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    Comstock Reports Fourth Quarter and Fiscal Year 2022 Results

    3/29/23 4:27:00 PM ET
    $CHCI
    $NVR
    Real Estate
    Finance
    Homebuilding
    Consumer Discretionary
    Get the next $CHCI alert in real time by email
    • Revenue increased 20% to $9.3 million in Q4 2022 vs. $7.8 million in Q4 2021; FY 2022 revenue increased 26% to $39.3 million vs. $31.1 million in 2021
    • Operating income increased 61% to $1.6 million in Q4 2022 vs. $1.0 million in Q421; FY 2022 operating income increased 57% to $8.0 million vs. $5.1 million in 2021
    • Net income increased 39% to $1.3 million in Q4 2022 vs. $0.9 million in Q4 2021; FY 2022 net income of $7.7 million vs. $16.0 million in 2021, primarily due to $11.2 million non-cash tax benefit in 2021
    • Adjusted EBITDA increased 58% to $1.9 million in Q4 2022 vs. $1.2 million in Q4 2021; YTD 2022 Adjusted EBITDA increased 55% to $9.0 million vs. $5.8 million in 2021

    Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock" or the "Company") announced its financial results for the fourth quarter and fiscal year ended December 31, 2022.

    "Our Q4 results once again demonstrated significant year-over-year growth in revenue, net income, and Adjusted EBITDA, while our FY 2022 results highlight the benefits and resiliency of our asset-light and debt-free strategy," said Christopher Clemente, Comstock's Chairman and Chief Executive Officer. "Comstock's ability to consistently produce positive financial results quarter after quarter during uncertain economic times speaks to the risk mitigation strategy that is at the core of our business model. The significant transactions we executed in 2022 to streamline our balance sheet, eliminate remaining debt, and further strengthen our robust managed portfolio further enhanced our ability to continue generating excellent results for all stakeholders."

    Key Performance Metrics1

     

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

     

     

     

     

     

     

     

     

     

    Q4 2022

     

    Q4 2021

     

    FY 2022

     

    FY 2021

     

     

    Revenue

    $

    9,302

     

    $

    7,765

     

    $

    39,313

     

    $

    31,093

     

     

     

     

     

     

     

     

     

     

     

     

    Income from operations

    $

    1,595

     

    $

    993

     

    $

    7,952

     

    $

    5,065

     

     

    Net income

     

    1,311

     

     

    943

     

     

    7,728

     

     

    16,039

    2

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    1,864

     

    $

    1,177

     

    $

    8,994

     

    $

    5,798

     

     

     

     

     

     

     

     

     

     

     

     

    Net income per share — diluted

    $

    0.13

     

    $

    0.11

     

    $

    1.02

     

    $

    1.76

    2

     

     

     

     

     

     

     

     

     

     

     

    Managed Portfolio - # of assets

     

    41

     

     

    34

     

     

    41

     

     

    34

     

     

     

     

     

     

     

     

     

     

     

    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

    Amounts reflect impact of $11.2 million tax benefit stemming from partial release of deferred tax valuation allowance

    Q4 2022 Highlights

    • Structured 4.5% fixed-rate $77.5 million refinancing of "Phase II" of its Loudoun Station development.
    • Managed commercial portfolio leased at 86.8%, up from 81.4% in the prior year.
    • Continued occupancy growth within managed residential portfolio as well as higher in-place rents, which increased 9% vs. the prior year.
    • Further expansion of the ParkX managed portfolio with the execution of 6 new management contracts.

    Fiscal Year 2022 Highlights

    • Welcomed Dwight Schar, recently retired founder, CEO, and Chairman of NVR, Inc. (NYSE:NVR) as a major shareholder of the Company, further enhancing alignment of Anchor Portfolio asset ownership with the Company.
    • Significant balance sheet deleveraging through redemption of Series C Preferred Stock at a substantial discount to redemption value.
    • Paid off entire $5.5 million outstanding balance of revolving credit facility, both eliminating impact of rising variable interest rates and ensuring full $10 million line is available for strategic use.
    • Increased managed portfolio of assets, including BLVD Ansel (Rockville, Md.) and two developments that further expanded the Reston Station community - Midline and 1891 Reston Station (Reston, Va.).
    • Executed a new asset management agreement covering the Anchor Portfolio, extending the term through 2035 while adding significant additional revenue streams.
    • Finalized divestiture of Comstock Environmental Services ("CES") line of business, enhancing our ability to focus resources on growth of core business.

