Comstock Holding Companies, Inc. · NASDAQ:CHCI
Comstock Holding Companies — Investor Presentation (May 2023)
27 slides from Comstock Holding Companies's investor presentation, May 2023
Slide 1: Investor Presentation May 2023
M AY 2023 Comstock Holding Companies, Inc. I N V E S TO R PR E SE N TAT I O N NASDAQ: CHCI
Slide 2: Disclosures
Disclosures This investor presentation includes “forward-looking” statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as “anticipate,” “believe,” “estimate,” “
Slide 3: Table of Contents
Table of Contents PAGE Overview 4 Investment Highlights 6 Portfolio Overview 14 Appendix 22 3 MAY 2023
Slide 4: Leading real estate asset manager, developer and operator in Washington, D.C. region
Comstock is a leading real estate asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region $1.6B $39.3M 45 Real Estate FY 2022 Properties AUM Revenue Managed 2M 1.8M ~1,700 Commercial Residential Multifamily Sq. Ft. Sq. Ft. Units 5.8M ~10M $5
Slide 5: Comstock: Experience, Integrated Platform, High Quality Portfolio
Comstock Experience and Vertically High Quality Proven Track Record Integrated Portfolio Nearly 4 decades of experience Broad suite of real estate AUM portfolio includes two of the acquiring, developing, operating, service offerings, including largest transit-oriented, mixed-use and selling resident
Slide 6: Investment Highlights
Investment Highlights 6 MAY 2023
Slide 7: Investment Highlights
Investment Highlights 1 Attractively valued, debt-free, asset-light, fee-based business 2 Ownership and management with decades-long track record of success Long-term Asset Management Agreement for Anchor Portfolio includes 3 cost-plus feature for downside protection 4 Controlled pipeline provides p
Slide 8: Attractively Valued, Debt-Free, Asset-light, Fee-Based Business
Attractively Valued, Debt-Free, Asset-light, Fee-Based Business Adjusted EBITDA Tax Valuation Debt ROE Asset Growth 4.6x $0 27% 41% $132M 2022 Adjusted As of FY 2019-2022 As of EBITDA 12/31/2022 2022 CAGR 12/31/2022 Multiple Peers 9.2x Peers $5.4B Peers 7% Peers -4% Peers $0 Note: Peers include JBG
Slide 9: Track Record of Positive Quarterly Adjusted EBITDA
Track Record of Positive Quarterly Adjusted EBITDA First full year focused on multi- Growing AUM through Continuing trend of positive point CRE strategy and launch of development pipeline and results, demonstrating strength institutional venture platform acquisitions and reliability of our platform
Slide 10: Ownership and Management with Decades-Long Track Record of Success
Ownership and Management with Decades-Long Track Record of Success Chris Clemente, Chairman and CEO, founded Comstock in 1985 and since its inception, has managed its strategic growth into a leading asset manager, developer, and operator of mixed-use and transit-oriented developments. Since 1985 Com
Slide 11: Proven Performance of Managed Assets
Proven Performance of Managed Assets 2020 % Increase 2022 Revenue $52M 86% $97M NOI $22M 127% $49M Multifamily units 1,123 46% 1,638 Multifamily Leased % 73% 23% 90% Commercial SF 1.8M 9% 2.0M Commercial Leased % 79% 10% 87% Parking Spaces 8,336 70% 14,193 Note: All financial results represent AUM f
Slide 12: Long-term Asset Management Agreement with cost-plus downside protection
Long-term Asset Management Agreement for Anchor Portfolio includes cost-plus feature for downside protection 1 2 3 Long-term Asset Anchor Portfolio includes $150 million of Management Agreement ~10 million square feet fee potential over on Anchor Portfolio in stabilized, current, and 5 years provide
Slide 13: Portfolio Growth Driving Strong Fee-Based Revenue
Portfolio Growth Driving Strong Fee-Based Revenue ($ In Thousands) • Cost-plus feature of 2022 Asset Management $30,000 Agreement covering the anchor portfolio (“2022 AMA”) minimizes risk while supplemental fees enhance revenue growth potential $25,000 ∙ S upplemental fees include asset performance
Slide 14: Portfolio Overview
Portfolio Overview MAY 2023 14
Slide 15: A Growing Portfolio of Stabilized and Development AUM
