Comstock Reports Third Quarter 2024 Results
Comstock (NASDAQ: CHCI) reported Q3 2024 financial results, marking its 23rd consecutive period of YTD revenue growth. Revenue reached $13.0 million in Q3, with YTD revenue of $34.4 million. The company achieved a 154% increase in recurring fee-based Property & Parking Management revenue, with YTD growth over 100%. Notable highlights include $1.1 million increase in supplemental fee revenue from commercial leases, $3.9 million in Q3 operating cash flow, and 26 additional AUM primarily from ParkX Management expansion. The commercial portfolio is 94% leased, while the residential portfolio maintains 95% occupancy with 5% year-over-year rent growth.
Comstock (NASDAQ: CHCI) ha riportato i risultati finanziari del terzo trimestre del 2024, segnando il 23° periodo consecutivo di crescita dei ricavi anno su anno. I ricavi hanno raggiunto i 13,0 milioni di dollari nel terzo trimestre, con un fatturato anno fino ad oggi di 34,4 milioni di dollari. L'azienda ha registrato un aumento del 154% nei ricavi ricorrenti da gestione immobili e parcheggi, con una crescita anno su anno superiore al 100%. Tra i risultati più significativi si notano un incremento di 1,1 milioni di dollari nei ricavi da commissioni supplementari da affitti commerciali, 3,9 milioni di dollari di flusso di cassa operativo nel terzo trimestre e 26 milioni di dollari di attività in gestione, principalmente dall'espansione della ParkX Management. Il portafoglio commerciale è affittato al 94%, mentre il portafoglio residenziale mantiene un tasso di occupazione del 95% con una crescita degli affitti del 5% anno su anno.
Comstock (NASDAQ: CHCI) reportó los resultados financieros del tercer trimestre de 2024, marcando su 23° periodo consecutivo de crecimiento de ingresos acumulados en el año. Los ingresos alcanzaron los 13.0 millones de dólares en el tercer trimestre, con ingresos acumulados de 34.4 millones de dólares. La empresa logró un aumento del 154% en los ingresos recurrentes por gestión de propiedades y estacionamientos, con un crecimiento acumulado superior al 100%. Entre los aspectos destacados se incluyen un aumento de 1.1 millones de dólares en ingresos por comisiones adicionales de arrendamientos comerciales, 3.9 millones de dólares en flujo de caja operativo en el tercer trimestre, y 26 millones de dólares en activos bajo gestión, principalmente por la expansión de ParkX Management. El portafolio comercial está arrendado en un 94%, mientras que el portafolio residencial mantiene un 95% de ocupación con un crecimiento de alquiler del 5% año tras año.
Comstock (NASDAQ: CHCI)는 2024년 3분기 재무 결과를 발표하며 연속 23번째의 연간 수익 성장 기간을 기록했습니다. 3분기 수익은 1,300만 달러에 달하고, 연간 누적 수익은 3,440만 달러입니다. 이 회사는 154%의 recurring fee-based 부동산 및 주차 관리 수익 증가를 달성했으며, 연간 성장률은 100%를 초과합니다. 주목할 만한 하이라이트로는 상업 임대에서 발생한 추가 수수료 수익의 110만 달러 증가, 3분기 운영 현금 흐름 390만 달러, 그리고 ParkX Management의 확장으로 인한 26백만 달러의 추가 자산이 포함됩니다. 상업 포트폴리오는 94% 임대되고 있으며, 주거 포트폴리오는 95%의 점유율을 유지하고, 전년 대비 임대료는 5% 성장했습니다.
Comstock (NASDAQ: CHCI) a annoncé les résultats financiers du troisième trimestre 2024, marquant ainsi son 23e trimestre consécutif de croissance des revenus. Les revenus ont atteint 13,0 millions de dollars au troisième trimestre, avec des revenus cumulés de 34,4 millions de dollars. L'entreprise a enregistré une augmentation de 154% des revenus récurrents basés sur les frais pour la gestion immobilière et des parkings, avec une croissance cumulée supérieure à 100%. Par ailleurs, des points marquants incluent une augmentation de 1,1 million de dollars des revenus supplémentaires provenant des baux commerciaux, un flux de trésorerie opérationnel de 3,9 millions de dollars au troisième trimestre, et 26 millions de dollars d'actifs sous gestion, principalement grâce à l'expansion de ParkX Management. Le portefeuille commercial est loué à 94%, tandis que le portefeuille résidentiel maintient un taux d'occupation de 95% avec une croissance des loyers de 5% d'une année sur l'autre.
