Comstock Holding Companies, Inc. - CHCI STOCK NEWS

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.

Comstock Holding Companies (CHCI) has partnered with DAVIS Construction to implement CarbonCure technology in the latest phase of its Reston Station development. This sustainable concrete solution will significantly reduce CO₂ emissions while enhancing the strength of the concrete. The new garage will utilize over 110,000 cubic yards of concrete, recycling approximately 2.75 million pounds of carbon. Comstock aims to further integrate carbon reduction initiatives into upcoming projects, including incorporating solar energy and reducing plastic waste. An ESG report is planned for release later this year.

Comstock Holding Companies (Nasdaq: CHCI) announced a lease agreement with Cresset Manager, LLC to open a new multi-family office at 1900 Reston Metro Plaza, expected in Q3 2022. Cresset, a top-ranked wealth management firm, will occupy approximately 11,500 square feet. The relocation from Washington D.C. underscores Comstock's growing tenant roster which includes notable companies like Google and Rolls-Royce North America. This new location offers various amenities and is strategically positioned near major transport routes, enhancing accessibility and convenience for Cresset's employees.

In its fiscal year ending December 31, 2021, Comstock Holding Companies (CHCI) reported significant financial growth, with revenues increasing 38% to $31.1 million compared to $22.5 million in 2020. Net income surged to $16.0 million from $2.1 million the previous year. Adjusted EBITDA rose 68% to $5.8 million. The company continued to expand its managed portfolio and completed key acquisitions, including a luxury apartment complex. Highlights include a $312 million refinance deal and an $11.3 million tax benefit due to reliable earnings from its asset-light business model.

Comstock Holding Companies (CHCI) announced its acquisition of BLVD Ansel, a 250-unit luxury apartment building in Rockville, MD. This acquisition, part of a joint venture with Comstock Partners, boosts Comstock's portfolio in the growing I-270 Technology and Life Science Corridor. BLVD Ansel offers various amenities including a fitness center, swimming pool, and retail space. With over $500 million in income-producing properties acquired in three years, this move aligns with Comstock's strategy for growth in high-demand areas.

On January 21, 2022, Comstock Holding Companies (NASDAQ: CHCI) announced an updated investor presentation available on its website. Known for its significant role in the urban development of Washington, D.C.'s Dulles Corridor, Comstock has developed over 3 million square feet of properties and has approximately 4 million square feet in current and planned developments. The company is a leader in mixed-use developments and offers real estate services while partnering with institutional investors. It emphasizes its commitment to long-term asset management and co-investment opportunities.

Comstock Holdings Companies (NASDAQ: CHCI) has completed the lease-up of its third Trophy-Class office tower at Reston Station, signing an agreement with Qualtrics for 85,000 sq. ft. at 1906 Reston Metro Plaza. This new space includes three floors near the Wiehle-Reston East Metro Station, offering numerous amenities like EV charging and dining options. Qualtrics, a leader in experience management, enhances Comstock's tenant mix, which includes other tech firms. The Reston Station project epitomizes mixed-use development in the DC area, supporting both corporate tenants and local amenities.