'Once again, Comstock's results for the first quarter demonstrate the resiliency of our asset-light and virtually debt-free business model, while the quality of our mixed-use and transit-oriented portfolio of managed assets continues to deliver revenue and Adjusted EBITDA growth. Our Q1 comparative increase in top line revenue included significant increases in critical fee-based, recurring revenue streams that provide us with visibility to the future growth potential of our business,' said
Q1 2023 Highlights
Executed approximately 100,000 square feet of new commercial leases including a long-term lease agreement with Ebbitt House, the first ever expansion of the iconic Old Ebbitt Grill brand, bringing one of the top grossing restaurants in the nation to
Managed commercial portfolio 90% leased, up from 82% in Q1 2022.
Managed residential portfolio 93% leased, up from 84% in Q1 2022 and aided by the rapid lease up pace of BLVD Ansel, which has grown its lease percentage from 20% in Q1 2022 up to 91%; while residential portfolio in-place rents also increased 8% vs. the prior year.
Continued growth of our wholly owned subsidiary ParkX Management LC, one of the fastest growing managers of commercial parking garage assets in the
About Comstock
Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the
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
Contact:
Executive Vice President & Chief Financial Officer
E: cguthrie@comstock.com
T: 703-230-1292
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