A Growing Portfolio of Stabilized and Development AUM that includes ~10M SF ASSETS UNDER MANAGEMENT ACQUISITIONS SINCE 2019 OPERATING UNDER CONTROLLED 13 PORTFOLIO CONSTRUCTION DEVELOPMENT PIPELINE BUILDINGS* 45 TOTAL ASSETS 6 TOTAL ASSETS 12 TOTAL ASSETS 3.3M SF 13 COMMERCIAL 588K SF COMMERCIAL 1.5
Slide 16: Reston Station Neighborhood
Reston Station Neighborhood ~87 3,000+ ACRES RESIDENCES ~3.3M SF WIEHLE-RESTON EAST METRO OFFICE 380 KEYS 11 2 HOTELS RESTAURANTS 350K+ SF 14K RETAIL & PARKING SPACES ENTERTAINMENT All numbers are approximate at full build out and include assets owned/operated by unaffiliated parties Comstock’s Mana
Slide 17: Loudoun Station
Loudoun Station ~44 1,500+ ACRES RESIDENCES UP TO 1.5M SF 10K OFFICE PARKING SPACES & METRO GARAGE 250 KEYS ASHBURN STATION HOTEL 375K+ SF 10 RETAIL RESTAURANTS All numbers are approximate at full build out and include assets owned/operated by unaffiliated parties Comstock Managed Assets at Loudoun
Slide 18: Flight to Quality Attracting Premier Tenants to Comstock AUM
Flight to Quality Attracting Premier Tenants to Comstock AUM Major Office Tenants Leases Executed in 2022 Major Retail Leases Key Statistics 10.6 years* 1.3M SF ~OFFICE WEIGHTED AVERAGE SPACE CLYDE’S RESTAURANT GROUP LEASE TERM LEASED SINCE 2019 260K SF ~OFFICE 150K SF ~OFFICE SPACE SPACE LEASED IN
Slide 19: Managed Portfolio Stabilized Operating Assets
Managed Portfolio Stabilized Operating Assets PROJECT NAME LOCATION ASSET CLASS OFFICE GSF UNITS RETAIL SF BLVD RESTON Reston Station Multifamily/Retail NA 448 8,400 FOUNDING FARMERS Reston Station Retail/Dining NA NA 12,000 1900 RESTON METRO PLAZA Reston Station Office/Retail 370,000 NA 8,500 1902
Slide 20: Under Construction & Controlled Development Pipeline
Under Construction & Controlled Development Pipeline ASSET SQUARE ESTIMATED PROJECT NAME LOCATION CLASS FEET COMPLETION UNDER CONSTRUCTION ONE RESTON ROW Reston Station Office/Retail 334K 2024 243 Keys/95 JW MARRIOTT HOTEL AND CONDOS Reston Station 345K 2025 Condos BLVD HALEY Reston Station 415 unit
Slide 21: ESG Initiatives
ESG Initiatives We recognize that development of real estate can have significant impact, positive or negative, for the surrounding community, the region, and the environment that we all share. Supporting and fostering these initiatives in a rational way is instrumental in making our communities bet
Slide 22: Appendix
Appendix 22 MAY 2023
Slide 23: Management Team Combines Local Expertise with Institutional Experience
Management Team Combines Local Expertise with Institutional Asset Management Experience CHRIS CLEMENTE DWIGHT SCHAR CEO & Chairman of CHCI Former CEO & Chairman of NVR (NYSE: NVR) Significant Shareholder of CHCI Significant Shareholder of CHCI Managing Parner of Comstock Partners, LC Principal of Co
Slide 24: Board of Directors
Board of Directors CHRISTOPHER CLEMENTE IVY ZELMAN DAVID GUERNSEY Chairman of the Board of Directors Director Director & Compensation & Chief Executive Officer Committee Member JAMES MACCUTCHEON ROBERT PINCUS TOM HOLLY SCORATES VERSES Director, Audit Committee Chair & Director & Audit Director & Aud
Slide 25: Corporate Structure Overview
Corporate Structure Overview SH A R E D A L I G N M E N T O F I N T E R E S T S Christopher Executive Public Dwight Schar via Clemente, CEO and Management Team Shareholders Private Entity Chairman and BOD 31% 8% 31% Comstock Holding Companies, Inc. (Nasdaq: CHCI) 50% 50% Asset Management and Propert
Slide 26: Reconciliation of Non-GAAP financial measures (unaudited)
Reconciliation of Non-GAAP financial measures (unaudited) Full Year Q4 ($ in thousands) 2021 2022 2021 2022 Total revenue 31,093 39,313 7,765 9,302 Total expenses 26,028 31,361 6,772 7,707 Operating income 5,065 7,952 993 1,595 Interest expense (235) (222) (59) - Gain (loss) on real estate ventures
Slide 27: Christopher Guthrie, Chief Financial Officer
CHRISTOPHER GUTHRIE Chief Financial Officer 703.230.1146 investorrelations@comstock.com comstock.com 1900 Reston Metro Plaza Reston, VA 2019 703. 230.1985
Comstock Holding Companies — Investor Presentation (May 2023) on 6ix