Business
Comstock Reports First Quarter 2023 Results
Revenue increased 18% to $10.3 million vs. $8.7 million in Q1 2022; driven by 9% growth in asset management and 37% growth in three property management
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"\n\nRevenue increased 18% to $10.3 million vs. $8.7 million in Q1 2022; driven by 9% growth in asset management and 37% growth in three property management subsidiaries combined\n\n\n\nNon-cash impacts of prior year tax benefit and investment valuation decline resulted in net income of $0.7 million vs. $2.0 million in Q1 2022\n\n\n\nAdjusted EBITDA of $1.6 million represents slight increase vs. Q1 2022\n\n\n\nStrong demand across portfolio of residential assets increased leased percentage to 93% as of Q1 2023, up from 84% in Q1 2022 and driven in part by successful lease up of BLVD Ansel, which was acquired in March 2022 and is now 91% leased\n\n\n\nCommercial portfolio assets remained in demand with a 90% leased percentage, up from 82% in Q1 2022 and driven by 366k square feet of office and retail leasing in FY 2022 and approximately 100k square feet in Q1 2023\n\n\n\n RESTON, Va.--(BUSINESS WIRE)--\nComstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced its financial results for the first quarter ended March 31, 2023. The Company has also posted an updated Investor Presentation on its IR website, ir.comstockcompanies.com.\n\n\n“Once again, Comstock’s results for the first quarter demonstrate the resiliency of our asset-light and virtually debt-free business model, while the quality of our mixed-use and transit-oriented portfolio of managed assets continues to deliver revenue and Adjusted EBITDA growth. Our Q1 comparative increase in top line revenue included significant increases in critical fee-based, recurring revenue streams that provide us with visibility to the future growth potential of our business,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “I believe much of our success throughout the pandemic and going forward is because we show up every day, driven by our primary goal of producing value for our shareholders. I thank our dedicated team members and look forward to reporting on our continued progress in upcoming periods.”\n\n\n\n\nKey Performance Metrics1\n\n\n\n\n\n\n\n\n \n\n\n\n($ in thousands, except per share and portfolio data)\n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n...