Business
Comstock Reports Second Quarter 2024 Results
Asset-light, debt-free business model continues to deliver positive results Revenue increased 20% to $10.8 million; YTD increase of 11% to $21.4 million 103%
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"\nAsset-light, debt-free business model continues to deliver positive results\n\n\n\nRevenue increased 20% to $10.8 million; YTD increase of 11% to $21.4 million\n\n\n103% increase in recurring fee-based Property & Parking Management revenue; YTD increase of 74%\n\n\n\n24 additional AUM vs. prior year\n\n\n\n\n\n\nNet income increased 99% to $0.9 million; YTD increase of 51% to $1.9 million\n\n\n\nAdjusted EBITDA increased 56% to $1.6 million; YTD increase of 16% to $3.1 million\n\n\n\n6 new commercial leases executed in Q2 representing over 60,000 sqft. of office and retail space\n\n\n\nResidential managed portfolio 97% 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, 2024.\n\n\n“Our growth continued as expected in Q2, as we achieved comparative quarterly revenue growth for the 16th consecutive period driven by the expansion of our managed portfolio and the predictable, low-risk, fee-based nature of our business,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “The stabilized assets in our managed portfolio are approximately 95% leased in total, and include numerous trophy-class office properties leased well-above industry averages as well as multiple residential buildings that are essentially at full capacity. The performance of our managed portfolio clearly demonstrates the “flight-to-quality” trend that is reshaping the commercial real estate landscape. It is also a testament to our dedicated team of professionals who show up every day to make a difference for our customers, our stakeholders, and in the communities that we serve.”\n\n\nMr. Clemente continued, “During the quarter, our long-term vision for The Row at Reston Station started coming into focus. We topped off two new buildings, Virginia’s first-ever JW Marriott Hotel and Residences and the BLVD Haley residential tower. We held a grand opening for a state-of-the-art VIDA Fitness facility, the first of several exciting retail openings scheduled to occur during the next year, which impressively has already attracted approximatel...