Comstock Holding Companies Reports Third Quarter 2020 Results

WASHINGTON and RESTON, Va., Nov. 16, 2020 (GLOBE NEWSWIRE) — On November 16, 2020, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced results for the three and nine months ended September 30, 2020:
Highlights of Third Quarter 2020, as compared to Third Quarter 2019:Net income increased to $0.4 million during the third quarter 2020, as compared to a net loss of $0.6 million during the same period of the prior year.Total revenue increased by 29% to $7.3 million during the third quarter 2020, as compared to $5.7 million during the same period of the prior year.Revenue from asset management operations increased by 24% to $5.9 million during the third quarter 2020, as compared to $4.7 million during the same period of the prior year.Revenue from real estate services increased by 52% to $1.4 million during the third quarter 2020, compared to $0.9 million during the same period of the prior year.Operating income increased by 185% to $0.5 million during the third quarter 2020, as compared to $0.2 million during the same period of the prior year.Highlights of nine months ended September 30, 2020, as compared to nine months ended September 30, 2019:Net income increased to $1.6 million during the nine months ended September 30, 2020, as compared to a net loss of $0.8 million during the same period of the prior year.Total revenue increased by 31% to $20.8 million during the nine months ended September 30, 2020, as compared to $15.9 million during the same period of the prior year.Revenue from asset management operations increased by 16% to $15.5 million during the nine months ended September 30, 2020, as compared to $13.3 million during the same period of the prior year.Revenue from real estate services increased by 106% to $5.3 million during the nine months ended September 30, 2020, as compared to $2.6 million during the same period of the prior year.Operating income increased by 230% to $2.0 million during the nine months ended September 30, 2020, as compared to $0.6 million during the same period of the prior year.“The growth of Comstock’s top and bottom lines so far this year is the result of the financial stability provided by our long-term asset management agreements, the quality of, and demand for, the properties we develop and manage, and the dedication of our team of commercial real estate professionals” said Chris Clemente, Chairman and CEO of Comstock Holding Companies Inc. “We continue to focus on executing our strategic plan that’s designed to continue expanding assets under management through acquisitions and through the thoughtful development of our mixed-use and transit-oriented pipeline in one of the best real estate markets in the nation. I look forward to reporting on our continued progress in future quarters.”About Comstock Holding Companies, Inc.Comstock Holding Companies, Inc. (“Comstock” or “CHCI”) is a leading real estate developer, investor, asset manager and real estate related service provider that has designed, developed, constructed and managed several thousand residential units and millions of square feet of mixed-use projects since 1985. The Company has been selected by multiple local governments to be master developer of municipally owned properties redeveloped through public-private partnerships.  CHCI’s managed portfolio includes two of the largest transit-oriented, mixed-use developments in the Washington, D.C. area; Reston Station, a 5+ million square foot transit-oriented and mixed-use development in Reston, Virginia, and Loudoun Station, a nearly 2.5 million square foot transit-oriented, mixed-use development in Ashburn, Virginia, and additional development and stabilized assets. Comstock also acquires and operates stabilized real estate assets in partnership with institutional investors. Comstock Holding Companies, Inc. is publicly traded on NASDAQ under the symbol CHCI. For more information, visit www.ComstockCompanies.com.Cautionary Statement Regarding Forward-Looking StatementsThis 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.Company:
Comstock Holding Companies, Inc.
Christopher Guthrie, 703-230-1292
Chief Financial OfficerSource: Comstock Holding Companies, Inc.