Comstock Holding Companies (CHCI) Investor Presentation summary

Company overview and business model

• Founded in 1985, operates as an asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, with a stabilized portfolio and robust development pipeline.

• Employs a fee-based, asset-light, debt-free business model, driving consistent revenue and EBITDA growth while mitigating typical real estate risks.

• Achieved 15 consecutive quarters of year-over-year revenue growth, with recurring revenue streams and incentive fees contributing to upside potential.

• Reported $44.7M revenue, $10.4M adjusted EBITDA, and $9.0M operating cash flow for FY 2023.

• Maintains a pristine balance sheet, providing flexibility for future growth opportunities.

Portfolio and development pipeline

• Manages 4.1M sq ft of commercial and residential space, with ~$2.2B in real estate AUM and 65 operating assets as of 3/31/24.

• Portfolio includes mixed-use, transit-oriented, office, multifamily, retail, hotel, commercial garages, and public infrastructure assets.

• Development pipeline projects full build-out of ~10M sq ft and $5B+ AUM value, with major projects like Reston Station and Loudoun Station.

• Under construction: JW Marriott Hotel & Condos, BLVD Haley, Two Reston Row, and Jewel Box, totaling 1.2M+ sq ft.

• Development pipeline includes multifamily, office, hotel, and retail projects with expected completions through 2026.

Financial and operational performance

• Revenue grew at a 26% CAGR and adjusted EBITDA at 45% CAGR from 2020 to 2023.

• Outperforms peers with a 3.3x adjusted EBITDA multiple, 1.3x price/book, zero debt, and 21% ROE as of 3/31/24.

• Managed portfolio revenue increased from $52M in 2020 to $103M in 2023; NOI rose from $22M to $50M.

• Residential leased percentage improved from 73% to 96%, and commercial leased from 79% to 93% (Q1 2024 vs. 2020).

• ParkX parking assets expanded from 3 to 30, with spaces growing from 8,000+ to 17,000+.