    About Comstock

    Founded in 1985, Comstock is a leading asset manager and developer of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio comprising approximately 10 million square feet of transit-oriented and mixed-use properties, including stabilized and development assets strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in the fastest growing segments of 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. 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.

     

    COMSTOCK HOLDING COMPANIES, INC.

    Consolidated Balance Sheets

    (Unaudited; In thousands)

     

    December 31,

     

    December 31,

     

     

    2022

     

     

     

    2021

     

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    11,722

     

     

    $

    15,823

     

    Accounts receivable, net

     

    504

     

     

     

    46

     

    Accounts receivable - related parties

     

    3,291

     

     

     

    1,697

     

    Prepaid expenses and other current assets

     

    264

     

     

     

    197

     

    Current assets held for sale

     

    —

     

     

     

    2,313

     

    Total current assets

     

    15,781

     

     

     

    20,076

     

    Fixed assets, net

     

    421

     

     

     

    264

     

    Intangible assets

     

    144

     

     

     

    —

     

    Leasehold improvements, net

     

    119

     

     

     

    —

     

    Investments in real estate ventures

     

    7,013

     

     

     

    4,702

     

    Operating lease assets

     

    7,625

     

     

     

    7,245

     

    Deferred income taxes, net

     

    11,355

     

     

     

    11,300

     

    Other assets

     

    15

     

     

     

    15

     

    Total assets

    $

    42,473

     

     

    $

    43,602

     

     

     

     

     

    Liabilities and Stockholders' Equity

     

     

     

    Current liabilities:

     

     

     

    Accrued personnel costs

     

    4,959

     

     

     

    3,468

     

    Accounts payable and accrued liabilities

     

    742

     

     

     

    783

     

    Current operating lease liabilities

     

    791

     

     

     

    616

     

    Current liabilities held for sale

     

    —

     

     

     

    1,194

     

    Total current liabilities

     

    6,492

     

     

     

    6,061

     

    Credit facility - due to affiliates

     

    —

     

     

     

    5,500

     

    Operating lease liabilities

     

    7,127

     

     

     

    6,745

     

    Total liabilities

     

    13,619

     

     

     

    18,306

     

     

     

     

     

    Stockholders' equity:

     

     

     

    Series C preferred stock

     

    —

     

     

     

    6,765

     

    Class A common stock

     

    93

     

     

     

    81

     

    Class B common stock

     

    2

     

     

     

    2

     

    Additional paid-in capital

     

    201,535

     

     

     

    200,617

     

    Treasury stock

     

    (2,662

    )

     

     

    (2,662

    )

    Accumulated deficit

     

    (170,114

    )

     

     

    (179,507

    )

    Total stockholders' equity

     

    28,854

     

     

     

    25,296

     

    Total liabilities and stockholders' equity

    $

    42,473

     

     

    $

    43,602

     

     

    COMSTOCK HOLDING COMPANIES, INC.

    Consolidated Statements of Operations

    (Unaudited; In thousands, except per share data)

     

     

    Three Months Ended December 31,

     

    Year Ended December 31,

     

     

    2022

     

     

     

    2021

     

     

     

    2022

     

     

     

    2021

     

    Revenue

    $

    9,302

     

     

    $

    7,765

     

     

    $

    39,313

     

     

    $

    31,093

     

    Operating costs and expenses:

     

     

     

     

     

     

     

    Cost of revenue

     

    7,259

     

     

     

    6,374

     

     

     

    29,371

     

     

     

    24,649

     

    Selling, general, and administrative

     

    391

     

     

     

    369

     

     

     

    1,784

     

     

     

    1,285

     

    Depreciation and amortization

     

    57

     

     

     

    29

     

     

     

    206

     

     

     

    94

     

    Total operating costs and expenses

     

    7,707

     

     

     

    6,772

     

     

     

    31,361

     

     

     

    26,028

     

    Income (loss) from operations

     

    1,595

     

     

     

    993

     

     

     

    7,952

     

     

     

    5,065

     

    Other income (expense):

     

     

     

     

     

     

     

    Interest expense

     

    —

     

     

     

    (59

    )

     

     

    (222

    )

     

     

    (235

    )

    Gain (loss) on real estate ventures

     

    (117

    )

     

     

    79

     

     

     

    121

     

     

     

    (14

    )

    Other income (expense), net

     

    —

     

     

     

    2

     

     

     

    2

     

     

     

    6

     

    Income (loss) from continuing operations before income tax

     

    1,478

     

     

     

    1,015

     

     

     

