WASHINGTON and RESTON, Va., May 29, 2020 (GLOBE NEWSWIRE) — On May 28, 2020, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced results for the three months ended March 31, 2020:
Highlights of First Quarter 2020, as compared to First Quarter 2019:Total revenue increased by 43% to $7.0 million during the first quarter 2020, as compared to $4.9 million during the same period of the prior year.Revenue from asset management operations increased by 31% to $5.4 million during the first quarter 2020, as compared to $4.2 million during the same period of the prior year.Revenue from real estate services increased by 110% to $1.5 million during the first quarter 2020, compared to $0.7 million during the same period of the prior year.Operating income of $0.2 million resulting in approximately break-even net income during the first quarter 2020, as compared to $0.4 million operating income and $0.1 million net income during the same period of the prior year.Assets under management (“AUM”) increased during the first quarter 2020 as a result of the addition of an approximately 140,000 square foot office building to the Anchor Portfolio.The Company secured a $10 million revolving capital line of credit, with a portion of the proceeds used shortly after the end of the first quarter to retire 100% of the Company’s 10% corporate debt obligation scheduled to mature in 2020, while enhancing the Company’s ability to pursue strategic acquisitions and new revenue opportunities.“In response to the Covid-19 pandemic, Comstock has taken multiple steps in an effort to ensure the safety of our workforce, construction subcontractors, residential and commercial tenants, and visitors to all of the properties that Comstock develops and manages,” said Christopher Clemente, Chairman and CEO of Comstock Holding Companies Inc. “In addition to implementing several safety protocols recommended by the CDC, we have also expanded service offerings of our subsidiary, Comstock Environmental Services, LLC, to include Covid-19 emergency response and remediation services. While the long-term impacts of the pandemic on real estate are still unclear, the financial performance of our AUM properties to date and the stability provided by long-term agreements related to our Anchor Portfolio, gives me confidence that Comstock is well positioned to continue expanding its assets under management, increasing revenue, and delivering positive results. I look forward to speaking directly to our shareholders at our June 17th annual meeting and to reporting on our continued progress in future periods.”About Comstock Holding Companies, Inc.Comstock Holding Companies, Inc. (Nasdaq: CHCI) is a real estate development, asset management and real estate services company that has designed, developed, constructed and managed several thousand residential units and millions of square feet of residential and mixed-use projects throughout the Washington, D.C. metropolitan market since 1985. In 2019, Comstock completed the disposition of its for-sale homebuilding operation to focus exclusively on commercial real estate investment, development, asset management and real estate related services. Anchoring CHCI’s transition is a long-term asset management agreement covering two of the largest transit-oriented, mixed-use developments in the Washington, D.C. area; Reston Station, a nearly 5 million square foot transit-oriented and mixed-use development in Reston, Virginia, and Loudoun Station, a nearly 2.5 million square foot transit-oriented, mixed-use development in Ashburn, Virginia, and additional development assets. Comstock has significant experience with entitling, designing, developing, and managing a diverse range of properties including apartments, condominiums, mixed-use (residential and commercial) properties, large-scale commercial parking garages and infrastructure projects.Comstock Holding Companies, Inc. is publicly traded on NASDAQ under the symbol CHCI. For more information, visit www.ComstockCompanies.com.Cautionary Statement Regarding Forward-Looking StatementsThis 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. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading “Risk Factors” in our latest Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.Company:
Comstock Holding Companies, Inc.
Christopher Guthrie, 703-230-1292
Chief Financial OfficerSource: Comstock Holding Companies, Inc.
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