Net income (loss)
$
2,377
$
4,685
$
4,233
$
5,914
Weighted-average common stock outstanding:
Basic
9,864
9,647
9,830
9,621
Diluted
10,329
10,130
10,278
10,082
Net income (loss) per share:
Basic
$
0.24
$
0.49
$
0.43
$
0.61
Diluted
$
0.23
$
0.46
$
0.41
$
0.59
COMSTOCK HOLDING COMPANIES, INC.
Non-GAAP Financial Measures
(Unaudited; In thousands)
Adjusted EBITDA
The following table presents a reconciliation of net income (loss) from continuing operations, the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted EBITDA:
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Net income (loss)
$
2,377
$
4,685
$
4,233
$
5,914
Interest income
(169
)
—
(476
)
—
Income taxes
568
332
1,135
635
Depreciation and amortization
77
74
218
212
Stock-based compensation
205
273
741
777
(Gain) loss on real estate ventures
75
241
369
720
Adjusted EBITDA
$
3,133
$
5,605
$
6,220
$
8,258
The decreases in Adjusted EBITDA for the three and nine months ended September 30, 2024 are primarily driven by higher net income in 2023 due to the recognition of material supplemental incentive fee revenue, which was partially offset by the significant increases in recurring fee-based property and parking management revenue in 2024.
We define Adjusted EBITDA as net income (loss) from continuing operations, excluding the impact of interest expense (net of interest income), income taxes, depreciation and amortization, stock-based compensation, and gain or loss on equity method investments in real estate ventures.
We use Adjusted EBITDA to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources. We expect to compute Adjusted EBITDA consistently using the same methods each period.
We believe Adjusted EBITDA is a useful measure because it permits investors to better understand changes over comparative periods by providing financial results that are unaffected by certain non-cash items that are not considered by management to be indicative of our operational performance.
While we believe that Adjusted EBITDA is useful to investors when evaluating our business, it is not prepared and presented in accordance with GAAP, and therefore should be considered supplemental in nature. Adjusted EBITDA should not be considered in isolation, or as a substitute, for other financial performance measures presented in accordance with GAAP. Adjusted EBITDA may differ from similarly titled measures presented by other companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107457340/en/
Investor Contact Christopher Guthrie Executive Vice President & Chief Financial Officer cguthrie@comstock.com 703-230-1292
Media Contact publicrelations@comstock.com 301-785-6327
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