    7,853

     

     

     

    4,822

     

    Provision for (benefit from) income tax

     

    167

     

     

     

    72

     

     

     

    125

     

     

     

    (11,217

    )

    Net income (loss) from continuing operations

     

    1,311

     

     

     

    943

     

     

     

    7,728

     

     

     

    16,039

     

    Net income (loss) from discontinued operations, net of tax

     

    (5

    )

     

     

    (1,706

    )

     

     

    (381

    )

     

     

    (2,430

    )

    Net income (loss)

     

    1,306

     

     

     

    (763

    )

     

     

    7,347

     

     

     

    13,609

     

    Impact of Series C preferred stock redemption

     

    —

     

     

     

    —

     

     

     

    2,046

     

     

     

    —

     

    Net income (loss) attributable to common stockholders

    $

    1,306

     

     

    $

    (763

    )

     

    $

    9,393

     

     

    $

    13,609

     

     

     

     

     

     

     

     

     

    Weighted-average common stock outstanding:

     

     

     

     

     

     

     

    Basic

     

    9,470

     

     

     

    8,236

     

     

     

    8,974

     

     

     

    8,213

     

    Diluted

     

    10,055

     

     

     

    8,236

     

     

     

    9,575

     

     

     

    9,095

     

     

     

     

     

     

     

     

     

    Net income (loss) per share:

     

     

     

     

     

     

     

    Basic - Continuing operations

    $

    0.14

     

     

    $

    0.11

     

     

    $

    1.09

     

     

    $

    1.95

     

    Basic - Discontinued operations

     

    —

     

     

     

    (0.2

    )

     

     

    (0.04

    )

     

     

    (0.29

    )

    Basic net income (loss) per share

    $

    0.14

     

     

    $

    (0.09

    )

     

    $

    1.05

     

     

    $

    1.66

     

     

     

     

     

     

     

     

     

    Diluted - Continuing operations

    $

    0.13

     

     

    $

    0.11

     

     

    $

    1.02

     

     

    $

    1.76

     

    Diluted - Discontinued operations

     

    —

     

     

     

    (0.2

    )

     

     

    (0.04

    )

     

     

    (0.26

    )

    Diluted net income (loss) per share

    $

    0.13

     

     

    $

    (0.09

    )

     

    $

    0.98

     

     

    $

    1.50

     

    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,

     

     

    2022

     

     

    2021

     

     

     

    2022

     

     

     

    2021

     

    Net income (loss) from continuing operations

    $

    1,311

     

    $

    943

     

     

    $

    7,728

     

     

    $

    16,039

     

    Interest expense

     

    —

     

     

    59

     

     

     

    222

     

     

     

    235

     

    Income taxes

     

    167

     

     

    72

     

     

     

    125

     

     

     

    (11,217

    )

    Depreciation and amortization

     

    57

     

     

    29

     

     

     

    206

     

     

     

    94

     

    Stock-based compensation

     

    212

     

     

    153

     

     

     

    834

     

     

     

    633

     

    (Gain) loss on equity method investments

     

    117

     

     

    (79

    )

     

     

    (121

    )

     

     

    14

     

    Adjusted EBITDA

    $

    1,864

     

    $

    1,177

     

     

    $

    8,994

     

     

    $

    5,798

     

    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.

    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/20230329005933/en/

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      7/1/25 9:00:00 AM ET
      $NVR
      Homebuilding
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      5/27/25 9:30:00 AM ET
      $CHCI
      Real Estate
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    • NVR, INC. APPOINTS NEW MEMBER TO BOARD OF DIRECTORS

      RESTON, Va., July 1, 2025 /PRNewswire/ -- NVR, Inc. (NYSE:NVR) announced today that Michael J. DeVito has been appointed to its Board of Directors as an independent director effective July 1, 2025. Mr. DeVito was the Chief Executive Officer and an Executive Director of Federal Home Loan Mortgage Corporation (Freddie Mac), one of the largest providers of mortgage financing in the country, from 2021 to 2024. Prior to working for Freddie Mac, Mr. DeVito worked for twenty-four years at Wells Fargo & Company in various home lending senior management positions of increasing responsibility. The last position Mr. DeVito held was Executive Vice President and Head of Home Lending. About NVR NVR, Inc.

      7/1/25 9:00:00 AM ET
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      Homebuilding
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      6/4/25 9:00:00 AM ET
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      5/30/25 12:00:00 PM ET
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    • SEC Form SC 13G/A filed by NVR Inc. (Amendment)

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