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Comstock Holding Companies Reports First Quarter 2021 Results
WASHINGTON and RESTON, Va., May 17, 2021 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced financial results for
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"WASHINGTON and RESTON, Va., May 17, 2021 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced financial results for the three months ended March 31, 2021: Highlights of First Quarter 2021, as compared to First Quarter 2020: Total revenue increased by 19% to $8.3 million during the first quarter 2021, as compared to $7.0 million during the same period of the prior year.Revenue from asset management operations increased by 26% to $6.8 million during the first quarter 2021, as compared to $5.4 million during the same period of the prior year.Operating income increased by 57% to $300 thousand during the first quarter 2021, as compared to $191 thousand during the same period of the prior year.Net income increased to $250 thousand during the first quarter 2021, as compared to a net loss of $10 thousand during the same period of the prior year. “As detailed in my recent Letter to Fellow Shareholders, Comstock entered 2021 well positioned to build upon our accomplishments during the last few years and to continue our pattern of growth in key areas of earnings and assets under management,” said Christopher Clemente, Chairman and CEO of Comstock Holding Companies, Inc. “Thanks to the success of unprecedented initiatives of the federal government and the biomedical industry in 2020 to develop and mass produce effective Covid-19 vaccines, as well as the tremendous efforts of the medical industry to contain the virus, we are seeing increased leasing activity across our portfolio as companies start planning for their return to offices and communities seek a return to normalcy. As a result, I have every reason to believe that 2021 will be another year of growth for Comstock.” Company highlights: Assets Under Management (“AUM”) expanded to include more than 3 million square feet of stabilized assets, including newly built residential assets developed by the Company and stabilized commercial assets acquired by affiliates of the Company and added to its Anchor Portfolio.The Company’s initiative to acquire and manage additional assets through institutional ventures was launched with an acquisition of a commercial property in Arlington County’s premier mixed-use and transit-oriented employment corridor, the Rosslyn-Ballston Corridor.The Company has positioned itself to pursue additional growth opportunitie...