Comstock Holding Companies, Inc. - CHCI STOCK NEWS

Comstock Holding Companies appoints David P. Paul to its Board of Directors

Comstock Holding Companies, Inc. (Nasdaq: CHCI) announced its financial results for the second quarter ended June 30, 2023, with a 6% increase in revenue to $9.0 million, representing the 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 was $0.5 million for the quarter and $1.2 million YTD, with over $1.0 million of Adjusted EBITDA generated for the quarter and $2.7 million YTD. The commercial portfolio remains over 90% leased, with in-place rent growth of 6% vs. the prior year. The residential portfolio is now over 95% leased, with in-place rent growth of 7% vs. the prior year.

Comstock Holdings Companies reported impressive financial results for Q4 and FY 2022, showcasing a 20% increase in revenue to $9.3 million and 26% growth for the year at $39.3 million. Operating income surged 61% in Q4 to $1.6 million, while FY operating income rose 57% to $8 million. Net income increased 39% in Q4 to $1.3 million, but FY 2022 net income was $7.7 million, down from $16 million in 2021 due to a prior-year tax benefit. Adjusted EBITDA jumped 58% in Q4 to $1.9 million and 55% YTD to $9 million. The company emphasized strong performance amid economic uncertainty, enhanced by debt elimination and a growing managed portfolio.

Comstock Holding Companies (NASDAQ: CHCI) announced the 3rd annual Run The Greenway to be held on May 6, 2023, at Loudoun Station, Virginia. This event features 5K, 10K, and Kids Fun races, with virtual participation options available. In 2022, over 1,700 runners raised more than $220,000 for local charities. The race aims to enhance accessibility for participants via the Silver Line Metro. Comstock's engagement in such community initiatives underscores its commitment to supporting local non-profits aligned with its values.

Comstock Holding Companies (NASDAQ: CHCI) has secured two significant 10-year leases totaling approximately 75,000 square feet in the Commerce District of Reston Station. CACI International is set to occupy a new 41,000 square foot space, while the Applied Research Laboratory at Penn State will relocate to 34,560 square feet. This move aligns with Comstock's strategy to introduce 1.3 million square feet of new office space to Reston and transform the area into a mixed-use, transit-oriented development. Comstock's COO expressed excitement over the expansion of CACI and ARL within the district.

Comstock Holding Companies, Inc. (NASDAQ: CHCI) has appointed Thomas J. Holly to its Board of Directors, with his term set to last until the 2025 Annual Meeting of Stockholders. Holly, a retired partner from Pricewaterhouse Coopers, brings over 30 years of experience in public accounting, particularly in real estate and asset management. His expertise in capital markets and commercial real estate financing is expected to benefit Comstock’s strategic growth. Chris Clemente, CEO, expressed enthusiasm about Holly's appointment, highlighting the value of his extensive background in relevant sectors.

Comstock Holding Companies (NASDAQ: CHCI) announced the grand opening of the EatLoco Farmers Market at Loudoun Station in Ashburn, Virginia, scheduled for March 26, 2023. This addition aims to attract foot traffic, benefiting local farmers and small businesses. The market operates every Sunday from 9:00 AM to 1:00 PM until November 19, featuring around 80 vendors. EatLoco founder, Dan Hine, expressed enthusiasm for the partnership, promising a diverse range of offerings. Loudoun Station is poised as a key transit-oriented development, with over 1 million square feet completed and plans for an additional 1.5 million square feet.

Comstock Holding Companies, Inc. (NASDAQ: CHCI) announced a ten-year, 4.5% fixed-rate loan worth $77.5 million to refinance 'Phase II' of its Loudoun Station development in Ashburn, Virginia. The development features over 1 million square feet of Class A mixed-use property, with an additional 1.5 million square feet planned. Comstock's CFO highlighted strong performance with this construction take-out loan exceeding expectations. The refinancing is expected to yield substantial interest savings amid rising market rates.