Comstock Holding Companies, Inc. - CHCI STOCK NEWS

Puttshack, a tech-infused mini golf experience, has signed a lease at 1850 Reston Row Plaza in Reston, Virginia, part of Comstock's 80-acre Reston Station development. Scheduled to open in Summer 2025, this location will be the first active entertainment venue at Reston Station, featuring 29,000 square feet with four competitive mini golf courses. Backed by a recent $150 million funding round from BlackRock, Puttshack aims to expand its footprint in top markets in the U.S., enhancing Reston Station's vibrant lifestyle offerings.

Puttshack, the upscale tech-infused mini golf experience, has signed a lease for its first Northern Virginia location at 1850 Reston Row Plaza in Reston. This venue will be situated at the Wiehle-Reston East Metro Station and is expected to open in Summer 2025, becoming the first entertainment venue at Reston Station. Covering over 29,000 square feet, it will feature four tech-driven mini golf courses and a globally inspired dining menu. Puttshack's expansion follows a recent $150 million growth capital round from BlackRock, allowing further real estate opportunities.

Comstock Holding Companies (CHCI) has acquired 1891 Metro Center Drive in Reston, Virginia, expanding its Reston Station development by adding 2.67 acres. This strategic acquisition enhances Comstock's footprint near the Wiehle-Reston East Metro Station, complementing its existing 1.3 million square feet of developed space. The existing building will serve temporarily for current tenants, while plans for future development include a prominent mixed-use neighborhood and luxury amenities. This aligns with Comstock's goal to foster vibrant, sustainable communities, with ongoing expansions in the area.

Comstock Holding Companies (Nasdaq: CHCI) announced the acquisition of approximately 8 acres within the Midline development at Reston Station, marking a strategic expansion of nearly 80 acres. This site is intended for a mix of office, residential, and retail uses, with development plans set to begin in 2023. The acquisition includes the demolition of two office buildings to enhance connectivity to Reston's Metro Plaza. The larger Midline project features 1.8 million square feet of mixed-use space, emphasizing community amenities and open spaces.

Comstock Holding Companies, Inc. (Nasdaq: CHCI) reported a 34% revenue increase to $8.5 million in Q2 2022 compared to Q2 2021. Year-to-date (YTD), revenue rose 31% to $17.2 million. Operating income surged 127% to $1.1 million in Q2 2022, with YTD operating income increasing 166% to $2.5 million. The company redeemed its Series C preferred stock at a significant discount, enhancing its balance sheet. A new asset management agreement for the Anchor Portfolio aims to boost revenue through 2035. Dwight Schar joined as a major shareholder, aligning interests with the Anchor Portfolio.

Comstock Holding Companies (Nasdaq: CHCI) has announced new leases at the Hartford Building in Arlington, Virginia. Greystar will occupy 10,166 sq. ft., while DFS Construction will take 11,869 sq. ft. The Hartford Building, a Class-A office space, is currently over 88% leased and is part of a larger development owned by Comstock and DivcoWest. Enhancements to the property are ongoing, including a new conference center set to be completed in 2023. This expansion is seen as a positive step for Comstock in attracting quality tenants and reinforcing its presence in the Northern Virginia market.

Comstock Holding Companies (Nasdaq: CHCI) has announced that VIDA Fitness Brands will open a flagship facility at Reston Row District in 2024. The facility will cover 50,000 square feet and feature premium amenities, including a rooftop Penthouse Pool Club and innovative workout experiences. This development marks the first retail anchor in Reston Row, a strategically located mixed-use project. Comstock's focus on health and wellness aims to enhance the retail landscape, catering to residents and office employees in the bustling area.

Comstock Holding Companies (CHCI) has made significant transactions to bolster its balance sheet and growth potential. The company redeemed all outstanding Series C Preferred Stock from CP Real Estate Services for one million shares of Class A Common Stock and $4 million, at a substantial discount from its stated value. Additionally, a new asset management agreement was established with Comstock Partners, which introduces performance-based fees. Dwight Schar is set to become a major shareholder, aligning his and CEO Christopher Clemente’s interests in the company, each holding approximately 31% ownership.

Comstock Holding Companies (CHCI) reported a significant 28% revenue increase to $8.7 million in Q1 2022, up from $6.8 million in Q1 2021. The company achieved a net income of $2.0 million compared to $0.4 million last year, with an Adjusted EBITDA rise to $1.6 million from $0.6 million. Highlights include the acquisition of a luxury apartment building and the sale of its environmental consulting business for $1.4 million. The company is positioned to benefit from positive trends in residential occupancy and rents.