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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.”

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.

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.

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