Comstock Reports Fourth Quarter and Fiscal Year 2024 Results

Business Wire
03-21

Consistent revenue growth and positive operating cash flows continue CHCI’s successful track record

Q4 2024

  • Q4 revenue of $16.9 million up 54% vs. prior year, including 38% increase in recurring fee-based revenue
    • $3.2 million of supplemental fee revenue earned in Q4 alone
  • Q4 net income of $10.3 million, including 162% increase in operating income
  • Q4 Adjusted EBITDA increased 45% to $3.1 million
  • Generated $7.8 million of operating cash in Q4

Fiscal Year 2024

  • YTD revenue increased 15% to $51.3 million, including 25% increase in recurring fee-based revenue
  • YTD net income of $14.6 million, up 87% vs. prior year
  • YTD Adjusted EBITDA increased 11% to $11.6 million
  • Year-end cash holdings of $28.8 million

Managed Portfolio

  • Strong AUM growth continued throughout 2024, major assets on track for late 2025 delivery
    • 23 additional AUM vs. prior year, primarily driven by rapid ParkX expansion
    • Commercial and Residential portfolio assets in high demand and leased well-above industry average
    • The Row at Reston Station nears delivery of two Trophy office towers, luxury residential tower, Virginia’s first JW Marriott hotel and branded residential condominiums, and mixed-use retail

RESTON, Va., March 21, 2025--(BUSINESS WIRE)--Comstock 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 fourth quarter and fiscal year ended December 31, 2024.

"Our fiscal year 2024 results are the latest data point in what is now a seven-year track record of producing positive net earnings and consistent growth in revenue and Adjusted EBITDA," said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. "Dating back to our transition to the asset-light, debt free business model we now deploy, our top-line CAGR is an industry-defying 25%. We have earned our reputation as a best-in-class provider of real estate services in the Washington, D.C. region, fostering consistent AUM growth that has produced stable revenue streams through our fee-based services. Our streamlined balance sheet and our ability to consistently generate operating cash provides us with significant working capital that will allows us to supplement our growth through additional investment opportunities in 2025 and beyond."

Key Performance Metrics

($ in thousands, except per share and portfolio data)

Q4 2024

Q4 2023

YTD 2024

YTD 2023

Revenue

$

16,908

$

11,016

$

51,294

$

44,721

Net income

$

10,327

$

1,870

$

14,560

$

7,784

Adjusted EBITDA

3,133

2,165

11,597

10,423

Net income per share — diluted

$

0.99

$

0.18

$

1.41

$

0.77

Managed Portfolio - # of assets

72

49

72

49

Please see the included financial tables for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure.

Mr. Clemente continued, "In a time when companies are returning to work and individuals are seeking quality, convenient places to live, the assets in our managed portfolio continue to deliver. The stabilized commercial and residential properties that anchor the transit-oriented, mixed-use neighborhoods we serve are more than 90% leased. We recently announced a new 87,000 square foot lease with Carfax to relocate their headquarters to Reston Station’s Metro Plaza District. Over the past 3 years, our dedicated team has been working hard to finalize construction and leasing for The Row at Reston Station, the second phase of the five-phase Reston Station development. This premier 1.5 million square foot development will include Virginia’s first and only JW Marriott hotel and branded residential tower, the luxury BLVD Haley residential tower, and two Trophy-class office towers. Supplementing these world-class buildings are premium retail offerings that include a flagship 50,000 square foot VIDA health and wellness facility, the D.C. area’s first Puttshack location that will provide an upscale, tech-themed mini-golf experience with a full bar and restaurant, and Ebbitt House, the first ever expansion of D.C.’s famous Old Ebbitt Grill. A 2,500 space parking garage will easily accommodate all tenants and guests at Northern Virginia’s newest must-visit destination that is set to deliver later this fall."

Mr. Clemente concluded, "Finally, I would like to sincerely thank every member of the Comstock team, as well as our loyal shareholders, customers, and partners for contributing to our success in 2024. Our primary focus is on delivering exceptional results for our customers and providing exceptional experiences to all those that live, work, and play in the communities that we serve. We are well-positioned and remain committed to delivering value to all stakeholders for many years to come."

Additional Information

  • Stabilized Commercial managed portfolio leased percentage of 93%; 8 new commercial leases executed in Q4, representing 104,000 sqft. of office and retail spaces; 28 new leases executed YTD, representing over 245,000 square feet.
  • Residential managed portfolio leased percentage of 96%; average in-place rents increased 4% vs. prior year and more than 600 units leased YTD.
  • ParkX-related AUM expansion led to QTD and YTD increases in total revenue of 56% and 69%, respectively, for ParkX Management subsidiary.
  • The Row at Reston Station construction progress on track for late 2025 delivery; JW Marriott condominium pre-sales continue to exceed expectations.
  • In 2024, managed portfolio assets generated well over $100 million in gross revenue for the asset owners.

