07-08-2025
Comstock Reports Second Quarter 2025 Results
RESTON, Va.--(BUSINESS WIRE)--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 second quarter ended June 30, 2025.
'I am pleased to report that we continue to deliver on the growth objectives that have been the central theme of our strategic plan, best evidenced by achieving double-digit growth across each one of our key financial metrics in Q2,' - Chris Clemente, CEO
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'I am pleased to report that we continue to deliver on the growth objectives that have been the central theme of our strategic plan, best evidenced by achieving double-digit growth across each one of our key financial metrics in Q2,' said Christopher Clemente, Comstock's Chairman and Chief Executive Officer. 'The strength of our business model is characterized by the upward trajectory of our top and bottom lines and underpinned by its low-risk, high reward philosophy. With zero debt and a pristine balance sheet, we were able to generate over $2 million of operating cash in Q2 alone. This success was directly fueled by the growing fee-based revenue streams that we earn from our long-term asset and property management agreements, providing us with a stable foundation for growth and clear visibility into our future earnings potential.'
Mr. Clemente continued, 'The high quality assets we manage continue to be amongst the most sought-after in the D.C. region, supported by our hard-working team of professionals that show up every day and are frequently recognized as best-in-class. The second half will see the official delivery of The Row at Reston Station - a remarkable project that is a significant development milestone for Comstock and will make what is already one of Virginia's premier destinations even better.'
Key Performance Metrics
Additional Information
Stabilized Commercial managed portfolio leased percentage of 93%; 7 commercial leases executed in Q2, representing 33,000 sqft. of office and retail spaces; 118,000 sqft. leased YTD.
Residential managed portfolio leased percentage of 97%; average in-place rents up 3% vs. prior year; 296 units leased YTD.
ParkX subsidiary revenue increased 55% vs. prior year; announced expansion of service offerings to include porter and janitorial services, which is anticipated to drive additional growth in 2025 and beyond.
The Row at Reston Station, the 2 nd of five development phases for Reston Station, was recently recognized by Washington Business Journal as the largest privately-funded development in the Washington, D.C. region. The development includes:
JW Marriott luxury hotel and condominium tower
Condominium pre-sales have generated approximately $78 million to-date and are scheduled to begin delivery in September 2025.
Hotel includes Virginia's largest luxury conference and event space that is already in high demand - approximately $1.7 million in event pre-sale contracts secured, events commencing in September 2025.
BLVD Haley luxury residential tower that is scheduled to begin delivery in early Q425 and be fully delivered (420 units) by Q126
2 Trophy-class office buildings
Currently represent the only new Trophy office space in Northern Virginia and are in high-demand
Advanced negotiations with major tenants underway to secure leases for significant square footage.
Premium retail offerings set to open in H2-2025 and early 2026, including:
Tous les Jour - Q325
Noku Sushi - Q425
Ebbitt House - Q126
2 ParkX-managed parking garages with a total of 2,600+ spaces that will serve all residents and visitors.
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.
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 HOLDING COMPANIES, INC.
Consolidated Statements of Operations
(Unaudited; In thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenue
$
12,972
$
10,753
$
25,611
$
21,391
Operating costs and expenses:
Cost of revenue
10,502
8,907
20,789
17,792
Selling, general, and administrative
609
546
1,144
1,081
Depreciation and amortization
78
73
158
141
Total operating costs and expenses
11,189
9,526
22,091
19,014
Income (loss) from operations
1,783
1,227
3,520
2,377
Other income (expense):
Interest income
220
166
404
307
Gain (loss) on real estate ventures
9
(101
)
18
(294
)
Other income (expense), net
73
11
55
33
Income (loss) from operations before income tax
2,085
1,303
3,997
2,423
Provision for (benefit from) income tax
639
357
962
567
Net income (loss)
$
1,446
$
946
$
3,035
$
1,856
Weighted-average common stock outstanding:
Net income (loss) per share:
Basic
$
0.14
$
0.10
$
0.30
$
0.19
Diluted
$
0.14
$
0.09
$
0.29
$
0.18
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COMSTOCK HOLDING COMPANIES, INC.
Non-GAAP Financial Measures
(Unaudited; In thousands)
Expand
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 June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Net income (loss)
$
1,446
$
946
$
3,035
$
1,856
Interest income
(220
)
(166
)
(404
)
(307
)
Income taxes
639
357
962
567
Depreciation and amortization
78
73
158
141
Stock-based compensation
288
290
539
536
(Gain) loss on real estate ventures
(9
)
101
(18
)
294
Adjusted EBITDA
$
2,222
$
1,601
$
4,272
$
3,087
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The increase in Adjusted EBITDA for the three months ended June 30, 2025 is primarily driven by significant increases in recurring fee-based property and parking management revenue and supplemental asset management fee revenue.
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.
