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Comstock Holding Companies Reports First Quarter 2020 Results
Revenue Growth Driven by Asset Management and Real Estate Related Services WASHINGTON and RESTON, Va., May 29, 2020 (GLOBE NEWSWIRE) -- On May 28, 2020,
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"Revenue Growth Driven by Asset Management and Real Estate Related Services\nWASHINGTON and RESTON, Va., May 29, 2020 (GLOBE NEWSWIRE) -- On May 28, 2020, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced results for the three months ended March 31, 2020:\n Highlights of First Quarter 2020, as compared to First Quarter 2019: Total revenue increased by 43% to $7.0 million during the first quarter 2020, as compared to $4.9 million during the same period of the prior year.Revenue from asset management operations increased by 31% to $5.4 million during the first quarter 2020, as compared to $4.2 million during the same period of the prior year.Revenue from real estate services increased by 110% to $1.5 million during the first quarter 2020, compared to $0.7 million during the same period of the prior year.Operating income of $0.2 million resulting in approximately break-even net income during the first quarter 2020, as compared to $0.4 million operating income and $0.1 million net income during the same period of the prior year.Assets under management (“AUM”) increased during the first quarter 2020 as a result of the addition of an approximately 140,000 square foot office building to the Anchor Portfolio.The Company secured a $10 million revolving capital line of credit, with a portion of the proceeds used shortly after the end of the first quarter to retire 100% of the Company’s 10% corporate debt obligation scheduled to mature in 2020, while enhancing the Company’s ability to pursue strategic acquisitions and new revenue opportunities. “In response to the Covid-19 pandemic, Comstock has taken multiple steps in an effort to ensure the safety of our workforce, construction subcontractors, residential and commercial tenants, and visitors to all of the properties that Comstock develops and manages,” said Christopher Clemente, Chairman and CEO of Comstock Holding Companies Inc. “In addition to implementing several safety protocols recommended by the CDC, we have also expanded service offerings of our subsidiary, Comstock Environmental Services, LLC, to include Covid-19 emergency response and remediation services. While the long-term impacts of the pandemic on real estate are still unclear, the financial performance of our AUM properties to date and the stability provided by long-term agreements related to our A...