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Comstock Reports Second Quarter 2023 Results

  • Revenue increased 6% to $9.0 million, representing 12th consecutive quarter of YoY growth
  • YTD revenue increased 12% to $19.2 million, including 25% growth in recurring fee-based revenue streams
  • Net income of $0.5 million; $1.2 million YTD
  • Generated over $1.0 million of Adjusted EBITDA; $2.7 million YTD
  • Commercial portfolio remains over 90% leased; in-place rent growth of 6% vs. prior year
  • Residential portfolio now over 95% leased; in-place rent growth of 7% vs. prior year

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 second quarter ended June 30, 2023.

“We continue to benefit from the flight-to-quality trend, which in recent years has significantly increased demand for mixed-use and transit-oriented developments in premier suburban locations and contributed to our top-line revenue growth,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “As evidenced by our ability to attract and retain tenants in a challenging environment faced with widespread capital market headwinds, we are well positioned for ongoing success. I am confident our growth will persist well into the future, primarily based on three key factors: our virtually debt-free, asset-light, fee-based business model, the proven demand for the high-quality assets we manage, develop, and operate, and the tireless dedication of our team members, who show up every day and are committed to delivering extraordinary services and experiences for our customers.”

Key Performance Metrics1

($ in thousands, except per share and portfolio data)

Q2 2023

 

Q2 2022

 

YTD 2023

 

YTD 2022

 

 

Revenue

$

8,967

 

$

8,467

 

$

19,242

 

$

17,198

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

$

643

 

$

1,117

 

$

1,964

 

$

2,482

 

 

Net income

 

475

 

 

714

 

 

1,229

 

 

2,728

3

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

1,027

 

$

1,388

 

$

2,653

 

$

2,994

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share — diluted

$

0.05

 

$

0.30

2

$

0.12

 

$

0.53

2, 3

 

 

 

 

 

 

 

 

 

 

 

Managed Portfolio - # of assets

 

45

 

 

36

 

 

45

 

 

36

 

 

 

 

 

 

 

 

 

 

 

1

All amounts represent continuing operations. Please see the included financial tables for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure

 

 

 

 

 

 

 

 

 

 

2

Amounts reflect $2.0 million positive impact of Q2 2022 Series C Preferred Stock redemption

 

 

 

 

 

 

 

 

 

 

3

Amounts reflect impact of $0.5 million non-cash tax benefit stemming from partial release of deferred tax valuation allowance

Q2 2023 Highlights

  • Welcomed Seerist, Inc. to Reston Station’s Commerce District, the fifth new lease signed to Reston Station in 2023.
  • Increased leased percentage of managed commercial portfolio to 91%, up from 85% in Q2 2022.
  • Increased leased percentage of managed residential portfolio to 97%, up from 89% in Q2 2022.
  • Significant construction progress on Reston Row development (Phase II of Reston Station), while advancing plans for multiple properties in the development pipeline to prepare them for commencement in 2024.

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 comprising approximately 10 million square feet at full build-out that includes stabilized and development assets strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in the fastest growing segments of 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. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading "Risk Factors" in our latest Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. 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)

 

 

June 30,

 

December 31,

 

2023

 

2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

9,031

 

 

$

11,722

 

Accounts receivable, net

 

499

 

 

 

504

 

Accounts receivable - related parties

 

4,984

 

 

 

3,291

 

Prepaid expenses and other current assets

 

532

 

 

 

264

 

Total current assets

 

15,046

 

 

 

15,781

 

Fixed assets, net

 

471

 

 

 

421

 

Intangible assets

 

144

 

 

 

144

 

Leasehold improvements, net

 

104

 

 

 

119

 

Investments in real estate ventures

 

6,234

 

 

 

7,013

 

Operating lease assets

 

7,212

 

 

 

7,625

 

Deferred income taxes, net

 

11,052

 

 

 

11,355

 

Other assets

 

43

 

 

 

15

 

Total assets

$

40,306

 

 

$

42,473

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accrued personnel costs

 

1,739

 

 

 

4,959

 

Accounts payable and accrued liabilities

 

840

 

 

 

742

 

Current operating lease liabilities

 

822

 

 

 

791

 

Total current liabilities

 

3,401

 

 

 

6,492

 

Operating lease liabilities

 

6,707

 

 

 

7,127

 

Total liabilities

 

10,108

 

 

 

13,619

 

 

 

 

 

Stockholders' equity:

 

 

 

Class A common stock

 

94

 

 

 

93

 

Class B common stock

 

2

 

 

 

2

 

Additional paid-in capital

 

201,649

 

 

 

201,535

 

Treasury stock

 

(2,662

)

 

 

(2,662

)

Accumulated deficit

 

(168,885

)

 

 

(170,114

)

Total stockholders' equity

 

30,198

 

 

 

28,854

 

Total liabilities and stockholders' equity

$

40,306

 

 

$

42,473

 

COMSTOCK HOLDING COMPANIES, INC.

