COMSTOCK HOLDING COMPANIES, INC. JUNE 2024
COMSTOCK HOLDING COMPANIES, INC. NASDAQ: CHCI
2024 Investor Presentation
D ISC LOSU R ES
This presentation 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 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.
While every attempt has been made to ensure the accuracy of included measurements, all future development measurements are based on available information at the time of production of this Investor Presentation and therefore all square foot measurements are subject to change without notice.
JUNE 2024 | 2 |
TABLE OF CONTENTS
CHCI Overview | 4 |
Our Portfolio | 6 |
Investment Highlights | 8 |
ESG | 14 |
Portfolio Details | 15 |
Leadership | 20 |
Corporate Structure Overview | 22 |
Reconciliation of Non-GAAP Financial Measures | 23 |
JUNE 2024 | 3 |
OV E RV I E W
Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties. With a stabilized portfolio and development pipeline that includes millions of square feet located at key Metro stations in the Washington, D.C. region, Comstock is at the forefront of the urban transformation taking place in one of the nations best real estate markets.
FY 2023 HIGHLIGHTS
$44.7M
REVENUE
$10.4M
ADJUSTED EBITDA
$9.0M
OPERATING CASH FLOW
MANAGED PORTFOLIO (AS OF 3/31/24)*
65
OPERATING AUM
4.1M
COMMERCIAL & RESIDENTIAL SQFT.
~$2.2B
FMV OF
REAL ESTATE AUM
45
PARKX GARAGES & LOCATIONS
*See "Our Portfolio" slide for further details
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OUR SERVICES
We specialize in supporting the seamless integration of residential, commercial, and retail offerings into vibrant mixed-use communities that provide spaces to live, work, and play. Leveraging the capabilities of our wholly owned subsidiaries, we deliver top-tier asset and property management services, ensuring the highest standards of excellence.
CUSTOMERS | ASSET TYPES |
Institutional Real Estate Investors | Mixed-Use |
HNW Family Offices | Transit-Oriented |
Corporate Real Estate Owners | Office |
Financial Institutions | Multifamily |
Governmental Institutions | Retail |
Hotel | |
Commercial Garages | |
Public Infrastructure |
SERVICES
Asset Management
Property/Facility Management
Leasing and Marketing
Asset Acquisition and Disposition
Asset Recapitalization
Design, Planning, and Entitlements
Development and Construction
JUNE 2024 | 5 |
OUR PORTFOLIO
Our expanding portfolio of mixed-use,transit-oriented developments offers near-term stability and revenue growth, while our robust development pipeline provides visibility to future revenue and earnings
OPERATING ASSETS | UNDER CONSTRUCTION | DEVELOPMENT PIPELINE | ||||
Commercial | 14 | 2.3M SF | 2 | 266K SF | 5 | 1.5M SF |
Residential | 6 | 1.8M SF / | 1 | 430K SF / | 6 | 2.8M SF / |
1,700 units | 420 units | ~2,600 units | ||||
ParkX | 45 | ~20,000 spaces & | 1 | ~1,300 spaces | ||
~1,500 hrs/wk | ||||||
Hotel/Condo | 1 | 520K SF / | 1 | 140 Keys | ||
243 keys / 94 units | ||||||
TOTAL AUM
65
5
12
TOTAL: 82
AT FULL BUILD OUT: ~10M SQFT | | $5B+ |
OFFICE, RESIDENTIAL, | AUM VALUE |
& RETAIL | |
Above information as of 3/31/2024. See Portfolio Overview for additional details |
JUNE 2024
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BLVD Haley
JW Marriott Hotel/Condo | 1870 Reston Row Plaza | |
1800 Reston Row Plaza
EBBITT HOUSE
COMING SOON
THE ROW @ RESTON STATION
$1.3B 1.5M SF
DEVELOPMENT
2024-2026
DELIVERY
JUNE 2024
7
COMSTOCK: THE PREMIER REAL ESTATE ASSET MANAGER, DEVELOPER, & OPERATOR IN THE D.C . REGION
EXPERTISE
Ownership and leadership with local expertise and institutional knowledge that have a successful track record spanning four decades
BUSINESS MODEL
Our fee-based,asset-light,debt-free business model drives Revenue and Adjusted EBITDA growth while substantially mitigating risks typically associated with real estate development and operation
CULTURE
WE SHOW UP every day to make a difference - for our customers, our stakeholders, and in the communities that we serve
JUNE 2024
8
OWNERSHIP AND LEADERSHIP
WITH DECADES- LONG TRACK
RECORD OF SUCCESS
Chris Clemente, Chairman and CEO, founded Comstock in 1985. Since its founding, Comstock has acquired, developed, operated, and sold millions of square feet of residential, commercial, and mixed-use properties. Comstock has become a leading asset manager, developer, and operator of mixed-use and transit-oriented properties by creating extraordinary places, providing exceptional experiences, and generating excellent results for all stakeholders. Mr. Clemente is Comstock's controlling shareholder and Managing Partner of Comstock Partners, LC (Anchor Portfolio owner).
Dwight Schar is the founder and recently retired chairman and CEO of NVR, Inc. (NYSE: NVR), a Fortune 500 company and one of the largest and most profitable residential homebuilders in the nation. NVR operates in multiple states and has developed hundreds of thousands of homes while generating billions of dollars of annual revenue. Mr. Schar is a significant shareholder of CHCI, a strategic advisor to Comstock's management team, and has played a critical role in transforming the Company into a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington D.C. region. Mr. Schar is also a principal of Comstock Partners, LC (Anchor Portfolio owner).
See slides 20 and 21 for full listing of Comstock's leadership team and Board of Directors
JUNE 2024 | 9 |
OUR BUSINESS MODEL - PREDICTABLE & CONSISTENT GROWTH
Our fee-based,asset-light,debt-free business model has produced 15 consecutive quarters of year-over-yearrevenue growth driven by:
- Recurring revenue streams for asset and property management services
- Cost-plusfeature of 2022 asset management agreement covering the Anchor Portfolio ("2022 AMA") minimizes risk
- Supplemental revenue for asset performance incentive fees, property leasing, development, and construction activities provides upside potential
- Combined incentive fee revenue of $8.6 million in FY22-23
Our pristine balance sheet provides maximum flexibility to pursue additional growth opportunities
Revenue = 26% CAGR | Adjusted EBITDA = 45% CAGR
$50M | ||||
$10.4M | ||||
$40M | $9.0M | |||
$30M | ||||
$5.8M | ||||
$20M | $3.4M | |||
$10M | ||||
$ | ||||
2020 | 2021 | 2022 | 2023 |
Base Revenue | Property Management and Other | Supplemental Fees | Incentive Fees | Adjusted EBITDA |
See slide 23 for definition of Adjusted EBITDA
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Disclaimer
Comstock Holding Companies Inc. published this content on 11 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 June 2024 23:20:05 UTC.
