Business
Comstock Reports Second Quarter 2023 Results
Revenue increased 6% to $9.0 million, representing 12th consecutive quarter of YoY growth YTD revenue increased 12% to $19.2 million, including 25% growth in
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"\n\nRevenue increased 6% to $9.0 million, representing 12th consecutive quarter of YoY growth\n\n\n\n\nYTD revenue increased 12% to $19.2 million, including 25% growth in recurring fee-based revenue streams\n\n\n\n\nNet income of $0.5 million; $1.2 million YTD\n\n\n\n\nGenerated over $1.0 million of Adjusted EBITDA; $2.7 million YTD\n\n\n\n\nCommercial portfolio remains over 90% leased; in-place rent growth of 6% vs. prior year\n\n\n\n\nResidential portfolio now over 95% leased; in-place rent growth of 7% vs. prior year\n\n\n\n RESTON, Va.--(BUSINESS WIRE)--\nComstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced its financial results for the second quarter ended June 30, 2023.\n\n\n“We continue to benefit from the flight-to-quality trend, which in recent years has significantly increased demand for mixed-use and transit-oriented developments in premier suburban locations and contributed to our top-line revenue growth,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “As evidenced by our ability to attract and retain tenants in a challenging environment faced with widespread capital market headwinds, we are well positioned for ongoing success. I am confident our growth will persist well into the future, primarily based on three key factors: our virtually debt-free, asset-light, fee-based business model, the proven demand for the high-quality assets we manage, develop, and operate, and the tireless dedication of our team members, who show up every day and are committed to delivering extraordinary services and experiences for our customers.”\n\n\n\n\nKey Performance Metrics1\n\n\n\n\n\n\n\n\n($ in thousands, except per share and portfolio data)\n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nYTD 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nYTD 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n$\n\n\n\n\n\n\n8,967\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n8,467\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n19,242\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n17,198\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n...