WASHINGTON and RESTON, Va., Aug. 17, 2020 (GLOBE NEWSWIRE) — On August 14, 2020, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced results for the three and six months ended June 30, 2020:Highlights of Second Quarter 2020, as compared to Second Quarter 2019:Net income increased to $1.2 million during the second quarter 2020, as compared to a net loss of $0.2 million during the same period of the prior year.Total revenue increased by 21% to $6.5 million during the second quarter 2020, as compared to $5.3 million during the same period of the prior year.Revenue from asset management operations decreased by 7% to $4.1 million during the second quarter 2020, as compared to $4.4 million during the same period of the prior year, due to cost reductions resulting from receipt of financing proceeds received under the CARES Act.Revenue from real estate services increased by 159% to $2.3 million during the second quarter 2020, compared to $0.9 million during the same period of the prior year.Operating income increased to $1.3 million during the second quarter 2020, as compared to approximately breakeven operating income during the same period of the prior year.Highlights of First Half 2020, as compared to First Half 2019:Net income increased to $1.2 million during the first half 2020, as compared to a net loss of $0.2 million during the same period of the prior year.Total revenue increased by 31% to $13.4 million during the first half 2020, as compared to $10.2 million during the same period of the prior year.Revenue from asset management operations increased by 11% to $9.6 million during the first half 2020, as compared to $8.6 million during the same period of the prior year.Revenue from real estate services increased by 137% to $3.9 million during the first half 2020, compared to $1.6 million during the same period of the prior year.Operating income increased by 248% to $1.5 million during the first half 2020, as compared to $0.4 million during the same period of the prior year. “We continue to monitor the impact of the Covid-19 pandemic on the real estate market and implement the latest risk mitigation protocols recommended by the CDC and OSHA to ensure the safety of our workforce, construction crews, residential and commercial tenants, and visitors to all properties Comstock develops and manages,” said Christopher Clemente, Chairman and CEO of Comstock Holding Companies Inc. “I am pleased to report that to date, the financial performance of our AUM properties gives me confidence that we are well positioned to weather the pandemic storm. Our ability to grow the top and bottom lines during the second quarter and first half of 2020 demonstrates the financial stability provided by our long-term asset management agreements, the quality of our portfolio assets and the continued demand for such properties, as well as the commitment of our team to producing positive results. I look forward to reporting on our continued progress in future periods.”About Comstock Holding Companies, Inc.Comstock Holding Companies, Inc. (Nasdaq: CHCI) is a leading 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 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 entitling, designing, developing, and managing a diverse range of properties including mixed-use (commercial and residential) properties, hotels, apartments, condominiums, and large-scale infrastructure projects, including commercial parking garages serving Metro commuters.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 OfficerCOMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Bay Street News