Business
Comstock Holding Companies Reports Third Quarter 2020 Results
WASHINGTON and RESTON, Va., Nov. 16, 2020 (GLOBE NEWSWIRE) -- On November 16, 2020, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”),
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"WASHINGTON and RESTON, Va., Nov. 16, 2020 (GLOBE NEWSWIRE) -- On November 16, 2020, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced results for the three and nine months ended September 30, 2020:\n Highlights of Third Quarter 2020, as compared to Third Quarter 2019: Net income increased to $0.4 million during the third quarter 2020, as compared to a net loss of $0.6 million during the same period of the prior year.Total revenue increased by 29% to $7.3 million during the third quarter 2020, as compared to $5.7 million during the same period of the prior year.Revenue from asset management operations increased by 24% to $5.9 million during the third quarter 2020, as compared to $4.7 million during the same period of the prior year.Revenue from real estate services increased by 52% to $1.4 million during the third quarter 2020, compared to $0.9 million during the same period of the prior year.Operating income increased by 185% to $0.5 million during the third quarter 2020, as compared to $0.2 million during the same period of the prior year. Highlights of nine months ended September 30, 2020, as compared to nine months ended September 30, 2019: Net income increased to $1.6 million during the nine months ended September 30, 2020, as compared to a net loss of $0.8 million during the same period of the prior year.Total revenue increased by 31% to $20.8 million during the nine months ended September 30, 2020, as compared to $15.9 million during the same period of the prior year.Revenue from asset management operations increased by 16% to $15.5 million during the nine months ended September 30, 2020, as compared to $13.3 million during the same period of the prior year.Revenue from real estate services increased by 106% to $5.3 million during the nine months ended September 30, 2020, as compared to $2.6 million during the same period of the prior year.Operating income increased by 230% to $2.0 million during the nine months ended September 30, 2020, as compared to $0.6 million during the same period of the prior year. “The growth of Comstock’s top and bottom lines so far this year is the result of the financial stability provided by our long-term asset management agreements, the quality of, and demand for, the properties we develop and manage, and the dedication of our team of commercial real estate professio...