Comstock Holding Companies, Inc. - CHCI STOCK NEWS

Comstock Holding Companies (NASDAQ: CHCI) reported a 133% increase in net income to $2.1 million for 2020, up from $0.9 million in 2019. Total revenue rose by 13% to $28.7 million, driven by a 12% increase in asset management revenue and a 19% rise in real estate services. Operating income improved by 13% to $2.6 million. As of December 31, 2020, cash and equivalents doubled to $7.0 million. The company secured a $10 million credit line, retiring $5.7 million of corporate debt. The firm expanded its assets under management, acquiring new properties and increasing leasing rates across its portfolio.

Comstock Holdings Companies (CHCI) has announced a $250 million project to develop a JW Marriott hotel and residences in Reston, Virginia. The hotel will be a 26-story tower with 250 guestrooms and 90 luxury residences, featuring over 15,000 square feet of meeting space, two restaurants, and upscale amenities. This development is part of the larger Reston Station project, aiming to attract business functions from the surrounding area. Construction includes a 2,500-space parking garage and is expected to be completed by 2024.

Comstock Holding Companies (CHCI) announced that bb.q Chicken signed a 10-year lease for 3,000 sq. ft. in Ashburn, Virginia, set to open in Spring 2021. This will be bb.q Chicken's third location in Northern Virginia. The franchise specializes in Korean chicken dishes, deep-fried in olive oil. The new outlet will be part of Loudoun Station, a mixed-use development featuring various retail and entertainment options. Loudoun Station is designed for transit connectivity, enhancing the area's growth and attractiveness.

Comstock Holding Companies (NASDAQ: CHCI) has acquired 4.7 acres of land in Herndon, Virginia, to develop a mixed-use project, pivotal for the town's revitalization. This project includes 273 residential apartments, a 16,265 square foot arts center, and over 17,000 square feet for restaurants and cafes, all adjacent to significant local landmarks. The plan was unanimously approved by the Herndon Historic District Review Board in 2019. The CEO expressed excitement about the project's potential, viewing it as a major milestone in enhancing downtown Herndon.

Comstock Holding Companies (NASDAQ: CHCI) reported third quarter 2020 results, revealing a net income of $0.4 million, up from a net loss of $0.6 million in Q3 2019. Total revenue rose 29% to $7.3 million, driven by a 24% increase in asset management revenue ($5.9 million) and a 52% increase in real estate services revenue ($1.4 million). For the nine months ended September 30, 2020, net income was $1.6 million, compared to a net loss of $0.8 million in the prior year, with total revenue climbing 31% to $20.8 million. Operating income surged 185% in Q3 2020 to $0.5 million.

Comstock Holding Companies (CHCI) announced the leasing of a new preschool space to Chesterbrook Academy at Loudoun Station in Ashburn, Virginia. The 21,100 square foot preschool, under construction, is set to open in early 2021, expanding Chesterbrook's presence, which already includes 16 other locations in Northern Virginia. This strategic location aims to serve both metro commuters and local residents. Comstock's development at Loudoun Station is part of a broader mixed-use project, enhancing the community's educational and residential offerings.

Comstock Holding Companies, Inc. (NASDAQ: CHCI) appointed John Harrison as SVP/Development for its subsidiary, CDS Asset Management. Harrison, with nearly ten years at Macerich Company, will oversee significant projects in the Washington, D.C. area, including Reston Station and Loudoun Station. His experience includes managing large mixed-use developments and a strong background in real estate. CEO Christopher Clemente highlighted Harrison's expertise and fit for the company as it prepares for upcoming developments and revenue growth strategies.