Consolidated Statements of Operations

(Unaudited; In thousands, except per share data)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2023

 

2022

 

2023

 

2022

Revenue

$

8,967

 

 

$

8,467

 

 

$

19,242

 

 

$

17,198

 

Operating costs and expenses:

 

 

 

 

 

 

 

Cost of revenue

 

7,681

 

 

 

6,831

 

 

 

16,004

 

 

 

13,766

 

Selling, general, and administrative

 

572

 

 

 

469

 

 

 

1,136

 

 

 

856

 

Depreciation and amortization

 

71

 

 

 

50

 

 

 

138

 

 

 

94

 

Total operating costs and expenses

 

8,324

 

 

 

7,350

 

 

 

17,278

 

 

 

14,716

 

Income (loss) from operations

 

643

 

 

 

1,117

 

 

 

1,964

 

 

 

2,482

 

Other income (expense):

 

 

 

 

 

 

 

Interest expense

 

 

 

 

(69

)

 

 

 

 

 

(128

)

Gain (loss) on real estate ventures

 

(68

)

 

 

17

 

 

 

(479

)

 

 

269

 

Income (loss) from continuing operations before income tax

 

622

 

 

 

1,066

 

 

 

1,532

 

 

 

2,624

 

Provision for (benefit from) income tax

 

147

 

 

 

352

 

 

 

303

 

 

 

(104

)

Net income (loss) from continuing operations

 

475

 

 

 

714

 

 

 

1,229

 

 

 

2,728

 

Net income (loss) from discontinued operations, net of tax

 

 

 

 

(10

)

 

 

 

 

 

(277

)

Net income (loss)

 

475

 

 

 

704

 

 

$

1,229

 

 

$

2,451

 

Impact of Series C preferred stock redemption

 

 

 

 

2,046

 

 

 

 

 

 

2,046

 

Net income (loss) attributable to common stockholders

$

475

 

 

$

2,750

 

 

$

1,229

 

 

$

4,497

 

 

 

 

 

 

 

 

 

Weighted-average common stock outstanding:

 

 

 

 

 

 

 

Basic

 

9,632

 

 

 

8,599

 

 

 

9,608

 

 

 

8,470

 

Diluted

 

10,052

 

 

 

9,157

 

 

 

10,060

 

 

 

9,033

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

Basic - Continuing operations

$

0.05

 

 

$

0.32

 

 

$

0.13

 

 

$

0.56

 

Basic - Discontinued operations

 

 

 

 

 

 

 

 

 

 

(0.03

)

Basic net income (loss) per share

$

0.05

 

 

$

0.32

 

 

$

0.13

 

 

$

0.53

 

 

 

 

 

 

 

 

 

Diluted - Continuing operations

$

0.05

 

 

$

0.30

 

 

$

0.12

 

 

$

0.53

 

Diluted - Discontinued operations

 

 

 

 

 

 

 

 

 

 

(0.03

)

Diluted net income (loss) per share

$

0.05

 

 

$

0.30

 

 

$

0.12

 

 

$

0.50

 

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 June 30,

 

Six Months Ended June 30,

 

2023

 

2022

 

2023

 

2022

Net income (loss) from continuing operations

$

475

 

$

714

 

 

$

1,229

 

$

2,728

 

Interest expense

 

 

 

69

 

 

 

 

 

128

 

Income taxes

 

147

 

 

352

 

 

 

303

 

 

(104

)

Depreciation and amortization

 

71

 

 

50

 

 

 

138

 

 

94

 

Stock-based compensation

 

266

 

 

220

 

 

 

504

 

 

417

 

(Gain) loss on equity method investments

 

68

 

 

(17

)

 

 

479

 

 

(269

)

Adjusted EBITDA

$

1,027

 

$

1,388

 

 

$

2,653

 

$

2,994

 

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.

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.

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