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Nov 5, 2026, 5:17 PM ETReal Estate

Comstock Holding Companies, Inc. — Third Quarter 2026 Earnings Summary

CHCICOMSTOCK HOLDING COMPANIES INC
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Financial Performance

  • Q3 2026 revenue increased 34% year-over-year to $17.9 million; Year-to-Date (YTD) revenue increased 49% to $57.9 million.
  • Q3 2026 net income increased 9% year-over-year to $0.6 million; YTD net income increased 219% to $11.4 million.
  • Q3 2026 Adjusted EBITDA increased 112% year-over-year to $2.3 million; YTD Adjusted EBITDA increased 121% to $11.8 million.
  • Q3 net income includes a $1.0 million unrealized loss on Jericho (JEV) equity investments, partially reversing a significant gain in Q2; YTD gain on equity investments remains up $3.7 million.
  • Diluted net income per share was $0.06 for Q3 2026 (vs. $0.05 in Q3 2025) and $1.05 for YTD 2026 (vs. $0.34 in YTD 2025).
  • Total assets increased to $94.6 million as of September 30, 2026, from $85.0 million in December 2025.
  • Cash and cash equivalents stood at $22.7 million as of September 30, 2026.
  • The company maintains a debt-free balance sheet.
  • Adjusted EBITDA growth was driven by expansion of the managed portfolio, higher recurring fee-based revenue from property management subsidiaries, and increases in supplemental leasing and acquisition fee revenue.

Guidance and Future Outlook

  • Management states the company is "well on track to deliver record results in 2026."
  • The company achieved double-digit revenue growth for the 8th consecutive quarter.
  • The platform is positioned for sustained growth and long-term value creation through geographic diversification beyond the Washington, D.C. region.
  • Development plans have commenced for the first of several large-scale data center campuses.
  • The Ebbitt House expansion is scheduled to open in November 2026.
  • The JW Marriott Reston Station Hotel conference center expansion is scheduled to deliver in Q4 2026.

Business Segments and Product Lines

  • Managed Portfolio: Total assets increased to 115 (from 91 in prior year), including 12 new contracts secured by the ParkX subsidiary in Q3.
  • Commercial Portfolio: Stabilized at 92% leased; 12 commercial leases executed in Q3 covering ~62,000 sq ft, and 27 executed YTD covering ~502,000 sq ft.
  • Residential Portfolio: Stabilized at 91% leased; 699 units leased YTD.
  • Reston Station: Five Trophy-class office towers are 98% leased/reserved with interior build-outs underway for Booz Allen Hamilton's 300,000+ sq ft HQ; BLVD Haley (419 units) is 50% leased at period end.
  • ParkX Subsidiary: Revenue increased 65% year-over-year in Q3 and 84% YTD.
  • Institutional Venture Platform (IVP): Secured a purchase agreement for The Ascher, a 672-unit value-add multifamily property in Charlotte, NC; secured development approval for a 147-unit LITEC multifamily development in Rockville, MD.
  • Data Center Platform (DCP): Oklahoma JV secured 1,000 acres of surface development rights in Q3, bringing total holdings to ~7,000 acres.
  • Condo Sales: JW Marriott Residences Reston Station sales continue to outperform all other condo sales in the Reston sub-market.

Market and Competitive Landscape

  • The company leverages a vertically integrated, asset-light, debt-free business model.
  • Comstock is expanding into large-scale AI and digital infrastructure development.
  • The company operates two of the most prominent mixed-use, transit-oriented developments in the Mid-Atlantic region.
  • The company continues to expand relationships with third-party asset owners.

Risks and Challenges

  • Forward-looking statements involve inherent risks and uncertainties beyond the company's control, which could cause actual results to differ materially from projections.
  • Specific factors causing differences are not detailed in the release, though the company disclaims any obligation to update forward-looking statements.

Management Commentary and Tone

  • Christopher Clemente, Chairman and CEO, stated, "Our third quarter results demonstrate the strength and scalability of Comstock's business model."
  • Management expressed confidence in building a "stronger, more diversified company" with opportunities to extend the integrated platform beyond the Washington, D.C. region.
  • The tone is confident, highlighting double-digit revenue growth, doubled Adjusted EBITDA, and a trajectory toward record 2026 results.

Other Key Points

  • The company will post an updated Investor Presentation to its Investor Relations website on November 5, 2026.
  • Comstock is a leading real estate company specializing in mixed-use, transit-oriented properties and data center developments with over four decades of industry expertise.
  • The company's Nasdaq ticker is CHCI.
  • Adjusted EBITDA is defined as net income excluding interest, taxes, depreciation, amortization, stock-based compensation, and gains/losses on real estate ventures and equity investments.