Q4 2023
- Q4 revenue increased 18% to $11.0 million, including 12%
increase in recurring fee-based revenue
- Q4 operating income increased 22% to $1.9 million; Q4 net
income increased 43% to $1.9 million
- Q4 Adjusted EBITDA increased 17% to $2.2 million
Fiscal Year 2023
- YTD revenue increased 14% to $44.7 million, including 13%
increase in recurring fee-based revenue
- YTD operating income increased 15% to $9.2 million; YTD net
income of $7.8 million flat vs. prior year
- YTD Adjusted EBITDA of $10.4 million, up 16% vs. prior
year
- Generated $9.0 million of cash flow from operations
- Maintained well above-average leased percentages in both
Commercial and Residential portfolios (90+%)
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, 2023.
“Our fiscal 2023 results underscore the strength and resiliency
of the growth engine we’ve built at Comstock,” said Christopher
Clemente, Comstock’s Chairman and Chief Executive Officer. “It is
our goal to provide best-in-class service to our clients and
deliver value to our stakeholders. Our success in achieving that
goal is evidenced by our ability to deliver higher comparative
quarterly revenue for the 14th consecutive period, showcase 16%
growth in Adjusted EBITDA, and generate over $9 million in cash
from operations during 2023. With a streamlined, debt-free balance
sheet and additional world-class properties slated for delivery in
the next 12 to 24 months, we have clear visibility to near-term
growth. Our robust pipeline of development assets continues to
expand as well, positioning us for sustainable, long-term
success.”
Key Performance Metrics1
($ in thousands, except per share and
portfolio data)
Q4 2023
Q4 2022
FY 2023
FY 2022
Revenue
$
11,016
$
9,302
$
44,721
$
39,313
Income from operations
$
1,943
$
1,595
$
9,164
$
7,952
Net income
1,870
1,311
7,784
7,728
Adjusted EBITDA
$
2,165
$
1,857
$
10,423
$
8,994
Net income per share — diluted
$
0.18
$
0.13
$
0.77
$
1.02
2
Managed Portfolio - # of assets
49
41
49
41
1
All amounts represent continuing
operations. Please see the included financial tables for a
reconciliation of Adjusted EBITDA to the most directly comparable
GAAP financial measure.
2
Amount reflects $2.0 million positive
impact of Q2 2022 Series C Preferred Stock redemption.
Additional Highlights
- Managed commercial portfolio leased percentage of 92%, up from
87% in FY22; produced in-place rent growth of 2% vs. prior year and
leased a total of approximately 273,000 sqft. of commercial space
in FY23.
- Managed residential portfolio leased percentage of 97%, up from
88% in 2022; produced in-place rent growth of 8% vs. prior year and
leased over 700 units in FY23.
- Recognized $4.8 million incentive fee revenue, a 23% increase
from FY22.
- Completed strategic acquisition of Comstock 41 investment
property in Q423.
- Continued exponential growth of parking management portfolio,
including a 50% increase in top-line revenue and 20% growth in
average contract value vs. prior year.
- Welcomed Thomas Holly and David Paul to Board of
Directors.
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.
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.
COMSTOCK HOLDING COMPANIES,
INC.
Consolidated Balance
Sheets
(Unaudited; In thousands)
December 31,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
18,788
$
11,722
Accounts receivable, net
496
504
Accounts receivable - related parties
4,749
3,291
Prepaid expenses and other current
assets
353
264
Total current assets
24,386
15,781
Fixed assets, net
478
421
Intangible assets
144
144
Leasehold improvements, net
89
119
Investments in real estate ventures
7,077
7,013
Operating lease assets
6,790
7,625
Deferred income taxes, net
10,885
11,355
Deferred compensation plan assets
53
—
Other assets
37
15
Total assets
$
49,939
$
42,473
Liabilities and Stockholders'
Equity
Current liabilities:
Accrued personnel costs
$
4,681
$
4,959
Accounts payable and accrued
liabilities
838
742
Current operating lease liabilities
854
791
Total current liabilities
6,373
6,492
Deferred compensation plan liabilities
77
—
Operating lease liabilities
6,273
7,127
Total liabilities
12,723
13,619
Stockholders' equity:
Class A common stock
94
93
Class B common stock
2
2
Additional paid-in capital
202,112
201,535
Treasury stock
(2,662
)
(2,662
)
Accumulated deficit
(162,330
)
(170,114
)
Total stockholders' equity
37,216
28,854
Total liabilities and stockholders'
equity
$
49,939
$
42,473
COMSTOCK HOLDING COMPANIES,
INC.
Consolidated Statements of
Operations
(Unaudited; In thousands, except
per share data)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenue
$
11,016
$
9,302
$
44,721
$
39,313
Operating costs and expenses:
Cost of revenue
8,479
7,259
33,040
29,371
Selling, general, and administrative
594
391
2,305
1,784
Depreciation and amortization
—
57
212
206
Total operating costs and expenses
9,073
7,707
35,557
31,361
Income (loss) from operations
1,943
1,595
9,164
7,952
Other income (expense):
Interest income (expense), net
96
—
96
(222
)
Gain (loss) on real estate ventures
(467
)
(117
)
(1,187
)
121
Other income (expense), net
31
—
79
2
Income (loss) from continuing operations
before income tax
1,603
1,478
8,152
7,853
Provision for (benefit from) income
tax
(267
)
167
368
125
Net income (loss) from continuing
operations
1,870
1,311
7,784
7,728
Net income (loss) from discontinued
operations, net of tax
—
(5
)
—
(381
)
Net income (loss)
$
1,870
$
1,306
$
7,784
$
7,347
Impact of Series C preferred stock
redemption
—
—
—
2,046
Net income (loss) attributable to common
stockholders
$
1,870
$
1,306
$
7,784
$
9,393
Weighted-average common stock
outstanding:
Basic
9,653
9,470
9,629
8,974
Diluted
10,169
10,055
10,108
9,575
Net income (loss) per share:
Basic - Continuing operations
$
0.19
$
0.14
$
0.81
$
1.09
Basic - Discontinued operations
—
—
—
(0.04
)
Basic net income (loss) per share
$
0.19
$
0.14
$
0.81
$
1.05
Diluted - Continuing operations
$
0.18
$
0.13
$
0.77
$
1.02
Diluted - Discontinued operations
—
—
—
(0.04
)
Diluted net income (loss) per share
$
0.18
$
0.13
$
0.77
$
0.98
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,
2023
2022
2023
2022
Net income (loss) from continuing
operations
$
1,870
$
1,311
$
7,784
$
7,728
Interest (income) expense, net
(96
)
—
(96
)
222
Income taxes
(267
)
167
368
125
Depreciation and amortization
—
57
212
206
Stock-based compensation
191
205
968
834
(Gain) loss on real estate ventures
467
117
1,187
(121
)
Adjusted EBITDA
$
2,165
$
1,857
$
10,423
$
8,994
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/20240321778716/en/
Investor Contact Christopher
Guthrie Executive Vice President & Chief Financial Officer
cguthrie@comstock.com 703-230-1292
Media Contact
publicrelations@comstock.com 301-785-6327
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