Cautionary Statement Regarding Forward-Looking Statements

This release may include "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," "may," "intend," "expect," "will," "should," "seeks" or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. You should not place any undue reliance on any forward-looking statement, which speaks only as of the date made. Any number of important factors could cause actual results to differ materially from those projected or suggested by the forward-looking statements. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Comstock

Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio that includes approximately 10 million square feet of stabilized, under construction, and planned assets that are strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in one of the nation’s best real estate markets. Comstock’s developments include some of the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale public-private partnership developments. For more information, please visit Comstock.com.

COMSTOCK HOLDING COMPANIES, INC.

Consolidated Balance Sheets

(Unaudited; In thousands)

 

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

28,761

$

18,788

Accounts receivable, net

282

496

Accounts receivable - related parties

7,254

4,749

Prepaid expenses and other current assets

430

353

Total current assets

36,727

24,386

Fixed assets, net

574

478

Intangible assets

144

144

Leasehold improvements, net

60

89

Investments in real estate ventures

6,228

7,077

Operating lease assets

5,916

6,790

Deferred income taxes, net

14,720

10,885

Deferred compensation plan assets

438

53

Other assets

60

37

Total assets

$

64,867

$

49,939

Liabilities and Stockholders' Equity

Current liabilities:

Accrued personnel costs

$

4,952

$

4,681

Accounts payable and accrued liabilities

781

838

Current operating lease liabilities

922

854

Total current liabilities

6,655

6,373

Deferred compensation plan liabilities

492

77

Operating lease liabilities

5,351

6,273

Total liabilities

12,498

12,723

Stockholders' equity:

Class A common stock

97

94

Class B common stock

2

2

Additional paid-in capital

202,702

202,112

Treasury stock

(2,662

)

(2,662

)

Accumulated deficit

(147,770

)

(162,330

)

Total stockholders' equity

52,369

37,216

Total liabilities and stockholders' equity

$

64,867

$

49,939

COMSTOCK HOLDING COMPANIES, INC.

Consolidated Statements of Operations

(Unaudited; In thousands, except per share data)

 

Three Months Ended December 31,

Year Ended December 31,

2024

2023

2024

2023

Revenue

$

16,908

$

11,016

$

51,294

$

44,721

Operating costs and expenses:

Cost of revenue

11,255

8,479

38,630

33,040

Selling, general, and administrative

487

594

2,075

2,305

Depreciation and amortization

84

302

212

Total operating costs and expenses

11,826

9,073

41,007

35,557

Income (loss) from operations

5,082

1,943

10,287

9,164

Other income (expense):

Interest income

196

96

672

96

Gain (loss) on real estate ventures

72

(467

)

(297

)

(1,187

)

Other income (expense), net

7

31

63

79

Income (loss) from operations before income tax

5,357

1,603

10,725

8,152

Provision for (benefit from) income tax

(4,970

)

(267

)

(3,835

)

368

Net income (loss)

$

10,327

$

1,870

$

14,560

$

7,784

Weighted-average common stock outstanding:

Basic

9,895

9,653

9,846

9,629

Diluted

10,418

10,169

10,327

10,108

Net income (loss) per share:

Basic

$

1.04

$

0.19

$

1.48

$

0.81

Diluted

$

0.99

$

0.18

$

1.41

$

0.77

COMSTOCK HOLDING COMPANIES, INC.
Non-GAAP Financial Measures
(Unaudited; In thousands)

Adjusted EBITDA

The following table presents a reconciliation of net income (loss) from continuing operations, the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted EBITDA:

Three Months Ended December 31,

Year Ended December 31,

2024

2023

2024

2023

Net income (loss)

$

2,377

$

1,870

$

14,560

$

7,784

Interest income

(169

)

(96

)

(672

)

(96

)

Income taxes

568

(267

)

(3,835

)

368

Depreciation and amortization

77

302

212

Stock-based compensation

205

191

945

968

(Gain) loss on real estate ventures

75

467

297

1,187

Adjusted EBITDA

$

3,133

$

2,165

$

11,597

$

10,423

The increases in Adjusted EBITDA for the three months and year ended December 31, 2024 are primarily driven by significant increases in recurring fee-based property and parking management revenue and supplemental asset management fee revenue.

We define Adjusted EBITDA as net income (loss) from continuing operations, excluding the impact of interest expense (net of interest income), income taxes, depreciation and amortization, stock-based compensation, and gain or loss on equity method investments in real estate ventures.

We use Adjusted EBITDA to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources. We expect to compute Adjusted EBITDA consistently using the same methods each period.

We believe Adjusted EBITDA is a useful measure because it permits investors to better understand changes over comparative periods by providing financial results that are unaffected by certain non-cash items that are not considered by management to be indicative of our operational performance.

While we believe that Adjusted EBITDA is useful to investors when evaluating our business, it is not prepared and presented in accordance with GAAP, and therefore should be considered supplemental in nature. Adjusted EBITDA should not be considered in isolation, or as a substitute, for other financial performance measures presented in accordance with GAAP. Adjusted EBITDA may differ from similarly titled measures presented by other companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250320691114/en/

Contacts

Investor Contact
investorrelations@comstock.com

Media Contact
publicrelations@comstock.com

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