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Shares of Comstock Holding Companies, Inc. CHCI have gained 47.9% since the company reported its earnings for the quarter ended Dec. 31, 2024. This compares to the S&P 500 index’s 1.9% growth over the same time frame. Over the past month, the stock has gained 35.6% against the S&P 500’s 1.6% decline.
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Comstock reported fourth-quarter 2024 earnings per share of 99 cents, which rose from 18 cents in the prior-year quarter.
Revenues of $16.9 million denoted a 54% increase from $11 million in the prior-year period. Net income surged to $10.3 million, up from $1.9 million a year ago, driven by a 162% rise in operating income. Adjusted EBITDA, which was corrected from an earlier misstatement, climbed 148% year-over-year to $5.4 million.
Comstock Holding Companies, Inc. Price, Consensus and EPS Surprise
Comstock Holding Companies, Inc. price-consensus-eps-surprise-chart | Comstock Holding Companies, Inc. Quote
Other Key Business Metrics
The company’s managed portfolio expanded significantly during 2024, ending the year with 72 assets under management compared to 49 in the prior year. ParkX Management, Comstock’s parking management subsidiary, was a notable contributor, with revenue increases of 56% for the quarter and 69% for the full year. Comstock generated $7.8 million in operating cash flow during the quarter and held $28.8 million in cash at year-end, up from $18.8 million a year earlier.
Leasing metrics were also strong across the portfolio. Stabilized commercial properties achieved a 93% lease rate, with eight new commercial leases totaling 104,000 square feet executed in the fourth quarter. The residential portfolio was 96% leased, with over 600 units leased during the year and average in-place rents increasing by 4% compared to the prior year.
Management Commentary
Chairman and CEO Christopher Clemente emphasized the company’s consistent financial performance since transitioning to an asset-light, debt-free model. He cited a compound annual growth rate of 25% in top-line revenues and highlighted the strength of recurring fee-based revenue streams. Clemente also pointed to the operating cash flow generation and healthy balance sheet as enablers for future growth and investment opportunities.
Clemente further highlighted the demand for Comstock’s transit-oriented, mixed-use neighborhoods. He referenced high occupancy rates and the signing of a new 87,000 square foot lease with Carfax at the Reston Station Metro Plaza. He characterized the company as well-positioned to continue delivering value to stakeholders.