Comstock Holding Companies (CHCI) Investor Summit Virtual Conference summary

Strategic overview and business model

• Operates as a fee-based, asset-light, debt-free real estate platform focused on mixed-use, transit-oriented developments in the Washington, D.C. region, with a 40-year track record of growth and transformation.

• Generates revenue through asset management, property management, and supplemental fees, with minimal capital risk due to long-term management agreements and no direct asset ownership on the public company balance sheet.

• Maintains a unique structure: a public operating company (CHCI) and a private asset-owning entity (Comstock Partners), aligning incentives between management and shareholders.

• Recurring revenue streams are diversified across asset management (44%), ParkX (23%), property management (19%), and supplemental fees (14%).

• ParkX subsidiary has seen rapid growth, now managing 34 garages and providing services to 75 properties, with 123% revenue growth in the past year.

Financial performance and peer comparison

• Revenue for 2025 reached $63 million (up 23%), net income $17 million (up 17%), and adjusted EBITDA $13 million (up 16%).

• Assets under management grew to 92, up 28% year-over-year, with commercial and residential portfolios both 93% leased.

• Trades at 6.4x adjusted EBITDA versus peer average of 14.2x, with zero debt compared to peers’ $4 billion average; stock up 493% since 2020 while peers declined.

• Return on equity is 24% versus negative for peers; adjusted EBITDA grew at 31% CAGR since 2020, outperforming peer group.

Growth platforms and pipeline

• Anchor portfolio includes Reston Station and Loudoun Station, with a combined 140 acres and over 10 million sq ft at full build-out, valued at $5 billion.

• Institutional venture platform enables joint ventures with institutional partners, targeting risk-adjusted returns and aiming to match the anchor portfolio’s scale within 5–7 years.

• Typical joint venture structure: CHCI invests 5–10% equity, earns acquisition, management, and supplemental fees, plus promoted interest at exit, targeting 30%+ ROIC.

• Recent acquisition: 400+ unit apartment building in Rockville, MD, with Benefit Street Partners; several more acquisitions planned for 2026.