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Comstock Update 03/30/23

Comstock Reports Fourth Quarter and Fiscal Year 2022 Results

  • 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.”

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.

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