Business
Comstock Holding Companies Reports 2020 Results
Growth of Commercial Real Estate Asset Management Platform Producing Revenue and Earnings Growth WASHINGTON and RESTON, Va., March 31, 2021 (GLOBE NEWSWIRE)
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"Growth of Commercial Real Estate Asset Management Platform Producing Revenue and Earnings Growth\nWASHINGTON and RESTON, Va., March 31, 2021 (GLOBE NEWSWIRE) -- On March 31, 2021, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced financial results for the year ended December 31, 2020: Highlights of 2020 year-end financial results: Net income increased by 133% to $2.1 million in 2020, as compared to $0.9 million in 2019.Total revenue increased by 13% to $28.7 million in 2020, as compared to $25.3 million in 2019.Revenue from asset management operations increased by 12% to $21.9 million in 2020, as compared to $19.6 million in 2019.Revenue from real estate services increased by 19% to $6.8 million in 2020, compared to $5.7 million in 2019.Operating income increased by 13% to $2.6 million in 2020, as compared to $2.3 million in 2019.As of December 31, 2020, cash and cash equivalents increased 100% to $7.0 million as compared to $3.5 million as of December 31, 2019.During 2020, the Company secured a $10 million revolving capital line of credit at Prime Rate (currently 3.25%) plus 1% interest cost and utilized a portion of the new facility to retire 100% of the Company’s $5.7 million 10% corporate debt obligation, ending 2020 with a $5.5 million outstanding balance of corporate debt obligations, as compared to $7.0 million at year-end 2019. Company 2020 highlights: During 2020, the Company expanded its Assets Under Management (“AUM”), which now includes over 3 million square feet of stabilized assets, including our most recent delivery of 318 additional apartments at Loudoun Station, located at the terminus station of Metro’s Silver Line in Ashburn, Virginia and the acquisition of an approximately 136,000 square foot Class A office building at Reston Station in Reston, Virginia, positioning the Company to proceed with plans to further expand its Reston Station mixed-use and transit-oriented development, which now covers approximately 37 acres.The Company completed the acquisition on behalf of affiliates of 4.7 acres from the Town of Herndon, Virginia, positioning the Company to proceed with development of a new mixed-use project pursuant to its third public-private partnership with local governmental bodies on properties proximate to Metro’s Silver Line in the high growth Dulles Corridor.The Company formed a...