Business
Comstock Reports First Quarter 2022 Results
Revenue increased 28% to $8.7 million in Q1 2022 vs. $6.8 million in Q1 2021Net income from continuing operations of $2.0 million in Q1 2022 vs. $0.4 million
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"Revenue increased 28% to $8.7 million in Q1 2022 vs. $6.8 million in Q1 2021Net income from continuing operations of $2.0 million in Q1 2022 vs. $0.4 million in Q1 2021Adjusted EBITDA increased $1.0 million to $1.6 million in Q1 2022 vs. $0.6 million in Q1 2021 RESTON, Va., May 16, 2022 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”) announced financial results for the three months ended March 31, 2022. “Our first quarter performance continues our trend of delivering positive results, demonstrating the strength of our Anchor Portfolio and reliability of our vertically-integrated operating and investment platform,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “First quarter highlights include the further expansion of our BLVD-branded residential portfolio and the divestiture of our Pennsylvania-based environmental consulting business, allowing us to focus on our rapidly growing core asset management and investment platforms in one of the nation’s most active markets. We are well-positioned to continue to benefit from the ‘flight-to-quality’ trend that has recently turned net absorption of office space positive, also increasing residential occupancy and rents. Strong demand for our portfolio of mixed-use and transit-oriented assets gives me confidence that our market position will contribute to our continued success in future periods.” Key Performance Metrics1 ($ in thousands, except per share data) Q1 2022 Q1 2021 Revenue$8,731 $6,840 Income from operations$1,365 $443 Net income 2,014 390 Adjusted EBITDA$1,606 $617 Net income per share — diluted$0.22 $0.05 Managed Portfolio - # of assets 36 26 1All amounts represent continuing operations. Please see the included financial tables for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure. Q1 2022 Highlights Completed joint venture acquisition of The Ansel, a 250-unit luxury high-rise apartment building at Metro’s Rockville Station in Rockville, Maryland; rebranded as BLVD Ansel, and along with adjacent BLVD Forty Four, positions Comstock as the leading provider in the Rockville Town Center neighborhood.Completed the divestiture of Comstock Environmental Services (“CES”) line of business through March 31, 2022 sale to August Mack Environmental, Inc. for approximately...