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, 2023.
'We continue to benefit from the flight-to-quality trend, which in recent years has significantly increased demand for mixed-use and transit-oriented developments in premier suburban locations and contributed to our top-line revenue growth,' said Christopher Clemente, Comstock's Chairman and Chief Executive Officer. 'As evidenced by our ability to attract and retain tenants in a challenging environment faced with widespread capital market headwinds, we are well positioned for ongoing success. I am confident our growth will persist well into the future, primarily based on three key factors: our virtually debt-free, asset-light, fee-based business model, the proven demand for the high-quality assets we manage, develop, and operate, and the tireless dedication of our team members, who show up every day and are committed to delivering extraordinary services and experiences for our customers.'
Q2 2023 Highlights
Welcomed Seerist, Inc. to Reston Station's Commerce District, the fifth new lease signed to Reston Station in 2023.
Increased leased percentage of managed commercial portfolio to 91%, up from 85% in Q2 2022.
Increased leased percentage of managed residential portfolio to 97%, up from 89% in Q2 2022.
Significant construction progress on Reston Row development (Phase II of Reston Station), while advancing plans for multiple properties in the development pipeline to prepare them for commencement in 2024.
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 comprising approximately 10 million square feet at full build-out that includes 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.
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.
Contact:
Tel: 703-230-1292
Email: cguthrie@comstock.com
COMSTOCK HOLDING COMPANIES, INC. 
