Comstock Holding Companies (CHCI) Investor Presentation summary

Business overview and strategy

• Operates as an asset manager, developer, and operator of mixed-use, transit-oriented properties in the Washington, D.C. region, focusing on integrating residential, commercial, and retail into vibrant communities.

• Employs a fee-based, asset-light, debt-free business model, generating recurring revenue and mitigating typical real estate risks.

• Provides comprehensive real estate services including asset management, property management, development, and construction management under long-term agreements.

• Major projects include Reston Station and Loudoun Station, among the region's largest mixed-use developments.

• Leadership team has decades of local expertise and institutional knowledge, with a strong track record since 1985.

Financial performance and growth

• FY 2024 revenue reached $51.3M, up 15% year-over-year; net income was $14.6M, up 87%.

• Adjusted EBITDA for 2024 was $11.6M, reflecting 11% growth; operating cash flow was $10.7M, up 19%.

• Portfolio revenue totaled $155M; revenue CAGR of 23% and adjusted EBITDA CAGR of 35% from 2020-2024.

• Maintains a debt-free balance sheet, with a 5.9x LTM adjusted EBITDA multiple, significantly below peer average of 16.1x.

• Return on equity for 2024 was 28%, outperforming peer average of 2%.

Portfolio and development pipeline

• Manages 76 operating assets: 14 commercial (2.3M SF), 6 residential (1,700 units), 32 garages (25K spaces), and 24 security/other locations.

• Under construction: 2 commercial assets (266K SF), 1 residential (420 units), 1 garage (1,300 spaces), and a JW Marriott hotel/condo (520K SF).

• Development pipeline includes 5 commercial (1.5M SF), 5 residential (2,300 units), and 1 hotel (140 keys).

• Anchor assets Reston Station (~3.1M SF, 2,700 residences, 2 hotels) and Loudoun Station (600K SF office, 1,500 residences) drive growth.

• Total AUM is ~$2.5B, with potential to exceed $5B at full buildout.