Comstock (NASDAQ: CHCI) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht und damit den 23. aufeinanderfolgenden Zeitraum mit Umsatzwachstum im Jahresvergleich markiert. Die Einnahmen beliefen sich im dritten Quartal auf 13,0 Millionen Dollar, mit einem kumulierten Umsatz von 34,4 Millionen Dollar. Das Unternehmen erzielte einen Anstieg von 154% bei den wiederkehrenden Gebühren aus der Immobilien- und Parkmanagement, mit einem kumulierten Wachstum von über 100%. Zu den bemerkenswerten Highlights gehören ein Anstieg von 1,1 Millionen Dollar in den zusätzlichen Gebühren aus kommerziellen Mietverträgen, ein Betriebscashflow von 3,9 Millionen Dollar im dritten Quartal und 26 Millionen Dollar zusätzliches AUM, hauptsächlich durch die Expansion von ParkX Management. Das kommerzielle Portfolio ist zu 94% vermietet, während das Wohnportfolio eine Belegung von 95% aufweist und ein Mietwachstum von 5% im Jahresvergleich erzielt hat.
- 154% increase in recurring fee-based Property & Parking Management revenue
- $1.1 million increase in supplemental fee revenue from commercial leases
- $3.9 million generated in Q3 operating cash flow
- 94% commercial portfolio occupancy with 140,000 square feet of new leases YTD
- 95% residential portfolio occupancy with 5% rent growth year-over-year
- 75% QTD and 89% YTD revenue growth in ParkX Management subsidiary
- Q3 2024 revenue declined to $12.995M from $14.463M in Q3 2023
- Net income decreased to $2.377M from $4.685M in Q3 2023
- Adjusted EBITDA dropped to $3.133M from $5.605M in Q3 2023
- Diluted EPS decreased to $0.23 from $0.46 in Q3 2023
Insights
Comstock's Q3 results demonstrate mixed performance with notable strengths in recurring revenue streams.
The asset-light model is proving effective, generating
However, net income declined to
The portfolio performance metrics are particularly impressive given current market conditions. The execution of 20 commercial leases YTD totaling 140,000 square feet, with 117,000 square feet being new tenants, signals strong demand for Comstock's properties in the Washington, D.C. region. The
The ParkX Management expansion strategy is proving highly effective, with
YTD Revenue growth for 23rd consecutive period as Company prepares for next significant growth phase
-
$13.0 million $34.4 million -
154% increase in recurring fee-based Property & Parking Management revenue; YTD up over100% -
$1.1 million
-
- Solid net income/Adjusted EBITDA performance despite impact of scheduled Q3 incentive fee trigger event that was temporarily deferred for seven commercial assets
-
Operating cash flow increase of
$3.3 million $3.9 million - 26 additional AUM vs. prior year, primarily driven by rapid ParkX Management expansion
- 4 new commercial leases executed in Q3, representing 39,000 sqft. of office and retail spaces
-
Residential managed portfolio
95% leased; in-place rent growth of5% vs. prior year
“In Q3, we continued to execute on our strategic plan, generating year-to-date revenue that has grown versus the prior year for 23 consecutive periods and is at an all-time high, dating back to the shift to our current business model that we began in 2018,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “The recurring, fee-based revenue streams we generate from the high-quality assets we manage have established a stable growth platform. Paired with the recent expansion of our supplemental fees schedule related to commercial leasing, as well as the significant AUM growth we are currently projecting, we have the benefit of clear visibility on future top line growth in Q4 and beyond.”
Mr. Clemente continued, “Our asset-light, debt-free business model continues to generate cash, nearly
Key Performance Metrics
($ 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
-
Commercial managed portfolio leased percentage of
94% 1; executed 20 leases YTD, representing over 140,000 square feet, including ~117,000 square feet leased to new office and retail tenants. -
Residential managed portfolio leased percentage of
95% ; more than 500 units leased YTD. -
Rapid expansion of ParkX-related AUM led to QTD and YTD increases in total revenue of
75% and89% , respectively, for ParkX Management subsidiary. -
Continued construction progress at The Row, Reston Station’s second phase of development.
- Pre-sales of condominiums in the JW Marriott Residences remain ahead of schedule and are exceeding pricing projections, with first deliveries anticipated in Q3 2025.
- Significant leasing interest from prospective tenants for two Trophy-Class office towers that will be ready for occupancy in 2025 and 2026.
_____________________________
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
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
|
|
Nine Months Ended
|
||||||||||||
|
|
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
Source: Comstock Holding Companies, Inc.
FAQ
What was Comstock's (CHCI) revenue in Q3 2024?
How much did Comstock's (CHCI) Property & Parking Management revenue grow in Q3 2024?
What is the occupancy rate of Comstock's (CHCI) residential portfolio in Q3 2024?
What was Comstock's (CHCI) operating cash flow in Q3 2024?
