Business
Comstock Reports Fiscal Year 2021 Results
Revenue increased 38% to $31.1 million in 2021 vs. $22.5 million in 2020Net income from continuing operations of $16.0 million vs. $2.1 million in
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"Revenue increased 38% to $31.1 million in 2021 vs. $22.5 million in 2020Net income from continuing operations of $16.0 million vs. $2.1 million in 2020Adjusted EBITDA increased 68% to $5.8 million in 2021 vs. $3.4 million in 2020Continued expansion of managed portfolio through acquisition and investment in two mixed-use, transit-oriented, luxury high-rise apartment assets in Rockville, Md. RESTON, Va., March 31, 2022 (GLOBE NEWSWIRE) -- Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock”) announced results today for its fiscal year ended December 31, 2021. “Comstock’s 2021 was highlighted by growth of assets under management, revenue, and earnings,” said Christopher Clemente, Chairman and CEO. “The premium assets in our Anchor Portfolio continue to provide a foundation for positive top and bottom-line results. Our investments in newly acquired assets and expansion of third-party owned assets under management further enhance our ability to generate efficiencies of scale and drive revenue and earnings.” Key Performance Metrics1 FY 2021 FY 2020Revenue$31,093 $22,487 Income (loss) from operations$5,065 $2,654 Net income (loss) from continuing operations$16,039 $2,141 Adjusted EBITDA$5,798 $3,445 Net income (loss) per share - diluted$1.76 $0.25 Managed Portfolio - # of assets 34 27 1 All amounts represent continuing operations. Please see the included financial tables for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure Highlights Closed $312 million Blackstone refinance of developed Reston Station office towers (1900, 1902 and 1906 Reston Metro Plaza), generating net financing origination fees of ~$2.2 million.Simultaneously closed on $43 million DivcoWest preferred equity for 1900, 1902 and 1906 Reston Metro Plaza, generating $0.4 million of investment origination fees.Commenced phase 2 development on transit-oriented Reston Station; will include four new high-rise buildings consisting of more than 1.3 million square feet of office, residential, retail, entertainment, and hotel space set above a 1 million square foot commercial garage.~$11.3 million tax benefit from second quarter net operating loss valuation allowance release due to the reliability and predictability of the Company’s asset-ligh, leverage-light business plan to generate earningsExpanded BLVD-branded residential port...